# Samsung SDI (006400.KO)

Canonical: https://gigainvestors.com/s/006400.KO

Analysis as of: 2026-10-16T07:34:17.395Z. Financial observations: FY2000–FY2025.

Listing currency: KRW. Reporting currency: KRW.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: KRW 540,000.00 per share; close as of 2026-10-15.

Estimated value: low KRW 52,802.33 per share, central KRW 57,612.10 per share, high KRW 64,014.93 per share. Buy at or below the central value KRW 57,612.10 per share. Valuation as of 2026-10-16T07:34:17.395Z; scenarios are not confidence intervals.

Expected annual return: 3.5% at the stated quote. About 3.5% 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: 1

- Operating margin variation: 5.65×

Chart: Operating margin; fiscal year observations.

- FY2016: -0.18×

- FY2017: 0.02×

- FY2018: 0.08×

- FY2019: 0.05×

- FY2020: 0.06×

- FY2021: 0.08×

- FY2022: 0.09×

- FY2023: 0.07×

- FY2024: 0.02×

- FY2025: -0.13×

### moat: fail

- ROIC median below threshold

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

- Recent gross margin fell 8.8pp below the typical margin (limit 4pp)

- ROIC, median of available years: 3.0%

- ROIC, second-lowest year: -4.5%

- Typical minus recent gross margin: 8.8 pp

- Typical gross margin (annual median): 19.8%

- Recent gross margin (lower of latest and 3-year median): 11.0%

- Years with nonpositive capital: 0

- Capital spending / revenue: 17.7%

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

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: -8.0%

- FY2017: 0.8%

- FY2018: 4.0%

- FY2019: 2.3%

- FY2020: 3.6%

- FY2021: 4.9%

- FY2022: 7.7%

- FY2023: 6.0%

- FY2024: 1.2%

- FY2025: -4.5%

### economics: fail

- owner earnings cash conversion below threshold

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: -0.43×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: KRW -2.17T

- Net income, five-year total: KRW 5.08T

- Return on incremental invested capital: -6.8%

- Working capital / revenue, annual change: 0.1 pp

- Working capital / revenue, change between three-year averages: 0.5 pp

- Working capital / revenue, final three-year average: 25.8%

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

- FY2021: 0.99×

- FY2022: 0.99×

- FY2023: 0.18×

- FY2024: -6.53×

- FY2025: 2.64×

### management: fail

- Historical market-dollar context (not the management verdict): 2017 to 2025 (8 years)

- potential debt-funded buybacks (informational)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 0.8% vs 1.2%

- Per-share earnings: 9826.67 to 8756.03 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: 2.4%

- Market cap gain: KRW 6.53T

- Cumulative retained earnings: KRW 6.49T

- Diluted shares, 5-year annual growth: 2.4%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2025

- Per-share value growth: -1.9%

- Per-share value change: KRW -1K

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

- Per-share value, ending three-year median: KRW 9K

- Average buyback yield: 0.7%

- Buyback history: 1 years

- Debt-funded buybacks: Yes

- Acquisition spending: KRW 65B

- Cumulative net income, 10 years: KRW 7.59T

- ROIC, first three-year median: 0.8%

- ROIC, last three-year median: 1.2%

Chart: Earnings per share; fiscal year observations.

- FY2017: KRW 10K

- FY2018: KRW 10K

- FY2019: KRW 5K

- FY2020: KRW 9K

- FY2021: KRW 17K

- FY2022: KRW 29K

- FY2023: KRW 29K

- FY2024: KRW 9K

- FY2025: KRW -9K

### accounting: pass

- Sloan accruals: -3.4%

- Receivables to sales index (DSRI): 0.98×

- Restructuring years, last five: 0

- Earnings backed by cash: Yes

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.03×

Chart: Sloan accruals; fiscal year observations.

- FY2016: 10.3%

- FY2017: 5.8%

- FY2018: 2.3%

- FY2019: -2.9%

- FY2020: -6.4%

- FY2021: -3.9%

- FY2022: -2.3%

- FY2023: -0.3%

- FY2024: 1.8%

- FY2025: -3.4%

## Holders

## Price story

Down 25% since Oct 2022 · sales -20%

Story as of 2026-10-16T09:59:59.991Z; price observation 2026-10-15.

