# Sam Yang Foods (003230.KO)

Canonical: https://gigainvestors.com/s/003230.KO

Analysis as of: 2026-10-16T07:36:53.200Z. Financial observations: FY2000–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 1,151,000.00 per share; close as of 2026-10-15.

Estimated value: low KRW 590,752.64 per share, central KRW 804,064.10 per share, high KRW 928,275.75 per share. Buy at or below the central value KRW 804,064.10 per share. Valuation as of 2026-10-16T07:36:53.200Z; scenarios are not confidence intervals.

Expected annual return: 7.8% at the stated quote. About 7.8% 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: 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: 0.33×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.09×

- FY2018: 0.12×

- FY2019: 0.14×

- FY2020: 0.15×

- FY2021: 0.10×

- FY2022: 0.10×

- FY2023: 0.12×

- FY2024: 0.20×

- FY2025: 0.22×

- LTM to Jun 2026: 0.23×

### moat: pass

- ROIC, median of available years: 18.1%

- ROIC, second-lowest year: 11.9%

- Typical minus recent gross margin: -13.6 pp

- Typical gross margin (annual median): 28.3%

- Recent gross margin (lower of latest and 3-year median): 41.9%

- Years with nonpositive capital: 0

- Capital spending / revenue: 10.1%

- ROIC including acquisitions, ten-year median: 15.0%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 10.9%

- FY2017: 17.2%

- FY2018: 16.1%

- FY2019: 24.4%

- FY2020: 24.0%

- FY2021: 11.9%

- FY2022: 12.6%

- FY2023: 19.0%

- FY2024: 33.1%

- FY2025: 29.3%

### economics: fail

- owner earnings cash conversion below threshold

- Owner earnings / net income, 5-yr: 0.75×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: KRW 692B

- Net income, five-year total: KRW 924B

- Return on incremental invested capital: 31.8%

- Working capital / revenue, annual change: 1.2 pp

- Working capital / revenue, change between three-year averages: 8.2 pp

- Working capital / revenue, final three-year average: 10.2%

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

- FY2021: -1.22×

- FY2022: 0.98×

- FY2023: 0.95×

- FY2024: 0.96×

- FY2025: 0.78×

### management: pass

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

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 16.1% vs 29.3%

- Per-share earnings: 4622.98 to 36468.00 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: -0.2%

- Market cap gain: KRW 8.89T

- Cumulative retained earnings: KRW 1.01T

- Diluted shares, 5-year annual growth: -0.2%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 34.3%

- Per-share value change: KRW 32K

- Per-share value, starting three-year median: KRW 5K

- Per-share value, ending three-year median: KRW 36K

- Buybacks concentrated in cheaper years (correlation): 1.00

- Average buyback yield: 0.3%

- Buyback history: 3 years

- Debt-funded buybacks: No

- Acquisition spending: KRW 64B

- Cumulative net income, 10 years: KRW 1.13T

- ROIC, first three-year median: 16.1%

- ROIC, last three-year median: 29.3%

Chart: Earnings per share; fiscal year observations.

- FY2016: KRW 2K

- FY2017: KRW 5K

- FY2018: KRW 5K

- FY2019: KRW 8K

- FY2020: KRW 9K

- FY2021: KRW 7K

- FY2022: KRW 11K

- FY2023: KRW 17K

- FY2024: KRW 36K

- FY2025: KRW 52K

### accounting: pass

- Sloan accruals: 3.6%

- Receivables to sales index (DSRI): 0.99×

- Restructuring years, last five: 0

- Earnings backed by cash: Yes

- Operating cash / earnings: 0.79×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.05×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -5.8%

- FY2017: -3.7%

- FY2018: -0.8%

- FY2019: 1.5%

- FY2020: -2.5%

- FY2021: -0.3%

- FY2022: 3.5%

- FY2023: -3.6%

- FY2024: -5.4%

- FY2025: 3.6%

## Holders

## Price story

Down 27% since Aug 2025 · sales +17.1%

Story as of 2026-10-16T10:00:08.300Z; price observation 2026-10-15.

