# SK Hynix (000660.KO)

Canonical: https://gigainvestors.com/s/000660.KO

Analysis as of: 2026-10-16T07:33:29.466Z. Financial observations: FY2000–FY2025.

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 1,262,000.00 per share; close as of 2026-10-15.

Estimated value: low KRW 900,730.44 per share, central KRW 1,235,957.94 per share, high KRW 1,431,161.51 per share. Buy at or below the central value KRW 1,235,957.94 per share. Valuation as of 2026-10-16T07:33:29.466Z; scenarios are not confidence intervals.

Expected annual return: 9.8% at the stated quote. About 9.8% 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

- 3 revenue declines in the last 10 years (informational)

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 3

- Years with a net loss: 1

- Operating margin variation: 0.87×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.19×

- FY2017: 0.46×

- FY2018: 0.52×

- FY2019: 0.10×

- FY2020: 0.16×

- FY2021: 0.29×

- FY2022: 0.15×

- FY2023: -0.24×

- FY2024: 0.35×

- FY2025: 0.49×

### moat: fail

- ROIC median below threshold

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

- ROIC, median of available years: 12.7%

- ROIC, second-lowest year: 4.1%

- Typical minus recent gross margin: -7.4 pp

- Typical gross margin (annual median): 40.7%

- Recent gross margin (lower of latest and 3-year median): 48.1%

- Years with nonpositive capital: 0

- Capital spending / revenue: 30.9%

- ROIC including acquisitions, ten-year median: 10.0%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 12.8%

- FY2017: 37.8%

- FY2018: 35.3%

- FY2019: 4.1%

- FY2020: 6.5%

- FY2021: 12.5%

- FY2022: 5.5%

- FY2023: -8.0%

- FY2024: 23.1%

- FY2025: 36.7%

### economics: fail

- working capital as a share of revenue rose more than 10pp and ends positive

- Owner earnings / net income, 5-yr: 1.02×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: KRW 67.02T

- Net income, five-year total: KRW 65.43T

- Return on incremental invested capital: 54.1%

- Working capital / revenue, annual change: 1.7 pp

- Working capital / revenue, change between three-year averages: 15.1 pp

- Working capital / revenue, final three-year average: 40.8%

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

- FY2021: 0.97×

- FY2022: -0.33×

- FY2023: 0.35×

- FY2024: 0.97×

- FY2025: 0.99×

### management: pass

- Historical market-dollar context (not the management verdict): 2017 to 2025 (8 years)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 35.3% vs 23.1%

- Per-share earnings: 15070.40 to 28419.00 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: 0.8%

- Market cap gain: KRW 408.74T

- Cumulative retained earnings: KRW 79.29T

- Diluted shares, 5-year annual growth: 0.8%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 11.2%

- Per-share value change: KRW 13K

- Per-share value, starting three-year median: KRW 15K

- Per-share value, ending three-year median: KRW 28K

- Average buyback yield: 4.2%

- Buyback history: 1 years

- Debt-funded buybacks: No

- Acquisition spending: KRW 4.49T

- Cumulative net income, 10 years: KRW 101.33T

- ROIC, first three-year median: 35.3%

- ROIC, last three-year median: 23.1%

Chart: Earnings per share; fiscal year observations.

- FY2017: KRW 15K

- FY2018: KRW 23K

- FY2019: KRW 3K

- FY2020: KRW 7K

- FY2021: KRW 14K

- FY2022: KRW 3K

- FY2023: KRW -13K

- FY2024: KRW 28K

- FY2025: KRW 60K

### accounting: pass

- Sloan accruals: -5.9%

- Receivables to sales index (DSRI): 0.95×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.8%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.24×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.03×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -8.1%

- FY2017: -8.9%

- FY2018: -10.5%

- FY2019: -7.0%

- FY2020: -10.6%

- FY2021: -10.6%

- FY2022: -12.1%

- FY2023: -12.7%

- FY2024: -8.3%

- FY2025: -5.9%

## Holders

## Price story

Down 52% since Jun 2026 · sales +46.8%

Story as of 2026-10-16T09:59:56.410Z; price observation 2026-10-15.

