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247540KOSDAQ

Ecopro BM

128,800
+4,300 (+3.45%)

Price chart

  • 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

Ecopro BM was established in 2016 through a physical division of the secondary battery materials division of EcoPro. The company is listed on the KOSDAQ market and is classified as a large enterprise group.

The company manufactures and supplies cathode materials for secondary batteries. Its main products are high-nickel NCA and NCM cathode active materials used in electric vehicles, power tools, and energy storage systems. Primary customers include battery cell manufacturers such as Samsung SDI and SK On.

Business overview as filed

리튬이온전지는 크게 충전 및 방전 전압이 높은 양극재(Cathode), 충전 및 방전 전압이 낮은 음극재(Anode), 리튬 이온의 이동 매개체인 전해질(Electrolyte) 그리고 전기적 단락 방지를 위한 분리막(Separator)의 4가지 구성요소로 구성되어 있습니다.당사의 주요 제품은 하이니켈 NCA와 NCM 양극재로 니켈 함량을 극대화하여 에너지 밀도를 높이는 동시에 원가가 높은 코발트는 적게 사용하며 안정성을 확대한 제품입니다. 또한, 당사는 NCA, NCM 양극재를 동시 생산하며 각형/원통형/파우치형과 같은 모든 배터리 타입에 대응이 가능합니다.당사의 NCA 양극재는 니켈 함량 80% 이상의 제품으로 높은 에너지 밀도 및 고출력의 성능을 보유하고 있습니다. 고출력의 장점을 바탕으로, 당사의 NCA 제품은 주로 전동공구 시장을 대상으로 사업을 영위해 왔으나 최근 전기차용 배터리에 적용이 확대되면서 전기차 시장으로의 판매 성장이 빠르게 진행되고 있습니다.이와 더불어 당사는 2016년, EV용 NCM811 양극활물질 양산에 성공하며 제품 포트폴리오를 확대 했습니다. 당사의 NCM811은 니켈 함량 80% 이상의 제품으로 높은 에너지 밀도와 안정성을 보유한 제품입니다. 해당 제품은 전방 고객의 전기차 Flagship 모델에 적용되며 높은 판매 성장을 기록 중이며, NCM 9 ½ ½의 경우 북미 시장에서 큰 폭의 판매 성장 중입니다.

당기 중 NCA/NCM을 포함한 당사 양극활물질은 연결기준 약 2조 5,316억원의 매출성과를 달성하였으며, 당사 및 종속회사의 사업의 내용은 동일합니다. 당사는 전지재료 계열사와 함께 원가, 품질 및 가격 경쟁력 확보를 위한 업스트림 밸류 체인을 확대하여 시장 내 차별화된 지위를 확고히 할 것입니다.

* 출처 : 한국IR협의회, NICE디앤비 에코프로비엠기술분석보고서, 당사 재구성

Company overview

가. 연결대상 종속회사 개황1) 연결대상 종속회사 (요약)

주1) 연결대상 종속회사에 관한 세부 내용은 XII. 상세표 - 1. 주2) 작성지침상 주요 종속회사 여부 기준은 다음과 같습니다. (1) 최근 사업연도말 자산총액이 지배회사 자산총액의 10% 이상인 종속회사 (2) 최근 사업연도말 자산총액이 750억원 이상인 종속회사

2) 연결대상회사의 변동내용

나. 회사의 법적ㆍ상업적 명칭 당사의 명칭은 "주식회사 에코프로비엠"이고, 영문명은 "EcoPro BM Co., Ltd." 입니다.

다. 설립일자 및 존속기간 당사는 2016년 5월 1일을 분할기일로 하여 주식회사 에코프로의 2차전지소재 사업부문이 물적분할되어 신설되었습니다.

라. 본사의 주소, 전화번호, 홈페이지 주소- 본사의 주소 : 충청북도 청주시 청원구 오창읍 2산단로 100(송대리 329)- 전화번호 : 043-240-7700- 홈페이지: www.ecoprobm.co.kr

마. 중소기업 등 해당 여부

주) 2024년 05월 14일 상호출자제한기업집단으로 지정받았으나, 2025년 05월 01일 공시대상기업집단으로 변경되어 준대기업으로 분류됩니다.

