# S-Oil (010950.KO)

Canonical: https://gigainvestors.com/s/010950.KO

Analysis as of: 2026-10-16T07:35:17.188Z. 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 159,400.00 per share; close as of 2026-10-15.

Estimated value: low KRW 19,707.77 per share, central KRW 21,470.68 per share, high KRW 23,817.48 per share. Buy at or below the central value KRW 21,470.68 per share. Valuation as of 2026-10-16T07:35:17.188Z; scenarios are not confidence intervals.

Expected annual return: 3.6% at the stated quote. About 3.6% 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)

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 5

- Years with a net loss: 2

- Operating margin variation: 1.28×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.10×

- FY2017: 0.07×

- FY2018: 0.03×

- FY2019: 0.02×

- FY2020: -0.07×

- FY2021: 0.08×

- FY2022: 0.08×

- FY2023: 0.04×

- FY2024: 0.01×

- FY2025: 0.01×

### moat: fail

- ROIC median below threshold

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

- ROIC, median of available years: 6.5%

- ROIC, second-lowest year: 1.6%

- Typical minus recent gross margin: 2.4 pp

- Typical gross margin (annual median): 5.4%

- Recent gross margin (lower of latest and 3-year median): 3.0%

- Years with nonpositive capital: 0

- Capital spending / revenue: 5.4%

- ROIC including acquisitions, ten-year median: -4.3%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 18.0%

- FY2017: 11.0%

- FY2018: 4.1%

- FY2019: 2.2%

- FY2020: -8.2%

- FY2021: 14.5%

- FY2022: 20.3%

- FY2023: 8.8%

- FY2024: 2.3%

- FY2025: 1.6%

### economics: fail

- owner earnings cash conversion below threshold

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: -0.29×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: KRW -1.27T

- Net income, five-year total: KRW 4.42T

- Return on incremental invested capital: -5.4%

- Working capital / revenue, annual change: -1.6 pp

- Working capital / revenue, change between three-year averages: -11.0 pp

- Working capital / revenue, final three-year average: 3.5%

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

- FY2021: 1.23×

- FY2022: 1.00×

- FY2023: 0.14×

- FY2024: 11.42×

- FY2025: -16.95×

### 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: 11.0% vs 2.3%

- Per-share earnings: 10353.53 to 1519.00 (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: 0.7%

- Market cap gain: KRW -192B

- Cumulative retained earnings: KRW 3.46T

- Diluted shares, 5-year annual growth: 0.7%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: -24.0%

- Per-share value change: KRW -9K

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

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

- Average buyback yield: 0.1%

- Buyback history: 1 years

- Debt-funded buybacks: No

- Acquisition spending: KRW 111B

- Cumulative net income, 10 years: KRW 6.39T

- ROIC, first three-year median: 11.0%

- ROIC, last three-year median: 2.3%

Chart: Earnings per share; fiscal year observations.

- FY2016: KRW 10K

- FY2017: KRW 11K

- FY2018: KRW 2K

- FY2019: KRW 562.01

- FY2020: KRW -7K

- FY2021: KRW 12K

- FY2022: KRW 18K

- FY2023: KRW 8K

- FY2024: KRW -2K

- FY2025: KRW 2K

### accounting: pass

- Sloan accruals: -14.2%

- Receivables to sales index (DSRI): 0.99×

- Restructuring years, last five: 0

- Earnings backed by cash: Yes

- Operating cash / earnings: 22.28×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.02×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -3.7%

- FY2017: 0.7%

- FY2018: 3.4%

- FY2019: -3.8%

- FY2020: -15.5%

- FY2021: -0.5%

- FY2022: 4.2%

- FY2023: -3.5%

- FY2024: -6.8%

- FY2025: -14.2%

## Holders

## Price story

Price needs cash profits to grow 31.6% a year for ten years · sales -6.5%

Story as of 2026-10-16T10:00:04.273Z; price observation 2026-10-15.

