PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q3–2026Q2) · Dividend yield is based on ₩0 per share · Prices as of the 2026-10-02 close
Amogreentech has shown an earnings recovery in 2025 on its three core businesses of ESS finished products, magnetic materials, and nano membranes, with new revenue streams from Japanese telecom ESS and magnetic materials for Tesla's Optimus robot charger set to be the next items to watch in the second half.
2025 consolidated revenue reached KRW 130.6bn with operating profit of KRW 9.38bn (7.2% margin), up from 3.5% a year earlier.
The business is anchored by ESS finished products (35.5%), magnetic materials (35.0%), and nano membranes (22.3%) as of 2025.
Magnetic materials revenue is heavily weighted toward Tesla, representing both a strength and a concentration risk.
SK Securities projected that new revenue from Japanese telecom ESS (SoftBank, KDDI) and magnetic materials for Tesla's Optimus robot charger would begin to be reflected from the second half of 2026.
Net income attributable to owners in Q2 2026 fell sharply to KRW 0.53bn from KRW 1.78bn in the prior quarter, highlighting quarter-to-quarter earnings volatility.
Amogreentech's business is organized into an advanced materials segment (high-efficiency magnetic materials, thermal materials), a functional components segment (flexible batteries and others), and an energy-environment systems segment (ESS finished products, nano membrane water treatment filters, AMB modules for SiC power semiconductors).
As of 2025, revenue was fairly evenly split across ESS finished products (35.5%), magnetic materials (35.0%), nano membranes (22.3%), and others (7.2%).
Magnetic materials, built on nanocrystalline alloy technology, minimize energy loss inside power conversion devices; the main competitors are Japan's Proterial (formerly Hitachi Metals) and Germany's VAC, and while those rivals focus on standardized products, Amogreentech differentiates through customer-specific design capability.
Key magnetic materials customers include Tesla, Rivian, and Hyundai Motor in the EV and ESS space.
ESS finished products are small-scale, LFP-battery-based backup power systems that target niche, customized markets rather than the large-capacity main power ESS pursued by LG Energy Solution or Samsung SDI, with BMS and circuit design capability optimized to each customer's specifications as the core competitive edge.
Major ESS customers span telecom (SoftBank, KDDI, American Tower), renewables (Danish wind operator KK Wind Solutions), and electric locomotives (Progress Rail, a Caterpillar subsidiary).
The company's flexible battery, the world's first flexible secondary battery to reach mass production in 2019, is supplied into wearable devices and IoT sensors.
Thermal materials disperse heat generated by AI servers, semiconductors, and EV batteries, with a vertically integrated structure spanning eight domestic and overseas affiliates covering R&D through applied product development.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩35.6B | ₩3.8B | 10.8% |
| 2025Q3 | ₩30.8B | ₩2.2B | 7.0% |
| 2025Q4 | ₩29.6B | ₩1.5B | 5.1% |
| 2026Q1 | ₩30.7B | ₩1.6B | 5.3% |
| 2026Q2 | ₩35.8B | ₩1.8B | 5.1% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩142.1B | ₩8.8B | ₩11.4B | 6.2% | 20.4% | 156.1% |
| 2023 | ₩147.6B | ₩12.3B | ₩13B | 8.3% | 18.9% | 150.8% |
| 2024 | ₩128.6B | ₩4.5B | ₩2.1B | 3.5% | 3.0% | 147.0% |
| 2025 | ₩130.6B | ₩9.4B | ₩5.9B | 7.2% | 7.3% | 133.9% |
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
Consolidated 2025 revenue reached KRW 130.6bn, modestly up from KRW 128.6bn in 2024, while operating profit more than doubled to KRW 9.38bn (7.2% margin) from KRW 4.47bn (3.5%) in 2024, marking a clear margin recovery.
Net income attributable to owners also rose, from KRW 2.12bn in 2024 to KRW 5.90bn in 2025, continuing the earnings recovery trend.
Still, compared to 2023 (revenue KRW 147.6bn, operating profit KRW 12.29bn, net income KRW 13.02bn) and 2022 (revenue KRW 142.1bn, operating profit KRW 8.84bn, net income KRW 11.42bn), both revenue and net income remain in a recovery phase, and notably, in some of those earlier years net income exceeded operating profit.
On a quarterly basis, revenue and operating profit progressively contracted from Q2 2025 (KRW 35.6bn revenue, KRW 3.84bn operating profit) to Q3 (KRW 30.8bn, KRW 2.17bn) and Q4 (KRW 29.6bn, KRW 1.51bn).
