SK Eternix (475150) 🔎 In-depth
KOSPI · Price as of 2026-08-06 · Updated 2026-08-09
SK Eternix is Korea's largest private-sector developer of renewable power plants, directly developing, building and operating solar, onshore wind, fuel-cell and ESS (energy storage) facilities. Of its 2025 revenue of ₩385.6 billion, the renewable-energy segment accounted for ₩348.9 billion, or almost all of it. Its sales are a mix of EPC revenue from building plants and revenue from selling the electricity those plants produce, and with more than 1.3GW of offshore-wind projects in the pipeline, the volume that has yet to be completed matters more than current results. In Q1 2026 operating profit jumped sharply, but the bottom line was a net loss because of interest costs and early-stage equity-method losses at a US ESS project. The key point to watch is that the company pairs a genuine strength, operating capacity that grows every year and drives double-digit growth in revenue and operating profit, with a caution: because it builds plants with debt, results swing heavily with interest rates and with when projects reach completion.
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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 “Utilities & Environment” (Telecom & Utilities), a type typically read first through P/B.
Utilities and environmental firms run large asset bases — power plants, water systems, treatment facilities — under regulation with steady operations. Profit can move with rate rules and fuel costs, but the asset base reflects the real substance of the business, so price-to-book (P/B) — the price against asset value — is the first lens.
Price against assets alone says little about where the cycle stands. Reading it together with price against this year's expected earnings shows how far profits have recovered.
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
- Debt far exceeds equity (debt ratio 419.7%).
- Assets that can be turned to cash within a year fall short of near-term liabilities (current ratio 93.6%).
- Revenue rose 16.1% year over year, and the pace is holding steady (3-year trend: mixed).
- Most recent quarter (Q1 2026) revenue was 6.1% higher than a year earlier.
- ROE is 11.2% (controlling-interest basis). It is above the sector average.
- Operating margin is 14.7%.
- 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 SK Discovery 30.98% (corporate)
Controlling bloc incl. related parties 31.06%
With the controlling bloc holding 31%, the ownership structure is stable.
🔎 In-depth analysis Reading
SK Eternix develops, builds and operates renewable-power plants directly. It earns money along four lines: solar (about 180MW in operation), onshore wind (158MW in operation), fuel cells (about 129MW in operation) and ESS, which stores electricity and sells it back. Of 2025 revenue of ₩385.6 billion, the renewable-energy segment made up ₩348.9 billion, effectively almost all of it. The revenue mix combines EPC (engineering, procurement and construction) work from building plants with the sale of electricity from plants already built. On top of this, the company is developing more than 1.3GW of offshore wind, including Sinan Ui (390MW) and Incheon Gulup Island (755MW), which makes it a company whose future pipeline looms larger than its current earnings.
The latest close is ₩55,000 and the market capitalization is ₩1.9 trillion. The price sits above its 20-day moving average (₩53,718) and above its 60-day moving average (₩47,362). It holds above both its short- and medium-term moving averages, so the trend looks healthy. The RSI (a supplementary indicator that gauges the strength of gains versus losses over the past 14 days on a 0-100 scale) is 52.4, a neutral level. The one-month change is +28.2%, the three-month change is +0.5%, and the position relative to the 52-week high is -32.0%. Relative strength versus the KOSPI is 87 (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 87% of all stocks. Over the past three months it outpaced the index by 26.6%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
On the surface, the valuation looks expensive. The P/E (how many times one year's earnings the price represents) is 60.99x and the P/B (how many times book net assets) is 6.93x. But because this company builds its plant assets with debt, its financial metrics need to be read in parts. The debt ratio (debt against equity) is 482%, which is high. Heavy borrowing is typical for power-infrastructure companies, but the interest-coverage ratio (how many times operating profit can cover interest) of 1.4x is low and worth noting. Profitability is solid, with an ROE (annual return on equity) of 11.2% and an operating margin of 13.7%. On cash flow, net debt (total borrowings minus cash) is about ₩362.3 billion and the free-cash-flow yield (actual cash generated against market cap) is -2.2%. Right now the company is pouring cash into plant investment, so free cash flow is negative, which is a common picture for an infrastructure company in an expansion phase.
