Top Material탑머티리얼

Top Material is deeply loss-making, with trailing revenue down sharply and heavy borrowings against a small cash balance.

Top Material supplies battery production lines and electrode materials, with most revenue from exports. Trailing twelve-month figures to H1 2026 show revenue of about ₩27.7B, an operating loss of about ₩39.1B and a net loss of about ₩35.6B. Borrowings of about ₩63.8B far exceed cash of about ₩3.3B, and the share price is down 67.8% over the past year.

What stands out

• Revenue fell 78.2% in 2025 to about ₩23.1B from ₩106.1B in 2024, after a strong 2023 when it reached about ₩122.2B.
• Operating margin was -141.4% on a trailing basis, compared with a profitable 2022 and 2023 at margins of 18.7% and 11.3%.
• Free cash flow was about -₩20.3B on a trailing basis, and liabilities are 91.5% of equity.
• The filings list several major sales or supply contracts in 2026, but the data does not give their values, so their size against revenue is unclear.
• Foreign ownership is 0% and short balance is 0%; the last 20 days of flows show retail selling of about ₩39.2M, with institutions and foreign investors net buying.
• Valuation shows price-to-book of 0.7 and price-to-sales of 2.6, but no earnings-based multiple because earnings are negative; no news headlines were provided.

What to watch

• The next half-year or quarterly filings, to see whether losses narrow and whether revenue recovers from the 2025 decline.
• Amended contract filings, since several major contracts have been amended; the data does not explain the reasons.
• Debt level against cash, given borrowings of about ₩63.8B and negative free cash flow; the data does not include a repayment schedule or going-concern commentary.