# Korea Zinc (010130.KO)

Canonical: https://gigainvestors.com/s/010130.KO

Analysis as of: 2026-10-16T07:35:14.680Z. Financial observations: FY2000–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 938,000.00 per share; close as of 2026-10-15.

Estimated value: low KRW 670,704.65 per share, central KRW 896,432.38 per share, high KRW 1,040,959.04 per share. Buy at or below the central value KRW 896,432.38 per share. Valuation as of 2026-10-16T07:35:14.680Z; scenarios are not confidence intervals.

Expected annual return: 9.7% at the stated quote. About 9.7% 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

- 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: 0.26×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.13×

- FY2017: 0.14×

- FY2018: 0.11×

- FY2019: 0.12×

- FY2020: 0.12×

- FY2021: 0.11×

- FY2022: 0.08×

- FY2023: 0.07×

- FY2024: 0.06×

- FY2025: 0.07×

### moat: fail

- ROIC median below threshold

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

- ROIC, median of available years: 13.0%

- ROIC, second-lowest year: 6.1%

- Typical minus recent gross margin: 3.0 pp

- Typical gross margin (annual median): 12.9%

- Recent gross margin (lower of latest and 3-year median): 9.9%

- Years with nonpositive capital: 0

- Capital spending / revenue: 5.0%

- ROIC including acquisitions, ten-year median: 10.4%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 13.4%

- FY2017: 15.2%

- FY2018: 13.5%

- FY2019: 14.3%

- FY2020: 12.9%

- FY2021: 13.1%

- FY2022: 11.4%

- FY2023: 6.1%

- FY2024: 5.6%

- FY2025: 7.8%

### economics: fail

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 0.93×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: KRW 2.89T

- Net income, five-year total: KRW 3.10T

- Return on incremental invested capital: 6.6%

- Working capital / revenue, annual change: 0.7 pp

- Working capital / revenue, change between three-year averages: 5.3 pp

- Working capital / revenue, final three-year average: 26.1%

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

- FY2021: 1.00×

- FY2022: 0.99×

- FY2023: 0.69×

- FY2024: 0.90×

- FY2025: 0.96×

### management: fail

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

- potential debt-funded buybacks (informational)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 13.5% vs 6.1%

- Per-share earnings: 33518.77 to 21435.00 (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: 0.6%

- Market cap gain: KRW 15.57T

- Cumulative retained earnings: KRW 1.24T

- Diluted shares, 5-year annual growth: 0.6%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: -6.2%

- Per-share value change: KRW -12K

- Per-share value, starting three-year median: KRW 34K

- Per-share value, ending three-year median: KRW 21K

- Buybacks concentrated in cheaper years (correlation): -1.00

- Average buyback yield: 6.1%

- Buyback history: 3 years

- Debt-funded buybacks: Yes

- Acquisition spending: KRW 1.09T

- Cumulative net income, 10 years: KRW 6.05T

- ROIC, first three-year median: 13.5%

- ROIC, last three-year median: 6.1%

Chart: Earnings per share; fiscal year observations.

- FY2016: KRW 34K

- FY2017: KRW 36K

- FY2018: KRW 30K

- FY2019: KRW 36K

- FY2020: KRW 32K

- FY2021: KRW 46K

- FY2022: KRW 43K

- FY2023: KRW 21K

- FY2024: KRW 15K

- FY2025: KRW 43K

### accounting: fail

- earnings not backed by cash

- Sloan accruals: 6.9%

- Receivables to sales index (DSRI): 1.01×

- Restructuring years, last five: 0

- Earnings backed by cash: No

- Operating cash / earnings: -0.81×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.11×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -1.4%

- FY2017: -2.4%

- FY2018: -5.0%

- FY2019: -0.8%

- FY2020: 1.4%

- FY2021: 2.0%

- FY2022: -0.0%

- FY2023: -3.2%

- FY2024: -1.5%

- FY2025: 6.9%

## Holders

## Price story

Down 54% since Feb 2026 · sales +37.6%

Story as of 2026-10-16T10:00:04.189Z; price observation 2026-10-15.

