Phill Energy is an equipment company that designs, builds and supplies assembly-process machinery used by battery makers to produce secondary-battery cells, with its mainstay being core assembly equipment such as notching (cutting electrodes) and stacking (layering multiple sheets); it is an order-driven business where orders cluster when customers build new plants or add lines and revenue swings when investment stops. Disclosures gathered in May: a single-supply contract on the 13th offered a clue to filling the revenue gap left empty in 2025, followed by a new facility-investment disclosure on the 22nd, a first-quarter report on the 14th and an IR on the 11th. The point worth watching is that first-quarter revenue rose sharply off the bottom and the May supply contract, facility investment and IR gathered clues of an order recovery, while a P/B of 1.93x is below the sector median and a current ratio of 165.8% leaves short-term financial headroom -- strengths; against that, 2025 revenue fell 88% and swung to an operating loss, and the first quarter was still in the red, so a margin recovery is not yet proven in figures, and the capex cycle carries large swings.
At-a-glance assessment financial health · growth · profitability · valuation
- The most recent full-year net result was a loss.
- Revenue fell 88.4% year over year (3-year trend: mixed).
- Most recent quarter (Q1 2026) revenue was 81.4% higher than a year earlier.
- ROE is -12.5% (total-net basis). It is below the sector average.
- Operating margin is -66.8%.
- P/E is hard to compute here, so this is read on P/B.
Ownership & governance As of 2025-12-31
Largest shareholder Philoptics 41.99% (corporate)
Controlling bloc incl. related parties 42.41%
With the controlling bloc holding 42%, the ownership structure is stable.
🔎 In-depth analysis
- Phill Energy is an equipment company that designs, builds and supplies the 'assembly-process machinery' used by battery makers to produce secondary-battery cells.
- A battery goes through processes of cutting electrodes into set shapes (notching) and stacking or winding multiple sheets to form a cell, and among these Phill Energy mainly supplies core assembly equipment such as notching and stacking (layering).
- Because most of its revenue comes from equipment orders received from large battery makers, orders cluster when a customer builds a new battery plant or adds lines, and revenue swings when investment stops.
- In other words, rather than a company that sells its own consumer goods, it is best understood as an order-driven equipment maker whose results are tied to its customers' capex cycle.
- The latest closing price is ₩11,010 and the market cap is ₩238.3 billion.
- The price sits below the 20-day line (₩12,330) and below the 60-day line (₩15,568).
- Trading below both its short- and medium-term moving averages, the trend is on the subdued side.
- The RSI (a supplementary gauge that measures upward versus downward force over the past 14 days on a 0-100 scale) is 39.0, a neutral level.
- The one-month change is -10.8%, the three-month change is -26.5%, and the position versus the 52-week high is -49.6%.
- Relative strength versus the KOSDAQ is 65 (1-99, computed from returns against the index over the past year with more recent performance weighted more heavily; higher means stronger than the market).
- That places it in roughly the top 34% of all stocks by strength.
- Over the past three months it lagged the index by 3.2%.
- Chart readings are best viewed alongside trading volume and disclosure dates.
- On a confirmed annual basis (2025), net profit was in the red, so the P/E ratio (how many times one year's profit the price represents) cannot be calculated.
- The P/B (how many times net assets the price represents) is 1.88x, actually slightly below the machinery-and-equipment sector median (2.11x) -- an unremarkable level relative to net assets.
- ROE (how much is earned in a year on equity) is -12.5% and the operating margin -66.8%, both in loss territory, while the debt ratio (debt against equity) is 167.4% and the current ratio 165.8%, leaving headroom in short-term payment ability.
- One point to note, however, is that 2025 was a bottom year in which revenue shrank abnormally as front-end investment stopped all at once.
- Reading the loss rate and negative ROE of a year when revenue nearly vanished as the company's normal ability would make it look excessively pessimistic.
- Conversely, one must also keep in mind that losses could continue until orders are booked as revenue, and the company's true earning power will be confirmed by the results of a year when capex has returned.
- Revenue rose from ₩196.7 billion in 2023 to ₩285.4 billion in 2024, then plunged to ₩33.2 billion in 2025 (-88.4% year over year).
