# Samsung Card (029780.KO)

Canonical: https://gigainvestors.com/s/029780.KO

Analysis as of: 2026-10-16T07:38:49.206Z. Financial observations: FY2004–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 42,200.00 per share; close as of 2026-10-15.

Estimated value: low KRW 59,395.76 per share, central KRW 66,368.07 per share, high KRW 75,649.70 per share. Buy at or below the central value KRW 66,368.07 per share. Valuation as of 2026-10-16T07:38:49.206Z; scenarios are not confidence intervals.

Expected annual return: 15.3% at the stated quote. About 15.3% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; KR 10-year bond 4.4% + 4 points).

## Checklist

### understandable: fail

- 6 revenue declines in the last 10 years

- more than 5 revenue declines in ten years

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 6

- Years with a net loss: 0

- Operating margin variation: 46.80×

Chart: Operating margin; fiscal year observations.

- FY2016: -0.75×

- FY2017: -0.76×

- FY2018: -0.70×

- FY2019: 0.18×

- FY2020: 0.22×

- FY2021: 0.28×

- FY2024: 0.80×

- FY2025: 0.83×

### moat: fail

- ROIC median below threshold

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

- ROIC, median of available years: 4.0%

- ROIC, second-lowest year: -5.6%

- Years with nonpositive capital: 0

- Capital spending / revenue: 0.5%

- ROIC including acquisitions, ten-year median: -3.3%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: -5.6%

- FY2017: -5.6%

- FY2018: -6.6%

- FY2019: 5.5%

- FY2020: 7.0%

- FY2021: 9.1%

- FY2024: 4.1%

- FY2025: 3.9%

### economics: fail

- owner earnings cash conversion below threshold

- Owner earnings / net income, 5-yr: -0.87×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: KRW -2.70T

- Net income, five-year total: KRW 3.09T

- Return on incremental invested capital: 104.3%

- Working capital / revenue, annual change: -21.8 pp

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

- FY2021: -4.71×

- FY2022: -2.04×

- FY2023: 2.12×

- FY2024: -1.32×

- FY2025: 1.16×

### 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)

- Per-share earnings: 3214.21 to 6053.00 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

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

- Market cap gain: KRW 1.61T

- Cumulative retained earnings: KRW 2.45T

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

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 9.5%

- Per-share value change: KRW 3K

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

- Per-share value, ending three-year median: KRW 6K

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

- Average buyback yield: 2.4%

- Buyback history: 4 years

- Debt-funded buybacks: Yes

- Acquisition spending: KRW 54B

- Cumulative net income, 10 years: KRW 4.92T

- ROIC, first three-year median: -5.6%

Chart: Earnings per share; fiscal year observations.

- FY2016: KRW 3K

- FY2017: KRW 4K

- FY2018: KRW 3K

- FY2019: KRW 3K

- FY2020: KRW 4K

- FY2021: KRW 5K

- FY2022: KRW 6K

- FY2023: KRW 6K

- FY2024: KRW 6K

- FY2025: KRW 6K

### accounting: fail

- earnings not backed by cash

- Sloan accruals: 6.9%

- Receivables to sales index (DSRI): 1.11×

- Earnings backed by cash: No

- Operating cash / earnings: -2.44×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.02×

Chart: Sloan accruals; fiscal year observations.

- FY2016: 6.6%

- FY2017: 6.1%

- FY2018: 3.2%

- FY2019: -3.8%

- FY2020: 5.0%

- FY2021: 11.6%

- FY2022: 6.3%

- FY2023: -2.5%

- FY2024: 5.1%

- FY2025: 6.9%

## Holders

## Price story

Down 33% since Feb 2026 · sales +0%

Story as of 2026-10-16T10:00:10.261Z; price observation 2026-10-15.

Price needs cash profits to shrink 6% a year for ten years

### Sales · FY2024–2025

sales +0%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: KRW 2.84T 

- FY2017: KRW 3.02T 

- FY2018: KRW 2.50T 

- FY2019: KRW 2.46T 

- FY2020: KRW 2.43T 

- FY2021: KRW 2.69T 

- FY2022: KRW 2.76T 

- FY2023: KRW 2.72T 

- FY2024: KRW 1.74T 

- FY2025: KRW 1.74T 

## Owner memo

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

### How it makes money

Operates in credit services; annual sales are KRW 1.7 trillion.