Price needs cash profits to grow 6.8% a year for ten years

### Sales · FY2024–2025

sales +46.8%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: KRW 17.20T 

- FY2017: KRW 30.11T 

- FY2018: KRW 40.45T 

- FY2019: KRW 26.99T 

- FY2020: KRW 31.90T 

- FY2021: KRW 43.00T 

- FY2022: KRW 44.62T 

- FY2023: KRW 32.77T 

- FY2024: KRW 66.19T 

- FY2025: KRW 97.15T 

### Gross margin · FY2025

gross margin 60.4%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 37.3% 

- FY2017: 57.8% 

- FY2018: 62.5% 

- FY2019: 30.3% 

- FY2020: 33.9% 

- FY2021: 44.1% 

- FY2022: 35.0% 

- FY2024: 48.1% 

- FY2025: 60.4% 

## Owner memo

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

### How it makes money

Operates in semiconductors; annual sales are KRW 97.1 trillion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:29.466Z); FY2025: revenue 97146675000000; grossProfit 58690790000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 000660.KO: SK hynix Inc. through its subsidiaries, engages in research, develops, manufactures, distributes, and sells semiconductor devices in Korea, China, rest of Asia, the United States, Europe, and internationally. It offers DRAM, such as server memory, graphics memory, mobile memory, PC memory, consumer memory; NAND flash memory; SSD; and MCP products. It also engages in foundry business, produces non-memory semiconductors. The company serves its products for server, networking, mobile, personal computer, consumer, and automotive applications. The company was formerly known as Hynix Semiconductor Inc. and changed its name to SK hynix Inc. in March 2012. SK hynix Inc. was incorporated in 1949 and is headquartered in Icheon-si, South Korea.

### Why customers stay

It earns 12.7% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:29.466Z); FY2023: grossProfit / revenue = -1.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:29.466Z); FY2024: grossProfit / revenue = 48.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:29.466Z); FY2025: grossProfit / revenue = 60.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:29.466Z); 10-year return on capital observations [[2016,0.12842739986571447],[2017,0.3781358859547865],[2018,0.35261564051283245],[2019,0.04082105625414155],[2020,0.06468357151536108],[2021,0.1251484178226873],[2022,0.05474462904137986],[2023,-0.08014916075282065],[2024,0.23071495813204862],[2025,0.3674613974203721]]; median 0.12678790884420088. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Spends 34.5% of cash earnings on expansion; earns 54.1% on new investment.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:29.466Z); FY2016: growth capex 0; upkeep 6486729000000; owner earnings 923500000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:29.466Z); FY2017: growth capex 0; upkeep 9128303000000; owner earnings 5562311000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:29.466Z); FY2018: growth capex 0; upkeep 16036146000000; owner earnings 6191053000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:29.466Z); FY2020: growth capex 296469000000; upkeep 9772193000000; owner earnings 4426358800000. Growth capex / owner earnings = 0.066978076878901.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:29.466Z); FY2021: growth capex 1828137000000; upkeep 10658498000000; owner earnings 9297163600000. Growth capex / owner earnings = 0.196633842175263.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:29.466Z); FY2024: growth capex 4081103000000; upkeep 12581537000000; owner earnings 19235005800000. Growth capex / owner earnings = 0.21217061447415836.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:29.466Z); FY2025: growth capex 14649213000000; upkeep 13930130000000; owner earnings 42417298400000. Growth capex / owner earnings = 0.3453594064821441.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:29.466Z); Incremental return on capital 0.541459765718466, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:29.466Z); Dividend observations: [[2016,353001000000],[2017,423601000000],[2018,706002000000],[2019,1026003000000],[2020,684002000000],[2021,800282000000],[2022,1677821000000],[2023,825575000000],[2024,826323000000],[2025,1681166000000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 20.2% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 000660.KO SharesStats.PercentInsiders = 20.173 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 6.8% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:29.466Z); Ten-year compound average after fade. Initial solved rate 0.0841822804020137. Price 1262000; 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 41,000.00 per share