바. 주요 사업의 내용

당사는 이차전지의 4대 핵심소재 중 하나인 양극소재의 제조 및 판매 사업을 수행하고 있습니다. 당사의 주요 제품은 니켈 함량 80% 이상인 하이니켈계 NCA 및 NCM 양극활 물질로서, 고객사의 요구 조건에 따라 전기 자동차 (EV), 전동 공구 (Power Tool), 에너지 저장 장치 (ESS) 등 다양한 어플리케이션에 적용됩니다.최근 완성차 업계의 전동화 경향이 강화되며 EV용 양극소재 판매량이 빠르게 성장 하고 있으며, 당사는 글로벌 양극소재 시장 점유율 2년 연속 1위를 달성 하였습니다. (2022~2023년, SNE 리서치 발표). 최근 전방시장은 Volume, Entry 라인의 전기차 침투율이 확대됨에 따라, 당사는 단결정 적용 고전압 미드니켈, LMR (Mn-Rich), LFP (LMFP), SIB (Sodium) 등 제품 포트폴리오를 확대하고 있습니다. 한편 국내외 CAPA 증설, 단위당 투자 비용 절감 등 시장점유율 확대 및 경쟁력 강화를 위한 선제적 경영활동을 전개하고 있습니다.

당사의 2025년 연결기준 매출액은 약 2조 5,316억원이며, 그 중 NCA, NCM 양극소재 매출액 비중은 96.7% 입니다. 당사의 주요 매출처는 이차전지 셀 제조업체로, 삼성SDI, SK온 등 입니다. 자세한 사항은 'Ⅱ.사업의 내용'을 참조 하시기 바랍니다.

사. 신용평가에 관한 사항

당사가 최근 3사업연도 동안 신용평가 전문기관으로부터 부여받은 등급은 아래와 같습니다.1) 기업신용평가

2) 회사채

- 등급 체계 (기업신용평가, 회사채)

3) 기업어음 신용평가

- 등급 체계 (기업어음)

아. 회사의 주권상장(또는 등록ㆍ지정)여부 및 특례상장에 관한 사항

회사의 주권상장(또는 등록ㆍ지정) 및 특례상장에 관한 사항

Transcribed verbatim from the sentences the filer wrote in the fiscal 2025 business report (received 2026.03.18), 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

6.85%
[4.75%, 10.00%] · 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 62.4% (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

1.10
Beta [0.95, 1.24] · KOSDAQ150 · As of 2026-10-08
Intercept
+0.089%[-0.329%, +0.506%]
R squared
0.55
Observations
252
Trading-time corrected beta
1.11[0.84, 1.39]
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 KOSDAQ150 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

2017Separate basis2018Separate basis2019Separate basis2020Consolidated basis2021Consolidated basis2022Consolidated basis2023Consolidated basis2024Consolidated basis2025Consolidated basisTTMConsolidated basis
RevenueKRW 100M2,8995,8926,1618,54714,85653,57669,00927,66825,31623,041
Revenue growth%—103.264.57—73.81260.6328.81-59.91-8.50—
Operating incomeKRW 100M2235033715481,1503,8071,560-3411,4331,310
Operating income growth%—125.56-26.26—110.03230.93-59.01-121.86——
Net incomeKRW 100M1523693454679782,727547-585916790
Net income growth%—143.13-6.45—109.59178.82-79.94-206.99——
Attributable to ownersKRW 100M———4691,0082,323-87-965394437
Attributable to minoritiesKRW 100M———-3-30403634380522353
Operating margin%7.698.536.026.417.747.112.26-1.235.665.69
Net margin%5.236.265.605.466.585.090.79-2.113.623.43
ROE%———10.5818.2817.04-0.64-5.642.282.44
ROA%5.127.945.305.846.868.081.25-1.351.881.45
Debt ratio%157.12189.3075.6770.97139.18126.73172.71118.70142.16159.07
Current ratio%91.76102.66178.06161.29120.60146.93114.65106.2372.3379.27
Quick ratio%42.6735.3662.8478.3165.2291.6062.6258.7240.9741.94
Reserve ratio%1,380.711,862.213,541.52———2,559.812,355.622,398.542,373.39
Free cash flowKRW 100M-350-489-1,690———-7,355-3,536-2,034—
FCF margin%-12.08-8.30-27.44———-10.66-12.78-8.04—
OCF conversion%76.8964.6837.12267.97-103.17-88.4837.71—234.43—
Capex to revenue%16.1012.3529.51———10.9637.0016.52—
Receivable daysdays—31.437.5———————
Inventory daysdays—72.2100.0—69.945.154.3117.898.4—
Payable daysdays—69.953.7—29.733.1————
Cash conversion cycledays—33.783.9———————
EPSKRW9782,3451,7502,2564,6662,881-89-988403447
PERx——30.2975.40107.3331.97——363.77318.76
BPSKRW———21,08825,16913,94114,02317,50517,67618,350
PBRx———8.0719.906.6120.546.288.297.77
Dividend per shareKRW——150450920450————
Payout ratio%——8.5719.9519.7215.62————

