Samsung SDI (006400) 🔎 In-depth
KOSPI · Price as of 2026-08-06 · Updated 2026-08-09
Samsung SDI makes secondary batteries for electric vehicles and energy storage systems (ESS), as well as electronic materials for semiconductors and displays. In 2025, slowing EV demand cut revenue by 20% and produced an operating loss of ₩1.72 trillion, but in Q1 2026 revenue grew 12.6% year over year and the operating loss narrowed 64%, signaling a recovery. The key point to watch is that demand for U.S. data-center ESS, expanded tax credits, and strong cylindrical batteries are improving results quarter by quarter; however, annual operating profit is still in loss territory and the net-profit recovery leans substantially on tax credits, so the pace of the EV-demand recovery is the swing factor.
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30-second brief
Pulled directly from the computed values below — not a separately written opinion.
What do the SourceComputedEstimateReading tags mean?
Source filings and exchange data · Computed calculated from public data · Estimate our own unverified projection · Reading drafted automatically, then rule-checked. See AI & Automation.
Core valuation metric
This stock's effective sub-sector is “Battery Cells & Packs” (Secondary Batteries), a type typically read first through EV/EBITDA.
Battery cell and pack makers carry heavy capacity build-outs and depreciation, so net income alone understates how much cash the core business really generates. That is why EV/EBITDA — which looks at operating cash before depreciation and folds in debt — is the first lens.
Price against earnings alone becomes unstable when earnings swing. Reading it together with price against assets helps gauge the downside.
That said, earnings are swinging with the industry cycle right now, so this metric is best viewed alongside asset value and the demand backdrop.
This note explains how each sector is typically valued and is educational context only, not investment advice.
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 87.3%).
- The most recent full-year net result was a loss.
- Revenue fell 20.0% year over year (3-year trend: falling).
- Most recent quarter (Q1 2026) revenue was 12.6% higher than a year earlier.
- ROE is -3.0% (controlling-interest basis). It is below the sector average.
- Operating margin is -13.0%.
- A sector-metric and in-depth research verdict — see “Valuation vs peers” below for the basis.
Ownership & governance As of 2025-12-31
Largest shareholder Samsung Electronics 19.44% (corporate)
Controlling bloc incl. related parties 20.21%
With the controlling bloc holding 20%, control is maintained but the free float is relatively large.
🔎 In-depth analysis Reading
Samsung SDI makes money along two main axes. The first is the battery (secondary-battery) business, which accounts for about 94% of revenue. It makes prismatic batteries for EVs; cylindrical batteries used in power tools, micromobility, and EVs; and ESS (energy storage system) batteries that store solar and wind power or supply electricity to data centers. The second is the electronic-materials business, which supplies semiconductor-process materials and display materials. Electronic materials are a small share of revenue (₩222.0 billion in Q1) but turn a profit and serve as the company's buffer. Its customers include all three German premium automakers, BMW, Audi, and Mercedes-Benz.
The latest close is ₩427,000 and the market capitalization is ₩34.4 trillion. The price sits above its 20-day moving average (₩416,025) and below its 60-day moving average (₩506,267). Short-term and medium-term trends are diverging, so the direction is best read separately. The RSI (a supplementary indicator that gauges the strength of gains versus losses over the past 14 days on a 0-100 scale) is 48.6, a neutral level. The one-month change is -4.0%, the three-month change is -38.8%, and the position relative to the 52-week high is -40.0%. Relative strength versus the KOSPI is 54 (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 54% of all stocks. Over the past three months it lagged the index by 26.8%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
The 2025 metrics show the bottom of the battery downcycle. ROE (how much is earned in a year on equity) was -3.0%, a loss. The operating margin was also -13.0%. Because of this, the P/E (share price relative to one year's earnings) cannot be calculated, as earnings were negative. The P/B (share price relative to net asset value) is 1.52x. The debt ratio (borrowings relative to equity) is 87.1%, not excessive. That said, debt due within a year exceeds assets that can be readily turned to cash, so the current ratio is 89.2%. Net debt (total borrowings minus cash) is about ₩9.1 trillion. With battery-plant expansion, free cash flow (FCF) is minus ₩2.3 trillion. An FCF yield (actual cash generated relative to market cap) of -6.2% means this is a phase of large-scale investment. EV/EBITDA (enterprise value including debt divided by pre-depreciation operating profit) comes out very high at 110x. This is a distortion of the depressed-earnings bottom phase, so the direction of the earnings recovery matters more than the absolute figure.
