SKC runs four lines of business: copper foil (thin copper film for battery anodes) made by its subsidiary SK Nexilis, semiconductor materials with operating margins in the 20% range, chemicals, and semiconductor glass substrates that its subsidiary Absolics is preparing in the United States. The company is in a transition, shifting its center of gravity from a “copper-foil and chemicals company” toward a “semiconductor-materials and glass-substrate company.” In 2026 a rights offering of about ₩1,167.1 billion allocated roughly half to the glass-substrate business and the rest to repaying borrowings, sharply lowering its debt ratio. Meanwhile Absolics is supplying next-generation glass-substrate prototypes to a U.S. communications-chip company and is undergoing customer reliability evaluation. The points worth noting are that steady profit from semiconductor materials and a recovery in copper foil are showing up in results, and it is strong if the glass substrate passes customer qualification — but it is still loss-making on an annual basis, the timing and scale of glass-substrate commercialization are uncertain, and expectations are already reflected in the share price, so it can weaken if commercialization is delayed.
At-a-glance assessment financial health · growth · profitability · valuation
- Debt far exceeds equity (debt ratio 566.6%).
- Assets that can be turned to cash within a year fall short of near-term liabilities (current ratio 73.0%).
- The most recent full-year net result was a loss.
- Revenue rose 7.1% year over year, and the pace is slowing (3-year trend: rising).
- Most recent quarter (Q1 2026) revenue was 13.4% higher than a year earlier.
- ROE is -88.3% (controlling-interest basis). It is below the sector average.
- Operating margin is -16.6%.
- P/E is hard to compute here, so this is read on P/B.
Ownership & governance As of 2025-12-31
Largest shareholder SK 40.64% (corporate)
Controlling bloc incl. related parties 40.88%
With the controlling bloc holding 41%, the ownership structure is stable.
🔎 In-depth analysis
- SKC earns money — or prepares for the future — across four lines.
- First, its battery-materials business is the copper foil (thin copper film used in battery anodes) made by subsidiary SK Nexilis; lately North American ESS (energy storage system) demand, more than electric vehicles, has been driving sales volume.
- Second, semiconductor materials, which include test sockets and carry operating margins in the 20% range, are the group's most consistently profitable pillar.
- Third, chemicals (the propylene-oxide family), once the mainstay, have shrunk as a share of revenue during the business restructuring.
- Fourth, the semiconductor “glass substrate” that subsidiary Absolics is preparing in the United States generates little revenue yet but is the core of the company's growth story, with prototype supply to a U.S. communications-chip customer and reliability evaluation under way.
- In short, today's SKC is in a transition, shifting its center of gravity from a “copper-foil and chemicals company” toward a “semiconductor-materials and glass-substrate company.”
- The latest close is ₩91,900 and the market cap is ₩4.6 trillion.
- The price sits below the 20-day line (₩113,125) and below the 60-day line (₩125,813).
- Trading below both the short- and mid-term moving averages, the trend is on the soft side.
- The RSI (an indicator that gauges the strength of gains versus losses over the past 14 days on a 0-100 scale) is 35.6, a neutral level.
- The one-month change is -25.9%, the three-month change is +0.7%, and the price sits -47.2% below its 52-week high.
- Relative strength versus the KOSPI is 20 (on a 1-99 scale, converting the past year's return against the index with more weight on recent performance; higher means stronger than the market).
- That places it in roughly the top 81% of all stocks by strength.
- Over the past three months it lagged the index by 23.0%.
- Chart reading is best done together with volume and disclosure dates.
- Starting with the valuation metrics: because of the loss, the P/E ratio (how many times one year of profit the price represents) cannot be calculated, the P/B (how many times book net assets the price represents) is 5.48x, and the P/S (how many times one year of revenue the price represents) is 2.82x.
- Profitability is still difficult.
- In 2025 ROE (how much is earned in a year on equity) was -88.3%, the operating margin was -16.6% and the net margin was -39.9%, a large loss.
- On the standard classification, the debt ratio (debt against equity) reads 566.6%, a figure inflated by equity thinned by losses; the company used a large part of the funds raised in the 2026 rights offering (about ₩577.5 billion) to repay borrowings, sharply reducing the debt burden.