- 2016-11: KRW 42,900.00 per share

- 2016-12: KRW 44,700.00 per share

- 2017-01: KRW 53,700.00 per share

- 2017-02: KRW 46,700.00 per share

- 2017-03: KRW 50,500.00 per share

- 2017-04: KRW 54,000.00 per share

- 2017-05: KRW 57,000.00 per share

- 2017-06: KRW 67,400.00 per share

- 2017-07: KRW 66,000.00 per share

- 2017-08: KRW 68,600.00 per share

- 2017-09: KRW 82,900.00 per share

- 2017-10: KRW 82,200.00 per share

- 2017-11: KRW 76,800.00 per share

- 2017-12: KRW 76,500.00 per share

- 2018-01: KRW 73,500.00 per share

- 2018-02: KRW 76,800.00 per share

- 2018-03: KRW 81,300.00 per share

- 2018-04: KRW 84,500.00 per share

- 2018-05: KRW 93,400.00 per share

- 2018-06: KRW 85,700.00 per share

- 2018-07: KRW 86,300.00 per share

- 2018-08: KRW 83,000.00 per share

- 2018-09: KRW 73,100.00 per share

- 2018-10: KRW 68,200.00 per share

- 2018-11: KRW 69,600.00 per share

- 2018-12: KRW 60,500.00 per share

- 2019-01: KRW 73,900.00 per share

- 2019-02: KRW 70,000.00 per share

- 2019-03: KRW 74,200.00 per share

- 2019-04: KRW 79,000.00 per share

- 2019-05: KRW 65,300.00 per share

- 2019-06: KRW 69,500.00 per share

- 2019-07: KRW 76,900.00 per share

- 2019-08: KRW 77,400.00 per share

- 2019-09: KRW 82,200.00 per share

- 2019-10: KRW 82,000.00 per share

- 2019-11: KRW 80,900.00 per share

- 2019-12: KRW 94,100.00 per share

- 2020-01: KRW 93,500.00 per share

- 2020-02: KRW 87,900.00 per share

- 2020-03: KRW 83,300.00 per share

- 2020-04: KRW 83,700.00 per share

- 2020-05: KRW 81,500.00 per share

- 2020-06: KRW 85,100.00 per share

- 2020-07: KRW 82,800.00 per share

- 2020-08: KRW 75,100.00 per share

- 2020-09: KRW 84,000.00 per share

- 2020-10: KRW 79,900.00 per share

- 2020-11: KRW 97,500.00 per share

- 2020-12: KRW 118,500.00 per share

- 2021-01: KRW 122,500.00 per share

- 2021-02: KRW 141,500.00 per share

- 2021-03: KRW 132,500.00 per share

- 2021-04: KRW 128,000.00 per share

- 2021-05: KRW 127,000.00 per share

- 2021-06: KRW 127,500.00 per share

- 2021-07: KRW 112,500.00 per share

- 2021-08: KRW 106,500.00 per share

- 2021-09: KRW 103,000.00 per share

- 2021-10: KRW 103,000.00 per share

- 2021-11: KRW 114,000.00 per share

- 2021-12: KRW 131,000.00 per share

- 2022-01: KRW 120,500.00 per share

- 2022-02: KRW 123,500.00 per share

- 2022-03: KRW 118,000.00 per share

- 2022-04: KRW 112,500.00 per share

- 2022-05: KRW 108,000.00 per share

- 2022-06: KRW 91,000.00 per share

- 2022-07: KRW 97,900.00 per share

- 2022-08: KRW 95,200.00 per share

- 2022-09: KRW 83,100.00 per share

- 2022-10: KRW 82,700.00 per share

- 2022-11: KRW 85,000.00 per share

- 2022-12: KRW 75,000.00 per share

- 2023-01: KRW 88,500.00 per share

- 2023-02: KRW 89,400.00 per share

- 2023-03: KRW 88,600.00 per share

- 2023-04: KRW 89,500.00 per share

- 2023-05: KRW 108,600.00 per share

- 2023-06: KRW 115,200.00 per share

- 2023-07: KRW 123,400.00 per share

- 2023-08: KRW 121,800.00 per share

- 2023-09: KRW 114,700.00 per share

- 2023-10: KRW 116,300.00 per share

- 2023-11: KRW 133,900.00 per share

- 2023-12: KRW 141,500.00 per share

- 2024-01: KRW 134,700.00 per share

- 2024-02: KRW 156,200.00 per share

- 2024-03: KRW 183,000.00 per share

- 2024-04: KRW 174,200.00 per share

