# Samsung SDS (018260.KO)

Canonical: https://gigainvestors.com/s/018260.KO

Analysis as of: 2026-10-16T07:35:42.920Z. Financial observations: FY2014–FY2026.

Listing currency: KRW. Reporting currency: KRW.

## Verdict

A wonderful business at a fair price

Quality tests for Buy: pass (profit record: pass; earnings resilience is evidence only). Published buy qualification: yes.

Share price: KRW 194,300.00 per share; close as of 2026-10-15.

Estimated value: low KRW 193,003.21 per share, central KRW 206,502.87 per share, high KRW 224,473.79 per share. Buy at or below the central value KRW 206,502.87 per share. Valuation as of 2026-10-16T07:35:42.920Z; scenarios are not confidence intervals.

Expected annual return: 10.9% at the stated quote. About 10.9% 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

- 1 revenue decline in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 1

- Years with a net loss: 0

- Operating margin variation: 0.19×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.08×

- FY2018: 0.09×

- FY2019: 0.09×

- FY2020: 0.08×

- FY2021: 0.06×

- FY2022: 0.05×

- FY2023: 0.06×

- FY2024: 0.07×

- FY2025: 0.07×

- LTM to Jun 2026: 0.05×

### moat: pass

- ROIC, median of available years: 24.3%

- ROIC, second-lowest year: 18.0%

- Typical minus recent gross margin: 0.6 pp

- Typical gross margin (annual median): 15.1%

- Recent gross margin (lower of latest and 3-year median): 14.6%

- Years with nonpositive capital: 0

- Capital spending / revenue: 2.9%

- ROIC including acquisitions, ten-year median: 19.6%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 20.4%

- FY2017: 25.8%

- FY2018: 34.1%

- FY2019: 27.9%

- FY2020: 24.9%

- FY2021: 23.6%

- FY2022: 26.1%

- FY2023: 17.0%

- FY2024: 18.0%

- FY2025: 18.8%

### economics: pass

- Owner earnings / net income, 5-yr: 0.96×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: KRW 3.76T

- Net income, five-year total: KRW 3.92T

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: -1.4 pp

- Working capital / revenue, change between three-year averages: -9.1 pp

- Working capital / revenue, final three-year average: 7.4%

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

- FY2021: 1.10×

- FY2022: 0.84×

- FY2023: 0.94×

- FY2024: 0.85×

- FY2025: 1.14×

### 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: 25.8% vs 18.0%

- Per-share earnings: 6856.44 to 9787.00 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

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

- Market cap gain: KRW 2.48T

- Cumulative retained earnings: KRW 4.66T

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

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 5.2%

- Per-share value change: KRW 3K

- Per-share value, starting three-year median: KRW 7K

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

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

- Average buyback yield: 0.0%

- Buyback history: 2 years

- Debt-funded buybacks: No

- Acquisition spending: KRW 215B

- Cumulative net income, 10 years: KRW 6.72T

- ROIC, first three-year median: 25.8%

- ROIC, last three-year median: 18.0%

Chart: Earnings per share; fiscal year observations.

- FY2016: KRW 6K

- FY2017: KRW 7K

- FY2018: KRW 8K

- FY2019: KRW 10K

- FY2020: KRW 6K

- FY2021: KRW 8K

- FY2022: KRW 14K

- FY2023: KRW 9K

- FY2024: KRW 10K

- FY2025: KRW 10K

### accounting: pass

- Sloan accruals: -3.3%

- Receivables to sales index (DSRI): 1.03×

- Restructuring years, last five: 0

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.58×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.08×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -2.3%

- FY2017: -4.2%

- FY2018: -7.1%

- FY2019: -1.7%

- FY2020: -5.9%

- FY2021: -3.5%

- FY2022: -1.6%

- FY2023: -6.2%

- FY2024: -3.6%

- FY2025: -3.3%

## Holders

## Price story

Down 35% since May 2026 · sales +0.5%

Story as of 2026-10-16T10:00:05.888Z; price observation 2026-10-15.

