# Oci (010060.KO)

Canonical: https://gigainvestors.com/s/010060.KO

Analysis as of: 2026-10-16T07:39:39.853Z. 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 187,900.00 per share; close as of 2026-10-15.

Estimated value: low KRW 215,999.44 per share, central KRW 231,258.31 per share, high KRW 251,571.09 per share. Buy at or below the central value KRW 231,258.31 per share. Valuation as of 2026-10-16T07:39:39.853Z; scenarios are not confidence intervals.

Expected annual return: 13.8% at the stated quote. About 13.8% 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

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

- more than 2 net loss years

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 5

- Years with a net loss: 3

- Operating margin variation: 1.52×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.04×

- FY2017: 0.08×

- FY2018: 0.05×

- FY2019: -0.07×

- FY2020: -0.04×

- FY2021: 0.19×

- FY2022: 0.21×

- FY2023: 0.04×

- FY2024: 0.05×

- FY2025: 0.00×

### moat: fail

- ROIC median below threshold

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

- ROIC, median of available years: 2.6%

- ROIC, second-lowest year: -2.0%

- Typical minus recent gross margin: 2.2 pp

- Typical gross margin (annual median): 12.6%

- Recent gross margin (lower of latest and 3-year median): 10.4%

- Years with nonpositive capital: 0

- Capital spending / revenue: 6.9%

- ROIC including acquisitions, ten-year median: 0.6%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 1.9%

- FY2017: 5.9%

- FY2018: 3.2%

- FY2019: -4.1%

- FY2020: -2.0%

- FY2021: 16.5%

- FY2022: 19.5%

- FY2023: 3.6%

- FY2024: 1.9%

- FY2025: 0.0%

### economics: fail

- incremental invested capital return below threshold

- working capital as a share of revenue rose more than 10pp and ends positive

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

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: KRW 1.52T

- Net income, five-year total: KRW 1.61T

- Return on incremental invested capital: 7.2%

- Working capital / revenue, annual change: 7.8 pp

- Working capital / revenue, change between three-year averages: 54.8 pp

- Working capital / revenue, final three-year average: 84.9%

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

- FY2021: 1.06×

- FY2022: 1.00×

- FY2023: -1.36×

- FY2024: 0.94×

- FY2025: 0.97×

### management: fail

- 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: 3.2% vs 1.9%

- Per-share earnings: 9849.35 to 7067.55 (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: -4.6%

- Market cap gain: KRW 969B

- Cumulative retained earnings: KRW 1.54T

- Diluted shares, 5-year annual growth: -4.6%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: -4.6%

- Per-share value change: KRW -3K

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

- Per-share value, ending three-year median: KRW 7K

- Buybacks concentrated in cheaper years (correlation): 0.66

- Average buyback yield: 2.9%

- Buyback history: 6 years

- Debt-funded buybacks: Yes

- Acquisition spending: KRW 161B

- Cumulative net income, 10 years: KRW 1.15T

- ROIC, first three-year median: 3.2%

- ROIC, last three-year median: 1.9%

Chart: Earnings per share; fiscal year observations.

- FY2016: KRW 10K

- FY2017: KRW 10K

- FY2018: KRW 4K

- FY2019: KRW -33K

- FY2020: KRW -10K

- FY2021: KRW 27K

- FY2022: KRW 54K

- FY2023: KRW 7K

- FY2024: KRW 11K

- FY2025: KRW -3K

### accounting: pass

- Sloan accruals: -1.5%

- Receivables to sales index (DSRI): 0.96×

- Restructuring years, last five: 0

- Earnings backed by cash: Yes

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.04×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -2.6%

- FY2017: -4.0%

- FY2018: -10.1%

- FY2019: -15.7%

- FY2020: -2.9%

- FY2021: 4.7%

- FY2022: 4.6%

- FY2023: -31.2%

- FY2024: -0.3%

- FY2025: -1.5%

## Holders

## Price story

Down 49% since Apr 2026 · sales -9.3%

Story as of 2026-10-16T10:00:10.973Z; price observation 2026-10-15.

