PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q3–2026Q2) · Dividend yield is based on ₩240 per share · Prices as of the 2026-10-02 close
KPX Green Chemical's revenue scale has stayed range-bound, yet recent quarterly operating margins have clearly improved on cost control and product mix.
2Q26 revenue of KRW 91.9bn, operating profit of KRW 7.5bn, and net profit of KRW 9.6bn were the highest figures within the disclosed quarterly window.
Full-year 2025 revenue of KRW 304.1bn declined from KRW 330.3bn in 2024, while net profit rose from KRW 8.2bn to KRW 9.7bn.
Core products span four lines—EOA (surfactant), ETA (ethanolamine), DMC (dimethyl carbonate) and AM—with ETA also used as a CO2 capture material and semiconductor cleaning agent.
The surfactant market is a defensive, feedstock-like business, but the company has been described as facing a cost disadvantage versus larger rivals with in-house ethylene oxide capacity.
In 1Q26, standalone revenue fell year-on-year but both operating profit and net profit rose sharply on cost reductions, according to available analysis.
KPX Green Chemical is a specialty chemical materials producer with four core product lines: EOA (ethoxylate-based surfactants), ETA (ethanolamine), DMC (dimethyl carbonate) and AM.
EOA is a base surfactant used broadly across industrial detergents and emulsifiers, produced in a multi-product, small-batch structure that limits dependence on any single end industry.
ETA is used in gas purification and as a raw material for softeners and plasticizers, while also serving as a semiconductor cleaning agent and an absorption material in CO2 capture processes.
DMC is associated with secondary battery electrolytes and AM with materials such as optical films, linking the company to electronics and battery supply chains. According to company disclosures, the firm has been expanding the share of higher value-added products through R&D on specialty grades.
Surfactants are described as being relatively insulated from economic cycles given their role as an industrial base material, though the company has also been characterized as facing a cost disadvantage against competitors that operate in-house ethylene oxide (EO) facilities and mass-production systems for commodity-grade products.
The CO2 capture materials business is regarded as still an early-stage market, but one expected to expand as governments worldwide reinforce carbon-neutrality policy support.
Within the broader chemical industry, KPX Green Chemical operates as a small-to-mid-cap materials company with its own production base in select specialty items such as ETA, distinct from the scale of large refining and petrochemical conglomerates.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩71.8B | ₩1.1B | 1.5% |
| 2025Q3 | ₩77.3B | ₩5B | 6.5% |
| 2025Q4 | ₩68.9B | ₩2.1B | 3.0% |
| 2026Q1 | ₩77.7B | ₩3B | 3.9% |
| 2026Q2 | ₩91.9B | ₩7.5B | 8.2% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩324.9B | ₩17.2B | ₩2.9B | 5.3% | 2.3% | 60.6% |
| 2023 | ₩282.3B | ₩5B | ₩3.3B | 1.8% | 2.8% | 67.3% |
| 2024 | ₩330.3B | ₩10.7B | ₩8.2B | 3.2% | 6.7% | 67.4% |
| 2025 | ₩304.1B | ₩10.1B | ₩9.7B | 3.3% | 7.5% | 60.1% |
Consolidated basis (financial statements including subsidiaries) · Final figures from DART filings · Net income attributable to owners of the parent · Data as of 2026-08-23
Annual revenue moved from KRW 324.9bn in 2022 to KRW 282.3bn in 2023, rebounded to KRW 330.3bn in 2024, then declined again to KRW 304.1bn in 2025.
Operating profit, however, fell sharply from KRW 17.2bn (5.3% margin) in 2022 to KRW 5.0bn (1.8%) in 2023, before recovering to KRW 10.7bn (3.2%) in 2024 and KRW 10.1bn (3.3%) in 2025.
Net profit attributable to owners rose for four consecutive years regardless of revenue swings—from KRW 2.9bn in 2022 to KRW 3.3bn in 2023, KRW 8.2bn in 2024, and KRW 9.7bn in 2025.
