Eco-i runs its own carbon-reduction projects (such as clean cookstove distribution and forestry) and earns money by selling the resulting carbon credits to airlines and exchanges. Because a reduction project is built once and then simply supplies certified credits, margins can jump sharply in years when sales are concentrated (its 2023 operating margin was 28%), but revenue is lumpy depending on when credits are delivered. In May 2026 the company signed back-to-back CORSIA-eligible credit supply contracts, about ₩3.8 billion with Switzerland's LDC and about ₩8.4 billion with Singapore's CIX (roughly ₩12.2 billion combined, about 40% of last year's revenue), both scheduled for Q2 delivery, giving it a basis to rebound after a Q1 loss. What stands out lately is that this year's earnings recovery rests on contracts already signed rather than on estimates, and ample short-term cash provides support; on the other hand, revenue swings with delivery timing, quarterly results are uneven, and domestic regulated-market sales only begin in 2027.
At-a-glance assessment financial health · growth · profitability · valuation
- Revenue rose 20.0% year over year, and the pace is quickening (3-year trend: mixed).
- Most recent quarter (Q1 2026) revenue was 51.7% higher than a year earlier.
- ROE is 1.4% (controlling-interest basis). It is below the sector average.
- Operating margin is 3.1%.
- The P/E sits above the sector median, reflecting elevated expectations.
Ownership & governance As of 2025-12-31
Largest shareholder Jeon Jong-su 20.45% (individual)
Controlling bloc incl. related parties 71.66%
With the controlling bloc holding 72%, control is very secure but the free float is thin.
🔎 In-depth analysis
- Eco-i runs its own carbon-reduction projects (clean cookstove distribution, forestry, renewable energy and the like) and creates the carbon credits (carbon credits being certified rights confirming that one ton of greenhouse gas has been reduced) that result, then earns money by selling them to airlines, trading houses and carbon exchanges.
- In short, its structure is to run projects that cut carbon and sell the reductions for revenue.
- Because a reduction project only has to be built once and then simply supplies certified credits, cost pressure is low and margins jump sharply in years when sales are concentrated (its 2023 operating margin was 28%).
- In exchange, revenue is lumpy depending on which quarter the credits are actually delivered.
- The company has so far centered on the voluntary market (VER), where companies buy credits at their own discretion, but it has recently been broadening its business axis toward credits for CORSIA, the mandatory scheme for the airline industry, and toward the domestic regulated market (i-KOC).
- The latest closing price is ₩6,640 and the market capitalization is ₩19.68 billion.
- The price sits below its 20-day line (₩7,485) and below its 60-day line (₩9,874).
- Trading below both its short- and medium-term moving averages, the trend is on the soft side.
- The RSI (an auxiliary gauge that scores the strength of gains versus losses over the past 14 days on a 0-100 scale) is 29.2, close to depressed territory.
- The one-month change is -24.8%, the three-month change is -40.9%, and the position versus the 52-week high is -57.1%.
- Relative strength versus the KOSDAQ is 37 (1-99, converting return versus the index over the past year with more weight on recent periods; higher means stronger than the market).
- That places it around the top 63% for strength among all stocks.
- Over the past three months it has lagged the index by 18.3%.
- Chart reading is best done together with trading volume and disclosure dates.
- When looking at valuation, it matters which earnings figure you use as the basis.
- The P/E ratio calculated on last year's confirmed results (how many times one year's net profit the price is, trailing) is 110.30x, which looks high, but this is largely because last year's net profit temporarily shrank to ₩1.78 billion.
- When earnings are at a trough, the P/E looks more expensive than it really is (the trap of trailing P/E), and for a stock like this one whose earnings are turning up from a trough, the real picture shows only when you look at future earnings rather than past earnings.
- The forward P/E based on this year's forecast earnings is less than half the trailing basis.
- The P/B (how many times net assets the price is) is 1.57x, an unremarkable level relative to net assets.
- Financial safety is sound.
- The debt ratio (debt relative to equity) is 114%, but the current ratio (assets convertible to cash within a year against debt due within a year) is about 1,953%, so short-term cash capacity is very ample.
- That said, profitability is still at the start of its recovery, with ROE (how much is earned in a year on shareholders' equity) of 1.4%, an operating margin of 3.1%, and an interest coverage ratio of 1.8x, so it is at a stage that improves only as earnings grow.
- The revenue trend reads as a cycle passing a trough and turning up.
