Kangwon Energy강원에너지

Kangwon Energy's shares have fallen sharply over the past year as the company has moved from profit to losses on lower revenue.

Kangwon Energy, a KOSDAQ-listed maker of battery materials and industrial plant equipment, reported trailing twelve-month revenue of ₩188B with an operating loss of ₩6.7B and a net loss of ₩9.9B as of H1 2026. Its shares closed at ₩7,410 on 2026-10-23, down 36% over one year and well below the 52-week high of ₩20,250. Borrowings of ₩48.6B exceed cash of ₩25.3B, and liabilities are 150% of equity.

What stands out

• Revenue fell 5.4% in 2025 to ₩212B after a sharp rise in 2024, and the business has posted operating losses in 2025 and the trailing period, after profits in 2021 to 2024.
• Return on equity is -27.1% on a trailing basis, and the price-to-book ratio is about 6 while there is no meaningful earnings multiple because earnings are negative.
• Trailing free cash flow is positive at about ₩23.8B despite the net loss, though the data does not explain the drivers.
• Foreign ownership is small at 1.2%, and 20-day flows show retail investors net sellers of about ₩693M while foreign and institutional investors were slightly net buyers.
• Recent filings are mostly amended major sales or supply contracts, plus a shareholders' meeting notice and a proxy document; no news headlines are in the data.

What to watch

• The next periodic results and whether the operating and net losses narrow from the trailing figures.
• The outcome of the shareholders' meeting and any proxy-related items, as set out in the October 2026 filings.
• Debt levels relative to cash, given borrowings of ₩48.6B and a loan period extension noted in an August filing; the data does not give the terms or repayment schedule.