# SL (005850.KO)

Canonical: https://gigainvestors.com/s/005850.KO

Analysis as of: 2026-10-16T07:42:01.383Z. Financial observations: FY1999–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 46,750.00 per share; close as of 2026-10-15.

Estimated value: low KRW 116,299.80 per share, central KRW 157,106.20 per share, high KRW 180,867.84 per share. Buy at or below the central value KRW 157,106.20 per share. Valuation as of 2026-10-16T07:42:01.383Z; scenarios are not confidence intervals.

Expected annual return: 36.3% at the stated quote. About 36.3% 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

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

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 1

- Years with a net loss: 0

- Operating margin variation: 0.53×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.04×

- FY2018: 0.00×

- FY2019: 0.02×

- FY2020: 0.04×

- FY2021: 0.04×

- FY2022: 0.05×

- FY2023: 0.08×

- FY2024: 0.08×

- FY2025: 0.08×

- LTM to Jun 2026: 0.08×

### moat: fail

- ROIC median below threshold

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

- ROIC, median of available years: 7.3%

- ROIC, second-lowest year: 3.4%

- Typical minus recent gross margin: -2.6 pp

- Typical gross margin (annual median): 11.2%

- Recent gross margin (lower of latest and 3-year median): 13.8%

- Years with nonpositive capital: 0

- Capital spending / revenue: 4.8%

- ROIC including acquisitions, ten-year median: 7.4%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 8.7%

- FY2017: 5.8%

- FY2018: 0.4%

- FY2019: 3.4%

- FY2020: 5.0%

- FY2021: 4.9%

- FY2022: 8.9%

- FY2023: 17.7%

- FY2024: 15.8%

- FY2025: 14.8%

### economics: pass

- Owner earnings / net income, 5-yr: 0.94×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: KRW 1.20T

- Net income, five-year total: KRW 1.27T

- Return on incremental invested capital: 27.2%

- Working capital / revenue, annual change: -0.1 pp

- Working capital / revenue, change between three-year averages: -0.3 pp

- Working capital / revenue, final three-year average: 16.5%

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

- FY2021: 1.00×

- FY2022: 0.99×

- FY2023: 0.99×

- FY2024: 0.82×

- FY2025: 0.99×

### management: pass

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

- potential debt-funded buybacks (informational)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 5.8% vs 15.8%

- Per-share earnings: 2871.00 to 7285.00 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

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

- Market cap gain: KRW 1.40T

- Cumulative retained earnings: KRW 1.27T

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

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 14.2%

- Per-share value change: KRW 4K

- Per-share value, starting three-year median: KRW 3K

- Per-share value, ending three-year median: KRW 7K

- Buybacks concentrated in cheaper years (correlation): -0.40

- Average buyback yield: 0.2%

- Buyback history: 4 years

- Debt-funded buybacks: Yes

- Acquisition spending: KRW 44B

- Cumulative net income, 10 years: KRW 1.66T

- ROIC, first three-year median: 5.8%

- ROIC, last three-year median: 15.8%

Chart: Earnings per share; fiscal year observations.

- FY2016: KRW 4K

- FY2017: KRW 3K

- FY2018: KRW 1K

- FY2019: KRW 2K

- FY2020: KRW 1K

- FY2021: KRW 2K

- FY2022: KRW 3K

- FY2023: KRW 7K

- FY2024: KRW 8K

- FY2025: KRW 7K

### accounting: pass

- Sloan accruals: -4.9%

- Receivables to sales index (DSRI): 0.97×

- Restructuring years, last five: 0

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.64×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.02×

Chart: Sloan accruals; fiscal year observations.

- FY2016: 1.3%

- FY2017: -3.4%

- FY2018: -1.6%

- FY2019: 5.6%

- FY2020: -4.2%

- FY2021: -3.7%

- FY2022: -0.6%

- FY2023: -3.0%

- FY2024: -3.1%

- FY2025: -4.9%

## Holders

## Price story

Down 38% since May 2026 · sales +4.3%

Story as of 2026-10-16T10:00:12.186Z; price observation 2026-10-15.