Price needs cash profits to shrink 4.4% a year for ten years

### Sales · FY2024–2025

sales -9.3%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: KRW 2.74T 

- FY2017: KRW 3.63T 

- FY2018: KRW 3.11T 

- FY2019: KRW 2.61T 

- FY2020: KRW 2.00T 

- FY2021: KRW 3.24T 

- FY2022: KRW 4.67T 

- FY2023: KRW 1.29T 

- FY2024: KRW 2.22T 

- FY2025: KRW 2.01T 

### Gross margin · FY2025

gross margin 10.4%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 12.0% 

- FY2017: 13.7% 

- FY2018: 11.8% 

- FY2019: 1.5% 

- FY2020: 6.4% 

- FY2021: 27.9% 

- FY2022: 27.6% 

- FY2023: 13.2% 

- FY2024: 13.6% 

- FY2025: 10.4% 

## Owner memo

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

### How it makes money

Operates in asset management; annual sales are KRW 2 trillion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:39.853Z); FY2025: revenue 2009429144000; grossProfit 208136417000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 010060.KO: OCI Holdings Company Ltd. operates as a chemical company in South Korea. It offers renewable energy and energy solutions, such as solar-grade polysilicon and solar PV modules; advanced materials, including electronic-grade polysilicon, phosphoric acid, hydrogen peroxide, high softening point pitch, and SiH4. The company is also involved in solar PV projects; development of residential and commercial complex; and developing new drugs and treatments. In addition, it operates a cogeneration power plant and supplies electricity and steam. OCI Holdings Company Ltd. was incorporated in 1959 and is headquartered in Seoul, South Korea.

### Why customers stay

Margins ranged from 10.4% to 13.6% during 2023–25; it earns 2.6% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:39.853Z); FY2023: grossProfit / revenue = 13.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:39.853Z); FY2024: grossProfit / revenue = 13.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:39.853Z); FY2025: grossProfit / revenue = 10.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:39.853Z); 10-year return on capital observations [[2016,0.019413838137013136],[2017,0.05857115288115466],[2018,0.032116802800620015],[2019,-0.0408895343209571],[2020,-0.020200160982273486],[2021,0.16543865648535033],[2022,0.19496053484450893],[2023,0.03624003687808123],[2024,0.019263169281614104],[2025,0.00007544349169150652]]; median 0.025765320468816577. 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 7.3 billion of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:39.853Z); FY2017: growth capex 0; upkeep 112706302000; owner earnings 367570849000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:39.853Z); FY2018: growth capex 0; upkeep 276651656000; owner earnings 129736417000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:39.853Z); FY2021: growth capex 0; upkeep 94475544000; owner earnings 686350535400. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:39.853Z); FY2022: growth capex 80389984000; upkeep 149849629000; owner earnings 876699573200. Growth capex / owner earnings = 0.09169615961665441.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:39.853Z); FY2024: growth capex 285500630000; upkeep 74717250000; owner earnings 90289884200. Growth capex / owner earnings = 3.1620444807260037.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:39.853Z); Dividend observations: [[2016,4968188000],[2017,9544734000],[2018,46501275000],[2019,20304346000],[2020,683504000],[2021,66000],[2022,48613877000],[2023,59990452000],[2024,78309337000],[2025,23000819000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:39.853Z); FY2025: cash repurchases 7297189000 KRW.

### Are managers owners

Insiders own 29.7% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 010060.KO SharesStats.PercentInsiders = 29.689 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits shrink 4.4% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:39.853Z); Ten-year compound average after fade. Initial solved rate -0.07475746980173323. Price 187900; 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 57,113.35 per share

