Ecopro BM에코프로비엠

EcoPro BM's shares have fallen sharply over the past year and its trailing profits are thin, though it has just raised new equity to fund expansion.

EcoPro BM makes cathode materials for lithium-ion batteries, sold mainly to battery makers for power tools, EVs and energy storage. On the trailing twelve months to H1 2026 it reported revenue of ₩2.30T, operating income of ₩131B (5.7% margin) and net income of ₩44B, while free cash flow was negative at about -₩87B. The share price closed at ₩92,000 on 2026-10-29, down 46.4% over one year.

What stands out

• Revenue fell 8.5% in 2025 to ₩2.53T after a 59.9% drop in 2024, and the company posted losses in 2024 and 2023 at the net level.
• Operating margin was 5.7% in 2025 and on a trailing basis, compared with a loss at the operating line in 2024.
• Borrowings of ₩2.89T against cash of ₩467B, with liabilities at 159.1% of equity, show a heavily debt-funded balance sheet.
• A rights offering reportedly subscribed at 103.3% will fund a nickel smelter in Indonesia and plants in Hungary and elsewhere in Europe, according to news reports.
• Valuation is high on earnings: trailing P/E of about 206 and P/B of 5.0, with ROE of only 2.5%. Foreign ownership eased to 14.3% from 15% sixty days earlier, and foreign and institutional investors were net sellers over the last 20 days while retail investors were net buyers.

What to watch

• New shares from the rights offering are expected to list in early November, which will change the share count and per-share figures.
• Free cash flow was negative on a trailing basis, so watch whether heavy investment in new plants and nickel capacity keeps cash flow negative and how borrowings change.
• Many insider shareholding reports were filed on 2026-10-30; the data does not say what they contain, so the details should be checked in the filings themselves.