# LG Display (034220.KO)

Canonical: https://gigainvestors.com/s/034220.KO

Analysis as of: 2026-10-16T07:39:38.901Z. Financial observations: FY2004–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 7,320.00 per share; close as of 2026-10-15.

## Checklist

### understandable: fail

- 6 revenue declines in the last 10 years

- more than 5 revenue declines in ten years

- more than 2 net loss years

- negative average operating margin

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 6

- Years with a net loss: 7

- Operating margin variation: 9.45×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.09×

- FY2018: 0.00×

- FY2019: -0.06×

- FY2020: -0.00×

- FY2021: 0.07×

- FY2022: -0.08×

- FY2023: -0.12×

- FY2024: -0.02×

- FY2025: 0.02×

- LTM to Jun 2026: 0.03×

### moat: fail

- ROIC median below threshold

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

- ROIC, median of available years: 0.1%

- ROIC, second-lowest year: -7.2%

- Typical minus recent gross margin: 2.1 pp

- Typical gross margin (annual median): 11.8%

- Recent gross margin (lower of latest and 3-year median): 9.7%

- Years with nonpositive capital: 0

- Capital spending / revenue: 17.5%

- ROIC including acquisitions, ten-year median: -1.6%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 6.2%

- FY2017: 12.4%

- FY2018: 0.4%

- FY2019: -5.0%

- FY2020: -0.1%

- FY2021: 8.1%

- FY2022: -7.2%

- FY2023: -9.6%

- FY2024: -2.3%

- FY2025: 1.9%

### 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 -2.24T

- Net income, five-year total: KRW -6.96T

- Return on incremental invested capital: -31.0%

- Working capital / revenue, annual change: -1.3 pp

- Working capital / revenue, change between three-year averages: -7.8 pp

- Working capital / revenue, final three-year average: 7.2%

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

- FY2021: KRW 2.53T

- FY2022: KRW -3.61T

- FY2023: KRW -2.69T

- FY2024: KRW -365B

- FY2025: KRW 1.89T

### management: fail

- Historical market-dollar context (not the management verdict): 2017 to 2025 (8 years)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 6.2% vs -2.3%

- Per-share earnings: -579.18 to -5437.86 (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: 6.9%

- Market cap gain: KRW -4.10T

- Cumulative retained earnings: KRW -10.34T

- Diluted shares, 5-year annual growth: 6.9%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2025

- Per-share value change: KRW -5K

- Per-share value, starting three-year median: KRW -579.18

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

- Buyback history: 0 years

- Debt-funded buybacks: No

- Acquisition spending: KRW 1.24T

- Cumulative net income, 10 years: KRW -7.35T

- ROIC, first three-year median: 6.2%

- ROIC, last three-year median: -2.3%

Chart: Earnings per share; fiscal year observations.

- FY2017: KRW 5K

- FY2018: KRW -579.18

- FY2019: KRW -8K

- FY2020: KRW -197.41

- FY2021: KRW 3K

- FY2022: KRW -8K

- FY2023: KRW -7K

- FY2024: KRW -5K

- FY2025: KRW 452.62

### accounting: pass

- Sloan accruals: -7.9%

- Receivables to sales index (DSRI): 0.67×

- Restructuring years, last five: 0

- Earnings backed by cash: Yes

- Operating cash / earnings: 10.39×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.22×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -11.0%

- FY2017: -17.0%

- FY2018: -14.1%

- FY2019: -15.6%

- FY2020: -6.7%

- FY2021: -12.0%

- FY2022: -17.0%

- FY2023: -12.4%

- FY2024: -15.1%

- FY2025: -7.9%

## Holders

## Price story

Down 68% since Dec 2021 · sales -2%

Story as of 2026-10-16T10:00:10.938Z; price observation 2026-10-15.

### Sales · FY2025–2026

sales -2%; source https://www.sec.gov/Archives/edgar/data/1290109/000119312526183413/lpl-20251231.htm; observed 2026-04-28.

- FY2017: KRW 27.79T 

- FY2018: KRW 24.34T 

- FY2019: KRW 23.48T 

- FY2020: KRW 24.23T 

- FY2021: KRW 29.88T 

- FY2022: KRW 26.15T 

- FY2023: KRW 21.33T 

- FY2024: KRW 26.62T 

- FY2025: KRW 25.81T 

- FY2026: KRW 25.30T 

### Gross margin · FY2025

gross margin 13.1%; source https://www.sec.gov/Archives/edgar/data/1290109/000119312526183413/lpl-20251231.htm; observed 2026-04-28.

- FY2016: 14.1% 

- FY2017: 19.3% 

- FY2018: 12.7% 

- FY2019: 8.0% 

- FY2020: 10.9% 

- FY2021: 17.8% 

- FY2022: 4.3% 

- FY2023: 1.6% 

- FY2024: 9.7% 

- FY2025: 13.1% 

## Owner memo

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

### How it makes money

Operates in consumer electronics; annual sales are KRW 25.8 trillion.

