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Korean maker of cathode materials for EV lithium-ion batteries.
Korean maker of cathode materials for EV lithium-ion batteries.
Sells cathode powder to cell makers at prices linked to the metals in it, nickel and lithium, so revenue moves with metal prices as well as volumes. Its biggest customer is LG Energy Solution, so its fortunes follow the carmakers that buy those cells.
In one line: A small, pure-play Korean Umicore for battery cathodes..
Moat: narrow (process know-how, customer qualification). Qualified high-nickel cathode supplier to major Korean battery makers, in an increasingly commoditizing field.
Headquarters: Daegu, South Korea · Founded: 2000 · Employees: 1,924
Size L&F (066970.KS) is a South Korea Industrials company (Electronic Production Equipment) with a market value of $2.15B, the 130th largest of 495 South Korea companies the cockpit tracks. Shares closed at ₩74,900 on 6 Nov 2026.
Performance Over six months the shares fell 61.6%, against +22.9% for the median peer and -24.5% for the South Korea market (cap-weighted) — lowest of 9 in its peer set.
Growth Revenue grew 80.7% over the last twelve months (peer median +34.3%); the operating margin is 8.4% (peer median 9.5%).
Valuation It trades at 1.5× enterprise value to sales against a peer median of 5.0× (2nd cheapest of 9).
Capital Return on invested capital runs 0.3 points above its cost of capital (7.7% WACC).
Next results Next results expected around 10 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ₩2.89T | ₩2.15T | ₩1.91T | ₩4.64T | ₩3.89T |
| Revenue growth | — | +13% | -59% | +19% | — |
| Gross profit | ₩332B | -₩77.0B | -₩468B | -₩143B | ₩349B |
| EBITDA | ₩324B | -₩71.6B | -₩495B | -₩176B | ₩296B |
| Net income | -₩323B | -₩534B | -₩378B | -₩194B | ₩270B |
| Free cash flow | -₩161B | -₩167B | ₩72.6B | -₩857B | -₩1.15T |
| Capital expenditure | ₩228B | ₩139B | ₩210B | ₩486B | ₩289B |
| Total debt | ₩1.80T | ₩1.76T | ₩1.78T | ₩1.81T | ₩909B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g |
|---|---|---|---|---|---|---|
| L&F 066970.KS | $2.15B | -62% | +81% | 8% | 1.5× | n/a |
| Posco Future M 003670.KS | $10.6B | -36% | -9% | 2% | 5.1× | n/a |
| Ecopro BM 247540.KS | $6.53B | -60% | -4% | 6% | 3.9× | n/a |
| Ningbo Ronbay New Energy Technology 688005.SS | $2.05B | -45% | +41% | 1% | 1.3× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 066970.KS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -36.3% | -7.5% | lowest of 9 |
| 6-month return | -61.6% | +22.9% | lowest of 9 |
| Distance from 52-week high | -66.7% | -22.3% | lowest of 9 |
| Revenue growth (TTM) | +80.7% | +34.3% | highest of 9 |
| Operating margin | 8.4% | 9.5% | 4th lowest of 9 |
| EV / Sales | 1.5× | 5.0× | 2nd cheapest of 9 |
| ROIC minus cost of capital | +0.3 pp | -5.7 pp | 3rd highest of 9 |
| EV / EBITDA | 13.5× | 42.9× | cheapest of 8 |
| Net debt / EBITDA | 4.4× | 0.3× | most indebted of 9 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| L&F 066970.KS | South Korea | $2.15B | -62% | +81% | 8% | 1.5× | n/a | n/a |
| Data Patterns (India) DATAPATTNS.NS | India | $2.24B | -11% | +34% | 37% | 22.4× | 61.0% | +32.8% |
| Kaynes Technology India KAYNES.NS | India | $2.30B | -26% | +35% | 12% | 5.6× | n/a | n/a |
| PG Electroplast PGEL.NS | India | $1.65B | +2% | +21% | 6% | 2.6× | n/a | n/a |
| Apollo Micro Systems APOLLO.NS | India | $1.63B | +32% | +77% | 21% | 13.3× | n/a | n/a |
| Syrma SGS Technology SYRMA.NS | India | $2.97B | +33% | +62% | 10% | 4.5× | 33.7% | +61.8% |
| Avalon Technologies AVALON.NS | India | $1.34B | +51% | +44% | 10% | 7.2× | n/a | n/a |
| Cyient DLM CYIENTDLM.NS | India | $649M | +82% | -2% | 7% | 4.3× | 58.4% | +15.0% |
| Dixon Technologies (India) DIXON.NS | India | $8.16B | +14% | +21% | 2% | 1.3× | 48.0% | +49.7% |