# Gs Retail (007070.KO)

Canonical: https://gigainvestors.com/s/007070.KO

Analysis as of: 2026-10-16T07:43:03.254Z. Financial observations: FY2011–FY2026.

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 20,600.00 per share; close as of 2026-10-15.

## Checklist

### understandable: pass

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

- Financial history: 10 years

- Years with declining revenue: 2

- Years with a net loss: 0

- Operating margin variation: 0.12×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.02×

- FY2018: 0.02×

- FY2019: 0.03×

- FY2020: 0.03×

- FY2021: 0.02×

- FY2022: 0.02×

- FY2023: 0.03×

- FY2024: 0.02×

- FY2025: 0.02×

- LTM to Jun 2026: 0.03×

### moat: fail

- ROIC median below threshold

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

- ROIC, median of available years: 3.6%

- ROIC, second-lowest year: 2.8%

- Typical minus recent gross margin: -2.2 pp

- Typical gross margin (annual median): 22.2%

- Recent gross margin (lower of latest and 3-year median): 24.4%

- Years with nonpositive capital: 0

- Capital spending / revenue: 3.8%

- ROIC including acquisitions, ten-year median: 1.8%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 6.5%

- FY2017: 3.8%

- FY2018: 4.4%

- FY2019: 3.5%

- FY2020: 3.9%

- FY2021: 2.8%

- FY2022: 2.4%

- FY2023: 2.8%

- FY2024: 2.9%

- FY2025: 3.7%

### economics: fail

- owner earnings cash conversion below threshold

- Owner earnings / net income, 5-yr: 0.35×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: KRW 320B

- Net income, five-year total: KRW 919B

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: 0.2 pp

- Working capital / revenue, change between three-year averages: 1.3 pp

- Working capital / revenue, final three-year average: 2.0%

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

- FY2021: 0.73×

- FY2022: -2.48×

- FY2023: -8.21×

- FY2024: -56.46×

- FY2025: 2.56×

### management: fail

- 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: 4.4% vs 2.9%

- Per-share earnings: 1566.18 to 215.42 (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: 1.6%

- Market cap gain: KRW -2.91T

- Cumulative retained earnings: KRW 1,000B

- Diluted shares, 5-year annual growth: 1.6%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: -24.7%

- Per-share value change: KRW -1K

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

- Per-share value, ending three-year median: KRW 215.42

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

- Average buyback yield: 4.5%

- Buyback history: 4 years

- Debt-funded buybacks: No

- Acquisition spending: KRW 182B

- Cumulative net income, 10 years: KRW 1.73T

- ROIC, first three-year median: 4.4%

- ROIC, last three-year median: 2.9%

Chart: Earnings per share; fiscal year observations.

- FY2016: KRW 4K

- FY2017: KRW 2K

- FY2018: KRW 2K

- FY2019: KRW 2K

- FY2020: KRW 2K

- FY2021: KRW 8K

- FY2022: KRW 494.73

- FY2023: KRW 215.42

- FY2024: KRW 25.06

- FY2025: KRW 520.00

### accounting: pass

- Sloan accruals: -12.0%

- Receivables to sales index (DSRI): 1.05×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 21.61×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.05×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -3.4%

- FY2017: -6.4%

- FY2018: -4.0%

- FY2019: -9.5%

- FY2020: -8.9%

- FY2021: 1.1%

- FY2022: -6.8%

- FY2023: -8.7%

- FY2024: -8.7%

- FY2025: -12.0%

## Holders

## Price story

Down 49% since Oct 2021 · sales +2.5%

Story as of 2026-10-16T10:00:12.577Z; price observation 2026-10-15.

### Sales · FY2025–2026

sales +2.5%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: KRW 8.27T 

- FY2018: KRW 8.69T 

- FY2019: KRW 9.01T 

- FY2020: KRW 8.86T 

- FY2021: KRW 9.77T 

- FY2022: KRW 11.23T 

- FY2023: KRW 11.13T 

- FY2024: KRW 11.58T 

- FY2025: KRW 11.96T 

- FY2026: KRW 12.26T 

### Gross margin · FY2025

gross margin 24.4%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 18.7% 

- FY2017: 18.9% 

- FY2018: 21.2% 

- FY2019: 21.6% 

- FY2020: 20.7% 

- FY2021: 22.8% 

- FY2022: 25.6% 

- FY2023: 25.5% 

- FY2024: 24.9% 

- FY2025: 24.4% 

## Owner memo

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

### How it makes money

Operates in department stores; annual sales are KRW 12 trillion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:03.254Z); FY2025: revenue 11957421688830; grossProfit 2911662844230; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 007070.KO: GS Retail Co., Ltd. operates convenience stores and supermarkets in South Korea. It operates convenience stores under the GS25 brand; supermarkets under the GS the Fresh brand; and TV shopping business under the GS SHOP brand. The company also engages in the retail and franchise of food and product merchandise; fresh food merchandise and processing; real estate development and rental; home and internet shopping; manufacture of seasoning; advertising; door-to-door transport agency; e-commerce; and cosigned warehouse operations. In addition, it provides call center services, as well as education and consulting services. The company was founded in 1971 and is headquartered in Seoul, South Korea. GS Retail Co., Ltd. operates as a subsidiary of GS Holdings Corp.