On a quarterly basis, revenue bottomed at KRW 71.8bn with operating profit of KRW 1.1bn in 2Q25, before improving markedly to KRW 77.3bn in revenue and KRW 5.0bn in operating profit in 3Q25.
In 4Q25 revenue slipped to KRW 68.9bn yet net profit rose to KRW 3.1bn, and 1Q26 posted revenue of KRW 77.7bn with operating profit of KRW 3.0bn.
In 2Q26, revenue reached KRW 91.9bn with operating profit of KRW 7.5bn and net profit of KRW 9.6bn—the highest levels across the five disclosed quarters for all three metrics.
This pattern suggests that cost and expense structure improvements, rather than revenue scale, have been the primary driver behind the recent earnings recovery.
On the cash flow side, operating cash flow stayed in a relatively stable range of roughly KRW 16.7bn to KRW 21.7bn each year from 2022 through 2025, indicating steadier cash generation despite earnings volatility.
Surfactants serve as a base raw material across detergents, emulsifiers and textile processing, giving demand a relatively gentle cycle rather than dependence on any single end market.
That said, the domestic surfactant market includes multiple producers, including large chemical companies, and KPX Green Chemical has been described as facing a relative cost disadvantage against rivals with in-house ethylene oxide facilities and mass-production systems for commodity products.
By contrast, ETA is a specialty material used in semiconductor cleaning and as an absorbent in CO2 capture processes, an area where demand is expected to grow as greenhouse gas regulations tighten.
The carbon capture, utilization and storage (CCUS) materials market is still considered an early-stage segment but is expected to expand over the medium to long term with policy support for carbon neutrality worldwide.
DMC, used as a secondary battery electrolyte additive, is tied to battery industry supply-demand conditions, while AM is linked to demand for electronic materials such as optical films.
This mix of commodity surfactants and specialty materials (ETA, DMC, AM) means the company's portfolio is not wholly dependent on a single cycle, though the market size for each product remains smaller than that commanded by large integrated chemical companies.
Given that large integrated players leverage economies of scale for commodity-product price competitiveness, KPX Green Chemical appears to be pursuing differentiation by expanding its share of specialty-grade, higher value-added products.
The company appears to be continuing a strategy of expanding its share of higher value-added products through R&D on specialty grades.
Amid tightening greenhouse gas regulations, analysis has pointed to expected growth in demand for ETA as a CO2 capture material, making related policy and project developments a variable that could affect future earnings.
As shown in the 1Q26 and 2Q26 results, the recent strategic focus appears centered on defending margins through cost reduction and product mix improvement rather than revenue growth.
The fact that operating profit and net profit rose even as standalone revenue declined suggests that cost management has been the key driver of the recent profitability improvement.
The company has disclosed maintaining a dividend policy combining a year-end dividend with an interim dividend, which can be interpreted as reflecting management's confidence in the stability of its earnings stream.
However, the timing at which newer growth areas such as CO2 capture materials or semiconductor materials would begin contributing meaningfully to revenue has not yet been clearly specified, warranting continued monitoring of related investment and facility progress.
As earnings have improved quarter by quarter more recently, the earnings-based price multiple appears to sit lower than the levels seen during the company's earlier period of weaker performance.
Relative to net assets, the shares trade below a 1x book multiple, indicating the market is pricing the company at a discount to its capital base. On the dividend side, the continuation of a policy combining a year-end dividend with an interim dividend confirms a degree of continuity in shareholder returns.
That said, given the absence of a clear revenue growth trend, whether the recent earnings improvement reflects one-off cost reductions or a more structural shift is a point that will require further confirmation from upcoming quarterly results.
