Ecopro (086520) 🔎 In-depth
KOSDAQ · Price as of 2026-08-06 · Updated 2026-08-09
Ecopro is the holding company of a group that owns secondary-battery cathode-material affiliates; rather than selling products directly, its value comes from stakes in subsidiaries such as Ecopro BM (cathode materials), Ecopro Materials (precursors and nickel) and Ecopro HN (environmental materials). Q1 2026 consolidated revenue was ₩822.0 billion, up modestly year over year, and operating profit of ₩60.2 billion jumped more than 42-fold from ₩1.3 billion a year earlier, while net profit swung back to positive. What stands out lately is that subsidiary results have bottomed and rebounded and an Indonesian nickel smelter has entered consolidation, driving a recovery in profit — but, given the holding-company nature, results swing widely with subsidiaries' equity-method and consolidated profit and with metal prices and exchange rates, so the stock's value is more accurately viewed through the market value of its holdings (NAV) than through net profit.
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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 “Holding Companies”, a type typically read first through discount to NAV.
A holding company is less a maker of products than a vessel that holds stakes in several subsidiaries. So rather than an earnings multiple, the first lens is the discount to NAV — the market value against the summed worth of everything it owns.
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
- For financial companies, debt and interest costs are large by the nature of the business, so the debt ratio and interest coverage cannot be read on the same yardstick as an ordinary company.
- The most recent full-year net result was a loss.
- Revenue rose 9.1% year over year, and the pace is quickening (3-year trend: mixed).
- Most recent quarter (Q1 2026) revenue was 1.4% higher than a year earlier.
- ROE is -7.6% (controlling-interest basis). It is below the sector average.
- Operating margin is 7.8%.
- 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 Lee Dong-chae 18.84% (individual)
Controlling bloc incl. related parties 25.51%
With the controlling bloc holding 26%, control is maintained but the free float is relatively large.
Net asset value (NAV) assessment
💡 How to read a holding company · A holding company owns stakes in several subsidiaries. Its P/E swings with equity-method gains and losses on those stakes, so read it only as a rough guide. P/B is more meaningful because subsidiary stakes sit in equity, but book value carries them at low historical cost (so P/B looks higher than reality). The most accurate view is the price against the market value of those stakes (NAV) ↓
Valued against the net asset value (NAV) of its listed holdings rather than a consolidated P/E — see the in-depth valuation for the detailed basis.
Listed subsidiaries ownership
| EcoPro Materials | 43.7% |
| EcoPro BM | 40.84% |
| Ecopro HN | 31.09% |
🔎 In-depth analysis Reading
Ecopro is less a company that sells its own products than a holding company bundling secondary-battery materials affiliates. Most of the group's value comes from subsidiary stakes. The largest subsidiary is Ecopro BM (about 40.8% stake), which makes the cathode materials that go into EV and ESS batteries. Alongside it, listed subsidiaries include Ecopro Materials (about 41.2%), which handles precursors and nickel smelting, and Ecopro HN (about 31.1%) in environmental and semiconductor materials. Unlisted subsidiaries include Ecopro Innovation, which handles lithium and precursors, and Ecopro CnG in used-battery recycling — forming vertical integration from the raw materials needed to make cathode materials all the way to recycling. So the results of the single stock Ecopro are the combined outcome, via equity method and consolidation, of these subsidiaries' cathode-material and materials businesses.
The latest close is ₩83,600 and the market capitalization is ₩11.4 trillion. The price sits above its 20-day moving average (₩78,910) and below its 60-day moving average (₩104,248). 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 48.8, a neutral level. The one-month change is -0.9%, the three-month change is -48.6%, and the position relative to the 52-week high is -54.8%. Relative strength versus the KOSDAQ is 62 (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 62% of all stocks. Over the past three months it lagged the index by 21.7%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
On a 2025 consolidated basis it posted a net loss. Revenue was ₩3.41 trillion and operating profit ₩213.8 billion, but net profit was ₩-149.8 billion. ROE (how much it earns in a year on its equity) was -7.6%, meaning up through last year it eroded capital. That said, this figure should be read alongside the fact that it is a trough record where subsidiary underperformance and valuation losses overlapped. The valuation measures need careful interpretation because of the holding-company nature. The P/B (how many times net assets the price is) is 5.19x and looks high, but book equity carries subsidiary stakes at low past acquisition cost, so it comes out smaller than actual holding value — so a high-looking P/B does not immediately mean it is expensive. The debt ratio (debt relative to equity) is 497%, on the high side, largely because the group structure — including large-scale capex such as nickel smelting — is reflected in consolidation. With borrowings far exceeding equity, the interest burden should be examined alongside.
