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Korean maker of dry-etch semiconductor equipment using proprietary plasma-source technology for 300mm wafer fabs.
Korean maker of dry-etch semiconductor equipment using proprietary plasma-source technology for 300mm wafer fabs.
Sells etch tools by the unit to chipmakers, mainly memory, so revenue arrives in large lumps as customers add or replace equipment, and one customer, SK hynix, matters more than any other. Being a local supplier lets it qualify as an alternative to imported equipment.
Moat: narrow (IP / patents, customer qualification). Proprietary plasma-source technology now displacing foreign etch tools at SK hynix.
Headquarters: South Korea · Founded: 2002 · Employees: 102
Size VM Inc. (089970.KS) is a South Korea Industrials company (Industrial Machinery) with a market value of $590M, the 306th largest of 495 South Korea companies the cockpit tracks. Shares closed at ₩30,150 on 6 Nov 2026.
Performance Over six months the shares fell 43.5%, against -6.5% for the median peer and -24.5% for the South Korea market (cap-weighted) — 2nd lowest of 19 in its peer set.
Growth Revenue grew 149.9% over the last twelve months (peer median +3.8%); the operating margin is 27.3% (peer median 6.1%).
Valuation It trades at 12.6× forward earnings against a peer median of 22.1× (cheapest of 9).
Price implies For today's price to make sense, revenue must grow about 0% a year for seven years (Req g). Recent delivered growth is +9%, so the hurdle is -10 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 61.6 points above its cost of capital (9.9% WACC).
Next results Next results expected around 18 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ₩248B | ₩144B | ₩70.3B | ₩26.0B | ₩141B |
| Revenue growth | — | +105% | +170% | -82% | — |
| Gross profit | ₩102B | ₩52.9B | ₩22.5B | ₩11.6B | ₩58.4B |
| EBITDA | ₩70.1B | ₩26.4B | -₩6.94B | -₩9.33B | ₩32.5B |
| Net income | ₩66.0B | ₩26.1B | -₩3.45B | -₩6.98B | ₩27.9B |
| Free cash flow | ₩52.2B | ₩10.2B | ₩16.3B | -₩17.3B | -₩9.05B |
| Capital expenditure | ₩6.67B | ₩8.90B | ₩6.00B | ₩1.78B | ₩1.13B |
| Total debt | ₩2.23B | ₩19.2B | ₩18.0B | ₩16.6B | ₩16.3B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| VM Inc. 089970.KS | $590M | -44% | +150% | 27% | 12.6× | -0.3% |
| Applied Materials AMAT | $264B | -24% | +8% | 31% | 18.8× | 25.5% |
| Lam Research LRCX | $250B | -32% | +33% | 37% | 19.6× | 26.4% |
| Tokyo Electron 8035.T | $122B | +41% | +18% | 28% | 23.1× | 28.8% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 089970.KS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -53.3% | -9.1% | lowest of 21 |
| 6-month return | -43.5% | -6.5% | 2nd lowest of 19 |
| Distance from 52-week high | -75.3% | -39.0% | lowest of 21 |
| Revenue growth (TTM) | +149.9% | +3.8% | highest of 21 |
| Operating margin | 27.3% | 6.1% | highest of 21 |
| Forward P/E | 12.6× | 22.1× | cheapest of 9 |
| Growth the price implies (Req g, 7 yrs) | -0.3% | 9.6% | 4th least demanding of 12 |
| Growth delivered (Del g) | +9.2% | +6.5% | 5th highest of 12 |
| Hurdle (Req g minus delivered) | -9.5 pp | +2.7 pp | 4th least demanding of 12 |
| ROIC minus cost of capital | +61.6 pp | -3.4 pp | 2nd highest of 21 |
| EV / EBITDA | 8.7× | 17.0× | 2nd cheapest of 8 |
| Net debt / EBITDA | -2.7× | 0.9× | 4th least indebted of 9 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| VM Inc. 089970.KS | South Korea | $590M | -44% | +150% | 27% | 12.6× | -0.3% | +9.2% |
| GMT Global 4573.TWO | Taiwan | $589M | -14% | -3% | -19% | n/a | n/a | n/a |
| Kangping Technology (Suzhou) 300907.SZ | China | $588M | +33% | +37% | 6% | n/a | n/a | n/a |
| Canature Health Technology 300272.SZ | China | $587M | -30% | +4% | 9% | n/a | 3.4% | +9.3% |
| Nanjing Comptech Composites 301591.SZ | China | $593M | +18% | +10% | 14% | n/a | n/a | n/a |
| Wuxi Delinhai Environmental Technology 688069.SS | China | $586M | -8% | +18% | 5% | 37.2× | n/a | n/a |
| Zhejiang Langdi 603726.SS | China | $597M | -14% | -9% | 10% | n/a | 9.6% | +5.4% |
| Shibaura Machine 6104.T | Japan | $597M | +2% | -22% | 2% | 41.3× | n/a | n/a |
| Jiangyin PIVOT Automotive Products 301181.SZ | China | $582M | -25% | -9% | 16% | 26.2× | 22.5% | -2.9% |
| Schweiter Technologies SWTQ.SW | Switzerland | $581M | +19% | -12% | 4% | 15.6× | -3.5% | -4.9% |
| Hosokawa Micron 6277.T | Japan | $601M | +7% | -1% | 5% | 14.6× | 14.6% | +7.8% |
| Jiangsu Liba Enterprise Joint-Stock 603519.SS | China | $578M | 0% | 0% | 10% | n/a | 14.8% | +5.4% |
| Hero Motors HEROMOTORS.NS | India | $578M | n/a | +9% | 6% | n/a | 37.3% | +4.0% |
| London Security LSC.L | United Kingdom | $602M | +16% | +12% | 13% | n/a | -7.1% | +9.9% |
| Cubic Sensor and Instrument 688665.SS | China | $603M | -19% | +6% | 12% | 24.1× | 30.0% | +27.3% |
| Beijing Jingcheng Machinery Electric 600860.SS | China | $576M | -24% | -5% | -8% | n/a | n/a | n/a |
| Shang Gong 600843.SS | China | $575M | -17% | +2% | -5% | n/a | n/a | n/a |
| Gallant Micro Machining 6640.TWO | Taiwan | $575M | -53% | +39% | 19% | 20.1× | 8.0% | +25.1% |
| Robotphoenix Intelligent Technology 6871.HK | Hong Kong | $606M | n/a | +45% | -38% | n/a | n/a | n/a |
| Yanpai Filtration Technology 301081.SZ | China | $607M | +9% | +16% | 3% | n/a | n/a | n/a |
| Gfc 4506.TWO | Taiwan | $608M | -5% | +4% | 22% | 17.2× | -9.7% | +6.5% |