- Source: https://www.sec.gov/Archives/edgar/data/1290109/000119312526183413/lpl-20251231.htm (filed 2026-04-28); FY2025: revenue 25810082000000; grossProfit 3376459000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 034220.KO: LG Display Co., Ltd., together with its subsidiaries, engages in the research, development, manufacture, and sale of organic light-emitting diode (OLED) and thin-film transistor liquid crystal display (TFT-LCD) panels in South Korea, China, the rest of Asia, North America, and Europe. The company offers display panels for televisions; monitors; IT products comprising notebook computers, desktop monitors, and tablet computers; laptops; smartphones and smartwatches; mobile phones and watches; automobiles; and other products with display devices. It also engages in the operation and management of welfare facilities; management of intellectual properties; production and sale of LCD modules and monitor sets; and investment in venture businesses and technologies. The company exports its products. The company was formerly known as LG.Philips LCD CO., Ltd. and changed its name to LG Display Co., Ltd. in March 2008. LG Display Co., Ltd. was incorporated in 1985 and is headquartered in Seoul, South Korea.

### Why customers stay

Margins ranged from 1.6% to 13.1% during 2023–25; it earns 0.1% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-28); FY2023: grossProfit / revenue = 1.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-28); FY2024: grossProfit / revenue = 9.7%.

- Source: https://www.sec.gov/Archives/edgar/data/1290109/000119312526183413/lpl-20251231.htm (filed 2026-04-28); FY2025: grossProfit / revenue = 13.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-28); 10-year return on capital observations [[2016,0.06234994050413639],[2017,0.12399646140322798],[2018,0.0036201595391320276],[2019,-0.0499639118331567],[2020,-0.0010775405998317143],[2021,0.080619834903359],[2022,-0.07226885707831207],[2023,-0.09605063221734302],[2024,-0.02320098731966056],[2025,0.018965611144836778]]; median 0.0012713094696501566. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 7 of 7 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-28); FY2017: growth capex 0; upkeep 6592435000000; owner earnings 171766000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-28); FY2020: growth capex 0; upkeep 2595381000000; owner earnings 1452140119000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-28); FY2021: growth capex 0; upkeep 3141430000000; owner earnings 2528587800000. Growth capex / owner earnings = 0.

- Source: https://www.sec.gov/Archives/edgar/data/1290109/000119312526183413/lpl-20251231.htm (filed 2026-04-28); FY2025: growth capex 0; upkeep 2107083000000; owner earnings 1891303016786.315. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-28); Dividend observations: [[2016,178908000000],[2017,184837000000],[2018,178908000000],[2019,232580000000],[2020,232580000000],[2021,232580000000],[2022,232580000000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 37.6% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 034220.KO SharesStats.PercentInsiders = 37.569 percentage points; cache date 2026-10-16.

### What the price says

The price is 0.1 times annual sales.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-28); Closing price 7320 KRW; reporting-to-trading FX 1; FY2025 annual sales per share 51620.164; price multiple 0.14180505121990702. FY2025 cash earnings/share 3782.6060335726297. Closing-price date 2026-10-15.

