PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q2–2026Q1) · Dividend yield is based on ₩0 per share · Prices as of the 2026-10-02 close
A secondary battery electrode-process equipment maker has broadened its portfolio through integration into the SFA group, the merger with SNU Precision, and a corporate renaming, while 2025 results contracted from the prior year amid slower battery capital spending.
Consolidated 2025 revenue came to KRW 407.2 billion and operating profit KRW 33.5 billion, both down from the prior year as profit scale contracted.
In February 2023 the SFA group acquired a 25.8% stake to become controlling shareholder, and in December 2024 the company absorbed affiliate SNU Precision.
In June 2026 the company changed its name from CIS to SFA Nexel and completed a name-change listing on KOSDAQ.
On a quarterly basis the company posted a net loss in Q2 2025, returned to profit in Q3-Q4, and Q1 2026 revenue shrank sharply versus preceding quarters.
The company is developing dry-electrode and solid-state battery process technology and pursuing new customer access through an NDA signed with a European battery cell maker.
SFA Nexel is a secondary battery electrode-process equipment maker founded in 2002, supplying core electrode manufacturing equipment such as Coaters, Calenders (Roll Presses), and Slitters to domestic and overseas battery makers.
According to the company, a substantial portion of revenue is generated from Calender (Roll Press) sales, with Coater and Slitter making up the remainder.
In February 2023, comprehensive equipment maker SFA acquired a 25.8% stake for roughly KRW 172.3 billion to become the controlling shareholder, combining electrode-process capability with SFA group's existing assembly and activation-process battery equipment portfolio.
In December 2024 the company absorbed fellow SFA group affiliate SNU Precision, expanding into display deposition, inspection, and measurement equipment, a move aimed at reducing revenue dependence on the battery cycle and applying inspection and measurement technology to electrode equipment.
Through subsidiary CI Solid, the company has also built up materials and equipment technology for solid-state battery sulfide electrolytes. In June 2026, a name change from CIS to SFA Nexel was approved at an extraordinary general meeting, followed by a name-change listing on KOSDAQ later that month.
The company has stated its intent to position itself, under the SFA group brand, as an advanced manufacturing equipment platform spanning multiple industries beyond battery equipment. Competitively, the company vies for orders against other domestic makers of secondary battery electrode and assembly process equipment.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q1 | ₩107.8B | ₩17B | 15.8% |
| 2025Q2 | ₩129.6B | ₩1.4B | 1.1% |
| 2025Q3 | ₩87.7B | ₩7.5B | 8.6% |
| 2025Q4 | ₩82.1B | ₩7.6B | 9.2% |
| 2026Q1 | ₩53.4B | ₩2.2B | 4.0% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩159.4B | ₩7.8B | ₩11.7B | 4.9% | 8.5% | 217.1% |
| 2023 | ₩310.2B | ₩38.9B | ₩28.9B | 12.6% | 11.0% | 124.8% |
| 2024 | ₩508.5B | ₩59.3B | ₩56.2B | 11.7% | 11.7% | 53.3% |
| 2025 | ₩407.2B | ₩33.5B | ₩28.7B | 8.2% | 5.7% | 30.0% |
Consolidated basis (financial statements including subsidiaries) · Final figures from DART filings · Net income attributable to owners of the parent · Data as of 2026-09-04
Consolidated 2025 revenue was KRW 407.18 billion, down from KRW 508.54 billion in 2024, while operating profit fell sharply to KRW 33.51 billion from KRW 59.35 billion, and the operating margin declined from 11.7% to 8.2%.
Net profit attributable to owners also nearly halved to KRW 28.73 billion from KRW 56.24 billion a year earlier.
After revenue of KRW 159.3 billion and operating profit of KRW 7.8 billion (4.9% margin) in 2022 jumped to KRW 310.2 billion revenue and KRW 38.9 billion operating profit (12.6% margin) in 2023, growth continued into 2024 with revenue of KRW 508.5 billion and an 11.7% margin, before momentum reversed in 2025.
