# SKC (011790.KO)

Canonical: https://gigainvestors.com/s/011790.KO

Analysis as of: 2026-10-16T07:38:50.364Z. Financial observations: FY2000–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 92,300.00 per share; close as of 2026-10-15.

## Checklist

### understandable: fail

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

- more than 2 net loss years

- negative average operating margin

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 3

- Years with a net loss: 5

- Operating margin variation: 11.93×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.07×

- FY2018: 0.07×

- FY2019: 0.06×

- FY2020: 0.07×

- FY2021: 0.14×

- FY2022: 0.07×

- FY2023: -0.14×

- FY2024: -0.16×

- FY2025: -0.17×

- LTM to Jun 2026: -0.10×

### moat: fail

- ROIC median below threshold

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

- Recent gross margin fell 17.7pp below the typical margin (limit 4pp)

- ROIC, median of available years: 4.3%

- ROIC, second-lowest year: -6.8%

- Typical minus recent gross margin: 17.7 pp

- Typical gross margin (annual median): 16.7%

- Recent gross margin (lower of latest and 3-year median): -1.0%

- Years with nonpositive capital: 0

- Capital spending / revenue: 10.6%

- ROIC including acquisitions, ten-year median: -0.5%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 3.8%

- FY2017: 5.2%

- FY2018: 5.8%

- FY2019: 4.6%

- FY2020: 3.9%

- FY2021: 9.8%

- FY2022: 8.3%

- FY2023: -5.1%

- FY2024: -6.8%

- FY2025: -8.5%

### economics: fail

- owner earnings cash conversion below threshold

- incremental invested capital return below threshold

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: KRW -2.95T

- Net income, five-year total: KRW -1.30T

- Return on incremental invested capital: -16.7%

- Working capital / revenue, annual change: 1.2 pp

- Working capital / revenue, change between three-year averages: 9.0 pp

- Working capital / revenue, final three-year average: 24.2%

Chart: Owner earnings · five years; fiscal year observations.

- FY2021: KRW 214B

- FY2022: KRW -578B

- FY2023: KRW -1.16T

- FY2024: KRW -683B

- FY2025: KRW -746B

### 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: 5.2% vs -6.8%

- Per-share earnings: 3105.77 to -13017.86 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- acquired goodwill and intangibles (proxy) exceeds half of ten-year net income with low and deteriorating ROIC

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: -1.0%

- Market cap gain: KRW 2.18T

- Cumulative retained earnings: KRW -1.20T

- Diluted shares, 5-year annual growth: -1.0%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value change: KRW -16K

- Per-share value, starting three-year median: KRW 3K

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

- Buybacks concentrated in cheaper years (correlation): 0.00

- Average buyback yield: 1.5%

- Buyback history: 8 years

- Debt-funded buybacks: Yes

- Acquisition spending: KRW 1.56T

- Cumulative net income, 10 years: KRW -931B

- ROIC, first three-year median: 5.2%

- ROIC, last three-year median: -6.8%

Chart: Earnings per share; fiscal year observations.

- FY2016: KRW 1K

- FY2017: KRW 3K

- FY2018: KRW 3K

- FY2019: KRW 2K

- FY2020: KRW 1K

- FY2021: KRW 6K

- FY2022: KRW -2K

- FY2023: KRW -8K

- FY2024: KRW -13K

- FY2025: KRW -22K

### accounting: pass

- Sloan accruals: -2.5%

- Receivables to sales index (DSRI): 1.04×

- Restructuring years, last five: 0

- Earnings backed by cash: Yes

- Accounting red flags: 0

- Goodwill and intangibles / equity: 1.59×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -5.8%

- FY2017: -2.7%

- FY2018: -2.9%

- FY2019: 0.5%

- FY2020: -5.5%

- FY2021: -1.0%

- FY2022: 1.2%

- FY2023: -0.6%

- FY2024: -3.6%

- FY2025: -2.5%

## Holders

## Price story

Down 50% since Nov 2021 · sales +12.8%

Story as of 2026-10-16T10:00:10.276Z; price observation 2026-10-15.

