# Yuhan (000100.KO)

Canonical: https://gigainvestors.com/s/000100.KO

Analysis as of: 2026-10-16T07:37:59.853Z. Financial observations: FY2018–FY2026.

Listing currency: KRW. Reporting currency: KRW.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: KRW 76,400.00 per share; close as of 2026-10-15.

Estimated value: low KRW 27,102.94 per share, central KRW 30,083.91 per share, high KRW 34,052.23 per share. Buy at or below the central value KRW 30,083.91 per share. Valuation as of 2026-10-16T07:37:59.853Z; scenarios are not confidence intervals.

Expected annual return: 5.4% at the stated quote. About 5.4% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; KR 10-year bond 4.2% + 4 points).

## Checklist

### understandable: fail

- 1 revenue decline in the last 10 years (informational)

- operating margin variation exceeds 0.35

- Financial history: 9 years

- Years with declining revenue: 1

- Years with a net loss: 0

- Operating margin variation: 0.43×

Chart: Operating margin; fiscal year observations.

- FY2018: 0.03×

- FY2019: 0.01×

- FY2020: 0.05×

- FY2021: 0.03×

- FY2022: 0.02×

- FY2023: 0.03×

- FY2024: 0.03×

- FY2025: 0.05×

- LTM to Jun 2026: 0.05×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 2.4%

- ROIC, second-lowest year: 2.0%

- Typical minus recent gross margin: -2.6 pp

- Typical gross margin (annual median): 30.8%

- Recent gross margin (lower of latest and 3-year median): 33.3%

- Years with nonpositive capital: 0

- Capital spending / revenue: 3.4%

- ROIC including acquisitions, ten-year median: 5.9%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2018: 2.6%

- FY2019: 0.6%

- FY2020: 4.4%

- FY2021: 2.4%

- FY2022: 2.0%

- FY2023: 2.5%

- FY2024: 2.2%

- FY2025: 3.8%

### economics: fail

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 0.87×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: KRW 519B

- Net income, five-year total: KRW 599B

- Return on incremental invested capital: 9.2%

- Working capital / revenue, annual change: 0.8 pp

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.05×

- FY2022: 0.94×

- FY2023: 0.92×

- FY2024: 0.68×

- FY2025: 0.76×

### management: pass

- Historical market-dollar context (not the management verdict): 2018 to 2025 (7 years)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 2.6% vs 2.5%

- Per-share earnings: 919.17 to 1938.49 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: 3.8%

- Market cap gain: KRW -4.51T

- Cumulative retained earnings: KRW 653B

- Diluted shares, 5-year annual growth: 3.8%

- $1 test, starting fiscal year: FY2018

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 16.1%

- Per-share value change: KRW 1K

- Per-share value, starting three-year median: KRW 919.17

- Per-share value, ending three-year median: KRW 2K

- Buybacks concentrated in cheaper years (correlation): 0.38

- Average buyback yield: 0.2%

- Buyback history: 8 years

- Debt-funded buybacks: No

- ROIC, first three-year median: 2.6%

- ROIC, last three-year median: 2.5%

Chart: Earnings per share; fiscal year observations.

- FY2018: KRW 919.17

- FY2019: KRW 673.22

- FY2020: KRW 3K

- FY2021: KRW 2K

- FY2022: KRW 1K

- FY2023: KRW 2K

- FY2024: KRW 957.90

- FY2025: KRW 3K

### accounting: pass

- Sloan accruals: 2.7%

- Receivables to sales index (DSRI): 1.08×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.7%

- Earnings backed by cash: Yes

- Operating cash / earnings: 0.55×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.13×

Chart: Sloan accruals; fiscal year observations.

- FY2018: -1.7%

- FY2019: -1.2%

- FY2020: 6.8%

- FY2021: 0.1%

- FY2022: -0.2%

- FY2023: 0.3%

- FY2024: 0.5%

- FY2025: 2.7%

## Holders

## Price story

Down 46% since Sep 2024 · sales +4.4%

Story as of 2026-10-16T10:00:09.648Z; price observation 2026-10-15.

Price needs cash profits to grow 14.3% a year for ten years

### Sales · FY2025–2026

sales +4.4%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2018: KRW 1.52T 

- FY2019: KRW 1.48T 

- FY2020: KRW 1.62T 

- FY2021: KRW 1.69T 

- FY2022: KRW 1.78T 

- FY2023: KRW 1.86T 

- FY2024: KRW 2.07T 

- FY2025: KRW 2.19T 

- FY2026: KRW 2.28T 

### Gross margin · FY2025

gross margin 33.4%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2018: 27.2% 

- FY2019: 29.1% 

- FY2020: 34.5% 

- FY2021: 31.1% 

- FY2022: 29.2% 

- FY2023: 30.4% 

- FY2024: 33.3% 

- FY2025: 33.4% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in drug manufacturers specialty & generic; annual sales are KRW 2.2 trillion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:59.853Z); FY2025: revenue 2186637586350; grossProfit 729917895500; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 000100.KO: Yuhan Corporation operates as a pharmaceutical company in South Korea and internationally. It offers manufacturing services, such as custom manufacturing; process research and development of active pharmaceutical products (APIs) and intermediates; kilo and pilot-scale production of APIs and intermediates; commercial production of APIs and intermediates; production of chemical specialties; and analytical method development and regulatory support. The company also provides APIs and intermediates, including antibiotic, anti-thrombotic, anti-hyperlipidemics, and anti-hypertensive; and custom synthesis services through commercial supply in areas of anti-viral, anti-HIV, anti-HCV, anti-biotic, antihistamine, anti-diabetic, ß-lactamase inhibitor, CNS intermediate, PEG-compounds, and others. Yuhan Corporation was founded in 1926 and is headquartered in Seoul, South Korea.

