# Samsung Electronics (005930.KO)

Canonical: https://gigainvestors.com/s/005930.KO

Analysis as of: 2026-10-16T07:33:29.298Z. Financial observations: FY2000–FY2025.

Listing currency: KRW. Reporting currency: KRW.

## Verdict

A wonderful business at too high a price

Quality tests for Buy: pass (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: KRW 210,000.00 per share; close as of 2026-10-15.

Estimated value: low KRW 145,802.11 per share, central KRW 180,396.87 per share, high KRW 206,258.27 per share. Buy at or below the central value KRW 180,396.87 per share. Valuation as of 2026-10-16T07:33:29.298Z; scenarios are not confidence intervals.

Expected annual return: 8.9% at the stated quote. About 8.9% 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

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

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 2

- Years with a net loss: 0

- Operating margin variation: 0.39×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.14×

- FY2017: 0.22×

- FY2018: 0.24×

- FY2019: 0.12×

- FY2020: 0.15×

- FY2021: 0.18×

- FY2022: 0.14×

- FY2023: 0.03×

- FY2024: 0.11×

- FY2025: 0.13×

### moat: pass

- ROIC, median of available years: 17.6%

- ROIC, second-lowest year: 10.3%

- Typical minus recent gross margin: 0.9 pp

- Typical gross margin (annual median): 38.1%

- Recent gross margin (lower of latest and 3-year median): 37.2%

- Years with nonpositive capital: 0

- Capital spending / revenue: 17.0%

- ROIC including acquisitions, ten-year median: 14.4%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 19.3%

- FY2017: 29.4%

- FY2018: 28.9%

- FY2019: 12.5%

- FY2020: 16.6%

- FY2021: 20.9%

- FY2022: 18.5%

- FY2023: 2.5%

- FY2024: 10.3%

- FY2025: 12.7%

### economics: pass

- Owner earnings / net income, 5-yr: 0.85×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: KRW 157.81T

- Net income, five-year total: KRW 186.33T

- Return on incremental invested capital: 13.3%

- Working capital / revenue, annual change: 1.2 pp

- Working capital / revenue, change between three-year averages: 9.0 pp

- Working capital / revenue, final three-year average: 30.1%

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

- FY2021: 0.98×

- FY2022: 0.95×

- FY2023: -0.58×

- FY2024: 0.97×

- FY2025: 0.98×

### 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: 28.9% vs 10.3%

- Per-share earnings: 3631.62 to 4950.00 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 0.4%

- Ordinary dilution, 5-year annual growth: -0.3%

- Market cap gain: KRW 581.26T

- Cumulative retained earnings: KRW 209.05T

- Diluted shares, 10-year annual growth: 0.4%

- Diluted shares, 5-year annual growth: -0.3%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 3.9%

- Per-share value change: KRW 1K

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

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

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

- Average buyback yield: 1.5%

- Buyback history: 5 years

- Debt-funded buybacks: No

- Acquisition spending: KRW 26.39T

- Cumulative net income, 10 years: KRW 341.58T

- ROIC, first three-year median: 28.9%

- ROIC, last three-year median: 10.3%

Chart: Earnings per share; fiscal year observations.

- FY2016: KRW 4K

- FY2017: KRW 6K

- FY2018: KRW 7K

- FY2019: KRW 3K

- FY2020: KRW 4K

- FY2021: KRW 6K

- FY2022: KRW 8K

- FY2023: KRW 2K

- FY2024: KRW 5K

- FY2025: KRW 7K

### accounting: pass

- Sloan accruals: -7.2%

- Receivables to sales index (DSRI): 0.87×

- Restructuring years, last five: 0

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.93×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.07×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -9.5%

- FY2017: -6.9%

- FY2018: -6.8%

- FY2019: -6.8%

- FY2020: -10.4%

- FY2021: -6.1%

- FY2022: -1.7%

- FY2023: -6.5%

- FY2024: -7.6%

- FY2025: -7.2%

## Holders

## Price story

Down 37% since Jun 2026 · sales +10.9%

Story as of 2026-10-16T09:59:56.402Z; price observation 2026-10-15.

