# Kumho Petro Chemical (011780.KO)

Canonical: https://gigainvestors.com/s/011780.KO

Analysis as of: 2026-10-16T07:40:34.288Z. 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 114,300.00 per share; close as of 2026-10-15.

## 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: 0

- Operating margin variation: 0.75×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.04×

- FY2017: 0.05×

- FY2018: 0.10×

- FY2019: 0.07×

- FY2020: 0.15×

- FY2021: 0.28×

- FY2022: 0.14×

- FY2023: 0.06×

- FY2024: 0.04×

- FY2025: 0.04×

### moat: fail

- ROIC median below threshold

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

- ROIC, median of available years: 7.0%

- ROIC, second-lowest year: 3.7%

- Typical minus recent gross margin: 2.1 pp

- Typical gross margin (annual median): 10.8%

- Recent gross margin (lower of latest and 3-year median): 8.7%

- Years with nonpositive capital: 0

- Capital spending / revenue: 3.9%

- ROIC including acquisitions, ten-year median: 8.8%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 3.2%

- FY2017: 5.8%

- FY2018: 12.6%

- FY2019: 8.1%

- FY2020: 15.4%

- FY2021: 41.6%

- FY2022: 17.8%

- FY2023: 5.8%

- FY2024: 3.8%

- FY2025: 3.7%

### economics: fail

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 0.88×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: KRW 3.60T

- Net income, five-year total: KRW 4.08T

- Return on incremental invested capital: 9.9%

- Working capital / revenue, annual change: 0.2 pp

- Working capital / revenue, change between three-year averages: 2.1 pp

- Working capital / revenue, final three-year average: 16.8%

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

- FY2021: 0.99×

- FY2022: 0.81×

- FY2023: 0.21×

- FY2024: 0.96×

- FY2025: 1.33×

### management: pass

- 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: 5.8% vs 3.8%

- Per-share earnings: 7636.01 to 13328.00 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: 0.7%

- Market cap gain: KRW 820B

- Cumulative retained earnings: KRW 4.53T

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

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 8.3%

- Per-share value change: KRW 6K

- Per-share value, starting three-year median: KRW 8K

- Per-share value, ending three-year median: KRW 13K

- Buybacks concentrated in cheaper years (correlation): -0.26

- Average buyback yield: 2.0%

- Buyback history: 6 years

- Debt-funded buybacks: No

- Acquisition spending: KRW 48B

- Cumulative net income, 10 years: KRW 5.73T

- ROIC, first three-year median: 5.8%

- ROIC, last three-year median: 3.8%

Chart: Earnings per share; fiscal year observations.

- FY2016: KRW 3K

- FY2017: KRW 8K

- FY2018: KRW 18K

- FY2019: KRW 11K

- FY2020: KRW 23K

- FY2021: KRW 78K

- FY2022: KRW 37K

- FY2023: KRW 17K

- FY2024: KRW 13K

- FY2025: KRW 11K

### accounting: pass

- Sloan accruals: -5.0%

- Receivables to sales index (DSRI): 0.86×

- Restructuring years, last five: 0

- Earnings backed by cash: Yes

- Operating cash / earnings: 2.46×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.01×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -4.9%

- FY2017: -4.5%

- FY2018: 0.1%

- FY2019: -5.8%

- FY2020: -3.8%

- FY2021: -2.0%

- FY2022: 6.6%

- FY2023: -2.3%

- FY2024: 0.3%

- FY2025: -5.0%

## Holders

## Price story

Down 34% since Oct 2021 · sales -3.4%

Story as of 2026-10-16T10:00:11.520Z; price observation 2026-10-15.