Price needs cash profits to shrink 0.6% a year for ten years

### Sales · FY2025–2026

sales +0.5%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: KRW 9.30T 

- FY2018: KRW 10.03T 

- FY2019: KRW 10.72T 

- FY2020: KRW 11.02T 

- FY2021: KRW 13.63T 

- FY2022: KRW 17.23T 

- FY2023: KRW 13.28T 

- FY2024: KRW 13.83T 

- FY2025: KRW 13.93T 

- FY2026: KRW 14.00T 

### Gross margin · FY2025

gross margin 14.9%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 17.3% 

- FY2017: 16.1% 

- FY2018: 16.6% 

- FY2019: 16.7% 

- FY2020: 15.3% 

- FY2021: 12.3% 

- FY2022: 11.0% 

- FY2023: 13.5% 

- FY2024: 14.6% 

- FY2025: 14.9% 

## Owner memo

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

### How it makes money

Operates in information technology services; annual sales are KRW 13.9 trillion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:42.920Z); FY2025: revenue 13929868497710; grossProfit 2080025906930; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 018260.KO: Samsung SDS Co., Ltd. provides cloud and digital logistics platform-based logistics services in South Korea, the America, Europe, Asia, Africa, and China. It operates in IT Service and Logistics. The IT Service segment offers IT consulting, IT system design and development, system integration, information system operation and maintenance, data centers, and network service outsourcing solutions. The Logistics segment provides global logistics services, such as supply chain and logistics consulting and solutions. It offers cloud transformation, management, and infrastructure, as well as network and security solutions. The company also provides artificial intelligence (AI) services, such as FabriX, an automated data lake management platform; Brightics Machine Learning, an AI-based data analysis platform; Brightics Data Hub, a distributed data platform; and Brightics AI Accelerator, an AutoML suite and AI consulting solution. In addition, it offers Brity Copilot, a generative AI-based collaboration solution; Brity Automation, an AI-driven Brity robotic process automation solution; Caidentia, an AI-powered procurement and N-tier supplier relationship management solution; manufacturing execution system, an unstructured data analysis platform; share space management and workplace book; and digital health solutions comprising remote patient monitoring and interactive patient care. Further, it provides enterprise mobility solutions, including zero touch mobility; managed mobility services; EMM (On-Prem), an enterprise solution that simplifies managing and setting up employees devices;); secure settings; Data Sweeper, a solution which helps in clearing application data; and Inertia, a solution that improves productivity and safety within warehouse operations, as well as enterprise solutions and digital transformations services. The company was incorporated in 1985 and is headquartered in Seoul, South Korea.

### Why customers stay

Margins ranged from 13.5% to 14.9% during 2023–25; it earns 24.3% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:42.920Z); FY2023: grossProfit / revenue = 13.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:42.920Z); FY2024: grossProfit / revenue = 14.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:42.920Z); FY2025: grossProfit / revenue = 14.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:42.920Z); 10-year return on capital observations [[2016,0.20430641729840232],[2017,0.25790012618980784],[2018,0.3406173701679272],[2019,0.2788866958413022],[2020,0.2494780855901572],[2021,0.23593108380190952],[2022,0.26125032299987555],[2023,0.1703061595769497],[2024,0.17967099442080067],[2025,0.18844331747001836]]; median 0.24270458469603334. 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 2026-10-16T07:35:42.920Z); FY2016: growth capex 0; upkeep 276774553100; owner earnings 346043415830. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:42.920Z); FY2017: growth capex 0; upkeep 192068771790; owner earnings 642778419500. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:42.920Z); FY2018: growth capex 0; upkeep 251434878400; owner earnings 945096675770. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:42.920Z); FY2019: growth capex 0; upkeep 341646845960; owner earnings 748035733616. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:42.920Z); FY2020: growth capex 0; upkeep 235469100400; owner earnings 586322312066. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:42.920Z); FY2021: growth capex 0; upkeep 286572609570; owner earnings 674626705652. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:42.920Z); FY2022: growth capex 79757552490; upkeep 512159360000; owner earnings 925945390890. Growth capex / owner earnings = 0.08613634591705095.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:42.920Z); FY2023: growth capex 0; upkeep 480291849100; owner earnings 652123026360. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:42.920Z); FY2024: growth capex 0; upkeep 526975358070; owner earnings 640264644050. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:42.920Z); FY2025: growth capex 0; upkeep 359463372660; owner earnings 866655996772. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:42.920Z); Dividend observations: [[2016,40197540250],[2017,59535086750],[2018,156995335500],[2019,156995404500],[2020,188266513800],[2021,187953766900],[2022,188266444800],[2023,250771949400],[2024,215847813600],[2025,233131191300]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 49% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 018260.KO SharesStats.PercentInsiders = 48.953 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits shrink 0.6% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:42.920Z); Ten-year compound average after fade. Initial solved rate -0.020606635822686112. Price 194300; 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 154,500.00 per share