Price needs cash profits to grow 11.5% a year for ten years

### Sales · FY2025–2026

sales +17.1%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: KRW 458B 

- FY2018: KRW 469B 

- FY2019: KRW 544B 

- FY2020: KRW 649B 

- FY2021: KRW 642B 

- FY2022: KRW 909B 

- FY2023: KRW 1.19T 

- FY2024: KRW 1.73T 

- FY2025: KRW 2.35T 

- FY2026: KRW 2.75T 

### Gross margin · FY2025

gross margin 44.8%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 25.6% 

- FY2017: 25.7% 

- FY2018: 26.8% 

- FY2019: 28.9% 

- FY2020: 29.5% 

- FY2021: 26.6% 

- FY2022: 27.6% 

- FY2023: 34.9% 

- FY2024: 41.9% 

- FY2025: 44.8% 

## Owner memo

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

### How it makes money

Operates in packaged foods; annual sales are KRW 2.4 trillion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:53.200Z); FY2025: revenue 2351785163780; grossProfit 1053028547480; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 003230.KO: Samyang Foods Co., Ltd., together with its subsidiaries, manufactures and sells food products in South Korea and internationally. It offers noodles, snacks, sauces, seasonings, dairy products, and frozen food under the Samyang 1963, Samyang Ramyun, Buldak, Map Tank, Pulse Lab, Jjajjaroni, and Tangled brand names. The company also engages in cardboard processing and sale; vegetable soup selection and packaging; grain manufacturing; livestock farming; other processed food wholesale; warehousing and transportation; dealership; and investment activities. It exports its products. The company was founded in 1961 and is headquartered in Seoul, South Korea.

### Why customers stay

Margins ranged from 34.9% to 44.8% during 2023–25; it earns 18.1% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:53.200Z); FY2023: grossProfit / revenue = 34.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:53.200Z); FY2024: grossProfit / revenue = 41.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:53.200Z); FY2025: grossProfit / revenue = 44.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:53.200Z); 10-year return on capital observations [[2016,0.10923059664178875],[2017,0.17243641130692783],[2018,0.16114087607994462],[2019,0.24422805699349412],[2020,0.2401586482847318],[2021,0.1191775634704047],[2022,0.12632511339019228],[2023,0.19016630454040542],[2024,0.33107615981157223],[2025,0.29328216299239446]]; median 0.18130135792366664. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Earns 31.8% on new investment; paid dividends in 10 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:53.200Z); FY2016: growth capex 0; upkeep 19226846500; owner earnings 17943763200. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:53.200Z); FY2018: growth capex 0; upkeep 35558771290; owner earnings 2433192980. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:53.200Z); FY2019: growth capex 1268161160; upkeep 12126936000; owner earnings 59240847444. Growth capex / owner earnings = 0.021406870676500447.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:53.200Z); FY2020: growth capex 49082010521.19559; upkeep 16761565658.804413; owner earnings 63483986269.19559. Growth capex / owner earnings = 0.7731400216909774.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:53.200Z); FY2022: growth capex 69402046950; upkeep 24895900000; owner earnings 78247158638. Growth capex / owner earnings = 0.8869593242494501.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:53.200Z); FY2023: growth capex 17231112700; upkeep 32154146000; owner earnings 119456120834. Growth capex / owner earnings = 0.1442463774957576.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:53.200Z); FY2024: growth capex 187396737460; upkeep 46025094000; owner earnings 259960816040. Growth capex / owner earnings = 0.7208653223767593.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:53.200Z); FY2025: growth capex 327096828899.4349; upkeep 137507420560.56512; owner earnings 303003469009.4349. Growth capex / owner earnings = 1.0795151288820717.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:53.200Z); Incremental return on capital 0.31832686836613516, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:53.200Z); Dividend observations: [[2016,376630400],[2017,1129891050],[2018,1883151500],[2019,3013042400],[2020,6026084800],[2021,6026084800],[2022,13513576400],[2023,11933004800],[2024,19391132800],[2025,29832512000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 45% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 003230.KO SharesStats.PercentInsiders = 44.981 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 11.5% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:53.200Z); Ten-year compound average after fade. Initial solved rate 0.15297538735190297. Price 1151000; 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 38,450.00 per share

