LG Energy Solution: Revenue Below 2023 Peak, Losses at Net Level, Shares Up 21.2% in Three Months

Thesis

The data supports a picture of a large battery maker whose share price has recovered well from its 52-week low of ₩290,500 but remains below the 52-week high of ₩527,000. Trailing operating income is positive at ₩384.8B, yet the operating margin is only 1.5%, below the 5.7% of 2025 and the 6.4% of 2023. Net income has been negative for 2024, 2025 and the trailing period, so earnings do not yet back the valuation on a P/E basis. The data does not show what is driving the recent price gain. Two news headlines dated 2026-10-13 mention sodium-ion battery expansion into North American energy storage and a comment on earnings excluding a Stellantis compensation item, but the data gives no figures for either. Preliminary consolidated earnings were filed on 2026-10-08, but their figures are not included here.

Business overview

LG Energy Solution is a KOSPI-listed battery company (code 373220), founded on 2020-12-01 and listed on 2022-01-27, with 234.0M listed shares. Its market cap of ₩93.1T is about twice that of Samsung SDI (₩45.2T) among the peers in the data. Revenue grew from ₩17.9T in 2021 to ₩25.6T in 2022 and ₩33.7T in 2023, then fell to ₩25.6T in 2024 and ₩23.7T in 2025. The data contains no segment, customer or product breakdown.

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, 2026Update noteEarningsLG Energy Solution Q3 2026 Preliminary Results: Revenue ₩9.6T, Operating Profit ₩756.0B
2. Oct 13, 2026InitiationLG Energy Solution: Revenue Below 2023 Peak, Losses at Net Level, Shares Up 21.2% in Three Months