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

- 2016-10: KRW 25,541.09 per share

- 2016-11: KRW 26,195.99 per share

- 2016-12: KRW 29,423.71 per share

- 2017-01: KRW 28,675.25 per share

- 2017-02: KRW 25,634.65 per share

- 2017-03: KRW 28,301.02 per share

- 2017-04: KRW 27,505.79 per share

- 2017-05: KRW 30,499.62 per share

- 2017-06: KRW 34,709.69 per share

- 2017-07: KRW 29,610.82 per share

- 2017-08: KRW 29,143.04 per share

- 2017-09: KRW 28,581.70 per share

- 2017-10: KRW 27,412.23 per share

- 2017-11: KRW 28,909.14 per share

- 2017-12: KRW 27,973.57 per share

- 2018-01: KRW 30,125.39 per share

- 2018-02: KRW 27,926.79 per share

- 2018-03: KRW 24,465.18 per share

- 2018-04: KRW 21,939.14 per share

- 2018-05: KRW 20,769.68 per share

- 2018-06: KRW 17,120.95 per share

- 2018-07: KRW 19,880.88 per share

- 2018-08: KRW 19,880.88 per share

- 2018-09: KRW 19,100.00 per share

- 2018-10: KRW 15,436.92 per share

- 2018-11: KRW 16,419.27 per share

- 2018-12: KRW 16,887.06 per share

- 2019-01: KRW 17,682.29 per share

- 2019-02: KRW 19,880.88 per share

- 2019-03: KRW 18,243.63 per share

- 2019-04: KRW 18,664.64 per share

- 2019-05: KRW 15,998.26 per share

- 2019-06: KRW 17,850.00 per share

- 2019-07: KRW 13,565.78 per share

- 2019-08: KRW 13,051.22 per share

- 2019-09: KRW 13,238.33 per share

- 2019-10: KRW 12,770.54 per share

- 2019-11: KRW 13,752.89 per share

- 2019-12: KRW 15,203.03 per share

- 2020-01: KRW 14,407.79 per share

- 2020-02: KRW 12,723.77 per share

- 2020-03: KRW 10,384.84 per share

- 2020-04: KRW 10,338.06 per share

- 2020-05: KRW 10,200.00 per share

- 2020-06: KRW 10,618.73 per share

- 2020-07: KRW 11,788.20 per share

- 2020-08: KRW 13,659.34 per share

- 2020-09: KRW 14,361.02 per share

- 2020-10: KRW 13,144.77 per share

- 2020-11: KRW 14,267.46 per share

- 2020-12: KRW 17,354.84 per share

- 2021-01: KRW 21,750.00 per share

- 2021-02: KRW 21,143.91 per share

- 2021-03: KRW 21,284.24 per share

- 2021-04: KRW 22,734.38 per share

- 2021-05: KRW 22,453.71 per share

- 2021-06: KRW 22,921.49 per share

- 2021-07: KRW 20,629.34 per share

- 2021-08: KRW 19,179.21 per share

- 2021-09: KRW 17,729.07 per share

- 2021-10: KRW 19,700.00 per share

- 2021-11: KRW 18,617.86 per share

- 2021-12: KRW 23,015.05 per share

- 2022-01: KRW 18,430.75 per share

- 2022-02: KRW 17,588.74 per share

- 2022-03: KRW 19,319.54 per share

- 2022-04: KRW 15,670.82 per share

- 2022-05: KRW 16,232.16 per share

- 2022-06: KRW 13,612.56 per share

- 2022-07: KRW 14,314.24 per share

- 2022-08: KRW 14,594.91 per share

- 2022-09: KRW 11,226.85 per share

- 2022-10: KRW 11,928.53 per share

- 2022-11: KRW 13,519.00 per share

- 2022-12: KRW 11,647.86 per share

- 2023-01: KRW 12,733.12 per share

- 2023-02: KRW 14,304.88 per share

- 2023-03: KRW 15,371.43 per share

- 2023-04: KRW 13,883.87 per share

- 2023-05: KRW 14,707.18 per share

- 2023-06: KRW 14,744.60 per share

- 2023-07: KRW 12,620.85 per share

- 2023-08: KRW 12,536.65 per share

- 2023-09: KRW 12,265.34 per share

- 2023-10: KRW 11,404.61 per share

- 2023-11: KRW 11,713.35 per share

- 2023-12: KRW 11,919.17 per share

- 2024-01: KRW 11,650.00 per share

- 2024-02: KRW 11,380.00 per share

- 2024-03: KRW 10,750.00 per share

- 2024-04: KRW 10,540.00 per share

- 2024-05: KRW 9,930.00 per share

- 2024-06: KRW 11,470.00 per share

- 2024-07: KRW 11,240.00 per share

- 2024-08: KRW 11,260.00 per share

- 2024-09: KRW 10,940.00 per share

- 2024-10: KRW 10,640.00 per share

- 2024-11: KRW 9,480.00 per share

- 2024-12: KRW 9,130.00 per share

- 2025-01: KRW 9,250.00 per share

- 2025-02: KRW 9,150.00 per share

- 2025-03: KRW 8,810.00 per share

- 2025-04: KRW 8,470.00 per share

- 2025-05: KRW 8,610.00 per share

- 2025-06: KRW 8,960.00 per share

- 2025-07: KRW 10,840.00 per share

- 2025-08: KRW 12,000.00 per share

- 2025-09: KRW 14,410.00 per share

- 2025-10: KRW 14,700.00 per share

- 2025-11: KRW 12,540.00 per share

- 2025-12: KRW 11,810.00 per share

- 2026-01: KRW 11,670.00 per share

- 2026-02: KRW 14,340.00 per share

- 2026-03: KRW 10,850.00 per share

- 2026-04: KRW 12,260.00 per share

- 2026-05: KRW 16,090.00 per share

- 2026-06: KRW 11,530.00 per share

- 2026-07: KRW 9,210.00 per share

- 2026-08: KRW 9,440.00 per share

- 2026-09: KRW 8,330.00 per share

- 2026-10: KRW 7,560.00 per share

## Annual estimated value (KRW per share)

- FY2017: low KRW 13,161.83 per share, central KRW 13,885.27 per share, high KRW 14,848.32 per share

- FY2018: low KRW 9,949.19 per share, central KRW 10,582.72 per share, high KRW 11,426.09 per share

- FY2021: low KRW 16,136.91 per share, central KRW 16,914.70 per share, high KRW 17,950.10 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 2026-10-15T06:45:17.704Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original 20-F filing](https://www.sec.gov/Archives/edgar/data/1290109/000119312526183413/lpl-20251231.htm); period 2025-12-31, filed 2026-04-28.

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.