# CJ (001040.KO)

Canonical: https://gigainvestors.com/s/001040.KO

Analysis as of: 2026-10-16T07:39:09.815Z. Financial observations: FY2000–FY2025.

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 123,500.00 per share; close as of 2026-10-15.

## Checklist

### understandable: pass

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

- Financial history: 10 years

- Years with declining revenue: 1

- Years with a net loss: 0

- Operating margin variation: 0.09×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.05×

- FY2017: 0.05×

- FY2018: 0.05×

- FY2019: 0.04×

- FY2020: 0.04×

- FY2021: 0.05×

- FY2022: 0.05×

- FY2023: 0.05×

- FY2024: 0.06×

- FY2025: 0.06×

### moat: fail

- ROIC median below threshold

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

- ROIC, median of available years: 8.5%

- ROIC, second-lowest year: 6.5%

- Typical minus recent gross margin: -0.6 pp

- Typical gross margin (annual median): 28.2%

- Recent gross margin (lower of latest and 3-year median): 28.8%

- Years with nonpositive capital: 0

- Capital spending / revenue: 6.8%

- ROIC including acquisitions, ten-year median: 0.2%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 10.6%

- FY2017: 10.4%

- FY2018: 8.2%

- FY2019: 6.4%

- FY2020: 6.5%

- FY2021: 8.3%

- FY2022: 8.6%

- FY2023: 8.4%

- FY2024: 9.8%

- FY2025: 9.7%

### economics: fail

- owner earnings cash conversion below threshold

- Owner earnings / net income, 5-yr: 0.15×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: KRW 137B

- Net income, five-year total: KRW 909B

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: -0.4 pp

- Working capital / revenue, change between three-year averages: -2.9 pp

- Working capital / revenue, final three-year average: 11.0%

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

- FY2021: 1.42×

- FY2022: 1.53×

- FY2023: -0.51×

- FY2024: 2.11×

- FY2025: -4.62×

### management: fail

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 10.4% vs 9.7%

- Per-share earnings: 9797.26 to 4271.00 (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: 4.4%

- Market cap gain: KRW -172B

- Cumulative retained earnings: KRW 1.36T

- Diluted shares, 5-year annual growth: 4.4%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: -11.2%

- Per-share value change: KRW -6K

- Per-share value, starting three-year median: KRW 10K

- Per-share value, ending three-year median: KRW 4K

- Buybacks concentrated in cheaper years (correlation): -0.50

- Average buyback yield: 0.4%

- Buyback history: 3 years

- Debt-funded buybacks: No

- Acquisition spending: KRW 4.80T

- Cumulative net income, 10 years: KRW 2.23T

- ROIC, first three-year median: 10.4%

- ROIC, last three-year median: 9.7%

Chart: Earnings per share; fiscal year observations.

- FY2016: KRW 8K

- FY2017: KRW 15K

- FY2018: KRW 10K

- FY2019: KRW 9K

- FY2020: KRW 3K

- FY2021: KRW 10K

- FY2022: KRW 6K

- FY2023: KRW 6K

- FY2024: KRW 3K

- FY2025: KRW 4K

### accounting: pass

- Sloan accruals: -10.3%

- Receivables to sales index (DSRI): 0.90×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: -1.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 34.80×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 1.51×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -6.9%

- FY2017: -6.1%

- FY2018: -4.0%

- FY2019: -8.9%

- FY2020: -7.4%

- FY2021: -7.3%

- FY2022: -8.0%

- FY2023: -10.2%

- FY2024: -10.0%

- FY2025: -10.3%

## Holders

## Price story

Down 45% since Apr 2026 · sales +3.1%

Story as of 2026-10-16T10:00:10.533Z; price observation 2026-10-15.