Price needs cash profits to grow 6% a year for ten years

### Sales · FY2024–2025

sales +37.6%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: KRW 5.85T 

- FY2017: KRW 6.60T 

- FY2018: KRW 6.88T 

- FY2019: KRW 6.69T 

- FY2020: KRW 7.58T 

- FY2021: KRW 9.98T 

- FY2022: KRW 11.22T 

- FY2023: KRW 9.70T 

- FY2024: KRW 12.05T 

- FY2025: KRW 16.59T 

### Gross margin · FY2025

gross margin 10.9%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 16.1% 

- FY2017: 16.2% 

- FY2018: 13.1% 

- FY2019: 14.2% 

- FY2020: 13.7% 

- FY2021: 12.6% 

- FY2022: 10.4% 

- FY2023: 9.9% 

- FY2024: 9.5% 

- FY2025: 10.9% 

## Owner memo

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

### How it makes money

Operates in other industrial metals & mining; annual sales are KRW 16.6 trillion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:14.680Z); FY2025: revenue 16587850779910; grossProfit 1801510181580; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 010130.KO: Korea Zinc Company, Ltd. operates as a general non-ferrous metal smelting company primarily in South Korea. The company offers zinc slab ingots, alloy jumbo blocks, anode ingots, and die cast ingots; and lead and lead alloy ingots; and copper cathodes. The company also provides gold and silver; and rare metals, including indium, bismuth, and antimony; and sulfuric acid, semi sulfuric acid, and oleum. In addition, it engages in non-ferrous metals import and export, and recycling; wholesale and product brokerage; provision of logistics warehousing services; shipping; construction equipment operation; waste lubricant refining; electricity, gas, and steam supply; concentrate export; and logistics businesses. Further, the company offers private equity fund services; media content production services; electrolytic copper foil for secondary batteries; and electronic waste collection, dismantling, shredding, and processing services. The company was incorporated in 1974 and is headquartered in Seoul, South Korea.

### Why customers stay

Margins ranged from 9.5% to 10.9% during 2023–25; it earns 13% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:14.680Z); FY2023: grossProfit / revenue = 9.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:14.680Z); FY2024: grossProfit / revenue = 9.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:14.680Z); FY2025: grossProfit / revenue = 10.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:14.680Z); 10-year return on capital observations [[2016,0.13384082426315083],[2017,0.15159590175512627],[2018,0.13485915048462782],[2019,0.1433677485736775],[2020,0.12912266312887843],[2021,0.130804187516376],[2022,0.11364474051599821],[2023,0.0607743430552238],[2024,0.05595831805257314],[2025,0.07811090057548638]]; median 0.12996342532262722. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Spends 78.1% of cash earnings on expansion; earns 6.6% on new investment.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:14.680Z); FY2016: growth capex 0; upkeep 186763678210; owner earnings 493940066510. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:14.680Z); FY2017: growth capex 0; upkeep 496986935770; owner earnings 299825407700. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:14.680Z); FY2018: growth capex 0; upkeep 316159836100; owner earnings 572171421810. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:14.680Z); FY2019: growth capex 0; upkeep 358140007610; owner earnings 553542332140. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:14.680Z); FY2020: growth capex 380683328156.79065; upkeep 281461239353.20935; owner earnings 567108078356.7906. Growth capex / owner earnings = 0.6712712138748399.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:14.680Z); FY2021: growth capex 174006465650; upkeep 289821905000; owner earnings 803826193010. Growth capex / owner earnings = 0.2164727489140619.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:14.680Z); FY2022: growth capex 69233456170; upkeep 303748324000; owner earnings 773177424010. Growth capex / owner earnings = 0.08954407361111019.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:14.680Z); FY2023: growth capex 0; upkeep 438800135500; owner earnings 299842243700. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:14.680Z); FY2024: growth capex 778240804940; upkeep 352694028000; owner earnings 271050221800. Growth capex / owner earnings = 2.871205195007149.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:14.680Z); FY2025: growth capex 580925522550; upkeep 362072052000; owner earnings 743977749140. Growth capex / owner earnings = 0.7808372269486823.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:14.680Z); Incremental return on capital 0.06611590282176773, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:14.680Z); Dividend observations: [[2016,151782650000],[2017,151782650000],[2018,178294736710],[2019,195970655770],[2020,259852240000],[2021,277526480000],[2022,355042296640],[2023,599006934290],[2024,314911057000],[2025,139329897500]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:14.680Z); FY2025: cash repurchases 1744010851500 KRW.

