# KCC (002380.KO)

Canonical: https://gigainvestors.com/s/002380.KO

Analysis as of: 2026-10-16T07:40:10.752Z. Financial observations: FY2000–FY2026.

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 417,500.00 per share; close as of 2026-10-15.

Estimated value: low KRW 515,121.34 per share, central KRW 566,074.69 per share, high KRW 633,904.41 per share. Buy at or below the central value KRW 566,074.69 per share. Valuation as of 2026-10-16T07:40:10.752Z; scenarios are not confidence intervals.

Expected annual return: 14.0% at the stated quote. About 14.0% 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

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

- more than 2 net loss years

- Financial history: 10 years

- Years with declining revenue: 4

- Years with a net loss: 3

- Operating margin variation: 0.25×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.09×

- FY2018: 0.06×

- FY2019: 0.05×

- FY2020: 0.03×

- FY2021: 0.07×

- FY2022: 0.07×

- FY2023: 0.05×

- FY2024: 0.07×

- FY2025: 0.07×

- LTM to Jun 2026: 0.06×

### moat: fail

- ROIC median below threshold

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

- ROIC, median of available years: 3.0%

- ROIC, second-lowest year: 1.7%

- Typical minus recent gross margin: -1.5 pp

- Typical gross margin (annual median): 23.0%

- Recent gross margin (lower of latest and 3-year median): 24.5%

- Years with nonpositive capital: 0

- Capital spending / revenue: 5.9%

- ROIC including acquisitions, ten-year median: 1.5%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 3.0%

- FY2017: 3.0%

- FY2018: 3.0%

- FY2019: 1.7%

- FY2020: 1.4%

- FY2021: 3.3%

- FY2022: 3.8%

- FY2023: 2.5%

- FY2024: 3.7%

- FY2025: 2.5%

### economics: pass

- Owner earnings / net income, 5-yr: 1.19×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: KRW 2.49T

- Net income, five-year total: KRW 2.08T

- Return on incremental invested capital: 13.2%

- Working capital / revenue, annual change: -0.6 pp

- Working capital / revenue, change between three-year averages: -3.7 pp

- Working capital / revenue, final three-year average: 29.5%

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

- FY2021: -1.92×

- FY2022: 1.61×

- FY2023: 1.11×

- FY2024: 1.39×

- FY2025: 1.06×

### management: pass

- 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: 3.0% vs 2.5%

- Per-share earnings: 1203.94 to 46752.00 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

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

- Market cap gain: KRW 893B

- Cumulative retained earnings: KRW 2.49T

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

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 68.7%

- Per-share value change: KRW 46K

- Per-share value, starting three-year median: KRW 1K

- Per-share value, ending three-year median: KRW 47K

- Buybacks concentrated in cheaper years (correlation): -0.20

- Average buyback yield: 2.8%

- Buyback history: 5 years

- Debt-funded buybacks: No

- Acquisition spending: KRW 1.39T

- Cumulative net income, 10 years: KRW 2.63T

- ROIC, first three-year median: 3.0%

- ROIC, last three-year median: 2.5%

Chart: Earnings per share; fiscal year observations.

- FY2016: KRW 18K

- FY2017: KRW 1K

- FY2018: KRW -3K

- FY2019: KRW -27K

- FY2020: KRW 78K

- FY2021: KRW -6K

- FY2022: KRW 5K

- FY2023: KRW 29K

- FY2024: KRW 47K

- FY2025: KRW 209K

### accounting: pass

- Sloan accruals: 4.5%

- Receivables to sales index (DSRI): 0.90×

- Restructuring years, last five: 0

- Earnings backed by cash: Yes

- Operating cash / earnings: 0.51×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.15×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -3.0%

- FY2017: -3.1%

- FY2018: -6.3%

- FY2019: -5.3%

- FY2020: -0.7%

- FY2021: -3.6%

- FY2022: -2.7%

- FY2023: -4.3%

- FY2024: -1.9%

- FY2025: 4.5%

## Holders

## Price story

Down 36% since Feb 2026 · sales +2%

Story as of 2026-10-16T10:00:11.283Z; price observation 2026-10-15.

