Chemtros, founded in 2006, is a diversified chemical-materials company that makes advanced and semiconductor materials used in secondary-battery and chip processes, along with converged materials such as compound intermediates, industrial adhesives, and active pharmaceutical ingredients. Because it earns money by supplying inputs that go into other manufacturers' products rather than finished goods, its results track the demand and unit prices of its downstream industries. Warrant exercises and exercise-price adjustments ran through January and February 2026, bringing in cash while increasing the share count, and revenue, operating profit, and net profit all jumped sharply in the first quarter. What stands out lately is that the earnings inflection has been confirmed in the numbers, its forward P/B of 1.5x is low versus peers, and the stock sits about 59% below its 52-week high, yet a debt ratio of 227%, a current ratio of 67%, and an interest-coverage ratio below 1x point to a real debt burden, with warrant exercises still in progress.
At-a-glance assessment financial health · growth · profitability · valuation
- Debt is somewhat higher than equity (debt ratio 227.0%).
- Assets that can be turned to cash within a year fall short of near-term liabilities (current ratio 67.0%).
- Operating profit barely covers the interest bill (interest coverage below 1x).
- The most recent full-year net result was a loss.
- Revenue rose 12.9% year over year, and the pace is quickening (3-year trend: rising).
- Most recent quarter (Q1 2026) revenue was 42.1% higher than a year earlier.
- ROE is -21.6% (total-net basis). It is below the sector average.
- Operating margin is 1.8%.
- P/E is hard to compute here, so this is read on P/B.
Ownership & governance As of 2025-12-31
Largest shareholder Lee Dong-hoon 14.53% (individual)
Controlling bloc incl. related parties 15.54%
With the controlling bloc holding 16%, control is maintained but the free float is relatively large.
🔎 In-depth analysis
- Chemtros, founded in 2006, is a diversified chemical-materials company that uses synthesis technology to make high-value-added materials for a range of industries.
- Its business splits into two main lines.
- In advanced and semiconductor materials, it supplies inputs used in secondary-battery and chip processes; in converged materials, it supplies compound intermediates, industrial adhesives, active pharmaceutical ingredients, and the like.
- In other words, it makes money by selling materials that go into other manufacturers' products rather than finished goods, so the demand and unit prices of downstream industries such as semiconductors and secondary batteries drive its results.
- Its market cap is on the smaller side, so it helps to watch not only the flow of the business but also how a single filing can affect earnings and the share count.
- The latest close is 3,255 won and market cap is 104.4 billion won.
- The price sits below its 20-day line (4,017 won) and its 60-day line (4,997 won).
- Trading under both the short- and medium-term moving averages, the trend is on the depressed side.
- RSI (a supplementary gauge that scores upward versus downward force over the past 14 days on a 0-100 scale) is 28.4, close to depressed territory.
- The one-month change is -23.9%, the three-month change is -36.3%, and the position versus the 52-week high is -63.1%.
- Relative strength versus KOSDAQ is 62 (on a 1-99 scale that converts return versus the index over the past year, weighted toward the recent period; higher means stronger than the market).
- That places it in roughly the top 38% of all stocks by strength.
- Over the past three months it lagged the index by 18.5%.
- Chart reading works best alongside trading volume and the dates of filings.
- For full-year 2025, revenue was 56.8 billion won, operating profit 1 billion won, and net profit -11.8 billion won, a weak year, so backward-looking metrics such as a P/B of 1.91x can make the stock look expensive.
- But the company is in an inflection phase where earnings have bottomed and are turning up, so figures that reflect future earnings rather than last year's confirmed results come closer to the real picture.
- In fact, the forward P/E that reflects this year's earnings is clearly lower than peers Daehan Synthetic Fiber (14.8x), Iljin Diamond (18.0x), and Taekyung Industry (7.6x).
- The forward P/B has also come down to 1.5x, a clear undervaluation signal that the stock is cheaper than peers relative to expected earnings and assets.
- That said, a debt ratio (debt versus equity) of 227% and a current ratio (assets that can be turned into cash quickly versus debt due within a year) of 67% mean that financial resilience itself is still in a 'caution' zone, which should be weighed alongside the positives.
- Revenue grew steadily from 47.5 billion won in 2023 to 50.3 billion won in 2024 and 56.8 billion won in 2025, and the pace is accelerating (+12.9% year over year).
- The more important shift shows up in the quarters.
- First-quarter 2026 revenue was 17.4 billion won, up 42.1% from a year earlier; operating profit was 2.2 billion won, up 786.1%; and net profit swung sharply into the black at 8.5 billion won.
- A single quarter's net profit (8.5 billion won) more than reversed last year's full-year loss (-11.8 billion won), a textbook earnings-inflection signal in which margins improve as revenue grows.
- This year's outlook is revenue of 68.2 billion won, operating profit of 6.5 billion won, and net profit of 25.9 billion won, figures that assume continued recovery in downstream materials demand and further improvement in unit prices and utilization.
- The forward P/E that reflects this outlook is low versus peers, and for now there is no basis to view next year's outlook as falling below this year's.
- Recent filings cluster on the financing side.
- A warrant exercise on January 29, 2026, was followed by warrant exercise-price adjustments on January 30 and February 2 (a corrected filing).
- When warrants are exercised, cash comes into the company but the share count rises and per-share value can be diluted, so the key is to watch where the incoming cash goes (facilities, operations, and so on) and whether it actually feeds through to revenue.
- Checking the detailed terms in the original filing (purpose, size, schedule) makes the picture clearer.
- The strengths are clear.
- Revenue, operating profit, and net profit all jumped sharply in the first quarter of 2026, confirming in the numbers that earnings have bottomed and turned up, and the resulting forward P/B of 1.5x is lower than the peer set, placing it in undervalued territory.
