# NH Investment & Securities (005940.KO)

Canonical: https://gigainvestors.com/s/005940.KO

Analysis as of: 2026-10-16T07:36:44.173Z. Financial observations: FY1999–FY2025.

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 23,500.00 per share; close as of 2026-10-15.

Estimated value: low KRW 40,516.32 per share, central KRW 46,102.64 per share, high KRW 53,539.21 per share. Buy at or below the central value KRW 46,102.64 per share. Valuation as of 2026-10-16T07:36:44.173Z; scenarios are not confidence intervals.

Expected annual return: 17.1% at the stated quote. About 17.1% 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: 0.55×

Chart: Operating margin; fiscal year observations.

- FY2016: 2.14×

- FY2017: 2.20×

- FY2018: 1.99×

- FY2019: 0.74×

- FY2020: 0.55×

- FY2021: 0.61×

- FY2022: 0.70×

- FY2023: 0.83×

- FY2024: 0.87×

- FY2025: 0.87×

### moat: fail

- Years with nonpositive invested capital use equity plus debt and leases; positive earnings with no positive capital are shown above 100%.

- ROIC median below threshold

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

- ROIC, median of available years: 9.4%

- ROIC, second-lowest year: 6.7%

- Years with nonpositive capital: 3

- Capital spending / revenue: 1.7%

- ROIC including acquisitions, ten-year median: 3.4%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 6.7%

- FY2017: 8.2%

- FY2018: 24.1%

- FY2019: 14.6%

- FY2020: 13.6%

- FY2021: 16.1%

- FY2022: 5.1%

- FY2023: 9.0%

- FY2024: 9.2%

- FY2025: 9.5%

### economics: pass

- Owner earnings / net income, 5-yr: 1.04×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: KRW 3.65T

- Net income, five-year total: KRW 3.51T

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: -234.1 pp

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

- FY2021: 1.00×

- FY2022: 1.03×

- FY2023: 1.06×

- FY2024: 1.07×

- FY2025: 1.05×

### management: pass

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

- potential debt-funded buybacks (informational)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 8.2% vs 9.2%

- Per-share earnings: 1168.39 to 1966.00 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: 5.0%

- Market cap gain: KRW 4.66T

- Cumulative retained earnings: KRW 3.21T

- Diluted shares, 5-year annual growth: 5.0%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 7.7%

- Per-share value change: KRW 797.61

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

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

- Buybacks concentrated in cheaper years (correlation): 1.00

- Average buyback yield: 0.6%

- Buyback history: 3 years

- Debt-funded buybacks: Yes

- Acquisition spending: KRW 83B

- Cumulative net income, 10 years: KRW 5.51T

- ROIC, first three-year median: 8.2%

- ROIC, last three-year median: 9.2%

Chart: Earnings per share; fiscal year observations.

- FY2016: KRW 789.16

- FY2017: KRW 1K

- FY2018: KRW 1K

- FY2019: KRW 2K

- FY2020: KRW 2K

- FY2021: KRW 3K

- FY2022: KRW 881.00

- FY2023: KRW 2K

- FY2024: KRW 2K

- FY2025: KRW 3K

### accounting: fail

- earnings not backed by cash

- Sloan accruals: 7.7%

- Receivables to sales index (DSRI): 1.41×

- Earnings backed by cash: No

- Operating cash / earnings: -5.26×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.01×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -4.7%

- FY2017: -1.2%

- FY2018: 3.7%

- FY2019: 0.8%

- FY2020: 8.3%

- FY2021: -4.3%

- FY2022: -11.8%

- FY2023: 3.0%

- FY2024: 7.8%

- FY2025: 7.7%

## Holders

## Price story

Down 34% since Feb 2026 · sales +27.6%

Story as of 2026-10-16T10:00:07.974Z; price observation 2026-10-15.

