Samsung SDI: Share Price Up Sharply While Filed Results Still Show Operating Losses

Thesis

The data supports a story of a share price that has moved well ahead of reported earnings. The stock gained 27.5% in three months and 171.0% in one year, and sits below its 52-week high of ₩723,000 and far above its low of ₩201,500. Filed numbers through H1 2026 show revenue of ₩14.3T, an operating margin of -5.9% and net income of only ₩37.6B. A news headline from Herald Business says a surprise Q3 profit is expected, but that is a media expectation and not in the filings provided. Another headline reports a drop of over 6% early on 2026-10-13, near ₩520,000, which shows how volatile the shares are. Investor flow, foreign ownership and short-balance data are not available, so we cannot say who has been driving the move.

Business overview

Samsung SDI is a KOSPI-listed battery company, founded on 1970-01-20 and listed on 1979-02-27, with 80,585,530 listed shares. The CEO is listed as 최주선. At the 2026-10-12 close its market cap was about ₩45.2T and enterprise value about ₩48.1T. Revenue rose from ₩13.6T in 2021 to a peak of ₩22.7T in 2023, then fell to ₩16.6T in 2024 and ₩13.3T in 2025. Among the peers listed, LG Energy Solution has a market cap of ₩93.1T, POSCO Future M ₩15.7T, Ecopro BM ₩11.3T, L&F ₩3.9T and Ecopro Materials ₩2.4T.

Financial analysis

These figures come from filed financial statements (DART). Revenue grew 48.5% in 2022 and 12.8% in 2023, then fell 26.9% in 2024 and 20.0% in 2025. Operating income was ₩1.8T in 2022 (9.0% margin) and ₩1.6T in 2023 (7.2%), fell to ₩363.3B in 2024 (2.2%), and turned to a loss of ₩1.7T in 2025 (-13.0%). Net income went from ₩2.0T in 2023 to ₩599.3B in 2024 and a loss of ₩649.5B in 2025. ROE moved from 11.5% in 2023 to 3.1% in 2024 and -3.2% in 2025. For the trailing twelve months to H1 2026, revenue was ₩14.3T, operating income was -₩842.3B, net income ₩37.6B (0.3% margin) and ROE 0.2%. The loss narrowed compared with 2025. Free cash flow was -₩2.1T. Cash was ₩1.5T against borrowings of ₩4.4T, and liabilities to equity were 77.5%.

Valuation

On trailing figures the P/E is 1200.9, which reflects near-zero profit and is not a meaningful gauge. P/B is 1.9, P/S is 3.2, and the dividend yield is 0.0%. EV/EBITDA is not available. The only year-end multiple on file is a P/B of 1.0 at the end of 2025, so P/B has risen to 1.9 since then; earlier P/B and all P/E history are not available. Among peers, only LG Energy Solution has a P/B in the data, at 4.2, versus 1.9 for Samsung SDI. Peer P/E figures are not available, so a wider comparison is not possible.

Catalysts

• An investor relations (IR) event was filed on 2026-10-12, which may bring updated company commentary.
• A Herald Business headline says a surprise Q3 profit is expected, and actual results would test that.
• Changes in the largest shareholder's holdings were filed on 2026-09-08 and 2026-10-08.
• Filings in early September cover a loan decision, collateral provision and debt guarantee for other parties, and their details are not given in the data.
• A decision to transfer shares in another company was filed on 2026-08-21, which could affect the group's holdings.

Risks

• The company has reported operating losses for 2025 and the trailing twelve months, so profitability has not yet recovered in filed numbers.
• Free cash flow of -₩2.1T and borrowings of ₩4.4T against ₩1.5T of cash put pressure on the balance sheet.
• The share price has risen 171.0% in a year while earnings are near zero, so it may be sensitive to disappointing results.
• Prices are volatile, as a 6% intraday drop was reported on 2026-10-13.
• Investor flow, foreign ownership and short-selling data are not available, which limits visibility into market positioning.

Closing view

The evidence is mixed. Filed statements show shrinking revenue since 2023, losses in 2025 and a narrower but still negative trailing operating result, with heavy cash burn. Against that, the share price has re-rated strongly, a P/B of 1.9 is below the one peer figure available, and news points to a possible Q3 profit. Whether that expectation is met will be clear only when the next results are filed, and missing flow and peer data limit firmer conclusions.

Model estimate of fair value

The valuation model has no estimate for this company yet (not enough data, or no positive value with the base case).

Report history

1. Oct 13, 2026InitiationSamsung SDI: Share Price Up Sharply While Filed Results Still Show Operating Losses