005070KOSPI

Cosmo AM&T

46,250

-150 (-0.32%)

MA5
MA20
MA60

Adjusted prices rescale past bars with coefficients taken from the base prices the exchange itself published, correcting for corporate actions such as stock splits and reverse splits. Cash dividends are not reflected, and the risk measures on this page never use these adjusted figures.

Market capitalizationKRW 1T

Each day's close multiplied by the listed share count of this share class alone, sampled weekly. It is the figure for this issue only, not a combined total across common and preferred shares.

Overview

Summary

Cosmo AM&T is a KOSPI listed company established in 1967. The company is headquartered in Chungju, North Chungcheong Province.

The company produces cathode materials for secondary batteries, release films for MLCC, and toner. Its products are supplied to markets including electric vehicles, energy storage systems, and small IT devices. The company operates production facilities in Chungju and Ulsan.

Business overview as filed

당사는 충주, 울산 사업장에서 제품을 생산하고, 제품 판매는 충주사업장을 통해 진행하고 있습니다. 공시 대상 사업장은 충주, 울산 사업장이며, 부문별 자산 및 부채를 구분하지 않았습니다.

기타 상세한 사항은 재무에 관한 사항의 요약 재무정보 또는 재무제표를 참조하 시기 바랍니다. 회사가 영위하고 있는 주요 생산제품은 EV, ESS 등의 배터리 주요 소재인 이차전지 양극활물질, MLCC 제조공정에 사용되는 이형필름, 복사기, 프린터기 등에 사용되는토너 입니다. 이중 회사의 주력 제품은 이차전지 양극활물질이며 그 다음이 이형필름입니다. 전체 매출에서 차지하는 비율은 이차전지 양극활물질 71.8%, 이형필름 25.3%, 토너 2.9%입니다. 회사는 매출의 41.7%를 수출로 인식하고 있습니다. 이차전지용 양극활물질은 이차전지의 주요 4대 소재 중 하나로 이차전지 전체 원가의 약 40% 이상 차지하며, 출력, 에너지 밀도(용량), 수명, 안정성 등 이차전지의 성능을 좌우하는 중요한 요소입니다. 양극활물질은 이차전지의 핵심 소재로서 다양한 산업 및 분야에 사용됩니다.주요 적용 분야로는 소형 IT기기, 전기차, 에너지 저장 시스템(ESS), 전동 공구 등이 있으며, 특히 전기차와 ESS 시장의 빠른 성장은 양극활물질 수요의 급격한 증가를 이끌고 있습니다. 또한 글로벌 휴머노이드 로봇 시장이 빠르게 확산되며 본격적인양산, 상용화 국면에 진입하고 있으며, 중장기적으로 "로봇 + AI + 서비스" 산업이폭발적으로 늘면서 시장이 급격히 커질 것으로 전망하고 있습니다. 휴머노이드 로봇 시장의 확산은 휴머노이드 로봇용 배터리 수요의 증가로 이어지며, 이로 인해 양극활물질의 수요 또한 증가할 전망입니다. 당사는 2007년 소형 IT기기에 사용되는 LCO 양극활물질 생산을 시작으로 이차전지시장에 진입했습니다. 그 후, 축적된 제조 및 품질 관리 기술, 차별화된 단결정 양극활물질 제조 기술을 바탕으로 IT 기기뿐만아니라 전기차, ESS, 전동공구,휴머노이드 로봇 등에 적용될 고밀도ㆍ고출력 양극활물질 양산 및 판매로 전환하여 시장 점유율을 확대할 계획입니다.

MLCC용 이형필름은 전방 산업의 지속적 확대 추세에 맞추어 2021년 3공장을 증설하였지만, 2022년 하반기부터 인플레이션, 중국 제로코로나 정책 등 글로벌 경기악화로 인한 IT기기 수요 감소로 생산 및 매출이 감소 하였습니다. 2024년까지 IT, 산업 전장 수요 정체가 지속되었지만, 2025년 이후 AI 시장의 확대에 따른 수요 회복을 전망하고 있습니다.

Company overview

가. 연결대상 종속회사 개황

연결대상 종속회사 현황(요약)

가-1. 연결대상회사의 변동내용

나. 회사의 법적, 상업적 명칭

당사의 명칭은 '코스모신소재 주식회사'라고 표기합니다. 또한 영문으로는 COSMO ADVANCED MATERIALS & TECHNOLOGY CO.,LTD. 라 표기합니다.

다. 설립일자 및 존속기간

당사는 1967년 설립되었으며, 1987년 9월 28일 한국거래소에 상장한 주권상장법인입니다.

라. 본사의 주소, 전화번호, 홈페이지 주소

- 주소 : 충청북도 충주시 충주호수로 36(목행동)- 대표 전화번호 : 043-850-1114- 홈페이지 : http://www.cosmoamt.com

마. 중소기업 등 해당 여부

바. 회사의 주권상장(또는 등록ㆍ지정) 및 특례상장에 관한 사항

사. 주요 사업의 내용

당사는 MLCC용 이형필름, 이차전지용 양극활물질, 재생용 토너를 본점인 충주공장에서 생산하고 있으며, 지점인 울산공장에서는 양극활물질의 주 원료인 전구체를 생산하고 있습니다.MLCC용 이형필름은 PET Film에 실리콘 이형액을 박막 코팅하여, 표면을 미끄럽게 만든 필름을 총칭하는 것으로, 점착 테이프 부착용, Ceramic chip 제조공정의 공정이송용 등으로 사용되는 필름을 말하며, 최종에는 박리되어 버려지는 소모성 제품입니다.이차전지용 양극활물질은 리튬 이차전지의 양극에 사용되는 층상물질로 전지의 충/방전에 핵심적인 역할을 하는 4대 소재 중 가장 핵심이 되는 원료입니다.토너는 정전기 전하를 기반으로 화상을 형성하는 기술인 제로그라피가 적용된 레이저 복합기, 프린터 ,팩시밀리 등에 인쇄를 위해 공급되는 재료입니다.

