Enchem엔켐

Enchem is loss-making on a trailing basis, with revenue shrinking and heavy debt, though its share price has bounced somewhat over three months.

Enchem makes battery electrolytes and related additives for lithium-ion batteries, mainly for global battery makers and exporting most of its sales. Trailing twelve-month revenue to H1 2026 was about ₩366.9B, with an operating loss of about ₩92.3B and a net loss of about ₩144.6B. The share price is at ₩17,720, down 81.9% over one year, with a market capitalisation of about ₩388.3B.

What stands out

• Revenue has declined for three straight years, from ₩509.8B in 2022 to ₩312.8B in 2025, and the trailing figure is ₩366.9B.
• Operating margin is -25.1% on a trailing basis and net margin is -39.4%, so losses are large relative to sales.
• Borrowings of about ₩99.8B exceed cash of about ₩6.1B, and liabilities are 137.6% of equity; trailing free cash flow is about -₩54.8B.
• The price-to-book ratio is 0.9 and the company pays no dividend; price-to-earnings is not meaningful because earnings are negative.
• Recent filings include amendments to a merger decision, a share acquisition, and a convertible bond issue, plus a change of head office location; the data does not explain their financial effect.
• Foreign ownership rose slightly to 3% and short balance is 7.1%; over the last 20 days, retail investors were net buyers while foreign investors were net sellers.

What to watch

• Upcoming results and whether losses narrow from the trailing levels, given the falling revenue trend.
• Details and effects of the merger, share acquisition and convertible bond filings, which the data does not describe in full.
• Debt levels and cash flow, since borrowings exceed cash and free cash flow is negative; no news headlines were available in the data.