# SK Holdings (034730.KO)

Canonical: https://gigainvestors.com/s/034730.KO

Analysis as of: 2026-10-16T07:34:50.548Z. Financial observations: FY2009–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 437,000.00 per share; close as of 2026-10-15.

## Checklist

### understandable: fail

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

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 5

- Years with a net loss: 2

- Operating margin variation: 0.55×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.06×

- FY2018: 0.05×

- FY2019: 0.04×

- FY2020: -0.00×

- FY2021: 0.05×

- FY2022: 0.06×

- FY2023: 0.04×

- FY2024: 0.02×

- FY2025: 0.01×

- LTM to Jun 2026: 0.07×

### moat: fail

- ROIC median below threshold

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

- ROIC, median of available years: 6.3%

- ROIC, second-lowest year: 1.9%

- Typical minus recent gross margin: 1.7 pp

- Typical gross margin (annual median): 9.5%

- Recent gross margin (lower of latest and 3-year median): 7.8%

- Years with nonpositive capital: 0

- Capital spending / revenue: 8.6%

- ROIC including acquisitions, ten-year median: -0.4%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 11.4%

- FY2017: 11.8%

- FY2018: 8.6%

- FY2019: 5.1%

- FY2020: -0.2%

- FY2021: 7.4%

- FY2022: 7.6%

- FY2023: 5.2%

- FY2024: 1.9%

- FY2025: 2.3%

### economics: fail

- owner earnings cash conversion below threshold

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: -8.62×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: KRW -22.40T

- Net income, five-year total: KRW 2.60T

- Return on incremental invested capital: 1.1%

- Working capital / revenue, annual change: -0.1 pp

- Working capital / revenue, change between three-year averages: -0.3 pp

- Working capital / revenue, final three-year average: 11.7%

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

- FY2021: 0.49×

- FY2022: -0.00×

- FY2023: 15.82×

- FY2024: 7.65×

- FY2025: -0.74×

### management: fail

- 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: 11.4% vs 2.3%

- Per-share earnings: 29951.74 to -13958.00 (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: 0.8%

- Market cap gain: KRW 1.04T

- Cumulative retained earnings: KRW 4.64T

- Diluted shares, 5-year annual growth: 0.8%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value change: KRW -44K

- Per-share value, starting three-year median: KRW 30K

- Per-share value, ending three-year median: KRW -14K

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

- Average buyback yield: 1.4%

- Buyback history: 3 years

- Debt-funded buybacks: No

- Acquisition spending: KRW 9.88T

- Cumulative net income, 10 years: KRW 8.20T

- ROIC, first three-year median: 11.4%

- ROIC, last three-year median: 2.3%

Chart: Earnings per share; fiscal year observations.

- FY2016: KRW 14K

- FY2017: KRW 30K

- FY2018: KRW 40K

- FY2019: KRW 15K

- FY2020: KRW 4K

- FY2021: KRW 37K

- FY2022: KRW 19K

- FY2023: KRW -14K

- FY2024: KRW -24K

- FY2025: KRW 29K

### accounting: pass

- Sloan accruals: -2.1%

- Receivables to sales index (DSRI): 0.98×

- Restructuring years, last five: 0

- Earnings backed by cash: Yes

- Operating cash / earnings: 3.82×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.41×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -8.1%

- FY2017: -4.8%

- FY2018: -4.7%

- FY2019: -5.5%

- FY2020: -6.9%

- FY2021: -2.5%

- FY2022: -3.4%

- FY2023: -5.9%

- FY2024: -4.5%

- FY2025: -2.1%

## Holders

## Price story

Down 48% since Jun 2026 · sales +14.3%

Story as of 2026-10-16T10:00:02.746Z; price observation 2026-10-15.