Transcribed verbatim from the sentences the filer wrote in the fiscal 2025 business report (received 2026.06.02), tables and figures omitted.

The summary is written separately from the filed text and is not the filer's wording, so it may phrase things differently from or omit parts of the original, which is shown alongside for checking.
The company introduction reproduces the sentences the filer wrote in its business report, with tables, figures and the sentences that point to other sections of the report omitted, and the accuracy of their content has not been separately verified.

VaR

6.58%

[4.79%, 9.37%] · As of 2026-10-02

VaR by window

The headline's measure for each of the three windows on one scale, the dot being the estimate and the bar its interval. The windows are nested and share their observations, so the three readings are not three independent measurements. The selected window is highlighted.

Daily return distribution

The issue's daily returns over the chosen window counted into equal-width bins. The vertical lines mark the VaR and cVaR above on the loss side. The published VaR sample applies exclusion rules for halts and first sessions that this raw daily series does not, so the bars and the marks can differ slightly at the edges.

Drawdown

Deepest drawdown 57.3% (2026-07-30). How far below its previous peak the issue stood each day over the chosen window, a description of the path already travelled.

If these numbers are unfamiliarThere is a guide that walks through VaR, cVaR and annualized volatility in plain language.Read the guide

Characteristic line

0.74

Beta [0.58, 0.91] · KOSPI200 · As of 2026-10-08

Intercept: -0.150%[-0.655%, +0.355%]
R squared: 0.33
Observations: 252
Trading-time corrected beta: 0.80[0.50, 1.09]

252-day rolling beta

A 252-day window rolled one day at a time over the longest daily span of the characteristic line. It shows when the beta against the KOSPI200 and the annualized volatility of the issue's excess return rose and fell, and unlike the headline figures above it carries no interval.

252-day rolling annualized volatility

Each point is one period's index excess return and issue excess return, and the line is the regression fitted to those points. The risk-free rate is the certificate of deposit rate.

Beta summarizes by regression how far the issue's return moved together with the KOSPI200 or KOSDAQ150 index return, and the index is only a stand-in for the whole market.
The intercept is the average excess return the index does not explain, and when the interval shown beside it contains zero it cannot be told apart from zero.
Beta and the intercept are computed from the sample of the chosen window and frequency and are not values for the period ahead.
At the daily frequency a beta corrected for differences in trading times is shown alongside, and the gap between the two shows how much later than the index the issue's trades are reflected.

Financials

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	TTM
RevenueKRW 100M	1,334	1,903	3,146	5,340	2,439	2,043	3,059	4,856	6,296	5,697	4,563	4,827
Revenue growth%	—	42.61	65.34	69.74	-54.33	-16.26	49.76	58.75	29.65	-9.51	-19.91	—
Operating incomeKRW 100M	-70	50	85	151	-36	124	218	325	323	250	24	63
Operating income growth%	—	—	68.32	78.70	-123.90	—	75.21	49.02	-0.46	-22.65	-90.49	—
Net incomeKRW 100M	-247	14	82	104	-18	117	180	277	270	176	-5	-71
Net income growth%	—	—	493.69	27.03	-117.23	—	53.36	53.89	-2.39	-34.73	-102.96	—
Attributable to owners	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable
Attributable to minorities	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable
Operating margin%	-5.27	2.65	2.69	2.84	-1.48	6.09	7.12	6.69	5.13	4.39	0.52	1.31
Net margin%	-18.52	0.73	2.61	1.96	-0.74	5.75	5.88	5.70	4.29	3.10	-0.11	-1.46
ROE	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable
ROA%	-11.10	0.60	4.16	4.40	-0.68	3.24	5.16	6.14	4.02	2.25	-0.07	-0.82
Debt ratio%	357.42	347.04	166.68	168.84	75.26	104.93	69.62	79.66	40.50	58.32	45.14	58.30
Current ratio%	58.91	65.09	52.64	68.70	131.07	103.54	144.76	138.52	182.75	106.72	88.59	168.42
Quick ratio%	48.60	47.96	22.56	37.23	99.68	82.64	85.57	106.38	80.28	49.17	49.12	130.22
Reserve ratio%	-48.19	-44.89	-29.12	291.26	379.03	413.49	493.58	631.49	1,289.64	1,341.66	1,330.07	1,429.58
Free cash flowKRW 100M	100	91	-132	-141	-87	-299	-150	-197	-1,310	-1,789	924	—
FCF margin%	7.49	4.81	-4.19	-2.64	-3.55	-14.66	-4.91	-4.05	-20.81	-31.40	20.25	—
OCF conversion%	—	772.15	-15.16	93.08	—	-16.01	144.70	1.97	-106.83	51.42	—	—
Capex to revenue%	0.07	0.82	3.79	4.46	3.57	13.74	13.42	4.16	16.22	32.99	10.05	—
Receivable daysdays	—	26.4	19.0	17.5	41.5	64.2	52.2	59.0	53.8	62.4	75.1	—
Inventory daysdays	—	38.9	34.5	23.8	46.2	57.3	54.8	41.2	68.4	113.0	101.6	—
Payable daysdays	—	36.3	34.1	27.5	51.6	73.0	56.0	43.5	60.3	76.1	73.5	—
Cash conversion cycledays	—	29.0	19.3	13.8	36.1	48.5	51.0	56.7	61.8	99.3	103.3	—
EPSKRW	-1,649	92	526	543	-80	401	604	912	861	543	-16	—
PERx	—	56.09	29.37	31.95	—	49.00	76.41	56.80	171.08	94.84	—	—
BPS	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable
PBR	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable
Dividend per share	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable

Separate basis

Profit flowKRW 100M

This fiscal year shows a loss at gross profit, operating income, profit before tax or net income, so it is left to the table rather than drawn as a flow.

This diagram traces where revenue goes at each step on its way to net income, using the filed amounts as they are. The non-operating result is taken as the difference between profit before tax and operating income and is shown as income or expense by its sign, and whatever a step's items leave unexplained is shown separately as other.

Revenue compositionKRW 100M

Margins%

Cash flow by activityKRW 100M

Balance sheet compositionKRW 100M

Debt ratio%

The left bar splits assets into current and non-current and the right bar splits the financing of those assets into liabilities and equity, so the two bars stand at the same height.

Quarterly resultsKRW 100M

Year-on-year growth%

Each quarterly bar is that quarter's three months and is never mixed with an annual figure. The growth rate is computed only where the same quarter a year earlier is also shown here, and is left blank when the base was a loss.

Cash conversion cycledays

Free cash flow breakdownKRW 100M

Inventory days and receivable days stack upward, payable days hang downward, and the cash conversion cycle they net to is drawn as the line. Each day count uses the average balance with the prior year, so the oldest year is not drawn. A day count whose line was not filed is left out, and the cycle is shown only for years that carry all three.

Free cash flow is cash from operating activities less spending on property, plant and equipment, and all three bars keep the sign as filed.

Owners' net margin%

Asset turnoverx

Financial leveragex

ROE%

ROE is the product of the owners' net margin, asset turnover and financial leverage. All three use period-end balances as denominators, and profit and equity are on the owners' basis, so the product matches the ROE in the table.

Financial statements

Balance sheet

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
	2,226	2,297	1,977	2,373	2,648	3,623	3,485	4,513	6,727	7,845	7,211
	771	911	540	753	1,010	1,540	1,193	2,088	2,955	2,884	1,872
Cash and cash equivalentsKRW 100M	47	69	31	83	306	224	200	341	604	20	350
InventoriesKRW 100M	135	240	309	345	242	311	488	485	1,657	1,555	834
Trade and other receivablesKRW 100M	140	135	192	321	234	484	391	1,180	674	1,273	605
	1,455	1,386	1,436	1,620	1,638	2,083	2,292	2,425	3,772	4,961	5,339
Property, plant and equipmentKRW 100M	1,439	1,382	1,411	1,569	1,559	1,972	2,234	2,331	3,680	4,859	5,230
Intangible assetsKRW 100M	13	4	6	7	7	9	12	10	22	19	17
Investments in associatesKRW 100M	—	—	11	25	21	21	24	50	40	50	75
	1,739	1,783	1,236	1,491	1,137	1,855	1,430	2,001	1,939	2,890	2,243
	1,308	1,400	1,026	1,096	770	1,487	824	1,508	1,617	2,702	2,113
Trade and other payablesKRW 100M	131	219	325	431	224	479	336	692	1,197	966	762
Short-term borrowingsKRW 100M	1,097	967	614	642	513	439	425	650	248	1,577	1,267
Current portion of long-term borrowingsKRW 100M	49	141*	12	9	9	107	21	97	121	—	—
Current lease liabilitiesKRW 100M	—	—	—	—	2	2	1	4	4	4	3
	431	383	209	394	366	368	607	494	322	188	129
Long-term borrowingsKRW 100M	49	37	25	116	107	185	300	333	181	60	—
Non-current lease liabilitiesKRW 100M	—	—	—	—	2	1	1	10	7	5	2
	487	514	741	883	1,511	1,768	2,054	2,512	4,788	4,955	4,968
	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable
Issued capitalKRW 100M	749	754	927	197	292	292	301	307	325	325	325
Capital surplusKRW 100M	62	83	79	846	1,114	1,068	1,206	1,351	3,376	3,376	3,376
Retained earningsKRW 100M	-423	-421	-349	-271	-5	141	279	585	817	986	948
Accumulated other comprehensive incomeKRW 100M	98	98	84	82	81	238	240	241	241	240	291
Other equityKRW 100M	—	—	—	29	29	29	29	29	29	29	29
Non-controlling interestsKRW 100M	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable

기타유동금융자산As filed	—	—	—	—	200	13	—	50	16	16	52
당기손익-공정가치 측정 금융자산As filed	—	—	—	—	—	—	30	29	—	—	—
기타금융자산As filed	—	0	—	—	—	—	—	—	—	—	—
기타유동자산As filed	30	22	9	5	28	508	84	4	4	19	31
기타비유동자산As filed	—	0	8	19	—	5	3	3	3	3	5
매각예정비유동자산As filed	419	445	—	—	—	—	—	—	—	—	—
사용권자산As filed	—	—	—	—	5	4	3	15	12	9	5
기타비유동금융자산As filed	1	—	—	—	18	40	17	16	15	21	6
매도가능금융자산As filed	2	0	—	—	—	—	—	—	—	—	—
이연법인세자산As filed	—	—	—	—	28	32	—	—	—	—	—
유동성전환사채As filed	—	—	66	—	—	94	—	—	—	—	—
유동성장기미지급금As filed	21	22	5	7	16	11	4	6	1	2	—
기타유동부채As filed	9	51	4	5	6	342	14	15	18	—	15
당기법인세부채As filed	—	—	1	2	—	4	10	30	22	16	1
자본과부채총계As filed	—	—	1,977	2,373	2,648	3,623	—	—	—	7,845	7,211
자본및부채총계As filed	2,226	2,297	—	—	—	—	3,485	4,513	6,727	—	—
장기미지급금As filed	34	12	6	7	15	9	11	7	8	9	—
전환사채As filed	119	98	—	83	88	—	133	—	—	—	—
기타유동충당부채As filed	—	—	—	—	—	10	13	14	5	5	5
유동성장기차입금As filed	—	—	—	—	—	—	—	—	—	121	60
신주인수권부사채As filed	0	0	—	—	—	—	—	—	—	—	—
퇴직급여부채As filed	—	—	157	—	—	—	—	—	—	—	—
퇴직급여채무As filed	169	177	—	—	—	—	—	—	—	—	—
기타장기종업원급여부채As filed	—	—	—	—	—	8	7	5	7	7	8
기타충당부채As filed	6	5	5	5	8	—	—	2	—	—	8
순확정급여부채As filed	—	—	—	—	—	164	143	90	101	83	104
이연법인세부채As filed	53	53	15	13	—	—	1	46	17	23	7
파생상품부채As filed	—	—	—	17	—	—	10	—	—	—	—
기타 유동부채As filed	—	—	—	—	—	—	—	—	—	12	—
확정급여부채As filed	—	—	—	153	145	—	—	—	—	—	—
기타비유동부채As filed	—	—	—	—	—	—	—	—	—	0	0
장기기타채무As filed	—	—	—	—	—	1	—	—	—	—	—

Income statement

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
	1,334	1,903	3,146	5,340	2,439	2,043	3,059	4,856	6,296	5,697	4,563
Cost of salesKRW 100M	1,294	1,756	2,906	5,014	2,318	1,759	2,659	4,310	5,714	5,188	4,291
Gross profitKRW 100M	41	146	240	326	122	283	400	546	582	509	272
SG&A expensesKRW 100M	111	96	156	174	158	159	182	221	259	259	248
	-70	50	85	151	-36	124	218	325	323	250	24
Finance incomeKRW 100M	26	55	35	22	31*	39	43	123	119	98	153
Finance costsKRW 100M	127	129	84	61	54*	72	52	115	163	137	207
Other incomeKRW 100M	-82	38*	40	14	9	11	17	24	23	58	18
Other expensesKRW 100M	Not applicable	Not applicable	30	23	6*	19	3	4	3	58	9
Share of profit of associatesKRW 100M	—	—	—	—	-4	—	—	—	—	—	—
	-253	14	46	105	-59	81	224	356	290	200	-19
Income tax expenseKRW 100M	-6	0	-36	0	-41	-37	44	79	20	23	-14
	-247	14	82	104	-18	117	180	277	270	176	-5
Attributable to ownersKRW 100M	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable
Attributable to minoritiesKRW 100M	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable
Basic earnings per shareKRW	-1,649	92	526	543*	-80	401	604	912*	861	543	-16
Diluted earnings per shareKRW	-1,649	92	493	540*	-80	401	604	912*	861	543	-16
	-236	1	58	74	-6	257	181	307	232	168	16
Other comprehensive incomeKRW 100M	11	-13	-24	-31	12	140	1	30	-38	-9	22

관계기업투자 관련 손익As filed	—	—	—	—	—	—	—	—	—	-8	1
공동기업투자 관련 손익As filed	—	—	—	—	—	-3	1	3	-9	-3	—
지분법이익As filed	—	—	—	0	—	—	—	—	—	—	—
당기손익으로 재분류되지 않는항목As filed	—	—	-24	-29	13	—	—	—	—	—	—
후속적으로 당기손익으로 재분류되지 않는항목As filed	—	—	—	—	—	138	-1	32	-38	—	—
확정급여제도의 재측정요소As filed	—	—	-24	-29	13	-17	-1	29	-38	-14	-37
당기손익으로 재분류되지 않는 세후기타포괄손익As filed	11	-13	—	—	—	—	—	—	—	—	—
후속적으로 당기손익으로 재분류되는 항목As filed	—	—	—	—	—	—	2	-2	0	4	8
지분법자본변동As filed	—	—	—	—	—	2	2	-2	0	4	8
재평가차액As filed	-0	0	—	—	—	—	—	—	—	—	—
후속적으로 당기손익으로 재분류되지 않는 항목As filed	—	—	—	—	—	—	—	—	—	-13	14
보험수리적손익As filed	12	-13	—	—	—	—	—	—	—	—	—
토지의 재평가차익As filed	—	—	—	—	—	154	—	—	—	—	—
토지재평가차익As filed	—	—	—	—	—	—	—	3	—	0	50
당기손익으로 재분류 되는 항목As filed	—	—	—	-2	-1	—	—	—	—	—	—
지분법이익잉여금변동As filed	—	—	—	—	—	—	—	—	—	—	-0
해외사업환산손익As filed	—	—	—	-2	-1	—	—	—	—	—	—
후속적으로 당기손익으로 재분류 되는 항목As filed	—	—	—	—	—	2	—	—	—	—	—

