Nano is a materials company that makes polishing slurry (CMP slurry) used to grind semiconductors, transparent-electrode materials for displays and solar cells, and CNT conductive additives that help electricity flow well inside batteries. More than half of its revenue comes from CNT conductive additives, and first-quarter 2026 revenue of ₩32.7 billion rose 46.5% year over year while operating profit jumped sharply to ₩2.76 billion, showing a recovery. What stands out lately is that as silicon anodes grow, demand for the CNT conductive additives used alongside them grows too, so if the ramp-up of the US and Poland expansions feeds through to results, profit can rise quickly; conversely, if the pace of EV and battery investment slows, still-thin profit and increased debt could come back as a burden.
At-a-glance assessment financial health · growth · profitability · valuation
- Operating profit barely covers the interest bill (interest coverage below 1x).
- Revenue rose 27.3% year over year, and the pace is quickening (3-year trend: rising).
- Net profit swung from a loss a year earlier back into the black (a turnaround).
- Most recent quarter (Q1 2026) revenue was 46.5% higher than a year earlier.
- ROE is 0.7% (controlling-interest basis). It is below the sector average.
- Operating margin is 4.2%.
- The P/E sits above the sector median, reflecting elevated expectations.
Ownership & governance As of 2025-12-31
Largest shareholder Park Jang-woo 19.98% (individual)
Controlling bloc incl. related parties 21.79%
With the controlling bloc holding 22%, control is maintained but the free float is relatively large.
🔎 In-depth analysis
- Nano makes money from three lines of advanced materials.
- The largest axis is CNT conductive additives, more than half of revenue.
- These are carbon-nanotube additives put into a battery's cathode and anode so electricity flows well, and they are used more heavily as silicon anodes — which raise capacity — grow.
- The second is CMP slurry for semiconductors, a polishing fluid that grinds the wafer surface flat.
- The third is transparent-electrode (TCO) targets and silver paste used in displays and solar cells.
- The company has broadened production bases in the US, Poland and China to serve global battery customers.
- The stock's recent trend is weak.
- It fell 20% over one month and 32.7% over three months, sitting about 51% below its 52-week high.
- It is below its 20-day, 60-day and 120-day moving averages, so the medium-term trend points down.
- The RSI is 32, close to oversold territory.
- A pressed-down price may mean expectations have cooled, or that the earnings recovery is not yet fully reflected in the price.
- When looking at valuation metrics, focusing only on last year's numbers is misleading.
- The P/E ratio (how many years of earnings the price represents) is 327x, very high, but this is because 2025 net profit was pressed down to a trough of ₩1.63 billion.
- Once profit rises to a normal trajectory, this multiple falls sharply.
- The P/B (price versus book equity) is 2.16x.
- Profitability is still thin: ROE (how much is earned in a year on equity) is just 0.7% and the operating margin 4.2%.
- The balance sheet has parts to watch.
- The debt ratio (borrowings versus equity) is 84%, and with an interest-coverage ratio below 1x, operating profit was barely enough to pay interest.
- Net debt (total borrowings minus cash) is about ₩108.7 billion.
- The FCF yield (actual cash generated relative to market cap) is a low 0.8%, so the company is not yet at a stage of leaving ample cash.
- The direction of growth is clear.
- Revenue rose 27.3% year over year to ₩111.7 billion in 2025, and the pace of increase is quickening.
- Net profit turned from a loss in 2024 to a profit in 2025.
- The decisive change came in the first quarter of this year.
- First-quarter 2026 revenue rose 46.5% year over year to ₩32.7 billion.
- Operating profit in the same quarter jumped more than eightfold to ₩2.76 billion.
- This single quarter's operating profit already exceeded half of last year's full-year operating profit (₩4.68 billion).
- This reads as the result of the CNT conductive-additive expansion entering operation, lifting volume and utilization together.
- This year's profit is highly likely to rise distinctly above last year's trough.
- So even though the P/E looks high on last year's basis, the picture changes greatly on this year's expected earnings.
- Recent disclosures concentrate on shareholder returns and governance.
- In early June the company decided to dispose of treasury shares; a decision to use treasury shares for off-market purposes affects the share count and ownership structure.
- In May the Q1 2026 quarterly report was filed, confirming the recovery in revenue and profit in the numbers.
- From April through June, an extraordinary general meeting and disclosures of changes in major-shareholder holdings followed.
- The dividend is ₩250 per share, a dividend rate of about 0.6%.
- As an early-stage growth company, the structure leans toward expansion investment over dividends.
- This is a stock with clear strong and weak conditions.
- The strong condition is when battery-materials demand is alive.
- As silicon-anode adoption grows, more CNT conductive additives are used, and if the US and Poland expansions feed through to utilization, profit can rise quickly.
- First-quarter results this year showed the beginning of that.
- The weak condition is when downstream investment cools.
- If the pace of EV and battery expansion slows, added capacity turns into a utilization burden, and the still-thin margin, an 84% debt ratio and a sub-1x interest-coverage ratio come back as pressure.
- In sum, it is hard to conclude the stock is expensive on last year's numbers alone, and this year's earnings recovery is the key.
- The durability of the recovery depends on downstream battery demand.