### Why customers stay

Margins ranged from 24.4% to 25.5% during 2023–25; it earns 3.6% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:03.254Z); FY2023: grossProfit / revenue = 25.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:03.254Z); FY2024: grossProfit / revenue = 24.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:03.254Z); FY2025: grossProfit / revenue = 24.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:03.254Z); 10-year return on capital observations [[2016,0.06529788281359179],[2017,0.03788560305509192],[2018,0.04425848208517985],[2019,0.0353016479877638],[2020,0.03917380509144429],[2021,0.02833918697152039],[2022,0.02361749753728653],[2023,0.028292217071099635],[2024,0.02887383839190828],[2025,0.03661339430317739]]; median 0.0359575211454706. 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 301.9 billion of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:03.254Z); FY2016: growth capex 0; upkeep 351636080460; owner earnings 82867715360. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:03.254Z); FY2017: growth capex 0; upkeep 392243081450; owner earnings 49990604550. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:03.254Z); FY2018: growth capex 0; upkeep 287578500770; owner earnings 37199231270. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:03.254Z); FY2019: growth capex 0; upkeep 268607394480; owner earnings 134620121042. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:03.254Z); FY2020: growth capex 0; upkeep 318117226000; owner earnings 131413634834. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:03.254Z); FY2021: growth capex 0; upkeep 523088014470; owner earnings 597859820490. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:03.254Z); FY2025: growth capex 0; upkeep 269578203460; owner earnings 111135435420. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:03.254Z); Dividend observations: [[2016,66183162360],[2017,85022686250],[2018,47489321780],[2019,54254732650],[2020,62378350740],[2021,69300000000],[2022,122616030000],[2023,48568620220],[2024,59306172950],[2025,41782795000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:03.254Z); FY2025: cash repurchases 301891006650 KRW.

### Are managers owners

Insiders own 58.6% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 007070.KO SharesStats.PercentInsiders = 58.645 percentage points; cache date 2026-10-16.

### What the price says

The price is 0.1 times annual sales.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:03.254Z); Closing price 20600 KRW; reporting-to-trading FX 1; FY2025 annual sales per share 143159.8270221675; price multiple 0.14389511658749213. FY2025 cash earnings/share 1330.5652443137371. Closing-price date 2026-10-15.