### Why customers stay

Margins ranged from 30.4% to 33.4% during 2023–25; it earns 2.4% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:59.853Z); FY2023: grossProfit / revenue = 30.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:59.853Z); FY2024: grossProfit / revenue = 33.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:59.853Z); FY2025: grossProfit / revenue = 33.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:59.853Z); 8-year return on capital observations [[2018,0.02555979426186183],[2019,0.006319281793903093],[2020,0.04406876478911825],[2021,0.023665647980529232],[2022,0.019902689530936036],[2023,0.024923294051985387],[2024,0.022144915106931347],[2025,0.0382915515544813]]; median 0.02429447101625731. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 29% gross margin through 2022 cost inflation.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:59.853Z); Gross margin observations: [[2021,0.3108468550971497],[2022,0.2918052955230778],[2023,0.3043941697820394]]; range within 2 percentage points.

### Where the cash goes

Spends 20.4% of cash earnings on expansion; earns 9.2% on new investment.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:59.853Z); FY2018: growth capex 0; upkeep 46001314580; owner earnings 70479309470. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:59.853Z); FY2019: growth capex 0; upkeep 42763093590; owner earnings 54258894770. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:59.853Z); FY2020: growth capex 0; upkeep 51452945320; owner earnings 199625519920. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:59.853Z); FY2021: growth capex 0; upkeep 46150996270; owner earnings 107684182660. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:59.853Z); FY2022: growth capex 18015145673.17729; upkeep 47786946336.82271; owner earnings 89524027573.17729. Growth capex / owner earnings = 0.20123252004554465.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:59.853Z); FY2023: growth capex 18336199752.412354; upkeep 54070875197.58765; owner earnings 125725241682.41235. Growth capex / owner earnings = 0.14584342417674903.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:59.853Z); FY2024: growth capex 48894861514.5163; upkeep 85020873845.4837; owner earnings 48211399574.5163. Growth capex / owner earnings = 1.0141763555099377.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:59.853Z); FY2025: growth capex 30230096008.82785; upkeep 114505558871.17215; owner earnings 148256030468.82785. Growth capex / owner earnings = 0.2039046635285706.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:59.853Z); Incremental return on capital 0.09161883128164999, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:59.853Z); Dividend observations: [[2018,21939583600],[2019,22911704760],[2020,23781389400],[2021,24940677400],[2022,26079622200],[2023,27268933000],[2024,32145147300],[2025,37481120900]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:59.853Z); FY2025: cash repurchases 19999943550 KRW.

### Are managers owners

Insiders own 29% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 000100.KO SharesStats.PercentInsiders = 28.982999999999997 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 14.3% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:59.853Z); Ten-year compound average after fade. Initial solved rate 0.19343381191647724. Price 76400; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03.  Closing-price date 2026-10-15.