Price needs cash profits to shrink 7.6% a year for ten years

### Sales · FY2024–2025

sales +27.6%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: KRW 944B 

- FY2017: KRW 1.18T 

- FY2018: KRW 1.25T 

- FY2019: KRW 1.42T 

- FY2020: KRW 1.95T 

- FY2021: KRW 2.49T 

- FY2022: KRW 1.43T 

- FY2023: KRW 1.86T 

- FY2024: KRW 2.13T 

- FY2025: KRW 2.72T 

## Owner memo

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

### How it makes money

Operates in capital markets; annual sales are KRW 2.7 trillion.

- Source: https://eodhd.com/api/fundamentals/005940.KO.json#2025-12-31 (filed 2026-10-16T07:36:44.173Z); FY2025: revenue 2719851000000; operatingIncome 2363166000000; margin = operatingIncome / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 005940.KO: NH Investment & Securities Co., Ltd. provides investment management services in South Korea and internationally. The company offers financial products and services tailored to the clients investment; and wealth management solutions, including digital platform-based bespoke and family office services. It also engages in the provision of investment banking solutions, including traditional IB revenue sources and corporate advisory services; acquisition financing services; and sales, investing, and trading of equity, bonds, FICC derivative products, and other products. In addition, the company provides various services in areas of equity comprising ETF LP, stock exchange market maker, prime brokerage service, and securities lending and borrowing; and outsourced chief investment officer, financial product, and trust and wrap product-driven solutions. The company was formerly known as Woori Investment & Securities Co., Ltd. and changed its name to NH Investment & Securities Co., Ltd. in December 2014. The company was incorporated in 1969 and is headquartered in Seoul, South Korea. NH Investment & Securities Co., Ltd. is a subsidiary of NongHyup Financial Group Inc.

### Why customers stay

Margins ranged from 82.7% to 87.4% during 2023–25; it earns 9.4% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:44.173Z); FY2023: operatingIncome / revenue = 82.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:44.173Z); FY2024: operatingIncome / revenue = 87.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:44.173Z); FY2025: operatingIncome / revenue = 86.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:44.173Z); 10-year return on capital observations [[2016,0.06668215706570167],[2017,0.08170291470834977],[2018,0.24114243346997238],[2019,0.1463308152878645],[2020,0.13551988943206283],[2021,0.1606977486483052],[2022,0.051086263076398325],[2023,0.08972776812129682],[2024,0.09171075139170715],[2025,0.09547227194759757]]; median 0.09359151166965235. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back KRW 48.7 billion of shares.

- Source: https://eodhd.com/api/fundamentals/005940.KO.json#2016-12-31 (filed 2026-10-16T07:36:44.173Z); FY2016: growth capex 0; upkeep 25891000000; owner earnings 233117000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/005940.KO.json#2017-12-31 (filed 2026-10-16T07:36:44.173Z); FY2017: growth capex 0; upkeep 15229000000; owner earnings 861073000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/005940.KO.json#2019-12-31 (filed 2026-10-16T07:36:44.173Z); FY2019: growth capex 0; upkeep 18176000000; owner earnings 499126000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/005940.KO.json#2020-12-31 (filed 2026-10-16T07:36:44.173Z); FY2020: growth capex 0; upkeep 28666000000; owner earnings 595361000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/005940.KO.json#2021-12-31 (filed 2026-10-16T07:36:44.173Z); FY2021: growth capex 0; upkeep 55247000000; owner earnings 932491000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/005940.KO.json#2022-12-31 (filed 2026-10-16T07:36:44.173Z); FY2022: growth capex 0; upkeep 56645000000; owner earnings 311945000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/005940.KO.json#2023-12-31 (filed 2026-10-16T07:36:44.173Z); FY2023: growth capex 0; upkeep 45770000000; owner earnings 589459000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/005940.KO.json#2024-12-31 (filed 2026-10-16T07:36:44.173Z); FY2024: growth capex 0; upkeep 39274000000; owner earnings 735103000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/005940.KO.json#2025-12-31 (filed 2026-10-16T07:36:44.173Z); FY2025: growth capex 0; upkeep 27800000000; owner earnings 1084712000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:44.173Z); Dividend observations: [[2016,120677000000],[2017,120677000000],[2018,150610000000],[2019,150610000000],[2020,150742000000],[2021,210661000000],[2022,331926000000],[2023,245841000000],[2024,278946000000],[2025,328342000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/api/fundamentals/005940.KO.json#2025-12-31 (filed 2026-10-16T07:36:44.173Z); FY2025: cash repurchases 48747000000 KRW.

