# Kiwoom (039490.KO)

Canonical: https://gigainvestors.com/s/039490.KO

Analysis as of: 2026-10-16T07:38:06.523Z. Financial observations: FY2000–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 210,000.00 per share; close as of 2026-10-15.

Estimated value: low KRW 593,605.43 per share, central KRW 675,450.65 per share, high KRW 784,403.99 per share. Buy at or below the central value KRW 675,450.65 per share. Valuation as of 2026-10-16T07:38:06.523Z; scenarios are not confidence intervals.

Expected annual return: 26.7% at the stated quote. About 26.7% 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

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

- Financial history: 10 years

- Years with declining revenue: 2

- Years with a net loss: 0

- Operating margin variation: 0.20×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.81×

- FY2017: 0.84×

- FY2018: 1.39×

- FY2019: 0.80×

- FY2020: 0.76×

- FY2021: 0.74×

- FY2022: 0.89×

- FY2023: 0.87×

- FY2024: 1.06×

- FY2025: 1.02×

### moat: pass

- Years with nonpositive invested capital use equity plus debt and leases; positive earnings with no positive capital are shown above 100%.

- ROIC, median of available years: 31.0%

- ROIC, second-lowest year: 20.1%

- Years with nonpositive capital: 3

- Capital spending / revenue: 1.7%

- ROIC including acquisitions, ten-year median: 18.2%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 20.1%

- FY2017: 11.2%

- FY2018: >100%

- FY2019: 23.4%

- FY2020: 30.3%

- FY2021: 25.3%

- FY2022: 89.6%

- FY2023: >100%

- FY2024: 45.6%

- FY2025: 31.6%

### economics: pass

- Owner earnings / net income, 5-yr: 1.02×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: KRW 3.86T

- Net income, five-year total: KRW 3.80T

- Return on incremental invested capital: 45.4%

- Working capital / revenue, annual change: -100.2 pp

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

- FY2021: 1.02×

- FY2022: 1.03×

- FY2023: 1.03×

- FY2024: 1.02×

- FY2025: 1.00×

### management: pass

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- potential debt-funded buybacks (informational)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 20.1% vs 45.6%

- Per-share earnings: 8155.06 to 28538.00 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: 2.4%

- Market cap gain: KRW 6.07T

- Cumulative retained earnings: KRW 4.36T

- Diluted shares, 5-year annual growth: 2.4%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 19.6%

- Per-share value change: KRW 20K

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

- Per-share value, ending three-year median: KRW 29K

- Buybacks concentrated in cheaper years (correlation): 0.90

- Average buyback yield: 1.8%

- Buyback history: 5 years

- Debt-funded buybacks: Yes

- Acquisition spending: KRW 48B

- Cumulative net income, 10 years: KRW 5.48T

- ROIC, first three-year median: 20.1%

- ROIC, last three-year median: 45.6%

Chart: Earnings per share; fiscal year observations.

- FY2016: KRW 8K

- FY2017: KRW 11K

- FY2018: KRW 8K

- FY2019: KRW 14K

- FY2020: KRW 30K

- FY2021: KRW 35K

- FY2022: KRW 16K

- FY2023: KRW 15K

- FY2024: KRW 29K

- FY2025: KRW 42K

### accounting: fail

- earnings not backed by cash

- Sloan accruals: 9.3%

- Receivables to sales index (DSRI): 1.21×

- Earnings backed by cash: No

- Operating cash / earnings: -5.75×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.01×

Chart: Sloan accruals; fiscal year observations.

- FY2016: 6.6%

- FY2017: 9.2%

- FY2018: 9.3%

- FY2019: 14.4%

- FY2020: 5.7%

- FY2021: 9.8%

- FY2022: 5.2%

- FY2023: 5.0%

- FY2024: 10.4%

- FY2025: 9.3%

## Holders

## Price story

Down 55% since Feb 2026 · sales +26.1%

Story as of 2026-10-16T10:00:09.739Z; price observation 2026-10-15.

Price needs cash profits to shrink 14.1% a year for ten years

### Sales · FY2024–2025

sales +26.1%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: KRW 486B 

- FY2017: KRW 613B 

- FY2018: KRW 631B 

- FY2019: KRW 892B 

- FY2020: KRW 1.60T 

- FY2021: KRW 1.97T 

- FY2022: KRW 1.36T 

- FY2023: KRW 1.85T 

- FY2024: KRW 2.05T 

- FY2025: KRW 2.59T 

## Owner memo

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

### How it makes money

Operates in capital markets; annual sales are KRW 2.6 trillion.

- Source: https://eodhd.com/api/fundamentals/039490.KO.json#2025-12-31 (filed 2026-10-16T07:38:06.523Z); FY2025: revenue 2588102918240; operatingIncome 2650954316060; margin = operatingIncome / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 039490.KO: Kiwoom Securities Co., Ltd., together with its subsidiaries, provides online brokerage services in South Korea and internationally. The company offers online trading system to trade in foreign stock, local and overseas futures, and F/X margin trading, as well as equity, futures, and option deals. It also provides derivatives and futures trading services; and equity capital market services, such as initial pricing offering and recapitalization, as well as recruiting and underwriting of bonds, including convertible bonds and bonds with warrant. In addition, the company offers debt capital market services comprising underwriting corporate debt and asset-backed securities, and liquidating assets; and provides research center services, as well as operates a savings bank that provides financial services to the local residents and small-medium companies. Kiwoom Securities Co., Ltd. was founded in 2000 and is headquartered in Seoul, South Korea.