## Monthly share-price history (KRW per share)

- 2016-10: KRW 210,000.11 per share

- 2016-11: KRW 197,000.11 per share

- 2016-12: KRW 199,500.09 per share

- 2017-01: KRW 188,500.09 per share

- 2017-02: KRW 224,000.11 per share

- 2017-03: KRW 222,500.11 per share

- 2017-04: KRW 232,000.11 per share

- 2017-05: KRW 250,000.12 per share

- 2017-06: KRW 246,000.12 per share

- 2017-07: KRW 236,500.11 per share

- 2017-08: KRW 226,000.11 per share

- 2017-09: KRW 206,500.10 per share

- 2017-10: KRW 204,000.10 per share

- 2017-11: KRW 220,000.11 per share

- 2017-12: KRW 219,000.09 per share

- 2018-01: KRW 233,000.10 per share

- 2018-02: KRW 208,000.09 per share

- 2018-03: KRW 222,000.09 per share

- 2018-04: KRW 229,000.09 per share

- 2018-05: KRW 238,000.10 per share

- 2018-06: KRW 217,500.09 per share

- 2018-07: KRW 223,000.09 per share

- 2018-08: KRW 239,000.10 per share

- 2018-09: KRW 242,500.10 per share

- 2018-10: KRW 167,500.07 per share

- 2018-11: KRW 227,500.09 per share

- 2018-12: KRW 204,500.07 per share

- 2019-01: KRW 238,000.08 per share

- 2019-02: KRW 260,500.09 per share

- 2019-03: KRW 240,000.08 per share

- 2019-04: KRW 245,500.08 per share

- 2019-05: KRW 247,500.09 per share

- 2019-06: KRW 244,500.08 per share

- 2019-07: KRW 216,500.07 per share

- 2019-08: KRW 229,500.08 per share

- 2019-09: KRW 228,500.08 per share

- 2019-10: KRW 224,500.08 per share

- 2019-11: KRW 216,000.07 per share

- 2019-12: KRW 236,500.07 per share

- 2020-01: KRW 218,000.06 per share

- 2020-02: KRW 214,000.06 per share

- 2020-03: KRW 229,000.06 per share

- 2020-04: KRW 47,150.01 per share

- 2020-05: KRW 51,900.01 per share

- 2020-06: KRW 50,600.01 per share

- 2020-07: KRW 57,300.02 per share

- 2020-08: KRW 67,000.02 per share

- 2020-09: KRW 64,200.02 per share

- 2020-10: KRW 59,500.02 per share

- 2020-11: KRW 64,400.02 per share

- 2020-12: KRW 75,100.01 per share

- 2021-01: KRW 65,700.01 per share

- 2021-02: KRW 62,000.01 per share

- 2021-03: KRW 63,000.01 per share

- 2021-04: KRW 64,300.01 per share

- 2021-05: KRW 65,700.01 per share

- 2021-06: KRW 63,100.01 per share

- 2021-07: KRW 61,600.01 per share

- 2021-08: KRW 62,500.01 per share

- 2021-09: KRW 61,500.01 per share

- 2021-10: KRW 59,900.01 per share

- 2021-11: KRW 57,800.01 per share

- 2021-12: KRW 62,100.01 per share

- 2022-01: KRW 56,600.01 per share

- 2022-02: KRW 58,100.01 per share

- 2022-03: KRW 58,400.01 per share

- 2022-04: KRW 61,100.01 per share

- 2022-05: KRW 60,400.01 per share

- 2022-06: KRW 56,000.01 per share

- 2022-07: KRW 57,800.01 per share

- 2022-08: KRW 56,800.01 per share

- 2022-09: KRW 54,300.01 per share

- 2022-10: KRW 59,800.01 per share

- 2022-11: KRW 58,400.01 per share

- 2022-12: KRW 57,200.00 per share

- 2023-01: KRW 52,300.00 per share

- 2023-02: KRW 52,700.00 per share

- 2023-03: KRW 50,600.00 per share

- 2023-04: KRW 57,600.00 per share

- 2023-05: KRW 59,300.00 per share

- 2023-06: KRW 60,400.00 per share

- 2023-07: KRW 73,000.00 per share

- 2023-08: KRW 72,800.00 per share

- 2023-09: KRW 75,800.01 per share

- 2023-10: KRW 57,400.00 per share

- 2023-11: KRW 61,300.00 per share

- 2023-12: KRW 68,800.00 per share

- 2024-01: KRW 59,200.00 per share

- 2024-02: KRW 67,400.00 per share

- 2024-03: KRW 76,700.00 per share

- 2024-04: KRW 72,400.00 per share

- 2024-05: KRW 68,800.00 per share

- 2024-06: KRW 80,900.00 per share

- 2024-07: KRW 94,400.00 per share

- 2024-08: KRW 141,000.00 per share

- 2024-09: KRW 142,600.00 per share

- 2024-10: KRW 138,700.00 per share

- 2024-11: KRW 115,400.00 per share

- 2024-12: KRW 119,500.00 per share

- 2025-01: KRW 129,600.00 per share

- 2025-02: KRW 121,900.00 per share

- 2025-03: KRW 109,200.00 per share

- 2025-04: KRW 113,800.00 per share

- 2025-05: KRW 104,300.00 per share

- 2025-06: KRW 104,200.00 per share

- 2025-07: KRW 118,100.00 per share

- 2025-08: KRW 113,500.00 per share

- 2025-09: KRW 119,100.00 per share

- 2025-10: KRW 118,000.00 per share

- 2025-11: KRW 122,000.00 per share

- 2025-12: KRW 112,400.00 per share

- 2026-01: KRW 108,000.00 per share

- 2026-02: KRW 110,200.00 per share

- 2026-03: KRW 94,800.00 per share

- 2026-04: KRW 91,600.00 per share

- 2026-05: KRW 85,000.00 per share

- 2026-06: KRW 70,200.00 per share

- 2026-07: KRW 73,500.00 per share

- 2026-08: KRW 83,700.00 per share

- 2026-09: KRW 72,800.00 per share

- 2026-10: KRW 72,800.00 per share

## Annual estimated value (KRW per share)

- FY2022: low KRW 18,333.46 per share, central KRW 20,249.82 per share, high KRW 22,800.91 per share

- FY2023: low KRW 22,505.17 per share, central KRW 25,049.20 per share, high KRW 28,435.84 per share

- FY2024: low KRW 23,461.90 per share, central KRW 26,156.16 per share, high KRW 29,742.80 per share

- FY2025: low KRW 25,255.81 per share, central KRW 28,111.82 per share, high KRW 31,913.78 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

Prior published observations retained from 2026-10-15T06:43:54.572Z where newer inputs omit a numeric field or fiscal period.

## 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.