- 2024-05: KRW 189,200.00 per share

- 2024-06: KRW 236,500.00 per share

- 2024-07: KRW 194,600.00 per share

- 2024-08: KRW 173,700.00 per share

- 2024-09: KRW 174,600.00 per share

- 2024-10: KRW 186,300.00 per share

- 2024-11: KRW 159,900.00 per share

- 2024-12: KRW 173,900.00 per share

- 2025-01: KRW 199,200.00 per share

- 2025-02: KRW 190,200.00 per share

- 2025-03: KRW 190,700.00 per share

- 2025-04: KRW 177,500.00 per share

- 2025-05: KRW 204,500.00 per share

- 2025-06: KRW 292,000.00 per share

- 2025-07: KRW 273,500.00 per share

- 2025-08: KRW 269,000.00 per share

- 2025-09: KRW 347,500.00 per share

- 2025-10: KRW 559,000.00 per share

- 2025-11: KRW 530,000.00 per share

- 2025-12: KRW 651,000.00 per share

- 2026-01: KRW 909,000.00 per share

- 2026-02: KRW 1,061,000.00 per share

- 2026-03: KRW 807,000.00 per share

- 2026-04: KRW 1,286,000.00 per share

- 2026-05: KRW 2,333,000.00 per share

- 2026-06: KRW 2,650,000.00 per share

- 2026-07: KRW 1,718,000.00 per share

- 2026-08: KRW 1,674,000.00 per share

- 2026-09: KRW 1,776,000.00 per share

- 2026-10: KRW 1,443,000.00 per share

## Annual estimated value (KRW per share)

- FY2017: low KRW 74,363.79 per share, central KRW 83,063.55 per share, high KRW 94,644.79 per share

- FY2018: low KRW 98,557.98 per share, central KRW 110,622.00 per share, high KRW 126,681.76 per share

- FY2019: low KRW 63,452.01 per share, central KRW 71,502.85 per share, high KRW 82,220.23 per share

- FY2020: low KRW 77,041.44 per share, central KRW 86,793.91 per share, high KRW 99,776.52 per share

- FY2021: low KRW 115,984.58 per share, central KRW 130,409.78 per share, high KRW 149,612.77 per share

- FY2022: low KRW 106,427.02 per share, central KRW 119,994.98 per share, high KRW 138,056.80 per share

- FY2024: low KRW 197,816.17 per share, central KRW 274,660.07 per share, high KRW 319,406.41 per share

- FY2025: low KRW 448,431.06 per share, central KRW 620,583.78 per share, high KRW 720,828.62 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.

SK Hynix

000660 · KO

KOSPI 200

Not a wonderful business

2 quality tests fail. A lower price would not fix the business.

Share price: KRW 1,262,000.00
Buy up to: KRW 1,235,957.94
Expected / yr: 9.8% at today's price (10.0% at central value)

The business

How it makes money
Why customers stay
Where the cash goes
Are managers owners
What the price says

1. Is this a good business?

Evidence only; not required for Buy

Margins varied 87.1% around their average (limit 35%).

Operating margin

10y median: 24.0%
Worst year: -23.6%
Latest · 2025: 48.6%

Capital return excluding acquisitions: median 12.7% (minimum 15%), and the second-worst year 4.1% (minimum 10%).

ROIC excluding acquisitions

10y median: 12.7%
Worst year: -8.0%
Latest · 2025: 36.7%

Working capital rose 15.1% of sales (limit 10%) to 40.8% (waived at zero or below).

Annual owner cash / profit

Five-year totals: 1.02×
Annual median: 0.97×
Latest · 2025: 0.99×

Per-share value rose from 15070.4 to 28419, comparing three-year medians at each end (must rise and stay positive).

Earnings per share

9y median: KRW 14K
Worst year: KRW -13K
Latest · 2025: KRW 60K

Profits were backed by cash: accruals were -5.9% of assets (limit 10%).

