# Korea Electric Power (015760.KO)

Canonical: https://gigainvestors.com/s/015760.KO

Analysis as of: 2026-10-16T07:35:17.650Z. 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 28,450.00 per share; close as of 2026-10-15.

## Checklist

### understandable: fail

- 2 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: 2

- Years with a net loss: 5

- Operating margin variation: 14.44×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.09×

- FY2018: -0.00×

- FY2019: -0.02×

- FY2020: 0.07×

- FY2021: -0.10×

- FY2022: -0.46×

- FY2023: -0.05×

- FY2024: 0.09×

- FY2025: 0.14×

- LTM to Jun 2026: 0.13×

### moat: fail

- ROIC median below threshold

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

- ROIC, median of available years: 1.3%

- ROIC, second-lowest year: -6.6%

- Typical minus recent gross margin: -4.3 pp

- Typical gross margin (annual median): 7.2%

- Recent gross margin (lower of latest and 3-year median): 11.5%

- Years with nonpositive capital: 0

- Capital spending / revenue: 20.4%

- ROIC including acquisitions, ten-year median: -2.3%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 6.9%

- FY2017: 2.7%

- FY2018: -0.2%

- FY2019: -1.3%

- FY2020: 3.9%

- FY2021: -6.6%

- FY2022: -49.1%

- FY2023: -2.1%

- FY2024: 9.6%

- FY2025: 5.8%

### 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 -26.33T

- Net income, five-year total: KRW -22.59T

- Return on incremental invested capital: 6.6%

- Working capital / revenue, annual change: 0.2 pp

- Working capital / revenue, change between three-year averages: 1.9 pp

- Working capital / revenue, final three-year average: 18.1%

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

- FY2021: KRW -6.22T

- FY2022: KRW -25.18T

- FY2023: KRW -5.58T

- FY2024: KRW 2.75T

- FY2025: KRW 7.91T

### 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: 2.7% vs 5.8%

- Per-share earnings: 2023.29 to 5439.09 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: 0.0%

- Market cap gain: KRW 1.99T

- Cumulative retained earnings: KRW -24.67T

- Diluted shares, 5-year annual growth: 0.0%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 15.2%

- Per-share value change: KRW 3K

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

- Per-share value, ending three-year median: KRW 5K

- Buyback history: 0 years

- Debt-funded buybacks: No

- Acquisition spending: KRW 740B

- Cumulative net income, 10 years: KRW -15.91T

- ROIC, first three-year median: 2.7%

- ROIC, last three-year median: 5.8%

Chart: Earnings per share; fiscal year observations.

- FY2016: KRW 11K

- FY2017: KRW 2K

- FY2018: KRW -2K

- FY2019: KRW -4K

- FY2020: KRW 3K

- FY2021: KRW -8K

- FY2022: KRW -38K

- FY2023: KRW -8K

- FY2024: KRW 5K

- FY2025: KRW 13K

### accounting: pass

- Sloan accruals: -4.8%

- Receivables to sales index (DSRI): 1.00×

- Restructuring years, last five: 0

- Earnings backed by cash: Yes

- Operating cash / earnings: 2.44×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.01×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -5.3%

- FY2017: -5.5%

- FY2018: -4.3%

- FY2019: -5.3%

- FY2020: -5.5%

- FY2021: -4.7%

- FY2022: -0.4%

- FY2023: 2.3%

- FY2024: -5.0%

- FY2025: -4.8%

## Holders

## Price story

Down 51% since Feb 2026 · sales +0.1%

Story as of 2026-10-16T10:00:04.284Z; price observation 2026-10-15.

### Sales · FY2025–2026

sales +0.1%; source https://www.sec.gov/Archives/edgar/data/887225/000119312526190113/d86100d20f.htm; observed 2026-04-29.

- FY2017: KRW 59.34T 

- FY2018: KRW 60.03T 

- FY2019: KRW 58.57T 

- FY2020: KRW 58.57T 

- FY2021: KRW 60.58T 

- FY2022: KRW 71.26T 

- FY2023: KRW 87.48T 

- FY2024: KRW 92.58T 

- FY2025: KRW 96.57T 

- FY2026: KRW 96.71T 

### Gross margin · FY2025

gross margin 16.4%; source https://www.sec.gov/Archives/edgar/data/887225/000119312526190113/d86100d20f.htm; observed 2026-04-29.

- FY2016: 23.7% 

- FY2017: 12.1% 

- FY2018: 2.9% 

- FY2019: 1.2% 

- FY2020: 11.5% 

- FY2024: 11.5% 

- FY2025: 16.4% 

## Owner memo

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

### How it makes money

Operates in utilities regulated electric; annual sales are KRW 96.6 trillion.

