Ecopro Materials에코프로머티

EcoPro Materials is loss-making at the operating level over the last twelve months, with heavy borrowings and a share price down about 58% over the past year.

Trailing twelve-month revenue to H1 2026 is ₩523.7B, but operating income is negative at -₩16.7B, although net income is positive at ₩71.6B. Free cash flow is -₩369.5B against cash of ₩88.2B and borrowings of ₩1.03T, so funding needs are a key feature of the current picture. The shares closed at ₩28,450 on 2026-10-26, near the 52-week low of ₩27,100.

What stands out

• Revenue fell sharply in 2024 (-68.5%) and recovered to ₩392.5B in 2025 (+30.9%), but operating losses persisted in both 2024 and 2025.
• Net income is positive on a trailing basis (₩71.6B) even though operating income is negative, so the profit figure is not explained by operations in the data given.
• Liabilities are 95.9% of equity and borrowings are about ₩1.03T, well above cash of ₩88.2B.
• A filing dated 2026-10-20 concerns a loan provision decision, and news on the same day reports the interest rate on a ₩234.9B loan rising from 5.5% to 7%.
• Valuation shows P/E of 28.1 and P/B of 1.7, with no dividend; the peer set has mixed and very high multiples, so comparisons are limited.

What to watch

• The upcoming full-year earnings results, following the advance earnings notice filed on 2026-10-13, which the data does not detail beyond its existence.
• Whether free cash flow and borrowing costs change, given the loan rate increase reported on 2026-10-20 and the negative free cash flow in the trailing period.
• Ongoing shareholder and holding disclosures from September and October 2026, including changes in the largest shareholder's holdings.