# LS (006260.KO)

Canonical: https://gigainvestors.com/s/006260.KO

Analysis as of: 2026-10-16T07:37:50.248Z. Financial observations: FY2018–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 222,000.00 per share; close as of 2026-10-15.

Estimated value: low KRW 289,075.87 per share, central KRW 323,055.49 per share, high KRW 368,289.56 per share. Buy at or below the central value KRW 323,055.49 per share. Valuation as of 2026-10-16T07:37:50.248Z; scenarios are not confidence intervals.

Expected annual return: 14.1% at the stated quote. About 14.1% 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: pass

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

- Financial history: 9 years

- Years with declining revenue: 0

- Years with a net loss: 0

- Operating margin variation: 0.12×

Chart: Operating margin; fiscal year observations.

- FY2018: 0.04×

- FY2019: 0.03×

- FY2020: 0.03×

- FY2021: 0.04×

- FY2022: 0.03×

- FY2023: 0.04×

- FY2024: 0.04×

- FY2025: 0.03×

- LTM to Jun 2026: 0.04×

### moat: fail

- ROIC median below threshold

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

- ROIC, median of available years: 5.7%

- ROIC, second-lowest year: 3.9%

- Typical minus recent gross margin: 2.6 pp

- Typical gross margin (annual median): 11.5%

- Recent gross margin (lower of latest and 3-year median): 8.9%

- Years with nonpositive capital: 0

- Capital spending / revenue: 2.9%

- ROIC including acquisitions, ten-year median: 2.8%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2018: 5.1%

- FY2019: 2.9%

- FY2020: 3.9%

- FY2021: 6.2%

- FY2022: 4.8%

- FY2023: 8.1%

- FY2024: 7.1%

- FY2025: 6.3%

### economics: fail

- incremental invested capital return below threshold

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

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: KRW 1.57T

- Net income, five-year total: KRW 1.67T

- Return on incremental invested capital: 6.6%

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

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

- FY2021: 0.99×

- FY2022: 0.96×

- FY2023: 0.92×

- FY2024: 0.87×

- FY2025: 0.94×

### management: pass

- Historical market-dollar context (not the management verdict): 2018 to 2025 (7 years)

- potential debt-funded buybacks (informational)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 3.9% vs 7.1%

- Per-share earnings: 4568.36 to 9857.00 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

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

- Market cap gain: KRW 4.13T

- Cumulative retained earnings: KRW 2.19T

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

- $1 test, starting fiscal year: FY2018

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 16.6%

- Per-share value change: KRW 5K

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

- Per-share value, ending three-year median: KRW 10K

- Buybacks concentrated in cheaper years (correlation): 0.60

- Average buyback yield: 1.0%

- Buyback history: 4 years

- Debt-funded buybacks: Yes

- ROIC, first three-year median: 3.9%

- ROIC, last three-year median: 7.1%

Chart: Earnings per share; fiscal year observations.

- FY2018: KRW 15K

- FY2019: KRW 912.27

- FY2020: KRW 5K

- FY2021: KRW 10K

- FY2022: KRW 16K

- FY2023: KRW 16K

- FY2024: KRW 9K

- FY2025: KRW 10K

### accounting: pass

- Sloan accruals: 0.3%

- Receivables to sales index (DSRI): 0.88×

- Restructuring years, last five: 0

- Earnings backed by cash: Yes

- Operating cash / earnings: 0.76×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.19×

Chart: Sloan accruals; fiscal year observations.

- FY2018: 3.4%

- FY2019: -2.6%

- FY2020: -4.9%

- FY2021: 3.3%

- FY2022: -0.1%

- FY2023: 0.4%

- FY2024: -3.0%

- FY2025: 0.3%

## Holders

## Price story

Down 51% since Apr 2026 · sales +18.1%

Story as of 2026-10-16T10:00:09.498Z; price observation 2026-10-15.

Price needs cash profits to shrink 4.7% a year for ten years

### Sales · FY2025–2026

sales +18.1%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2018: KRW 10.11T 

- FY2019: KRW 10.18T 

- FY2020: KRW 10.44T 

- FY2021: KRW 13.09T 

- FY2022: KRW 17.49T 

- FY2023: KRW 24.48T 

- FY2024: KRW 27.54T 

- FY2025: KRW 31.87T 

- FY2026: KRW 37.63T 

### Gross margin · FY2025

gross margin 8.9%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2018: 12.4% 

- FY2019: 12.3% 

- FY2020: 12.4% 

- FY2021: 12.4% 

- FY2022: 10.8% 

- FY2023: 9.7% 

- FY2024: 9.7% 

- FY2025: 8.9% 

## Owner memo

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

### How it makes money

Operates in electrical equipment & parts; annual sales are KRW 31.9 trillion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:50.248Z); FY2025: revenue 31870031000000; grossProfit 2833447000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 006260.KO: LS Corp., together with its subsidiaries, engages in electric power, automation, machinery, materials, and energy businesses in South Korea and internationally. The company offers electric power transmission/distribution and telecommunication products, including power and telecommunication cables, switchgears/switch boards, electronic meters, and transformers/EHV transformers; and industrial automations, which includes AC drive (inverter) and programmable logic controller, as well as LNG/LPG distribution services. It also provides materials, such as electronic copper cathodes and copper rods; and machinery and components, such as agricultural machinery/tractors, injection molding systems, and magnet wires. LS Corp. was founded in 1936 is based in Seoul, South Korea.