The five-year trajectory shows a clear cycle. Revenue grew from ₩13.6 trillion in 2021 to ₩21.4 trillion in 2023, then fell back to ₩13.3 trillion in 2025. Operating profit also turned from a ₩1.81 trillion profit in 2022 to a ₩1.72 trillion loss in 2025. Slowing EV demand is the cause. But an inflection point appeared in Q1 2026. Revenue was ₩3.58 trillion, up 12.6% from the same period last year. The operating loss narrowed 64% year over year to ₩155.6 billion. Net profit turned positive at ₩56.1 billion. Three things led the recovery: ESS batteries and tax credits boosted by expanded U.S. local production; strongly selling high-value cylindrical batteries; and consistently profitable electronic materials. The company has set a target of improving profitability quarter by quarter through the second half to lay the groundwork for profit. That said, annual operating profit is likely to remain in loss territory. The net-profit recovery also leans substantially on the reflection of tax credits. So even if last year's loss-based metrics look expensive, this year is better read as the early stage of a recovery, with earnings turning up from the bottom.
The flow of disclosures is aligned with the earnings recovery and new orders. The April 28 preliminary-results disclosure confirmed Q1 revenue of ₩3.58 trillion and an operating loss of ₩155.6 billion (the loss narrowed 64%). In the ESS segment, it secured new prismatic LFP battery projects and a supply contract for high-output batteries for data-center backup power (BBU). In the EV segment, it signed a multi-year supply contract with Mercedes-Benz, securing all three German premium automakers as customers. On April 14 it announced the holding of an IR session. On June 1 it disclosed a corporate governance report. The March 31 loan decision and similar items are routine disclosures related to funding support for affiliates and subsidiaries.
Samsung SDI is a company that has passed the bottom of the battery downcycle and entered the early stage of a recovery. The strengths are clear. There is growing ESS demand from U.S. data-center expansion. Strongly selling cylindrical batteries add support. Its EV-battery lineup, with all three German premium automakers as customers, is also a strength. Tax credits from U.S. local production also underpin net profit. On the other hand, the cautions are clear. Annual operating profit is likely still in loss territory. The net-profit gain leans substantially on non-operating items such as tax credits and equity-method income rather than operations themselves. If the EV-demand recovery is slower than expected or the tax-credit regime wobbles, the recovery slope can flatten. The negative cash flow from large-scale expansion must also be factored in. In sum, this is a recovery stock whose earnings can turn up quickly in phases where EV and ESS demand revives and tax credits materialize as scheduled. But it is a position where the recovery can be delayed if those conditions wobble.
🔎 Valuation vs peers Fairly valued
Domestic direct competitors that make EV and ESS secondary-battery cells, and cathode-material makers, are taken as the peer set.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| LG Energy Solution | — | 3.64x | -5.31% |
| EcoPro BM | 254.72x | 5.61x | 2.28% |
| L&F | — | 4.86x | -79.27% |
| LG Chem | — | 0.53x | -5.54% |
Because the P/E cannot be calculated on last year's loss, the stock must be viewed on net asset value. Samsung SDI's P/B of 1.71x is less than half that of direct competitor LG Energy Solution (3.88x). It is also far lower than cathode-material makers EcoPro BM (6.84x) and L&F (5.73x). Among large-cap battery-cell makers, its burden relative to net assets is on the light side. That said, this low multiple is partly because the company is passing through the trough of the battery downcycle and its annual operating profit is still in loss territory. If earnings recover in earnest, there is room for the low P/B to be re-rated as an undervaluation. Conversely, if the recovery is delayed, the low multiple can be justified. So on a net-asset basis it is attractive relative to peers, but because the pace of the earnings recovery is the swing factor, we see it as fairly valued.
Price history Close · MA20 · MA60
The latest close is ₩427,000 and the market capitalization is ₩34.4 trillion. The price sits above its 20-day moving average (₩416,025) and below its 60-day moving average (₩506,267). Short-term and medium-term trends are diverging, so the direction is best read separately. The RSI (a supplementary indicator that gauges the strength of gains versus losses over the past 14 days on a 0-100 scale) is 48.6, a neutral level. The one-month change is -4.0%, the three-month change is -38.8%, and the position relative to the 52-week high is -40.0%. Relative strength versus the KOSPI is 54 (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 54% of all stocks. Over the past three months it lagged the index by 26.8%. 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 -26.81% / 6M -5.71% / 12M +7.14%
Key metrics Computed vs whole-market median
Valuation
A net loss makes the P/E an unreliable valuation gauge. The P/B of 1.52x is above the whole-market median (0.84x).