### Are managers owners

Insiders own 74.6% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 010130.KO SharesStats.PercentInsiders = 74.61 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 6% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:14.680Z); Ten-year compound average after fade. Initial solved rate 0.0733828230757928. Price 938000; 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 455,000.00 per share

- 2016-11: KRW 472,000.00 per share

- 2016-12: KRW 475,000.00 per share

- 2017-01: KRW 490,000.00 per share

- 2017-02: KRW 416,500.00 per share

- 2017-03: KRW 432,000.00 per share

- 2017-04: KRW 425,500.00 per share

- 2017-05: KRW 438,000.00 per share

- 2017-06: KRW 456,000.00 per share

- 2017-07: KRW 493,500.00 per share

- 2017-08: KRW 516,000.00 per share

- 2017-09: KRW 495,500.00 per share

- 2017-10: KRW 512,000.00 per share

- 2017-11: KRW 486,500.00 per share

- 2017-12: KRW 493,000.00 per share

- 2018-01: KRW 515,000.00 per share

- 2018-02: KRW 512,000.00 per share

- 2018-03: KRW 479,000.00 per share

- 2018-04: KRW 433,500.00 per share

- 2018-05: KRW 405,500.00 per share

- 2018-06: KRW 386,000.00 per share

- 2018-07: KRW 412,500.00 per share

- 2018-08: KRW 405,500.00 per share

- 2018-09: KRW 436,000.00 per share

- 2018-10: KRW 379,000.00 per share

- 2018-11: KRW 425,500.00 per share

- 2018-12: KRW 432,500.00 per share

- 2019-01: KRW 440,500.00 per share

- 2019-02: KRW 456,500.00 per share

- 2019-03: KRW 465,000.00 per share

- 2019-04: KRW 452,500.00 per share

- 2019-05: KRW 437,000.00 per share

- 2019-06: KRW 476,000.00 per share

- 2019-07: KRW 442,500.00 per share

- 2019-08: KRW 435,000.00 per share

- 2019-09: KRW 448,000.00 per share

- 2019-10: KRW 434,500.00 per share

- 2019-11: KRW 406,000.00 per share

- 2019-12: KRW 425,000.00 per share

- 2020-01: KRW 380,000.00 per share

- 2020-02: KRW 414,500.00 per share

- 2020-03: KRW 356,000.00 per share

- 2020-04: KRW 386,000.00 per share

- 2020-05: KRW 378,000.00 per share

- 2020-06: KRW 335,000.00 per share

- 2020-07: KRW 414,000.00 per share

- 2020-08: KRW 398,500.00 per share

- 2020-09: KRW 376,500.00 per share

- 2020-10: KRW 382,500.00 per share

- 2020-11: KRW 379,000.00 per share

- 2020-12: KRW 401,500.00 per share

- 2021-01: KRW 406,000.00 per share

- 2021-02: KRW 403,500.00 per share

- 2021-03: KRW 408,500.00 per share

- 2021-04: KRW 446,000.00 per share

- 2021-05: KRW 451,500.00 per share

- 2021-06: KRW 431,500.00 per share

- 2021-07: KRW 547,000.00 per share

- 2021-08: KRW 532,000.00 per share

- 2021-09: KRW 503,000.00 per share

- 2021-10: KRW 537,000.00 per share

- 2021-11: KRW 493,500.00 per share

- 2021-12: KRW 511,000.00 per share

- 2022-01: KRW 509,000.00 per share

- 2022-02: KRW 550,000.00 per share

- 2022-03: KRW 585,000.00 per share

- 2022-04: KRW 576,000.00 per share

- 2022-05: KRW 595,000.00 per share

- 2022-06: KRW 487,500.00 per share

- 2022-07: KRW 477,500.00 per share

- 2022-08: KRW 672,000.00 per share

