# Korea Gas (036460.KO)

Canonical: https://gigainvestors.com/s/036460.KO

Analysis as of: 2026-10-16T07:40:11.108Z. Financial observations: FY2000–FY2025.

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 36,450.00 per share; close as of 2026-10-15.

Estimated value: low KRW 122,876.28 per share, central KRW 138,346.61 per share, high KRW 158,940.90 per share. Buy at or below the central value KRW 138,346.61 per share. Valuation as of 2026-10-16T07:40:11.108Z; scenarios are not confidence intervals.

Expected annual return: 40.3% at the stated quote. About 40.3% 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: fail

- 6 revenue declines in the last 10 years

- more than 5 revenue declines in ten years

- more than 2 net loss years

- Financial history: 10 years

- Years with declining revenue: 6

- Years with a net loss: 4

- Operating margin variation: 0.22×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.04×

- FY2017: 0.05×

- FY2018: 0.05×

- FY2019: 0.05×

- FY2020: 0.04×

- FY2021: 0.05×

- FY2022: 0.05×

- FY2023: 0.04×

- FY2024: 0.08×

- FY2025: 0.06×

### moat: fail

- ROIC median below threshold

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

- ROIC, median of available years: 2.6%

- ROIC, second-lowest year: 2.3%

- Typical minus recent gross margin: -0.8 pp

- Typical gross margin (annual median): 6.4%

- Recent gross margin (lower of latest and 3-year median): 7.2%

- Years with nonpositive capital: 0

- Capital spending / revenue: 4.6%

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

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 2.1%

- FY2017: 2.6%

- FY2018: 3.2%

- FY2019: 2.5%

- FY2020: 2.3%

- FY2021: 2.4%

- FY2022: 3.5%

- FY2023: 2.5%

- FY2024: 4.1%

- FY2025: 3.1%

### economics: pass

- Owner earnings / net income, 5-yr: 0.93×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: KRW 2.76T

- Net income, five-year total: KRW 2.96T

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: -0.3 pp

- Working capital / revenue, change between three-year averages: -3.9 pp

- Working capital / revenue, final three-year average: 21.6%

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

- FY2021: 1.16×

- FY2022: 1.11×

- FY2023: 0.81×

- FY2024: 0.91×

- FY2025: -3.30×

### 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: 2.6% vs 3.1%

- Per-share earnings: -7679.40 to 1441.00 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: 1.5%

- Market cap gain: KRW -625B

- Cumulative retained earnings: KRW 1.96T

- Diluted shares, 5-year annual growth: 1.5%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value change: KRW 9K

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

- Per-share value, ending three-year median: KRW 1K

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

- Average buyback yield: 3.6%

- Buyback history: 3 years

- Debt-funded buybacks: No

- Acquisition spending: KRW 117B

- Cumulative net income, 10 years: KRW 1.46T

- ROIC, first three-year median: 2.6%

- ROIC, last three-year median: 3.1%

Chart: Earnings per share; fiscal year observations.

- FY2016: KRW -8K

- FY2017: KRW -14K

- FY2018: KRW 6K

- FY2019: KRW 442.33

- FY2020: KRW -2K

- FY2021: KRW 11K

- FY2022: KRW 16K

- FY2023: KRW -9K

- FY2024: KRW 12K

- FY2025: KRW 1K

### accounting: pass

- Sloan accruals: -11.9%

- Receivables to sales index (DSRI): 0.95×

- Restructuring years, last five: 0

- Earnings backed by cash: Yes

- Operating cash / earnings: 49.16×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.10×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -13.6%

- FY2017: -10.0%

- FY2018: 1.1%

- FY2019: -5.0%

- FY2020: -9.5%

- FY2021: 6.9%

- FY2022: 25.7%

- FY2023: -11.6%

- FY2024: -4.3%

- FY2025: -11.9%

## Holders

## Price story

Down 30% since Jun 2024 · sales -6.9%

Story as of 2026-10-16T10:00:11.292Z; price observation 2026-10-15.

