Cosmo AM&T makes cathode materials, a key component of EV batteries; about 72% of its 2025 separate revenue (about ₩456.3 billion) came from cathode materials, with the rest from the functional-film and copier-toner materials businesses it has run for a long time - a structure that places high-growth battery materials on top of stable film and toner. Its strength is single-crystal cathode material, favored by carmakers and battery firms for good battery life and thermal stability; at an industry trough it instead decided to invest about ₩155 billion in cathode production facilities to serve European customers, raising the funds through convertible bonds and a rights offering. What stands out lately is that the defensive strengths of revenue turning up again in 2026, single-crystal technology and European expansion offering room to convert volume into profit, and film and toner cushioning the bottom, sit alongside cautions to confirm through quarterly results: revenue has turned but the company is still in the red, and expansion has increased debt and interest, so a slow recovery would raise the burden.
At-a-glance assessment financial health · growth · profitability · valuation
- Assets that can be turned to cash within a year fall short of near-term liabilities (current ratio 88.6%).
- Operating profit barely covers the interest bill (interest coverage below 1x).
- The most recent full-year net result was a loss.
- Revenue fell 19.9% year over year (3-year trend: falling).
- Most recent quarter (Q1 2026) revenue was 7.8% higher than a year earlier.
- ROE is -0.1% (total-net basis). It is below the sector average.
- Operating margin is 0.5%.
- P/E is hard to compute here, so this is read on P/B.
Ownership & governance As of 2025-12-31
Largest shareholder Cosmo Chemical 27.19% (corporate)
Controlling bloc incl. related parties 29.31%
With the controlling bloc holding 29%, control is maintained but the free float is relatively large.
🔎 In-depth analysis
- Cosmo AM&T makes cathode materials for EV batteries (materials used in the cathode, which stores and releases electricity in a battery).
- Of its 2025 separate-basis revenue of about ₩456.3 billion, cathode materials account for about 72%.
- The rest is the functional-film business (about ₩115.2 billion; thin-film materials used in smartphones, displays and the like) it has run for a long time, plus copier-toner materials.
- In short, high-growth battery materials sit on top of stable film and toner businesses.
- Its particular strength is single-crystal cathode material, made by forming particles into a single crystal; this approach offers good battery life and thermal stability, and is favored by carmakers and battery firms.
- The recent close is ₩37,550 and market capitalization is ₩1.2 trillion.
- The price sits below its 20-day line (₩40,610) and below its 60-day line (₩50,166); trading below both the short- and medium-term moving averages, the trend is on the depressed side.
- The RSI (a supplementary gauge that compares up-day and down-day strength over the past 14 days on a 0-100 scale) is 41.2, a neutral level.
- The one-month change is -9.8%, the three-month change is -27.8%, and the position versus the 52-week high is -42.7%.
- Relative strength versus the KOSPI is 24 (1-99, computed from returns against the index over the past year with more weight on recent performance; higher means stronger than the market), placing it in roughly the top 76% for strength among all stocks.
- Over the past three months it lagged the index by 43.9%.
- Chart reading is best done alongside volume and disclosure dates.
- 2025 was the year the company turned to a loss.
- Net profit was -₩500 million, a small loss, and ROE (how much is earned in a year on equity) was -0.1%.
- The size of the loss itself is small, so it is effectively near break-even.
- The P/E ratio (how many times a year's earnings the share price is) cannot be calculated because earnings are negative, and the P/B (how many times book net assets the price is) is 2.51x.
- The debt ratio (debt against equity) is a somewhat high 145%, and interest costs have grown as expansion investment was funded with debt.
- A metric worth watching is cash flow.
- The FCF yield (cash actually generated relative to market cap) is 7.3%, so unlike the accounting loss, actual cash is being generated steadily - a result reflecting the traits of an equipment-heavy company with large depreciation.
- On the other hand, EV/EBIT (enterprise value including debt divided by operating profit) comes out very high because operating profit is near zero, which is close to an illusion arising in a period when earnings have bottomed.
- Revenue more than doubled from ₩305.9 billion in 2021 to ₩629.6 billion in 2023 in just two years, a period of rapid growth riding the EV and battery boom.
- But revenue then fell for two straight years, in 2024 (-9.5%) and 2025 (-19.9%), as slowing EV growth dragged down the whole battery-materials industry.
- Operating profit also shrank sharply, from ₩32.3 billion in 2023 to ₩2.4 billion in 2025.
- Yet there is a sign of a turn: Q1 2026 revenue was ₩122.7 billion, up 7.8% from the same period a year earlier - volume beginning to return.
- Profit, however, has not yet recovered.
- Q1 operating profit declined and net profit stayed in the red at -₩3.6 billion.
- It is the classic look of the start of a recovery, where revenue turns first and profit follows.
- The most important move is expansion investment.
- At an industry trough, the company instead decided to invest about ₩155 billion in cathode production facilities.
- It is investment to serve European customers, with funds raised through convertible bonds and a rights offering.