### Sales · FY2025–2026

sales +14.3%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: KRW 93.30T 

- FY2018: KRW 101.50T 

- FY2019: KRW 99.26T 

- FY2020: KRW 81.82T 

- FY2021: KRW 98.33T 

- FY2022: KRW 134.55T 

- FY2023: KRW 128.80T 

- FY2024: KRW 123.40T 

- FY2025: KRW 122.70T 

- FY2026: KRW 140.21T 

### Gross margin · FY2025

gross margin 7.8%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 11.8% 

- FY2017: 11.7% 

- FY2018: 9.5% 

- FY2019: 9.1% 

- FY2020: 6.5% 

- FY2021: 11.3% 

- FY2022: 11.2% 

- FY2023: 9.5% 

- FY2024: 8.5% 

- FY2025: 7.8% 

## Owner memo

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

### How it makes money

Operates in conglomerates; annual sales are KRW 122.7 trillion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:50.548Z); FY2025: revenue 122703338000000; grossProfit 9587910000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 034730.KO: SK Inc., together with its subsidiaries, engages in petroleum refining, telecommunications, wholesale and retail, chemicals, construction, and other businesses in Korea. It is involved in city gas and power generation; gas stations; sale of asphalt; energy business; resource development; LNG business; electricity and other electric wire installation; new regeneration; and hydrogen business. The company also manufactures and sells chemicals and petrochemicals; lubricant oils; separators for secondary cells; lithium batteries; storage batteries; industrial gas; non-memory and other electronic integrated circuit; household appliances; video and audio equipment; electronic books; steel; semiconductor component; telecommunication equipment; automotive products and parts; biodegradable plastic materials; organic light emitting diode material; silicon wafer; pharmaceuticals; and electric vehicle chargers. In addition, it provides insurance; management consulting; battery reuse/recycle; carbon collection and storage-related; internet portal; information gathering; telecommunication; equipment repair; AI solution; publication and telemarketing; brokerage; car sharing; office support; and other financial services. Further, the company engages in information and communication facilities management; broadcasting program production; databases and online information; system software development and supply; and quantum information and communication activities. Additionally, it is involved in cargo transport shipment and logistics consulting; e-commerce retail; real estate development; sewage treatment plants; waste incineration and disposal; solar power generation; construction of wind and solar power facilities; warehouse operations; landscaping and planting; and operation of condos, resorts, and golf clubs. The company was formerly known as SK Holdings Co., Ltd and changed its name to SK Inc. in March 2021. SK Inc. was founded in 1991 and is headquartered in Seoul, South Korea.

### Why customers stay

Margins ranged from 7.8% to 9.5% during 2023–25; it earns 6.3% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:50.548Z); FY2023: grossProfit / revenue = 9.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:50.548Z); FY2024: grossProfit / revenue = 8.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:50.548Z); FY2025: grossProfit / revenue = 7.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:50.548Z); 10-year return on capital observations [[2016,0.11388990054809527],[2017,0.11814889139897078],[2018,0.08644794141980722],[2019,0.050930188860998704],[2020,-0.0024573057325204552],[2021,0.07350874193219788],[2022,0.07569537300589131],[2023,0.05196312655371396],[2024,0.019392707426648646],[2025,0.023121530827478188]]; median 0.06273593424295593. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 11% gross margin through 2022 cost inflation.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:50.548Z); Gross margin observations: [[2021,0.11254690261123375],[2022,0.11221727871754458],[2023,0.09463541911073042]]; range within 2 percentage points.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back KRW 82.4 billion of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:50.548Z); FY2016: growth capex 0; upkeep 5849493000000; owner earnings 3261179000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:50.548Z); FY2017: growth capex 0; upkeep 4971873000000; owner earnings 1958207000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:50.548Z); FY2018: growth capex 0; upkeep 6275589000000; owner earnings 1580920000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:50.548Z); FY2021: growth capex 349456000000; upkeep 8387714000000; owner earnings 959226000000. Growth capex / owner earnings = 0.3643103919201523.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:50.548Z); Dividend observations: [[2016,1132614000000],[2017,1356415000000],[2018,1511072000000],[2019,1816265000000],[2020,1212011000000],[2021,1394332000000],[2022,1708407000000],[2023,1673986000000],[2024,1815019000000],[2025,1544365000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:50.548Z); FY2025: cash repurchases 82361129116.66666 KRW.

