# Coway (021240.KO)

Canonical: https://gigainvestors.com/s/021240.KO

Analysis as of: 2026-10-16T07:37:09.174Z. Financial observations: FY2007–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 105,000.00 per share; close as of 2026-10-15.

Estimated value: low KRW 138,107.10 per share, central KRW 157,069.19 per share, high KRW 182,311.76 per share. Buy at or below the central value KRW 157,069.19 per share. Valuation as of 2026-10-16T07:37:09.174Z; scenarios are not confidence intervals.

Expected annual return: 13.6% at the stated quote. About 13.6% 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: pass

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

- Financial history: 10 years

- Years with declining revenue: 0

- Years with a net loss: 0

- Operating margin variation: 0.06×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.19×

- FY2018: 0.19×

- FY2019: 0.15×

- FY2020: 0.19×

- FY2021: 0.17×

- FY2022: 0.18×

- FY2023: 0.18×

- FY2024: 0.18×

- FY2025: 0.18×

- LTM to Jun 2026: 0.18×

### moat: pass

- ROIC, median of available years: 19.0%

- ROIC, second-lowest year: 13.1%

- Typical minus recent gross margin: 1.4 pp

- Typical gross margin (annual median): 65.5%

- Recent gross margin (lower of latest and 3-year median): 64.1%

- Years with nonpositive capital: 0

- Capital spending / revenue: 8.8%

- ROIC including acquisitions, ten-year median: 16.0%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 20.1%

- FY2017: 25.6%

- FY2018: 25.1%

- FY2019: 21.2%

- FY2020: 23.1%

- FY2021: 17.8%

- FY2022: 14.1%

- FY2023: 14.6%

- FY2024: 13.1%

- FY2025: 12.3%

### economics: pass

- Owner earnings / net income, 5-yr: 1.35×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: KRW 3.48T

- Net income, five-year total: KRW 2.58T

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: -1.2 pp

- Working capital / revenue, change between three-year averages: -8.7 pp

- Working capital / revenue, final three-year average: 7.9%

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

- FY2021: 1.51×

- FY2022: 1.44×

- FY2023: 1.33×

- FY2024: 1.27×

- FY2025: 1.25×

### management: pass

- 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: 25.1% vs 13.1%

- Per-share earnings: 3842.37 to 7841.00 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: -0.3%

- Market cap gain: KRW -344B

- Cumulative retained earnings: KRW 2.17T

- Diluted shares, 5-year annual growth: -0.3%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 10.7%

- Per-share value change: KRW 4K

- Per-share value, starting three-year median: KRW 4K

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

- Buybacks concentrated in cheaper years (correlation): -0.50

- Average buyback yield: 1.1%

- Buyback history: 5 years

- Debt-funded buybacks: Yes

- Acquisition spending: KRW 81B

- Cumulative net income, 10 years: KRW 4.24T

- ROIC, first three-year median: 25.1%

- ROIC, last three-year median: 13.1%

Chart: Earnings per share; fiscal year observations.

- FY2016: KRW 3K

- FY2017: KRW 4K

- FY2018: KRW 5K

- FY2019: KRW 5K

- FY2020: KRW 6K

- FY2021: KRW 6K

- FY2022: KRW 6K

- FY2023: KRW 6K

- FY2024: KRW 8K

- FY2025: KRW 9K

### accounting: pass

- Sloan accruals: 8.3%

- Receivables to sales index (DSRI): 0.93×

- Restructuring years, last five: 0

- Earnings backed by cash: Yes

- Operating cash / earnings: 0.06×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.05×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -5.8%

- FY2017: -10.5%

- FY2018: -7.9%

- FY2019: -7.2%

- FY2020: -5.2%

- FY2021: 3.5%

- FY2022: 6.7%

- FY2023: 0.5%

- FY2024: 4.1%

- FY2025: 8.3%

## Holders

## Price story

Price needs cash profits to shrink 4.2% a year for ten years · sales +6.8%

Story as of 2026-10-16T10:00:08.712Z; price observation 2026-10-15.

