# SK IE Technology (361610.KO) Canonical: https://gigainvestors.com/s/361610.KO Analysis as of: 2026-10-16T07:43:41.631Z. Financial observations: FY2019–FY2026. Listing currency: KRW. Reporting currency: KRW. ## Verdict Not a wonderful business Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no. Share price: KRW 17,760.00 per share; close as of 2026-10-15. ## Checklist ### understandable: fail - 3 revenue declines in the last 10 years (informational) - more than 2 net loss years - negative average operating margin - operating margin variation exceeds 0.35 - Financial history: 8 years - Years with declining revenue: 3 - Years with a net loss: 4 - Operating margin variation: 1.85× Chart: Operating margin; fiscal year observations. - FY2019: 0.31× - FY2020: 0.27× - FY2021: 0.15× - FY2022: -0.09× - FY2023: 0.08× - FY2024: -1.34× - FY2025: -0.94× - LTM to Jun 2026: -1.32× ### moat: fail - ROIC median below threshold - ROIC worst years below threshold (more than 1 bad year allowed) - Recent gross margin fell 80.5pp below the typical margin (limit 4pp) - ROIC, median of available years: 1.3% - ROIC, second-lowest year: -5.1% - Typical minus recent gross margin: 80.5 pp - Typical gross margin (annual median): 24.2% - Recent gross margin (lower of latest and 3-year median): -56.3% - Years with nonpositive capital: 0 - Capital spending / revenue: 99.5% - ROIC including acquisitions, ten-year median: -1.4% Chart: ROIC excluding acquisitions; fiscal year observations. - FY2019: 9.8% - FY2020: 7.3% - FY2021: 3.8% - FY2022: -1.6% - FY2023: 1.3% - FY2024: -6.2% - FY2025: -5.1% ### economics: fail - owner earnings cash conversion below threshold - incremental invested capital return below threshold - Cash conversion uses consolidated totals: No - Owner earnings, five-year total: KRW -1.28T - Net income, five-year total: KRW -310B - Return on incremental invested capital: -12.3% - Working capital / revenue, annual change: 5.7 pp Chart: Owner earnings · five years; fiscal year observations. - FY2021: KRW -12B - FY2022: KRW -628B - FY2023: KRW -47B - FY2024: KRW -405B - FY2025: KRW -191B ### management: fail - buybacks unrelated to price (informational) - ROIC first 3 years vs last 3 years: 7.3% vs -5.1% - Per-share earnings: 1047.91 to -2800.00 (three-year endpoint medians) - per-share value declined or ends nonpositive - Management verdict uses per-share economic progress: Yes - Ordinary dilution, 5-year annual growth: -2.1% - Diluted shares, 5-year annual growth: -2.1% - Per-share value change: KRW -4K - Per-share value, starting three-year median: KRW 1K - Per-share value, ending three-year median: KRW -3K - Buybacks concentrated in cheaper years (correlation): -1.00 - Average buyback yield: 0.0% - Buyback history: 3 years - ROIC, first three-year median: 7.3% - ROIC, last three-year median: -5.1% Chart: Earnings per share; fiscal year observations. - FY2019: KRW 756.96 - FY2020: KRW 1K - FY2021: KRW 1K - FY2022: KRW -416.00 - FY2023: KRW 1K - FY2024: KRW -3K - FY2025: KRW -3K ### accounting: pass - Sloan accruals: -4.1% - Receivables to sales index (DSRI): 0.48× - Restructuring years, last five: 0 - Earnings backed by cash: Yes - Accounting red flags: 0 - Goodwill and intangibles / equity: 0.00× Chart: Sloan accruals; fiscal year observations. - FY2019: -3.2% - FY2020: -1.4% - FY2021: -0.4% - FY2022: -1.4% - FY2023: -1.1% - FY2024: -3.8% - FY2025: -4.1% ## Holders ## Price story Down 89% since Dec 2021 · sales -25% Story as of 2026-10-16T10:00:12.810Z; price observation 2026-10-15. ### Sales · FY2025–2026 sales -25%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16. - FY2019: KRW 263B - FY2020: KRW 469B - FY2021: KRW 604B - FY2022: KRW 586B - FY2023: KRW 648B - FY2024: KRW 218B - FY2025: KRW 262B - FY2026: KRW 196B ### Gross margin · FY2023 gross margin 24.2%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16. - FY2019: 40.2% - FY2020: 39.2% - FY2021: 31.8% - FY2022: 9.7% - FY2023: 24.2% ## Owner memo Memo as of 2026-10-16T08:06:05.509Z. ### How it makes money Operates in electronic components; annual sales are KRW 261.9 billion. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:41.631Z); FY2025: revenue 261874278000; grossProfit -147511760000; margin = grossProfit / revenue. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 361610.KO: SK IE Technology Co., Ltd., together with its subsidiaries, engages in manufacturing and selling of battery materials in South Korea, Asia, and Europe. It offers lithium-ion battery separator, blocking direct contact between the positive and negative electrodes and lithium. It provides film based and ceramic coated separators for IT devices and EV batteries; and flexible cover window material to replace the glass cover window of foldable phones, IT devices and automotive displays. The company was incorporated in 2019 and is headquartered in Seoul, South Korea. SK IE Technology Co., Ltd. is a subsidiary of SK Innovation Co., Ltd. ### Why customers stay It earns 1.3% on its capital. