# ORION Holdings (001800.KO)

Canonical: https://gigainvestors.com/s/001800.KO

Analysis as of: 2026-10-16T07:43:51.532Z. Financial observations: FY2017–FY2026.

Listing currency: KRW. Reporting currency: KRW.

## Verdict

A wonderful business at a fair price

Quality tests for Buy: pass (profit record: pass; earnings resilience is evidence only). Published buy qualification: yes.

Share price: KRW 22,450.00 per share; close as of 2026-10-15.

Estimated value: low KRW 46,178.44 per share, central KRW 51,365.14 per share, high KRW 58,269.74 per share. Buy at or below the central value KRW 51,365.14 per share. Valuation as of 2026-10-16T07:43:51.532Z; scenarios are not confidence intervals.

Expected annual return: 25.7% at the stated quote. About 25.7% 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: pass

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

- Financial history: 10 years

- Years with declining revenue: 0

- Years with a net loss: 0

- Operating margin variation: 0.24×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.04×

- FY2018: 0.12×

- FY2019: 0.13×

- FY2020: 0.14×

- FY2021: 0.13×

- FY2022: 0.14×

- FY2023: 0.14×

- FY2024: 0.16×

- FY2025: 0.14×

- LTM to Jun 2026: 0.15×

### moat: pass

- ROIC, median of available years: 28.1%

- ROIC, second-lowest year: 13.5%

- Typical minus recent gross margin: 2.5 pp

- Typical gross margin (annual median): 38.7%

- Recent gross margin (lower of latest and 3-year median): 36.2%

- Years with nonpositive capital: 0

- Capital spending / revenue: 6.2%

- ROIC including acquisitions, ten-year median: 10.3%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: 0.3%

- FY2018: 13.5%

- FY2019: 15.7%

- FY2020: 21.9%

- FY2021: 28.1%

- FY2022: 65.7%

- FY2023: 95.3%

- FY2024: 70.6%

- FY2025: 74.0%

### economics: pass

- Owner earnings / net income, 5-yr: 1.42×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: KRW 791B

- Net income, five-year total: KRW 556B

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: -12.6 pp

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

- FY2021: 2.04×

- FY2022: 1.57×

- FY2023: 1.27×

- FY2024: 1.23×

- FY2025: 1.21×

### management: pass

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

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 13.5% vs 74.0%

- Per-share earnings: 936.44 to 2011.00 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: 0.0%

- Market cap gain: KRW -361B

- Cumulative retained earnings: KRW -2.03T

- Diluted shares, 5-year annual growth: 0.0%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 13.6%

- Per-share value change: KRW 1K

- Per-share value, starting three-year median: KRW 936.44

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

- Buybacks concentrated in cheaper years (correlation): 1.00

- Average buyback yield: 0.0%

- Buyback history: 2 years

- Debt-funded buybacks: No

- ROIC, first three-year median: 13.5%

- ROIC, last three-year median: 74.0%

Chart: Earnings per share; fiscal year observations.

- FY2017: KRW 25K

- FY2018: KRW 936.44

- FY2019: KRW 804.21

- FY2020: KRW 1K

- FY2021: KRW 1K

- FY2022: KRW 2K

- FY2023: KRW 1K

- FY2024: KRW 3K

- FY2025: KRW 2K

### accounting: pass

- Sloan accruals: -6.4%

- Receivables to sales index (DSRI): 0.96×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: -0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 4.25×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.44×

Chart: Sloan accruals; fiscal year observations.

- FY2017: 34.6%

- FY2018: -6.8%

- FY2019: -6.7%

- FY2020: -7.6%

- FY2021: -7.3%

- FY2022: -8.4%

- FY2023: -7.1%

- FY2024: -8.7%

- FY2025: -6.4%

## Holders

## Price story

Price needs cash profits to shrink 13.5% a year for ten years · sales +10.6%

Story as of 2026-10-16T10:00:12.850Z; price observation 2026-10-15.