🔎 Valuation vs peers Inconclusive
As an advanced-materials firm serving semiconductors, displays and batteries, it is compared with companies that likewise handle electronic materials, CMP materials and secondary-battery materials.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Daejoo Electronic Materials | 56.43x | 4.60x | 8.14% |
| Dongjin Semichem | 22.17x | 2.03x | 9.14% |
| POSCO Future M | 402.54x | 3.19x | 0.79% |
Looking only at last year's P/E of 327x, the stock seems expensive, but this is because 2025 net profit was pressed down to a trough of ₩1.63 billion. In an earnings-inflection phase, last year's P/E exaggerates the actual burden. POSCO Future M, a fellow battery-materials maker, likewise carries a high trailing P/E of 402x, showing that the sector as a whole is passing through an earnings trough. Considering that first-quarter operating profit this year jumped more than eightfold from a year earlier, the multiple on this year's expected earnings falls sharply to around 44x. This forward figure is higher than Dongjin Semichem (22x), which is already earning profit, but lower than Daejoo Electronic Materials (56x). That said, the durability of the recovery depends on downstream battery demand, and with a thin margin and high debt as variables, it is hard to fix the direction one way, so we leave the verdict inconclusive.
Price history Close · MA20 · MA60
The latest close is ₩43,600 and the market capitalization is ₩534.6 billion. The price sits below its 20-day moving average (₩51,918) and below its 60-day moving average (₩66,092). 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 32.3, a neutral level. The one-month change is -20.0%, the three-month change is -32.7%, and the position relative to the 52-week high is -50.9%. Relative strength versus the KOSDAQ is 66 (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 66% of all stocks. Over the past three months it lagged the index by 11.2%. 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 -11.21% / 6M +4.15% / 12M -18.27%
Key metrics vs sector median
Valuation
The P/E of 326.84x is above the sector median (14.79x). The P/B of 2.16x is above the sector median (0.97x). That said, this P/E is based on last year's (trailing) results. With recent quarterly earnings up sharply, the trailing P/E can look higher than it really is, so a precise read is best done on this year's expected (forward) earnings.
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 0.7%, below the sector average (4.0%). The operating margin is 4.2%. The debt ratio is 84.1%, so the financial structure is stable.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $55.1M | $58.2M | $74.1M | +27.32% ↑ faster |
| Operating profit | $7.9M | $2.0M | $3.1M | +56.68% ↑ faster |
| Net profit | $11.1M | -$1.2M | $1.1M | — |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $40.5M | $53.0M | $55.1M | $58.2M | $74.1M |
| Operating profit | $3.8M | $11.1M | $7.9M | $2.0M | $3.1M |
| Net profit | $4.9M | $12.7M | $11.1M | -$1.2M | $1.1M |
| Revenue CAGR | 4-yr avg 16.31% | ||||
Revenue rose 27.3% year over year (2023 ₩83.2 billion → 2024 ₩87.8 billion → 2025 ₩111.7 billion), and the three-year trend is 'rising'. The pace of growth also quickened from the prior year. Operating profit rose 56.7% year over year. Profit is growing at an accelerating pace. Over the 5 years on record, revenue compound annual growth (CAGR) is 16.3%. The two-year revenue CAGR is 15.9%. In the most recent quarter (Q1 2026), revenue was 46.5% higher than the same period a year earlier.
Latest quarterly results Q1 2026 · vs year-ago
Technical indicators
What stands out
- Revenue grew 27.3% year over year, a sign of growth.
Points to watch
- The price is high versus peers, so expectations already appear priced in.
Recent news & events searched · sourced
- 2026-06-02FilingDecided to dispose of treasury sharesDisposal of treasury shares affects the number of shares in circulation and the ownership structure. Its effect on shareholder value varies with the purpose and recipient of the disposal. Source
- 2026-05-14EarningsQ1 2026 quarterly report filed. Revenue ₩32.7 billion (up 46.5% year over year), operating profit ₩2.76 billion, confirming the recoveryThe recovery in scale and profit from the CNT conductive-additive expansion entering operation was confirmed in the numbers. It becomes a basis for gauging this year's earnings direction. Source
- 2026-06-02FilingExtraordinary general meeting results disclosedGovernance and agenda-item results were finalized. It forms the background to capital-related decisions such as the treasury-share disposal. Source
- 2026-04-06FilingLarge-holding report filed (change in major-shareholder holdings)A change in major-shareholder holdings affects supply-demand and interest in the governance structure. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| Q1 2026 revenue and operating profit | revenue ₩32.7 billion, operating profit ₩2.8 billion | (2026.03) | Confirmed | link |
| Treasury-share disposal decision | 2026-06-02 | — | Confirmed | link |
| 2026 expected net profit (in-house estimate) | approx. ₩12.0 billion (forward PER approx. 44x) | — | Unverified | link |
Recent filings
- 2026-06-02Shareholders' meeting notice
- 2026-06-02TreasuryMaterial-fact report
- 2026-05-26OwnershipOfficers'/major-shareholders' holdings report
- 2026-05-15Shareholders' meeting notice
- 2026-05-15Disclosure
- 2026-05-14PeriodicQuarterly report
- 2026-04-30OwnershipOfficers'/major-shareholders' holdings report
- 2026-04-29Shareholders' meeting notice
- 2026-04-17Disclosure
- 2026-04-13OwnershipOfficers'/major-shareholders' holdings report
- 2026-04-06OwnershipOwnership-change filing
- 2026-04-06OwnershipOwnership-change filing
📖 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.
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