### Are managers owners

Insiders own 25.4% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 034730.KO SharesStats.PercentInsiders = 25.424000000000003 percentage points; cache date 2026-10-16.

### What the price says

The price is 0.2 times annual sales; cash earnings are negative.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:50.548Z); Closing price 437000 KRW; reporting-to-trading FX 1; FY2025 annual sales per share 2250528.7589942585; price multiple 0.19417658994737372. FY2025 cash earnings/share -21584.36436048829. Closing-price date 2026-10-15.

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

- 2016-10: KRW 223,500.00 per share

- 2016-11: KRW 231,500.00 per share

- 2016-12: KRW 229,500.00 per share

- 2017-01: KRW 216,500.00 per share

- 2017-02: KRW 218,000.00 per share

- 2017-03: KRW 243,500.00 per share

- 2017-04: KRW 242,500.00 per share

- 2017-05: KRW 273,500.00 per share

- 2017-06: KRW 278,000.00 per share

- 2017-07: KRW 271,500.00 per share

- 2017-08: KRW 267,500.00 per share

- 2017-09: KRW 288,000.00 per share

- 2017-10: KRW 289,500.00 per share

- 2017-11: KRW 292,000.00 per share

- 2017-12: KRW 283,000.00 per share

- 2018-01: KRW 318,500.00 per share

- 2018-02: KRW 284,500.00 per share

- 2018-03: KRW 296,000.00 per share

- 2018-04: KRW 294,000.00 per share

- 2018-05: KRW 277,000.00 per share

- 2018-06: KRW 259,000.00 per share

- 2018-07: KRW 263,500.00 per share

- 2018-08: KRW 263,000.00 per share

- 2018-09: KRW 287,000.00 per share

- 2018-10: KRW 261,500.00 per share

- 2018-11: KRW 281,500.00 per share

- 2018-12: KRW 260,000.00 per share

- 2019-01: KRW 263,500.00 per share

- 2019-02: KRW 272,500.00 per share

- 2019-03: KRW 270,500.00 per share

- 2019-04: KRW 256,500.00 per share

- 2019-05: KRW 231,500.00 per share

- 2019-06: KRW 232,000.00 per share

- 2019-07: KRW 221,000.00 per share

- 2019-08: KRW 200,000.00 per share

- 2019-09: KRW 204,000.00 per share

- 2019-10: KRW 258,500.00 per share

- 2019-11: KRW 257,500.00 per share

- 2019-12: KRW 262,000.00 per share

- 2020-01: KRW 235,500.00 per share

- 2020-02: KRW 192,000.00 per share

- 2020-03: KRW 167,500.00 per share

- 2020-04: KRW 182,000.00 per share

- 2020-05: KRW 239,000.00 per share

- 2020-06: KRW 291,000.00 per share

- 2020-07: KRW 221,500.00 per share

- 2020-08: KRW 214,000.00 per share

- 2020-09: KRW 198,500.00 per share

- 2020-10: KRW 182,500.00 per share

- 2020-11: KRW 211,500.00 per share

- 2020-12: KRW 240,500.00 per share

- 2021-01: KRW 311,000.00 per share

- 2021-02: KRW 262,500.00 per share

- 2021-03: KRW 282,000.00 per share

- 2021-04: KRW 276,000.00 per share

- 2021-05: KRW 265,000.00 per share

- 2021-06: KRW 282,500.00 per share

- 2021-07: KRW 268,000.00 per share

- 2021-08: KRW 263,500.00 per share

- 2021-09: KRW 268,000.00 per share

- 2021-10: KRW 243,000.00 per share

- 2021-11: KRW 259,500.00 per share

- 2021-12: KRW 251,000.00 per share