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:41.631Z); FY2023: grossProfit / revenue = 24.2%. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:41.631Z); FY2024: grossProfit / revenue = -74.3%. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:41.631Z); FY2025: grossProfit / revenue = -56.3%. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:41.631Z); 7-year return on capital observations [[2019,0.09768660299943799],[2020,0.07278915015658144],[2021,0.037889006714644916],[2022,-0.015548435583566955],[2023,0.012650992537458704],[2024,-0.06160395275664208],[2025,-0.050695014996858405]]; median 0.012650992537458704. ROIC follows the displayed moat series; financial companies use return on tangible equity. ### Where the cash goes Paid no dividends in 2 years. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:41.631Z); FY2019: growth capex 0; upkeep 64836384000; owner earnings 43504569200. Growth capex / owner earnings = 0. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:41.631Z); FY2020: growth capex 512092326000; upkeep 71355013000; owner earnings 88063390600. Growth capex / owner earnings = 5.815042124894065. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:41.631Z); Dividend observations: [[2021,0],[2022,0]]. Zero only counted when supported by a complete cash-flow statement. ### Are managers owners Insiders own 62.5% of the company. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 361610.KO SharesStats.PercentInsiders = 62.543000000000006 percentage points; cache date 2026-10-16. ### What the price says The price is 5.1 times annual sales; cash earnings are negative. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:41.631Z); Closing price 17760 KRW; reporting-to-trading FX 1; FY2025 annual sales per share 3468.2393491847306; price multiple 5.12075384998293. FY2025 cash earnings/share -2535.1766630970355. Closing-price date 2026-10-15. ## Monthly share-price history (KRW per share) - 2021-05: KRW 149,000.00 per share - 2021-06: KRW 183,000.00 per share - 2021-07: KRW 225,500.00 per share - 2021-08: KRW 207,500.00 per share - 2021-09: KRW 226,000.00 per share - 2021-10: KRW 166,500.00 per share - 2021-11: KRW 155,500.00 per share - 2021-12: KRW 168,000.00 per share - 2022-01: KRW 115,000.00 per share - 2022-02: KRW 123,500.00 per share - 2022-03: KRW 126,500.00 per share - 2022-04: KRW 127,000.00 per share - 2022-05: KRW 126,000.00 per share - 2022-06: KRW 98,100.00 per share - 2022-07: KRW 81,800.00 per share - 2022-08: KRW 83,200.00 per share - 2022-09: KRW 52,400.00 per share - 2022-10: KRW 52,000.00 per share - 2022-11: KRW 65,900.00 per share - 2022-12: KRW 53,000.00 per share - 2023-01: KRW 67,000.00 per share - 2023-02: KRW 65,400.00 per share - 2023-03: KRW 71,200.00 per share - 2023-04: KRW 77,300.00 per share - 2023-05: KRW 88,600.00 per share - 2023-06: KRW 96,800.00 per share - 2023-07: KRW 107,300.00 per share - 2023-08: KRW 90,300.00 per share - 2023-09: KRW 74,000.00 per share - 2023-10: KRW 59,300.00 per share - 2023-11: KRW 71,000.00 per share - 2023-12: KRW 78,900.00 per share - 2024-01: KRW 74,200.00 per share - 2024-02: KRW 73,300.00 per share - 2024-03: KRW 73,200.00 per share - 2024-04: KRW 59,100.00 per share - 2024-05: KRW 43,150.00 per share - 2024-06: KRW 44,100.00 per share - 2024-07: KRW 37,300.00 per share - 2024-08: KRW 32,900.00 per share - 2024-09: KRW 36,200.00 per share - 2024-10: KRW 34,400.00 per share - 2024-11: KRW 26,250.00 per share - 2024-12: KRW 22,550.00 per share - 2025-01: KRW 23,000.00 per share - 2025-02: KRW 28,000.00 per share - 2025-03: KRW 22,250.00 per share - 2025-04: KRW 22,450.00 per share - 2025-05: KRW 21,350.00 per share - 2025-06: KRW 26,900.00 per share - 2025-07: KRW 27,750.00 per share - 2025-08: KRW 27,750.00 per share - 2025-09: KRW 26,500.00 per share - 2025-10: KRW 30,700.00 per share - 2025-11: KRW 28,500.00 per share - 2025-12: KRW 25,050.00 per share - 2026-01: KRW 27,350.00 per share - 2026-02: KRW 27,100.00 per share - 2026-03: KRW 21,250.00 per share - 2026-04: KRW 26,400.00 per share - 2026-05: KRW 19,310.00 per share - 2026-06: KRW 16,210.00 per share - 2026-07: KRW 13,260.00 per share - 2026-08: KRW 16,190.00 per share - 2026-09: KRW 17,350.00 per share - 2026-10: KRW 18,180.00 per share ## Annual estimated value (KRW per share) Historical values use today's bond yield for every fiscal year Historical values use today's FX rate into trading currency for every fiscal year Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates ## Sources Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights. ## Reported holder observations