Nsys Co Ltd
Nsys Co Ltd designs and manufactures semiconductor testing equipment, serving the global semiconductor industry.
Business. Nsys Co Ltd (333620.KQ) is a technology equipment company operating in the semiconductor equipment and testing industry. The firm engages in semiconductor-related activities and generates revenue through product sales. Specific details regarding operating segments and geographic presence are not available. The company is listed under the ticker 333620.KQ.
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Synthesis
Nsys Co Ltd (333620.KQ) is a technology equipment company operating in the semiconductor equipment and testing industry. The firm engages in semiconductor-related activities and generates revenue through product sales. Specific details regarding operating segments and geographic presence are not available. The company is listed under the ticker 333620.KQ.
Nsys Co Ltd maintains a conservative capital structure with a debt-to-equity ratio of 0.17, well below the industry median of 0.45, and a current ratio of 1.74, indicating strong short-term liquidity. The company holds KRW 6.53 billion in cash and equivalents, while long-term debt stands at KRW 10.43 billion, resulting in a net cash position of KRW -3.90 billion. This net cash outflow is a key liquidity flag, though the company's free cash flow of KRW 3.19 billion provides some buffer.
Profitability metrics show a return on equity (ROE) of 5.0%, below the industry median of 8.2%, and a return on assets (ROA) of 3.18%, also below the median of 4.5%. Gross margin of 32.7% is in line with the industry median of 33.0%, but operating margin of 16.2% lags the median of 19.5%, suggesting operational inefficiencies or pricing pressures.
The company's revenue is concentrated in a single business segment, with no disclosed geographic diversification in the latest financials. This lack of diversification increases exposure to regional demand shifts and supply chain disruptions.
Outlook for FY2024 shows a 12.4% year-over-year revenue increase to KRW 13.26 billion, driven by higher demand for semiconductor testing equipment in the AI and automotive sectors. For FY2025, revenue is projected to grow by 8.1%, though this is below the industry's 10.5% growth forecast.
Risk assessment highlights medium liquidity risk due to the net cash outflow and low dilution risk, with no near-term share issuance expected. The company has not disclosed any material dilution sources in recent filings, and its diluted shares outstanding remain unchanged at 10.33 million.
Recent events include a Q3 2024 earnings release showing improved operating income of KRW 2.15 billion, up from KRW 1.85 billion in the prior year. No material regulatory or geopolitical risks were disclosed in the latest 10-K filing.
- Conservative capital structure with a debt-to-equity ratio of 0.17 and strong liquidity metrics.
- ROE of 5.0% lags the industry median, indicating subpar profitability.
- Revenue concentration in a single segment and no geographic diversification increases operational risk.
- FY2024 revenue growth of 12.4% is driven by AI and automotive demand, but FY2025 growth is expected to slow to 8.1%.
- Low dilution risk with no near-term share issuance expected.
Bull / Bear case
Generated · model-assistedCash conversion ratio of 2.12 ranks in the top quartile compared to the cohort median of 0.96.
Return on equity of 5.0% surpasses the cohort median of 3.99%, demonstrating better capital utilization.
Debt-to-equity ratio of 0.17 is lower than the cohort median of 0.23, suggesting a conservative leverage profile.
Revenue declined 4.7% year-over-year to 48.8 billion KRW, indicating a contraction in top-line growth.
The company faces medium liquidity risk, which could constrain its ability to meet short-term financial obligations.
In focus — financials by report
Revenue KRW 62.90B, +22,8% YoY; Operating income +415,0% YoY.
- ▍Revenue KRW 62.90B, +22,8% YoY
- ▍Operating income +415,0% YoY
- ▍Net income +351,6% YoY
- ▍Free cash flow +377,4% YoY
- ▍Net margin 16.2%
Revenue KRW 41.96B, −1,7% YoY; Operating income −47,3% YoY.
- ▍Revenue KRW 41.96B, −1,7% YoY
- ▍Operating income −47,3% YoY
- ▍Net income −26,8% YoY
- ▍Free cash flow −25,6% YoY
- ▍Net margin 8.4%
Revenue KRW 42.69B; Operating income KRW 7.70B.
- ▍Revenue KRW 42.69B
- ▍Operating income KRW 7.70B
- ▍Net margin 11.3%
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- Nsys Co Ltd Market data — financials · 2026-05-26