- 2022-01: KRW 218,500.00 per share

- 2022-02: KRW 227,500.00 per share

- 2022-03: KRW 242,000.00 per share

- 2022-04: KRW 268,000.00 per share

- 2022-05: KRW 248,000.00 per share

- 2022-06: KRW 215,000.00 per share

- 2022-07: KRW 220,000.00 per share

- 2022-08: KRW 233,000.00 per share

- 2022-09: KRW 192,000.00 per share

- 2022-10: KRW 214,000.00 per share

- 2022-11: KRW 219,000.00 per share

- 2022-12: KRW 189,000.00 per share

- 2023-01: KRW 198,100.00 per share

- 2023-02: KRW 178,600.00 per share

- 2023-03: KRW 172,500.00 per share

- 2023-04: KRW 162,500.00 per share

- 2023-05: KRW 167,800.00 per share

- 2023-06: KRW 148,700.00 per share

- 2023-07: KRW 152,800.00 per share

- 2023-08: KRW 144,500.00 per share

- 2023-09: KRW 146,200.00 per share

- 2023-10: KRW 142,000.00 per share

- 2023-11: KRW 163,600.00 per share

- 2023-12: KRW 178,000.00 per share

- 2024-01: KRW 183,500.00 per share

- 2024-02: KRW 191,800.00 per share

- 2024-03: KRW 178,600.00 per share

- 2024-04: KRW 166,000.00 per share

- 2024-05: KRW 176,200.00 per share

- 2024-06: KRW 158,300.00 per share

- 2024-07: KRW 149,900.00 per share

- 2024-08: KRW 143,200.00 per share

- 2024-09: KRW 153,200.00 per share

- 2024-10: KRW 148,200.00 per share

- 2024-11: KRW 136,600.00 per share

- 2024-12: KRW 131,500.00 per share

- 2025-01: KRW 148,100.00 per share

- 2025-02: KRW 143,800.00 per share

- 2025-03: KRW 129,600.00 per share

- 2025-04: KRW 132,400.00 per share

- 2025-05: KRW 163,700.00 per share

- 2025-06: KRW 204,500.00 per share

- 2025-07: KRW 203,000.00 per share

- 2025-08: KRW 207,000.00 per share

- 2025-09: KRW 210,000.00 per share

- 2025-10: KRW 248,500.00 per share

- 2025-11: KRW 265,500.00 per share

- 2025-12: KRW 256,500.00 per share

- 2026-01: KRW 333,500.00 per share

- 2026-02: KRW 401,000.00 per share

- 2026-03: KRW 301,000.00 per share

- 2026-04: KRW 425,000.00 per share

- 2026-05: KRW 676,000.00 per share

- 2026-06: KRW 834,000.00 per share

- 2026-07: KRW 557,000.00 per share

- 2026-08: KRW 545,000.00 per share

- 2026-09: KRW 588,000.00 per share

- 2026-10: KRW 500,000.00 per share

## Annual estimated value (KRW per share)

- FY2016: low KRW 812,670.28 per share, central KRW 899,828.43 per share, high KRW 1,015,854.41 per share

- FY2017: low KRW 546,549.88 per share, central KRW 599,243.88 per share, high KRW 669,390.76 per share

- FY2018: low KRW 583,116.69 per share, central KRW 640,630.26 per share, high KRW 717,193.03 per share

- FY2019: low KRW 674,101.50 per share, central KRW 738,580.93 per share, high KRW 824,416.73 per share

- FY2020: low KRW 516,646.98 per share, central KRW 553,363.53 per share, high KRW 602,241.06 per share

- FY2021: low KRW 517,548.82 per share, central KRW 544,940.37 per share, high KRW 581,404.33 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 2026-10-15T06:40:31.097Z 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