- The stock has fallen about 59% from its 52-week high, widening the gap with its improving results.
- On the other side, the point to watch is financial resilience.
- A debt ratio of 227%, a current ratio of 67%, and an interest-coverage ratio below 1x indicate a debt burden, and the share-count increase from warrant exercises is still in progress.
- In short, if the first-quarter earnings improvement carries into the remaining quarters and the incoming cash connects to core-business growth, the low forward valuation gains support; conversely, if the quarterly improvement wobbles or the financial burden grows, the case weakens.
🔎 Valuation vs peers Undervalued
A peer set within chemicals with market caps close to the company's.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Daehan Synthetic Fiber | 14.93x | 0.20x | 1.35% |
| Iljin Diamond | 18.24x | 0.30x | 1.67% |
| Taekyung Industrial | 7.98x | 0.44x | 5.46% |
We looked first at a public-data peer set within chemicals with nearby market caps. The current P/E (how many times one year of earnings the price represents) is not available, and the P/B (how many times book value the price represents) is 1.91x. Because smaller-cap names are heavily affected by earnings swings and financing filings, we did not draw firm conclusions from metrics based on last year's confirmed results alone. The outlook box is based on a DART seasonality approximation.
Earnings outlook company-stated · verified
| Type | Period | Revenue | Operating profit | Net profit |
|---|---|---|---|---|
| This year | 2026 | ₩68.2 billion | ₩6.5 billion | ₩25.9 billion |
| Next quarter | Q2 2026 | ₩17.0 billion | ₩0.9 billion | ₩4.8 billion |
Price history Close · MA20 · MA60
The latest close is ₩3,255 and the market capitalization is ₩104.4 billion. The price sits below its 20-day moving average (₩4,017) and below its 60-day moving average (₩4,997). 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 28.4, near oversold territory. The one-month change is -23.9%, the three-month change is -36.3%, and the position relative to the 52-week high is -63.1%. 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 18.5%. 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 -18.47% / 6M -54.59% / 12M -32.46%
Key metrics vs sector median
Valuation
A net loss makes the P/E an unreliable valuation gauge. The P/B of 1.91x is above the sector median (0.97x).
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 -21.6%, below the sector average (4.0%). The operating margin is 1.8%. The debt ratio is 227.0%, so the financial structure is somewhat high.
Growth FY2025 · annual report (separate)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $31.5M | $33.3M | $37.7M | +12.92% ↑ faster |
| Operating profit | $2.3M | $2.5M | $694,807 | -72.32% ↓ slower |
| Net profit | $1.9M | $3.4M | -$7.8M | -330.22% ↓ slower |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $32.0M | $37.8M | $31.5M | $33.3M | $37.7M |
| Operating profit | $2.5M | $2.9M | $2.3M | $2.5M | $694,807 |
| Net profit | $2.9M | $2.5M | $1.9M | $3.4M | -$7.8M |
| Revenue CAGR | 4-yr avg 4.14% | ||||
Revenue rose 12.9% year over year (2023 ₩47.5 billion → 2024 ₩50.3 billion → 2025 ₩56.8 billion), and the three-year trend is 'rising'. The pace of growth also quickened from the prior year. Operating profit fell 72.3% year over year. The decline widened. Over the 5 years on record, revenue compound annual growth (CAGR) is 4.1%. The two-year revenue CAGR is 9.4%. In the most recent quarter (Q1 2026), revenue was 42.1% higher than the same period a year earlier.
Latest quarterly results Q1 2026 · vs year-ago
Technical indicators
What stands out
- Revenue grew 12.9% year over year, a sign of growth.
Points to watch
- Debt is somewhat higher than equity (debt ratio 227.0%).
- Assets that can be turned to cash within a year fall short of near-term liabilities (current ratio 67.0%).
- 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
- 2026-02-02Update[Correction] Adjustment of warrant exercise price: check the detailed terms in the original filingA filing to be read alongside both the purpose of the incoming cash and the change in share count. Where a facilities or operations purpose is stated, the key is whether the investment is actually carried out and connects to revenue. Source
- 2026-01-30UpdateAdjustment of warrant exercise price: check the detailed terms in the original filingA filing to be read alongside both the purpose of the incoming cash and the change in share count. Where a facilities or operations purpose is stated, the key is whether the investment is actually carried out and connects to revenue. Source
- 2026-01-29UpdateWarrant exercise: check the detailed terms in the original filingA filing to be read alongside both the purpose of the incoming cash and the change in share count. Where a facilities or operations purpose is stated, the key is whether the investment is actually carried out and connects to revenue. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| Closing price | ₩3,255 | ₩3,255 | Confirmed | link |
| Latest quarterly results | revenue ₩17.4 billion, operating profit ₩2.2 billion | revenue ₩17.4 billion, operating profit ₩2.2 billion | Confirmed | link |
| Annual results | revenue ₩56.8 billion, operating profit ₩1.0 billion | revenue ₩56.8 billion, operating profit ₩1.0 billion | Confirmed | link |
| Financing filing (original text) | []: | []: | Confirmed | link |
| Financing filing (original text) | : | : | Confirmed | link |
| Financing filing (original text) | : | : | Confirmed | link |
| Basis of the outlook box | DART | DART | Confirmed | link |
Recent filings
- 2026-05-14PeriodicQuarterly report
- 2026-04-30Disclosure
- 2026-03-31Shareholders' meeting notice
- 2026-03-31Disclosure
- 2026-03-23PeriodicAnnual business report
- 2026-03-20Audit report
- 2026-03-17Amended filing
- 2026-03-16Shareholders' meeting notice
- 2026-03-13Disclosure
- 2026-03-11Amended filing
- 2026-03-04Disclosure
- 2026-03-04Shareholders' meeting notice
📖 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.