Price needs cash profits to shrink 14.8% a year for ten years

### Sales · FY2025–2026

sales +4.3%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: KRW 1.49T 

- FY2018: KRW 1.60T 

- FY2019: KRW 2.26T 

- FY2020: KRW 2.51T 

- FY2021: KRW 3.00T 

- FY2022: KRW 4.17T 

- FY2023: KRW 4.84T 

- FY2024: KRW 4.97T 

- FY2025: KRW 5.24T 

- FY2026: KRW 5.47T 

### Gross margin · FY2025

gross margin 14%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 13.4% 

- FY2017: 11.3% 

- FY2018: 8.3% 

- FY2019: 9.3% 

- FY2020: 10.2% 

- FY2021: 9.6% 

- FY2022: 11.2% 

- FY2023: 13.2% 

- FY2024: 13.8% 

- FY2025: 14.0% 

## Owner memo

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

### How it makes money

Operates in auto parts; annual sales are KRW 5.2 trillion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:01.383Z); FY2025: revenue 5239939345000; grossProfit 732647482950; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 005850.KO: SL Corporation manufactures and sells automotive parts in South Korea, North America, China, India, Europe, South America, and internationally. The company offers lamp system products, such as head lamps, fog lamps, rear lamps, and center high mounted stop lamps; electrification modules, including auto and manual shifters, park brake levers, pedals, carrier spare tires, fuel filler caps, and tie rod ends; mirror system products, such as outside and inside mirrors; and front-end module parts, such as cooling products, horns, bumper beams, hood-latches, and sensors, as well as integrating sensor fusion products, battery management systems, and side body control modules. It also provides sales technical support services and solar power generation. The company was founded in 1954 and is headquartered in Daegu, South Korea.

### Why customers stay

Margins ranged from 13.2% to 14% during 2023–25; it earns 7.3% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:01.383Z); FY2023: grossProfit / revenue = 13.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:01.383Z); FY2024: grossProfit / revenue = 13.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:01.383Z); FY2025: grossProfit / revenue = 14%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:01.383Z); 10-year return on capital observations [[2016,0.08746644454043666],[2017,0.05819203916015873],[2018,0.004070943323510912],[2019,0.033761453512693496],[2020,0.0499671557883837],[2021,0.049106524656504516],[2022,0.08873319399775573],[2023,0.17719731899584773],[2024,0.15825793621781412],[2025,0.14761900769136713]]; median 0.0728292418502977. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Spends 12.2% of cash earnings on expansion; earns 27.2% on new investment.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:01.383Z); FY2016: growth capex 0; upkeep 77320407820; owner earnings 19899020190. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:01.383Z); FY2017: growth capex 0; upkeep 66279744420; owner earnings 101620879340. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:01.383Z); FY2019: growth capex 19859609880; upkeep 97536107320; owner earnings 84763814682. Growth capex / owner earnings = 0.2342934889670236.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:01.383Z); FY2020: growth capex 42745909610; upkeep 121802579360; owner earnings 64878117512. Growth capex / owner earnings = 0.6588648260654854.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:01.383Z); FY2021: growth capex 33213934420; upkeep 124664076080; owner earnings 96183791896. Growth capex / owner earnings = 0.3453173738036135.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:01.383Z); FY2022: growth capex 25628898750; upkeep 138947769380; owner earnings 153362755566. Growth capex / owner earnings = 0.1671129255301529.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:01.383Z); FY2023: growth capex 13351295680; upkeep 153176605140; owner earnings 333773655402. Growth capex / owner earnings = 0.040001047008696895.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:01.383Z); FY2024: growth capex 26094045185.591003; upkeep 227196832324.409; owner earnings 303211333897.591. Growth capex / owner earnings = 0.0860589373430355.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:01.383Z); FY2025: growth capex 37758763800; upkeep 162905620260; owner earnings 309202216234. Growth capex / owner earnings = 0.12211673079155644.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:01.383Z); Incremental return on capital 0.27150361845438054, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:01.383Z); Dividend observations: [[2016,8889374530],[2017,5008755000],[2018,5008755000],[2019,13936216380],[2020,18579408000],[2021,23027731000],[2022,23027731000],[2023,27633277200],[2024,45986051550],[2025,60180478960]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 69.9% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 005850.KO SharesStats.PercentInsiders = 69.934 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits shrink 14.8% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:01.383Z); Ten-year compound average after fade. Initial solved rate -0.21752991531032123. Price 46750; 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 15,250.00 per share

