Is Wonik IPS profitable in 2026?

Yes. FY2025 net income rose 304.99% year over year to about KRW 84.0 billion on revenue of KRW 909.8 billion, up 21.6% (as of 2025-12-31). Q2 2026 operating margin was 11.3% (2026-06-30), positive but well below peers like Hanmi Semiconductor at 48.5%.

Could AI replace Wonik IPS?

No. Wonik IPS builds physical ALD, CVD and PECVD deposition equipment for chip fabs, a business AI software cannot substitute. Instead AI is a tailwind: demand for its tools is driven by Samsung and SK hynix expanding AI-memory (HBM) capacity, per an April 2026 company report.

Who is Wonik IPS's biggest competitor?

Applied Materials and Lam Research, per a Wonik IPS executive quoted in April 2026 who said Samsung and SK hynix call those global leaders first when facing process bottlenecks, making Wonik IPS a secondary domestic supplier rather than the primary choice.

Wonik Holdings Co., Ltd. is the controlling shareholder with a stable stake of about 33.19% (16,148,572 shares) as of 2026-07-19. Other holders include Mirae Asset Global Investments at roughly 6 to 10% and Samsung Asset Management.

Is Wonik IPS growing right now?

Yes. Trailing twelve month revenue reached KRW 950.5 billion as of 2026-03-31, up 25.31% year over year, and Q1 2026 revenue was KRW 164.9 billion, up 32.77%. Order backlog rose from about KRW 300 billion at end 2025 to about KRW 400 billion by end of Q1 2026.

How cyclical is Wonik IPS's business?

Very. Revenue peaked at KRW 1.2323 trillion in 2021, then collapsed to KRW 690.3 billion in 2023 during the memory downturn, a roughly 44% drop, before recovering to KRW 909.8 billion in FY2025 as AI-driven memory capex resumed.

Semiconductor companies · subsidiary of Wonik Holdings Co., Ltd. / Wonik Group · South Korea

Wonik IPS

wonikips.com ↗

Korean maker of ALD/CVD deposition tools for memory and foundry chipmakers.

Protection under test

Assessed 30 July 2026 · Evidence as of 30 July 2026

Something worth protecting exists and is being tested right now.

On the recordSince 30 July 2026 · Checkable from November 2026 · Every call on the record Checkpoint: Q3 2026 earnings release, backlog and order-mix update

The call

Wonik IPS rides the memory upcycle as a qualified but junior supplier, still standing behind Applied Materials, Lam, and Tokyo Electron when Samsung or SK hynix hit a real bottleneck.

Wonik IPS makes equipment that deposits materials onto semiconductor chips, and sells mainly to Samsung and SK hynix in South Korea. The company has proven it can do this job well enough that customers stick with it, but bigger global rivals like Applied Materials and Lam Research get called first when there's a real problem, and those rivals squeeze prices harder. The profits are real but thin (11.3% margin), and the whole business swings wildly: revenue fell nearly half between 2021 and 2023. What matters most is whether Samsung and SK hynix keep spending money on new factories and equipment, and whether Chinese competitors start taking share of that spending.

Why

AI pressure: None apparent. AI-driven HBM and foundry capex is feeding Wonik IPS's order book, not threatening it directly. Could AI do the core job? Unlikely.

Bigger players: Applied Materials, Lam Research, Tokyo Electron. These global leaders already supply Samsung and SK hynix and are called first when a critical bottleneck needs solving. Could a giant copy it? Probably.

What protects it. Qualified, dual-sourced status inside Samsung and SK hynix process lines, hard to swap out mid-node.

What would change this call

Wonik IPS quarterly operating margin stays near or below 11% while Eugene Technology's stays above 20%. Would show Samsung/SK hynix pricing power keeps squeezing Wonik IPS relative to peers.
News of Chinese domestic ALD/CVD supplier qualified at CXMT or another Chinese memory maker. Would show Chinese equipment displacing Wonik IPS in a key growth market.
Samsung or SK hynix single-sources a next-gen HBM/V-NAND deposition step to Applied Materials or Lam Research. Would show dual-sourcing discipline eroding and Wonik IPS losing qualified-supplier status.

