Nanoteam develops, manufactures, and sells the thermal-management materials used in electric-vehicle battery packs and core components such as the ICCU and OBC, and it is expanding in particular the products that prevent and insulate against thermal runaway, where heat spreads all at once between battery cells; it also supplies automotive-electronics parts and PTC heaters. In November 2025 it decided to issue convertible bonds (conversion price ₩5,500, working capital ₩10 billion), and a February 2026 profit-and-loss change disclosure confirmed full-year revenue of ₩40.3 billion, an operating loss of ₩0.5 billion, and net profit of ₩1.0 billion. The notable point lately is that, on the structural demand of EV battery safety, revenue is rising again and net profit that had been in the red has turned positive, while the P/B is not high versus peers, a clear strength; on the other hand, the operating line is still near breakeven, so it fell back into a loss in the first quarter, the debt ratio of 240.7% is somewhat high, and there is a chance of share-count dilution from the convertible bonds, so this is a place to judge on the durability of operating profit.
At-a-glance assessment financial health · growth · profitability · valuation
- Debt is somewhat higher than equity (debt ratio 240.7%).
- Revenue rose 24.5% year over year, and the pace is quickening (3-year trend: mixed).
- Net profit swung from a loss a year earlier back into the black (a turnaround).
- Most recent quarter (Q1 2026) revenue was 8.8% higher than a year earlier.
- ROE is 2.0% (controlling-interest basis). It is below the sector average.
- Operating margin is -1.2%.
- The P/E sits above the sector median, reflecting elevated expectations.
Ownership & governance As of 2025-12-31
Largest shareholder Choi Yoon-sung 50.63% (individual)
Controlling bloc incl. related parties 51.58%
With the controlling bloc holding 52%, control is very secure but the free float is thin.
🔎 In-depth analysis
- Nanoteam is a company that develops, manufactures, and sells the thermal-management materials that go into electric vehicles.
- Its core products are materials used in EV core components such as battery packs, the ICCU, and the OBC, and it is expanding in particular the products that prevent and insulate against thermal runaway, where heat spreads all at once between battery cells.
- Beyond that, it also supplies automotive-electronics parts, PTC heaters, and materials for various IT electronic devices.
- Its sector classification is machinery and equipment, but where it actually makes money is closer to EV component materials.
- As a small-cap name with a market capitalization around ₩100 billion, it is worth watching not only the business trend but also how each disclosure, such as a financing or a change in share count, affects the company's numbers.
- The latest close is ₩4,770 and the market cap is ₩96.2 billion.
- The price sits below the 20-day line (₩5,888) and below the 60-day line (₩9,263).
- Trading under both its short- and medium-term moving averages, the trend looks subdued.
- The RSI (a supplementary gauge that compares upward and downward strength over the past 14 days on a 0-100 scale) is 29.2, close to depressed territory.
- The one-month change is -41.3%, the three-month change is -46.8%, and the price sits -67.4% below its 52-week high.
- Relative strength versus the KOSDAQ is 63 (1-99, based on returns against the index over the past year with recent performance weighted more heavily; higher means stronger than the market).
- That places it in roughly the top 37% for strength among all stocks.
- Over the past three months it lagged the index by 32.9%.
- It is best to read the chart alongside trading volume and the dates on which disclosures occurred.
- The most recent full-year figures show revenue of ₩40.3 billion, an operating loss of ₩0.5 billion, and net profit of ₩1.0 billion.
- The operating line is still a slight loss near breakeven, but net profit has turned positive.
- ROE (how much is earned in a year on equity) is 2.0%, the debt ratio (debt against equity) is 240.7%, and the current ratio (assets that will soon turn to cash against debts due within a year) is 157%, so short-term payment capacity is in place.
- The P/E (how many times one year of earnings the share price is) of 99.9x looks high, but this reflects the small absolute size of earnings in the first year of a swing to profit rather than an expensive share price.
- For a company whose earnings have only just turned, a multiple calculated from last year's confirmed profit alone tends to look far more inflated than reality, so it is hard to call the stock expensive on this one figure.