- Source: https://www.sec.gov/Archives/edgar/data/887225/000119312526190113/d86100d20f.htm (filed 2026-04-29); FY2025: revenue 96567586000000; grossProfit 15862774000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 015760.KO: Korea Electric Power Corporation, together with its subsidiaries, engages in the generation, transmission, and distribution of electricity in South Korea and internationally. The company operates through five segments: Electricity Sales, Nuclear Power Generation, Thermal Power Generation, Power Support, and Other. It builds and operates overhead and underground transmission power grids; offers digital substations, grid stabilization equipment, and predictive diagnostic system; high voltage direct current transmission; distribution network construction, distributed energy, and smart distribution network; power outage prevention, insulated sticks, and scheduled power shutdowns; and smart metering service. The company also engages in electricity sale and demand management; electric vehicle charging; microgrid; urban energy planning platform; solar power generation projects; and clean hydrogen businesses, as well as research and development. In addition, it is involved in thermal, nuclear, wind, solar, and hydro power generation; power grid consulting/EPC projects; HVDC submarine transmission; power plant engineering and maintenance; nuclear fuel design and manufacturing; power IT services; investment activities; coal ash industrial materials resource manufacturing; facility management and service; wood pellet utilization; and securitization. The company was formerly known as Korea Electric Company and changed its name to Korea Electric Power Corporation in January 1982. Korea Electric Power Corporation was founded in 1961 and is headquartered in Naju-si, South Korea.

### Why customers stay

It earns 1.3% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-29); FY2023: grossProfit / revenue = -2.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-29); FY2024: grossProfit / revenue = 11.5%.

- Source: https://www.sec.gov/Archives/edgar/data/887225/000119312526190113/d86100d20f.htm (filed 2026-04-29); FY2025: grossProfit / revenue = 16.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-29); 10-year return on capital observations [[2016,0.06860482574070438],[2017,0.027263555874264635],[2018,-0.002148395129337408],[2019,-0.012911676765812565],[2020,0.038575675922328925],[2021,-0.0657935708877192],[2022,-0.49080681675408283],[2023,-0.020908329222702464],[2024,0.09603965020071925],[2025,0.057891457318044647]]; median 0.012557580372463614. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Spends 27.1% of cash earnings on expansion; earns 6.6% on new investment.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-29); FY2016: growth capex 0; upkeep 12153211000000; owner earnings 4367341000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-29); FY2024: growth capex 310533000000; upkeep 13997355000000; owner earnings 2751806800000. Growth capex / owner earnings = 0.11284694841222138.

- Source: https://www.sec.gov/Archives/edgar/data/887225/000119312526190113/d86100d20f.htm (filed 2026-04-29); FY2025: growth capex 2148838000000; upkeep 13788791000000; owner earnings 7914742000000. Growth capex / owner earnings = 0.2714981739139444.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-29); Incremental return on capital 0.06622312765188744, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-29); Dividend observations: [[2016,2104884000000],[2017,1340387000000],[2018,599391000000],[2019,99356000000],[2020,81298000000],[2021,825544000000],[2022,55809000000],[2023,51378000000],[2024,126903000000],[2025,216780000000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 19.5% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 015760.KO SharesStats.PercentInsiders = 19.464000000000002 percentage points; cache date 2026-10-16.

### What the price says

The price is 0.2 times annual sales.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-29); Closing price 28450 KRW; reporting-to-trading FX 1; FY2025 annual sales per share 150425.21764033224; price multiple 0.1891305224368972. FY2025 cash earnings/share 12328.948431175222. Closing-price date 2026-10-15.