### Sales · FY2024–2025

sales +3.1%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: KRW 23.95T 

- FY2017: KRW 26.90T 

- FY2018: KRW 29.52T 

- FY2019: KRW 33.78T 

- FY2020: KRW 32.00T 

- FY2021: KRW 34.48T 

- FY2022: KRW 40.92T 

- FY2023: KRW 41.35T 

- FY2024: KRW 43.65T 

- FY2025: KRW 45.02T 

### Gross margin · FY2025

gross margin 28.8%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 31.1% 

- FY2017: 30.8% 

- FY2018: 28.3% 

- FY2019: 27.1% 

- FY2020: 26.9% 

- FY2021: 28.1% 

- FY2022: 27.4% 

- FY2023: 27.6% 

- FY2024: 28.9% 

- FY2025: 28.8% 

## Owner memo

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

### How it makes money

Operates in conglomerates; annual sales are KRW 45 trillion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:09.815Z); FY2025: revenue 45018829227000; grossProfit 12968255821000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 001040.KO: CJ Corporation engages in the food and food services, bio, logistics and retail, and entertainment and media businesses worldwide. It manufactures and sells food and beverages, and functional flavoring; cultivates crops; operates restaurants and bar; wholesales, retails, and e-commerce sale of bay salt; process meats; produces and sells frozen and refrigerated processed foods; distributes food ingredients; and farms livestock, as well as manufactures and sells feeds. The company is involved in the wholesale and retail intermediary business; realty business; printing activities; logistics business; exhibition and event management; construction; freight terminal; storage and warehousing; manufacture and sale of equipment; sells advertising media; content production; management; music label; convergence culture; entertainment management; system integration and management; entrepreneurial investment; and life science research and development, as well as power generation and steam supply. In addition, it provides storage and delivery services; advertising services; manufactures and sells lysine and methionine; produces animation and video; sells telecommunication; produces and supplies broadcast programs; operates movie theaters; offers broadcasting, film, music, and performance services; business support services; and provides inland transportation services. Further, the company engages in record production and celebrity management; planning and production of performance; distribution of broadcast program; wholesale, retail, and e-commerce activities; retail of cosmetics; consultancy, development, and supply of software; rental business; research and development, and manufacture of enzyme; and real estate management, as well as warehouse and forwarding transportation arrangement. The company was incorporated in 1953 and is headquartered in Seoul, South Korea.

### Why customers stay

Margins ranged from 27.6% to 28.9% during 2023–25; it earns 8.5% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:09.815Z); FY2023: grossProfit / revenue = 27.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:09.815Z); FY2024: grossProfit / revenue = 28.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:09.815Z); FY2025: grossProfit / revenue = 28.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:09.815Z); 10-year return on capital observations [[2016,0.10588151885845273],[2017,0.10421579143511618],[2018,0.08217908765503334],[2019,0.0640211967899639],[2020,0.06531676960783982],[2021,0.08334929903630926],[2022,0.086267484473683],[2023,0.08373099873930616],[2024,0.09815250664152754],[2025,0.09708462332742526]]; median 0.08499924160649458. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 27% gross margin through 2022 cost inflation.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:09.815Z); Gross margin observations: [[2021,0.28117692749181844],[2022,0.2743756214381879],[2023,0.27561437559215773]]; range within 2 percentage points.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back KRW 1.9 billion of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:09.815Z); FY2016: growth capex 0; upkeep 1934302660000; owner earnings 157445979000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:09.815Z); FY2020: growth capex 0; upkeep 1237614551000; owner earnings 427126044600. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:09.815Z); FY2021: growth capex 0; upkeep 1461147254000; owner earnings 390244026000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:09.815Z); FY2022: growth capex 0; upkeep 1921320816000; owner earnings 308830568107.0725. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:09.815Z); FY2024: growth capex 0; upkeep 2653855819000; owner earnings 199142580828.6146. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:09.815Z); Dividend observations: [[2016,114425779000],[2017,119398515000],[2018,134346452000],[2019,159885048000],[2020,199308222000],[2021,256839607000],[2022,344635503000],[2023,315741626000],[2024,264260266000],[2025,286489031000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:09.815Z); FY2025: cash repurchases 1862668749.9999998 KRW.

### Are managers owners

Insiders own 47.8% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 001040.KO SharesStats.PercentInsiders = 47.768 percentage points; cache date 2026-10-16.

### What the price says

The price is 0.1 times annual sales; cash earnings are negative.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:09.815Z); Closing price 123500 KRW; reporting-to-trading FX 1; FY2025 annual sales per share 1341489.6723467805; price multiple 0.09206183435162127. FY2025 cash earnings/share -19727.862457914955. Closing-price date 2026-10-15.