- Source: https://eodhd.com/api/fundamentals/029780.KO.json#2025-12-31 (filed 2026-10-16T07:38:49.206Z); FY2025: revenue 1744581000000; operatingIncome 1455027000000; margin = operatingIncome / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 029780.KO: Samsung Card Co., Ltd. provides financial services in South Korea. It operates through Credit Card, Installment and Leasing, and Other segments. The company offers card payment services, such as credit card, debit card, and pre-paid cards; short-term and long-term card loans; and installment services for electronics, consumer durables, industrial goods, and automobiles; and auto leasing, flat leasing, and rental services. It also provides general loans, debt cancellation and debt suspension, SMS notification, fraud protection, and asset-backed securitization services; insurance sales agency services; and shopping, travel, and wedding services. The company was formerly known as Samsung Credit Card Co., Ltd. and changed its name to Samsung Card Co., Ltd. in July 1995. The company was incorporated in 1983 and is headquartered in Seoul, South Korea. Samsung Card Co., Ltd. is a subsidiary of Samsung Life Insurance Co., Ltd.

### Why customers stay

It earns 4% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:49.206Z); 10-year return on capital observations [[2016,-0.05555757538995054],[2017,-0.0559959395280844],[2018,-0.06628215511170055],[2019,0.05508430953887412],[2020,0.07023840193005285],[2021,0.09118107729220694],[2024,0.04061585396472617],[2025,0.038706966097158964]]; median 0.03966141003094256. 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/api/fundamentals/029780.KO.json#2019-12-31 (filed 2026-10-16T07:38:49.206Z); FY2019: growth capex 0; upkeep 6881742280; owner earnings 1167601045800. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/029780.KO.json#2023-12-31 (filed 2026-10-16T07:38:49.206Z); FY2023: growth capex 0; upkeep 45443571860; owner earnings 1290311555360. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/029780.KO.json#2025-12-31 (filed 2026-10-16T07:38:49.206Z); FY2025: growth capex 0; upkeep 59981000000; owner earnings 752366000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:49.206Z); Dividend observations: [[2016,173101042500],[2017,164416042500],[2018,164416042500],[2019,170817647140],[2020,170737112000],[2021,192079251000],[2022,245434598500],[2023,266776737500],[2024,266776737500],[2025,298790000000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own <0.1% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 029780.KO SharesStats.PercentInsiders = 0.009000000000000001 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits shrink 6% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:49.206Z); Ten-year compound average after fade. Initial solved rate -0.0964414098666137. Price 42200; 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 48,200.00 per share

