High-nickel and LFP cathode maker
L&F
L&F is a Korean battery-materials maker supplying high-nickel and LFP cathodes to Korean cell makers such as LG Energy Solution, Samsung SDI and SK On, as well as global customers. It posted KRW 2.1549 trillion of FY2025 consolidated revenue and a KRW 156.8 billion operating loss, but turned back to profit in Q1 2026 with KRW 117.3 billion of operating income as Ni95 high-nickel, 46-series cylindrical cathodes and the LFP ramp gained traction. Customer concentration is extreme: its top two external customers represented 100 percent of FY2025 revenue.
066970.KS Updated Jul 12, 2026 5 AI consumers
Per the valuechain.wiki graph, L&F is directly linked to 3 companies (0 supply, 3 revenue relationships) and reaches 9 companies within two hops; the links are backed by 8 dated sources, 2 of them primary filings (as of 2026-07-12).
Financials & Segments
- Total revenue · FY2025 revenue ₩2.15tn
- Customer concentration · External customer 1: 88%, customer 2: 12% (FY2025)
- Segments · High-nickel NCMA/NCM cathodes · Single-crystal cathodes for 46-series cylindrical cells · LFP cathodes (ramping, ESS-led)
Revenue from
- SK Innovation (SK On) High confidence· Contract value ₩13.2T · 2024~2030 · high-nickel cathode supply contract
Long-term supplier of high-nickel cathodes to SK On. The FY2025 annual report shows a KRW 13.19tn contract signed in 2024 through end-2030, alongside an earlier KRW 1.22tn contract from 2021. - LG Energy Solution High confidence· Contract value ₩7.1T · 2023~2024 · Cathode trading agreement
Supplies high-nickel NCMA and single-crystal cathodes for LG Energy Solution cylindrical cells. Sources confirm a roughly KRW 7.1tn trading agreement in 2022 and a KRW 1.45tn supply contract in 2020.Confirms KO Seoul Economic Daily Published May 19, 2022: LGES and L&F sign KRW 7tn cathode trading agreement - Samsung SDI High confidence· Contract value ₩1.6T · 2027~2029 · ESS LFP cathode supply contract
Supplies LFP cathode to Samsung SDI for ESS. The March 2026 deal disclosed KRW 1.6tn of committed volume for 2027-2029 plus a three-year option.Confirms KO L&F Published Mar 24, 2026: L&F signs KRW 1.6tn mid- to long-term LFP supply deal with Samsung SDI, first outside ChinaConfirms EN The Korea Herald Published Mar 24, 2026: Samsung SDI signs W1.6tr cathode deal with L&F in ESS push
Pays to
- LLBS High confidence· capacity 120,000 tonnes/year · 2029~ · LLBS precursor capacity
Sources precursor from the LLBS joint venture for high-nickel cathode production. The 2025 completion announcement targets 120,000 tonnes per year by 2029.Confirms KO L&F Published Oct 2, 2025: L&F and LS complete Saemangeum precursor plant, reinforcing the K-battery value chain - Pino (CNGR Korea) Medium confidence
Presented Pino, CNGR's Korean unit, as a strategic precursor sourcing channel. It is part of the Korea/North America raw-material diversification plan.Confirms KO L&F Published Apr 17, 2025: L&F highlights high-nickel NCM and LFP growth strategy at InterBattery 2025
Value-chain ripple (2 tiers)
Following node-to-node links up to 2 tiers; each firm is shown once, at its nearest tier.
| Company | Chain | '21 | '22 | '23 | '24 | '25 | YTD |
|---|---|---|---|---|---|---|---|
| Honda Motor | lead2 | +25.8 | -0.8 | +62.2 | -8 | +10 | -1.2 |
| General Motors | lead2 | +40.8 | -42.4 | +7.9 | +49.8 | +54.2 | -3.8 |
| Hyundai Motor Company | lead2 | -16.7 | -4.7 | +16.2 | +12.3 | +158.8 | -7.8 |
| Tesla | lead2 | +49.8 | -65 | +101.7 | +62.5 | +11.4 | -9.3 |
| Nissan Motor | lead2 | +14.2 | -23 | +30.6 | -25.4 | -11.8 | -17.7 |
| Toyota Motor Corporation | lead2 | +58.1 | -13.4 | +63 | +1.8 | +21.8 | -18.2 |
| Samsung SDI | lead1 | -19 | +15.8 | -45.7 | -40.2 | +75.7 | +11.3 |
| SK Innovation (SK On) | lead1 | -22.9 | -22.4 | -26.2 | +8.9 | -10.6 | -8.1 |
| LG Energy Solution | lead1 | · | · | -26.9 | -7.6 | +13.1 | -18.1 |
| L&F | node | +139.2 | +22.4 | -30.3 | -38.6 | +43.4 | -20.4 |
YTD as of 2026-07-10 · source: Yahoo Finance
A high-nickel and LFP cathode maker serving Korea's three cell makers (LG Energy Solution, Samsung SDI, SK On), with extreme concentration — its top two customers were 100% of revenue. The thesis is passing the cycle trough — 2025 lithium/cathode price falls produced an operating loss (KRW 156.8B), but expanding Ni95 high-nickel and 46-series cylindrical plus the LFP (ESS) ramp turned it back to profit in Q1 2026 (KRW 117.3B). Risks are extreme customer concentration and cell-maker utilization/price cycles, and in graph terms LGES/Samsung SDI/SK On cell output transmits into L&F cathode volume, but material prices set the amplitude of profit.
Analysis generated from returns as of 2026-07-10Analyst ratings
Consensus: Buy 4 · Hold 0 · Sell 0 · Avg. target ₩212,500 · Price ₩100,500 (07-10) · Upside +111%
| Broker | Rating | Target | Published | |
|---|---|---|---|---|
| KB Securities | Buy | ₩260,000 | May 4, 2026 | Report ↗ |
| Kiwoom Securities | Buy | ₩240,000 | May 4, 2026 | Report ↗ |
| Samsung Securities | Buy | ₩230,000 | Apr 7, 2026 | Report ↗ |
| IBK Investment & Securities | Buy | ₩120,000 | Feb 6, 2026 | Report ↗ |
Q1 revenue +103% YoY and OP KRW117.3bn turnaround; Tesla Model Y N95 hi-nickel drove cathode shipments +124%. Buy, KRW260,000 target.