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

- 2016-10: KRW 194,494.52 per share

- 2016-11: KRW 195,609.10 per share

- 2016-12: KRW 208,426.79 per share

- 2017-01: KRW 203,411.17 per share

- 2017-02: KRW 192,265.35 per share

- 2017-03: KRW 193,937.22 per share

- 2017-04: KRW 208,426.79 per share

- 2017-05: KRW 235,734.04 per share

- 2017-06: KRW 211,213.24 per share

- 2017-07: KRW 216,228.86 per share

- 2017-08: KRW 197,280.97 per share

- 2017-09: KRW 190,036.19 per share

- 2017-10: KRW 207,869.50 per share

- 2017-11: KRW 217,900.73 per share

- 2017-12: KRW 202,296.59 per share

- 2018-01: KRW 205,083.04 per share

- 2018-02: KRW 185,577.86 per share

- 2018-03: KRW 177,218.50 per share

- 2018-04: KRW 181,119.53 per share

- 2018-05: KRW 164,958.10 per share

- 2018-06: KRW 158,270.61 per share

- 2018-07: KRW 156,598.74 per share

- 2018-08: KRW 147,124.79 per share

- 2018-09: KRW 150,468.54 per share

- 2018-10: KRW 121,489.41 per share

- 2018-11: KRW 145,452.92 per share

- 2018-12: KRW 121,500.00 per share

- 2019-01: KRW 120,500.00 per share

- 2019-02: KRW 125,000.00 per share

- 2019-03: KRW 124,500.00 per share

- 2019-04: KRW 119,500.00 per share

- 2019-05: KRW 101,500.00 per share

- 2019-06: KRW 101,000.00 per share

- 2019-07: KRW 93,200.00 per share

- 2019-08: KRW 81,500.00 per share

- 2019-09: KRW 82,000.00 per share

- 2019-10: KRW 82,400.00 per share

- 2019-11: KRW 92,100.00 per share

- 2019-12: KRW 96,600.00 per share

- 2020-01: KRW 82,800.00 per share

- 2020-02: KRW 80,500.00 per share

- 2020-03: KRW 64,500.00 per share

- 2020-04: KRW 81,000.00 per share

- 2020-05: KRW 91,900.00 per share

- 2020-06: KRW 86,300.00 per share

- 2020-07: KRW 82,400.00 per share

- 2020-08: KRW 81,000.00 per share

- 2020-09: KRW 81,200.00 per share

- 2020-10: KRW 76,000.00 per share

- 2020-11: KRW 79,100.00 per share

- 2020-12: KRW 92,100.00 per share

- 2021-01: KRW 94,100.00 per share

- 2021-02: KRW 92,700.00 per share

- 2021-03: KRW 94,000.00 per share

- 2021-04: KRW 95,500.00 per share

- 2021-05: KRW 114,500.00 per share

- 2021-06: KRW 107,000.00 per share

- 2021-07: KRW 98,000.00 per share

- 2021-08: KRW 101,500.00 per share

- 2021-09: KRW 98,800.00 per share

- 2021-10: KRW 95,800.00 per share

- 2021-11: KRW 80,000.00 per share

- 2021-12: KRW 83,400.00 per share

- 2022-01: KRW 79,400.00 per share

- 2022-02: KRW 84,100.00 per share

- 2022-03: KRW 84,400.00 per share

- 2022-04: KRW 87,000.00 per share

- 2022-05: KRW 85,400.00 per share

- 2022-06: KRW 77,700.00 per share

- 2022-07: KRW 79,800.00 per share

- 2022-08: KRW 78,200.00 per share

- 2022-09: KRW 69,500.00 per share

- 2022-10: KRW 71,800.00 per share

- 2022-11: KRW 76,700.00 per share

- 2022-12: KRW 84,100.00 per share

- 2023-01: KRW 82,400.00 per share

- 2023-02: KRW 86,900.00 per share

- 2023-03: KRW 104,300.00 per share

- 2023-04: KRW 91,500.00 per share

- 2023-05: KRW 88,600.00 per share

- 2023-06: KRW 68,300.00 per share

- 2023-07: KRW 64,800.00 per share

- 2023-08: KRW 70,300.00 per share

- 2023-09: KRW 89,800.00 per share

- 2023-10: KRW 84,100.00 per share

- 2023-11: KRW 92,000.00 per share

- 2023-12: KRW 94,400.00 per share

- 2024-01: KRW 93,900.00 per share

- 2024-02: KRW 96,900.00 per share

- 2024-03: KRW 129,800.00 per share

- 2024-04: KRW 127,700.00 per share

- 2024-05: KRW 137,900.00 per share

- 2024-06: KRW 121,500.00 per share

- 2024-07: KRW 132,300.00 per share

- 2024-08: KRW 111,900.00 per share

- 2024-09: KRW 118,900.00 per share

- 2024-10: KRW 102,800.00 per share

- 2024-11: KRW 96,000.00 per share

- 2024-12: KRW 99,100.00 per share

- 2025-01: KRW 95,400.00 per share

- 2025-02: KRW 102,900.00 per share

- 2025-03: KRW 116,300.00 per share

- 2025-04: KRW 124,300.00 per share

- 2025-05: KRW 136,300.00 per share

- 2025-06: KRW 160,500.00 per share

- 2025-07: KRW 155,200.00 per share

- 2025-08: KRW 159,900.00 per share

- 2025-09: KRW 183,500.00 per share

- 2025-10: KRW 170,700.00 per share

- 2025-11: KRW 176,100.00 per share

- 2025-12: KRW 172,000.00 per share

- 2026-01: KRW 217,500.00 per share

- 2026-02: KRW 218,500.00 per share

- 2026-03: KRW 189,000.00 per share

- 2026-04: KRW 224,500.00 per share

- 2026-05: KRW 161,700.00 per share

- 2026-06: KRW 154,700.00 per share

- 2026-07: KRW 129,400.00 per share

- 2026-08: KRW 129,900.00 per share

- 2026-09: KRW 134,200.00 per share

- 2026-10: KRW 128,600.00 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