Ecopro serves as the group's operating holding company, running precursor and environmental-materials businesses directly while also holding stakes in Ecopro BM (cathode material, about 40.8%), Ecopro Materials (precursor and nickel, about 41.2%), and Ecopro HN (environmental materials, about 31.1%), among others. Its earnings are heavily swayed by consolidated subsidiary results and equity-method income, and the core of its value likewise lies in these subsidiary stakes. In April 2026, consolidated preliminary results confirmed a return to profit in the first quarter, and in May it announced that the ratio of subsidiary-stock value to assets had fallen below 50%, removing it from the legal status of a holding company. What stands out recently is a favorable combination of the first-quarter return to profit and second-half European demand and full mass production in Hungary; on the other hand, because the core subsidiaries' own multiples are already high it is hard to see deep undervaluation even on a NAV basis, and debt and interest-coverage strength are a burden, so financial headroom is narrow if the industry recovery is delayed, which are conditions to keep in mind.
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 6.3%.
- 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.
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 Fairly valued
💡 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
- Ecopro acts as the group's operating holding company, running precursor- and materials-related businesses and an environmental-materials business directly, while also holding its core listed subsidiaries Ecopro BM (cathode material, stake about 40.8%), Ecopro Materials (precursor and nickel, about 41.2%), and Ecopro HN (environmental materials, about 31.1%), along with unlisted subsidiaries (Ecopro Innovation about 83.9%, Ecopro AP about 90.4%, Ecopro CnG about 46.7%, Ecopro Logistics 100%, Green Eco Nickel, and others).
- The large pillar of the group's total revenue is cathode material for EV and ESS (energy storage system) batteries, to which are added high-nickel precursor and nickel refining, spent-battery recycling, and environmental materials such as air and water treatment.
- In other words, Ecopro's own earnings are heavily swayed by consolidated subsidiary results and equity-method income, and the core of the company's value likewise lies in these subsidiary stakes.
- For reference, as of the end of 2025 the ratio of subsidiary-stock value to assets fell below 50%, removing it from the legal status of a holding company, but the lens for viewing its value remains close to that of an operating holding company.
- The recent closing price is ₩79,400 and the market cap is ₩10.8 trillion.
- The price sits below its 20-day line (₩103,015) and below its 60-day line (₩128,347).
- Being under both the short- and medium-term moving averages, the trend is on the depressed side.
- The RSI (a supplementary gauge that compares upward and downward force over the past 14 days on a 0-100 scale) is 32.8, a neutral level.
- The one-month change is -25.0%, the three-month change is -45.2%, and the position versus the 52-week high is -57.1%.
- Relative strength against the KOSDAQ is 86 (1-99, computed from returns against the index over the past year with more weight on recent periods; higher means stronger than the market).
- That places it in roughly the top 13% of all stocks by strength.
- Over the past three months it lagged the index by 28.8%.
- When reading the chart, it helps to look at trading volume and disclosure dates together.
- Starting with the valuation metrics, on a 2025 annual basis there was a net loss (earnings per share of -₩1,103), so the P/E ratio (how many times one year's earnings the price represents) is not calculable.
- The P/B (how many times per-share net assets the price represents) of 5.48x looks high, but given the holding-company nature, book equity records subsidiary stakes at a low acquisition cost, so there is an illusion of it looking inflated relative to reality, making it hard to call overvalued on P/B alone.
- Profitability was weak on a 2025 annual basis, with an ROE (how much is earned in a year on equity) of -7.6% and a net margin of -4.4%, though the operating margin of +6.3% kept it in the black at the operating level.
- On the balance sheet, the debt ratio (debt relative to equity) of about 498% is high, the current ratio (cash-like assets against debt due within a year) is around 1.0x, and the interest coverage ratio (the degree to which operating profit covers interest) is under 1x, so the borrowing burden and interest-coverage strength are points to watch carefully.
- That said, the 2025 annual metrics are figures from after passing the industry trough, so for a company in the midst of an earnings inflection, one must also allow that past confirmed figures may understate current earning power.
