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051910KOSPI

LG Chem

277,000
-2,000 (-0.72%)

Price chart

  • MA5
  • MA20
  • MA60
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

LG Chem was established on April 1, 2001, through a corporate split. The company is headquartered in Seoul and is listed on the KOSPI market.

The company operates in petrochemicals, advanced materials, and life sciences, and manages LG Energy Solution and FarmHannong. Its products include synthetic resins, battery materials, pharmaceuticals, and crop protection products. It supplies these through global networks and direct sales channels.

Business overview as filed

당사는 2025년말 기준으로 약 45조 9,322억원의 매출을 달성하였으며 각 사업부문별 매출액은 LG에너지솔루션 51.5%, 석유화학 사업부문 38.2%, 첨단소재 사업부문 5.7%, 생명과학 사업부문 2.9%, 공통 및 기타부문 1.6%로 구성되어 있습니다.

[석유화학 사업부문]

석유화학사업은 납사 등을 원료로 하여 에틸렌, 프로필렌, 부타디엔, 벤젠 등 기초유분을 생산하는 공업과 이를 원료로 하여 다양한 합성수지를 생산하는 공업을 포괄하는 사업으로 대규모 장치산업의 특징을 지니고 있습니다. 주요 제품으로는 PE, PVC, ABS, SAP, 합성고무 등이 있습니다. 친환경 소재 사업으로는 재생플라스틱인 PCR(Post Consumer Recycle) 제품 및 Bio납사를 적용한 Bio-SAP, PO, PVC, ABS 제품 등을 생산 및 판매 중에 있습니다.2025년은 동북아 지역 공급 과잉, Global 경기 둔화에 따른 시황 부진으로 주요 제품 수익성이 하락하였습니다. 다만, 반도체용 IPA, 자동차용 ABS, 고성능 SSBR 등 고부가 Application은 견조한 수익성을 창출하였고, 향후 글로벌 AI용 반도체 및 EV/SUV 시장의 지속적인 수요 성장을 통한 고부가 제품 매출 확대로 점진적인 수익성 개선을 전망하고 있습니다. 당사는 이러한 시장상황에 대응하여 범용 제품의 경쟁력 확보 및 효율화와 함께, 고부가/Sustainability 사업 육성을 지속 추진할 계획입니다.

[첨단소재 사업부문] 첨단소재사업은 IT/가전산업의 기술 변화와 자동차 경량화, 전기차 등 자동차산업의 트렌드에 맞춰 핵심 소재를 개발하고 생산, 판매하는 사업입니다. IT/가전, 자동차 산업의 빠른 기술 변화에 맞춰 기술 제품 개발 및 고객 맞춤형 전략을 추진하고 있습니다.2025년은 전지소재사업의 북미 고객 전동화 전략 변경에 따른 출하량 감소로 수익성이 감소하였습니다. 다만, 전자/엔지니어링 소재는 고부가 제품 판매 확대로 견조한 수익성을 유지하였습니다. 2026년에도 전방시장 업황 부진 및 Global 정책 불확실 상황 지속 전망되나, 다양한 포트폴리오를 기반으로 견조한 수익성 유지를 목표하고 있습니다. 전지소재 사업은 신규 수주 물량 확대를 통해 실적 개선을 목표하며, 생산 및 SCM 운영 최적화와 함께 중저가 및 차세대 전지용 양극재 등 신제품 개발 가속화를 추진하고 있습니다.

[생명과학 사업부문]

생명과학사업은 당뇨신약 '제미글로'를 비롯하여, 인간 성장호르몬제 '유트로핀', 관절염주사제 '시노비안', 류머티스 관절염 치료제 '유셉트', 5가혼합백신 '유펜타', 소아마비 백신 '유폴리오', 신장암 치료제 '포티브다' 등의 의약품을 생산 및 판매하는 사업입니다.2025년은 당뇨치료제, 성장호르몬, 백신 등 주요 제품의 안정적 매출 성장과 세계 최초 개발 경구용 희귀비만치료제 라이선스 아웃을 통한 매출 증대 및 수익성 개선이 있었습니다. 향후 주요 제품의 시장 지배력 강화와 해외 매출 비중 확대로 견조한 매출 성장과 글로벌 신약 개발 강화를 위한 R&D 투자 확대가 예상됩니다.