The top line is clearly expanding. In 2025 revenue rose 16.1%, operating profit 40.8% and net profit 37.3% year over year. The growth engine is the steady build-out of operating capacity in solar, wind and fuel cells. In Q1 2026 operating profit jumped sharply from a year earlier (about 4.6x). By contrast, the bottom line in the same quarter swung to a net loss of ₩5.1 billion. The reason was not weak operations but expansion funding: borrowing surged to build new plants, lifting interest costs, and a US ESS project in its early stages produced an equity-method loss. Going forward, newly completed solar, wind and fuel-cell capacity plus EPC revenue point toward lifting this year's results, though rising interest costs remain a variable for net profit. In an earnings inflection like this, the forward earnings basis is closer to reality than the trailing P/E.
Recent developments are best read through the disclosures. On May 14 the company filed its quarterly report and held an investor briefing to update on business progress. On May 29 it filed its large-business-group status and corporate-governance report, refreshing its position within the SK group's governance structure. From March to April there were filings on major shareholding and ownership changes and on decisions to provide collateral to third parties, disclosures that arise in the course of financing power projects. The real events for this company are the groundbreaking and completion of the projects under development. When the Uiseong Hwanghaksan wind farm (99MW) is completed, its onshore wind reaches 257MW, making it Korea's largest private onshore-wind operator, and the offshore-wind pipeline enters results stage by stage.
The strengths are clear. As Korea's largest private renewable-energy developer, it is one of the few companies that builds and operates solar, wind, fuel cells and ESS all on its own. Operating capacity grows each year, driving double-digit growth in revenue and operating profit, and the more than 1.3GW offshore-wind pipeline is a reservoir for future results. The cautions are equally clear. Because it builds plants with debt, the debt ratio is high, and when interest costs rise, net profit is squeezed even when operations are going well. Indeed, Q1 2026 operating profit surged, yet the bottom line was a net loss because of interest costs and early-stage equity-method losses at the US ESS project. In short, this company's results hinge heavily on interest rates and on when projects reach completion. When completions go smoothly and it can absorb financing costs, growth flows through to earnings; when completions slip or the interest burden grows, that earnings realization is pushed out.
🔎 Valuation vs peers Fairly valued
Compared against listed companies in renewable-energy generation and components, including neighboring fields such as solar modules (HD Hyundai Energy Solutions), wind towers (CS Wind) and fuel cells (Doosan Fuel Cell).
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| HD Hyundai Energy Solutions | 36.01x | 3.41x | 9.98% |
| CS Wind | 51.34x | 1.48x | -1.40% |
| Doosan Fuel Cell | — | 6.07x | -36.14% |
The headline P/E of 58.4x is higher than neighboring renewable-energy companies (solar modules in the mid-30s, wind towers in the low-50s). But because the company is in an earnings inflection where interest costs from building plants are depressing net profit, it is hard to label it overvalued on the trailing P/E alone. On a forward earnings basis the multiple falls, though it is still hard to call a clear discount to neighboring companies. This company's premium attaches less to results than to its pipeline (the large offshore-wind projects under development) and its growth. Accordingly, if completions proceed smoothly the premium is justified by growth, and if completions slip or financing costs mount it becomes a burden, so the fair-value range applies. As a power-infrastructure company, the P/E must always be read together with net debt and the interest-coverage ratio.
Price history Close · MA20 · MA60
The latest close is ₩55,000 and the market capitalization is ₩1.9 trillion. The price sits above its 20-day moving average (₩53,718) and above its 60-day moving average (₩47,362). It holds above both its short- and medium-term moving averages, so the trend looks healthy. The RSI (a supplementary indicator that gauges the strength of gains versus losses over the past 14 days on a 0-100 scale) is 52.4, a neutral level. The one-month change is +28.2%, the three-month change is +0.5%, and the position relative to the 52-week high is -32.0%. Relative strength versus the KOSPI is 87 (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 87% of all stocks. Over the past three months it outpaced the index by 26.6%. 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 +26.55% / 6M +129.13% / 12M +19.45%
Key metrics Computed vs sector median
Valuation
The P/E of 60.99x is above the sector median (6.86x). The P/B of 6.93x is above the sector median (0.47x). That said, this P/E is based on last year's (trailing) results. With recent quarterly earnings up sharply, the trailing P/E can look higher than it really is, so a precise read is best done on this year's expected (forward) earnings.