- 2016-11: KRW 18,650.00 per share

- 2016-12: KRW 21,550.00 per share

- 2017-01: KRW 23,300.00 per share

- 2017-02: KRW 24,800.00 per share

- 2017-03: KRW 19,400.00 per share

- 2017-04: KRW 18,100.00 per share

- 2017-05: KRW 20,750.00 per share

- 2017-06: KRW 21,600.00 per share

- 2017-07: KRW 22,250.00 per share

- 2017-08: KRW 19,550.00 per share

- 2017-09: KRW 18,600.00 per share

- 2017-10: KRW 22,950.00 per share

- 2017-11: KRW 22,100.00 per share

- 2017-12: KRW 24,500.00 per share

- 2018-01: KRW 27,050.00 per share

- 2018-02: KRW 24,000.00 per share

- 2018-03: KRW 20,750.00 per share

- 2018-04: KRW 22,200.00 per share

- 2018-05: KRW 18,650.00 per share

- 2018-06: KRW 18,150.00 per share

- 2018-07: KRW 20,450.00 per share

- 2018-08: KRW 20,100.00 per share

- 2018-09: KRW 21,050.00 per share

- 2018-10: KRW 14,400.00 per share

- 2018-11: KRW 16,250.00 per share

- 2018-12: KRW 19,950.00 per share

- 2019-01: KRW 20,200.00 per share

- 2019-02: KRW 21,100.00 per share

- 2019-03: KRW 22,000.00 per share

- 2019-04: KRW 24,300.00 per share

- 2019-05: KRW 22,300.00 per share

- 2019-06: KRW 23,700.00 per share

- 2019-07: KRW 22,100.00 per share

- 2019-08: KRW 21,500.00 per share

- 2019-09: KRW 24,000.00 per share

- 2019-10: KRW 20,950.00 per share

- 2019-11: KRW 18,750.00 per share

- 2019-12: KRW 18,150.00 per share

- 2020-01: KRW 16,750.00 per share

- 2020-02: KRW 15,000.00 per share

- 2020-03: KRW 13,200.00 per share

- 2020-04: KRW 13,250.00 per share

- 2020-05: KRW 13,800.00 per share

- 2020-07: KRW 11,400.00 per share

- 2020-08: KRW 12,050.00 per share

- 2020-09: KRW 14,150.00 per share

- 2020-10: KRW 14,500.00 per share

- 2020-11: KRW 16,500.00 per share

- 2020-12: KRW 16,250.00 per share

- 2021-01: KRW 24,700.00 per share

- 2021-02: KRW 23,700.00 per share

- 2021-03: KRW 22,300.00 per share

- 2021-04: KRW 22,650.00 per share

- 2021-05: KRW 33,200.00 per share

- 2021-06: KRW 35,700.00 per share

- 2021-07: KRW 33,000.00 per share

- 2021-08: KRW 27,500.00 per share

- 2021-09: KRW 27,300.00 per share

- 2021-10: KRW 32,750.00 per share

- 2021-11: KRW 31,050.00 per share

- 2021-12: KRW 31,200.00 per share

- 2022-01: KRW 26,300.00 per share

- 2022-02: KRW 23,700.00 per share

- 2022-03: KRW 24,750.00 per share

- 2022-04: KRW 27,000.00 per share

- 2022-05: KRW 31,250.00 per share

- 2022-06: KRW 31,400.00 per share

- 2022-07: KRW 31,350.00 per share

- 2022-08: KRW 38,450.00 per share

- 2022-09: KRW 32,300.00 per share

- 2022-10: KRW 30,750.00 per share

- 2022-11: KRW 27,900.00 per share

- 2022-12: KRW 22,950.00 per share

- 2023-01: KRW 25,650.00 per share

- 2023-02: KRW 27,300.00 per share

- 2023-03: KRW 27,900.00 per share