Price needs cash profits to shrink 13.5% a year for ten years

### Sales · FY2025–2026

sales +10.6%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: KRW 113B 

- FY2018: KRW 2.00T 

- FY2019: KRW 2.10T 

- FY2020: KRW 2.28T 

- FY2021: KRW 2.42T 

- FY2022: KRW 2.93T 

- FY2023: KRW 2.95T 

- FY2024: KRW 3.20T 

- FY2025: KRW 3.39T 

- FY2026: KRW 3.75T 

### Gross margin · FY2025

gross margin 36.2%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: 24.4% 

- FY2018: 44.9% 

- FY2019: 44.1% 

- FY2020: 42.2% 

- FY2021: 40.1% 

- FY2022: 37.7% 

- FY2023: 37.8% 

- FY2024: 38.7% 

- FY2025: 36.2% 

## Owner memo

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

### How it makes money

Operates in confectioners; annual sales are KRW 3.4 trillion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:51.532Z); FY2025: revenue 3393126199450; grossProfit 1226667672830; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 001800.KO: ORION Holdings Corp. manufactures and sells confectioneries in South Korea, China, and internationally. The company operates through Confectioneries, Entertainment, Construction, and Others segments. It provides pies, chips, cookies, fruit juices, cakes, chocolates, baked breads, jellies, energy bars, protein drinks, protein balls, brownies, cheese chips, potato snacks, mineral water, nutritional supplements, biscuits, snacks, and rice crackers. The company offers its products under the Choco Pie, Kkobuk Chips, Poca chips, The Taste of the Sun! "Sun', Cuttlefish Peanut Ball, Oh!Gamja, Mutuktuk Potato Chips & Mutuktuk Sweet Potato Chips, Goraebab, Custard, Diget, Mygummy, BICHOBI, Marie Biscuit, Tok Ping, Market O Brownie, Market O Potato Tok & Market O Squid Tok, Dr. You, Hao Li You Pai, Ya! Tudou, Hao You Qu, Shu Yuan, Hao Duo Yu, Q Di, Mo Gu Li, Guo Zi Guo Zi & Guo Zi Guo Xin, Lang Li Ge Lang, Songsong Lowsong Dangao, An, C'est Bon, O'Star & Swing, Custas, Masita, Goraebab & Jungle Boy, Goute & Marika & de Marie, BOOM Jelly, Chop Chop, Choco Boy, Tender and Soft Choco Chip Cookie, CRACK IT, Goute, Mr. Bagetti, O'rice, and Turtle Chips brands. It also offers convenience meal replacement products under the Market O Nature, O!Granola, O!Granola Bar, O!Granola Cacao, and O!Granola Pop brands. In addition, the company invests in and distributes films; and constructs and sells real estate projects; and engages in beverages, and investment and trading businesses, as well as provides business information services. It also exports its products to approximately 60 countries, including China, Vietnam, Russia, India, the Americas, Southeast Asia, and the Middle East. The company was formerly known as Orion Corporation and changed its name to ORION Holdings Corp. in June 2017. ORION Holdings Corp. was founded in 1956 and is headquartered in Seoul, South Korea.

### Why customers stay

Margins ranged from 36.2% to 38.7% during 2023–25; it earns 28.1% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:51.532Z); FY2023: grossProfit / revenue = 37.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:51.532Z); FY2024: grossProfit / revenue = 38.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:51.532Z); FY2025: grossProfit / revenue = 36.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:51.532Z); 9-year return on capital observations [[2017,0.0030670272988436204],[2018,0.1350790917601776],[2019,0.1574152892994712],[2020,0.21920000869954032],[2021,0.28125105294279784],[2022,0.6570254572360358],[2023,0.9533150025480064],[2024,0.7059505727028842],[2025,0.7402758393747522]]; median 0.28125105294279784. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 9 of 9 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:51.532Z); FY2017: growth capex 0; upkeep 58122465550; owner earnings 1509137426870. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:51.532Z); FY2018: growth capex 0; upkeep 167078653870; owner earnings 183436582890. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:51.532Z); FY2019: growth capex 0; upkeep 201904700760; owner earnings 99343445776. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:51.532Z); FY2020: growth capex 0; upkeep 164327946970; owner earnings 147410174292. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:51.532Z); FY2021: growth capex 0; upkeep 142745309290; owner earnings 175758117734. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:51.532Z); FY2022: growth capex 0; upkeep 86079120260; owner earnings 161859858034.04468. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:51.532Z); FY2023: growth capex 0; upkeep 182712097200; owner earnings 109131295639.60991. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:51.532Z); FY2024: growth capex 0; upkeep 138681054210; owner earnings 197998492648.11246. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:51.532Z); FY2025: growth capex 0; upkeep 188426638440; owner earnings 145967236746.94116. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:51.532Z); Dividend observations: [[2017,33021280000],[2018,36668938030],[2019,39253491850],[2020,39288572850],[2021,43679713050],[2022,51672483850],[2023,65625623650],[2024,82885225610],[2025,121346277060]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 66.5% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 001800.KO SharesStats.PercentInsiders = 66.53999999999999 percentage points; cache date 2026-10-16.

