Withtech위드텍

Withtech shows a sharp swing in profit and revenue across recent years, with the stock trading well below its 52-week high.

Withtech makes contamination monitoring systems for semiconductor and display factories, with Samsung Electronics and SK hynix among its main customers. On trailing twelve-month figures to H1 2026 it reports revenue of ₩64.2B, operating income of ₩6.5B and net income of ₩14.2B, with the share price at ₩8,750, about 31% below its 52-week high of ₩12,670. The data does not explain the gap between operating income and net income.

What stands out

• Revenue rose 32.5% in 2025 to ₩57.8B after falling 12% in 2024, but remains below the ₩72.6B reported for 2022.
• Operating margin was 8.9% in 2025 and 10.1% on trailing figures, well down from 19.9% in 2022.
• Trailing net income of ₩14.2B is more than double trailing operating income, a gap the supplied data does not explain.
• Valuation metrics in the data show P/E of 6 and P/B of 0.7, while the DCF base value is ₩6,282 and the bull and bear cases are ₩9,993 and ₩4,122.
• Recent filings are dominated by contract announcements, including a ₩3.9B equipment supply contract with SK Hynix reported on 2026-10-16, plus dividend, buyback and share cancellation decisions.

What to watch

• Whether the recent supply contracts with major chipmakers convert into sustained revenue and margin improvement in upcoming results.
• The sustainability of the cash dividend and buyback activity, since the data shows a 0% dividend yield on the latest valuation.
• Customer concentration risk, as the company names Samsung Electronics and SK hynix as main customers; foreign ownership and short data are not available in the supplied pack.