- 2023-04: KRW 31,000.00 per share

- 2023-05: KRW 36,050.00 per share

- 2023-06: KRW 36,700.00 per share

- 2023-07: KRW 37,550.00 per share

- 2023-08: KRW 35,800.00 per share

- 2023-09: KRW 32,600.00 per share

- 2023-10: KRW 29,700.00 per share

- 2023-11: KRW 32,550.00 per share

- 2023-12: KRW 35,700.00 per share

- 2024-01: KRW 32,100.00 per share

- 2024-02: KRW 33,750.00 per share

- 2024-03: KRW 31,200.00 per share

- 2024-04: KRW 33,650.00 per share

- 2024-05: KRW 36,550.00 per share

- 2024-06: KRW 44,600.00 per share

- 2024-07: KRW 37,050.00 per share

- 2024-08: KRW 33,700.00 per share

- 2024-09: KRW 35,450.00 per share

- 2024-10: KRW 33,150.00 per share

- 2024-11: KRW 30,750.00 per share

- 2024-12: KRW 30,150.00 per share

- 2025-01: KRW 32,050.00 per share

- 2025-02: KRW 34,400.00 per share

- 2025-03: KRW 38,350.00 per share

- 2025-04: KRW 32,850.00 per share

- 2025-05: KRW 31,700.00 per share

- 2025-06: KRW 31,250.00 per share

- 2025-07: KRW 33,400.00 per share

- 2025-08: KRW 34,000.00 per share

- 2025-09: KRW 33,900.00 per share

- 2025-10: KRW 36,350.00 per share

- 2025-11: KRW 41,400.00 per share

- 2025-12: KRW 42,850.00 per share

- 2026-01: KRW 55,300.00 per share

- 2026-02: KRW 73,400.00 per share

- 2026-03: KRW 55,400.00 per share

- 2026-04: KRW 62,900.00 per share

- 2026-05: KRW 75,100.00 per share

- 2026-06: KRW 56,700.00 per share

- 2026-07: KRW 52,900.00 per share

- 2026-08: KRW 53,200.00 per share

- 2026-09: KRW 49,300.00 per share

- 2026-10: KRW 47,250.00 per share

## Annual estimated value (KRW per share)

- FY2016: low KRW 21,889.40 per share, central KRW 23,639.31 per share, high KRW 25,968.81 per share

- FY2017: low KRW 17,853.25 per share, central KRW 19,180.15 per share, high KRW 20,946.53 per share

- FY2018: low KRW 30,609.94 per share, central KRW 33,061.63 per share, high KRW 36,325.36 per share

- FY2019: low KRW 16,688.88 per share, central KRW 18,087.19 per share, high KRW 19,948.64 per share

- FY2020: low KRW 22,374.37 per share, central KRW 24,497.33 per share, high KRW 27,323.45 per share

- FY2021: low KRW 31,799.54 per share, central KRW 34,946.90 per share, high KRW 39,136.70 per share

- FY2022: low KRW 45,226.94 per share, central KRW 62,152.60 per share, high KRW 72,008.44 per share

- FY2023: low KRW 61,537.88 per share, central KRW 84,025.10 per share, high KRW 97,119.44 per share

- FY2024: low KRW 66,128.71 per share, central KRW 89,239.82 per share, high KRW 102,697.46 per share

- FY2025: low KRW 107,954.95 per share, central KRW 147,066.79 per share, high KRW 169,841.68 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 2026-10-15T06:47:31.267Z 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