### Are managers owners

Insiders own 64% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 005940.KO SharesStats.PercentInsiders = 64.003 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits shrink 7.6% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:44.173Z); Ten-year compound average after fade. Initial solved rate -0.11929405435715329. Price 23500; 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 10,100.00 per share

- 2016-11: KRW 9,830.00 per share

- 2016-12: KRW 9,650.00 per share

- 2017-01: KRW 11,450.00 per share

- 2017-02: KRW 11,600.00 per share

- 2017-03: KRW 12,550.00 per share

- 2017-04: KRW 13,200.00 per share

- 2017-05: KRW 14,150.00 per share

- 2017-06: KRW 14,850.00 per share

- 2017-07: KRW 14,150.00 per share

- 2017-08: KRW 13,800.00 per share

- 2017-09: KRW 13,600.00 per share

- 2017-10: KRW 14,050.00 per share

- 2017-11: KRW 13,600.00 per share

- 2017-12: KRW 13,900.00 per share

- 2018-01: KRW 16,800.00 per share

- 2018-02: KRW 14,300.00 per share

- 2018-03: KRW 14,150.00 per share

- 2018-04: KRW 15,600.00 per share

- 2018-05: KRW 15,850.00 per share

- 2018-06: KRW 14,950.00 per share

- 2018-07: KRW 13,000.00 per share

- 2018-08: KRW 13,450.00 per share

- 2018-09: KRW 14,300.00 per share

- 2018-10: KRW 12,150.00 per share

- 2018-11: KRW 13,850.00 per share

- 2018-12: KRW 13,050.00 per share

- 2019-01: KRW 13,950.00 per share

- 2019-02: KRW 13,050.00 per share

- 2019-03: KRW 13,450.00 per share

- 2019-04: KRW 13,750.00 per share

- 2019-05: KRW 13,500.00 per share

- 2019-06: KRW 14,500.00 per share

- 2019-07: KRW 13,100.00 per share

- 2019-08: KRW 12,300.00 per share

- 2019-09: KRW 12,700.00 per share

- 2019-10: KRW 12,100.00 per share

- 2019-11: KRW 12,400.00 per share

- 2019-12: KRW 12,700.00 per share

- 2020-01: KRW 11,050.00 per share

- 2020-02: KRW 9,980.00 per share

- 2020-03: KRW 8,990.00 per share

- 2020-04: KRW 9,690.00 per share

- 2020-05: KRW 9,730.00 per share

- 2020-06: KRW 8,270.00 per share

- 2020-07: KRW 8,780.00 per share

- 2020-08: KRW 8,960.00 per share

- 2020-09: KRW 9,140.00 per share

- 2020-10: KRW 9,540.00 per share

- 2020-11: KRW 10,750.00 per share

- 2020-12: KRW 11,300.00 per share

- 2021-01: KRW 11,050.00 per share

- 2021-02: KRW 10,850.00 per share

- 2021-03: KRW 11,650.00 per share

- 2021-04: KRW 12,850.00 per share

- 2021-05: KRW 13,150.00 per share

- 2021-06: KRW 12,900.00 per share

- 2021-07: KRW 12,700.00 per share

- 2021-08: KRW 13,250.00 per share

- 2021-09: KRW 12,900.00 per share

- 2021-10: KRW 13,150.00 per share

- 2021-11: KRW 12,350.00 per share

- 2021-12: KRW 12,500.00 per share

- 2022-01: KRW 11,400.00 per share

- 2022-02: KRW 11,550.00 per share

- 2022-03: KRW 11,400.00 per share

- 2022-04: KRW 10,850.00 per share

- 2022-05: KRW 10,800.00 per share

- 2022-06: KRW 9,050.00 per share

- 2022-07: KRW 9,950.00 per share