- 2016-11: KRW 135,000.00 per share

- 2016-12: KRW 139,500.00 per share

- 2017-01: KRW 126,000.00 per share

- 2017-02: KRW 130,000.00 per share

- 2017-03: KRW 133,500.00 per share

- 2017-04: KRW 137,500.00 per share

- 2017-05: KRW 163,000.00 per share

- 2017-06: KRW 184,500.00 per share

- 2017-07: KRW 179,000.00 per share

- 2017-08: KRW 167,500.00 per share

- 2017-09: KRW 168,500.00 per share

- 2017-10: KRW 207,000.00 per share

- 2017-11: KRW 188,000.00 per share

- 2017-12: KRW 200,000.00 per share

- 2018-01: KRW 256,500.00 per share

- 2018-02: KRW 238,000.00 per share

- 2018-03: KRW 255,500.00 per share

- 2018-04: KRW 245,000.00 per share

- 2018-05: KRW 211,000.00 per share

- 2018-06: KRW 200,500.00 per share

- 2018-07: KRW 209,500.00 per share

- 2018-08: KRW 242,500.00 per share

- 2018-09: KRW 231,000.00 per share

- 2018-10: KRW 192,500.00 per share

- 2018-11: KRW 196,000.00 per share

- 2018-12: KRW 204,000.00 per share

- 2019-01: KRW 223,500.00 per share

- 2019-02: KRW 230,500.00 per share

- 2019-03: KRW 235,000.00 per share

- 2019-04: KRW 217,000.00 per share

- 2019-05: KRW 207,000.00 per share

- 2019-06: KRW 215,000.00 per share

- 2019-07: KRW 208,500.00 per share

- 2019-08: KRW 196,000.00 per share

- 2019-09: KRW 190,500.00 per share

- 2019-10: KRW 201,500.00 per share

- 2019-11: KRW 195,500.00 per share

- 2019-12: KRW 194,500.00 per share

- 2020-01: KRW 194,000.00 per share

- 2020-02: KRW 166,500.00 per share

- 2020-03: KRW 149,500.00 per share

- 2020-04: KRW 162,500.00 per share

- 2020-05: KRW 190,500.00 per share

- 2020-06: KRW 168,500.00 per share

- 2020-07: KRW 166,500.00 per share

- 2020-08: KRW 157,500.00 per share

- 2020-09: KRW 169,500.00 per share

- 2020-10: KRW 168,500.00 per share

- 2020-11: KRW 173,000.00 per share

- 2020-12: KRW 178,500.00 per share

- 2021-01: KRW 195,500.00 per share

- 2021-02: KRW 194,500.00 per share

- 2021-03: KRW 193,500.00 per share

- 2021-04: KRW 183,000.00 per share

- 2021-05: KRW 181,500.00 per share

- 2021-06: KRW 185,000.00 per share

- 2021-07: KRW 182,500.00 per share

- 2021-08: KRW 172,500.00 per share

- 2021-09: KRW 160,500.00 per share

- 2021-10: KRW 153,000.00 per share

- 2021-11: KRW 143,500.00 per share

- 2021-12: KRW 156,500.00 per share

- 2022-01: KRW 140,500.00 per share

- 2022-02: KRW 139,000.00 per share

- 2022-03: KRW 138,500.00 per share

- 2022-04: KRW 148,500.00 per share

- 2022-05: KRW 148,500.00 per share

- 2022-06: KRW 130,000.00 per share

- 2022-07: KRW 136,000.00 per share

- 2022-08: KRW 128,500.00 per share

- 2022-09: KRW 115,000.00 per share

- 2022-10: KRW 125,000.00 per share

- 2022-11: KRW 127,500.00 per share

- 2022-12: KRW 123,000.00 per share