Revenue fell sharply from ₩7.26 trillion in 2023 to ₩3.13 trillion in 2024, then rose again to ₩3.41 trillion (+9.1%) in 2025. After a steep drop in 2024 on slowing EV demand and falling cathode-material selling prices, the decline stopped in 2025 and it entered a recovery phase. Profit turned direction more clearly. Q1 2026 consolidated operating profit of ₩60.2 billion rose more than 42-fold from ₩1.3 billion a year earlier, and net profit swung back to positive. Three things led the recovery. First, cathode-material affiliates' results bottomed and rebounded. Second, alongside rising volume for European EVs, demand for ESS (energy storage system) cathode materials grew sharply. Third, the Indonesian nickel smelter (Green Eco Nickel) was folded into consolidation, adding the raw-materials segment to results. That said, given the holding-company nature, net profit is driven by subsidiaries' equity-method and consolidated profit and by metal prices and exchange rates, so it can swing widely from quarter to quarter. No official company earnings target for this year has been confirmed, so the outlook is accurately read only as a direction (recovery).
In April 2026 the company reported, via preliminary Q1 results, that operating profit had risen more than 42-fold year over year. Around the same time, subsidiary Ecopro BM extended a positive-earnings run with operating profit up more than 8-fold year over year, and Ecopro Materials also turned to profit. In April there was a dividend-decision disclosure, with a dividend of ₩150 per share (yield about 0.17%), a modest level reflecting the early stage of the earnings recovery. In May a correction to the FY2025 audit report and the quarterly report were filed. Meanwhile, as the value of subsidiary shares fell below 50% of total assets, it was removed from designation as a legal holding company, though this does not change the fact that most of the value still lies in subsidiary stakes.
Because Ecopro is a holding company, valuing it on the net-profit multiple (P/E) alone distorts the picture. To value it, it is more accurate to sum the market value of its listed subsidiary stakes (NAV) and the value of unlisted subsidiaries and its own business (SOTP), then compare with market cap. The conditions under which it can be strong are clear: if EV and ESS demand revives and the cathode-material results of core subsidiaries such as Ecopro BM keep improving, stake value grows and Ecopro's value rises with it. The Q1 earnings rebound and the surge in ESS cathode materials show that direction. Conversely, there are cautions too: the subsidiaries still trade at high earnings multiples, so their share-price moves pass straight through to Ecopro's NAV. If metal prices such as nickel and lithium and exchange rates fluctuate, consolidated results and stake value can swing together. In conclusion, the direction at the start of recovery is clear, but the value must be viewed alongside both subsidiary stake value and those subsidiaries' valuation burden.
🔎 Valuation vs peers Inconclusive
Compared with listed companies within the cathode-material and secondary-battery materials value chain and with the group's core listed subsidiaries.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| EcoPro BM | 254.72x | 5.61x | 2.28% |
| EcoPro Materials | 103.99x | 2.16x | 2.11% |
| POSCO Future M | 406.67x | 3.17x | -0.25% |
| Ecopro HN | 36.89x | 1.60x | 4.61% |
Because Ecopro is a holding company, valuing it on the net-profit multiple (P/E) is not appropriate. 2025 was a net loss, so the P/E itself does not hold, and even the Q1 profit is driven by subsidiaries' equity-method and consolidated profit and by metal prices and exchange rates, swinging widely each quarter. So it is more accurate to sum the market value of its listed stakes (NAV) and the value of its unlisted business and compare with market cap. The market value of its listed subsidiary stakes (Ecopro BM, Ecopro Materials, Ecopro HN) is about ₩6.1 trillion, roughly half of the ₩11.73 trillion market cap, with the rest in unlisted subsidiaries and its own business value. That said, the core subsidiaries Ecopro BM (P/E about 300x) and Ecopro Materials (about 110x) themselves trade at high earnings multiples, so this stake value already reflects large growth expectations — a point to weigh alongside. Profit has entered the start of a recovery, but weighing the subsidiaries' valuation burden and the holding discount together, rather than declaring the current value undervalued or overvalued, it is reasonable to view it as a structure that gets re-rated with the direction of subsidiaries' results and share prices.