미충족 의료 수요가 존재하여 성장성이 큰 항암 영역과 오랜 연구개발 경험을 보유한 당뇨/대사 영역에 집중하고, 기반기술을 통해 카테고리 리더십을 확보하여 향후 혁신 신약을 글로벌 시장에서 상업화한다는 목표를 가지고 있습니다.

[LG에너지솔루션]당사는 전지 사업부문을 2020년 12월 1일자로 단순ㆍ물적분할하여 종속기업인 (주)LG에너지솔루션을 설립하였습니다.

LG에너지솔루션은 지속 가능한 미래를 위한 배터리 기술 개발을 핵심 전략으로 삼고 EV(Electric Vehicle), ESS(Energy Storage System), IT기기, 전동공구, LEV(Light Electric Vehicle) 등에 적용되는 전지 관련 제품의 연구, 개발, 제조, 판매하는 사업을 영위하고 있으며, 에너지솔루션 단일 사업부문으로 구성되어 있습니다. 국내는 물론 미국, 폴란드, 중국 등 세계 주요 거점에 생산, 판매, R&D 네트워크를 구축하고 전 세계를 대상으로 사업을 전개하고 있습니다. 또한, 국내 공장 및 해외 생산법인에서 제품을 생산하고, 제품 판매는 본사 및 해외 생산법인 또는 해외 판매법인을 통해 진행되며, 매출 대부분은 본사 및 해외 생산법인 직접 판매로 발생하고 있습니다.

LG에너지솔루션은 2025년 4분기 누계 약 23조 6,718억원의 연결 매출과 약 1조 3,461억원의 연결 영업이익을 기록하였습니다.

LG에너지솔루션은 끊임없는 배터리 연구개발과 신제품 출시 및 품질 혁신을 통해 에너지솔루션 산업을 대표하는 글로벌 기업으로 성장하였습니다. 중장기적 관점으로 EV용 배터리 시장은 EV 차량가격이 내연기관차와 동등한 수준까지 안정화되고, 주행거리/안전성 등의 우려가 해소되며 성장 모멘텀이 지속될 것으로 예상됩니다. 또한, ESS 시장은 신재생에너지의 보급 확산과 빅테크, AI 기업들의 전력수요로 안정적인 성장이 전망됩니다. EV와 ESS 외에도 신사업 영역의 확대로 당사 배터리 수요는 지속적으로 증가할 것으로 예상됩니다.

LG에너지솔루션은 향후 고성장이 예상되는 배터리 시장에서 선두 기업으로 영속하기 위해 집중적인 R&D 투자를 통해 철저히 미래를 준비하고, 제품 안전성 강화 및 품질 향상으로 고객별/포트폴리오별 최적의 솔루션을 도출할 것입니다. 또한, 글로벌 Operation 경쟁력을 확보하여 고객에게 안정적으로 물량을 공급하고 Sustainability 추진을 지속해 나가고자 합니다.LG에너지솔루션은 앞으로도 친환경 기술 개발을 경영 전략의 핵심으로 삼아, 지속가능성과 기업 경쟁력을 함께 견인해 나가는 기업이 되도록 노력하겠습니다.