- One caution here is the P/B of 6.24x.
- With book equity (BPS ₩16,776) thinned by cumulative losses, the market has layered expectations for the future glass-substrate business onto the price, so P/B alone creates the illusion that the stock is “more expensive than it really is.” In other words, this company is at a point where it is priced not by current earnings but by whether the transition succeeds.
- Revenue looks to be firming a bottom and turning up.
- 2025 revenue rose 7.1% to ₩1.84 trillion, and Q1 2026 revenue grew 13.4% year on year.
- Over five years, however, revenue shrank from ₩3.14 trillion in 2022 as the chemicals and film businesses were wound down, and it is now rebuilding.
- Profit is not yet recovered.
- Operating profit stayed in the red — ₩-213 billion in 2023, ₩-275.8 billion in 2024, ₩-305 billion in 2025 — and the net loss was large in 2025 at ₩-734.4 billion.
- Even so, the Q1 2026 operating loss narrowed to ₩-28.7 billion from a year earlier, and on an EBITDA (cash-generating profit) basis it turned positive for the first time in several quarters.
- The picture ahead is one of continued revenue recovery, with copper-foil volume rising sharply led by North American ESS and semiconductor materials sustaining double-digit growth.
- Still, with early glass-substrate investment costs and financing burdens remaining, whether full-year 2026 profit and loss swings fully positive cannot be concluded from official company guidance.
- It is more accurate to leave this as “cannot confirm” than to fabricate a figure.
- The biggest event of 2026 is the rights offering.
- Through a shareholder-allotment structure the company raised about ₩1,167.1 billion (roughly 11.73 million new shares at ₩99,500), allocating about half to the glass-substrate business (Absolics) and the rest to repaying borrowings.
- This sharply lowered the debt ratio that had been high at the end of last year, securing financial strength.
- On the business side, Absolics entered a new project by supplying next-generation “Non-Embedding” glass-substrate prototypes to a U.S. communications-chip company, with customer reliability evaluation under way.
- If it passes, the company could move into mass-production preparation as early as within the year.
- Beyond that, June brought several disclosures, including new share issuance from the exercise of conversion rights, changes in holdings by executives and major shareholders, and a treasury-stock status report.
- The points to watch are clear.
- Strengths are: (1) revenue is growing again, led by copper foil and semiconductor materials; (2) the rights offering greatly eased the debt burden, reducing financial risk; (3) semiconductor materials provide a solid base with margins in the 20% range; and (4) the possibility of commercializing the differentiated future business of glass substrates is open.
- Cautions are: (1) it is still loss-making on an annual basis; (2) the timing and scale of glass-substrate commercialization are uncertain and not yet proven in results; and (3) the P/B looks high relative to peers, meaning expectations are already reflected in the price.
- In sum, SKC is a company priced now not by earnings metrics but by whether its transition succeeds.
- It is strong if steady profit from semiconductor materials and a recovery in copper foil are backed by results and the glass substrate passes customer qualification, and weak if commercialization is delayed or the loss runs longer than expected.
🔎 Valuation vs peers Inconclusive
Domestic materials companies viewed together for both copper foil (battery materials) and semiconductor/materials businesses.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Lotte Energy Materials | 0.00x | 1.05x | -9.51% |
| Hansol Chemical | 18.76x | 2.56x | 13.63% |
| Cosmo AM&T | 0.00x | 2.51x | -0.11% |
(a) Compared with direct copper-foil rivals Lotte Energy Materials (P/B 1.38) or Cosmo AM&T (P/B 2.7), SKC's P/B of 6.24x looks high, and it is even higher than the profitable Hansol Chemical (P/B 3.2, ROE 13.6%). (b) That said, much of this premium is an illusion arising from expectations for the glass-substrate business, which is not yet on the books, and from equity thinned by cumulative losses. (c) Because of the loss the P/E cannot be calculated, and whether full-year 2026 profit and loss swings positive cannot be confirmed from official company guidance, so even on a forward basis it is hard to conclude “cheap or expensive.” In the end this is a stretch priced not by current earnings metrics but by whether the transition succeeds, so we do not conclude either under- or overvaluation and remain inconclusive.