- 2016-11: KRW 50,800.00 per share

- 2016-12: KRW 40,550.00 per share

- 2017-01: KRW 39,400.00 per share

- 2017-02: KRW 56,900.00 per share

- 2017-03: KRW 59,900.00 per share

- 2017-04: KRW 56,600.00 per share

- 2017-05: KRW 57,300.00 per share

- 2017-06: KRW 50,700.00 per share

- 2017-07: KRW 48,850.00 per share

- 2017-08: KRW 52,800.00 per share

- 2017-09: KRW 56,200.00 per share

- 2017-10: KRW 60,700.00 per share

- 2017-11: KRW 71,200.00 per share

- 2017-12: KRW 96,800.00 per share

- 2018-01: KRW 94,300.00 per share

- 2018-02: KRW 96,800.00 per share

- 2018-03: KRW 82,100.00 per share

- 2018-04: KRW 90,100.00 per share

- 2018-05: KRW 101,000.00 per share

- 2018-06: KRW 106,000.00 per share

- 2018-07: KRW 84,700.00 per share

- 2018-08: KRW 83,500.00 per share

- 2018-09: KRW 77,800.00 per share

- 2018-10: KRW 60,700.00 per share

- 2018-11: KRW 60,600.00 per share

- 2018-12: KRW 52,000.00 per share

- 2019-01: KRW 68,700.00 per share

- 2019-02: KRW 65,400.00 per share

- 2019-03: KRW 85,700.00 per share

- 2019-04: KRW 79,000.00 per share

- 2019-05: KRW 72,200.00 per share

- 2019-06: KRW 70,100.00 per share

- 2019-07: KRW 63,500.00 per share

- 2019-08: KRW 70,000.00 per share

- 2019-09: KRW 78,100.00 per share

- 2019-10: KRW 88,300.00 per share

- 2019-11: KRW 86,500.00 per share

- 2019-12: KRW 89,900.00 per share

- 2020-01: KRW 101,500.00 per share

- 2020-02: KRW 85,500.00 per share

- 2020-03: KRW 93,200.00 per share

- 2020-04: KRW 101,000.00 per share

- 2020-05: KRW 118,500.00 per share

- 2020-06: KRW 126,000.00 per share

- 2020-07: KRW 119,000.00 per share

- 2020-08: KRW 106,500.00 per share

- 2020-09: KRW 99,500.00 per share

- 2020-10: KRW 96,400.00 per share

- 2020-11: KRW 101,500.00 per share

- 2020-12: KRW 101,000.00 per share

- 2021-01: KRW 91,100.00 per share

- 2021-02: KRW 87,100.00 per share

- 2021-03: KRW 89,000.00 per share

- 2021-04: KRW 92,600.00 per share

- 2021-05: KRW 90,200.00 per share

- 2021-06: KRW 90,800.00 per share

- 2021-07: KRW 91,800.00 per share

- 2021-08: KRW 83,300.00 per share

- 2021-09: KRW 81,700.00 per share

- 2021-10: KRW 81,800.00 per share

- 2021-11: KRW 78,900.00 per share

- 2021-12: KRW 94,800.00 per share

- 2022-01: KRW 84,800.00 per share

- 2022-02: KRW 87,700.00 per share

- 2022-03: KRW 93,200.00 per share

- 2022-04: KRW 98,300.00 per share

- 2022-05: KRW 92,500.00 per share

- 2022-06: KRW 101,500.00 per share

- 2022-07: KRW 103,000.00 per share

- 2022-08: KRW 111,500.00 per share

- 2022-09: KRW 106,000.00 per share

- 2022-10: KRW 111,000.00 per share

- 2022-11: KRW 111,500.00 per share

- 2022-12: KRW 127,000.00 per share

- 2023-01: KRW 122,900.00 per share

- 2023-02: KRW 119,300.00 per share

- 2023-03: KRW 119,200.00 per share

- 2023-04: KRW 116,400.00 per share