Sloan accruals

10y median: -9.7%
Worst year: -5.9%
Latest · 2025: -5.9%

Profit record · pass 1 loss year in 10 (at most 2), mean operating margin 24.7%, three-year average owner earnings per share 27,554.58 KRW.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-10 · Price KRW 41000.00; 2016-11 · Price KRW 42900.00; 2016-12 · Price KRW 44700.00; 2017-01 · Price KRW 53700.00 · Value 83063.55 · Buy at or below 83063.55; 2017-02 · Price KRW 46700.00 · Value 83063.55 · Buy at or below 83063.55; 2017-03 · Price KRW 50500.00 · Value 83063.55 · Buy at or below 83063.55; 2017-04 · Price KRW 54000.00 · Value 83063.55 · Buy at or below 83063.55; 2017-05 · Price KRW 57000.00 · Value 83063.55 · Buy at or below 83063.55; 2017-06 · Price KRW 67400.00 · Value 83063.55 · Buy at or below 83063.55; 2017-07 · Price KRW 66000.00 · Value 83063.55 · Buy at or below 83063.55; 2017-08 · Price KRW 68600.00 · Value 83063.55 · Buy at or below 83063.55; 2017-09 · Price KRW 82900.00 · Value 83063.55 · Buy at or below 83063.55; 2017-10 · Price KRW 82200.00 · Value 83063.55 · Buy at or below 83063.55; 2017-11 · Price KRW 76800.00 · Value 83063.55 · Buy at or below 83063.55; 2017-12 · Price KRW 76500.00 · Value 83063.55 · Buy at or below 83063.55; 2018-01 · Price KRW 73500.00 · Value 83063.55 · Buy at or below 83063.55; 2018-02 · Price KRW 76800.00 · Value 110622.00 · Buy at or below 110622.00; 2018-03 · Price KRW 81300.00 · Value 110622.00 · Buy at or below 110622.00; 2018-04 · Price KRW 84500.00 · Value 110622.00 · Buy at or below 110622.00; 2018-05 · Price KRW 93400.00 · Value 110622.00 · Buy at or below 110622.00; 2018-06 · Price KRW 85700.00 · Value 110622.00 · Buy at or below 110622.00; 2018-07 · Price KRW 86300.00 · Value 110622.00 · Buy at or below 110622.00; 2018-08 · Price KRW 83000.00 · Value 110622.00 · Buy at or below 110622.00; 2018-09 · Price KRW 73100.00 · Value 110622.00 · Buy at or below 110622.00; 2018-10 · Price KRW 68200.00 · Value 110622.00 · Buy at or below 110622.00; 2018-11 · Price KRW 69600.00 · Value 110622.00 · Buy at or below 110622.00; 2018-12 · Price KRW 60500.00 · Value 110622.00 · Buy at or below 110622.00; 2019-01 · Price KRW 73900.00 · Value 110622.00 · Buy at or below 110622.00; 2019-02 · Price KRW 70000.00 · Value 71502.85 · Buy at or below 71502.85; 2019-03 · Price KRW 74200.00 · Value 71502.85 · Buy at or below 71502.85; 2019-04 · Price KRW 79000.00 · Value 71502.85 · Buy at or below 71502.85; 2019-05 · Price KRW 65300.00 · Value 71502.85 · Buy at or below 71502.85; 2019-06 · Price KRW 69500.00 · Value 71502.85 · Buy at or below 71502.85; 2019-07 · Price KRW 76900.00 · Value 71502.85 · Buy at or below 71502.85; 2019-08 · Price KRW 77400.00 · Value 71502.85 · Buy at or below 71502.85; 2019-09 · Price KRW 82200.00 · Value 71502.85 · Buy at or below 71502.85; 2019-10 · Price KRW 82000.00 · Value 71502.85 · Buy at or below 71502.85; 2019-11 · Price KRW 80900.00 · Value 71502.85 · Buy at or below 71502.85; 2019-12 · Price KRW 94100.00 · Value 71502.85 · Buy at or below 71502.85; 2020-01 · Price KRW 93500.00 · Value 71502.85 · Buy at or below 71502.85; 2020-02 · Price KRW 87900.00 · Value 86793.91 · Buy at or below 86793.91; 2020-03 · Price