PER, EPS, PBR and BPS are all calculated in-house (the same method as Naver and Toss) · Dividend yield = cash dividend per share from DART filings (supplemented by KRX) ÷ current price · As of 2026-08-23
Operating margins have shown a clear quarter-by-quarter improvement since 3Q25, with 2Q26 posting the highest revenue, operating profit and net profit within the period shown. Net profit has risen even in quarters when revenue fell, underscoring cost management as a key variable behind results. Continuation of this pattern could shift how the market assesses the company's margin resilience.
ETA is a specialty product used in semiconductor cleaning and as an absorbent in CO2 capture processes, an area where demand is expected to grow as greenhouse gas regulations tighten.
DMC and AM are also linked to the secondary battery and electronic materials industries, diversifying the portfolio beyond a single commodity surfactant business. The continued strategy of expanding specialty-grade product share is also worth noting.
Operating cash flow remained above KRW 16.6bn each year from 2022 through 2025, showing relatively stable cash generation despite earnings volatility. The company has disclosed maintaining a dividend policy combining a year-end dividend with an interim dividend, confirming continuity in shareholder returns.
Full-year 2025 revenue of KRW 304.1bn declined from KRW 330.3bn in 2024, and revenue oscillated between roughly KRW 282.3bn and KRW 324.9bn from 2022 to 2025 without a clear growth trajectory.
Because the recent earnings improvement has relied heavily on cost-side factors, whether the trend can continue without a broader revenue base remains uncertain.
Analysis has suggested that, within the domestic surfactant market, KPX Green Chemical faces a relative cost disadvantage compared with competitors that operate in-house ethylene oxide (EO) production facilities and mass-production systems for commodity products. This could pressure margin defense if price competition intensifies in commodity product lines.
New growth areas such as CO2 capture materials and semiconductor materials are still regarded as being in an early-stage market, and the timing at which they would meaningfully contribute to revenue has not been clearly specified.
The pace of commercialization could vary depending on the strength of policy support and project progress, leaving uncertainty in place.
Fluctuations in the price of petrochemical base feedstocks such as ethylene oxide can directly affect the cost structure. Quarterly margins could vary again depending on international crude oil and naphtha price trends.
Growth in demand for CO2 capture materials (ETA) depends heavily on the strength of government carbon-neutrality and CCUS policies and the pace of related budget execution. If policy timelines are delayed or scaled back, the expected timing of demand expansion could be pushed further out.
Capacity expansion by large domestic and overseas chemical companies in commodity surfactants and base chemicals could intensify price competition. If the cost disadvantage versus scale-advantaged competitors persists, margin pressure in the commodity product segment could continue.
3Q26 results are expected around this time, warranting a check on whether the operating margin improvement seen through 2Q26 continues.
Monitoring the pace of domestic CCUS-related policy and demonstration project budget execution will help gauge linkage with ETA demand for CO2 capture materials.
Demand trends for DMC tied to secondary battery electrolytes should be checked against the broader battery industry cycle.
At the next annual general meeting, disclosures on whether the year-end and interim dividend policy is maintained, and the related dividend scale, should be checked.
Since 2025, KPX Green Chemical has shown steady improvement in operating margin and net profit through cost management, even as revenue growth has stalled.
In 2Q26, the company posted the highest revenue, operating profit and net profit among the five disclosed quarters, suggesting the recent earnings improvement has persisted across several quarters rather than being a one-off event.
However, because this improvement has relied heavily on cost-side factors rather than an expanding revenue base, whether it reflects a structural shift will require confirmation from further quarterly results.
The potential of ETA as a CO2 capture material and the ties of DMC and AM to the secondary battery and electronic materials industries are cited as medium- to long-term growth stories, though the timing of their actual revenue contribution remains unclear.
At the same time, an assessed cost disadvantage versus larger competitors with in-house ethylene oxide facilities, along with uncertainty over the timing of policy-dependent new business demand, are factors that warrant balanced consideration.
The upcoming 3Q26 earnings release and the progress of CCUS-related policy and projects are likely to serve as important reference points going forward.
Report written 2026-09-05 · Data as of 2026-09-04
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