- Because a large investment was decided during weak results, there is short-term pressure from higher interest and a larger share count, but over the medium term it can become a springboard for volume expansion.
- During the funding process, several disclosures of major-shareholder stake changes appeared.
- In April the company made a fair disclosure of preliminary Q1 results.
- Strong and weak conditions divide clearly.
- The strong condition is a recovery in battery demand.
- Revenue began rising again in 2026, and if the differentiated single-crystal cathode technology and European expansion align, volume can convert into profit.
- Stable film and toner businesses cushioning the bottom also make it more defensive than pure cathode-material peers - indeed, its loss is shallower than competitors'.
- The weak condition is a delayed profit recovery and financial burden.
- Revenue has turned but profit is still in the red, and expansion has increased debt and interest, so a slow recovery would raise the burden.
- In short, this is a phase of confirming through quarterly results whether the revenue rebound carries through to a profit rebound.
🔎 Valuation vs peers Inconclusive
The peer group is domestic materials makers producing cathode materials for EV batteries; with most in the red at an industry trough, P/E comparison is meaningless, so relative position is read via P/B and the size of the loss (ROE).
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Ecopro BM | 277.09x | 6.31x | 2.28% |
| L&F | 0.00x | 5.51x | -79.27% |
| Lotte Energy Materials | 0.00x | 1.05x | -9.51% |
With earnings negative, comparison by P/E is impossible. Net profit was a loss in 2025, but its shallow size - effectively near break-even - differs from competitors. A P/B of 2.56x is a middle position, lower than the leading cathode-material names and higher than copper-foil makers. However, at an industry trough, even if the price looks cheap against book net assets (the P/B denominator), the timing of a profit recovery is uncertain, so calling it undervalued outright is difficult. Conversely, driving it toward overvalued on the 2025 loss and high debt ratio alone would also be a stretch, since revenue has already begun to rebound and cash-generating power (FCF yield of 7.3%) is being maintained. Until the trajectory of a profit recovery is confirmed in quarterly results, it is most accurate not to conclude in either direction.
Price history Close · MA20 · MA60
The latest close is ₩37,550 and the market capitalization is ₩1.2 trillion. The price sits below its 20-day moving average (₩40,610) and below its 60-day moving average (₩50,166). It is under both its short- and medium-term moving averages, so the trend looks subdued. The RSI (a supplementary indicator that gauges the strength of gains versus losses over the past 14 days on a 0-100 scale) is 41.2, a neutral level. The one-month change is -9.8%, the three-month change is -27.8%, and the position relative to the 52-week high is -42.7%. Relative strength versus the KOSPI is 24 (on a 1-99 scale, converted from returns against the index over the past year with more weight on recent performance; higher means stronger than the market). It is stronger than roughly 24% of all stocks. Over the past three months it lagged the index by 43.9%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
Relative performance stock vs index · start = 100
Excess return vs index · 3M -43.90% / 6M -47.28% / 12M -58.43%
Key metrics vs sector median
Valuation
A net loss makes the P/E an unreliable valuation gauge. The P/B of 2.51x is above the sector median (0.97x).
Enterprise value (EV)
EV = market cap + net debt. It reflects cash and debt, so it captures the real cost of the whole business that market cap alone misses; lower multiples are cheaper relative to earnings or sales.
Intrinsic value (DCF estimate)
DCF (discounted cash flow) estimate — discount rate 9.8%, initial growth 4.0%→terminal 2.0%, 10-yr forecast, free-cash-flow basis. A reference range that shifts materially with assumptions.
Profitability & financials
Return on equity (ROE) is -0.1%, below the sector average (4.0%). The operating margin is 0.5%. The debt ratio is 145.1%, so the financial structure is moderate.
Growth FY2025 · annual report (separate)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $417.3M | $377.6M | $302.4M | -19.91% ↓ slower |
| Operating profit | $21.4M | $16.6M | $1.6M | -90.49% ↓ slower |
| Net profit | $17.9M | $11.7M | -$346,532 | -102.96% ↓ slower |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $202.7M | $321.8M | $417.3M | $377.6M | $302.4M |
| Operating profit | $14.4M | $21.5M | $21.4M | $16.6M | $1.6M |
| Net profit | $11.9M | $18.4M | $17.9M | $11.7M | -$346,532 |
| Revenue CAGR | 4-yr avg 10.51% | ||||
Revenue fell 19.9% year over year (2023 ₩629.6 billion → 2024 ₩569.7 billion → 2025 ₩456.3 billion), and the three-year trend is 'falling'. The rate of decline widened from the prior year. Operating profit fell 90.5% year over year. The decline widened. Over the 5 years on record, revenue compound annual growth (CAGR) is 10.5%. The two-year revenue CAGR is -14.9%. In the most recent quarter (Q1 2026), revenue was 7.8% higher than the same period a year earlier.
Latest quarterly results Q1 2026 · vs year-ago
Technical indicators
What stands out
- —
Points to watch
- Assets that can be turned to cash within a year fall short of near-term liabilities (current ratio 88.6%).