### Why customers stay

It earns 31% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:06.523Z); FY2023: operatingIncome / revenue = 87.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:06.523Z); FY2024: operatingIncome / revenue = 106.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:06.523Z); FY2025: operatingIncome / revenue = 102.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:06.523Z); 10-year return on capital observations [[2016,0.20148722585531156],[2017,0.1120501620947091],[2018,1.3529206355913328],[2019,0.2341217496709358],[2020,0.30307635624576473],[2021,0.25262569324174505],[2022,0.8958240661437491],[2023,1.6641804482183677],[2024,0.45618124185407866],[2025,0.31600478910245466]]; median 0.3095405726741097. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Spends 1.8% of cash earnings on expansion; earns 45.4% on new investment.

- Source: https://eodhd.com/api/fundamentals/039490.KO.json#2016-12-31 (filed 2026-10-16T07:38:06.523Z); FY2016: growth capex 0; upkeep 12459537400; owner earnings 197205007100. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/039490.KO.json#2019-12-31 (filed 2026-10-16T07:38:06.523Z); FY2019: growth capex 0; upkeep 8189320560; owner earnings 377773980920. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/039490.KO.json#2020-12-31 (filed 2026-10-16T07:38:06.523Z); FY2020: growth capex 0; upkeep 15510231860; owner earnings 716774986900. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/039490.KO.json#2021-12-31 (filed 2026-10-16T07:38:06.523Z); FY2021: growth capex 0; upkeep 15526716810; owner earnings 924601241860. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/039490.KO.json#2022-12-31 (filed 2026-10-16T07:38:06.523Z); FY2022: growth capex 0; upkeep 26550435810; owner earnings 521292504490. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/039490.KO.json#2023-12-31 (filed 2026-10-16T07:38:06.523Z); FY2023: growth capex 0; upkeep 27772067700; owner earnings 449406989240. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/039490.KO.json#2024-12-31 (filed 2026-10-16T07:38:06.523Z); FY2024: growth capex 0; upkeep 36897631120; owner earnings 851213631900. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/039490.KO.json#2025-12-31 (filed 2026-10-16T07:38:06.523Z); FY2025: growth capex 20381848830; upkeep 64328373620; owner earnings 1113586445150. Growth capex / owner earnings = 0.018302888759798585.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:06.523Z); Incremental return on capital 0.4536159819834405, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:06.523Z); Dividend observations: [[2016,15469818000],[2017,19383423770],[2018,28729662000],[2019,47757431800],[2020,57807301810],[2021,77270087300],[2022,105645259370],[2023,89284468470],[2024,88098525140],[2025,205678630140]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/api/fundamentals/039490.KO.json#2025-12-31 (filed 2026-10-16T07:38:06.523Z); FY2025: cash repurchases 35039967350 KRW.

### Are managers owners

Insiders own 42.5% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 039490.KO SharesStats.PercentInsiders = 42.498000000000005 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits shrink 14.1% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:06.523Z); Ten-year compound average after fade. Initial solved rate -0.20780075819664484. Price 210000; 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 66,500.00 per share