### What could break it

Interest rate risk At December 31, 2025, we had no outstanding borrowings under our Credit Agreement.

- Source: https://www.sec.gov/Archives/edgar/data/1402829/000140282926000011/orn-20251231x10k.htm (filed 2026-03-04); We determine the appropr may have an impact on our results of operations due to the fixed-price nature of many of our contracts, although the short-term duration of our projects may allow us to include cost increases to the pricing of our bids. Interest rate risk At December 31, 2025, we had no outstanding borrowings under our Credit Agreement. Item 8.

### What the price says

The price assumes cash profits shrink 13.5% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:51.532Z); Ten-year compound average after fade. Initial solved rate -0.20004433798229732. Price 22450; 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)

- 2016-11: KRW 33,403.51 per share

- 2016-12: KRW 32,175.44 per share

- 2017-01: KRW 31,880.70 per share

- 2017-02: KRW 35,073.68 per share

- 2017-03: KRW 32,912.28 per share

- 2017-04: KRW 33,207.02 per share

- 2017-05: KRW 39,200.00 per share

- 2017-06: KRW 39,200.00 per share

- 2017-07: KRW 27,600.00 per share

- 2017-08: KRW 27,500.00 per share

- 2017-09: KRW 22,700.00 per share

- 2017-10: KRW 25,750.00 per share

- 2017-11: KRW 28,850.00 per share

- 2017-12: KRW 26,650.00 per share

- 2018-01: KRW 27,250.00 per share

- 2018-02: KRW 25,500.00 per share

- 2018-03: KRW 27,400.00 per share

- 2018-04: KRW 24,500.00 per share

- 2018-05: KRW 23,950.00 per share

- 2018-06: KRW 27,500.00 per share

- 2018-07: KRW 22,650.00 per share

- 2018-08: KRW 19,900.00 per share

- 2018-09: KRW 18,850.00 per share

- 2018-10: KRW 15,650.00 per share

- 2018-11: KRW 17,100.00 per share

- 2018-12: KRW 17,100.00 per share

- 2019-01: KRW 18,850.00 per share

- 2019-02: KRW 19,050.00 per share

- 2019-03: KRW 18,550.00 per share

- 2019-04: KRW 19,100.00 per share

- 2019-05: KRW 16,450.00 per share

- 2019-06: KRW 17,150.00 per share

- 2019-07: KRW 15,650.00 per share

- 2019-08: KRW 15,700.00 per share

- 2019-09: KRW 15,900.00 per share

- 2019-10: KRW 15,800.00 per share

- 2019-11: KRW 17,400.00 per share

- 2019-12: KRW 17,800.00 per share

- 2020-01: KRW 15,550.00 per share

- 2020-02: KRW 14,250.00 per share

- 2020-03: KRW 12,050.00 per share

- 2020-04: KRW 14,100.00 per share

- 2020-05: KRW 14,050.00 per share

- 2020-06: KRW 13,300.00 per share

- 2020-07: KRW 12,450.00 per share

- 2020-08: KRW 13,100.00 per share

- 2020-09: KRW 12,150.00 per share

- 2020-10: KRW 12,400.00 per share

- 2020-11: KRW 13,200.00 per share

- 2020-12: KRW 13,200.00 per share

- 2021-01: KRW 13,400.00 per share

- 2021-02: KRW 13,750.00 per share

- 2021-03: KRW 14,250.00 per share

- 2021-04: KRW 17,600.00 per share

- 2021-05: KRW 17,200.00 per share

- 2021-06: KRW 17,050.00 per share