### Sales · FY2025–2026

sales +12.8%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: KRW 2.65T 

- FY2018: KRW 2.77T 

- FY2019: KRW 2.54T 

- FY2020: KRW 2.70T 

- FY2021: KRW 3.40T 

- FY2022: KRW 3.14T 

- FY2023: KRW 1.49T 

- FY2024: KRW 1.72T 

- FY2025: KRW 1.84T 

- FY2026: KRW 2.08T 

### Gross margin · FY2023

gross margin 0.6%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 17.4% 

- FY2017: 16.1% 

- FY2018: 17.3% 

- FY2019: 17.4% 

- FY2020: 18.8% 

- FY2021: 25.5% 

- FY2022: 15.9% 

- FY2023: 0.6% 

## Owner memo

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

### How it makes money

Operates in specialty chemicals; annual sales are KRW 1.8 trillion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:50.364Z); FY2025: revenue 1840036441820; grossProfit -19097950780; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 011790.KO: SKC Co., Ltd. manufactures and sells basic chemical raw materials and copper foils for batteries. The company offers copper foils for lithium ion battery used in electric vehicles (EVs); and silicon-carbon composite anodes for lithium rechargeable batteries. It also provides chemical mechanical polishing (CMP) pads for polishing the surface of semiconductor wafers; glass substrate used in semiconductor packaging; and blank mask, a part of a photomask used in the semiconductor lithography process, as well as supplies CMP slurry products. In addition, the company offers biodegradable plastic resin made from high-strength PBAT used for films, consumer goods, textiles or non-woven fabrics, and fishing supplies; and biodegradable LIMEX. The company was founded in 1973 and is headquartered in Seoul, South Korea.

### Why customers stay

It earns 4.3% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:50.364Z); FY2023: grossProfit / revenue = 0.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:50.364Z); FY2024: grossProfit / revenue = -1.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:50.364Z); FY2025: grossProfit / revenue = -1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:50.364Z); 10-year return on capital observations [[2016,0.03827181297794013],[2017,0.05152697869258242],[2018,0.057577206228658445],[2019,0.045956860215668645],[2020,0.03920838331889636],[2021,0.09772748805201063],[2022,0.08271851972282138],[2023,-0.05094899722292112],[2024,-0.06753503924444851],[2025,-0.08500763190579887]]; median 0.0425826217672825. 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 1.4 billion of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:50.364Z); FY2016: growth capex 0; upkeep 88337116950; owner earnings 79332446760. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:50.364Z); FY2017: growth capex 0; upkeep 120265052000; owner earnings 89069734890. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:50.364Z); FY2018: growth capex 0; upkeep 184723984290; owner earnings 46863591290. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:50.364Z); FY2020: growth capex 105799328550; upkeep 195849227920; owner earnings 31286367990. Growth capex / owner earnings = 3.3816430396719883.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:50.364Z); FY2021: growth capex 124972842320; upkeep 209242067270; owner earnings 213633554000. Growth capex / owner earnings = 0.5849869553731246.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:50.364Z); Dividend observations: [[2016,30083489400],[2017,29732880000],[2018,34580748600],[2019,38663349520],[2020,39203759650],[2021,60251298380],[2022,112963964130],[2023,56982413200],[2024,2615990190],[2025,8844831450]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:50.364Z); FY2025: cash repurchases 1402665070 KRW.

### Are managers owners

Insiders own 42.7% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 011790.KO SharesStats.PercentInsiders = 42.736000000000004 percentage points; cache date 2026-10-16.

### What the price says

The price is 1.7 times annual sales; cash earnings are negative.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:50.364Z); Closing price 92300 KRW; reporting-to-trading FX 1; FY2025 annual sales per share 54009.76688055774; price multiple 1.7089501645900613. FY2025 cash earnings/share -21903.09962188922. Closing-price date 2026-10-15.