Price needs cash profits to shrink 20% a year for ten years

### Sales · FY2024–2025

sales -6.9%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: KRW 21.11T 

- FY2017: KRW 22.17T 

- FY2018: KRW 26.19T 

- FY2019: KRW 24.98T 

- FY2020: KRW 20.83T 

- FY2021: KRW 27.52T 

- FY2022: KRW 51.72T 

- FY2023: KRW 44.56T 

- FY2024: KRW 38.39T 

- FY2025: KRW 35.73T 

### Gross margin · FY2025

gross margin 7.2%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 6.3% 

- FY2017: 6.5% 

- FY2018: 6.4% 

- FY2019: 7.0% 

- FY2020: 6.3% 

- FY2021: 6.0% 

- FY2022: 5.6% 

- FY2023: 4.4% 

- FY2024: 8.9% 

- FY2025: 7.2% 

## Owner memo

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

### How it makes money

Operates in utilities regulated gas; annual sales are KRW 35.7 trillion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:11.108Z); FY2025: revenue 35727336000000; grossProfit 2560297000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 036460.KO: Korea Gas Corporation engages in the exploration, development, production, import, and wholesale of liquefied natural gas (LNG), compressed natural gas, and natural gas in Korea, Australia, Iraq, Mozambique, and Myanmar. It operates through the Natural Gas Wholesale and Others segments. The company manufactures and supplies natural gas, as well as refines and sells by-products; construct and operates receiving terminals and supply networks; explores, imports, and exports natural gas and LPG; manufactures and supplies hydrogen; develops, exports, and import hydrogen energy; and researches and develops gas-related technologies, as well as is involved in supply of power and heat, equipment conservation, terminal management, labor force management, and construction of hydrogen charging station. As of December 31, 2024, it owned and operated a pipeline network of 5,206 kilometers. It serves power-generating companies and city gas companies. Korea Gas Corporation was incorporated in 1983 and is headquartered in Daegu, South Korea.

### Why customers stay

Margins ranged from 4.4% to 8.9% during 2023–25; it earns 2.6% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:11.108Z); FY2023: grossProfit / revenue = 4.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:11.108Z); FY2024: grossProfit / revenue = 8.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:11.108Z); FY2025: grossProfit / revenue = 7.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:11.108Z); 10-year return on capital observations [[2016,0.020968271014237774],[2017,0.025884369039361033],[2018,0.03202761274712842],[2019,0.02540599295273708],[2020,0.0227125611516986],[2021,0.02400603947145329],[2022,0.03496907343120449],[2023,0.024885866944883782],[2024,0.040717415863441936],[2025,0.030985309732119822]]; median 0.025645180996049056. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 6% gross margin through 2022 cost inflation.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:11.108Z); Gross margin observations: [[2021,0.060381632364189995],[2022,0.05598963753534254],[2023,0.043925020639759026]]; range within 2 percentage points.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back KRW 171.9 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:11.108Z); FY2017: growth capex 0; upkeep 1351606048320; owner earnings 1155991913870. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:11.108Z); FY2019: growth capex 0; upkeep 1223155931120; owner earnings 97141933642. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:11.108Z); FY2020: growth capex 0; upkeep 912057859660; owner earnings 152386892770. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:11.108Z); FY2021: growth capex 0; upkeep 1156241027280; owner earnings 1107584007620. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:11.108Z); FY2022: growth capex 0; upkeep 1178507549250; owner earnings 1659648693560. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:11.108Z); FY2024: growth capex 0; upkeep 1791643000000; owner earnings 1049111400000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:11.108Z); Dividend observations: [[2016,14898330800],[2017,7134543160],[2018,8842561990],[2019,133659643620],[2020,51408410360],[2021,7568827010],[2022,239746559550],[2023,7860991620],[2024,26114000000],[2025,126986000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:11.108Z); FY2025: cash repurchases 171923175 KRW.

### Are managers owners

Insiders own 47.6% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 036460.KO SharesStats.PercentInsiders = 47.593 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits shrink 20% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:11.108Z); Ten-year compound average after fade. Initial solved rate -0.2879547007599531. Price 36450; 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 46,350.00 per share