Price needs cash profits to shrink 4.2% a year for ten years

### Sales · FY2025–2026

sales +6.8%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: KRW 2.52T 

- FY2018: KRW 2.71T 

- FY2019: KRW 3.02T 

- FY2020: KRW 3.24T 

- FY2021: KRW 3.66T 

- FY2022: KRW 3.86T 

- FY2023: KRW 3.97T 

- FY2024: KRW 4.31T 

- FY2025: KRW 4.96T 

- FY2026: KRW 5.30T 

### Gross margin · FY2025

gross margin 64.1%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 65.8% 

- FY2017: 68.3% 

- FY2018: 67.6% 

- FY2019: 66.5% 

- FY2020: 67.8% 

- FY2021: 65.2% 

- FY2022: 64.5% 

- FY2023: 64.8% 

- FY2024: 64.6% 

- FY2025: 64.1% 

## Owner memo

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

### How it makes money

Operates in furnishings, fixtures & appliances; annual sales are KRW 5 trillion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:09.174Z); FY2025: revenue 4963566073110; grossProfit 3183411171220; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 021240.KO: COWAY Co., Ltd. engages in the production and sale of environmental home appliances in South Korea and internationally. The company provides air purifiers, water purifiers, bidets, juicers, water softeners, electric range, dehumidifier, humidifiers, kitchen/home appliances, mattress/massage chair, and filter/consumables; and Smart Air Care service, which provides customized solution for air conditioning. It also offers cosmetic products and rental services for its home appliances products. In addition, the company provides product management services, such as product cleaning and mattress maintenance; digital services, including IoCare application; and other services, consisting of filter recovery, water quality testing, and braille information. Further, it engages in the manufacturing of furniture and water treatment equipment; and the construction and operation of industrial water supply. The company distributes its products through door-to-door sales organizations, commercial distribution, online channels, and directly managed stores. COWAY Co., Ltd. was founded in 1989 and is headquartered in Gongju-si, South Korea.

### Why customers stay

Margins ranged from 64.1% to 64.8% during 2023–25; it earns 19% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:09.174Z); FY2023: grossProfit / revenue = 64.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:09.174Z); FY2024: grossProfit / revenue = 64.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:09.174Z); FY2025: grossProfit / revenue = 64.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:09.174Z); 10-year return on capital observations [[2016,0.20145874939797787],[2017,0.25634333128256986],[2018,0.25138826004828485],[2019,0.2123955022987488],[2020,0.231313332333706],[2021,0.17776454910618922],[2022,0.14110838619811844],[2023,0.14573901396157443],[2024,0.1305962400924318],[2025,0.12286033354252013]]; median 0.18961164925208354. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 64% gross margin through 2022 cost inflation.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:09.174Z); Gross margin observations: [[2021,0.6519565416083081],[2022,0.6448148719128661],[2023,0.6482962743433105]]; range within 2 percentage points.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back KRW 110 billion of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:09.174Z); FY2016: growth capex 0; upkeep 341702080180; owner earnings 15842234990. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:09.174Z); FY2017: growth capex 0; upkeep 336799127270; owner earnings 216785956160. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:09.174Z); FY2018: growth capex 0; upkeep 400268039160; owner earnings 138861738490. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:09.174Z); FY2019: growth capex 109399702760; upkeep 281224228000; owner earnings 326685794698. Growth capex / owner earnings = 0.3348774404504885.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:09.174Z); FY2020: growth capex 0; upkeep 325205007520; owner earnings 618429632202. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:09.174Z); FY2021: growth capex 0; upkeep 275569914820; owner earnings 703078817058. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:09.174Z); FY2022: growth capex 0; upkeep 269678575400; owner earnings 660282948678. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:09.174Z); FY2023: growth capex 0; upkeep 264627197260; owner earnings 628840956496. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:09.174Z); FY2024: growth capex 0; upkeep 249342130400; owner earnings 717353429072. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:09.174Z); FY2025: growth capex 0; upkeep 237217965780; owner earnings 772549947874. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:09.174Z); Dividend observations: [[2016,208032045200],[2017,409214507200],[2018,230886664000],[2019,259916854000],[2020,87066750000],[2021,87066750000],[2022,90694531250],[2023,94332868500],[2024,97961055750],[2025,189121019790]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:09.174Z); FY2025: cash repurchases 109999965900 KRW.