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

- 2016-10: KRW 49,250.00 per share

- 2016-11: KRW 46,500.00 per share

- 2016-12: KRW 44,050.00 per share

- 2017-01: KRW 42,450.00 per share

- 2017-02: KRW 43,600.00 per share

- 2017-03: KRW 46,450.00 per share

- 2017-04: KRW 45,350.00 per share

- 2017-05: KRW 42,700.00 per share

- 2017-06: KRW 40,800.00 per share

- 2017-07: KRW 44,550.00 per share

- 2017-08: KRW 42,900.00 per share

- 2017-09: KRW 39,000.00 per share

- 2017-10: KRW 39,200.00 per share

- 2017-11: KRW 37,500.00 per share

- 2017-12: KRW 38,150.00 per share

- 2018-01: KRW 35,750.00 per share

- 2018-02: KRW 33,100.00 per share

- 2018-03: KRW 32,850.00 per share

- 2018-04: KRW 37,450.00 per share

- 2018-05: KRW 33,150.00 per share

- 2018-06: KRW 32,000.00 per share

- 2018-07: KRW 33,300.00 per share

- 2018-08: KRW 30,500.00 per share

- 2018-09: KRW 29,350.00 per share

- 2018-10: KRW 27,100.00 per share

- 2018-11: KRW 29,700.00 per share

- 2018-12: KRW 33,100.00 per share

- 2019-01: KRW 34,500.00 per share

- 2019-02: KRW 34,850.00 per share

- 2019-03: KRW 29,900.00 per share

- 2019-04: KRW 28,300.00 per share

- 2019-05: KRW 26,000.00 per share

- 2019-06: KRW 25,550.00 per share

- 2019-07: KRW 27,900.00 per share

- 2019-08: KRW 25,550.00 per share

- 2019-09: KRW 25,900.00 per share

- 2019-10: KRW 25,450.00 per share

- 2019-11: KRW 27,900.00 per share

- 2019-12: KRW 27,800.00 per share

- 2020-01: KRW 25,350.00 per share

- 2020-02: KRW 21,300.00 per share

- 2020-03: KRW 19,250.00 per share

- 2020-04: KRW 23,850.00 per share

- 2020-05: KRW 21,600.00 per share

- 2020-06: KRW 19,500.00 per share

- 2020-07: KRW 19,100.00 per share

- 2020-08: KRW 20,500.00 per share

- 2020-09: KRW 20,400.00 per share

- 2020-10: KRW 19,950.00 per share

- 2020-11: KRW 21,450.00 per share

- 2020-12: KRW 27,400.00 per share

- 2021-01: KRW 22,850.00 per share

- 2021-02: KRW 22,700.00 per share

- 2021-03: KRW 23,150.00 per share

- 2021-04: KRW 23,650.00 per share

- 2021-05: KRW 25,800.00 per share

- 2021-06: KRW 24,850.00 per share

- 2021-07: KRW 24,900.00 per share

- 2021-08: KRW 24,000.00 per share

- 2021-09: KRW 23,550.00 per share

- 2021-10: KRW 22,600.00 per share

- 2021-11: KRW 20,750.00 per share

- 2021-12: KRW 22,100.00 per share

- 2022-01: KRW 20,600.00 per share

- 2022-02: KRW 23,200.00 per share

- 2022-03: KRW 22,650.00 per share

- 2022-04: KRW 23,100.00 per share

- 2022-05: KRW 23,350.00 per share

- 2022-06: KRW 22,550.00 per share

- 2022-07: KRW 22,350.00 per share

- 2022-08: KRW 20,950.00 per share

- 2022-09: KRW 20,100.00 per share

- 2022-10: KRW 16,750.00 per share

- 2022-11: KRW 20,700.00 per share

- 2022-12: KRW 21,800.00 per share

- 2023-01: KRW 19,840.00 per share

- 2023-02: KRW 18,050.00 per share

- 2023-03: KRW 18,010.00 per share

- 2023-04: KRW 18,680.00 per share

- 2023-05: KRW 19,080.00 per share

- 2023-06: KRW 20,600.00 per share

- 2023-07: KRW 19,210.00 per share

- 2023-08: KRW 17,820.00 per share

- 2023-09: KRW 18,020.00 per share

- 2023-10: KRW 16,920.00 per share

- 2023-11: KRW 18,850.00 per share

- 2023-12: KRW 18,900.00 per share

- 2024-01: KRW 19,770.00 per share

- 2024-02: KRW 24,800.00 per share

- 2024-03: KRW 22,000.00 per share

- 2024-04: KRW 21,150.00 per share

- 2024-05: KRW 19,450.00 per share

- 2024-06: KRW 19,570.00 per share

- 2024-07: KRW 19,750.00 per share

- 2024-08: KRW 21,700.00 per share

- 2024-09: KRW 20,550.00 per share

- 2024-10: KRW 23,100.00 per share

- 2024-11: KRW 23,900.00 per share

- 2024-12: KRW 20,050.00 per share

- 2025-01: KRW 21,050.00 per share

- 2025-02: KRW 21,350.00 per share

- 2025-03: KRW 21,650.00 per share

- 2025-04: KRW 25,650.00 per share

- 2025-05: KRW 30,350.00 per share

- 2025-06: KRW 39,300.00 per share

- 2025-07: KRW 38,550.00 per share

- 2025-08: KRW 36,350.00 per share

- 2025-09: KRW 36,050.00 per share

- 2025-10: KRW 42,550.00 per share

- 2025-11: KRW 52,500.00 per share

- 2025-12: KRW 47,200.00 per share

- 2026-01: KRW 58,300.00 per share

- 2026-02: KRW 58,500.00 per share

- 2026-03: KRW 41,650.00 per share

- 2026-04: KRW 43,550.00 per share

- 2026-05: KRW 38,900.00 per share

- 2026-06: KRW 37,000.00 per share

- 2026-07: KRW 34,800.00 per share

- 2026-08: KRW 31,900.00 per share

- 2026-09: KRW 29,950.00 per share

- 2026-10: KRW 29,150.00 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

Prior published observations retained from 2026-10-15T06:41:02.284Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original 20-F filing](https://www.sec.gov/Archives/edgar/data/887225/000119312526190113/d86100d20f.htm); period 2025-12-31, filed 2026-04-29.

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.