Q1 2026 stayed subdued at KRW 30.7bn revenue and KRW 1.64bn operating profit, yet net income attributable to owners rose to KRW 1.78bn, exceeding operating profit and suggesting a non-operating contribution.
In Q2 2026, revenue recovered to KRW 35.8bn and operating profit improved slightly to KRW 1.81bn, but net income attributable to owners fell to just KRW 0.53bn, sharply lower than the prior quarter.
This divergence between operating profit and net income across quarters points to non-operating items (potentially tax credits or FX-related items) affecting the bottom line.
Annual operating cash flow reached KRW 21.7bn in 2025, a marked improvement from the KRW 8.4bn-12.9bn range seen in 2022-2024, indicating that the earnings recovery is also translating into stronger cash generation.
The magnetic materials market Amogreentech operates in is directly tied to demand for power conversion devices in EVs, ESS, and renewables, and is structured as an oligopoly among a small number of players including Japan's Proterial and Germany's VAC.
That said, WiseReport noted that in Q1 2026, high-efficiency magnetic materials, though a core material for EVs and renewables, saw results decline due to demand fluctuations.
The ESS finished products market, unlike large-capacity main power systems, is a niche of small-scale, customized backup power, and Japan's strengthened BCP (business continuity plan) regulation extending base station backup time from two hours to seventy-two hours is creating new demand.
In the renewables segment, the replacement of aging lead-acid batteries worldwide with LFP-based ESS is described as still at an early stage.
The end markets are in an early phase of expanding from the traditional EV and ESS focus toward robotics (Tesla's Optimus) and LNG power generation (addressing AI data center power demand), a structure that could open new revenue streams for the company.
In terms of competitive positioning, while global majors such as Proterial and VAC split the magnetic materials market with standardized products, Amogreentech maintains a niche position built on customer-specific design capability.
In an April 2026 report, SK Securities projected Amogreentech's 2026 results would set a new record, with revenue of KRW 152.9bn (up 17.1% year-on-year) and operating profit of KRW 14.4bn (up 53.3%, 9.4% margin), citing the start of Japanese telecom ESS supply to SoftBank and KDDI, expanded volumes to KK Wind Solutions, and improved cost structure as key drivers.
The same report indicated that, based on its long-standing partnership with Tesla, the company had reportedly been selected as the main vendor for magnetic materials used in the Optimus robot charger, with supply expected to begin in the second half of 2026 and initial annual revenue of roughly KRW 7bn projected for full-year 2027.
SK Securities also noted that electric locomotive ESS supply to Progress Rail, a Caterpillar subsidiary, is undergoing proof-of-concept testing and could see full-scale shipments as early as the second half of 2026.
Supply of metallic converters, exhaust-gas purification components for LNG combined-cycle power plants, has also been cited as a new revenue driver tied to rising power demand from AI data centers.
However, most of these new revenue streams are expected to be reflected only from the second half of 2026 onward, so their actual timing and scale will need to be confirmed through company disclosures.
As the company's own guidance or confirmed order disclosures remain limited, it should be noted that the above outlook is based on brokerage analysis.
The current share price trades close to net asset value, a zone that does not show a pronounced premium or discount relative to book value.
On an earnings-multiple basis, the multiple is elevated relative to historical levels given the recovery from the 2024 earnings trough, calculated using the sum of net income over the most recent four quarters.
The company has not paid a cash dividend in recent periods, so the dividend component has limited bearing on valuation.
SK Securities, in an April 2026 report, set a target price of KRW 24,000 and pointed to potential re-rating from entry into new end markets such as robotics and LNG power generation, but this reflects the view of a single brokerage, and the actual market price has continued to move with subsequent business developments and earnings releases.
Since the actual timing and scale of new revenue streams remain unconfirmed, valuation assessment warrants tracking upcoming quarterly disclosures and business progress together.
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
Japan's strengthened BCP regulation, which extends base station backup time from two to seventy-two hours, is creating new demand for telecom ESS from SoftBank and KDDI.
Expanded supply to Danish wind operator KK Wind Solutions and the possibility of a shift to mass production for Progress Rail's electric locomotive ESS have also been cited. If these new demand sources materialize into actual revenue, the ESS segment's growth drivers could diversify.
Based on its long-standing partnership with Tesla, the company is reported to have been selected as the main vendor for magnetic materials in the Optimus robot charger, opening the door to expansion into the robotics end market.