- 2016-11: KRW 64,000.00 per share

- 2016-12: KRW 72,000.00 per share

- 2017-01: KRW 72,600.00 per share

- 2017-02: KRW 77,100.00 per share

- 2017-03: KRW 81,400.00 per share

- 2017-04: KRW 79,100.00 per share

- 2017-05: KRW 84,000.00 per share

- 2017-06: KRW 93,400.00 per share

- 2017-07: KRW 84,900.00 per share

- 2017-08: KRW 80,700.00 per share

- 2017-09: KRW 72,400.00 per share

- 2017-10: KRW 71,700.00 per share

- 2017-11: KRW 82,200.00 per share

- 2017-12: KRW 87,600.00 per share

- 2018-01: KRW 107,000.00 per share

- 2018-02: KRW 99,100.00 per share

- 2018-03: KRW 108,500.00 per share

- 2018-04: KRW 118,500.00 per share

- 2018-05: KRW 125,500.00 per share

- 2018-06: KRW 108,500.00 per share

- 2018-07: KRW 92,900.00 per share

- 2018-08: KRW 92,200.00 per share

- 2018-09: KRW 97,500.00 per share

- 2018-10: KRW 75,500.00 per share

- 2018-11: KRW 85,000.00 per share

- 2018-12: KRW 78,200.00 per share

- 2019-01: KRW 86,100.00 per share

- 2019-02: KRW 81,000.00 per share

- 2019-03: KRW 81,100.00 per share

- 2019-04: KRW 82,200.00 per share

- 2019-05: KRW 78,800.00 per share

- 2019-06: KRW 81,600.00 per share

- 2019-07: KRW 73,200.00 per share

- 2019-08: KRW 65,800.00 per share

- 2019-09: KRW 67,900.00 per share

- 2019-10: KRW 69,200.00 per share

- 2019-11: KRW 75,300.00 per share

- 2019-12: KRW 79,500.00 per share

- 2020-01: KRW 70,900.00 per share

- 2020-02: KRW 66,100.00 per share

- 2020-03: KRW 70,000.00 per share

- 2020-04: KRW 75,000.00 per share

- 2020-05: KRW 78,900.00 per share

- 2020-06: KRW 87,200.00 per share

- 2020-07: KRW 96,000.00 per share

- 2020-08: KRW 109,000.00 per share

- 2020-09: KRW 99,500.00 per share

- 2020-10: KRW 103,000.00 per share

- 2020-11: KRW 124,000.00 per share

- 2020-12: KRW 126,500.00 per share

- 2021-01: KRW 141,000.00 per share

- 2021-02: KRW 129,000.00 per share

- 2021-03: KRW 126,000.00 per share

- 2021-04: KRW 132,500.00 per share

- 2021-05: KRW 122,000.00 per share

- 2021-06: KRW 131,000.00 per share

- 2021-07: KRW 118,000.00 per share

- 2021-08: KRW 118,000.00 per share

- 2021-09: KRW 110,000.00 per share

- 2021-10: KRW 105,000.00 per share

- 2021-11: KRW 97,500.00 per share

- 2021-12: KRW 107,000.00 per share

- 2022-01: KRW 88,500.00 per share

- 2022-02: KRW 99,900.00 per share

- 2022-03: KRW 98,800.00 per share

- 2022-04: KRW 95,300.00 per share

- 2022-05: KRW 95,400.00 per share

- 2022-06: KRW 82,700.00 per share

- 2022-07: KRW 84,500.00 per share

- 2022-08: KRW 85,600.00 per share

- 2022-09: KRW 75,700.00 per share

- 2022-10: KRW 80,800.00 per share

- 2022-11: KRW 92,000.00 per share

- 2022-12: KRW 84,000.00 per share

- 2023-01: KRW 98,200.00 per share

- 2023-02: KRW 103,200.00 per share

- 2023-03: KRW 101,000.00 per share

- 2023-04: KRW 93,700.00 per share

- 2023-05: KRW 93,800.00 per share

- 2023-06: KRW 88,400.00 per share

- 2023-07: KRW 97,200.00 per share

- 2023-08: KRW 103,300.00 per share

- 2023-09: KRW 94,400.00 per share

- 2023-10: KRW 80,500.00 per share

- 2023-11: KRW 92,300.00 per share

- 2023-12: KRW 99,500.00 per share

- 2024-01: KRW 96,700.00 per share

- 2024-02: KRW 125,700.00 per share

- 2024-03: KRW 121,700.00 per share

- 2024-04: KRW 132,400.00 per share

- 2024-05: KRW 133,800.00 per share

- 2024-06: KRW 125,900.00 per share

- 2024-07: KRW 132,800.00 per share

- 2024-08: KRW 135,100.00 per share

- 2024-09: KRW 130,000.00 per share

- 2024-10: KRW 134,600.00 per share

- 2024-11: KRW 128,900.00 per share

- 2024-12: KRW 116,200.00 per share

- 2025-01: KRW 125,200.00 per share

- 2025-02: KRW 114,200.00 per share

- 2025-03: KRW 126,900.00 per share

- 2025-04: KRW 137,000.00 per share

- 2025-05: KRW 162,600.00 per share

- 2025-06: KRW 229,000.00 per share

- 2025-07: KRW 215,500.00 per share

- 2025-08: KRW 205,500.00 per share

- 2025-09: KRW 245,000.00 per share

- 2025-10: KRW 297,000.00 per share

- 2025-11: KRW 273,000.00 per share

- 2025-12: KRW 289,500.00 per share

- 2026-01: KRW 443,500.00 per share

- 2026-02: KRW 466,000.00 per share

- 2026-03: KRW 410,500.00 per share

- 2026-04: KRW 398,000.00 per share

- 2026-05: KRW 370,500.00 per share

- 2026-06: KRW 343,000.00 per share

- 2026-07: KRW 293,500.00 per share

- 2026-08: KRW 277,500.00 per share

- 2026-09: KRW 251,500.00 per share

- 2026-10: KRW 230,000.00 per share

## Annual estimated value (KRW per share)

- FY2020: low KRW 300,956.58 per share, central KRW 342,451.91 per share, high KRW 397,691.01 per share

- FY2021: low KRW 354,243.77 per share, central KRW 403,086.25 per share, high KRW 468,105.94 per share

- FY2022: low KRW 203,936.58 per share, central KRW 232,054.98 per share, high KRW 269,486.53 per share

- FY2023: low KRW 291,963.52 per share, central KRW 332,218.90 per share, high KRW 385,807.36 per share

- FY2024: low KRW 317,966.23 per share, central KRW 361,806.82 per share, high KRW 420,167.95 per share

- FY2025: low KRW 443,225.81 per share, central KRW 504,336.96 per share, high KRW 585,688.86 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 2026-10-15T06:43:39.634Z 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