### Sales · FY2024–2025

sales -3.4%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: KRW 3.97T 

- FY2017: KRW 5.06T 

- FY2018: KRW 5.58T 

- FY2019: KRW 4.98T 

- FY2020: KRW 4.81T 

- FY2021: KRW 8.46T 

- FY2022: KRW 7.98T 

- FY2023: KRW 6.32T 

- FY2024: KRW 7.16T 

- FY2025: KRW 6.92T 

### Gross margin · FY2025

gross margin 8.7%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 8.4% 

- FY2017: 8.5% 

- FY2018: 13.1% 

- FY2019: 11.4% 

- FY2020: 19.8% 

- FY2021: 31.9% 

- FY2022: 17.9% 

- FY2023: 10.2% 

- FY2024: 8.2% 

- FY2025: 8.7% 

## Owner memo

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

### How it makes money

Operates in specialty chemicals; annual sales are KRW 6.9 trillion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:34.288Z); FY2025: revenue 6915145099920; grossProfit 603929699890; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 011780.KO: Kumho Petro Chemical Co.,Ltd manufactures and sells synthetic rubber and resins, specialty chemicals, nanocarbon, energy, and building materials in South Korea and internationally. The company's synthetic rubber products include styrene butadiene rubber, high-cis and low-cis polybutadiene rubber, solution polymerized styrene butadiene rubber, ultra-high-cis polybutadiene rubber, acrylonitrile butadiene rubber, high styrene resin masterbatch, styrene butadiene latex and carboxyl modified styrene butadiene latex, styrene butadiene styrene, LEADCAP, and styrenic thermoplastic elastomer compounds. It also provides synthetic resin products comprising general purpose polystyrene, acrylonitrile butadiene styrene, high impact polystyrene, engineering plastics, expandable polystyrene, expandable polystyrene, polypropylene glycol, ENERPOR, and styrene acrylonitrile. In addition, the company offers specialty chemicals, such as antioxidants, vulcanization accelerators, and paint additives/diluents; carbon nanotubes; and building materials comprise ABS window systems, PVC window systems, AL window systems, and gold foam insulators. Further, it operates a cogeneration plant that provides residential, commercial, and industrial users with electricity, steam, and purified water to businesses. Kumho Petro Chemical Co.,Ltd was founded in 1970 and is headquartered in Seoul, South Korea.

### Why customers stay

Margins ranged from 8.2% to 10.2% during 2023–25; it earns 7% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:34.288Z); FY2023: grossProfit / revenue = 10.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:34.288Z); FY2024: grossProfit / revenue = 8.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:34.288Z); FY2025: grossProfit / revenue = 8.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:34.288Z); 10-year return on capital observations [[2016,0.03234867221284858],[2017,0.058006464740430155],[2018,0.1255422997974121],[2019,0.08093414703500014],[2020,0.15404005690403777],[2021,0.41565498614516333],[2022,0.17766853068833147],[2023,0.05820385218119416],[2024,0.03763668031583383],[2025,0.03683635571576839]]; median 0.06956899960809715. 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 50 billion of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:34.288Z); FY2016: growth capex 0; upkeep 274355166610; owner earnings 22400833390. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:34.288Z); FY2017: growth capex 0; upkeep 105974019320; owner earnings 315073022880. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:34.288Z); FY2018: growth capex 0; upkeep 134108780090; owner earnings 350541212400. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:34.288Z); FY2019: growth capex 0; upkeep 172660606540; owner earnings 314314797312. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:34.288Z); FY2020: growth capex 0; upkeep 175439664650; owner earnings 579016295304. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:34.288Z); FY2021: growth capex 145657840480; upkeep 208118000000; owner earnings 1950331656266. Growth capex / owner earnings = 0.07468362624994185.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:34.288Z); FY2022: growth capex 0; upkeep 427688850310; owner earnings 827992023056. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:34.288Z); FY2023: growth capex 0; upkeep 590220831280; owner earnings 95632293200. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:34.288Z); FY2024: growth capex 161330878800; upkeep 275243000000; owner earnings 336104648246. Growth capex / owner earnings = 0.48000192690557353.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:34.288Z); FY2025: growth capex 0; upkeep 195621228030; owner earnings 387166865690. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:34.288Z); Dividend observations: [[2016,22470093500],[2017,22094178860],[2018,27297837900],[2019,36685127150],[2020,40871169700],[2021,115808903390],[2022,280845923730],[2023,146709816470],[2024,76684927380],[2025,57516074440]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:34.288Z); FY2025: cash repurchases 50024731530 KRW.

### Are managers owners

Insiders own 29.5% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 011780.KO SharesStats.PercentInsiders = 29.543000000000003 percentage points; cache date 2026-10-16.

### What the price says

The price is 0.4 times annual sales.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:34.288Z); Closing price 114300 KRW; reporting-to-trading FX 1; FY2025 annual sales per share 268584.6418453316; price multiple 0.42556416932365526. FY2025 cash earnings/share 15037.583803835332. Closing-price date 2026-10-15.