- Operating profit likewise swung from ₩15.3 billion of profit in 2023 and ₩14.2 billion in 2024 to a ₩22.2 billion loss in 2025.
- Rather than the company itself breaking down, this drop is a cyclical swing common in order-driven equipment businesses: the capex of customer battery makers was deferred all at once, leaving no equipment revenue to deliver and recognize.
- Such industries are structurally built so that results cluster during investment-expansion phases and revenue empties out during investment gaps -- large swings -- so it is hard to fix a trend from a single year's figures.
- Indeed, first-quarter 2026 revenue was ₩1.74 billion, up 81.4% from the same period a year earlier (₩0.96 billion), turning direction off the bottom.
- That said, the absolute scale is still small and the first quarter was still an operating loss (-₩3.88 billion), so whether this is the start of a genuine recovery or a temporary rebound needs further confirmation in later quarters as orders are booked into revenue.
- There is no numeric annual guidance disclosed by the company, so the shape of this year's results is an area to be filled in through quarterly results and new-order disclosures.
- Meaningful disclosures gathered in May.
- The single-supply contract of May 13 is a signal that a new order came in for the equipment maker, offering a clue to filling the revenue gap left empty in 2025.
- The May 22 new facility-investment disclosure reads as a move to expand production capacity to meet future demand; the May 14 quarterly report disclosed confirmed first-quarter results; and an IR (investor briefing) was also held on May 11.
- That said, the specific amounts and schedules of the supply contract and the facility investment must be confirmed directly from the official source materials, and it should be kept in mind that there is a delivery lag before an order flows through to actual revenue and cash flow.
- In sum, the strengths are that first-quarter 2026 revenue rose sharply off the bottom and, in May, a supply contract, facility investment and IR disclosures came in succession to gather clues of an order recovery; that the price relative to net assets (P/B 1.93x) is actually below the sector median, so the valuation burden on a net-asset basis is not large; and that a current ratio of 165.8% leaves short-term financial headroom.
- Points to note are that 2025 revenue fell 88% and swung to an operating loss and the first quarter was still in the red, so a margin recovery is not yet proven in figures, and that revenue is heavily tied to the customers' capex cycle with large swings.
- The conclusion is not a verdict to buy or sell but a reading of the structure.
- This stock, like a cyclical equipment name, reacts strongly in a phase where front-end battery investment revives and new orders are recognized as revenue, and weakens with continued losses if investment delays drag on -- so the flow of orders being booked into revenue is the key point to confirm.
🔎 Valuation vs peers Inconclusive
Rather than a simple industry code, peers were chosen as equipment makers grouped by the actual business of 'secondary-battery assembly-process equipment.' All are order-driven equipment companies whose results are governed by the battery capex cycle.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Hana Technology | — | 1.00x | -5.78% |
| M-Plus | 5.58x | 1.13x | 20.23% |
| Yunsung F&C | — | 0.69x | -10.81% |
Looking at its position versus these equipment peers, Phill Energy's P/B of 2.38x is above the peer range of 1.0-1.5x, so on a net-asset basis a premium is attached. But since 2025 was a bottom year in which revenue shrank abnormally, it is hard to call it cheap or expensive from the current trailing (last-confirmed) metrics alone, with a loss making the P/E incalculable. The forward (future-results) basis rests only on an approximation applying seasonality to DART-confirmed quarters (around ₩15.1 billion for the year), and even that mixes in loss-making quarters, so operating and net profit are not estimated. Accordingly, in a phase with a high chance of an earnings inflection, it is reasonable to hold off on a valuation judgment and revisit at the point when orders are recognized as revenue and a return to profit is confirmed.