- The P/B (how many times book value the share price is) is 1.97x, and given that same-sector nearby peers are scattered across 1.0x to 2.8x, that is not a conspicuously high level.
- Revenue rose 24.5% from ₩32.4 billion in 2024 to ₩40.3 billion in 2025, returning to growth, and the pace of increase is picking up.
- The bigger change is in the bottom line.
- Net profit swung from a ₩3.7 billion loss in 2024 to a ₩1.0 billion profit in 2025, marking a turnaround.
- Behind the recovery are stronger EV battery safety regulations lifting demand for the insulating materials that block thermal runaway between cells, and the company moving its products in this field into the commercialization stage.
- That said, in the most recent quarter, the first quarter of 2026, revenue rose 8.8% from the same period a year earlier but the operating loss was ₩0.6 billion and the net loss was ₩1.0 billion, back in loss territory, so it is early to say the recovery has settled into a single direction.
- This is a company with large swings in results from quarter to quarter, so the key is to confirm on a quarterly basis whether revenue growth carries through to operating profit.
- The recent disclosures fall into two strands, financing and earnings.
- On November 13 and 17, 2025, the company decided to issue convertible bonds (debt that can later be converted into stock), at a conversion price of ₩5,500 and a scale of ₩10 billion in working capital.
- Because the purpose is working capital, it is worth watching where the money is actually used and how it links to revenue, along with the increase in share count when the bonds later convert.
- On February 9, 2026, a profit-and-loss change disclosure confirmed full-year revenue of ₩40.3 billion, an operating loss of ₩0.5 billion, and net profit of ₩1.0 billion.
- Whether this trend carries in the same direction into the next quarter, and whether any one-off factors are present, are points to keep checking.
- Nanoteam's strength is distinct.
- On the structural demand of EV battery safety, revenue is rising again and net profit that had been in the red has turned positive.
- The P/B is also not especially high versus peers.
- The cautions are equally clear.
- The operating line is still near breakeven, so it fell back into a loss in the first quarter of 2026, the debt ratio of 240.7% is somewhat high, and if the convertible bonds convert into stock, the share count could rise.
- In sum, this is a phase where the recovery gains momentum if demand for battery thermal-management materials carries from revenue into operating profit and the financing links to actual facilities and revenue, and a phase where it weakens if operating losses drag on or share-count growth proceeds quickly.
- Because the high-looking trailing P/E is closer to an illusion arising from small earnings in the early stage of a swing to profit, this is a place to judge on the durability of operating profit rather than on cheap-versus-expensive.
🔎 Valuation vs peers Overvalued
A peer set of machinery and equipment names with nearby market capitalization.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| YJ Link | — | 1.30x | -4.16% |
| GIS | — | 2.04x | -9.19% |
| Hana Technology | — | 1.00x | -5.78% |
Within machinery and equipment, public-data peers with nearby market capitalization were looked at first. The current P/E (how many times one year of earnings the share price is) is 96.36x and the P/B (how many times book value the share price is) is 1.97x. That said, for smaller-cap names the impact of earnings swings and financing disclosures is large, so no firm conclusion was drawn from last year's confirmed-results metrics alone. The basis for the outlook box is a DART seasonality approximation.