Quarterly, Q1 2025 was solid with revenue of KRW 107.8 billion, operating profit of KRW 17.0 billion, and net profit of KRW 14.7 billion, but Q2 2025 revenue actually rose to KRW 129.6 billion while operating profit collapsed to KRW 1.37 billion and the company posted a net loss of KRW 8.72 billion, indicating a notable margin squeeze that quarter.
Profitability stabilized in Q3 (revenue KRW 87.7 billion, operating profit KRW 7.5 billion, net profit KRW 11.9 billion) and Q4 (revenue KRW 82.1 billion, operating profit KRW 7.6 billion, net profit KRW 10.9 billion).
Q1 2026 revenue of KRW 53.4 billion was the smallest of the trailing four quarters, with operating profit of KRW 2.16 billion and net profit of KRW 5.9 billion, showing that net profitability held up relatively well even as revenue scale shrank.
This quarter-to-quarter variability likely reflects project-based revenue recognition typical of equipment makers, where recognition timing depends on construction-progress milestones.
On the cash flow side, 2025 operating cash flow of KRW 101.4 billion well exceeded net profit, suggesting effects from order-related advance payments or working-capital recovery.
The secondary battery electrode-process equipment industry passed through a period in 2024-2025 in which new orders became more cautious, coinciding with a slowdown in electric vehicle demand growth often referred to as a 'chasm' phase.
Battery cell makers pacing their capacity expansions directly affects the scale and timing of new orders received by electrode and assembly equipment makers.
In this environment, individual companies' competitiveness increasingly hinges on the technical specifications of core equipment such as Coaters, Calenders, and Slitters (including wider-format capability and productivity), as well as readiness for next-generation processes like dry electrodes and solid-state batteries.
Solid-state batteries have drawn attention for reducing fire risk, and companies holding related materials and equipment technology have attracted market interest.
Through its integration into the SFA group and the merger with SNU Precision, SFA Nexel has acquired inspection and measurement technology, positioning itself to address rising demand for inspection and measurement amid growing battery safety concerns.
Europe is cited as a region where electric vehicle battery production-base construction and supply chain localization continue, offering domestic equipment makers opportunities to secure new customers.
Domestic competitors supplying similar electrode and assembly process equipment mean order competition continues to be fought on price, technology, and customer references.
Following the June 2026 name change, the company set out a direction to grow, under the SFA group brand, into a multi-industry advanced manufacturing equipment platform not confined to battery equipment.
That same month it disclosed signing an NDA with a battery cell maker pursuing an electric vehicle battery production base in Europe, to review possible cooperation on electrode equipment supply and next-generation battery process solutions; this remains at a discussion stage rather than a confirmed contract.
The company stated it is accelerating development of next-generation battery technology, centered on dry-electrode processes and solid-state battery production solutions as core R&D pillars.
It is also pursuing a strategy of applying display equipment and inspection/measurement technology gained through the SNU Precision merger to electrode equipment in order to strengthen order competitiveness.
In June 2026 the company said it was the only domestic battery electrode-process equipment specialist selected for the 'World's Growth Leaders 2026' ranking jointly published by Time magazine and Statista, an external evaluator's designation.
The mid-to-long-term direction the company has laid out is diversification to reduce dependence on a single industry and early positioning in next-generation battery technology, though the timing and scale of conversion into actual orders and revenue will need to be confirmed through future disclosures.
The company's net profit expanded from 2022 through 2024 before contracting in 2025, and on a quarterly basis swung from a net loss in Q2 2025 back to profitability in subsequent quarters, reflecting fairly high earnings volatility.
Such earnings volatility is a factor that can affect the profit-based valuation multiple the market assigns to the stock.
On a price-to-book basis, shares have traded in a range reflecting a certain premium over net asset value, which can be interpreted as partly incorporating market expectations for the growth from the diversification strategy and next-generation battery technology development the company is pursuing.
On dividends, the company maintains a policy of not paying a separate cash dividend, meaning the evaluation focus centers less on dividend appeal and more on earnings recovery and the progress of new business initiatives.
Comparing the earnings growth phase of 2023-2024 with the recent earnings adjustment phase of 2025, market assessment appears to be shaped not only by near-term results but also by the progress of structural changes such as integration into the SFA group, the SNU Precision merger, and the corporate renaming.