[공통 및 기타부문]

당사의 종속회사 (주)팜한농은 작물보호제, 종자, 비료 등의 제조 및 판매를 주요 사업으로 하고 있습니다. 작물보호사업은 고부가가치 제품 및 친환경 제품 개발, 종자 분야에서는 미래 식량 산업의 경쟁력 확보를 위해 다양한 유전자원 확보 및 고부가 신품종 개발을 지속적으로 추진하고 있으며, 비료사업에서는 특수비료 중심으로 사업구조를 전환 중에 있습니다. 2025년은 비료 화공 사업 철수에도 불구하고, 작물보호제 내수 판매 확대 및 종자 수익구조 개선으로 전년과 유사한 수익성을 창출하였습니다. 향후 작물보호제 해외 판매 확대 및 종자 수익구조 개선될 것으로 전망됩니다.

Company overview

가. 회사의 법적ㆍ상업적 명칭

- 국문 : 주식회사 엘지화학- 영문 : LG CHEM, LTD.

나. 설립일자 및 존속기간

- 2001년 4월 1일 기존의 (주)LG화학에서 분할되어 신설되었습니다.

다. 본사의 주소, 전화번호, 홈페이지 주소

- 서울특별시 영등포구 여의대로 128 LG트윈타워 (전 화) 02-3773-1114 (홈페이지) http://www.lgchem.com

라. 주요 사업의 내용 및 향후 추진하려는 신규사업

연결회사는 석유화학사업, 첨단소재사업, 생명과학사업, LG에너지솔루션을 영위하고 있습니다. 또한 작물보호제, 종자 및 비료 등을 제조, 판매하는 (주)팜한농 사업을 운영하고 있습니다. 당사는 2020년 12월 1일자로 전지사업부문을 단순·물적분할하여 종속회사인 (주)LG에너지솔루션을 설립하였습니다.

마. 연결대상 종속회사 개황(요약)

(당기 연결대상회사의 변동내용)

바. 중소기업 등 해당 여부

사. 신용평가에 관한 사항

주1) 한국 신용평가 등급 기준 주2) Moody's Credit Rating Definition 주3) S&P Credit Rating Definition

아. 회사의 주권상장(또는 등록ㆍ지정) 및 특례상장에 관한 사항

Transcribed verbatim from the sentences the filer wrote in the fiscal 2025 business report (received 2026.03.13), 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

4.67%
[3.33%, 7.41%] · As of 2026-10-01
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 45.9% (2026-07-29). 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

0.53
Beta [0.37, 0.69] · KOSPI200 · As of 2026-10-07
Intercept
-0.151%[-0.568%, +0.265%]
R squared
0.23
Observations
252
Trading-time corrected beta
0.60[0.31, 0.89]
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.