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

- 2016-10: KRW 70,100.00 per share

- 2016-11: KRW 73,000.00 per share

- 2016-12: KRW 82,000.00 per share

- 2017-01: KRW 82,300.00 per share

- 2017-02: KRW 76,700.00 per share

- 2017-03: KRW 78,800.00 per share

- 2017-04: KRW 76,100.00 per share

- 2017-05: KRW 78,200.00 per share

- 2017-06: KRW 73,500.00 per share

- 2017-07: KRW 75,600.00 per share

- 2017-08: KRW 78,800.00 per share

- 2017-09: KRW 72,100.00 per share

- 2017-10: KRW 69,400.00 per share

- 2017-11: KRW 89,400.00 per share

- 2017-12: KRW 99,500.00 per share

- 2018-01: KRW 103,000.00 per share

- 2018-02: KRW 90,600.00 per share

- 2018-03: KRW 96,400.00 per share

- 2018-04: KRW 107,500.00 per share

- 2018-05: KRW 105,000.00 per share

- 2018-06: KRW 116,500.00 per share

- 2018-07: KRW 113,000.00 per share

- 2018-08: KRW 102,000.00 per share

- 2018-09: KRW 98,500.00 per share

- 2018-10: KRW 86,100.00 per share

- 2018-11: KRW 92,200.00 per share

- 2018-12: KRW 87,300.00 per share

- 2019-01: KRW 90,000.00 per share

- 2019-02: KRW 95,700.00 per share

- 2019-03: KRW 95,200.00 per share

- 2019-04: KRW 91,800.00 per share

- 2019-05: KRW 95,800.00 per share

- 2019-06: KRW 97,400.00 per share

- 2019-07: KRW 81,700.00 per share

- 2019-08: KRW 70,300.00 per share

- 2019-09: KRW 71,600.00 per share

- 2019-10: KRW 70,000.00 per share

- 2019-11: KRW 73,100.00 per share

- 2019-12: KRW 77,500.00 per share

- 2020-01: KRW 65,400.00 per share

- 2020-02: KRW 59,300.00 per share

- 2020-03: KRW 64,800.00 per share

- 2020-04: KRW 76,400.00 per share

- 2020-05: KRW 70,900.00 per share

- 2020-06: KRW 74,500.00 per share

- 2020-07: KRW 84,600.00 per share

- 2020-08: KRW 100,500.00 per share

- 2020-09: KRW 110,000.00 per share

- 2020-10: KRW 133,000.00 per share

- 2020-11: KRW 139,000.00 per share

- 2020-12: KRW 145,000.00 per share

- 2021-01: KRW 247,500.00 per share

- 2021-02: KRW 211,000.00 per share

- 2021-03: KRW 265,000.00 per share

- 2021-04: KRW 260,000.00 per share

- 2021-05: KRW 231,500.00 per share

- 2021-06: KRW 219,000.00 per share

- 2021-07: KRW 203,500.00 per share

- 2021-08: KRW 194,500.00 per share

- 2021-09: KRW 189,000.00 per share

- 2021-10: KRW 172,000.00 per share

- 2021-11: KRW 155,000.00 per share

- 2021-12: KRW 166,000.00 per share

- 2022-01: KRW 145,500.00 per share

- 2022-02: KRW 160,500.00 per share

- 2022-03: KRW 155,000.00 per share

- 2022-04: KRW 154,500.00 per share

- 2022-05: KRW 160,000.00 per share

- 2022-06: KRW 139,000.00 per share

- 2022-07: KRW 129,500.00 per share

- 2022-08: KRW 130,000.00 per share

- 2022-09: KRW 115,500.00 per share

- 2022-10: KRW 131,000.00 per share

- 2022-11: KRW 149,500.00 per share

- 2022-12: KRW 126,000.00 per share

- 2023-01: KRW 147,400.00 per share

- 2023-02: KRW 157,300.00 per share

- 2023-03: KRW 143,700.00 per share

- 2023-04: KRW 136,400.00 per share

- 2023-05: KRW 126,900.00 per share

- 2023-06: KRW 132,700.00 per share

- 2023-07: KRW 120,100.00 per share

- 2023-08: KRW 124,800.00 per share

- 2023-09: KRW 134,100.00 per share

- 2023-10: KRW 126,700.00 per share

- 2023-11: KRW 128,000.00 per share

- 2023-12: KRW 132,900.00 per share

- 2024-01: KRW 124,800.00 per share

- 2024-02: KRW 147,900.00 per share

- 2024-03: KRW 135,800.00 per share

- 2024-04: KRW 138,200.00 per share

- 2024-05: KRW 147,400.00 per share

- 2024-06: KRW 146,500.00 per share

- 2024-07: KRW 138,700.00 per share

- 2024-08: KRW 136,900.00 per share

- 2024-09: KRW 157,900.00 per share

- 2024-10: KRW 142,600.00 per share

- 2024-11: KRW 98,800.00 per share

- 2024-12: KRW 90,600.00 per share

- 2025-01: KRW 105,500.00 per share

- 2025-02: KRW 109,700.00 per share

- 2025-03: KRW 120,700.00 per share

- 2025-04: KRW 118,800.00 per share

- 2025-05: KRW 115,500.00 per share

- 2025-06: KRW 112,300.00 per share

- 2025-07: KRW 122,300.00 per share

- 2025-08: KRW 109,600.00 per share

- 2025-09: KRW 104,400.00 per share

- 2025-10: KRW 116,000.00 per share

- 2025-11: KRW 116,900.00 per share

- 2025-12: KRW 120,700.00 per share

- 2026-01: KRW 144,100.00 per share

- 2026-02: KRW 153,400.00 per share

- 2026-03: KRW 117,900.00 per share

- 2026-04: KRW 146,600.00 per share

- 2026-05: KRW 132,300.00 per share

- 2026-06: KRW 113,300.00 per share

- 2026-07: KRW 114,400.00 per share

- 2026-08: KRW 127,500.00 per share

- 2026-09: KRW 115,300.00 per share

- 2026-10: KRW 114,600.00 per share

## Annual estimated value (KRW 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.