- 2016-11: KRW 41,800.00 per share

- 2016-12: KRW 39,700.00 per share

- 2017-01: KRW 39,150.00 per share

- 2017-02: KRW 42,350.00 per share

- 2017-03: KRW 39,200.00 per share

- 2017-04: KRW 39,900.00 per share

- 2017-05: KRW 42,000.00 per share

- 2017-06: KRW 39,050.00 per share

- 2017-07: KRW 39,700.00 per share

- 2017-08: KRW 37,100.00 per share

- 2017-09: KRW 36,850.00 per share

- 2017-10: KRW 36,650.00 per share

- 2017-11: KRW 38,200.00 per share

- 2017-12: KRW 39,600.00 per share

- 2018-01: KRW 38,950.00 per share

- 2018-02: KRW 36,300.00 per share

- 2018-03: KRW 35,850.00 per share

- 2018-04: KRW 37,300.00 per share

- 2018-05: KRW 37,100.00 per share

- 2018-06: KRW 38,300.00 per share

- 2018-07: KRW 35,400.00 per share

- 2018-08: KRW 35,250.00 per share

- 2018-09: KRW 36,800.00 per share

- 2018-10: KRW 33,650.00 per share

- 2018-11: KRW 32,300.00 per share

- 2018-12: KRW 34,550.00 per share

- 2019-01: KRW 33,350.00 per share

- 2019-02: KRW 34,050.00 per share

- 2019-03: KRW 34,400.00 per share

- 2019-04: KRW 37,100.00 per share

- 2019-05: KRW 36,800.00 per share

- 2019-06: KRW 38,200.00 per share

- 2019-07: KRW 36,300.00 per share

- 2019-08: KRW 33,150.00 per share

- 2019-09: KRW 35,150.00 per share

- 2019-10: KRW 33,550.00 per share

- 2019-11: KRW 37,100.00 per share

- 2019-12: KRW 38,600.00 per share

- 2020-01: KRW 37,950.00 per share

- 2020-02: KRW 33,700.00 per share

- 2020-03: KRW 29,900.00 per share

- 2020-04: KRW 30,000.00 per share

- 2020-05: KRW 29,550.00 per share

- 2020-06: KRW 27,350.00 per share

- 2020-07: KRW 28,300.00 per share

- 2020-08: KRW 28,750.00 per share

- 2020-09: KRW 28,200.00 per share

- 2020-10: KRW 29,400.00 per share

- 2020-11: KRW 33,100.00 per share

- 2020-12: KRW 32,500.00 per share

- 2021-01: KRW 29,700.00 per share

- 2021-02: KRW 32,950.00 per share

- 2021-03: KRW 34,450.00 per share

- 2021-04: KRW 35,300.00 per share

- 2021-05: KRW 34,000.00 per share

- 2021-06: KRW 34,300.00 per share

- 2021-07: KRW 35,000.00 per share

- 2021-08: KRW 34,100.00 per share

- 2021-09: KRW 33,800.00 per share

- 2021-10: KRW 34,250.00 per share

- 2021-11: KRW 32,450.00 per share

- 2021-12: KRW 31,500.00 per share

- 2022-01: KRW 30,950.00 per share

- 2022-02: KRW 32,000.00 per share

- 2022-03: KRW 32,300.00 per share

- 2022-04: KRW 33,450.00 per share

- 2022-05: KRW 34,050.00 per share

- 2022-06: KRW 30,500.00 per share

- 2022-07: KRW 32,050.00 per share

- 2022-08: KRW 31,350.00 per share

- 2022-09: KRW 30,200.00 per share

- 2022-10: KRW 30,900.00 per share

- 2022-11: KRW 32,300.00 per share

- 2022-12: KRW 29,550.00 per share

- 2023-01: KRW 30,700.00 per share

- 2023-02: KRW 30,700.00 per share

- 2023-03: KRW 30,400.00 per share

- 2023-04: KRW 29,800.00 per share

- 2023-05: KRW 30,050.00 per share

- 2023-06: KRW 29,650.00 per share

- 2023-07: KRW 28,500.00 per share

- 2023-08: KRW 29,950.00 per share

- 2023-09: KRW 30,450.00 per share

- 2023-10: KRW 31,350.00 per share

- 2023-11: KRW 33,000.00 per share

- 2023-12: KRW 32,350.00 per share

- 2024-01: KRW 33,000.00 per share

- 2024-02: KRW 37,550.00 per share

- 2024-03: KRW 37,850.00 per share

- 2024-04: KRW 39,100.00 per share

- 2024-05: KRW 40,500.00 per share

- 2024-06: KRW 38,300.00 per share

- 2024-07: KRW 42,100.00 per share

- 2024-08: KRW 43,450.00 per share

- 2024-09: KRW 41,150.00 per share

- 2024-10: KRW 40,400.00 per share

- 2024-11: KRW 42,700.00 per share

- 2024-12: KRW 39,450.00 per share

- 2025-01: KRW 42,000.00 per share

- 2025-02: KRW 44,950.00 per share

- 2025-03: KRW 40,050.00 per share

- 2025-04: KRW 41,950.00 per share

- 2025-05: KRW 43,200.00 per share

- 2025-06: KRW 49,400.00 per share

- 2025-07: KRW 49,800.00 per share

- 2025-08: KRW 50,500.00 per share

- 2025-09: KRW 52,300.00 per share

- 2025-10: KRW 49,550.00 per share

- 2025-11: KRW 54,900.00 per share

- 2025-12: KRW 55,900.00 per share

- 2026-01: KRW 56,800.00 per share

- 2026-02: KRW 63,000.00 per share

- 2026-03: KRW 53,100.00 per share

- 2026-04: KRW 53,300.00 per share

- 2026-05: KRW 46,150.00 per share

- 2026-06: KRW 47,950.00 per share

- 2026-07: KRW 47,000.00 per share

- 2026-08: KRW 46,950.00 per share

- 2026-09: KRW 42,200.00 per share

- 2026-10: KRW 42,700.00 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.