Price needs cash profits to shrink 4.6% a year for ten years

### Sales · FY2025–2026

sales +2%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: KRW 3.86T 

- FY2018: KRW 3.78T 

- FY2019: KRW 2.72T 

- FY2020: KRW 5.08T 

- FY2021: KRW 5.87T 

- FY2022: KRW 6.77T 

- FY2023: KRW 6.29T 

- FY2024: KRW 6.66T 

- FY2025: KRW 6.48T 

- FY2026: KRW 6.61T 

### Gross margin · FY2025

gross margin 25.3%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 26.6% 

- FY2017: 23.9% 

- FY2018: 22.4% 

- FY2019: 23.5% 

- FY2020: 20.5% 

- FY2021: 22.6% 

- FY2022: 21.9% 

- FY2023: 21.1% 

- FY2024: 24.5% 

- FY2025: 25.3% 

## Owner memo

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

### How it makes money

Operates in chemicals; annual sales are KRW 6.5 trillion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:10.752Z); FY2025: revenue 6483819486090; grossProfit 1637469633120; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 002380.KO: KCC Corporation provides building materials in South Korea and internationally. Its building materials include celling materials, insulation materials, gypsum board, and flooring materials. The company offers window profiles, balcony window profiles, system window profiles, and sense doors; interior decorative materials, such as flooring materials and laminate films; float, functional, and automotive glass products; decorative, automotive, marine, plant, and industrial coatings; and organic and inorganic materials. In addition, it engages in silicone business for developing products in the fields of specialized paints and precision chemical engineering. KCC Corporation was founded in 1958 and is headquartered in Seoul, South Korea.

### Why customers stay

Margins ranged from 21.1% to 25.3% during 2023–25; it earns 3% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:10.752Z); FY2023: grossProfit / revenue = 21.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:10.752Z); FY2024: grossProfit / revenue = 24.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:10.752Z); FY2025: grossProfit / revenue = 25.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:10.752Z); 10-year return on capital observations [[2016,0.030221569051981964],[2017,0.0295642901205682],[2018,0.029884351319337442],[2019,0.017315051654845162],[2020,0.01393733788727817],[2021,0.03256718566004618],[2022,0.03761078377625516],[2023,0.02528503380336328],[2024,0.03664926896265293],[2025,0.025358208931617915]]; median 0.02972432071995282. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 22% gross margin through 2022 cost inflation.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:10.752Z); Gross margin observations: [[2021,0.22580207012733713],[2022,0.21918139999033015],[2023,0.21126053784503304]]; range within 2 percentage points.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back KRW 19.3 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:10.752Z); FY2016: growth capex 0; upkeep 291645426810; owner earnings 139489661480. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:10.752Z); FY2020: growth capex 0; upkeep 237251731030; owner earnings 761945767930. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:10.752Z); FY2021: growth capex 0; upkeep 254402378020; owner earnings 87690508520. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:10.752Z); FY2022: growth capex 0; upkeep 384741564800; owner earnings 54630583050. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:10.752Z); FY2023: growth capex 0; upkeep 389847208000; owner earnings 236489590290. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:10.752Z); FY2024: growth capex 0; upkeep 265000622770; owner earnings 479376068870. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:10.752Z); FY2025: growth capex 0; upkeep 330719650170; owner earnings 1629040058000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:10.752Z); Dividend observations: [[2016,88759122840],[2017,88686604800],[2018,88908780600],[2019,94013713200],[2020,50040201300],[2021,45948918000],[2022,53303089000],[2023,58833368000],[2024,58833368000],[2025,73541710000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:10.752Z); FY2025: cash repurchases 19277875 KRW.

### Are managers owners

Insiders own 35.6% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 002380.KO SharesStats.PercentInsiders = 35.557 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits shrink 4.6% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:10.752Z); Ten-year compound average after fade. Initial solved rate -0.0772032312669006. Price 417500; 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 298,946.81 per share