- 2016-11: KRW 46,447.98 per share

- 2016-12: KRW 49,666.52 per share

- 2017-01: KRW 54,147.24 per share

- 2017-02: KRW 56,229.83 per share

- 2017-03: KRW 53,453.05 per share

- 2017-04: KRW 49,792.74 per share

- 2017-05: KRW 56,166.72 per share

- 2017-06: KRW 56,608.48 per share

- 2017-07: KRW 58,186.20 per share

- 2017-08: KRW 62,035.82 per share

- 2017-09: KRW 64,686.39 per share

- 2017-10: KRW 71,312.80 per share

- 2017-11: KRW 76,677.04 per share

- 2017-12: KRW 85,827.79 per share

- 2018-01: KRW 106,653.66 per share

- 2018-02: KRW 103,813.77 per share

- 2018-03: KRW 99,080.62 per share

- 2018-04: KRW 98,449.53 per share

- 2018-05: KRW 83,618.99 per share

- 2018-06: KRW 65,001.93 per share

- 2018-07: KRW 62,351.37 per share

- 2018-08: KRW 72,890.52 per share

- 2018-09: KRW 69,419.54 per share

- 2018-10: KRW 53,768.59 per share

- 2018-11: KRW 65,948.56 per share

- 2018-12: KRW 67,526.28 per share

- 2019-01: KRW 67,526.28 per share

- 2019-02: KRW 68,157.37 per share

- 2019-03: KRW 58,627.96 per share

- 2019-04: KRW 58,754.17 per share

- 2019-05: KRW 56,987.13 per share

- 2019-06: KRW 58,880.39 per share

- 2019-07: KRW 47,520.83 per share

- 2019-08: KRW 41,904.16 per share

- 2019-09: KRW 43,860.53 per share

- 2019-10: KRW 39,695.35 per share

- 2019-11: KRW 39,064.27 per share

- 2019-12: KRW 39,506.03 per share

- 2020-01: KRW 35,214.64 per share

- 2020-02: KRW 31,081.02 per share

- 2020-03: KRW 21,961.82 per share

- 2020-04: KRW 25,211.91 per share

- 2020-05: KRW 24,864.82 per share

- 2020-06: KRW 23,350.21 per share

- 2020-07: KRW 35,403.97 per share

- 2020-08: KRW 40,831.31 per share

- 2020-09: KRW 35,971.94 per share

- 2020-10: KRW 39,001.16 per share

- 2020-11: KRW 43,734.31 per share

- 2020-12: KRW 58,691.07 per share

- 2021-01: KRW 62,098.93 per share

- 2021-02: KRW 78,885.84 per share

- 2021-03: KRW 76,677.04 per share

- 2021-04: KRW 78,885.84 per share

- 2021-05: KRW 80,148.01 per share

- 2021-06: KRW 74,152.69 per share

- 2021-07: KRW 71,943.89 per share

- 2021-08: KRW 80,148.01 per share

- 2021-09: KRW 101,604.96 per share

- 2021-10: KRW 81,725.73 per share

- 2021-11: KRW 68,788.45 per share

- 2021-12: KRW 65,633.02 per share

- 2022-01: KRW 55,914.28 per share

- 2022-02: KRW 66,264.11 per share

- 2022-03: KRW 66,264.11 per share

- 2022-04: KRW 66,579.65 per share

- 2022-05: KRW 81,410.19 per share

- 2022-06: KRW 90,560.94 per share

- 2022-07: KRW 77,308.12 per share

- 2022-08: KRW 74,152.69 per share

- 2022-09: KRW 57,428.89 per share

- 2022-10: KRW 64,370.85 per share

- 2022-11: KRW 60,016.35 per share

- 2022-12: KRW 50,991.81 per share

- 2023-01: KRW 56,671.59 per share

- 2023-02: KRW 57,302.67 per share

- 2023-03: KRW 64,560.17 per share

- 2023-04: KRW 75,604.19 per share

- 2023-05: KRW 86,010.36 per share

- 2023-06: KRW 113,050.74 per share

- 2023-07: KRW 109,159.32 per share

- 2023-08: KRW 91,897.38 per share

- 2023-09: KRW 97,285.50 per share

- 2023-10: KRW 97,085.94 per share

- 2023-11: KRW 98,582.64 per share

- 2023-12: KRW 105,966.36 per share

- 2024-01: KRW 104,170.32 per share

- 2024-02: KRW 93,793.20 per share

- 2024-03: KRW 92,496.06 per share

- 2024-04: KRW 94,900.00 per share

- 2024-05: KRW 96,900.00 per share

- 2024-06: KRW 88,500.00 per share

- 2024-07: KRW 73,500.00 per share

- 2024-08: KRW 71,300.00 per share

- 2024-09: KRW 70,900.00 per share

- 2024-10: KRW 68,800.00 per share

- 2024-11: KRW 59,500.00 per share

- 2024-12: KRW 58,800.00 per share

- 2025-01: KRW 79,100.00 per share

- 2025-02: KRW 79,600.00 per share

- 2025-03: KRW 64,700.00 per share

- 2025-04: KRW 64,700.00 per share

- 2025-05: KRW 70,900.00 per share

- 2025-06: KRW 72,800.00 per share

- 2025-07: KRW 93,800.00 per share

- 2025-08: KRW 87,500.00 per share

- 2025-09: KRW 88,400.00 per share

- 2025-10: KRW 114,200.00 per share

- 2025-11: KRW 104,100.00 per share

- 2025-12: KRW 115,200.00 per share

- 2026-01: KRW 115,400.00 per share

- 2026-02: KRW 152,000.00 per share

- 2026-03: KRW 187,800.00 per share

- 2026-04: KRW 368,000.00 per share

- 2026-05: KRW 349,500.00 per share

- 2026-06: KRW 214,500.00 per share

- 2026-07: KRW 190,300.00 per share

- 2026-08: KRW 277,500.00 per share

- 2026-09: KRW 223,500.00 per share

- 2026-10: KRW 221,500.00 per share

## Annual estimated value (KRW per share)

- FY2021: low KRW 105,465.77 per share, central KRW 114,011.15 per share, high KRW 125,386.86 per share

- FY2022: low KRW 237,795.17 per share, central KRW 307,127.65 per share, high KRW 347,500.07 per share

- FY2024: low KRW 277,008.31 per share, central KRW 292,381.84 per share, high KRW 312,847.27 per share

- FY2025: low KRW 110,827.14 per share, central KRW 117,431.01 per share, high KRW 126,222.17 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.

## Reported holder observations