Lake Materials레이크머티리얼즈

Lake Materials' revenue has held near ₩141B-₩148B recently, but profits have fallen sharply from their 2022 peak and the stock is down 23% over a year.

Lake Materials makes ultra-high-purity organometallic compounds used in semiconductors, solar panels, LEDs, catalysts and displays. Trailing twelve-month revenue to H1 2026 was ₩148B with a net margin of 9.2%, but free cash flow was negative at about -₩1.8B and borrowings of ₩230B are large relative to cash of ₩43B. The shares closed at ₩11,460, well below the 52-week high of ₩28,700.

What stands out

• Annual revenue was ₩141B in 2025, up 1.8%, after ₩139B in 2024, while net income fell from ₩20.9B in 2024 to ₩7.7B in 2025.
• Operating margin has narrowed from 26.9% in 2022 to 11.1% on a trailing basis to H1 2026.
• Liabilities are 165.6% of equity and borrowings total about ₩230B against ₩43B of cash.
• The data shows foreign ownership fell from 10.6% to 6.9% over the last 60 days, while foreign investors were net sellers of about ₩22B over 20 days.
• Recent filings include a half-year report for June 2026, preliminary consolidated earnings, a convertible bond issue decision in May 2026 and an investor relations event on 22 October 2026. No recent news headlines are included in the data.

What to watch

• The full-year 2026 results and the detail of the H1 2026 half-year report, including how margins and cash flow develop.
• Progress on the convertible bond issued in May 2026 and any further financing or dilution filings.
• The gap between the DCF base value of ₩1,764 and the current price of ₩11,460, and the company's ability to meet its debt load given negative free cash flow.