- 2016-11: KRW 42,850.00 per share

- 2016-12: KRW 48,450.00 per share

- 2017-01: KRW 46,300.00 per share

- 2017-02: KRW 48,950.00 per share

- 2017-03: KRW 44,950.00 per share

- 2017-04: KRW 46,600.00 per share

- 2017-05: KRW 50,800.00 per share

- 2017-06: KRW 53,200.00 per share

- 2017-07: KRW 50,200.00 per share

- 2017-08: KRW 45,300.00 per share

- 2017-09: KRW 42,100.00 per share

- 2017-10: KRW 40,850.00 per share

- 2017-11: KRW 44,250.00 per share

- 2017-12: KRW 42,550.00 per share

- 2018-01: KRW 49,350.00 per share

- 2018-02: KRW 45,900.00 per share

- 2018-03: KRW 48,450.00 per share

- 2018-04: KRW 54,800.00 per share

- 2018-05: KRW 60,300.00 per share

- 2018-06: KRW 64,200.00 per share

- 2018-07: KRW 58,300.00 per share

- 2018-08: KRW 52,600.00 per share

- 2018-09: KRW 60,700.00 per share

- 2018-10: KRW 52,100.00 per share

- 2018-11: KRW 51,000.00 per share

- 2018-12: KRW 48,200.00 per share

- 2019-01: KRW 54,100.00 per share

- 2019-02: KRW 50,100.00 per share

- 2019-03: KRW 45,100.00 per share

- 2019-04: KRW 46,150.00 per share

- 2019-05: KRW 41,300.00 per share

- 2019-06: KRW 42,200.00 per share

- 2019-07: KRW 42,750.00 per share

- 2019-08: KRW 39,050.00 per share

- 2019-09: KRW 39,600.00 per share

- 2019-10: KRW 39,300.00 per share

- 2019-11: KRW 37,400.00 per share

- 2019-12: KRW 37,850.00 per share

- 2020-01: KRW 32,500.00 per share

- 2020-02: KRW 28,100.00 per share

- 2020-03: KRW 21,500.00 per share

- 2020-04: KRW 26,950.00 per share

- 2020-05: KRW 29,850.00 per share

- 2020-06: KRW 26,200.00 per share

- 2020-07: KRW 25,350.00 per share

- 2020-08: KRW 23,600.00 per share

- 2020-09: KRW 24,650.00 per share

- 2020-10: KRW 27,250.00 per share

- 2020-11: KRW 28,350.00 per share

- 2020-12: KRW 30,900.00 per share

- 2021-01: KRW 31,000.00 per share

- 2021-02: KRW 31,850.00 per share

- 2021-03: KRW 33,700.00 per share

- 2021-04: KRW 34,900.00 per share

- 2021-05: KRW 32,900.00 per share

- 2021-06: KRW 36,900.00 per share

- 2021-07: KRW 36,000.00 per share

- 2021-08: KRW 36,200.00 per share

- 2021-09: KRW 48,650.00 per share

- 2021-10: KRW 44,300.00 per share

- 2021-11: KRW 35,050.00 per share

- 2021-12: KRW 39,100.00 per share

- 2022-01: KRW 35,050.00 per share

- 2022-02: KRW 38,150.00 per share

- 2022-03: KRW 39,600.00 per share

- 2022-04: KRW 41,000.00 per share

- 2022-05: KRW 44,350.00 per share

- 2022-06: KRW 39,550.00 per share

- 2022-07: KRW 37,200.00 per share

- 2022-08: KRW 43,500.00 per share

- 2022-09: KRW 33,800.00 per share

- 2022-10: KRW 34,800.00 per share

- 2022-11: KRW 34,900.00 per share

- 2022-12: KRW 36,200.00 per share

- 2023-01: KRW 33,350.00 per share

- 2023-02: KRW 28,050.00 per share

- 2023-03: KRW 27,100.00 per share

- 2023-04: KRW 26,800.00 per share

- 2023-05: KRW 26,250.00 per share

- 2023-06: KRW 25,700.00 per share

- 2023-07: KRW 24,800.00 per share

- 2023-08: KRW 25,100.00 per share

- 2023-09: KRW 23,900.00 per share

- 2023-10: KRW 22,850.00 per share

- 2023-11: KRW 24,850.00 per share

- 2023-12: KRW 24,700.00 per share

- 2024-01: KRW 26,450.00 per share

- 2024-02: KRW 29,000.00 per share

- 2024-03: KRW 26,850.00 per share

- 2024-04: KRW 27,600.00 per share

- 2024-05: KRW 29,800.00 per share

- 2024-06: KRW 52,200.00 per share

- 2024-07: KRW 44,500.00 per share

- 2024-08: KRW 52,200.00 per share

- 2024-09: KRW 46,600.00 per share

- 2024-10: KRW 39,200.00 per share

- 2024-11: KRW 44,650.00 per share

- 2024-12: KRW 34,700.00 per share

- 2025-01: KRW 34,200.00 per share

- 2025-02: KRW 34,900.00 per share

- 2025-03: KRW 35,650.00 per share

- 2025-04: KRW 38,850.00 per share

- 2025-05: KRW 41,350.00 per share

- 2025-06: KRW 41,650.00 per share

- 2025-07: KRW 42,950.00 per share

- 2025-08: KRW 39,550.00 per share

- 2025-09: KRW 39,100.00 per share

- 2025-10: KRW 41,700.00 per share

- 2025-11: KRW 41,500.00 per share

- 2025-12: KRW 39,300.00 per share

- 2026-01: KRW 40,150.00 per share

- 2026-02: KRW 41,200.00 per share

- 2026-03: KRW 34,950.00 per share

- 2026-04: KRW 39,100.00 per share

- 2026-05: KRW 35,500.00 per share

- 2026-06: KRW 31,950.00 per share

- 2026-07: KRW 34,450.00 per share

- 2026-08: KRW 37,450.00 per share

- 2026-09: KRW 34,800.00 per share

- 2026-10: KRW 36,250.00 per share

## Annual estimated value (KRW per share)

- FY2020: low KRW 10,316.72 per share, central KRW 11,739.17 per share, high KRW 13,632.75 per share

- FY2021: low KRW 26,419.33 per share, central KRW 29,953.95 per share, high KRW 34,659.28 per share

- FY2022: low KRW 55,716.35 per share, central KRW 79,592.17 per share, high KRW 93,495.11 per share

- FY2023: low KRW 41,878.04 per share, central KRW 47,652.11 per share, high KRW 55,338.62 per share

- FY2024: low KRW 126,478.59 per share, central KRW 143,605.15 per share, high KRW 166,404.24 per share

- FY2025: low KRW 121,174.24 per share, central KRW 137,114.22 per share, high KRW 158,333.70 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.