Price needs cash profits to grow 31.6% a year for ten years

### Sales · FY2024–2025

sales -6.5%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: KRW 16.32T 

- FY2017: KRW 20.89T 

- FY2018: KRW 25.46T 

- FY2019: KRW 24.39T 

- FY2020: KRW 16.83T 

- FY2021: KRW 27.46T 

- FY2022: KRW 42.45T 

- FY2023: KRW 35.73T 

- FY2024: KRW 36.64T 

- FY2025: KRW 34.25T 

### Gross margin · FY2025

gross margin 3%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 14.1% 

- FY2017: 10.1% 

- FY2018: 5.0% 

- FY2019: 4.3% 

- FY2021: 10.1% 

- FY2022: 9.8% 

- FY2023: 5.9% 

- FY2024: 3.3% 

- FY2025: 3.0% 

## Owner memo

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

### How it makes money

Operates in oil & gas refining & marketing; annual sales are KRW 34.2 trillion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:17.188Z); FY2025: revenue 34246957000000; grossProfit 1043273000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 010950.KO: S-Oil Corporation, together with its subsidiaries, manufactures, sells, and supplies oil refining, lube, and petrochemical products in South Korea. The company offers butane, propane, naphtha, benzene, toluene, xylene, para-xylene, jet fuel, diesel, kerosene, gasoline, propylene, asphalt, polypropylene, and propylene oxide. It also provides lube base oil and petro-chemical products; refined crude oil products; and petroleum products. It exports its products to Southeast Asia, China, Japan, the United States, Australia, Europe, and internationally. The company was formerly known as Ssangyong Oil Refining Co. Ltd. and changed its name to S-Oil Corporation in April 2000. The company was incorporated in 1976 and is headquartered in Seoul, South Korea. S-Oil Corporation operates as a subsidiary of Aramco Overseas Company B.V.

### Why customers stay

Margins ranged from 3% to 5.9% during 2023–25; it earns 6.5% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:17.188Z); FY2023: grossProfit / revenue = 5.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:17.188Z); FY2024: grossProfit / revenue = 3.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:17.188Z); FY2025: grossProfit / revenue = 3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:17.188Z); 10-year return on capital observations [[2016,0.17958850649501],[2017,0.1103377170926582],[2018,0.04112314002086821],[2019,0.02173286041321797],[2020,-0.0818410947366675],[2021,0.14529346920818603],[2022,0.20289986446984387],[2023,0.08843645227363078],[2024,0.022712444923893318],[2025,0.01581808799379121]]; median 0.06477979614724949. 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 2026-10-16T07:35:17.188Z); FY2016: growth capex 0; upkeep 1072456000000; owner earnings 419654000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:17.188Z); FY2021: growth capex 0; upkeep 271967000000; owner earnings 1700978600000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:17.188Z); FY2022: growth capex 0; upkeep 598755000000; owner earnings 2102752800000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:17.188Z); FY2023: growth capex 0; upkeep 1494779000000; owner earnings 129847000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:17.188Z); Dividend observations: [[2016,209641000000],[2017,803395000000],[2018,617109000000],[2019,29237000000],[2020,11742000000],[2021,116519000000],[2022,617132000000],[2023,372630000000],[2024,189275000000],[2025,97000000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 63.4% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 010950.KO SharesStats.PercentInsiders = 63.437 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 31.6% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:17.188Z); Ten-year compound average after fade. Initial solved rate 0.45195549157753556. Price 159400; 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 78,500.00 per share

