L&F엘앤에프

L&F's shares have fallen sharply over the past year and its trailing results remain loss-making at the net line, though operating profit has returned.

L&F makes cathode materials for batteries used in EVs, energy storage, IT devices and robots, and it is a single-segment business. Trailing twelve-month revenue to H1 2026 is ₩2.89T with operating income of ₩243B, but a net loss of ₩323B and negative free cash flow. The share price closed at ₩83,200 on 26 October 2026, down 37.7% over one year and well below its 52-week high of ₩225,000.

What stands out

• Trailing operating margin is 8.4%, but net margin is -11.1% and return on equity is -43.3%, so profit has not carried through to the bottom line.
• Borrowings of ₩1.80T against cash of ₩361B leave liabilities at 372.7% of equity, a high leverage level.
• Annual revenue rose 13% in 2025 but the company posted operating and net losses in 2024 and 2025 before the recent operating recovery.
• Foreign ownership fell from 21.6% to 15.5% over about 60 days, while institutions and foreign investors were net sellers over the last 20 trading days.
• Recent headlines cover an LFP cathode material launch at DIFA 2026 and a battery recycling expansion through subsidiary JHC; one report says a Q3 loss is likely, and a perpetual convertible bond issuance came in at half the expected amount.

What to watch

• Q3 2026 earnings, which analysts and press expect may show a loss according to the headlines; the data does not include official Q3 figures.
• Outcome of the perpetual convertible bond and any follow-up disclosures on funding and borrowings.
• Responses to market rumour filings and any new major supply contracts, as the data gives no forecasts or analyst ratings.