Profit flowKRW 100M

Revenue
25,316
Cost of sales
22,618
Gross profit
2,698
Operating income
1,433
SG&A expenses
1,265
Profit before tax
817
Non-operating expenses
617
Income tax benefit
99
Net income
916

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

201720182019202020212022202320242025
2,9634,6456,5047,99014,25933,74243,61843,23748,820
1,8113,0392,8013,3178,29718,86027,62423,46628,660
1,1521,6053,7024,6735,96114,88215,99419,77020,160

Income statement

201720182019202020212022202320242025
2,8995,8926,1618,54714,85653,57669,00927,66825,316
2235033715481,1503,8071,560-3411,433
1524292834761,1443,225777-930817
1523693454679782,727547-585916
Basic earnings per shareKRW9782,3451,7502,2564,6662,881-89-988403
Diluted earnings per shareKRW9782,3451,5912,0714,4252,881-89-988Not applicable
1483423734559452,670690366883

Cash flow statement

201720182019202020212022202320242025
Net incomefrom the income statement1523693454679782,727547-585916
Total adjustments to operating cash flowcomputed-35-130-217784-1,987-5,139-3417,2871,231
1172381281,250-1,009-2,4132066,7012,147
-477-730-1,823-944-2,373-5,347-6,725-10,218-4,907
4414491,801903,8369,9328,4743,2313,080
Cash at beginning of periodKRW 100M580*962015921,0463,2045,1274,992
138962015921,0463,2045,1274,9925,185
Net change in cash and cash equivalentsKRW 100M80-421063974542,1731,955-286321

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 2026.03.18.

Audit opinion

Fiscal yearOpinionAuditorFiscal year end
2025적정의견Term 10삼정회계법인2025-12-31
2024적정의견Term 9삼정회계법인2025-12-31
2023적정의견Term 8삼정회계법인2025-12-31
2022적정Term 7삼일회계법인2022-12-31
2021적정Term 6삼일회계법인2022-12-31
2020적정Term 5삼일회계법인2022-12-31
2019적정Term 4한영회계법인2019-12-31
2018적정Term 3삼정회계법인2019-12-31
2017적정Term 2삼정회계법인2019-12-31

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 5Y1.27
%
%
Cost of equity10.72%
Weighted average cost of capital—
Initial growth2.3%
Effective tax rate0.0%
Base fiscal year2025
Current priceKRW128,800

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 modelNo dividend
Dividend discount model DDMNo dividend
Discounted cash flow FCFFBase-year cash flow not positive
Discounted cash flow FCFE36,736-71.5%
Residual income model RIM403-99.7%
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% + 1.27 × 5.00% = 10.72%

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(2.28% × (1 − 0.00%), 0) = 2.28%

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

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 = 17,676 KRW, ROE = 2.28%, payout ratio = 0.00%, r = 10.72%, g_T = 2.00%

YearOpening book valueEarningsEquity chargeResidual incomeDiscount factorPresent value
117,6764031,896-1,4930.9032-1,348
218,0794121,939-1,5270.8157-1,246
318,4914211,983-1,5620.7367-1,150
418,9124312,028-1,5970.6653-1,063
519,3424412,074-1,6340.6009-982
Terminal value-19,1020.6009-11,478

P_0 = 17,676 + -5,789 + -11,478 = 409 KRW

Discounted cash flow FCFE

FCFE0=CFO−CapEx+ΔD,P0=1Shares[∑t=1NFCFEt(1+r)t+FCFEN(1+gT)(r−gT) (1+r)N],FCFEt=FCFEt−1(1+gt)\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 = 2,147.1 − 4,181.3 + 5,136.5 (net borrowing) = 3,102.3 KRW hundred million

YearGrowthCash flow KRW hundred millionDiscount factorPresent value KRW hundred million
12.28%3,173.00.90322,865.7
22.21%3,243.00.81572,645.3
32.14%3,312.40.73672,440.2
42.07%3,380.90.66532,249.5
52.00%3,448.60.60092,072.2
Terminal value2.00%40,323.00.600924,230.2
Total36,503.0

P_0 = 36,503.0 KRW hundred million ÷ 97,801,344 (shares) = 37,324 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.

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