- 2022-08: KRW 9,950.00 per share

- 2022-09: KRW 8,990.00 per share

- 2022-10: KRW 8,970.00 per share

- 2022-11: KRW 9,630.00 per share

- 2022-12: KRW 8,770.00 per share

- 2023-01: KRW 9,200.00 per share

- 2023-02: KRW 9,500.00 per share

- 2023-03: KRW 8,800.00 per share

- 2023-04: KRW 9,350.00 per share

- 2023-05: KRW 9,990.00 per share

- 2023-06: KRW 9,550.00 per share

- 2023-07: KRW 9,900.00 per share

- 2023-08: KRW 10,300.00 per share

- 2023-09: KRW 10,220.00 per share

- 2023-10: KRW 9,680.00 per share

- 2023-11: KRW 10,260.00 per share

- 2023-12: KRW 10,330.00 per share

- 2024-01: KRW 10,580.00 per share

- 2024-02: KRW 11,740.00 per share

- 2024-03: KRW 11,700.00 per share

- 2024-04: KRW 12,490.00 per share

- 2024-05: KRW 12,280.00 per share

- 2024-06: KRW 12,690.00 per share

- 2024-07: KRW 13,900.00 per share

- 2024-08: KRW 13,660.00 per share

- 2024-09: KRW 13,420.00 per share

- 2024-10: KRW 13,370.00 per share

- 2024-11: KRW 13,320.00 per share

- 2024-12: KRW 13,950.00 per share

- 2025-01: KRW 14,440.00 per share

- 2025-02: KRW 14,890.00 per share

- 2025-03: KRW 14,020.00 per share

- 2025-04: KRW 15,350.00 per share

- 2025-05: KRW 17,240.00 per share

- 2025-06: KRW 19,990.00 per share

- 2025-07: KRW 20,200.00 per share

- 2025-08: KRW 19,430.00 per share

- 2025-09: KRW 19,420.00 per share

- 2025-10: KRW 20,350.00 per share

- 2025-11: KRW 20,650.00 per share

- 2025-12: KRW 21,100.00 per share

- 2026-01: KRW 27,050.00 per share

- 2026-02: KRW 35,500.00 per share

- 2026-03: KRW 29,600.00 per share

- 2026-04: KRW 33,650.00 per share

- 2026-05: KRW 30,200.00 per share

- 2026-06: KRW 29,400.00 per share

- 2026-07: KRW 28,500.00 per share

- 2026-08: KRW 26,550.00 per share

- 2026-09: KRW 26,000.00 per share

- 2026-10: KRW 24,400.00 per share

## Annual estimated value (KRW per share)

- FY2017: low KRW 4,075.92 per share, central KRW 4,637.90 per share, high KRW 5,386.02 per share

- FY2018: low KRW 4,318.51 per share, central KRW 4,913.94 per share, high KRW 5,706.58 per share

- FY2019: low KRW 12,832.72 per share, central KRW 14,602.08 per share, high KRW 16,957.46 per share

- FY2020: low KRW 23,180.83 per share, central KRW 26,376.96 per share, high KRW 30,631.69 per share

- FY2021: low KRW 30,291.11 per share, central KRW 34,467.59 per share, high KRW 40,027.38 per share

- FY2022: low KRW 13,903.25 per share, central KRW 15,820.20 per share, high KRW 18,372.07 per share

- FY2023: low KRW 18,387.21 per share, central KRW 20,922.40 per share, high KRW 24,297.28 per share

- FY2024: low KRW 21,092.11 per share, central KRW 24,000.25 per share, high KRW 27,871.60 per share

- FY2025: low KRW 28,644.43 per share, central KRW 32,593.87 per share, high KRW 37,851.42 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 2026-10-15T06:42:32.282Z 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