Earnings outlook company-stated · verified
| Type | Period | Revenue | Operating profit | Net profit |
|---|---|---|---|---|
| This year | 2026 | ₩36.8 billion | — | — |
| Next quarter | Q2 2026 | ₩10.1 billion | — | — |
Price history Close · MA20 · MA60
The latest close is ₩4,770 and the market capitalization is ₩96.2 billion. The price sits below its 20-day moving average (₩5,888) and below its 60-day moving average (₩9,263). 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 29.2, near oversold territory. The one-month change is -41.3%, the three-month change is -46.8%, and the position relative to the 52-week high is -67.4%. Relative strength versus the KOSDAQ is 63 (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 63% of all stocks. Over the past three months it lagged the index by 32.9%. 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 -32.85% / 6M -27.76% / 12M -11.08%
Key metrics vs sector median
Valuation
The P/E of 96.36x is above the sector median (14.44x). The P/B of 1.97x 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 2.0%, below the sector average (5.0%). The operating margin is -1.2%. The debt ratio is 240.7%, so the financial structure is somewhat high.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $31.3M | $21.5M | $26.7M | +24.49% ↑ faster |
| Operating profit | $3.6M | -$2.5M | -$332,372 | — |
| Net profit | $3.2M | -$2.5M | $661,180 | — |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $17.9M | $25.5M | $31.3M | $21.5M | $26.7M |
| Operating profit | $3.0M | $2.0M | $3.6M | -$2.5M | -$332,372 |
| Net profit | $3.0M | $2.7M | $3.2M | -$2.5M | $661,180 |
| Revenue CAGR | 4-yr avg 10.50% | ||||
Revenue rose 24.5% year over year (2023 ₩47.2 billion → 2024 ₩32.4 billion → 2025 ₩40.3 billion), and the three-year trend is 'mixed'. The pace of growth also quickened from the prior year. Operating results are in the red, so a swing back to profit matters more than the growth rate here. Over the 5 years on record, revenue compound annual growth (CAGR) is 10.5%. The two-year revenue CAGR is -7.6%. In the most recent quarter (Q1 2026), revenue was 8.8% higher than the same period a year earlier.
Latest quarterly results Q1 2026 · vs year-ago
Technical indicators
What stands out
- Revenue grew 24.5% 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
- 2025-11-17Update[Corrected filing] Material fact report (convertible bond issuance decision): conversion price ₩5,500, working capital ₩10 billionA disclosure to read together with the purpose of the incoming funds and the change in share count. Where a facility or operating purpose is stated, whether the investment is actually deployed and linked to revenue is the key point. Source
- 2025-11-13UpdateMaterial fact report (convertible bond issuance decision): conversion price ₩5,500, working capital ₩10 billionA disclosure to read together with the purpose of the incoming funds and the change in share count. Where a facility or operating purpose is stated, whether the investment is actually deployed and linked to revenue is the key point. Source
- 2026-02-09EarningsChange of 30% or more (15% for large corporations) in revenue or profit-and-loss structure: full-year revenue ₩40.3 billion, operating loss ₩0.5 billion, net profit ₩1.0 billionRecent confirmed or preliminary earnings data. Check whether it points in the same direction as the annual trend and whether any one-off factors are present. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| Closing price | ₩4,770 | ₩4,770 | Confirmed | link |
| Latest quarterly results | revenue ₩9.8 billion, operating profit -₩0.6 billion | revenue ₩9.8 billion, operating profit -₩0.6 billion | Confirmed | link |
| Full-year results | revenue ₩40.3 billion, operating profit -₩0.5 billion | revenue ₩40.3 billion, operating profit -₩0.5 billion | Confirmed | link |
| Original text of the financing disclosure | []: ₩5,500 · ₩10.0 billion | []: ₩5,500 · ₩10.0 billion | Confirmed | link |
| Original text of the financing disclosure | : ₩5,500 · ₩10.0 billion | : ₩5,500 · ₩10.0 billion | Confirmed | link |
| Original text of the earnings disclosure | revenue30%: revenue ₩40.3 billion · operating profit -₩0.5 billion · net profit ₩1.0 billion | revenue30%: revenue ₩40.3 billion · operating profit -₩0.5 billion · net profit ₩1.0 billion | Confirmed | link |
| Basis of the outlook box | DART | DART | Confirmed | link |
Recent filings
- 2026-05-15PeriodicQuarterly report (amended)
- 2026-05-15PeriodicQuarterly report
- 2026-04-02OwnershipOfficers'/major-shareholders' holdings report
- 2026-03-30OwnershipOfficers'/major-shareholders' holdings report
- 2026-03-24Disclosure
- 2026-03-23Shareholders' meeting notice
- 2026-03-20PeriodicAnnual business report (amended)
- 2026-03-13Audit report
- 2026-03-13PeriodicAnnual business report
- 2026-03-10Disclosure
- 2026-03-10Amended filing
- 2026-03-06Shareholders' 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.