Key numbers

Q2 2026 operating margin: 11.3% (2026-06-30)
Order backlog grew KRW 300bn to ~400bn (2026-03-31)
SK Securities 2026E revenue ~KRW1.327tn, +46% YoY (2026-07-18)

Named risks

Extreme revenue cyclicality, 44% peak to trough drop from 2021 to 2023. Severity: high
Operating margin of 11.3% in Q2 2026 trails top peers, showing weak pricing power. Severity: medium
Structural second-choice position behind Applied Materials and Lam Research on critical process steps. Severity: medium
Rising Chinese equipment self-sufficiency including domestic DUV mass production. Severity: medium
Heavy dependence on Samsung and SK hynix capex decisions for order flow. Severity: high

Rivals, as read in July 2026

Rival	Direction	Evidence
Applied Materials	losing to	Samsung/SK hynix call AMAT first for process bottlenecks, per Wonik exec, Apr 2026
Lam Research	losing to	Cited alongside AMAT as customers' first port of call over Wonik IPS, Apr 2026
Jusung Engineering	contesting	Domestic ALD rival with Q2 2026 op margin 9.3% vs Wonik's 11.3%, Jul 2026
Eugene Technology	losing to	Q2 2026 operating margin 20.6% vs Wonik IPS's 11.3%, Jul 2026
Hanmi Semiconductor	losing to	Q2 2026 operating margin 48.5% vs Wonik IPS's 11.3%, Jul 2026
Chinese domestic equipment makers	gaining on	Chinese state firm began mass-producing domestic DUV lithography tools, Jul 2026

Questions people ask

Is Wonik IPS profitable in 2026?: Yes. FY2025 net income rose 304.99% year over year to about KRW 84.0 billion on revenue of KRW 909.8 billion, up 21.6% (as of 2025-12-31). Q2 2026 operating margin was 11.3% (2026-06-30), positive but well below peers like Hanmi Semiconductor at 48.5%.
Could AI replace Wonik IPS?: No. Wonik IPS builds physical ALD, CVD and PECVD deposition equipment for chip fabs, a business AI software cannot substitute. Instead AI is a tailwind: demand for its tools is driven by Samsung and SK hynix expanding AI-memory (HBM) capacity, per an April 2026 company report.
Who is Wonik IPS's biggest competitor?: Applied Materials and Lam Research, per a Wonik IPS executive quoted in April 2026 who said Samsung and SK hynix call those global leaders first when facing process bottlenecks, making Wonik IPS a secondary domestic supplier rather than the primary choice.
Who owns Wonik IPS?: Wonik Holdings Co., Ltd. is the controlling shareholder with a stable stake of about 33.19% (16,148,572 shares) as of 2026-07-19. Other holders include Mirae Asset Global Investments at roughly 6 to 10% and Samsung Asset Management.
Is Wonik IPS growing right now?: Yes. Trailing twelve month revenue reached KRW 950.5 billion as of 2026-03-31, up 25.31% year over year, and Q1 2026 revenue was KRW 164.9 billion, up 32.77%. Order backlog rose from about KRW 300 billion at end 2025 to about KRW 400 billion by end of Q1 2026.
How cyclical is Wonik IPS's business?: Very. Revenue peaked at KRW 1.2323 trillion in 2021, then collapsed to KRW 690.3 billion in 2023 during the memory downturn, a roughly 44% drop, before recovering to KRW 909.8 billion in FY2025 as AI-driven memory capex resumed.

Timeline

2026-07-18SK Securities forecasts 2026 revenue near KRW 1.327 trillion, up 46% year over year
2026-07-14Q2 2026 operating margin reported at 11.3%, trailing Hanmi Semiconductor's 48.5% and Eugene Technology's 20.6%
2026-03-31Q1 2026 revenue hits KRW 164.9 billion, up 32.77% year over year; backlog rises to about KRW 400 billion
2026-03Company reported expanding R&D and production staff amid semiconductor supercycle
2025-12-31FY2025 revenue KRW 909.8 billion (+21.6% YoY); net income up 304.99% to ~KRW 84.0 billion; 1,081 patents held
2025-08-28KB Securities projects 2025 revenue ~KRW 916 billion and 2026 revenue ~KRW 1,012 billion
2023-12-31Revenue troughs at KRW 690.3 billion after collapsing from 2021 peak of KRW 1.2323 trillion
2019-12-31Wonik IPS merges with WONIK Tera Semicon

Revision history

30 July 2026

First assessed. Protection under test. The text above is fixed as of this date and is not edited afterwards.

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