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

- 2016-11: KRW 59,241.84 per share

- 2016-12: KRW 59,617.58 per share

- 2017-01: KRW 65,128.45 per share

- 2017-02: KRW 65,879.93 per share

- 2017-03: KRW 66,005.17 per share

- 2017-04: KRW 66,506.16 per share

- 2017-05: KRW 70,263.57 per share

- 2017-06: KRW 64,627.46 per share

- 2017-07: KRW 60,619.55 per share

- 2017-08: KRW 50,537.17 per share

- 2017-09: KRW 43,272.84 per share

- 2017-10: KRW 41,832.50 per share

- 2017-11: KRW 49,472.57 per share

- 2017-12: KRW 50,474.55 per share

- 2018-01: KRW 48,783.71 per share

- 2018-02: KRW 45,088.93 per share

- 2018-03: KRW 40,893.15 per share

- 2018-04: KRW 46,591.89 per share

- 2018-05: KRW 47,280.75 per share

- 2018-06: KRW 55,046.06 per share

- 2018-07: KRW 41,644.63 per share

- 2018-08: KRW 46,591.89 per share

- 2018-09: KRW 48,220.10 per share

- 2018-10: KRW 44,963.68 per share

- 2018-11: KRW 47,593.86 per share

- 2018-12: KRW 50,725.04 per share

- 2019-01: KRW 45,151.55 per share

- 2019-02: KRW 48,470.59 per share

- 2019-03: KRW 49,034.20 per share

- 2019-04: KRW 49,034.20 per share

- 2019-05: KRW 42,583.98 per share

- 2019-06: KRW 49,222.07 per share

- 2019-07: KRW 46,717.14 per share

- 2019-08: KRW 48,470.59 per share

- 2019-09: KRW 51,664.39 per share

- 2019-10: KRW 47,906.98 per share

- 2019-11: KRW 47,719.11 per share

- 2019-12: KRW 49,159.45 per share

- 2020-01: KRW 49,660.44 per share

- 2020-02: KRW 44,274.82 per share

- 2020-03: KRW 38,701.33 per share

- 2020-04: KRW 47,531.24 per share

- 2020-05: KRW 53,355.23 per share

- 2020-06: KRW 45,652.54 per share

- 2020-07: KRW 43,022.35 per share

- 2020-08: KRW 41,268.89 per share

- 2020-09: KRW 41,957.75 per share

- 2020-10: KRW 40,204.29 per share

- 2020-11: KRW 42,270.87 per share

- 2020-12: KRW 43,147.59 per share

- 2021-01: KRW 43,460.71 per share

- 2021-02: KRW 45,339.42 per share

- 2021-03: KRW 47,781.73 per share

- 2021-04: KRW 44,838.43 per share

- 2021-05: KRW 49,159.45 per share

- 2021-06: KRW 48,407.97 per share

- 2021-07: KRW 44,212.20 per share

- 2021-08: KRW 42,959.73 per share

- 2021-09: KRW 40,893.15 per share

- 2021-10: KRW 40,329.54 per share

- 2021-11: KRW 35,382.28 per share

- 2021-12: KRW 38,075.09 per share

- 2022-01: KRW 33,754.07 per share

- 2022-02: KRW 33,002.59 per share

- 2022-03: KRW 35,507.53 per share

- 2022-04: KRW 36,133.76 per share

- 2022-05: KRW 33,754.07 per share

- 2022-06: KRW 32,125.86 per share

- 2022-07: KRW 30,748.14 per share

- 2022-08: KRW 31,812.74 per share

- 2022-09: KRW 32,063.23 per share

- 2022-10: KRW 31,812.74 per share

- 2022-11: KRW 37,323.61 per share

- 2022-12: KRW 35,257.04 per share

- 2023-01: KRW 36,133.76 per share

- 2023-02: KRW 36,133.76 per share

- 2023-03: KRW 35,507.53 per share

- 2023-04: KRW 33,315.71 per share

- 2023-05: KRW 31,123.88 per share

- 2023-06: KRW 28,681.57 per share

- 2023-07: KRW 26,614.99 per share

- 2023-08: KRW 29,620.92 per share

- 2023-09: KRW 29,620.92 per share

- 2023-10: KRW 30,435.02 per share

- 2023-11: KRW 29,871.41 per share

- 2023-12: KRW 28,869.44 per share

- 2024-01: KRW 27,930.08 per share

- 2024-02: KRW 27,930.08 per share

- 2024-03: KRW 25,425.14 per share

- 2024-04: KRW 24,961.73 per share

- 2024-05: KRW 24,836.48 per share

- 2024-06: KRW 26,114.00 per share

- 2024-07: KRW 26,552.37 per share

- 2024-08: KRW 27,616.97 per share

- 2024-09: KRW 26,740.24 per share

- 2024-10: KRW 27,053.36 per share

- 2024-11: KRW 28,640.95 per share

- 2024-12: KRW 16,500.00 per share

- 2025-01: KRW 15,300.00 per share

- 2025-02: KRW 14,980.00 per share

- 2025-03: KRW 14,260.00 per share

- 2025-04: KRW 14,800.00 per share

- 2025-05: KRW 15,340.00 per share

- 2025-06: KRW 16,650.00 per share

- 2025-07: KRW 16,310.00 per share

- 2025-08: KRW 16,210.00 per share

- 2025-09: KRW 16,650.00 per share

- 2025-10: KRW 17,730.00 per share

- 2025-11: KRW 21,550.00 per share

- 2025-12: KRW 20,100.00 per share

- 2026-01: KRW 22,150.00 per share

- 2026-02: KRW 22,000.00 per share

- 2026-03: KRW 21,900.00 per share

- 2026-04: KRW 23,500.00 per share

- 2026-05: KRW 25,550.00 per share

- 2026-06: KRW 23,500.00 per share

- 2026-07: KRW 24,750.00 per share

- 2026-08: KRW 26,350.00 per share

- 2026-09: KRW 22,450.00 per share

- 2026-10: KRW 20,500.00 per share

## Annual estimated value (KRW per share)

- FY2016: low KRW 33,641.73 per share, central KRW 38,002.86 per share, high KRW 43,808.45 per share

- FY2017: low KRW 35,468.90 per share, central KRW 40,351.04 per share, high KRW 46,850.21 per share

- FY2018: low KRW 13,812.62 per share, central KRW 15,717.08 per share, high KRW 18,252.32 per share

- FY2019: low KRW 15,192.51 per share, central KRW 17,166.06 per share, high KRW 19,793.27 per share

- FY2020: low KRW 15,570.98 per share, central KRW 17,512.84 per share, high KRW 20,097.87 per share

- FY2021: low KRW 16,987.06 per share, central KRW 19,122.90 per share, high KRW 21,966.15 per share

- FY2022: low KRW 25,346.89 per share, central KRW 28,416.12 per share, high KRW 32,501.92 per share

- FY2023: low KRW 26,169.34 per share, central KRW 29,201.39 per share, high KRW 33,237.68 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 2026-10-15T06:48:52.092Z 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.