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

- 2016-10: KRW 25,282.61 per share

- 2016-11: KRW 28,320.26 per share

- 2016-12: KRW 30,843.85 per share

- 2017-01: KRW 29,021.25 per share

- 2017-02: KRW 29,395.12 per share

- 2017-03: KRW 28,787.59 per share

- 2017-04: KRW 26,778.07 per share

- 2017-05: KRW 29,582.05 per share

- 2017-06: KRW 31,357.91 per share

- 2017-07: KRW 33,881.50 per share

- 2017-08: KRW 34,489.03 per share

- 2017-09: KRW 38,554.81 per share

- 2017-10: KRW 37,152.81 per share

- 2017-11: KRW 38,648.27 per share

- 2017-12: KRW 43,929.11 per share

- 2018-01: KRW 42,340.19 per share

- 2018-02: KRW 36,685.48 per share

- 2018-03: KRW 35,750.82 per share

- 2018-04: KRW 35,610.62 per share

- 2018-05: KRW 36,124.69 per share

- 2018-06: KRW 40,330.66 per share

- 2018-07: KRW 40,097.00 per share

- 2018-08: KRW 43,975.85 per share

- 2018-09: KRW 39,863.33 per share

- 2018-10: KRW 30,984.04 per share

- 2018-11: KRW 34,115.16 per share

- 2018-12: KRW 33,460.90 per share

- 2019-01: KRW 36,171.42 per share

- 2019-02: KRW 36,171.42 per share

- 2019-03: KRW 33,788.03 per share

- 2019-04: KRW 33,414.17 per share

- 2019-05: KRW 28,460.46 per share

- 2019-06: KRW 37,012.61 per share

- 2019-07: KRW 39,536.20 per share

- 2019-08: KRW 42,994.45 per share

- 2019-09: KRW 37,199.55 per share

- 2019-10: KRW 41,452.26 per share

- 2019-11: KRW 44,349.71 per share

- 2019-12: KRW 47,667.76 per share

- 2020-01: KRW 48,695.89 per share

- 2020-02: KRW 48,041.63 per share

- 2020-03: KRW 34,769.43 per share

- 2020-04: KRW 46,312.50 per share

- 2020-05: KRW 53,369.20 per share

- 2020-06: KRW 57,014.38 per share

- 2020-07: KRW 65,332.87 per share

- 2020-08: KRW 86,456.23 per share

- 2020-09: KRW 77,576.94 per share

- 2020-10: KRW 68,417.26 per share

- 2020-11: KRW 83,839.18 per share

- 2020-12: KRW 87,858.23 per share

- 2021-01: KRW 113,094.10 per share

- 2021-02: KRW 109,822.78 per share

- 2021-03: KRW 120,104.06 per share

- 2021-04: KRW 126,179.37 per share

- 2021-05: KRW 119,169.40 per share

- 2021-06: KRW 148,143.92 per share

- 2021-07: KRW 150,947.91 per share

- 2021-08: KRW 149,078.59 per share

- 2021-09: KRW 157,957.88 per share

- 2021-10: KRW 166,369.83 per share

- 2021-11: KRW 185,063.07 per share

- 2021-12: KRW 163,098.52 per share

- 2022-01: KRW 130,852.68 per share

- 2022-02: KRW 128,516.02 per share

- 2022-03: KRW 144,405.28 per share

- 2022-04: KRW 141,601.29 per share

- 2022-05: KRW 150,480.58 per share

- 2022-06: KRW 124,310.04 per share

- 2022-07: KRW 127,114.03 per share

- 2022-08: KRW 113,561.43 per share

- 2022-09: KRW 78,418.14 per share

- 2022-10: KRW 96,737.52 per share

- 2022-11: KRW 104,682.14 per share

- 2022-12: KRW 82,717.59 per share

- 2023-01: KRW 88,979.82 per share

- 2023-02: KRW 91,596.87 per share

- 2023-03: KRW 106,831.86 per share

- 2023-04: KRW 92,905.40 per share

- 2023-05: KRW 88,699.42 per share

- 2023-06: KRW 91,223.01 per share

- 2023-07: KRW 92,718.47 per share

- 2023-08: KRW 85,521.57 per share

- 2023-09: KRW 70,940.84 per share

- 2023-10: KRW 73,557.90 per share

- 2023-11: KRW 90,662.21 per share

- 2023-12: KRW 84,680.38 per share

- 2024-01: KRW 71,782.04 per share

- 2024-02: KRW 77,390.01 per share

- 2024-03: KRW 103,934.41 per share

- 2024-04: KRW 103,186.68 per share

- 2024-05: KRW 130,104.95 per share

- 2024-06: KRW 157,584.01 per share

- 2024-07: KRW 127,394.43 per share

- 2024-08: KRW 120,384.46 per share

- 2024-09: KRW 133,843.60 per share

- 2024-10: KRW 141,788.22 per share

- 2024-11: KRW 92,438.07 per share

- 2024-12: KRW 98,232.97 per share

- 2025-01: KRW 146,648.47 per share

- 2025-02: KRW 121,506.06 per share

- 2025-03: KRW 96,176.72 per share

- 2025-04: KRW 95,428.99 per share

- 2025-05: KRW 83,278.38 per share

- 2025-06: KRW 102,999.75 per share

- 2025-07: KRW 94,587.79 per share

- 2025-08: KRW 87,671.29 per share

- 2025-09: KRW 94,494.33 per share

- 2025-10: KRW 119,356.34 per share

- 2025-11: KRW 103,934.41 per share

- 2025-12: KRW 97,578.71 per share

- 2026-01: KRW 109,448.92 per share

- 2026-02: KRW 105,803.74 per share

- 2026-03: KRW 85,334.64 per share

- 2026-04: KRW 118,000.00 per share

- 2026-05: KRW 139,300.00 per share

- 2026-06: KRW 106,600.00 per share

- 2026-07: KRW 72,200.00 per share

- 2026-08: KRW 90,300.00 per share

- 2026-09: KRW 99,300.00 per share

- 2026-10: KRW 100,000.00 per share

## Annual estimated value (KRW per share)

- FY2016: low KRW 15,854.07 per share, central KRW 17,766.57 per share, high KRW 20,312.51 per share

- FY2017: low KRW 30,951.66 per share, central KRW 34,740.59 per share, high KRW 39,784.46 per share

- FY2018: low KRW 31,654.63 per share, central KRW 35,607.50 per share, high KRW 40,869.62 per share

- FY2019: low KRW 27,365.40 per share, central KRW 30,992.56 per share, high KRW 35,821.08 per share

- FY2020: low KRW 24,490.35 per share, central KRW 26,418.96 per share, high KRW 28,986.34 per share

- FY2021: low KRW 35,947.81 per share, central KRW 38,363.21 per share, high KRW 41,578.61 per share

- FY2022: low KRW 46,283.74 per share, central KRW 52,513.91 per share, high KRW 56,141.75 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 2026-10-15T06:44:13.598Z 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.