Earnings outlook company-stated · verified
| Type | Period | Revenue | Operating profit | Net profit |
|---|---|---|---|---|
| Next quarter | Q2 2026 | approx. ₩7.7 billion | — | — |
Price history Close · MA20 · MA60
The latest close is ₩11,010 and the market capitalization is ₩238.3 billion. The price sits below its 20-day moving average (₩12,330) and below its 60-day moving average (₩15,568). 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 39.0, a neutral level. The one-month change is -10.8%, the three-month change is -26.5%, and the position relative to the 52-week high is -49.6%. Relative strength versus the KOSDAQ is 65 (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 3.2%. 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 -3.25% / 6M +5.63% / 12M -16.22%
Key metrics vs sector median
Valuation
A net loss makes the P/E an unreliable valuation gauge. The P/B of 1.88x is above the sector median (1.44x).
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 -12.5%, below the sector average (5.0%). The operating margin is -66.8%. The debt ratio is 167.4%, so the financial structure is moderate.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $130.4M | $189.2M | $22.0M | -88.37% ↓ slower |
| Operating profit | $10.1M | $9.4M | -$14.7M | -256.14% ↓ slower |
| Net profit | -$4.3M | $8.9M | -$10.5M | -218.57% |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | — | — | $130.4M | $189.2M | $22.0M |
| Operating profit | — | — | $10.1M | $9.4M | -$14.7M |
| Net profit | — | — | -$4.3M | $8.9M | -$10.5M |
| Revenue CAGR | 2-yr avg -58.92% | ||||
Revenue fell 88.4% year over year (2023 ₩196.7 billion → 2024 ₩285.4 billion → 2025 ₩33.2 billion), and the three-year trend is 'mixed'. The rate of decline widened from the prior year. Operating profit fell 256.1% year over year. The decline widened. Over the 3 years on record, revenue compound annual growth (CAGR) is -58.9%. The two-year revenue CAGR is -58.9%. In the most recent quarter (Q1 2026), revenue was 81.4% higher than the same period a year earlier.
Latest quarterly results Q1 2026 · vs year-ago
Technical indicators
What stands out
- —
Points to watch
- The most recent full year was a loss, so it is worth checking whether profitability recovers.
- Revenue fell 88.4% year over year (3-year trend: mixed).
- The price is high versus peers, so expectations already appear priced in.
Recent news & events searched · sourced
- 2026-05-13UpdateSingle-supply contract disclosure. Given the nature of an equipment company, it signals that a new order came in and offers a clue to filling the revenue gap left empty in 2025.Short term: expectation of a build-up in the order backlog. Medium term: how the contract amount and the timing of delivery and revenue recognition are reflected in later quarters must be confirmed in the DART source text. Source
- 2026-05-22FilingNew facility-investment disclosure (corrected). An investment plan related to expanding production facilities, read as a move to build the capacity to meet future demand.Medium term: facility investment raises the ability to fulfill future orders but, in the short term, becomes a cost and depreciation burden. The investment amount and period need confirmation in the source text. Source
- 2026-05-14EarningsFiling of the first-quarter 2026 report. Confirmed results were disclosed: revenue ₩1.74 billion (+81.4% YoY) and an operating loss of -₩3.88 billion.Short term: revenue rose off the bottom but is still in the red, so it is a document for gauging whether this is the start of a recovery. With absolute revenue small, more trend confirmation is needed. Source
- 2026-05-11IRInvestor briefing (IR) disclosure. An occasion for the company to explain its business status and direction directly to investors.Short term: an opportunity to explain the business and results through an official channel. It can be a source of official company guidance, but no numeric official guidance is confirmed on this page. Source
Figure cross-check computed ↔ external
Recent filings
- 2026-06-05OwnershipOfficers'/major-shareholders' holdings report
- 2026-06-05OwnershipOfficers'/major-shareholders' holdings report
- 2026-05-22Amended filing
- 2026-05-14PeriodicQuarterly report
- 2026-05-13Single supply/sales contract
- 2026-05-11Disclosure
- 2026-05-08OwnershipOfficers'/major-shareholders' holdings report
- 2026-04-30Disclosure
- 2026-04-03OwnershipOfficers'/major-shareholders' holdings report
- 2026-04-03OwnershipOfficers'/major-shareholders' holdings report
- 2026-04-03OwnershipOfficers'/major-shareholders' holdings report
- 2026-04-03OwnershipOfficers'/major-shareholders' holdings report
📖 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.