- Looking at the revenue path, it grew rapidly from ₩1.5 trillion in 2021 to ₩5.6 trillion in 2022 and ₩7.3 trillion in 2023, then fell sharply to ₩3.1 trillion in 2024 as downstream battery demand slowed, before turning back up to ₩3.4 trillion (+9.1%) in 2025.
- Earnings likewise peaked at ₩613.2 billion in operating profit in 2022, fell to an operating loss of -₩293.0 billion in 2024, and recovered to +₩213.8 billion in operating profit in 2025.
- The inflection point is the first quarter of 2026.
- On consolidated revenue of ₩818.3 billion (+1.4% year on year), operating profit surged about 40-fold year on year to ₩56.4 billion, and net profit returned to a profit of ₩236.5 billion.
- From the company's stated business direction, second-half new-vehicle launches and regulatory effects in Europe will increase regional cathode-material demand, so it raised its annual sales-volume target (from about 67,000 tons to 71,000 tons); the Debrecen plant in Hungary enters full mass production in the second half; and it expects lithium prices to hold a favorable band of $12-15 per kg, limiting margin damage.
- On this path, this year's earnings show a picture of a return to profit in the first quarter with the pace of growth widening toward the second half, and metrics based on last year's annual loss end up understating this year's actual earning power.
- Recent disclosures concentrate on subsidiary and ownership structure and on results.
- A consolidated preliminary results fair disclosure on April 29, 2026 confirmed a return to profit in the first quarter, and a subsidiary-dividend decision disclosure on April 10 revealed a structure in which part of the group's cash flow is returned to the holding company.
- A May 7 investment-judgment key-management-matter disclosure on the 'holding-company exception' announced that the ratio of subsidiary-stock value to assets had fallen below 50%, removing the company from the legal status of a holding company, a change worth watching from a group-governance standpoint.
- The numerous 'reports on bulk holdings of stock' over April and May notify of stake changes by major shareholders and related parties, and the May 29 large-business-group status disclosure is a routine disclosure summarizing the group's overall affiliate status.
- The points to watch are clear.
- The favorable combination of the first-quarter 2026 return to profit and second-half European demand, full mass production in Hungary, and stable lithium prices supports a scenario in which earnings improve quarter over quarter if downstream battery demand recovers as expected.
- The P/E is not captured due to last year's annual loss, but that is an illusion typical of an earnings-inflection stock, and on this year's basis the picture differs.
- The cautions, conversely, are clear.
- First, Ecopro's value is ultimately swayed by the value of its listed-subsidiary stakes, and because the core subsidiaries (Ecopro BM and Ecopro Materials) already carry high multiples, it is hard to see deep undervaluation even calculating on a NAV (net asset value) basis.
- Second, the debt ratio and interest-coverage strength are a burden, so financial headroom is narrow if the industry recovery is delayed.
- Third, cathode-material margins are thin, so both selling prices and volume must hold up for earnings improvement to be sustained.
- In short, this is a stock that is strong in a phase where downstream demand keeps recovering and subsidiary results improve, and weak in a phase where the demand recovery is delayed or the subsidiaries' multiples are corrected.