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 11.2%, above the sector average (5.0%). The operating margin is 14.7%. The debt ratio is 419.7%, so the financial structure is somewhat high.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | — | $233.3M | $270.9M | +16.10% |
| Operating profit | — | $26.4M | $37.2M | +40.81% |
| Net profit | — | $15.7M | $21.6M | +37.27% |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | — | — | — | $233.3M | $270.9M |
| Operating profit | — | — | — | $26.4M | $37.2M |
| Net profit | — | — | — | $15.7M | $21.6M |
| Revenue CAGR | 1-yr avg 16.10% | ||||
Revenue rose 16.1% year over year, and the three-year trend is 'mixed'. Operating profit rose 40.8% year over year. In the most recent quarter (Q1 2026), revenue was 6.1% higher than the same period a year earlier.
Latest quarterly results Source Q1 2026 · vs year-ago
Technical indicators Computed
What stands out
- ROE of 11.2% points to solid profitability.
- Revenue grew 16.1% year over year, a sign of growth.
Points to watch
- Debt far exceeds equity (debt ratio 419.7%).
- Assets that can be turned to cash within a year fall short of near-term liabilities (current ratio 93.6%).
- The price is high versus peers, so expectations already appear priced in.
Recent news & events searched · sourced
- 2026-05-14IRQ1 2026 quarterly report filed and investor briefing announced. Operating profit rose sharply year over year, but the bottom line swung to a net loss on higher interest costs from expanded borrowing and early-stage equity-method losses at a US ESS project.In the short term the net loss reflects expansion costs rather than weak operations. Over the medium term, the question is whether operating growth converts into earnings as new capacity is completed. Source
- 2026-05-29FilingCorporate-governance report and large-business-group status disclosed, refreshing the governance of the SK group's renewable-energy business.Confirms the stability of governance and group relationships. The direct impact on results is limited, but it shows the business's standing within the group. Source
- 2026-03-30UpdateDecision to provide collateral to a third party disclosed, with collateral pledged in the course of financing a power project.A sign that project financing is underway. At the same time, expanded borrowing and collateral lead to a heavier financial burden and higher interest costs. Source
- 2026-05-14EarningsIn 2025 the renewable-energy segment posted revenue of ₩348.9 billion and operating profit of ₩59.0 billion, growth of 14% in revenue and 39% in operating profit. Company-wide revenue was ₩385.6 billion and operating profit ₩53.0 billion.Confirms that capacity expansion is translating into top-line growth. The durability of that growth depends on the completion schedule of new projects. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| Q1 2026 net income (loss) | -₩5.1 billion | approx. ₩5.1 billion | Confirmed | link |
| 2025 company-wide revenue and operating profit | revenue ₩385.6 billion / operating profit ₩53.0 billion | revenue ₩385.6 billion, operating profit ₩53.0 billion | Confirmed | link |
| 2026 forward net profit estimate | approx. ₩35.0 billion(self-estimate) | — | Unverified | link |
Recent filings Source
- 2026-05-29Large-business-group status disclosure
- 2026-05-29Disclosure
- 2026-05-29Corporate governance report
- 2026-05-14Disclosure
- 2026-05-14PeriodicQuarterly report
- 2026-04-22Disclosure
- 2026-04-13OwnershipAmended filing
- 2026-04-07OwnershipLargest-shareholder ownership change report
- 2026-04-07OwnershipOwnership-change filing
- 2026-04-07OwnershipOwnership-change filing
- 2026-04-07OwnershipOwnership-change filing
- 2026-03-30Amended filing
📖 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.