### Are managers owners

Insiders own 27.7% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 021240.KO SharesStats.PercentInsiders = 27.681 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits shrink 4.2% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:09.174Z); Ten-year compound average after fade. Initial solved rate -0.07166434780318759. Price 105000; 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 89,600.00 per share

- 2016-11: KRW 84,500.00 per share

- 2016-12: KRW 88,300.00 per share

- 2017-01: KRW 87,500.00 per share

- 2017-02: KRW 89,500.00 per share

- 2017-03: KRW 96,200.00 per share

- 2017-04: KRW 100,500.00 per share

- 2017-05: KRW 100,500.00 per share

- 2017-06: KRW 104,000.00 per share

- 2017-07: KRW 99,100.00 per share

- 2017-08: KRW 98,800.00 per share

- 2017-09: KRW 94,000.00 per share

- 2017-10: KRW 97,300.00 per share

- 2017-11: KRW 95,900.00 per share

- 2017-12: KRW 97,700.00 per share

- 2018-01: KRW 95,200.00 per share

- 2018-02: KRW 86,600.00 per share

- 2018-03: KRW 89,800.00 per share

- 2018-04: KRW 87,500.00 per share

- 2018-05: KRW 87,300.00 per share

- 2018-06: KRW 86,600.00 per share

- 2018-07: KRW 93,800.00 per share

- 2018-08: KRW 91,400.00 per share

- 2018-09: KRW 86,800.00 per share

- 2018-10: KRW 70,300.00 per share

- 2018-11: KRW 78,400.00 per share

- 2018-12: KRW 74,100.00 per share

- 2019-01: KRW 83,400.00 per share

- 2019-02: KRW 94,600.00 per share

- 2019-03: KRW 94,500.00 per share

- 2019-04: KRW 87,800.00 per share

- 2019-05: KRW 80,100.00 per share

- 2019-06: KRW 77,400.00 per share

- 2019-07: KRW 83,900.00 per share

- 2019-08: KRW 84,200.00 per share

- 2019-09: KRW 84,600.00 per share

- 2019-10: KRW 91,800.00 per share

- 2019-11: KRW 89,600.00 per share

- 2019-12: KRW 93,100.00 per share

- 2020-01: KRW 87,800.00 per share

- 2020-02: KRW 68,900.00 per share

- 2020-03: KRW 57,800.00 per share

- 2020-04: KRW 61,400.00 per share

- 2020-05: KRW 66,600.00 per share

- 2020-06: KRW 72,200.00 per share

- 2020-07: KRW 76,700.00 per share

- 2020-08: KRW 79,800.00 per share

- 2020-09: KRW 79,300.00 per share

- 2020-10: KRW 69,400.00 per share

- 2020-11: KRW 69,400.00 per share

- 2020-12: KRW 72,700.00 per share

- 2021-01: KRW 69,700.00 per share

- 2021-02: KRW 64,700.00 per share

- 2021-03: KRW 65,500.00 per share

- 2021-04: KRW 66,900.00 per share

- 2021-05: KRW 83,200.00 per share

- 2021-06: KRW 78,700.00 per share

- 2021-07: KRW 85,800.00 per share

- 2021-08: KRW 78,200.00 per share

- 2021-09: KRW 74,200.00 per share

- 2021-10: KRW 79,400.00 per share

- 2021-11: KRW 67,700.00 per share

- 2021-12: KRW 74,400.00 per share

- 2022-01: KRW 69,500.00 per share

- 2022-02: KRW 69,600.00 per share

- 2022-03: KRW 68,500.00 per share

- 2022-04: KRW 70,900.00 per share

- 2022-05: KRW 71,500.00 per share

- 2022-06: KRW 63,900.00 per share

- 2022-07: KRW 64,100.00 per share

- 2022-08: KRW 63,700.00 per share

