Almac (354320) 🔎 In-depth
KOSDAQ · Price as of 2026-08-06 · Updated 2026-08-09
Almac makes lightweight materials and parts for automobiles through an aluminum extrusion process that draws aluminum into long profiles, with battery-pack frames, module cases, and body-in-white structural parts for electric vehicles as its main products; the demand to make cars lighter by using light aluminum instead of heavy steel is the root of its revenue. A May quarterly report confirmed a +61% year-on-year rise in first-quarter operating profit and a swing back to a net profit, and a March business report confirmed an operating profit but a net loss for full-year 2025, marking a turn in the profit direction. What stands out lately is that the company sits within the structural demand for EV light-weighting and profit is rising even though revenue is flat—a strength on the recovery side—while the interest burden implied by a 227.9% debt ratio and the need to confirm a trend from just one quarter of profit should both be watched.
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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 “Non-Ferrous Metals” (Chemicals, Refining, Steel & Materials · Steel & Metals), a type typically read first through P/B.
Non-ferrous metals swing hard with global metal prices and downstream demand, so profits inflate in upturns and can turn to losses in downturns. With earnings this volatile, current-year multiples wobble, so price-to-book (P/B) — the share price against asset value — is the first lens.
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
- Operating profit barely covers the interest bill (interest coverage below 1x).
- The most recent full-year net result was a loss.
- Revenue rose 19.7% year over year, and the pace is quickening (3-year trend: mixed).
- Most recent quarter (Q1 2026) revenue was 0.1% higher than a year earlier.
- ROE is -0.9% (controlling-interest basis). It is below the sector average.
- Operating margin is 3.9%.
- 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 Daix 27.38% (corporate)
Controlling bloc incl. related parties 27.38%
With the controlling bloc holding 27%, control is maintained but the free float is relatively large.
🔎 In-depth analysis Reading
Almac makes lightweight automotive materials and parts through an aluminum extrusion process that draws aluminum into long profiles. Per the company's official description, its main products are EV battery-pack frames, EV module cases, body-in-white (BIW) structural parts, and automotive parts such as roof racks, with industrial aluminum materials added on top. In short, the root of its revenue is the demand for light-weighting—making cars lighter with light aluminum instead of heavy steel. Because EV batteries are heavy, there is strong demand to lighten the body to extend driving range, and Almac's battery-pack and structural parts go exactly into that role. Results therefore depend heavily on the production and sales volumes of automakers and EVs and on whether its parts are adopted in new models.
The latest close is ₩27,050 and the market capitalization is ₩172.9 billion. The price sits above its 20-day moving average (₩26,060) and below its 60-day moving average (₩47,216). 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 44.4, a neutral level. The one-month change is -2.0%, the three-month change is -67.4%, and the position relative to the 52-week high is -73.3%. Relative strength versus the KOSDAQ is 78 (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 78% of all stocks. Over the past three months it lagged the index by 49.3%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
On a confirmed full-year 2025 basis, the P/E ratio (how many times a year's profit the share price is) is not calculated because of the net loss, and the P/B (how many times the company's net assets the share price is) is 1.12x. The key reason there is no trailing P/E is not that the company's fundamentals are poor but that a net loss occurred once in 2025. For such profit-inflection stocks, an indicator built on the past year's confirmed profit (trailing) does not properly reflect the current earnings trend. On a forward-looking measure, the company is already assessed as earning a profit. A P/B of 1.36x is also hard to view as heavy relative to net assets. That said, the debt ratio (debt relative to equity) is 227.9%—debt is more than twice equity—and covering interest out of operating profit is still tight (interest coverage ratio of 0.63x), which clearly warrants attention.
Over the past three years revenue fell from ₩216.0 billion in 2023 to ₩156.9 billion in 2024, then recovered to ₩187.8 billion in 2025, up 19.7%. The more important change shows up in profit. Operating profit swung from a -₩2.7 billion loss in 2024 to a ₩6.2 billion profit in 2025, and in the first quarter of 2026 operating profit rose 61.1% year on year to ₩2.8 billion, while net profit also turned positive at ₩3.1 billion. This means that even with revenue flat, the company is shifting toward keeping more profit from the same revenue. The reason this year's expected profit lands at this level is clear: light-weighting demand for EV battery packs and body structural parts is steady, and as operations and cost structure normalize after the loss-making prior year, profit is reviving even at the same volume. The +61% operating profit and the swing to a net profit confirmed in the first quarter show that recovery in numbers. Whether this recovery is a one-off rebound or a trend that continues into the following quarters is a stage to be confirmed by accumulating more quarterly results.
Recent filings center on periodic reports and governance. A May 2026 quarterly report confirmed in numbers the first-quarter swing to profit (operating profit +61%, net profit positive), and a March business report confirmed an operating profit but a net loss for full-year 2025. At the March annual general meeting, a change of CEO and the appointment and mid-term resignation of outside directors were filed together, indicating a reshuffle of management. In late March, several reports on large holdings by holders of 5% or more were also filed, so a change in major-shareholder stakes is worth noting. No forward-figure filings such as a single supply contract (order) or an official company management plan were confirmed for this period.
Almac's strength is that it is an aluminum-parts maker positioned within the structural demand for EV light-weighting, and that profit has actually turned direction. Following the swing to an operating profit in 2025, operating profit (+61%) and net profit both moved into the black in the first quarter of 2026, and the company is shifting toward keeping more profit from the same revenue even though revenue is flat. Points to watch together are that the debt ratio is high at 127.9% and the interest burden still presses tightly on operating profit, and that the swing to profit covers only one quarter, so the trend needs further confirmation. In sum, if EV-parts volume holds and the first-quarter profit continues into the following quarters, the profit recovery widens and the setup strengthens; if front-end volume slows or the interest burden grows heavy again, it weakens.