KRW 83300.00 · Value 86793.91 · Buy at or below 86793.91; 2020-04 · Price KRW 83700.00 · Value 86793.91 · Buy at or below 86793.91; 2020-05 · Price KRW 81500.00 · Value 86793.91 · Buy at or below 86793.91; 2020-06 · Price KRW 85100.00 · Value 86793.91 · Buy at or below 86793.91; 2020-07 · Price KRW 82800.00 · Value 86793.91 · Buy at or below 86793.91; 2020-08 · Price KRW 75100.00 · Value 86793.91 · Buy at or below 86793.91; 2020-09 · Price KRW 84000.00 · Value 86793.91 · Buy at or below 86793.91; 2020-10 · Price KRW 79900.00 · Value 86793.91 · Buy at or below 86793.91; 2020-11 · Price KRW 97500.00 · Value 86793.91 · Buy at or below 86793.91; 2020-12 · Price KRW 118500.00 · Value 86793.91 · Buy at or below 86793.91; 2021-01 · Price KRW 122500.00 · Value 86793.91 · Buy at or below 86793.91; 2021-02 · Price KRW 141500.00 · Value 130409.78 · Buy at or below 130409.78; 2021-03 · Price KRW 132500.00 · Value 130409.78 · Buy at or below 130409.78; 2021-04 · Price KRW 128000.00 · Value 130409.78 · Buy at or below 130409.78; 2021-05 · Price KRW 127000.00 · Value 130409.78 · Buy at or below 130409.78; 2021-06 · Price KRW 127500.00 · Value 130409.78 · Buy at or below 130409.78; 2021-07 · Price KRW 112500.00 · Value 130409.78 · Buy at or below 130409.78; 2021-08 · Price KRW 106500.00 · Value 130409.78 · Buy at or below 130409.78; 2021-09 · Price KRW 103000.00 · Value 130409.78 · Buy at or below 130409.78; 2021-10 · Price KRW 103000.00 · Value 130409.78 · Buy at or below 130409.78; 2021-11 · Price KRW 114000.00 · Value 130409.78 · Buy at or below 130409.78; 2021-12 · Price KRW 131000.00 · Value 130409.78 · Buy at or below 130409.78; 2022-01 · Price KRW 120500.00 · Value 130409.78 · Buy at or below 130409.78; 2022-02 · Price KRW 123500.00 · Value 119994.98 · Buy at or below 119994.98; 2022-03 · Price KRW 118000.00 · Value 119994.98 · Buy at or below 119994.98; 2022-04 · Price KRW 112500.00 · Value 119994.98 · Buy at or below 119994.98; 2022-05 · Price KRW 108000.00 · Value 119994.98 · Buy at or below 119994.98; 2022-06 · Price KRW 91000.00 · Value 119994.98 · Buy at or below 119994.98; 2022-07 · Price KRW 97900.00 · Value 119994.98 · Buy at or below 119994.98; 2022-08 · Price KRW 95200.00 · Value 119994.98 · Buy at or below 119994.98; 2022-09 · Price KRW 83100.00 · Value 119994.98 · Buy at or below 119994.98; 2022-10 · Price KRW 82700.00 · Value 119994.98 · Buy at or below 119994.98; 2022-11 · Price KRW 85000.00 · Value 119994.98 · Buy at or below 119994.98; 2022-12 · Price KRW 75000.00 · Value 119994.98 · Buy at or below 119994.98; 2023-01 · Price KRW 88500.00 · Value 119994.98 · Buy at or below 119994.98; 2023-02 · Price KRW 89400.00; 2023-03 · Price KRW 88600.00; 2023-04 · Price KRW 89500.00; 2023-05 · Price KRW 108600.00; 2023-06 · Price KRW 115200.00; 2023-07 · Price KRW 123400.00; 2023-08 · Price KRW 121800.00; 2023-09 · Price KRW 114700.00; 2023-10 · Price KRW 116300.00; 2023-11 · Price KRW 133900.00; 2023-12 · Price KRW 141500.00; 2024-01 · Price KRW 134700.00 · Value 274660.07 · Buy at or below 274660.07; 2024-02 · Price KRW 156200.00 · Value 274660.07 · Buy at or below 274660.07; 2024-03 · Price KRW 183000.00 · Value 274660.07 · Buy at or below 