- 2022-09: KRW 53,900.00 per share

- 2022-10: KRW 55,300.00 per share

- 2022-11: KRW 57,600.00 per share

- 2022-12: KRW 55,900.00 per share

- 2023-01: KRW 55,800.00 per share

- 2023-02: KRW 53,400.00 per share

- 2023-03: KRW 52,500.00 per share

- 2023-04: KRW 49,050.00 per share

- 2023-05: KRW 48,150.00 per share

- 2023-06: KRW 43,950.00 per share

- 2023-07: KRW 41,000.00 per share

- 2023-08: KRW 43,200.00 per share

- 2023-09: KRW 41,300.00 per share

- 2023-10: KRW 43,200.00 per share

- 2023-11: KRW 50,000.00 per share

- 2023-12: KRW 57,200.00 per share

- 2024-01: KRW 55,300.00 per share

- 2024-02: KRW 54,200.00 per share

- 2024-03: KRW 56,000.00 per share

- 2024-04: KRW 55,700.00 per share

- 2024-05: KRW 56,400.00 per share

- 2024-06: KRW 64,200.00 per share

- 2024-07: KRW 62,300.00 per share

- 2024-08: KRW 67,200.00 per share

- 2024-09: KRW 66,700.00 per share

- 2024-10: KRW 63,000.00 per share

- 2024-11: KRW 65,900.00 per share

- 2024-12: KRW 66,900.00 per share

- 2025-01: KRW 77,300.00 per share

- 2025-02: KRW 81,000.00 per share

- 2025-03: KRW 81,000.00 per share

- 2025-04: KRW 87,700.00 per share

- 2025-05: KRW 88,900.00 per share

- 2025-06: KRW 96,800.00 per share

- 2025-07: KRW 108,900.00 per share

- 2025-08: KRW 104,200.00 per share

- 2025-09: KRW 98,500.00 per share

- 2025-10: KRW 89,200.00 per share

- 2025-11: KRW 86,000.00 per share

- 2025-12: KRW 86,900.00 per share

- 2026-01: KRW 83,400.00 per share

- 2026-02: KRW 81,900.00 per share

- 2026-03: KRW 72,200.00 per share

- 2026-04: KRW 86,100.00 per share

- 2026-05: KRW 90,000.00 per share

- 2026-06: KRW 90,300.00 per share

- 2026-07: KRW 91,500.00 per share

- 2026-08: KRW 96,900.00 per share

- 2026-09: KRW 99,400.00 per share

- 2026-10: KRW 101,200.00 per share

## Annual estimated value (KRW per share)

- FY2016: low KRW 28,970.93 per share, central KRW 32,790.60 per share, high KRW 37,875.39 per share

- FY2017: low KRW 29,335.58 per share, central KRW 33,185.27 per share, high KRW 38,310.03 per share

- FY2018: low KRW 34,128.32 per share, central KRW 38,601.27 per share, high KRW 44,555.71 per share

- FY2019: low KRW 39,075.98 per share, central KRW 44,055.31 per share, high KRW 50,683.85 per share

- FY2020: low KRW 43,206.76 per share, central KRW 48,998.90 per share, high KRW 56,709.48 per share

- FY2021: low KRW 60,170.48 per share, central KRW 68,406.56 per share, high KRW 79,370.52 per share

- FY2022: low KRW 124,585.62 per share, central KRW 177,595.73 per share, high KRW 208,463.61 per share

- FY2023: low KRW 104,846.22 per share, central KRW 118,951.90 per share, high KRW 137,729.54 per share

- FY2024: low KRW 112,561.70 per share, central KRW 127,980.73 per share, high KRW 148,506.74 per share

- FY2025: low KRW 127,540.19 per share, central KRW 144,933.27 per share, high KRW 168,087.15 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 2026-10-15T06:43:01.716Z 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