Price needs cash profits to grow 6.2% a year for ten years

### Sales · FY2024–2025

sales +10.9%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: KRW 201.87T 

- FY2017: KRW 239.58T 

- FY2018: KRW 243.77T 

- FY2019: KRW 230.40T 

- FY2020: KRW 236.81T 

- FY2021: KRW 279.60T 

- FY2022: KRW 302.23T 

- FY2023: KRW 258.94T 

- FY2024: KRW 300.87T 

- FY2025: KRW 333.61T 

### Gross margin · FY2025

gross margin 39.4%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 39.2% 

- FY2017: 44.9% 

- FY2018: 44.5% 

- FY2019: 34.5% 

- FY2020: 37.2% 

- FY2021: 39.0% 

- FY2022: 36.4% 

- FY2023: 29.4% 

- FY2024: 37.2% 

- FY2025: 39.4% 

## Owner memo

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

### How it makes money

Sales from Device eXperience bring 56.3% of revenue, including sales between divisions.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:29.298Z); FY2025: revenue 333605938000000; grossProfit 131370425000000; margin = grossProfit / revenue.

- Source: https://images.samsung.com/is/content/samsung/assets/global/ir/docs/2025_4Q_Interim_Report.pdf (filed ); ping, manufacturing, and selling automotive products such as digital cockpits, car audio products and portable speakers. Reported revenue in 2025 was KRW 187,967.3 billion (56.3% of total net sales) for DX; KRW 130,128.2 billion (39%) for DS; KRW 29,841.7 billion (8.9%) for SDC; and KRW 15,783.3 billion (4.7%) for Harman. (KRW 100mil, %) Organization Major products Revenue Portion TVs, monitors, refrigerators, washing machines, air conditioners, DX Division 1,879,673 56.3% smartphones, network systems, computers, etc. DS Division DRAM, NAND flash, mobile APs, etc. 1,301,282 39.0% SDC OLED smartphone panels, etc. 298,417 8.9% Harman Digital cockpits, car audio products, portable speakers, etc. 157,833 4.7% Others Overlapping internal transactions between Divisions -301,146 -8.9% Total 3,336,059 100.0% ※ Includes inter-divisional transactions. ※ See 『4. Revenue and long-term contracts』for information by each product B. Changes in average selling price Regarding average selling prices (ASPs) in 2025 compared to the previous year’s annual average, TVs and smartphones saw respective declines of approximately 5% and

### Why customers stay

Margins ranged from 29.4% to 39.4% during 2023–25; it earns 17.6% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:29.298Z); FY2023: grossProfit / revenue = 29.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:29.298Z); FY2024: grossProfit / revenue = 37.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:29.298Z); FY2025: grossProfit / revenue = 39.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:29.298Z); 10-year return on capital observations [[2016,0.19286882576443798],[2017,0.2936539962603089],[2018,0.28856355626774105],[2019,0.12530908052651882],[2020,0.16598389025914345],[2021,0.2091777197788846],[2022,0.1851505049076891],[2023,0.024590360431145823],[2024,0.1031657650233951],[2025,0.12742925126498514]]; median 0.17556719758341627. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Spends 12.1% of cash earnings on expansion; earns 13.3% on new investment.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:29.298Z); FY2016: growth capex 472438366157.8789; upkeep 24718202633842.12; owner earnings 18410417366157.88. Growth capex / owner earnings = 0.025661469632204944.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:29.298Z); FY2017: growth capex 15630437787943.36; upkeep 28145536212056.64; owner earnings 35316424787943.36. Growth capex / owner earnings = 0.44258267595873463.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:29.298Z); FY2018: growth capex 1859574711085.9023; upkeep 28717348288914.098; owner earnings 41655565711085.91. Growth capex / owner earnings = 0.044641686635190955.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:29.298Z); FY2019: growth capex 0; upkeep 28617670000000; owner earnings 22045585800000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:29.298Z); FY2020: growth capex 3148369970107.2656; upkeep 37123443029892.734; owner earnings 18760919570107.266. Growth capex / owner earnings = 0.16781533326989603.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:29.298Z); FY2021: growth capex 15581660000000; upkeep 34247361000000; owner earnings 38508479400000. Growth capex / owner earnings = 0.4046293243144781.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:29.298Z); FY2022: growth capex 11903005139656.375; upkeep 41223726860343.625; owner earnings 51733781139656.375. Growth capex / owner earnings = 0.23008187063543598.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:29.298Z); FY2024: growth capex 8775533000000; upkeep 42630822000000; owner earnings 32615393200000. Growth capex / owner earnings = 0.2690610824829792.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:29.298Z); FY2025: growth capex 5226557000000; upkeep 46926592000000; owner earnings 43292567800000. Growth capex / owner earnings = 0.12072642639598753.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:29.298Z); Incremental return on capital 0.13253612039235968, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:29.298Z); Dividend observations: [[2016,3114742000000],[2017,6804297000000],[2018,10193695000000],[2019,9639202000000],[2020,9676760000000],[2021,20510350000000],[2022,9814426000000],[2023,9864474000000],[2024,10888749000000],[2025,9897183000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:29.298Z); FY2025: cash repurchases 8189263000000 KRW.

