SK eternixSK이터닉스

SK eternix shows strong trailing revenue and a sharp profit drop in H1 2026, with the shares well below their 52-week high.

SK eternix, a renewable energy and power asset company that is a subsidiary of SK E&S, reported trailing twelve-month revenue of ₩563B and net income of ₩7.4B through H1 2026, down sharply from ₩30.7B net income in 2025. The shares closed at ₩38,300 on 2026-10-26, down 24.6% over one month and 32.9% over three months, though still up 80.2% over one year. Debt is heavy, with borrowings of ₩494B and free cash flow of minus ₩81B on the trailing figures.

What stands out

• Trailing operating margin is 9.2% and net margin 1.3%, versus 13.7% and roughly 8% net margin implied in 2025 operating results.
• Liabilities are 363% of equity and borrowings are ₩494B against cash of ₩67B.
• Valuation is high on trailing earnings: P/E about 175 and P/B 4.9, with no dividend.
• Recent filings are mainly contracts, loan extensions and asset transfer reports, and news says fuel cell plants in Icheon and Paju began commercial operation on 2026-10-19.
• Foreign ownership fell from 6.7% to 5% over 60 days, while institutions sold about ₩22.5B net over the last 20 days.

What to watch

• Q3 results: a Hana Securities note reported in the news says Q3 results were deferred and will be concentrated in Q4.
• Follow-up on the asset transfer and loan extension filings, since they bear on debt and cash flow.
• The fuel cell expansion to 28MW planned for November and any further major contract filings.