Fino피노

Fino's trailing revenue has jumped sharply after its 2025 acquisitions, but profits remain thin and the shares trade at a very high earnings multiple.

Fino, a Korean maker of battery cathode materials and precursors, reported trailing twelve-month revenue of ₩376B to H1 2026 with an operating margin of 5.3% and a small net margin of 0.7%. The shares closed at ₩8,920 on 2026-10-15, up 128.4% over one year, with a market capitalisation of ₩767B and a P/E of 278.7 on the data provided.

What stands out

• Revenue rose from ₩11.4B in 2022 to ₩264.8B in 2025, with 2025 growth of 763.1%, but the data does not explain how much of this came from acquisitions.
• The company reported a net loss of ₩5.9B in 2025 after a net loss of ₩2.5B in 2024, while the trailing twelve months show a small net profit of ₩2.8B.
• Trailing cash is ₩114B against no reported borrowings, and trailing free cash flow is ₩15.4B.
• Recent filings include a rights offering decision (2026-08-28), a third-party allotment rights offering results notice (2026-09-07) and several share acquisition disclosures in June 2026.
• The company has no dividend yield, and the data includes no analyst ratings or price targets.

What to watch

• The rights offering and third-party allotment, which could dilute existing shareholders; the data does not give the size or price.
• Whether margins hold up at the reported 5.3% operating level, given the swing from losses in earlier years.
• The next periodic filings, since the latest half-year report is dated 2026-08-14 and the data does not show upcoming results dates.