Rising power demand from AI data centers and the resulting expansion of LNG combined-cycle plants have also brought metallic converter supply into view as a new revenue source. This could add diversification to the existing EV- and ESS-centered business structure.
Operating margin improved from 3.5% in 2024 to 7.2% in 2025, and operating cash flow rose markedly to KRW 21.7bn in 2025 from the KRW 8.4bn-12.9bn range of the prior three years. This shows that cost structure improvements and business mix changes have contributed to the recovery in both earnings and cash generation. If the earnings recovery continues, it could be a positive factor for financial stability.
A significant portion of magnetic materials revenue is reportedly concentrated in a single customer, Tesla, further split between ESS and EV applications. This structure means changes in a specific customer's production plans or order volumes can directly affect results. New end markets such as robotics and LNG may also initially depend on a small number of customers.
Revenue and operating profit contracted sequentially from Q2 to Q4 2025 and remained at low levels in Q1 2026. Although operating profit improved slightly in Q2 2026, net income attributable to owners fell sharply from the prior quarter, suggesting non-operating factors have a substantial effect on the bottom line. This volatility makes it difficult to interpret quarterly results as a simple trend.
New revenue streams such as Japanese telecom ESS, magnetic materials for the Optimus charger, and metallic converters for LNG power remain largely at an initial stage or forecast level.
A brokerage-estimated initial 2027 revenue figure of roughly KRW 7bn from the Optimus business is not large relative to total company revenue, and the actual timing and scale need to be reconfirmed through disclosures.
Given the characteristics of a small-cap stock, thematic expectations being priced in ahead of actual results could create a gap versus realized performance.
A substantial portion of magnetic materials revenue is concentrated with a single customer, Tesla, meaning that changes in that customer's production or procurement policies could significantly affect results.
The ESS finished products segment likewise relies heavily on a small number of customers such as SoftBank, KDDI, and KK Wind Solutions. Without further customer diversification, issues at a specific account could directly affect company-wide performance.
Given the ESS finished products' cost structure, in which LFP battery cells represent a large share, fluctuations in lithium and other raw material prices can affect margins.
In magnetic materials, the company competes with global majors such as Japan's Proterial and Germany's VAC, implying ongoing price and technology competition. Currency fluctuations are also a factor that can affect results given the revenue structure's exposure to overseas customers.
New end markets such as robotics, LNG power, and electric locomotive ESS remain mostly at proof-of-concept or initial supply stages, and scaling to mass production could take longer than expected.
Because the initial scale of these new revenue streams is not large, it may take time before they contribute meaningfully to overall results. The possibility that investment burdens tied to new projects could weigh on near-term profitability cannot be ruled out.
Q3 2026 preliminary results and the quarterly report should be checked to see whether ESS and magnetic materials revenue growth and operating margin recovery continue.
This is when the start of telecom ESS supply to SoftBank and KDDI in Japan, and the actual scale of revenue recognition, can be verified.
Whether initial magnetic materials revenue for Tesla's Optimus charger materializes, and at what scale (brokerage estimate of roughly KRW 7bn for full-year 2027), needs to be reconfirmed through disclosures.
It should be confirmed whether the Progress Rail electric locomotive ESS business transitions from proof-of-concept testing to mass-production shipments.
This is when the FY2026 annual and audit reports will confirm full-year results and any changes in segment revenue mix.
Amogreentech posted 2025 revenue of KRW 130.6bn and operating profit of KRW 9.38bn (7.2% margin), an improvement from 2024, with a fairly balanced portfolio across ESS finished products, magnetic materials, and nano membranes.
Still, earnings have not yet returned to the levels seen in 2022-2023, and recent quarterly results show operating profit and net income moving in diverging directions, indicating continued volatility.
New revenue streams from Japanese telecom ESS, robotics (Optimus), and LNG power generation have been cited by brokerage analysis as likely to be reflected from the second half of 2026 onward, but they remain at an early stage, and the actual timing and scale will need confirmation through future disclosures.
Factors that warrant continued monitoring include the concentration of magnetic materials revenue with Tesla, raw material and currency fluctuations, and competitive dynamics with Proterial and VAC.
Overall, an earnings recovery trend coexists with potential entry into new end markets, and the actual pace of execution on new businesses alongside quarterly earnings volatility are likely to be the key items to watch going forward.
Report written 2026-09-05 · Data as of 2026-09-04
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