🔎 Valuation vs peers Inconclusive
Because the actual business is aluminum extrusion and processing, we used peers among aluminum material and processing companies rather than large steel names, choosing only stocks whose figures can be confirmed on the site.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Sam-A Aluminium | — | 2.93x | -11.42% |
| Aluko | 10.73x | 0.48x | 5.04% |
| Cho-il Aluminium | 16.25x | 0.59x | 4.35% |
Compared with fellow aluminum processors, Almac's P/B (2.44x) is clearly higher than Aluko (0.6x) and Joil Aluminium (0.69x) and lower than Sama Aluminium (4.14x). That places it in the upper-middle range within the aluminum materials group, with some premium attached for EV-parts expectations. However, last year's net loss means there is no confirmed P/E, so a trailing (past-profit) comparison is blocked; conversely, the forward trend of operating and net profit turning positive in the first quarter of 2026 is still only one quarter old, so it is too early to treat as confirmed. Because this is a profit-inflection phase, it is hard to declare the stock cheap or expensive, so we leave it inconclusive. Whether the first-quarter profit continues into the following quarters is the dividing point for the assessment.
Earnings outlook Estimate company-stated · verified
| Type | Period | Revenue | Operating profit | Net profit |
|---|---|---|---|---|
| Next quarter | Q2 2026 | approx. ₩54.7 billion | — | — |
Price history Close · MA20 · MA60
The latest close is ₩27,050 and the market capitalization is ₩172.9 billion. The price sits above its 20-day moving average (₩26,060) and below its 60-day moving average (₩47,216). 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 44.4, a neutral level. The one-month change is -2.0%, the three-month change is -67.4%, and the position relative to the 52-week high is -73.3%. Relative strength versus the KOSDAQ is 78 (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 78% of all stocks. Over the past three months it lagged the index by 49.3%. 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 -49.29% / 6M -42.81% / 12M +10.68%
Key metrics Computed vs sector median
Valuation
A net loss makes the P/E an unreliable valuation gauge. The P/B of 1.12x is above the sector median (0.45x).
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 -0.9%, below the sector average (1.0%). The operating margin is 3.9%. The debt ratio is 123.0%, so the financial structure is moderate.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $151.8M | $110.2M | $131.9M | +19.74% ↑ faster |
| Operating profit | $11.1M | -$1.9M | $4.4M | — |
| Net profit | -$4.8M | $460,158 | -$921,400 | -300.24% |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | — | — | $151.8M | $110.2M | $131.9M |
| Operating profit | — | — | $11.1M | -$1.9M | $4.4M |
| Net profit | — | — | -$4.8M | $460,158 | -$921,400 |
| Revenue CAGR | 2-yr avg -6.76% | ||||
Revenue rose 19.7% year over year (2023 ₩216.0 billion → 2024 ₩156.9 billion → 2025 ₩187.8 billion), and the three-year trend is 'mixed'. The pace of growth also quickened from the prior year. Over the 3 years on record, revenue compound annual growth (CAGR) is -6.8%. The two-year revenue CAGR is -6.8%. In the most recent quarter (Q1 2026), revenue was 0.1% higher than the same period a year earlier.
Latest quarterly results Source Q1 2026 · vs year-ago
Technical indicators Computed
What stands out
- Revenue grew 19.7% year over year, a sign of growth.
Points to watch
- Operating profit barely covers the interest bill (interest coverage below 1x).
- 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
- 2026-05-15Earnings2026 Q1 quarterly report — revenue ₩50.7 billion, operating profit ₩2.8 billion (+61% year on year), net profit ₩3.1 billion, a swing to profitIn the short term this is data that confirms the profitability recovery in numbers. The key points are that revenue is flat but the operating margin improved and net profit swung back to positive. Source
- 2026-03-18Earnings2025 business report — annual revenue ₩187.8 billion (+19.7%), operating profit ₩6.2 billion (a swing to profit), net profit -₩1.3 billion (a loss)In the medium term this confirms that revenue recovered and the operating line swung to profit, but that net profit is still in the red. Confirmation is needed of whether the first-quarter profit carries through to the full year. Source
- 2026-03-26FilingAnnual general meeting result — change of CEO and appointment / mid-term resignation of outside directors reportedIn the medium term this is a governance event showing a management reshuffle. Continuity in the business direction is worth examining alongside it. Source
- 2026-03-31FilingReport on large holdings of stock (general) — change in stakes held by holders of 5% or moreIn the short term this is a filing that reports changes in major-shareholder stakes. Several related reports were filed in March, offering a reference on supply-and-demand shifts. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| 2026 Q1 operating profit | ₩2.8 billion | approx. ₩2.8 billion | Confirmed | link |
| 2025 annual revenue and operating profit | revenue ₩187.8 billion, operating profit ₩6.2 billion | revenue ₩187.8 billion, operating profit ₩6.2 billion | Confirmed | link |
| 2026 annual revenue (seasonality approximation) | approx. ₩205.7 billion | — | Unverified | link |
| Latest closing price | ₩27,050 | — | Unverified | link |
Recent filings Source
- 2026-05-15PeriodicQuarterly report
- 2026-03-31OwnershipOwnership-change filing
- 2026-03-26Disclosure
- 2026-03-26Disclosure
- 2026-03-26Shareholders' meeting notice
- 2026-03-23OwnershipOwnership-change filing
- 2026-03-18PeriodicAnnual business report
- 2026-03-18Audit report
- 2026-03-12Amended filing
- 2026-03-11Amended filing
- 2026-03-11Shareholders' meeting notice
- 2026-03-11Shareholders' 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.