YC와이씨

YC's trailing earnings have recovered sharply from 2024 lows, but the share price has fallen 10% over the past month and sits well below its 52-week high.

YC makes semiconductor test and inspection equipment and multilayer ceramic substrates for probe cards, serving chipmakers whose demand is tied largely to memory and AI chips. On a trailing basis to H1 2026 it reports revenue of about ₩291.6B, operating income of ₩33.2B and a 11.4% operating margin, well above its 2024 and 2025 levels. The share price is ₩12,780, with a market capitalisation of about ₩1.05T.

What stands out

• Trailing revenue of ₩291.6B and operating income of ₩33.2B are higher than the full-year 2025 figures of ₩272.6B and ₩17.0B.
• The 2025 revenue growth of 29.1% followed declines in 2023 and 2024, and the 2021 to 2022 period showed higher margins than the recent years.
• The 2026 filings list several major sales or supply contracts, along with amendments to earlier contracts, though the data does not give contract values or customers.
• The company pays no dividend, and it has ₩69.8B in cash against ₩48.4B in borrowings on a trailing basis.
• The discounted cash flow model gives a base value of ₩1,484 per share, well below the current price, with a bear value of ₩640 and a bull value of ₩2,900; the data does not explain the assumptions behind these figures.

What to watch

• The next half-year and quarterly results, to see whether the trailing margin improvement holds.
• Whether the amended supply contracts are completed or further changed, since the data gives no detail on their terms.
• Foreign ownership has slipped from 7.5% to 6.8% over 60 days and the share price is down 10.3% over one month, so trading pressure is worth monitoring; the data includes no recent news headlines to explain the moves.