Price needs cash profits to grow 34.8% a year for ten years

### Sales · FY2024–2025

sales -20%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: KRW 5.20T 

- FY2017: KRW 6.32T 

- FY2018: KRW 9.16T 

- FY2019: KRW 10.10T 

- FY2020: KRW 11.29T 

- FY2021: KRW 13.55T 

- FY2022: KRW 20.12T 

- FY2023: KRW 21.44T 

- FY2024: KRW 16.59T 

- FY2025: KRW 13.27T 

### Gross margin · FY2025

gross margin 11%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 14.4% 

- FY2017: 18.5% 

- FY2018: 22.3% 

- FY2019: 21.9% 

- FY2020: 21.1% 

- FY2021: 22.7% 

- FY2022: 21.0% 

- FY2023: 17.6% 

- FY2024: 18.6% 

- FY2025: 11.0% 

## Owner memo

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

### How it makes money

Operates in electrical equipment & parts; annual sales are KRW 13.3 trillion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:17.395Z); FY2025: revenue 13266730679490; grossProfit 1461749299950; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 006400.KO: Samsung SDI Co., Ltd. manufactures and sells batteries in South Korea, Europe, China, North America, Southeast Asia, and internationally. The company operates through Energy Solutions and Electronic Materials segments. It offers small-sized lithium ion batteries used in laptops, tablets, mobile phones, wearable devices, power banks, power tools, garden tools, vacuum cleaners, e-bikes, e-scooters, and ignition products; automotive batteries; and energy storage systems for use in residential, utility, commercial, UPS, and base transceiver station applications. In addition, the company provides electronic materials, including semiconductor products, such as spin-on hardmasks, spin-on dielectrics, and epoxy molding compounds; LCD products, such as polarizing films and color photo resist products; and OLED products comprising evaporation materials and thin film encapsulation products. Further, it manufactures and sells rechargeable battery raw materials; and invests in new technology venture business. Samsung SDI Co., Ltd. was incorporated in 1970 and is headquartered in Yongin-Si, South Korea.

### Why customers stay

Margins ranged from 11% to 18.6% during 2023–25; it earns 3% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:17.395Z); FY2023: grossProfit / revenue = 17.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:17.395Z); FY2024: grossProfit / revenue = 18.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:17.395Z); FY2025: grossProfit / revenue = 11%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:17.395Z); 10-year return on capital observations [[2016,-0.08021258399880295],[2017,0.008397640558826972],[2018,0.03978037725964289],[2019,0.023472874668653564],[2020,0.0360779575250388],[2021,0.049353088163817005],[2022,0.07746103218446226],[2023,0.05952920108751939],[2024,0.012333991219210557],[2025,-0.045015892503641096]]; median 0.029775416096846183. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:17.395Z); FY2020: growth capex 644781665000; upkeep 1083488123000; owner earnings 565229125470. Growth capex / owner earnings = 1.1407438788010975.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:17.395Z); FY2021: growth capex 1002554512710; upkeep 1252163753000; owner earnings 1162089180410. Growth capex / owner earnings = 0.8627173624973308.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:17.395Z); FY2022: growth capex 1345564915360; upkeep 1463333255000; owner earnings 1937727516920. Growth capex / owner earnings = 0.6944035751212136.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:17.395Z); FY2023: growth capex 694096720961.7339; upkeep 3366608757128.266; owner earnings 354359605371.7339. Growth capex / owner earnings = 1.9587354496390905.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:17.395Z); Dividend observations: [[2016,72677362480],[2017,70027436210],[2018,71719718000],[2019,66937929000],[2020,66944610000],[2021,69335475250],[2022,69498551470],[2023,71550149150],[2024,69680692040],[2025,69892504730]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 22.4% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 006400.KO SharesStats.PercentInsiders = 22.401 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 34.8% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:17.395Z); Ten-year compound average after fade. Initial solved rate 0.5008971275488567. Price 540000; 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 92,142.98 per share