Financials

20152016201720182019202020212022202320242025TTM
RevenueKRW 100M202,066206,593256,980281,830286,250300,765426,547518,649552,498489,161459,322488,160
Revenue growth%—2.2424.399.671.575.0741.8221.596.53-11.46-6.10—
Operating incomeKRW 100M18,23619,91929,28522,4618,95617,98250,25529,95725,2929,16811,8098,163
Operating income growth%—9.2347.02-23.30-60.12100.77179.48-40.39-15.57-63.7528.81—
Net incomeKRW 100M11,48512,81020,22015,1933,7616,82439,53921,95520,5345,150-9,771-18,407
Net income growth%—11.5357.84-24.86-75.2581.44479.40-44.47-6.47-74.92-289.72—
Attributable to ownersKRW 100M11,53012,81119,45314,7263,1345,12636,69818,45413,378-6,909-18,194-15,123
Attributable to minoritiesKRW 100M-45-17674676271,6982,8413,5027,15612,0598,424-3,283
Operating margin%9.029.6411.407.973.135.9811.785.784.581.872.571.67
Net margin%5.686.207.875.391.312.279.274.233.721.05-2.13-3.77
ROE%8.879.1912.038.621.842.8416.925.874.16-2.08-5.54-4.27
ROA%6.186.258.075.251.111.657.733.232.650.55-0.97-1.64
Debt ratio%41.7845.8153.2667.0995.73120.27120.3281.3589.2395.56114.54129.60
Current ratio%180.36169.40168.64166.20132.75129.27135.53180.29156.92131.92124.45135.94
Quick ratio%131.63114.96118.19107.2376.4586.9080.54108.11105.9489.9693.1695.48
Reserve ratio%3,434.443,686.214,167.964,412.014,362.054,565.035,311.197,846.547,977.077,705.827,576.087,769.48
Free cash flowKRW 100M————————204,964216,272-54,269—
FCF margin%————————37.1044.21-11.81—
OCF conversion%276.19196.46157.31139.86829.85855.91139.3525.96367.021,361.59——
Capex to revenue%————————-23.46-29.8829.74—
Receivable daysdays———7.13.87.28.46.3————
Inventory daysdays—58.357.361.171.679.779.187.983.580.481.5—
Payable daysdays———35.251.472.353.838.7————
Cash conversion cycledays———33.024.014.733.855.4————
EPSKRW—19,33227,55720,8614,4397,26251,98626,14117,086-8,826-23,244-21,423
PERx—13.5014.7016.6371.52113.4711.8322.9529.21———
BPSKRW—210,308229,041241,996240,890255,539307,311445,524456,035471,498465,286501,899
PBRx—1.241.771.431.323.222.001.351.090.530.720.56
Dividend per shareKRW4,5005,0006,0006,0002,00010,00012,00010,0003,500—1,000—
Payout ratio%—25.8621.7728.7645.05137.7123.0838.2520.48———

Consolidated 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

20152016201720182019202020212022202320242025
185,787204,871250,412289,441340,244413,889511,353679,738774,667938,5781,010,617
54,75264,36187,026116,220166,406225,985279,253304,927365,285458,623539,561
131,035140,510163,386173,221173,838187,904232,100374,811409,382479,955471,055

Income statement

20152016201720182019202020212022202320242025
202,066206,593256,980281,830286,250*300,765*426,547*518,649*552,498489,161*459,322
18,23619,91929,28522,4618,956*17,982*50,255*29,957*25,2929,168*11,809
15,49616,59825,63919,4005,606*9,437*48,907*28,126*24,981-2,681*-17,804
11,48512,81020,22015,1933,7616,82439,53921,95520,5345,150-9,771
Basic earnings per shareKRWNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicable17,086-8,826-23,244
Diluted earnings per shareKRWNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicable17,086-8,826Not applicable
11,44512,75218,75914,3284,4856,12248,01121,34623,18439,492-7,008

Cash flow statement

20152016201720182019202020212022202320242025
Net incomefrom the income statement11,48512,81020,22015,1933,7616,82439,53921,95520,5345,150-9,771
Total adjustments to operating cash flowcomputed20,23612,35711,5886,05727,45051,58415,559-16,25654,83064,97392,109
31,72125,16731,80721,25031,21158,40855,0985,69975,36570,12382,339
-16,978-17,368-16,404-36,390-61,114-52,964-53,493-92,292-131,696-136,634-124,706
-7,575-10,073-7,36517,93823,0069,3811,237133,31961,57548,21362,430
Cash at beginning of periodKRW 100M9,88017,04914,74422,49325,13718,88632,74337,60884,97990,84978,549
17,04914,74422,49325,13718,88632,74337,60884,97990,84978,54998,999
Net change in cash and cash equivalentsKRW 100MNot applicableNot applicable8,0392,798-6,89714,8252,84246,725Not applicableNot applicableNot applicable

In the latest fiscal year operating and financing activities brought cash in while investing activities spent it.

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 2026.03.13.

