mPlus엠플러스

mPlus shows strong trailing profitability and a low valuation, but its share price has fallen sharply over the past year.

mPlus makes assembly-process equipment for lithium-ion batteries, mainly for electric vehicle makers, and works on next-generation battery equipment. On a trailing basis to H1 2026 it reports revenue of about ₩184.4B, operating income of about ₩24.2B and a 13.1% operating margin, with a closing price of ₩9,090 on 2026-10-22, well below its 52-week high of ₩20,100. Its revenue has been volatile across the 2021 to 2025 annual figures, so the recent profit level should be read with that history in mind.

What stands out

• Trailing operating margin is 13.1% and net margin is 14%, compared with a loss-making 2021 and 2022.
• Revenue in 2025 was about ₩184.2B, up 43.1%, after a sharp 62.1% fall in 2024 and a large jump in 2023, showing lumpy sales.
• Shares trade at about 4.3x trailing earnings and 0.9x book value, while the one-year return is -42.5%.
• The company-supplied DCF base value is ₩18,269, above the current price, but this is an internal model estimate, not a forecast.
• Liabilities are 104.7% of equity, and borrowings of about ₩27.1B exceed cash of about ₩81.5B in the filed data; net cash is therefore positive on these figures.
• Foreign ownership fell from 7.7% to 4.4% over about 60 days, and foreign investors were net sellers over the last 20 days.

What to watch

• Upcoming shareholders' meeting and related proxy documents filed in October 2026, including the amended notice.
• The mention of a terminated sales or supply contract filed in May 2026, and whether it affects future orders.
• Next quarterly and annual filings, to see if the strong trailing margins hold given past revenue swings in the battery equipment market.