### Why customers stay

Margins ranged from 8.9% to 9.7% during 2023–25; it earns 5.7% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:50.248Z); FY2023: grossProfit / revenue = 9.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:50.248Z); FY2024: grossProfit / revenue = 9.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:50.248Z); FY2025: grossProfit / revenue = 8.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:50.248Z); 8-year return on capital observations [[2018,0.051451126290454896],[2019,0.029498170342465137],[2020,0.03852534375569551],[2021,0.06246721603967286],[2022,0.04827224617217684],[2023,0.08120562360516019],[2024,0.07124059748381993],[2025,0.06342147522185972]]; median 0.05695917116506388. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Earns 6.6% on new investment; paid dividends in 8 of 8 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:50.248Z); FY2018: growth capex 0; upkeep 298476000000; owner earnings 372355000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:50.248Z); FY2019: growth capex 8126000000; upkeep 302661000000; owner earnings 13964800000. Growth capex / owner earnings = 0.5818916131989.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:50.248Z); FY2020: growth capex 0; upkeep 281798000000; owner earnings 117961400000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:50.248Z); FY2021: growth capex 0; upkeep 290493000000; owner earnings 275376800000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:50.248Z); FY2022: growth capex 145284000000; upkeep 338447000000; owner earnings 435071580839.8265. Growth capex / owner earnings = 0.33393125728772194.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:50.248Z); FY2023: growth capex 246341000000; upkeep 405463000000; owner earnings 403005400000. Growth capex / owner earnings = 0.6112597994964831.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:50.248Z); FY2024: growth capex 442332000000; upkeep 481307000000; owner earnings 205649600000. Growth capex / owner earnings = 2.150901338976589.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:50.248Z); FY2025: growth capex 674796000000; upkeep 515205000000; owner earnings 254276676843.21155. Growth capex / owner earnings = 2.653786451740059.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:50.248Z); Incremental return on capital 0.06563991146413965, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:50.248Z); Dividend observations: [[2018,55787000000],[2019,60093000000],[2020,70319000000],[2021,65021000000],[2022,62646000000],[2023,64180000000],[2024,104014000000],[2025,99563000000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 33.1% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 006260.KO SharesStats.PercentInsiders = 33.114 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits shrink 4.7% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:50.248Z); Ten-year compound average after fade. Initial solved rate -0.07913775345522417. Price 222000; 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 54,900.00 per share