- 2016-11: KRW 90,188.73 per share

- 2016-12: KRW 106,506.73 per share

- 2017-01: KRW 112,858.05 per share

- 2017-02: KRW 126,049.25 per share

- 2017-03: KRW 134,843.39 per share

- 2017-04: KRW 134,354.83 per share

- 2017-05: KRW 161,714.35 per share

- 2017-06: KRW 167,577.11 per share

- 2017-07: KRW 164,645.73 per share

- 2017-08: KRW 192,005.26 per share

- 2017-09: KRW 193,959.51 per share

- 2017-10: KRW 201,287.96 per share

- 2017-11: KRW 207,150.71 per share

- 2017-12: KRW 199,822.27 per share

- 2018-01: KRW 192,493.82 per share

- 2018-02: KRW 167,088.55 per share

- 2018-03: KRW 188,096.76 per share

- 2018-04: KRW 179,302.62 per share

- 2018-05: KRW 195,913.76 per share

- 2018-06: KRW 209,104.96 per share

- 2018-07: KRW 223,761.85 per share

- 2018-08: KRW 230,601.74 per share

- 2018-09: KRW 252,587.07 per share

- 2018-10: KRW 230,113.17 per share

- 2018-11: KRW 201,776.52 per share

- 2018-12: KRW 213,990.59 per share

- 2019-01: KRW 218,387.66 per share

- 2019-02: KRW 232,067.43 per share

- 2019-03: KRW 209,593.53 per share

- 2019-04: KRW 231,090.30 per share

- 2019-05: KRW 213,502.03 per share

- 2019-06: KRW 231,090.30 per share

- 2019-07: KRW 243,304.37 per share

- 2019-08: KRW 243,792.94 per share

- 2019-09: KRW 217,899.10 per share

- 2019-10: KRW 222,296.17 per share

- 2019-11: KRW 225,716.11 per share

- 2019-12: KRW 230,601.74 per share

- 2020-01: KRW 269,686.78 per share

- 2020-02: KRW 288,252.17 per share

- 2020-03: KRW 234,998.80 per share

- 2020-04: KRW 279,458.04 per share

- 2020-05: KRW 350,788.23 per share

- 2020-06: KRW 355,185.30 per share

- 2020-07: KRW 388,407.59 per share

- 2020-08: KRW 442,149.52 per share

- 2020-09: KRW 423,584.12 per share

- 2020-10: KRW 431,889.69 per share

- 2020-11: KRW 520,808.16 per share

- 2020-12: KRW 613,635.13 per share

- 2021-01: KRW 717,210.49 per share

- 2021-02: KRW 658,582.93 per share

- 2021-03: KRW 644,903.16 per share

- 2021-04: KRW 639,040.41 per share

- 2021-05: KRW 600,932.49 per share

- 2021-06: KRW 682,033.95 per share

- 2021-07: KRW 724,050.37 per share

- 2021-08: KRW 774,860.92 per share

- 2021-09: KRW 701,576.47 per share

- 2021-10: KRW 717,210.49 per share

- 2021-11: KRW 672,262.69 per share

- 2021-12: KRW 640,017.53 per share

- 2022-01: KRW 570,641.59 per share

- 2022-02: KRW 535,465.05 per share

- 2022-03: KRW 582,367.10 per share

- 2022-04: KRW 597,023.99 per share

- 2022-05: KRW 561,847.45 per share

- 2022-06: KRW 519,831.03 per share

- 2022-07: KRW 555,984.70 per share

- 2022-08: KRW 584,321.35 per share

- 2022-09: KRW 533,510.80 per share

- 2022-10: KRW 720,141.86 per share

- 2022-11: KRW 712,324.86 per share

- 2022-12: KRW 577,481.47 per share

- 2023-01: KRW 669,331.31 per share

- 2023-02: KRW 680,079.70 per share

- 2023-03: KRW 718,187.61 per share

- 2023-04: KRW 675,194.07 per share

- 2023-05: KRW 701,576.47 per share

- 2023-06: KRW 653,697.30 per share

- 2023-07: KRW 649,788.79 per share

- 2023-08: KRW 599,955.37 per share

- 2023-09: KRW 500,288.51 per share

- 2023-10: KRW 415,767.11 per share

- 2023-11: KRW 461,203.47 per share

- 2023-12: KRW 461,203.47 per share

- 2024-01: KRW 363,979.44 per share

- 2024-02: KRW 368,376.50 per share

- 2024-03: KRW 460,226.35 per share

- 2024-04: KRW 424,072.68 per share

- 2024-05: KRW 365,933.69 per share

- 2024-06: KRW 345,902.60 per share

- 2024-07: KRW 312,191.76 per share

- 2024-08: KRW 345,902.60 per share

- 2024-09: KRW 369,842.19 per share

- 2024-10: KRW 319,520.20 per share

- 2024-11: KRW 248,678.57 per share

- 2024-12: KRW 241,838.69 per share

- 2025-01: KRW 216,921.97 per share

- 2025-02: KRW 218,876.22 per share

- 2025-03: KRW 184,188.25 per share

- 2025-04: KRW 176,000.00 per share

- 2025-05: KRW 168,900.00 per share

- 2025-06: KRW 172,800.00 per share

- 2025-07: KRW 201,000.00 per share

- 2025-08: KRW 207,000.00 per share

- 2025-09: KRW 205,000.00 per share

- 2025-10: KRW 322,000.00 per share

- 2025-11: KRW 299,500.00 per share

- 2025-12: KRW 269,500.00 per share

- 2026-01: KRW 390,000.00 per share

- 2026-02: KRW 466,000.00 per share

- 2026-03: KRW 408,000.00 per share

- 2026-04: KRW 695,000.00 per share

- 2026-05: KRW 688,000.00 per share

- 2026-06: KRW 487,000.00 per share

- 2026-07: KRW 397,000.00 per share

- 2026-08: KRW 577,000.00 per share

- 2026-09: KRW 515,000.00 per share

- 2026-10: KRW 560,000.00 per share

## Annual estimated value (KRW per share)

- FY2022: low KRW 200,963.71 per share, central KRW 223,139.30 per share, high KRW 252,659.70 per share

- FY2023: low KRW 237,900.59 per share, central KRW 329,216.38 per share, high KRW 382,389.73 per share

- FY2024: low KRW 185,507.81 per share, central KRW 247,913.40 per share, high KRW 286,507.49 per share

- FY2025: low KRW 55,968.24 per share, central KRW 60,444.35 per share, high KRW 66,403.00 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.