🔎 Valuation vs peers Fairly valued
As an operating holding company, it is appropriate to view its held subsidiary-stake value (NAV) together with the subsidiaries' own valuations, so the core listed subsidiaries are taken as the peer group. The displayed P/E and P/B are on-site values computed at the current price.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Ecopro BM | 277.09x | 6.31x | 2.28% |
| EcoPro Materials | 104.14x | 2.19x | 2.11% |
| Ecopro HN | 38.16x | 1.66x | 4.34% |
Because Ecopro is an operating holding company, it is more accurate to view it by the market value of its held stakes (NAV) plus the sum of its own operating value (SOTP) than by a consolidated P/E. Against a current market cap of about ₩14.5 trillion, the combined listed-subsidiary stakes (BM, Materials, HN) of about ₩7.2 trillion explain roughly 50% of the market cap, with the other half filled by unlisted subsidiaries (Innovation, AP, CnG, Logistics, Green Eco Nickel, and others) and its own operating value. The key point here is that the current multiples of the listed subsidiaries that form the basis of NAV are already high (Ecopro BM P/E 354, Materials 131). In other words, even converting to NAV, the subsidiary valuations are set optimistically, so it is hard to see deep undervaluation. Meanwhile, the trailing P/E is not calculable due to the 2025 annual loss, and the P/B (7.36x) looks high because of a holding-company-specific book illusion (recording subsidiary stakes at low acquisition cost) overlapping with the earnings-inflection phase, so it should not be judged overvalued on trailing metrics alone either. Taken together, the high subsidiary valuations make it hard to see a deeply discounted undervaluation, while the earnings inflection and demand-recovery expectations are already reflected, so the judgment is 'fairly valued.'
Price history Close · MA20 · MA60
The latest close is ₩79,400 and the market capitalization is ₩10.8 trillion. The price sits below its 20-day moving average (₩103,015) and below its 60-day moving average (₩128,347). 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 32.8, a neutral level. The one-month change is -25.0%, the three-month change is -45.2%, and the position relative to the 52-week high is -57.1%. Relative strength versus the KOSDAQ is 86 (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 87% of all stocks. Over the past three months it lagged the index by 28.8%. 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 -28.81% / 6M +2.57% / 12M +64.93%
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.
Intrinsic value (DCF estimate)
DCF (discounted cash flow) estimate — discount rate 9.8%, initial growth 4.0%→terminal 2.0%, 10-yr forecast, earnings-based. A reference range that shifts materially with assumptions.
Profitability & financials
Return on equity (ROE) is -7.6%, below the whole-market average (5.0%). The operating margin is 6.3%. The debt ratio is 497.5%, 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 | $4.8B | $2.1B | $2.3B | +9.12% ↑ faster |
| Operating profit | $197.6M | -$194.2M | $141.7M | — |
| Net profit | $33.8M | -$136.5M | -$99.3M | — |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $996.9M | $3.7B | $4.8B | $2.1B | $2.3B |
| Operating profit | $57.0M | $406.4M | $197.6M | -$194.2M | $141.7M |
| Net profit | -$170.2M | $146.2M | $33.8M | -$136.5M | -$99.3M |
| 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 Q1 2026 · vs year-ago
Technical indicators
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.
Recent news & events searched · sourced
- 2026-04-29EarningsQ1 2026 consolidated preliminary results (fair disclosure) — confirmed a return to profit in revenue, operating profit, and net profit.Operating profit rose sharply year on year and net profit turned positive, a signal of an earnings inflection. Positive for the short- and medium-term earnings direction. Source
- 2026-05-07FilingInvestment-judgment key-management-matter on the holding-company exception — with the ratio of subsidiary-stock value to assets below 50%, removal from the legal status of a holding company.It exits legal holding-company regulation, but the valuation lens remains that of an operating holding company. A change in governance and accounting standing to monitor over the medium term. Source
- 2026-04-10DividendSubsidiary cash and in-kind dividend decision (key-management-matter) — confirms a cash-flow structure in which subsidiary dividends are returned to the holding company.A factor reinforcing the holding company's own cash flow. Mildly positive for short-term dividend resources and medium-term financial stability. Source
- 2026-05-29FilingLarge-business-group status disclosure — routine disclosure of the group's affiliate status and governance.A routine disclosure summarizing the group's overall affiliate and ownership structure. The direct impact on results is limited, but it is useful for understanding governance. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| Q1 2026 consolidated results (revenue, operating profit, net profit) | revenue 8,183 / operating profit 564 / net profit 2,365 | DART (2026-04-29) | Confirmed | link |
| Removal from legal holding-company status | — | DART (2026-05-07) | Confirmed | link |
| Value of held listed-subsidiary stakes (NAV approximation) | approx. 7.2 approx. 50% | — | Unverified | link |
Recent filings
- 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.