Audit opinion

Fiscal yearOpinionAuditorFiscal year end
2025적정의견Term 25삼일회계법인2025-12-31
2024적정의견Term 24삼일회계법인2025-12-31
2023적정의견Term 23안진회계법인2025-12-31
2022적정Term 22삼일회계법인2022-12-31
2021적정Term 21삼일회계법인2022-12-31
2020적정Term 20삼일회계법인2022-12-31
2019적정Term 19삼일회계법인2019-12-31
2018적정Term 18삼일회계법인2019-12-31
2017적정Term 17삼일회계법인2019-12-31
2016적정Term 16삼일회계법인2016-12-31
2015적정Term 15삼일회계법인2016-12-31
2014적정Term 14삼일회계법인2016-12-31

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.

Dividend historyKRW

The dividend-per-share bars are restated onto the current share basis for splits and par-value changes. The payout ratio and the dividend yield divide figures filed for the same period and are left unadjusted.

Payout ratio and dividend yield%

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 5Y0.73
%
%
Cost of equity8.04%
Weighted average cost of capital—
Initial growth0.0%
Effective tax rate0.0%
Base fiscal year2025
Current priceKRW277,000

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

ModelModel priceKRWVersus current price
Gordon growth model16,874-93.9%
Dividend discount model DDM16,105-94.2%
Discounted cash flow FCFFBase-year cash flow not positive
Discounted cash flow FCFEBase-year cash flow not positive
Residual income model RIM-339,050-222.4%
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=rf+β×ERPr = r_f + \beta \times \mathit{ERP}

r = 4.40% + 0.73 × 5.00% = 8.04%

Initial growth

g1=max⁡{ROE×(1−payout), 0},gt=g1+(gT−g1) t−1N−1g_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 = max(-5.54% × (1 − 0.00%), 0) = 0.00%

Growth starts at this value in the first year and falls by equal steps each year to reach the terminal rate in the fifth

Gordon growth model

P0=D0 (1+gT)r−gTP_0 = \frac{D_0\,(1 + g_T)}{r - g_T}

P_0 = 1,000 × (1 + 2.00%) / (8.04% − 2.00%) = 1,020 / 0.0604 = 16,874 KRW

Dividend discount model DDM

P0=∑t=1NDt(1+r)t+DN(1+gT)(r−gT) (1+r)N,Dt=Dt−1(1+gt)P_0 = \sum_{t=1}^{N} \frac{D_t}{(1+r)^t} + \frac{D_N (1+g_T)}{(r - g_T)\,(1+r)^N},\qquad D_t = D_{t-1}(1+g_t)

D_0 = 1,000, g_1 = 0.00%, g_T = 2.00%, r = 8.04%

YearGrowthDividend KRWDiscount factorPresent value KRW
10.00%1,0000.9255926
20.50%1,0050.8566861
31.00%1,0150.7928805
41.50%1,0300.7338756
52.00%1,0510.6792714
Terminal value2.00%17,7330.679212,044
Total16,105

P_0 = 16,105 KRW

Residual income model RIM

P0=B0+∑t=1NRIt(1+r)t+RIN(1+gT)(r−gT) (1+r)N,RIt=(ROE−r) Bt−1P_0 = B_0 + \sum_{t=1}^{N} \frac{\mathit{RI}_t}{(1+r)^t} + \frac{\mathit{RI}_N (1+g_T)}{(r - g_T)\,(1+r)^N},\qquad \mathit{RI}_t = (\mathit{ROE} - r)\,B_{t-1}

B_0 = 465,286 KRW, ROE = -5.54%, payout ratio = 0.00%, r = 8.04%, g_T = 2.00%

YearOpening book valueEarningsEquity chargeResidual incomeDiscount factorPresent value
1465,286-25,77437,431-63,2050.9255-58,499
2439,512-24,34635,358-59,7040.8566-51,144
3415,165-22,99833,399-56,3970.7928-44,714
4392,168-21,72431,549-53,2730.7338-39,092
5370,444-20,52029,801-50,3220.6792-34,177
Terminal value-849,1330.6792-576,709

P_0 = 465,286 + -227,627 + -576,709 = -339,050 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.

Other issues on the same market

Neighbours in the market capitalisation order.

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