- 2022-09: KRW 595,000.00 per share

- 2022-10: KRW 640,000.00 per share

- 2022-11: KRW 630,000.00 per share

- 2022-12: KRW 564,000.00 per share

- 2023-01: KRW 541,000.00 per share

- 2023-02: KRW 584,000.00 per share

- 2023-03: KRW 553,000.00 per share

- 2023-04: KRW 513,000.00 per share

- 2023-05: KRW 480,500.00 per share

- 2023-06: KRW 487,500.00 per share

- 2023-07: KRW 494,000.00 per share

- 2023-08: KRW 527,000.00 per share

- 2023-09: KRW 506,000.00 per share

- 2023-10: KRW 469,000.00 per share

- 2023-11: KRW 491,500.00 per share

- 2023-12: KRW 498,000.00 per share

- 2024-01: KRW 473,500.00 per share

- 2024-02: KRW 447,500.00 per share

- 2024-03: KRW 452,000.00 per share

- 2024-04: KRW 463,500.00 per share

- 2024-05: KRW 527,000.00 per share

- 2024-06: KRW 515,000.00 per share

- 2024-07: KRW 484,000.00 per share

- 2024-08: KRW 535,000.00 per share

- 2024-09: KRW 688,000.00 per share

- 2024-10: KRW 998,000.00 per share

- 2024-11: KRW 1,180,000.00 per share

- 2024-12: KRW 1,006,000.00 per share

- 2025-01: KRW 824,000.00 per share

- 2025-02: KRW 743,000.00 per share

- 2025-03: KRW 778,000.00 per share

- 2025-04: KRW 798,000.00 per share

- 2025-05: KRW 731,000.00 per share

- 2025-06: KRW 819,000.00 per share

- 2025-07: KRW 800,000.00 per share

- 2025-08: KRW 821,000.00 per share

- 2025-09: KRW 921,000.00 per share

- 2025-10: KRW 1,033,000.00 per share

- 2025-11: KRW 1,342,000.00 per share

- 2025-12: KRW 1,316,000.00 per share

- 2026-01: KRW 1,884,000.00 per share

- 2026-02: KRW 2,030,000.00 per share

- 2026-03: KRW 1,422,000.00 per share

- 2026-04: KRW 1,579,000.00 per share

- 2026-05: KRW 1,373,000.00 per share

- 2026-06: KRW 1,080,000.00 per share

- 2026-07: KRW 999,000.00 per share

- 2026-08: KRW 1,277,000.00 per share

- 2026-09: KRW 1,070,000.00 per share

- 2026-10: KRW 1,008,000.00 per share

## Annual estimated value (KRW per share)

- FY2016: low KRW 221,592.19 per share, central KRW 242,862.37 per share, high KRW 271,177.51 per share

- FY2017: low KRW 287,115.73 per share, central KRW 312,681.08 per share, high KRW 346,713.98 per share

- FY2018: low KRW 316,590.99 per share, central KRW 343,267.41 per share, high KRW 378,779.37 per share

- FY2019: low KRW 483,060.65 per share, central KRW 530,260.05 per share, high KRW 593,092.47 per share

- FY2020: low KRW 501,676.88 per share, central KRW 555,130.46 per share, high KRW 626,288.52 per share

- FY2021: low KRW 601,499.73 per share, central KRW 670,040.16 per share, high KRW 761,282.02 per share

- FY2022: low KRW 728,674.25 per share, central KRW 904,739.05 per share, high KRW 1,037,817.62 per share

- FY2023: low KRW 489,916.02 per share, central KRW 548,776.44 per share, high KRW 622,538.52 per share

- FY2024: low KRW 570,825.05 per share, central KRW 635,270.45 per share, high KRW 718,840.42 per share

- FY2025: low KRW 761,119.30 per share, central KRW 957,328.52 per share, high KRW 1,082,955.38 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