Price history Close · MA20 · MA60
The latest close is ₩83,600 and the market capitalization is ₩11.4 trillion. The price sits above its 20-day moving average (₩78,910) and below its 60-day moving average (₩104,248). 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 48.8, a neutral level. The one-month change is -0.9%, the three-month change is -48.6%, and the position relative to the 52-week high is -54.8%. Relative strength versus the KOSDAQ is 62 (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 62% of all stocks. Over the past three months it lagged the index by 21.7%. 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 -21.69% / 6M -29.51% / 12M +64.33%
Key metrics Computed vs whole-market median
Valuation
A net loss makes the P/E an unreliable valuation gauge. The P/B of 5.19x 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 -7.6%, below the whole-market average (3.0%). The operating margin is 7.8%. The debt ratio is 276.3%, but for financial firms deposits and insurance liabilities count as debt, so it cannot be read on the same yardstick as an ordinary company.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $5.1B | $2.2B | $2.4B | +9.12% ↑ faster |
| Operating profit | $209.5M | -$205.9M | $150.2M | — |
| Net profit | $35.8M | -$144.7M | -$105.2M | — |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $1.1B | $4.0B | $5.1B | $2.2B | $2.4B |
| Operating profit | $60.4M | $430.8M | $209.5M | -$205.9M | $150.2M |
| Net profit | -$180.4M | $155.0M | $35.8M | -$144.7M | -$105.2M |
| Revenue CAGR | 4-yr avg 22.73% | ||||
Revenue rose 9.1% year over year (2023 ₩7.3 trillion → 2024 ₩3.1 trillion → 2025 ₩3.4 trillion), and the three-year trend is 'mixed'. The pace of growth also quickened from the prior year. Over the 5 years on record, revenue compound annual growth (CAGR) is 22.7%. The two-year revenue CAGR is -31.4%. In the most recent quarter (Q1 2026), revenue was 1.4% 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
- For financial companies, debt and interest costs are large by the nature of the business, so the debt ratio and interest coverage cannot be read on the same yardstick as an ordinary company.
- 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.
- The price is high versus peers, so expectations already appear priced in.
Recent news & events searched · sourced
- 2026-04-29EarningsQ1 2026 consolidated preliminary results: revenue ₩822.0 billion (+1.9% YoY), operating profit ₩60.2 billion (about 42x the ₩1.3 billion of a year earlier), net profit turned positive. The cathode-material subsidiaries' rebound and the consolidation of the Indonesian nickel smelter were the main factors.A recovery signal showing group profit has passed a trough; the improvement in subsidiary results, which underpin the holding-company value, is confirmed. Source
- 2026-04-10DividendFY2025 cash and in-kind dividend decision. Dividend of about ₩150 per share (yield about 0.17%).A modest dividend reflecting the early stage of the earnings recovery — a structure weighted toward subsidiary growth and investment over dividends. Source
- 2026-05-15FilingQuarterly report as of March 2026 filed. Reflects consolidated revenue, operating profit and net profit and the subsidiary stake composition.Reference data confirming the Q1 positive-earnings flow and the subsidiary stake status in an official document. Source
- 2026-04-29EarningsSubsidiary Ecopro BM Q1 revenue ₩605.4 billion, operating profit ₩20.9 billion (+823% YoY). Higher European EV cathode materials and a surge in ESS cathode-material revenue (+140% YoY) led the positive-earnings flow.The improved results of the largest subsidiary, the core of the holding-company value, provide upside grounds for Ecopro's NAV. Source
Figure cross-check computed ↔ external
Recent filings Source
- 2026-05-29Large-business-group status disclosure
- 2026-05-29Large-business-group status disclosure
- 2026-05-27OwnershipOwnership-change filing
- 2026-05-19OwnershipOwnership-change filing
- 2026-05-15PeriodicQuarterly report
- 2026-05-08OwnershipOwnership-change filing
- 2026-05-07Disclosure
- 2026-04-30OwnershipOwnership-change filing
- 2026-04-29EarningsFair-disclosure notice
- 2026-04-23OwnershipOwnership-change filing
- 2026-04-10OwnershipOwnership-change filing
- 2026-04-10DividendCash/stock dividend decision (amended)
📖 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.