- 2016-11: KRW 60,900.00 per share

- 2016-12: KRW 59,300.00 per share

- 2017-01: KRW 62,600.00 per share

- 2017-02: KRW 67,800.00 per share

- 2017-03: KRW 64,200.00 per share

- 2017-04: KRW 65,200.00 per share

- 2017-05: KRW 73,500.00 per share

- 2017-06: KRW 72,900.00 per share

- 2017-07: KRW 84,200.00 per share

- 2017-08: KRW 84,500.00 per share

- 2017-09: KRW 78,800.00 per share

- 2017-10: KRW 79,000.00 per share

- 2017-11: KRW 66,700.00 per share

- 2017-12: KRW 72,500.00 per share

- 2018-01: KRW 79,000.00 per share

- 2018-02: KRW 76,000.00 per share

- 2018-03: KRW 74,500.00 per share

- 2018-04: KRW 77,900.00 per share

- 2018-05: KRW 85,500.00 per share

- 2018-06: KRW 75,000.00 per share

- 2018-07: KRW 75,000.00 per share

- 2018-08: KRW 67,200.00 per share

- 2018-09: KRW 68,500.00 per share

- 2018-10: KRW 50,500.00 per share

- 2018-11: KRW 53,000.00 per share

- 2018-12: KRW 49,100.00 per share

- 2019-01: KRW 57,300.00 per share

- 2019-02: KRW 60,500.00 per share

- 2019-03: KRW 52,300.00 per share

- 2019-04: KRW 49,550.00 per share

- 2019-05: KRW 45,900.00 per share

- 2019-06: KRW 47,500.00 per share

- 2019-07: KRW 44,200.00 per share

- 2019-08: KRW 45,200.00 per share

- 2019-09: KRW 47,450.00 per share

- 2019-10: KRW 48,500.00 per share

- 2019-11: KRW 44,150.00 per share

- 2019-12: KRW 47,800.00 per share

- 2020-01: KRW 39,850.00 per share

- 2020-02: KRW 36,050.00 per share

- 2020-03: KRW 28,900.00 per share

- 2020-04: KRW 37,650.00 per share

- 2020-05: KRW 37,400.00 per share

- 2020-06: KRW 34,800.00 per share

- 2020-07: KRW 41,950.00 per share

- 2020-08: KRW 45,250.00 per share

- 2020-09: KRW 52,500.00 per share

- 2020-10: KRW 51,800.00 per share

- 2020-11: KRW 63,200.00 per share

- 2020-12: KRW 71,400.00 per share

- 2021-01: KRW 64,400.00 per share

- 2021-02: KRW 69,900.00 per share

- 2021-03: KRW 68,500.00 per share

- 2021-04: KRW 73,300.00 per share

- 2021-05: KRW 69,600.00 per share

- 2021-06: KRW 70,800.00 per share

- 2021-07: KRW 72,700.00 per share

- 2021-08: KRW 66,600.00 per share

- 2021-09: KRW 64,200.00 per share

- 2021-10: KRW 62,600.00 per share

- 2021-11: KRW 49,150.00 per share

- 2021-12: KRW 54,100.00 per share

- 2022-01: KRW 49,950.00 per share

- 2022-02: KRW 48,700.00 per share

- 2022-03: KRW 52,800.00 per share

- 2022-04: KRW 57,700.00 per share

- 2022-05: KRW 66,000.00 per share

- 2022-06: KRW 63,600.00 per share

- 2022-07: KRW 58,900.00 per share

- 2022-08: KRW 67,100.00 per share

- 2022-09: KRW 56,700.00 per share

- 2022-10: KRW 66,500.00 per share

- 2022-11: KRW 75,200.00 per share

- 2022-12: KRW 69,700.00 per share

- 2023-01: KRW 70,500.00 per share

- 2023-02: KRW 67,400.00 per share

- 2023-03: KRW 79,600.00 per share

- 2023-04: KRW 89,600.00 per share

- 2023-05: KRW 82,100.00 per share

- 2023-06: KRW 92,900.00 per share

- 2023-07: KRW 120,900.00 per share

- 2023-08: KRW 107,100.00 per share

- 2023-09: KRW 101,600.00 per share

- 2023-10: KRW 78,300.00 per share

- 2023-11: KRW 84,700.00 per share

- 2023-12: KRW 93,200.00 per share

- 2024-01: KRW 91,100.00 per share

- 2024-02: KRW 87,900.00 per share

- 2024-03: KRW 113,400.00 per share

- 2024-04: KRW 138,100.00 per share

- 2024-05: KRW 170,100.00 per share

- 2024-06: KRW 143,900.00 per share

- 2024-07: KRW 115,700.00 per share

- 2024-08: KRW 113,100.00 per share

- 2024-09: KRW 123,200.00 per share

- 2024-10: KRW 104,600.00 per share

- 2024-11: KRW 88,400.00 per share

- 2024-12: KRW 94,300.00 per share

- 2025-01: KRW 118,700.00 per share

- 2025-02: KRW 112,100.00 per share

- 2025-03: KRW 105,200.00 per share

- 2025-04: KRW 131,000.00 per share

- 2025-05: KRW 159,300.00 per share

- 2025-06: KRW 197,000.00 per share

- 2025-07: KRW 173,300.00 per share

- 2025-08: KRW 177,600.00 per share

- 2025-09: KRW 167,000.00 per share

- 2025-10: KRW 209,000.00 per share

- 2025-11: KRW 178,900.00 per share

- 2025-12: KRW 199,900.00 per share

- 2026-01: KRW 229,000.00 per share

- 2026-02: KRW 284,500.00 per share

- 2026-03: KRW 256,000.00 per share

- 2026-04: KRW 453,000.00 per share

- 2026-05: KRW 446,000.00 per share

- 2026-06: KRW 365,500.00 per share

- 2026-07: KRW 267,000.00 per share

- 2026-08: KRW 311,500.00 per share

- 2026-09: KRW 308,500.00 per share

- 2026-10: KRW 247,000.00 per share

## Annual estimated value (KRW per share)

- FY2022: low KRW 196,745.98 per share, central KRW 216,772.36 per share, high KRW 243,431.73 per share

- FY2023: low KRW 199,783.90 per share, central KRW 221,907.90 per share, high KRW 251,359.63 per share

- FY2024: low KRW 212,031.82 per share, central KRW 237,015.64 per share, high KRW 270,274.40 per share

- FY2025: low KRW 249,663.89 per share, central KRW 278,442.27 per share, high KRW 316,752.39 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

## 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.