- 2021-07: KRW 16,800.00 per share

- 2021-08: KRW 15,950.00 per share

- 2021-09: KRW 16,600.00 per share

- 2021-10: KRW 16,000.00 per share

- 2021-11: KRW 14,700.00 per share

- 2021-12: KRW 15,950.00 per share

- 2022-01: KRW 14,000.00 per share

- 2022-02: KRW 14,200.00 per share

- 2022-03: KRW 14,250.00 per share

- 2022-04: KRW 14,800.00 per share

- 2022-05: KRW 14,300.00 per share

- 2022-06: KRW 15,000.00 per share

- 2022-07: KRW 15,050.00 per share

- 2022-08: KRW 14,600.00 per share

- 2022-09: KRW 14,800.00 per share

- 2022-10: KRW 14,300.00 per share

- 2022-11: KRW 15,300.00 per share

- 2022-12: KRW 15,350.00 per share

- 2023-01: KRW 15,620.00 per share

- 2023-02: KRW 15,780.00 per share

- 2023-03: KRW 17,020.00 per share

- 2023-04: KRW 16,560.00 per share

- 2023-05: KRW 15,230.00 per share

- 2023-06: KRW 14,680.00 per share

- 2023-07: KRW 13,920.00 per share

- 2023-08: KRW 15,220.00 per share

- 2023-09: KRW 15,280.00 per share

- 2023-10: KRW 15,870.00 per share

- 2023-11: KRW 15,390.00 per share

- 2023-12: KRW 14,600.00 per share

- 2024-01: KRW 14,370.00 per share

- 2024-02: KRW 14,300.00 per share

- 2024-03: KRW 14,000.00 per share

- 2024-04: KRW 14,750.00 per share

- 2024-05: KRW 14,900.00 per share

- 2024-06: KRW 15,210.00 per share

- 2024-07: KRW 14,930.00 per share

- 2024-08: KRW 15,630.00 per share

- 2024-09: KRW 15,900.00 per share

- 2024-10: KRW 16,810.00 per share

- 2024-11: KRW 16,130.00 per share

- 2024-12: KRW 15,060.00 per share

- 2025-01: KRW 15,180.00 per share

- 2025-02: KRW 14,910.00 per share

- 2025-03: KRW 16,030.00 per share

- 2025-04: KRW 18,290.00 per share

- 2025-05: KRW 18,900.00 per share

- 2025-06: KRW 22,000.00 per share

- 2025-07: KRW 22,350.00 per share

- 2025-08: KRW 20,750.00 per share

- 2025-09: KRW 20,300.00 per share

- 2025-10: KRW 19,010.00 per share

- 2025-11: KRW 20,250.00 per share

- 2025-12: KRW 20,650.00 per share

- 2026-01: KRW 20,900.00 per share

- 2026-02: KRW 23,850.00 per share

- 2026-03: KRW 23,000.00 per share

- 2026-04: KRW 25,850.00 per share

- 2026-05: KRW 25,050.00 per share

- 2026-06: KRW 24,050.00 per share

- 2026-07: KRW 25,500.00 per share

- 2026-08: KRW 25,800.00 per share

- 2026-09: KRW 23,200.00 per share

- 2026-10: KRW 22,700.00 per share

## Annual estimated value (KRW per share)

- FY2021: low KRW 44,106.39 per share, central KRW 48,509.48 per share, high KRW 54,370.92 per share

- FY2022: low KRW 39,540.64 per share, central KRW 44,293.83 per share, high KRW 50,621.33 per share

- FY2023: low KRW 34,914.82 per share, central KRW 38,995.23 per share, high KRW 44,427.11 per share

- FY2024: low KRW 42,009.75 per share, central KRW 46,969.44 per share, high KRW 53,571.84 per share

- FY2025: low KRW 41,621.30 per share, central KRW 46,309.09 per share, high KRW 52,549.53 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