Cash flow statement

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Net incomefrom the income statement	-247	14	82	104	-18	117	180	277	270	176	-5
Total adjustments to operating cash flowcomputed	348	93	-95	-7	18	-136	80	-272	-559	-86	1,388
	101	107	-12	97	0	-19	260	5	-289	91	1,382
Interest receivedKRW 100M	0	0	0	0	1	6	6	5	12	4	8
Interest paidKRW 100M	60	56	44	25	31	18	13	22	36	6	62
DepreciationKRW 100M	88	79	77	83	106	—	—	—	—	—	—
AmortisationKRW 100M	1	1	1	1	1	—	—	—	—	—	—
Income taxes paidKRW 100M	-0	-0	0	1	2	3	7	15	47	20	23
	43	5	356	-260	-287	-154	-440	-198	-954	-1,835	-588
Purchase of property, plant and equipmentKRW 100M	1	16	119	238	87	281	410	202	1,021	1,880	458
Proceeds from sale of property, plant and equipmentKRW 100M	12	10	35	6	1	0	0	0	Not applicable	67	2
Purchase of intangible assetsKRW 100M	0	Not applicable	0	0	0	3	Not applicable	0	14	Not applicable	Not applicable
	-157	-90	-381	217	510	91	155	336	1,506	1,160	-462
Acquisition of treasury sharesKRW 100M	—	—	—	2	—	—	—	—	—	—	—
Issue of sharesKRW 100M	—	—	—	—	624	—	—	—	2,044	—	—
Cash at beginning of periodKRW 100M	60	47	69	31	83	306	224	200	341	604	20
	47	69	31	83	306	224	200	341	604	20	350
Effect of exchange rate changesKRW 100M	0	0	-1	-2	-1	-0	0	-3	-0	0	-3
Net change in cash and cash equivalentsKRW 100M	-13	22	-38	52	223	-81	-24	140	263	-584	330