- After a big year in 2023 of ₩64.8 billion (operating profit ₩18.2 billion, net profit ₩15.7 billion), revenue plunged to ₩25.8 billion in 2024, then rebounded +20% to ₩30.9 billion in 2025.
- Q1 2026 revenue then rose +51.7% year on year, so the pace of recovery is quickening further.
- Q1 had no large credit deliveries, so both operating and net results were losses (-₩3.7 billion / -₩3.5 billion); this is less about poor performance and more a feature of the business, where credit revenue concentrates at specific delivery times.
- The basis for expecting a large increase in earnings this year over last is clear.
- This year marks the deadline for the first phase (2024-2026) of CORSIA, the mandatory scheme for the airline industry, so demand for eligible credits is concentrated in this phase, and the company already holds two CORSIA supply contracts (roughly ₩12.2 billion combined, about 40% of last year's revenue), with these volumes scheduled for Q2 delivery.
- Because the reduction projects are already built, cost pressure is low when sales concentrate, so margins rise quickly.
- These factors combine to bring this year's forward P/E to less than half the 118.6x on last year's basis.
- In other words, the forward figures are not a simple replay of a past big year but rest on this year's volumes already confirmed by contract and on the business structure.
- Disclosures in 2026 clearly show the business direction.
- On May 6 the company signed a CORSIA-eligible credit supply contract of about ₩3.8 billion with Switzerland's Louis Dreyfus (LDC), and on May 27 one of about ₩8.4 billion with Singapore's Climate Impact X carbon exchange (both on the revenue the company will recognize, roughly ₩12.2 billion combined, about 40% of last year's revenue).
- Both contracts are scheduled for Q2 delivery, giving a basis for results to rebound after the Q1 loss.
- On April 21 it issued a corporate value enhancement plan (voluntary disclosure), setting out a push for CORSIA sales in 2026, a shift to the domestic regulated market (i-KOC) and profitability improvement from 2027, and a stable dividend policy within the range of distributable profit.
- Meanwhile, a March 25 disclosure of a change of CEO is also a point to review alongside these.
- Splitting strengths and cautions makes the picture clearer.
- The strength is that this year's earnings recovery rests on contracts already signed rather than on estimates.
- In a phase where demand for eligible credits concentrates due to the CORSIA phase-one deadline, Eco-i is an actual supplier, and the volumes of two contracts are set for Q2 delivery.
- With reduction projects already built, margins rise quickly when sales concentrate, and ample short-term cash and sound finances provide support.
- The P/E, which looked high because of last year's trough earnings, comes down to less than half on this year's forecast basis, so allowing for the recovery, the price is not at an unreasonable level.
- The caution is the very structure of this business.
- Revenue swings with delivery timing, so quarterly results are uneven, and a quarter with no delivery, like Q1, immediately looks like a loss.
- Domestic regulated-market (i-KOC) revenue only begins in 2027.
- In sum, if this year's secured CORSIA volumes are delivered as planned and additional sales continue in the second half, this is a strong phase where earnings recover quickly; conversely, it is a structure in which delivery delays, credit-price fluctuations, and the pace of the regulated-market transition become the variables.
🔎 Valuation vs peers Overvalued
There is effectively no domestic listed peer set matching the business reality of carbon credit and carbon-reduction project development, so the main axis of comparison is the gap between the company's own trailing basis (last year's confirmed results) and its forward basis (this year's recovery assumption).
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Eco-i | 110.30x | 1.57x | 1.42% |
(a) There is almost no pure domestic listed peer set matching the business reality, so judging its absolute position is limited. (b) A P/E of 138x, P/B of 2.0x, and ROE of 1.4% on last year's confirmed results are high by any measure, a premium zone in which expectations for recovery are already substantially reflected in the price. (c) That said, because last year's net profit (₩1.78 billion) is a temporary trough, the trailing P/E of 138x is somewhat exaggerated, and this year's forward P/E, reflecting the two CORSIA contracts and Q2 delivery, has room to fall well below that (a limitation whereby past-earnings multiples are inflated in an earnings-inflection zone). On balance we see it as overvaluation that has priced in the recovery scenario in advance, but because the forward-basis burden can ease quickly depending on whether delivery materializes, we avoid a firm conclusion.