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 2026-09-04
The SNU Precision merger brought in display equipment and inspection/measurement technology, creating a structure that can lower revenue dependence on the secondary battery sector alone. Applying inspection and measurement technology to electrode equipment could also improve order competitiveness. The actual revenue contribution, however, will need to be confirmed through future periodic disclosures.
Since the SFA group became the controlling shareholder in 2023, a strategy of combining group-level manufacturing equipment capabilities with brand power has been underway. The 2026 renaming is also part of this group brand integration strategy, aimed at raising awareness among customers and investors. Group integration is cited as a favorable factor in terms of financial capacity and sales network.
The company is focusing R&D on dry-electrode process and solid-state battery production solution development, and is also exploring new customer access through an NDA with a European battery cell maker. Solid-state batteries are cited as a field drawing growing market interest due to safety benefits.
However, this remains at the cooperation-review and technology-development stage, and no confirmed contract or commercialization timeline has been disclosed.
Revenue and operating profit both fell sharply in 2025 versus the prior year, with the operating margin also declining. This is interpreted as reflecting slower capacity-expansion pacing by battery cell makers amid the electric vehicle chasm, which directly affects electrode-process equipment orders. The timing of an industry recovery remains uncertain.
Q2 2025 saw a net loss despite higher revenue, and Q1 2026 revenue was the smallest of the trailing four quarters. Given the project-based revenue recognition structure, a pattern of revenue and profit concentrating in or shrinking during particular quarters could recur. This is a factor that makes it difficult to judge the underlying business trend from quarterly results alone.
The SNU Precision absorption merger and the renaming under the SFA group brand cannot rule out the possibility of one-off costs or delayed synergy realization during organizational and systems integration.
A business structure exposed to two different cycles, secondary battery and display, could also increase management complexity. The timing at which integration benefits become visible in actual results has not yet been confirmed.
If the electric vehicle and battery chasm persists, cell makers' capacity-expansion plans could be further delayed or scaled back, directly affecting the scale and timing of new electrode-process equipment orders. The pace of any industry recovery depends on investment decisions by automakers and battery cell makers.
Because of the project-based revenue recognition structure, changes in the progress rate or delivery delays of specific contracts can significantly affect quarterly results. The possibility of contract modifications or cancellations on large projects cannot be ruled out. Managing integration costs following the merger is also an area requiring ongoing observation.
Numerous domestic and overseas secondary battery equipment makers supply similar electrode and assembly process equipment, sustaining price and technology competition.
If technology development in next-generation processes such as dry electrodes or solid-state batteries lags behind competitors, it could disadvantage the company in securing customers.
Check the Q3 2026 earnings disclosure to see whether revenue has recovered, when order-related revenue is being recognized, and whether quarter-to-quarter volatility persists.
Watch for whether the NDA signed with the European battery cell maker progresses into a concrete supply contract or memorandum of understanding, and whether related disclosures are made.
Check to what extent the revenue contribution from the display and inspection/measurement equipment segment, following the SNU Precision merger, becomes quantifiable.
Continue monitoring for disclosures of concrete commercialization progress, such as customer qualification or pilot-line orders, for dry-electrode and solid-state battery equipment.
SFA Nexel is a company centered on secondary battery electrode-process equipment, currently in the midst of diversifying its business structure through integration into the SFA group in 2023, the SNU Precision merger in 2024, and the corporate renaming in 2026.
Financially, after growth from 2022 through 2024, revenue and operating profit both contracted in 2025 versus the prior year, and quarterly volatility was pronounced, including a net loss in Q2 2025 and a revenue contraction in Q1 2026.
This pattern appears to reflect both slower orders amid the electric vehicle and battery chasm and the project-based revenue recognition structure.
At the same time, the company is pursuing medium-to-long-term growth drivers through dry-electrode and solid-state battery technology development, a new customer NDA in Europe, and internalizing inspection and measurement technology.
The pace and scale at which these structural changes convert into actual orders, revenue, and profit remain unconfirmed and will need to be checked sequentially through future quarterly results and related disclosures.
For investment judgment, it would be useful to monitor both the timing of any battery industry recovery and whether the results of business diversification become visible.
Report written 2026-09-05 · Data as of 2026-09-04
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