- 2023-01: KRW 125,000.00 per share

- 2023-02: KRW 125,300.00 per share

- 2023-03: KRW 116,000.00 per share

- 2023-04: KRW 117,300.00 per share

- 2023-05: KRW 124,300.00 per share

- 2023-06: KRW 122,900.00 per share

- 2023-07: KRW 128,300.00 per share

- 2023-08: KRW 142,000.00 per share

- 2023-09: KRW 135,200.00 per share

- 2023-10: KRW 138,200.00 per share

- 2023-11: KRW 168,400.00 per share

- 2023-12: KRW 170,000.00 per share

- 2024-01: KRW 152,000.00 per share

- 2024-02: KRW 160,000.00 per share

- 2024-03: KRW 163,500.00 per share

- 2024-04: KRW 160,100.00 per share

- 2024-05: KRW 153,200.00 per share

- 2024-06: KRW 148,500.00 per share

- 2024-07: KRW 147,600.00 per share

- 2024-08: KRW 150,700.00 per share

- 2024-09: KRW 154,700.00 per share

- 2024-10: KRW 143,100.00 per share

- 2024-11: KRW 146,700.00 per share

- 2024-12: KRW 127,800.00 per share

- 2025-01: KRW 120,700.00 per share

- 2025-02: KRW 123,300.00 per share

- 2025-03: KRW 116,200.00 per share

- 2025-04: KRW 128,400.00 per share

- 2025-05: KRW 130,200.00 per share

- 2025-06: KRW 169,600.00 per share

- 2025-07: KRW 159,700.00 per share

- 2025-08: KRW 147,300.00 per share

- 2025-09: KRW 164,200.00 per share

- 2025-10: KRW 183,000.00 per share

- 2025-11: KRW 168,500.00 per share

- 2025-12: KRW 171,500.00 per share

- 2026-01: KRW 173,100.00 per share

- 2026-02: KRW 195,000.00 per share

- 2026-03: KRW 150,100.00 per share

- 2026-04: KRW 166,200.00 per share

- 2026-05: KRW 299,000.00 per share

- 2026-06: KRW 190,800.00 per share

- 2026-07: KRW 206,000.00 per share

- 2026-08: KRW 240,000.00 per share

- 2026-09: KRW 219,000.00 per share

- 2026-10: KRW 197,000.00 per share

## Annual estimated value (KRW per share)

- FY2018: low KRW 128,968.62 per share, central KRW 140,562.95 per share, high KRW 155,997.46 per share

- FY2019: low KRW 151,458.83 per share, central KRW 165,895.25 per share, high KRW 185,113.17 per share

- FY2020: low KRW 158,988.93 per share, central KRW 173,826.40 per share, high KRW 193,578.22 per share

- FY2021: low KRW 188,962.85 per share, central KRW 207,318.73 per share, high KRW 231,754.32 per share

- FY2022: low KRW 191,413.90 per share, central KRW 209,454.76 per share, high KRW 233,470.99 per share

- FY2023: low KRW 167,407.78 per share, central KRW 181,174.45 per share, high KRW 199,500.82 per share

- FY2024: low KRW 171,028.37 per share, central KRW 184,364.06 per share, high KRW 202,116.68 per share

- FY2025: low KRW 176,302.48 per share, central KRW 189,734.99 per share, high KRW 207,616.52 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 2026-10-15T06:41:22.763Z 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.

## Reported holder observations