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.
Profitability & financials
Return on equity (ROE) is -3.0%, below the whole-market average (3.0%). The operating margin is -13.0%. The debt ratio is 86.8%, so the financial structure is stable.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $15.1B | $11.7B | $9.3B | -20.04% ↑ faster |
| Operating profit | $1.1B | $255.2M | -$1.2B | -574.08% ↓ slower |
| Net profit | $1.4B | $421.0M | -$456.3M | -208.37% ↓ slower |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $9.5B | $14.1B | $15.1B | $11.7B | $9.3B |
| Operating profit | $750.0M | $1.3B | $1.1B | $255.2M | -$1.2B |
| Net profit | $821.8M | $1.4B | $1.4B | $421.0M | -$456.3M |
| Revenue CAGR | 4-yr avg -0.53% | ||||
Revenue fell 20.0% year over year (2023 ₩21.4 trillion → 2024 ₩16.6 trillion → 2025 ₩13.3 trillion), and the three-year trend is 'falling'. That said, the rate of decline narrowed from the prior year. Operating profit fell 574.1% year over year. The decline widened. Over the 5 years on record, revenue compound annual growth (CAGR) is -0.5%. The two-year revenue CAGR is -21.3%. In the most recent quarter (Q1 2026), revenue was 12.6% higher than the same period a year earlier.
Latest quarterly results Source Q1 2026 · vs year-ago
Technical indicators Computed
What stands out
- —
Points to watch
- Assets that can be turned to cash within a year fall short of near-term liabilities (current ratio 87.3%).
- The most recent full-year net result was a loss.
- The most recent full year was a loss, so it is worth checking whether profitability recovers.
- Revenue fell 20.0% year over year (3-year trend: falling).
- The price is high versus peers, so expectations already appear priced in.
Recent news & events searched · sourced
- 2026-04-28EarningsQ1 2026 preliminary-results disclosure: revenue ₩3.58 trillion (+12.6% year over year), operating loss ₩155.6 billion (loss narrowed 64.2%), net profit ₩56.1 billion (turned positive).The revenue recovery and sharply narrower loss signal a passing of the downcycle trough. ESS, cylindrical batteries, and U.S. tax credits drove the improvement. Source
- 2026-04-28EarningsQ1 by segment: battery revenue ₩3.354 trillion (+12.5%, operating loss ₩176.6 billion, a 61% improvement), electronic-materials revenue ₩222.0 billion, operating profit ₩21.0 billion (profitable).Electronic materials serve as a buffer with steady profit. Expanded ESS and cylindrical sales led the narrowing of the battery loss. Source
- 2026-04-28UpdateIn the EV segment, signed a multi-year supply contract with Mercedes-Benz, securing all three German premium automakers (BMW, Audi, Mercedes-Benz) as customers.Expands medium- to long-term visibility on EV-battery volumes. A premium customer base is favorable for profitability when demand recovers. Source
- 2026-04-14IRDisclosure announcing an investor-relations (IR) session, explaining Q1 results and the business status.The company set a target of improving profitability quarter by quarter in the second half to lay the groundwork for profit. Source
- 2026-06-01FilingDisclosed a corporate governance report, a regular disclosure of the status of the board, shareholders, and governance.The direct impact on results is limited, but it is regular information related to governance transparency. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| Q1 2026 revenue | ₩3.576 trillion(base quarter.revenue) | 3 ₩576.4 billion | Confirmed | link |
| Q1 2026 operating profit/loss | -₩155.6 billion(base quarter.op_income) | -₩155.6 billion | Confirmed | link |
| Q1 2026 net profit | ₩56.1 billion(base quarter.net_income) | ₩56.1 billion | Confirmed | link |
| 2026 annual net profit (estimate) | approx. ₩380.0 billion(self-estimate) | — | Unverified | link |
Recent filings Source
- 2026-06-10OwnershipLargest-shareholder ownership change report
- 2026-06-01Corporate governance report
- 2026-06-01Large-business-group status disclosure
- 2026-05-15PeriodicQuarterly report
- 2026-05-11OwnershipLargest-shareholder ownership change report
- 2026-04-28Disclosure
- 2026-04-28EarningsFair-disclosure notice
- 2026-04-14Disclosure
- 2026-04-01OwnershipLargest-shareholder ownership change report
- 2026-03-31Disclosure
- 2026-03-30OwnershipOfficers'/major-shareholders' holdings report
- 2026-03-18Disclosure
📖 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.