당기순이익(손실)As filed	-247	14	82	104	-18	—	—	—	—	—	—
리스부채의 상환As filed	—	—	—	—	2	2	2	3	5	4	4
영업에서 창출된(사용된) 현금흐름As filed	—	—	—	—	—	-4	274	38	-218	114	—
당기순이익조정을 위한 가감As filed	408	149	108	134	135	—	—	—	—	—	—
예치보증금의 감소As filed	—	—	—	—	—	—	11	—	—	—	—
이자비용As filed	76	68	62	28	36	—	—	—	—	—	—
기타비유동금융자산의 처분As filed	—	—	—	—	—	300	—	—	—	—	—
단기차입금의 증가As filed	—	1,318	1,451	—	—	—	—	—	—	2,763	1,807
단기차입금의 차입As filed	2,220	—	—	1,304	963	679	655	1,167	1,120	—	—
법인세비용As filed	—	—	—	0	—	—	—	—	—	—	—
퇴직급여As filed	21	19	20	23	26	—	—	—	—	—	—
대여금의 회수As filed	—	—	—	—	—	—	38	74	1	—	—
단기차입금의 상환As filed	2,200	1,457	1,796	1,275	1,090	748	671	936	1,522	1,476	2,144
대손상각비As filed	8	2	-1	-8	-4	—	—	—	—	—	—
장기대여금의 감소As filed	—	—	—	1	1	1	—	—	—	—	—
장기차입금의 상환As filed	0	—	—	—	—	—	—	—	31	—	—
장기차입금의 증가As filed	—	—	—	—	—	—	—	—	—	0	—
기타의 대손상각비As filed	—	—	-0	0	—	—	—	—	—	—	—
당기손익-공정가치 측정 금융자산의 처분As filed	—	—	—	—	—	117	—	30	197	—	—
정부보조금의 수령As filed	3	—	—	—	—	0	3	3	1	2	1
기타의대손상각비As filed	0	-0	—	—	—	—	—	—	—	—	—
미지급금의 증가As filed	—	—	—	—	—	—	1	2	3	—	—
사용권자산감가상각비As filed	—	—	—	—	2	—	—	—	—	—	—
외화환산손실As filed	1	15	5	4	4	—	—	—	—	—	—
유동성장기차입금의 상환As filed	—	—	—	—	—	9	117	21	-97	121	121
예수보증금의 감소As filed	—	—	—	—	—	—	—	—	—	-0	—
유형자산처분손실As filed	0	0	2	0	0	—	—	—	—	—	—
공동기업투자의 취득As filed	—	—	—	—	—	—	—	24	—	—	—
기타비유동금융자산의 취득As filed	—	—	—	—	—	100	—	—	—	—	—
임차보증금의 감소As filed	—	—	—	—	—	—	—	—	—	1	1
미착기계의비용대체As filed	0	—	—	—	—	—	—	—	—	—	—
유동성장기미지급금의 상환As filed	—	—	—	6	17	17	7	3	-7	—	—
기타유동금융자산의 취득As filed	—	—	—	—	—	—	—	50	—	—	—
대여금의 증가As filed	—	—	—	—	—	—	50	—	—	—	—
임차보증금의 증가As filed	—	—	—	—	—	—	0	1	-0	1	0
장기대여금의 증가As filed	—	—	—	—	—	60	—	—	—	—	—
전기오류수정손실As filed	—	—	—	1	—	—	—	—	—	—	—
당기손익-공정가치 측정 금융자산의 취득As filed	—	—	—	—	—	118	30	28	—	—	—
매도가능금융자산손상차손As filed	0	—	—	—	—	—	—	—	—	—	—
매출채권처분손실As filed	1	1	0	0	0	—	—	—	—	—	—
지분법손실As filed	—	—	—	—	4	—	—	—	—	—	—
무형자산손상차손As filed	4	—	—	0	0	—	—	—	—	—	—
재고자산평가손실As filed	-8	—	4	4	12	—	—	—	—	—	—
재고자산폐기손실As filed	—	4	7	3	2	—	—	—	—	—	—
대여금의 감소As filed	—	—	—	—	—	—	—	—	—	0	—
이자수익As filed	0	0	0	0	2	—	—	—	—	—	—
유형자산손상차손As filed	80	—	—	—	—	—	—	—	—	—	—
단기대여금의 회수As filed	—	—	—	—	—	—	—	—	—	—	60
예치보증금의 증가As filed	—	—	—	—	—	11	—	—	-1	-6	-21
외화환산이익As filed	3	4	8	1	2	—	—	—	—	—	—
전환사채의 발행As filed	—	—	—	—	—	—	150	—	—	—	—
기타유동금융자산의 처분As filed	—	—	—	—	—	—	—	—	50	—	—
당기손익인식금융자산의 처분As filed	—	—	—	—	—	—	—	—	—	0	—
무형자산의 취득As filed	—	—	—	—	—	—	—	—	—	2	1
법인세수익As filed	-6	—	-36	—	41	—	—	—	—	—	—
사채상환손실As filed	23	—	—	—	—	—	—	—	—	—	—
당기손익-공정가치인식금융자산의 취득As filed	—	—	—	—	—	—	—	—	166	—	—
매도가능금융자산처분손실As filed	5	—	—	—	—	—	—	—	—	—	—
장기차입금의 차입As filed	—	—	—	100	—	184	146	130	—	—	—
관계기업투자의 취득As filed	—	—	11	16	—	—	—	—	—	17	15
보증금의 증가As filed	0	—	1	12	3	0	—	—	—	—	—
유형자산처분이익As filed	10	8	1	4	1	—	—	—	—	—	—
단기대여금의 증가As filed	—	—	—	—	—	—	—	—	—	—	155
당기손익인식금융자산의 취득As filed	—	—	—	—	—	—	—	—	—	0	—
파생부채평가손실As filed	—	—	—	—	2	—	—	—	—	—	—
매각예정비유동자산손상차손환입As filed	—	-20	15	—	—	—	—	—	—	—	—
잡이익As filed	—	—	8	—	—	—	—	—	—	—	—
무형자산의 처분As filed	—	8	—	—	—	—	—	—	0	—	—
영업활동으로인한자산ㆍ부채의변동As filed	—	—	-159	-115	-85	—	—	—	—	—	—
전환권행사As filed	—	—	—	—	—	—	-0	-0	—	—	—
매도가능금융자산처분이익As filed	—	-0	—	—	—	—	—	—	—	—	—
매출채권의 감소(증가)As filed	44	20	-50	-70	63	—	—	—	—	—	—
장기미지급금의 증가As filed	0	—	13	9	41	5	—	—	—	—	—
지분법이익As filed	—	—	—	0	—	—	—	—	—	—	—
영업에서 창출된 현금흐름As filed	—	—	—	—	—	—	—	—	—	—	1,459
미수금의 감소(증가)As filed	9	-14	-9	-11	26	—	—	—	—	—	—
파생부채평가이익As filed	—	—	—	1	9	—	—	—	—	—	—
기타유동자산의 감소(증가)As filed	30	8	13	4	-23	—	—	—	—	—	—
기타의 대손충당금환입As filed	—	—	—	—	0	—	—	—	—	—	—
재고자산의 감소(증가)As filed	104	-109	-80	-83	90	—	—	—	—	—	—
매입채무의 증가(감소)As filed	-48	75	63	129	-190	—	—	—	—	—	—
미지급금의 증가(감소)As filed	-11	-5	0	-24	-30	—	—	—	—	—	—
미지급비용의 증가(감소)As filed	-6	-0	16	-5	-2	—	—	—	—	—	—
기타유동부채의 증가(감소)As filed	2	42	-47	1	1	—	—	—	—	—	—
퇴직금의 지급As filed	9	16	-47	—	—	—	—	—	—	—	—
퇴직보험예치금등의감소(증가)As filed	2	-8	-17	-43	-16	—	—	—	—	—	—
장기대여금및수취채권의 처분As filed	—	—	1	—	—	—	—	—	—	—	—
기타충당부채의 증가(감소)As filed	-4	-0	—	—	2	—	—	—	—	—	—
매도가능금융자산의 처분As filed	—	2	1	—	—	—	—	—	—	—	—
단기금융상품의 처분As filed	—	9	—	—	—	—	—	—	—	—	—
매각예정비유동자산의처분As filed	—	—	460	—	—	—	—	—	—	—	—
장기대여금및수취채권의 취득As filed	—	—	8	—	—	—	—	—	—	—	—
퇴직금의지급As filed	—	—	—	-12	-5	—	—	—	—	—	—
유동매도가능금융자산의 취득As filed	—	—	1	—	—	—	—	—	—	—	—
보증금의 감소As filed	0	1	—	—	0	—	—	—	—	—	—
단기금융상품의 취득As filed	—	9	—	—	—	—	—	—	—	—	—
장기금융상품의 감소As filed	0	—	—	—	—	—	—	—	—	—	—
매도가능증권의 처분As filed	32	—	—	—	—	—	—	—	—	—	—
전환사채의발행As filed	0	113	—	—	—	—	—	—	—	—	—
단기금융상품의 증가As filed	—	—	—	—	200	—	—	—	—	—	—
매도가능증권의 취득As filed	0	—	—	—	—	—	—	—	—	—	—
정부보조금의 수취As filed	—	4	—	—	—	—	—	—	—	—	—
신주인수권의행사As filed	0	5	—	—	—	—	—	—	—	—	—
유동성장기부채의상환As filed	60	49	12	—	—	—	—	—	—	—	—
유동성장기미지급금의상환As filed	12	24	35	—	—	—	—	—	—	—	—
전환사채의 증가As filed	—	—	—	100	—	—	—	—	—	—	—
장기미지급금의 감소As filed	—	—	2	—	—	—	—	—	—	—	—
신수인수권부사채발행As filed	0	—	—	—	—	—	—	—	—	—	—
유동성장기부채의 상환As filed	—	—	—	12	9	—	—	—	—	—	—
감자로 인한 현금유출As filed	—	—	—	0	—	—	—	—	—	—	—
전환사채의상환As filed	85	—	—	—	—	—	—	—	—	—	—
신주인수권부사채의상환As filed	22	—	—	—	—	—	—	—	—	—	—