- Operating profit barely covers the interest bill (interest coverage below 1x).
- The most recent full year was a loss, so it is worth checking whether profitability recovers.
- Revenue fell 19.9% year over year (3-year trend: falling).
- The price is high versus peers, so expectations already appear priced in.
Recent news & events searched · sourced
- 2026-04-28EarningsFair disclosure of preliminary Q1 2026 results. Revenue rose year on year, but profit was pre-recovery with a continuing net loss.The revenue rebound is an early signal of an industry recovery, but the continuing profit loss suggests time is still needed before a full recovery (medium term). Source
- 2026-06-09FilingLarge-holding report disclosure. Major-shareholder stake changes tied to expansion funding (convertible bonds and a rights offering).A rights offering and convertible bonds can dilute per-share value by increasing the share count, but the funds secured go into cathode expansion (short-term burden, medium-term growth resource). Source
- 2026-06-02FilingCorrection disclosure to the 2025 annual report and the Q1 2026 report. Annual and quarterly financial figures finalized.With finalized financials, the 2025 swing to a net loss and the Q1 2026 revenue recovery are confirmed in the documents (medium term). Source
- 2026-03-24FilingDisclosure of the regular general shareholders' meeting outcome. Approval of financial statements and handling of board-related agenda items.With routine agenda items on governance and dividends settled, the direct impact on earnings is limited (short-term neutral). Source
Figure cross-check computed ↔ external
Recent filings
- 2026-06-09OwnershipOwnership-change filing
- 2026-06-02PeriodicQuarterly report (amended)
- 2026-06-02PeriodicAnnual business report (amended)
- 2026-05-29Corporate governance report
- 2026-05-22OwnershipOwnership-change filing
- 2026-05-15PeriodicQuarterly report
- 2026-05-15OwnershipOwnership-change filing
- 2026-04-30OwnershipOwnership-change filing
- 2026-04-28EarningsFair-disclosure notice
- 2026-04-10OwnershipOwnership-change filing
- 2026-03-24Shareholders' meeting notice
- 2026-03-24Disclosure
📖 Plain-language glossary — expand if you are new to this
- P/E
- How many times a year's net profit the price is worth (lower is cheaper relative to earnings). The P/E here is on trailing (last full-year) results; for companies whose earnings swing fast (memory chips and other cyclicals/high-growth), a forward P/E on this year's expected earnings is more accurate.
- P/B
- Price relative to net assets (equity). Around 1x means it trades near book value; below 1x means below book.
- P/S
- Price relative to a year's revenue — useful for growth companies with thin earnings.
- Net debt / EV
- Net debt = interest-bearing debt − cash. Negative means more cash than debt (net cash). EV (enterprise value) = market cap + net debt, closer to what it would cost to buy the whole business.
- EV/EBIT · EV/EBITDA · EV/Sales
- Enterprise value against operating profit (EBIT), EBITDA, or revenue. Unlike P/E these reflect debt and cash; lower is cheaper relative to earnings power or sales.
- FCF / FCF yield
- Free cash flow = operating cash − capex, the cash actually left over. FCF yield = FCF ÷ market cap; higher means more cash generated per unit of market value.
- Intrinsic value (DCF)
- Future free cash flow (or, for some capex-heavy but profitable names, forecast earnings) discounted to today to estimate per-share value. Because it shifts a lot with the discount-rate and growth assumptions, it is shown as a bear/base/bull range, and the basis and assumptions are disclosed in one line beneath it.
- ROE
- How much profit the company earns in a year on its equity (%). Higher means better returns on capital.
- EPS / BPS
- Earnings per share / net assets (book value) per share.
- Operating / net margin
- Profit left from the core business / final profit after tax and interest, per unit of revenue.
- Debt ratio
- Debt relative to equity (%). Higher means more reliance on borrowing (norms vary by sector).
- Current ratio
- Assets convertible to cash within a year against debt due within a year. Above 100% leaves some short-term headroom.
- Interest coverage
- How many times operating profit covers the interest owed. Below 1x means operating profit alone struggles to cover interest.
- Dividend yield / payout ratio
- The year's dividend as a % of today's price / the share of earnings paid out as dividends.
- Revenue CAGR
- Multi-year growth expressed as a single yearly average (compound annual growth rate).
- RSI (short-term signal)
- Whether recent price action is overheated or beaten down. Above 70 is overbought, below 30 oversold.
- MA20 / MA60 (moving averages)
- The 20- and 60-day average price. Price above them signals a firmer short-term trend.
- vs 52-week high
- How far below the past year's peak the price sits now (%).
All figures are for reference only; how they read varies by sector and over time.
Sources: Korea FSC market-price API (data.go.kr), OpenDART, KRX/KIND — public data only.
Bong Stocks presents public-data-based information for reference only. It is not investment advice and contains no target prices, ratings, or buy/sell recommendations. Verify independently before making any decision.