Price history Close · MA20 · MA60
The latest close is ₩91,900 and the market capitalization is ₩4.6 trillion. The price sits below its 20-day moving average (₩113,125) and below its 60-day moving average (₩125,813). 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 35.6, a neutral level. The one-month change is -25.9%, the three-month change is +0.7%, and the position relative to the 52-week high is -47.2%. Relative strength versus the KOSPI is 20 (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 20% of all stocks. Over the past three months it lagged the index by 23.0%. 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 -22.99% / 6M -48.34% / 12M -63.87%
Key metrics vs whole-market median
Valuation
A net loss makes the P/E an unreliable valuation gauge. The P/B of 5.48x is above the whole-market median (1.15x).
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 -88.3%, below the whole-market average (5.0%). The operating margin is -16.6%. The debt ratio is 566.6%, so the financial structure is somewhat high.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $989.0M | $1.1B | $1.2B | +7.11% ↓ slower |
| Operating profit | -$141.2M | -$182.8M | -$202.2M | — |
| Net profit | -$182.6M | -$293.9M | -$486.7M | — |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $1.5B | $2.1B | $989.0M | $1.1B | $1.2B |
| Operating profit | $266.1M | $146.0M | -$141.2M | -$182.8M | -$202.2M |
| Net profit | $146.4M | -$45.3M | -$182.6M | -$293.9M | -$486.7M |
| Revenue CAGR | 4-yr avg -5.05% | ||||
Revenue rose 7.1% year over year (2023 ₩1.5 trillion → 2024 ₩1.7 trillion → 2025 ₩1.8 trillion), and the three-year trend is 'rising'. That said, the pace of growth slowed from the prior year. Operating results are in the red, so a swing back to profit matters more than the growth rate here. Over the 5 years on record, revenue compound annual growth (CAGR) is -5.1%. The two-year revenue CAGR is 11.1%. In the most recent quarter (Q1 2026), revenue was 13.4% higher than the same period a year earlier.
Latest quarterly results Q1 2026 · vs year-ago
Technical indicators
What stands out
- —
Points to watch
- Debt far exceeds equity (debt ratio 566.6%).
- Assets that can be turned to cash within a year fall short of near-term liabilities (current ratio 73.0%).
- The most recent full year was a loss, so it is worth checking whether profitability recovers.
- Revenue rose 7.1% year over year, and the pace is slowing (3-year trend: rising).
- The price is high versus peers, so expectations already appear priced in.
Recent news & events searched · sourced
- 2026-05-12FilingRights offering finalized — about 11.73 million new shares at ₩99,500, raising roughly ₩1,167.1 billion. Allocated to glass-substrate investment and repayment of borrowings.Repaying borrowings sharply lowered the debt burden and eased financial risk (medium-term positive), though the large new-share issuance dilutes existing holders and pressures the near-term share price. Source
- 2026-06-01FilingNew share issuance from the exercise of conversion rights (conversion of convertible bonds into shares).A slight dilution factor as share count rises, but debt-like capital converting into equity is positive for the financial structure. Source
- 2026-05-29FilingFiling of the large-enterprise-group status disclosure (Q1 listed companies) and several routine and ownership-related disclosures.For confirming intra-group holdings and transactions; limited direct impact on results. Source
- 2026-05-28FilingReports on changes in shares held by the largest shareholder and on holdings of specified securities by executives and major shareholders.For confirming governance and insider ownership changes; low direct connection to business results. Source
Figure cross-check computed ↔ external
Recent filings
- 2026-06-09OwnershipOwnership-change filing
- 2026-06-09OwnershipOwnership-change filing
- 2026-06-02OwnershipAmended filing
- 2026-06-01Disclosure
- 2026-06-01Corporate governance report
- 2026-06-01OwnershipOwnership-change filing
- 2026-05-29OwnershipOwnership-change filing
- 2026-05-29OwnershipOfficers'/major-shareholders' holdings report
- 2026-05-29Large-business-group status disclosure
- 2026-05-28OwnershipLargest-shareholder ownership change report
- 2026-05-28OwnershipOfficers'/major-shareholders' holdings report
- 2026-05-28OwnershipOfficers'/major-shareholders' holdings report
📖 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.