274660.07; 2024-04 · Price KRW 174200.00 · Value 274660.07 · Buy at or below 274660.07; 2024-05 · Price KRW 189200.00 · Value 274660.07 · Buy at or below 274660.07; 2024-06 · Price KRW 236500.00 · Value 274660.07 · Buy at or below 274660.07; 2024-07 · Price KRW 194600.00 · Value 274660.07 · Buy at or below 274660.07; 2024-08 · Price KRW 173700.00 · Value 274660.07 · Buy at or below 274660.07; 2024-09 · Price KRW 174600.00 · Value 274660.07 · Buy at or below 274660.07; 2024-10 · Price KRW 186300.00 · Value 274660.07 · Buy at or below 274660.07; 2024-11 · Price KRW 159900.00 · Value 274660.07 · Buy at or below 274660.07; 2024-12 · Price KRW 173900.00 · Value 274660.07 · Buy at or below 274660.07; 2025-01 · Price KRW 199200.00 · Value 274660.07 · Buy at or below 274660.07; 2025-02 · Price KRW 190200.00 · Value 620583.78 · Buy at or below 620583.78; 2025-03 · Price KRW 190700.00 · Value 620583.78 · Buy at or below 620583.78; 2025-04 · Price KRW 177500.00 · Value 620583.78 · Buy at or below 620583.78; 2025-05 · Price KRW 204500.00 · Value 620583.78 · Buy at or below 620583.78; 2025-06 · Price KRW 292000.00 · Value 620583.78 · Buy at or below 620583.78; 2025-07 · Price KRW 273500.00 · Value 620583.78 · Buy at or below 620583.78; 2025-08 · Price KRW 269000.00 · Value 620583.78 · Buy at or below 620583.78; 2025-09 · Price KRW 347500.00 · Value 620583.78 · Buy at or below 620583.78; 2025-10 · Price KRW 559000.00 · Value 620583.78 · Buy at or below 620583.78; 2025-11 · Price KRW 530000.00 · Value 620583.78 · Buy at or below 620583.78; 2025-12 · Price KRW 651000.00 · Value 620583.78 · Buy at or below 620583.78; 2026-01 · Price KRW 909000.00 · Value 620583.78 · Buy at or below 620583.78; 2026-02 · Price KRW 1061000.00 · Value 1235957.94 · Buy at or below 1235957.94; 2026-03 · Price KRW 807000.00 · Value 1235957.94 · Buy at or below 1235957.94; 2026-04 · Price KRW 1286000.00 · Value 1235957.94 · Buy at or below 1235957.94; 2026-05 · Price KRW 2333000.00 · Value 1235957.94 · Buy at or below 1235957.94; 2026-06 · Price KRW 2650000.00 · Value 1235957.94 · Buy at or below 1235957.94; 2026-07 · Price KRW 1718000.00 · Value 1235957.94 · Buy at or below 1235957.94; 2026-08 · Price KRW 1674000.00 · Value 1235957.94 · Buy at or below 1235957.94; 2026-09 · Price KRW 1776000.00 · Value 1235957.94 · Buy at or below 1235957.94; 2026-10 · Price KRW 1443000.00 · Value 1235957.94 · Buy at or below 1235957.94; 2026-10 · Price KRW 1262000.00 · Value 1235957.94 · Buy at or below 1235957.94

KRW per share · annual estimates

Price & return math
Value range	KRW 900,730.44 – KRW 1,431,161.51
Buy at or below	Central value KRW 1,235,957.94
Discount to value	1 − 1262000.00 / 1235957.94 = -2.1%
Return / year	About 9.8% a year at today's price (required return 10.0%)
Cash-flow inputs	Owner cash KRW 57541.90/share; 8.0% growth for 5 years, then fades to 3.0%; excess cash KRW 118447.47/share today.
Required return	10.0% / year, earned by construction at the central value

RevenueKRW 97.15T

Revenue

Owner earningsKRW 42.42T

Owner earnings

Operating margin48.6%

Operating margin

Net cash / debtKRW 12.89T

Net cash / debt

Diluted shares711M

Diluted shares

Prices 15 Oct 2026 · FY2025