### Are managers owners

Insiders own 9.7% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 005930.KO SharesStats.PercentInsiders = 9.687999999999999 percentage points; cache date 2026-10-16.

### What could break it

Sales to the five major customers accounted for approximately 15% of total sales.

- Source: https://images.samsung.com/is/content/samsung/assets/global/ir/docs/2025_4Q_Interim_Report.pdf (filed ); onics. Sales to the five major customers accounted for approximately 15% of total sales. F.

### What the price says

The price assumes cash profits grow 6.2% yearly over ten years; actual growth was 13.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:29.298Z); Ten-year compound average after fade. Initial solved rate 0.07635601029614902. Price 210000; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 1893.6042006604132 → FY2025 6458.532553967494. Closing-price date 2026-10-15.

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

- 2016-10: KRW 32,780.00 per share

- 2016-11: KRW 34,920.00 per share

- 2016-12: KRW 36,040.00 per share

- 2017-01: KRW 39,460.00 per share

- 2017-02: KRW 38,440.00 per share

- 2017-03: KRW 41,200.00 per share

- 2017-04: KRW 44,620.00 per share

- 2017-05: KRW 44,700.00 per share

- 2017-06: KRW 47,540.00 per share

- 2017-07: KRW 48,200.00 per share

- 2017-08: KRW 46,320.00 per share

- 2017-09: KRW 51,280.00 per share

- 2017-10: KRW 55,080.00 per share

- 2017-11: KRW 50,800.00 per share

- 2017-12: KRW 50,960.00 per share

- 2018-01: KRW 49,900.00 per share

- 2018-02: KRW 47,060.00 per share

- 2018-03: KRW 49,220.00 per share

- 2018-04: KRW 53,000.00 per share

- 2018-05: KRW 50,700.00 per share

- 2018-06: KRW 46,650.00 per share

- 2018-07: KRW 46,250.00 per share

- 2018-08: KRW 48,450.00 per share

- 2018-09: KRW 46,450.00 per share

- 2018-10: KRW 42,400.00 per share

- 2018-11: KRW 41,850.00 per share

- 2018-12: KRW 38,700.00 per share

- 2019-01: KRW 46,150.00 per share

- 2019-02: KRW 45,100.00 per share

- 2019-03: KRW 44,650.00 per share

- 2019-04: KRW 45,850.00 per share

- 2019-05: KRW 42,500.00 per share

- 2019-06: KRW 47,000.00 per share

- 2019-07: KRW 45,350.00 per share

- 2019-08: KRW 44,000.00 per share

- 2019-09: KRW 49,050.00 per share

- 2019-10: KRW 50,400.00 per share

- 2019-11: KRW 50,300.00 per share

- 2019-12: KRW 55,800.00 per share

- 2020-01: KRW 56,400.00 per share

- 2020-02: KRW 54,200.00 per share

- 2020-03: KRW 47,750.00 per share

- 2020-04: KRW 50,000.00 per share

- 2020-05: KRW 50,700.00 per share

- 2020-06: KRW 52,800.00 per share

- 2020-07: KRW 57,900.00 per share

- 2020-08: KRW 54,000.00 per share

- 2020-09: KRW 58,200.00 per share

- 2020-10: KRW 56,600.00 per share

- 2020-11: KRW 66,700.00 per share

- 2020-12: KRW 81,000.00 per share

- 2021-01: KRW 82,000.00 per share

- 2021-02: KRW 82,500.00 per share

- 2021-03: KRW 81,400.00 per share

- 2021-04: KRW 81,500.00 per share

- 2021-05: KRW 80,500.00 per share

- 2021-06: KRW 80,700.00 per share

- 2021-07: KRW 78,500.00 per share

- 2021-08: KRW 76,700.00 per share

- 2021-09: KRW 74,100.00 per share

- 2021-10: KRW 69,800.00 per share

- 2021-11: KRW 71,300.00 per share

- 2021-12: KRW 78,300.00 per share

- 2022-01: KRW 73,300.00 per share