In the latest fiscal year cash generated by operations covered both investing outflows and financing outflows.

A year whose own filing is absent is filled from the restated comparative in the following filing, and is marked as such. Operating indicators outside the statements, such as order backlogs, and audit opinions are not covered here, and per-share figures follow the filed values without retroactive adjustment for share splits.

Transcribed verbatim from the sentences the filer wrote in the fiscal {year} business report (received {date}), with tables, figures and cross-references to other sections omitted.

The newest annual filing shown was received on 2026.06.02.

Audit opinion

Fiscal year	Opinion	Auditor	Fiscal year end
2025	적정의견Term 59	태일회계법인	2025-12-31
2024	적정의견Term 58	태일회계법인	2025-12-31
2023	적정의견Term 57	진일회계법인	2025-12-31
2022	적정Term 56	진일회계법인	2022-12-31
2021	적정Term 55	진일회계법인	2022-12-31
2020	적정Term 54	이촌회계법인	2022-12-31
2019	적정Term 53	정일회계법인	2019-12-31
2018	적정Term 52	정일회계법인	2019-12-31
2017	적정Term 51	예일회계법인	2019-12-31
2016	적정Term 50	예일회계법인	2016-12-31
	적정Term 49	예일회계법인	2016-12-31
	적정Term 48	정일회계법인	2016-12-31

The auditor's name and the opinion are transcribed verbatim from the filed audit report, and the wording follows the filer. A fiscal year shown twice means the filing carried two entries that the source does not distinguish.

Korean audit opinions come in four kinds, where an unqualified opinion (적정) finds the statements fairly presented, a qualified opinion (한정) does so except for a stated matter, an adverse opinion (부적정) finds them not fairly presented, and a disclaimer of opinion (의견거절) means the auditor could not obtain enough evidence to form a view.

Valuation

Valuation multiplesx

PER and PBR divide each period's closing price by the per-share figure filed for that same period, and a loss period is left blank. The quarterly view is a multiple of quarterly EPS.

PER bandKRW

The price is the adjusted close and each band line multiplies the EPS of the latest completed fiscal year by a fixed multiple. The previous year's EPS stays in force until the next fiscal year ends, and the multiples divide the range between the lowest and highest annual PER on record into equal steps.

Valuation models

Five models priced under one set of assumptions, set beside the current price, with how each has moved by fiscal year.

Assumptions

Risk-free rate10-year treasury yield · 2026-10-084.40%

BetaDaily 5Y0.87

Equity risk premium%

Terminal growth%

Cost of equity8.74%

Weighted average cost of capital8.44%

Initial growth2.0%

Effective tax rate0.0%

Base fiscal year2025

Current priceKRW46,250

The risk premium and the terminal growth rate are adjustable assumptions, and the rest follow from the data and the formulas.