- 2016-11: KRW 275,297.12 per share

- 2016-12: KRW 265,689.44 per share

- 2017-01: KRW 256,820.81 per share

- 2017-02: KRW 256,081.76 per share

- 2017-03: KRW 261,624.65 per share

- 2017-04: KRW 251,647.44 per share

- 2017-05: KRW 301,163.97 per share

- 2017-06: KRW 322,596.50 per share

- 2017-07: KRW 322,596.50 per share

- 2017-08: KRW 292,664.86 per share

- 2017-09: KRW 276,775.23 per share

- 2017-10: KRW 288,230.55 per share

- 2017-11: KRW 284,904.81 per share

- 2017-12: KRW 281,579.07 per share

- 2018-01: KRW 310,771.65 per share

- 2018-02: KRW 267,906.60 per share

- 2018-03: KRW 255,342.70 per share

- 2018-04: KRW 288,969.60 per share

- 2018-05: KRW 254,603.65 per share

- 2018-06: KRW 242,409.28 per share

- 2018-07: KRW 250,538.86 per share

- 2018-08: KRW 239,822.60 per share

- 2018-09: KRW 250,538.86 per share

- 2018-10: KRW 182,546.01 per share

- 2018-11: KRW 206,195.70 per share

- 2018-12: KRW 228,367.28 per share

- 2019-01: KRW 241,670.23 per share

- 2019-02: KRW 236,127.33 per share

- 2019-03: KRW 235,388.28 per share

- 2019-04: KRW 262,363.70 per share

- 2019-05: KRW 190,675.59 per share

- 2019-06: KRW 203,609.01 per share

- 2019-07: KRW 179,959.33 per share

- 2019-08: KRW 166,656.38 per share

- 2019-09: KRW 161,113.49 per share

- 2019-10: KRW 167,025.91 per share

- 2019-11: KRW 160,374.43 per share

- 2019-12: KRW 172,568.80 per share

- 2020-01: KRW 201,500.00 per share

- 2020-02: KRW 166,500.00 per share

- 2020-03: KRW 129,500.00 per share

- 2020-04: KRW 165,000.00 per share

- 2020-05: KRW 143,500.00 per share

- 2020-06: KRW 133,000.00 per share

- 2020-07: KRW 134,500.00 per share

- 2020-08: KRW 139,500.00 per share

- 2020-09: KRW 146,000.00 per share

- 2020-10: KRW 153,000.00 per share

- 2020-11: KRW 168,000.00 per share

- 2020-12: KRW 197,500.00 per share

- 2021-01: KRW 198,500.00 per share

- 2021-02: KRW 199,500.00 per share

- 2021-03: KRW 237,500.00 per share

- 2021-04: KRW 313,000.00 per share

- 2021-05: KRW 307,500.00 per share

- 2021-06: KRW 343,500.00 per share

- 2021-07: KRW 355,000.00 per share

- 2021-08: KRW 360,000.00 per share

- 2021-09: KRW 416,000.00 per share

- 2021-10: KRW 333,000.00 per share

- 2021-11: KRW 275,000.00 per share

- 2021-12: KRW 315,000.00 per share

- 2022-01: KRW 381,000.00 per share

- 2022-02: KRW 331,500.00 per share

- 2022-03: KRW 342,000.00 per share

- 2022-04: KRW 342,500.00 per share

- 2022-05: KRW 349,000.00 per share

- 2022-06: KRW 287,500.00 per share

- 2022-07: KRW 291,500.00 per share

- 2022-08: KRW 294,500.00 per share

- 2022-09: KRW 231,500.00 per share

- 2022-10: KRW 244,000.00 per share

- 2022-11: KRW 238,500.00 per share

- 2022-12: KRW 204,500.00 per share

- 2023-01: KRW 235,500.00 per share

- 2023-02: KRW 245,500.00 per share

- 2023-03: KRW 222,000.00 per share

- 2023-04: KRW 222,000.00 per share

- 2023-05: KRW 208,500.00 per share

- 2023-06: KRW 196,400.00 per share

- 2023-07: KRW 212,000.00 per share

- 2023-08: KRW 218,500.00 per share

- 2023-09: KRW 246,500.00 per share

- 2023-10: KRW 237,500.00 per share

- 2023-11: KRW 208,500.00 per share

- 2023-12: KRW 228,500.00 per share

- 2024-01: KRW 246,500.00 per share

- 2024-02: KRW 265,500.00 per share

- 2024-03: KRW 259,500.00 per share

- 2024-04: KRW 252,000.00 per share

- 2024-05: KRW 294,000.00 per share

- 2024-06: KRW 308,500.00 per share

- 2024-07: KRW 328,500.00 per share

- 2024-08: KRW 286,500.00 per share

- 2024-09: KRW 301,500.00 per share

- 2024-10: KRW 262,500.00 per share

- 2024-11: KRW 241,500.00 per share

- 2024-12: KRW 235,500.00 per share

- 2025-01: KRW 248,500.00 per share

- 2025-02: KRW 259,500.00 per share

- 2025-03: KRW 252,500.00 per share

- 2025-04: KRW 249,500.00 per share

- 2025-05: KRW 307,500.00 per share

- 2025-06: KRW 312,000.00 per share

- 2025-07: KRW 370,000.00 per share

- 2025-08: KRW 398,000.00 per share

- 2025-09: KRW 384,000.00 per share

- 2025-10: KRW 439,500.00 per share

- 2025-11: KRW 417,000.00 per share

- 2025-12: KRW 420,500.00 per share

- 2026-01: KRW 489,000.00 per share

- 2026-02: KRW 651,000.00 per share

- 2026-03: KRW 482,000.00 per share

- 2026-04: KRW 555,000.00 per share

- 2026-05: KRW 550,000.00 per share

- 2026-06: KRW 486,500.00 per share

- 2026-07: KRW 388,000.00 per share

- 2026-08: KRW 474,000.00 per share

- 2026-09: KRW 470,500.00 per share

- 2026-10: KRW 435,500.00 per share

## Annual estimated value (KRW per share)

- FY2022: low KRW 241,602.61 per share, central KRW 284,498.10 per share, high KRW 309,476.22 per share

- FY2023: low KRW 340,612.80 per share, central KRW 369,257.53 per share, high KRW 398,017.45 per share

- FY2024: low KRW 552,775.87 per share, central KRW 697,650.40 per share, high KRW 796,480.98 per share

- FY2025: low KRW 512,101.28 per share, central KRW 562,069.34 per share, high KRW 628,587.44 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 2026-10-15T06:45:49.558Z 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.