- 2022-02: KRW 72,100.00 per share

- 2022-03: KRW 69,600.00 per share

- 2022-04: KRW 67,400.00 per share

- 2022-05: KRW 67,400.00 per share

- 2022-06: KRW 57,000.00 per share

- 2022-07: KRW 61,400.00 per share

- 2022-08: KRW 59,700.00 per share

- 2022-09: KRW 53,100.00 per share

- 2022-10: KRW 59,400.00 per share

- 2022-11: KRW 62,200.00 per share

- 2022-12: KRW 55,300.00 per share

- 2023-01: KRW 61,000.00 per share

- 2023-02: KRW 60,600.00 per share

- 2023-03: KRW 64,000.00 per share

- 2023-04: KRW 65,500.00 per share

- 2023-05: KRW 71,400.00 per share

- 2023-06: KRW 72,200.00 per share

- 2023-07: KRW 69,800.00 per share

- 2023-08: KRW 66,900.00 per share

- 2023-09: KRW 68,400.00 per share

- 2023-10: KRW 66,900.00 per share

- 2023-11: KRW 72,800.00 per share

- 2023-12: KRW 78,500.00 per share

- 2024-01: KRW 72,700.00 per share

- 2024-02: KRW 73,400.00 per share

- 2024-03: KRW 82,400.00 per share

- 2024-04: KRW 77,500.00 per share

- 2024-05: KRW 73,500.00 per share

- 2024-06: KRW 81,500.00 per share

- 2024-07: KRW 83,900.00 per share

- 2024-08: KRW 74,300.00 per share

- 2024-09: KRW 61,500.00 per share

- 2024-10: KRW 59,200.00 per share

- 2024-11: KRW 54,200.00 per share

- 2024-12: KRW 53,200.00 per share

- 2025-01: KRW 52,400.00 per share

- 2025-02: KRW 54,500.00 per share

- 2025-03: KRW 57,800.00 per share

- 2025-04: KRW 55,500.00 per share

- 2025-05: KRW 56,200.00 per share

- 2025-06: KRW 59,800.00 per share

- 2025-07: KRW 71,400.00 per share

- 2025-08: KRW 69,700.00 per share

- 2025-09: KRW 83,900.00 per share

- 2025-10: KRW 107,500.00 per share

- 2025-11: KRW 100,500.00 per share

- 2025-12: KRW 119,900.00 per share

- 2026-01: KRW 160,500.00 per share

- 2026-02: KRW 216,500.00 per share

- 2026-03: KRW 167,200.00 per share

- 2026-04: KRW 220,500.00 per share

- 2026-05: KRW 317,000.00 per share

- 2026-06: KRW 334,000.00 per share

- 2026-07: KRW 262,500.00 per share

- 2026-08: KRW 260,000.00 per share

- 2026-09: KRW 268,500.00 per share

- 2026-10: KRW 232,000.00 per share

## Annual estimated value (KRW per share)

- FY2016: low KRW 46,234.48 per share, central KRW 50,729.57 per share, high KRW 56,713.49 per share

- FY2017: low KRW 54,650.29 per share, central KRW 73,179.30 per share, high KRW 83,968.78 per share

- FY2018: low KRW 66,721.19 per share, central KRW 88,417.13 per share, high KRW 101,050.72 per share

- FY2019: low KRW 55,578.78 per share, central KRW 67,602.80 per share, high KRW 76,455.96 per share

- FY2020: low KRW 54,114.26 per share, central KRW 59,141.35 per share, high KRW 65,833.48 per share

- FY2021: low KRW 99,827.46 per share, central KRW 137,614.03 per share, high KRW 158,688.99 per share

- FY2022: low KRW 89,764.27 per share, central KRW 108,775.09 per share, high KRW 124,303.92 per share

- FY2023: low KRW 52,715.50 per share, central KRW 58,213.03 per share, high KRW 65,531.41 per share

- FY2024: low KRW 72,874.32 per share, central KRW 86,879.37 per share, high KRW 98,758.77 per share

- FY2025: low KRW 97,479.24 per share, central KRW 120,777.17 per share, high KRW 138,193.60 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 2026-10-15T06:39:14.866Z 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.