Model	Model priceKRW	Versus current price
Gordon growth model	No dividend
Dividend discount model DDM	No dividend
Discounted cash flow FCFF	45,197	-2.3%
Discounted cash flow FCFE	25,803	-44.2%
Residual income model RIM	No book value or return on equity

The table prices the newest fiscal year's accounts at today's treasury yield and the current price.

Dividend and residual income familyKRW

Discounted cash flow familyKRW

Each fiscal year's figures use that year's accounts and the treasury yield at its period end, with beta held at its current value, and splits or par changes are restated to the current share basis.

How the figures are calculated

Each model's formula is shown in symbols and then with this issue's own numbers substituted, step by step. Changing a value in the assumptions panel changes the numbers here too. Firm-level amounts are in hundred million won and per-share values in won.

Cost of equity

r = r_f + \beta \times \mathit{ERP}

r = 4.40% + 0.87 × 5.00% = 8.74%

Initial growth

g_1 = \max\{\mathit{ROE} \times (1 - \text{payout}),\,0\},\qquad g_t = g_1 + (g_T - g_1)\,\frac{t-1}{N-1}

g_1 = g_T = 2.00%

Discounted cash flow FCFF

\mathit{FCFF}_0 = \mathit{CFO} - \mathit{CapEx} + \mathit{Int}\,(1-\tau),\qquad \mathit{WACC} = \frac{E}{D+E}\,r + \frac{D}{D+E}\,k_d\,(1-\tau)

Base-year cash flow FCFF

FCFF_0 = 1,382.3 − 458.5 + 61.7 × (1 − 0.00%) = 985.6 KRW hundred million

Weighted average cost of capital

E = 15,036.2, D = 1,267.4 KRW hundred million; equity weight = 92.23%, debt weight = 7.77%; cost of debt k_d = 4.87%

WACC = 92.23% × 8.74% + 7.77% × 4.87% × (1 − 0.00%) = 8.44%

V_{\text{firm}} = \sum_{t=1}^{N} \frac{\mathit{FCFF}_t}{(1+\mathit{WACC})^t} + \frac{\mathit{FCFF}_N (1+g_T)}{(\mathit{WACC} - g_T)\,(1+\mathit{WACC})^N},\qquad \mathit{FCFF}_t = \mathit{FCFF}_{t-1}(1+g_t),\qquad P_0 = \frac{V_{\text{firm}} - D + \text{Cash}}{\text{Shares}}

Year	Growth	Cash flow KRW hundred million	Discount factor	Present value KRW hundred million
1	2.00%	1,005.3	0.9222	927.0
2	2.00%	1,025.4	0.8504	872.0
3	2.00%	1,045.9	0.7842	820.2
4	2.00%	1,066.8	0.7232	771.5
5	2.00%	1,088.1	0.6669	725.7
Terminal value	2.00%	17,236.3	0.6669	11,495.0
Total				15,611.5

Firm value = 15,611.5; less borrowings 1,267.4; plus cash 349.8 → 14,693.9 KRW hundred million

P_0 = 14,693.9 KRW hundred million ÷ 32,510,756 (shares) = 45,197 KRW

Discounted cash flow FCFE

\mathit{FCFE}_0 = \mathit{CFO} - \mathit{CapEx} + \Delta D,\qquad P_0 = \frac{1}{\text{Shares}}\left[\sum_{t=1}^{N} \frac{\mathit{FCFE}_t}{(1+r)^t} + \frac{\mathit{FCFE}_N (1+g_T)}{(r - g_T)\,(1+r)^N}\right],\qquad \mathit{FCFE}_t = \mathit{FCFE}_{t-1}(1+g_t)

Base-year cash flow FCFE

FCFE_0 = 1,382.3 − 458.5 + -369.5 (net borrowing) = 554.4 KRW hundred million

Year	Growth	Cash flow KRW hundred million	Discount factor	Present value KRW hundred million
1	2.00%	565.4	0.9196	520.0
2	2.00%	576.7	0.8457	487.8
3	2.00%	588.3	0.7777	457.5
4	2.00%	600.0	0.7152	429.2
5	2.00%	612.0	0.6577	402.6
Terminal value	2.00%	9,262.0	0.6577	6,091.9
Total				8,388.9

P_0 = 8,388.9 KRW hundred million ÷ 32,510,756 (shares) = 25,803 KRW

The cost of equity is the risk-free rate plus beta times the equity risk premium. Initial growth is the newest fiscal year's return on equity times its retention ratio, floored at zero, and falls by equal steps from that value in the first year to the terminal rate in the fifth. Only the Gordon model grows at the terminal rate from the start. Discounted cash flow starts from operating cash flow less capital expenditure, where FCFF adds after-tax interest paid and discounts at the weighted average cost of capital, and FCFE adds net borrowing and discounts at the cost of equity. The residual income model adds to book value per share the present value of earnings above the equity charge.

A model price is the arithmetic outcome of the stated assumptions, and is neither a target price nor a basis for an investment decision.
The cost of equity is the risk-free rate plus beta times the equity risk premium, and the risk premium and the terminal growth rate are assumptions the reader may change.
The cash flow models take borrowings and cash only from years in which the filer itemized those lines, and a year without them yields no figure.
Every model assumes the newest fiscal year's figures grow at a rate that converges in equal steps from the first year's rate to the terminal rate by the fifth year, and paths outside that assumption are not represented.

Price chart