- 2016-11: KRW 84,000.00 per share

- 2016-12: KRW 84,700.00 per share

- 2017-01: KRW 81,100.00 per share

- 2017-02: KRW 86,400.00 per share

- 2017-03: KRW 100,500.00 per share

- 2017-04: KRW 99,700.00 per share

- 2017-05: KRW 103,500.00 per share

- 2017-06: KRW 94,800.00 per share

- 2017-07: KRW 116,500.00 per share

- 2017-08: KRW 125,500.00 per share

- 2017-09: KRW 127,500.00 per share

- 2017-10: KRW 128,500.00 per share

- 2017-11: KRW 119,500.00 per share

- 2017-12: KRW 117,000.00 per share

- 2018-01: KRW 123,000.00 per share

- 2018-02: KRW 123,500.00 per share

- 2018-03: KRW 120,000.00 per share

- 2018-04: KRW 110,000.00 per share

- 2018-05: KRW 107,500.00 per share

- 2018-06: KRW 109,500.00 per share

- 2018-07: KRW 117,500.00 per share

- 2018-08: KRW 119,500.00 per share

- 2018-09: KRW 137,000.00 per share

- 2018-10: KRW 124,000.00 per share

- 2018-11: KRW 110,500.00 per share

- 2018-12: KRW 97,700.00 per share

- 2019-01: KRW 104,500.00 per share

- 2019-02: KRW 100,000.00 per share

- 2019-03: KRW 89,600.00 per share

- 2019-04: KRW 92,200.00 per share

- 2019-05: KRW 83,500.00 per share

- 2019-06: KRW 83,700.00 per share

- 2019-07: KRW 94,100.00 per share

- 2019-08: KRW 96,700.00 per share

- 2019-09: KRW 99,400.00 per share

- 2019-10: KRW 99,700.00 per share

- 2019-11: KRW 89,200.00 per share

- 2019-12: KRW 95,300.00 per share

- 2020-01: KRW 76,200.00 per share

- 2020-02: KRW 66,600.00 per share

- 2020-03: KRW 57,100.00 per share

- 2020-04: KRW 70,000.00 per share

- 2020-05: KRW 70,700.00 per share

- 2020-06: KRW 63,500.00 per share

- 2020-07: KRW 61,000.00 per share

- 2020-08: KRW 56,500.00 per share

- 2020-09: KRW 51,600.00 per share

- 2020-10: KRW 54,300.00 per share

- 2020-11: KRW 69,600.00 per share

- 2020-12: KRW 69,200.00 per share

- 2021-01: KRW 68,200.00 per share

- 2021-02: KRW 85,000.00 per share

- 2021-03: KRW 81,200.00 per share

- 2021-04: KRW 87,100.00 per share

- 2021-05: KRW 93,600.00 per share

- 2021-06: KRW 102,500.00 per share

- 2021-07: KRW 98,300.00 per share

- 2021-08: KRW 95,100.00 per share

- 2021-09: KRW 110,000.00 per share

- 2021-10: KRW 102,500.00 per share

- 2021-11: KRW 79,900.00 per share

- 2021-12: KRW 85,700.00 per share

- 2022-01: KRW 90,000.00 per share

- 2022-02: KRW 84,500.00 per share

- 2022-03: KRW 96,700.00 per share

- 2022-04: KRW 103,500.00 per share

- 2022-05: KRW 116,000.00 per share

- 2022-06: KRW 104,000.00 per share

- 2022-07: KRW 91,800.00 per share

- 2022-08: KRW 101,500.00 per share

- 2022-09: KRW 81,000.00 per share

- 2022-10: KRW 86,400.00 per share

- 2022-11: KRW 87,200.00 per share

- 2022-12: KRW 83,400.00 per share

- 2023-01: KRW 88,200.00 per share

- 2023-02: KRW 80,700.00 per share

- 2023-03: KRW 80,100.00 per share

- 2023-04: KRW 74,600.00 per share

- 2023-05: KRW 72,200.00 per share

- 2023-06: KRW 66,700.00 per share

- 2023-07: KRW 74,900.00 per share

- 2023-08: KRW 73,000.00 per share

- 2023-09: KRW 79,200.00 per share

- 2023-10: KRW 66,400.00 per share

- 2023-11: KRW 68,200.00 per share

- 2023-12: KRW 69,600.00 per share

- 2024-01: KRW 68,300.00 per share

- 2024-02: KRW 76,400.00 per share

- 2024-03: KRW 78,500.00 per share

- 2024-04: KRW 72,700.00 per share

- 2024-05: KRW 68,200.00 per share

- 2024-06: KRW 66,500.00 per share

- 2024-07: KRW 67,900.00 per share

- 2024-08: KRW 62,400.00 per share

- 2024-09: KRW 61,200.00 per share

- 2024-10: KRW 57,300.00 per share

- 2024-11: KRW 57,300.00 per share

- 2024-12: KRW 54,800.00 per share

- 2025-01: KRW 61,000.00 per share

- 2025-02: KRW 56,900.00 per share

- 2025-03: KRW 56,100.00 per share

- 2025-04: KRW 52,000.00 per share

- 2025-05: KRW 54,400.00 per share

- 2025-06: KRW 59,900.00 per share

- 2025-07: KRW 62,700.00 per share

- 2025-08: KRW 60,300.00 per share

- 2025-09: KRW 62,400.00 per share

- 2025-10: KRW 71,800.00 per share

- 2025-11: KRW 76,700.00 per share

- 2025-12: KRW 83,000.00 per share

- 2026-01: KRW 105,900.00 per share

- 2026-02: KRW 110,000.00 per share

- 2026-03: KRW 105,300.00 per share

- 2026-04: KRW 134,500.00 per share

- 2026-05: KRW 107,400.00 per share

- 2026-06: KRW 106,400.00 per share

- 2026-07: KRW 127,300.00 per share

- 2026-08: KRW 150,100.00 per share

- 2026-09: KRW 161,700.00 per share

- 2026-10: KRW 158,300.00 per share

## Annual estimated value (KRW per share)

- FY2016: low KRW 54,787.20 per share, central KRW 57,740.45 per share, high KRW 61,671.86 per share

- FY2017: low KRW 27,976.21 per share, central KRW 29,725.51 per share, high KRW 32,054.20 per share

- FY2023: low KRW 25,979.80 per share, central KRW 32,476.53 per share, high KRW 36,259.59 per share

- FY2024: low KRW 25,558.11 per share, central KRW 31,264.37 per share, high KRW 34,848.64 per share

- FY2025: low KRW 21,616.83 per share, central KRW 23,227.06 per share, high KRW 25,370.62 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.