Price history Close · MA20 · MA60
The latest close is ₩6,640 and the market capitalization is ₩196.8 billion. The price sits below its 20-day moving average (₩7,485) and below its 60-day moving average (₩9,874). 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 -24.8%, the three-month change is -40.9%, and the position relative to the 52-week high is -57.1%. Relative strength versus the KOSDAQ is 37 (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 37% of all stocks. Over the past three months it lagged the index by 18.3%. 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 -18.26% / 6M -25.91% / 12M -53.99%
Key metrics vs sector median
Valuation
The P/E of 110.30x is above the sector median (11.02x). The P/B of 1.57x is above the sector median (0.59x).
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 1.4%, below the sector average (7.0%). The operating margin is 3.1%. The debt ratio is 114.1%, so the financial structure is moderate.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $43.0M | $17.1M | $20.5M | +19.97% ↑ faster |
| Operating profit | $12.1M | $131,793 | $631,770 | +379.36% ↑ faster |
| Net profit | $10.4M | $1.5M | $1.2M | -20.81% ↑ faster |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | — | — | $43.0M | $17.1M | $20.5M |
| Operating profit | — | — | $12.1M | $131,793 | $631,770 |
| Net profit | — | — | $10.4M | $1.5M | $1.2M |
| Revenue CAGR | 2-yr avg -30.94% | ||||
Revenue rose 20.0% year over year (2023 ₩64.8 billion → 2024 ₩25.8 billion → 2025 ₩30.9 billion), and the three-year trend is 'mixed'. The pace of growth also quickened from the prior year. Operating profit rose 379.4% year over year. Profit is growing at an accelerating pace. Over the 3 years on record, revenue compound annual growth (CAGR) is -30.9%. The two-year revenue CAGR is -30.9%. In the most recent quarter (Q1 2026), revenue was 51.7% higher than the same period a year earlier.
Latest quarterly results Q1 2026 · vs year-ago
Technical indicators
What stands out
- Revenue grew 20.0% 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
- 2026-05-27UpdateSigned a CORSIA-eligible credit (CEEU) supply contract with Singapore's Climate Impact X carbon exchange. About ₩8.38 billion on the company's recognized revenue (27.1% of last year's revenue), delivery within Q2.The core driver of a short-term Q2 revenue and earnings rebound. A scale that offsets the Q1 loss. Source
- 2026-05-06UpdateSigned a CORSIA trading contract with Switzerland's Louis Dreyfus (LDC). About ₩3.84 billion on the company's recognized revenue (12.4% of last year's revenue), delivery and payment in Q2.Contributes to short-term revenue recovery and diversifies the customer base to a global grain and trading conglomerate. Source
- 2026-04-21FilingCorporate value enhancement plan (voluntary disclosure): pushing CORSIA-eligible carbon credit sales in 2026, a shift to the domestic regulated market (i-KOC) and profitability improvement from 2027, and a stable dividend policy within the range of distributable profit.Sets out a medium-term direction of upgrading the business portfolio from the voluntary market toward the regulated market (specific revenue and profit target figures not provided). Source
- 2026-05-14EarningsQ1 2026 report: revenue ₩5.38 billion (+51.7% year on year), operating loss -₩3.71 billion, net loss -₩3.54 billion. A loss owing to the nature of a quarter with no large credit delivery.A short-term loss, but set against the two CORSIA contracts delivering in Q2, an example of quarterly volatility. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| 2025 consolidated revenue | ₩30.9 billion | ₩30,916,305,223 | Confirmed | link |
| 2025 dividend payout ratio | 116% | 116.2% | Confirmed | link |
| Combined amount of the two 2026 CORSIA supply contracts | approx. ₩12.2 billion | ₩8.4 billion + ₩3.8 billion = ₩12.2 billion | Confirmed | link |
| This year's forecast net profit (forward) | (₩1.8 billion) | — | Unverified | link |
Recent filings
- 2026-05-27Single supply/sales contract
- 2026-05-14PeriodicQuarterly report
- 2026-05-06Single supply/sales contract
- 2026-04-21Disclosure
- 2026-03-31OwnershipOwnership-change filing
- 2026-03-31OwnershipOfficers'/major-shareholders' holdings report
- 2026-03-31OwnershipOfficers'/major-shareholders' holdings report
- 2026-03-26Disclosure
- 2026-03-25Disclosure
- 2026-03-25Shareholders' meeting notice
- 2026-03-17PeriodicAnnual business report
- 2026-03-17Audit 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.