- 2023-05: KRW 108,100.00 per share

- 2023-06: KRW 107,000.00 per share

- 2023-07: KRW 121,000.00 per share

- 2023-08: KRW 194,400.00 per share

- 2023-09: KRW 202,000.00 per share

- 2023-10: KRW 183,400.00 per share

- 2023-11: KRW 211,500.00 per share

- 2023-12: KRW 216,000.00 per share

- 2024-01: KRW 183,900.00 per share

- 2024-02: KRW 170,900.00 per share

- 2024-03: KRW 210,500.00 per share

- 2024-04: KRW 295,500.00 per share

- 2024-05: KRW 529,000.00 per share

- 2024-06: KRW 669,000.00 per share

- 2024-07: KRW 617,000.00 per share

- 2024-08: KRW 494,500.00 per share

- 2024-09: KRW 543,000.00 per share

- 2024-10: KRW 520,000.00 per share

- 2024-11: KRW 519,000.00 per share

- 2024-12: KRW 765,000.00 per share

- 2025-01: KRW 684,000.00 per share

- 2025-02: KRW 860,000.00 per share

- 2025-03: KRW 860,000.00 per share

- 2025-04: KRW 970,000.00 per share

- 2025-05: KRW 1,111,000.00 per share

- 2025-06: KRW 1,395,000.00 per share

- 2025-07: KRW 1,442,000.00 per share

- 2025-08: KRW 1,566,000.00 per share

- 2025-09: KRW 1,529,000.00 per share

- 2025-10: KRW 1,348,000.00 per share

- 2025-11: KRW 1,445,000.00 per share

- 2025-12: KRW 1,231,000.00 per share

- 2026-01: KRW 1,180,000.00 per share

- 2026-02: KRW 1,221,000.00 per share

- 2026-03: KRW 1,200,000.00 per share

- 2026-04: KRW 1,341,000.00 per share

- 2026-05: KRW 1,205,000.00 per share

- 2026-06: KRW 1,119,000.00 per share

- 2026-07: KRW 1,168,000.00 per share

- 2026-08: KRW 1,531,000.00 per share

- 2026-09: KRW 1,213,000.00 per share

- 2026-10: KRW 1,172,000.00 per share

## Annual estimated value (KRW per share)

- FY2016: low KRW 15,359.67 per share, central KRW 16,699.44 per share, high KRW 18,482.96 per share

- FY2017: low KRW 24,948.83 per share, central KRW 27,171.54 per share, high KRW 30,130.44 per share

- FY2018: low KRW 10,837.01 per share, central KRW 11,323.82 per share, high KRW 11,971.86 per share

- FY2019: low KRW 15,834.27 per share, central KRW 16,398.07 per share, high KRW 17,148.59 per share

- FY2020: low KRW 60,673.92 per share, central KRW 67,153.18 per share, high KRW 75,778.45 per share

- FY2021: low KRW 25,092.46 per share, central KRW 25,758.37 per share, high KRW 26,644.82 per share

- FY2022: low KRW 157,619.10 per share, central KRW 218,546.21 per share, high KRW 254,024.17 per share

- FY2023: low KRW 242,037.17 per share, central KRW 333,253.44 per share, high KRW 386,368.84 per share

- FY2024: low KRW 350,614.39 per share, central KRW 482,749.80 per share, high KRW 559,692.48 per share

- FY2025: low KRW 473,181.36 per share, central KRW 656,927.68 per share, high KRW 763,923.48 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 2026-10-15T06:42:38.587Z 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.

## Reported holder observations