# KEPCO Engineering & Construction (052690.KO)

Canonical: https://gigainvestors.com/s/052690.KO

Analysis as of: 2026-10-16T07:39:30.432Z. Financial observations: FY2008–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 100,100.00 per share; close as of 2026-10-15.

Estimated value: low KRW 11,379.27 per share, central KRW 12,678.25 per share, high KRW 14,407.46 per share. Buy at or below the central value KRW 12,678.25 per share. Valuation as of 2026-10-16T07:39:30.432Z; scenarios are not confidence intervals.

Expected annual return: 3.7% at the stated quote. About 3.7% 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: 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: 0

- Operating margin variation: 0.51×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.02×

- FY2017: 0.07×

- FY2018: 0.05×

- FY2019: 0.10×

- FY2020: 0.07×

- FY2021: 0.02×

- FY2022: 0.03×

- FY2023: 0.05×

- FY2024: 0.12×

- FY2025: 0.07×

### moat: fail

- ROIC median below threshold

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

- Recent gross margin fell 5.3pp below the typical margin (limit 4pp)

- ROIC, median of available years: 4.7%

- ROIC, second-lowest year: 2.0%

- Typical minus recent gross margin: 5.3 pp

- Typical gross margin (annual median): 27.0%

- Recent gross margin (lower of latest and 3-year median): 21.7%

- Years with nonpositive capital: 0

- Capital spending / revenue: 1.3%

- ROIC including acquisitions, ten-year median: 6.4%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 2.0%

- FY2017: 4.7%

- FY2018: 3.5%

- FY2019: 8.0%

- FY2020: 5.2%

- FY2021: 1.9%

- FY2022: 2.0%

- FY2023: 4.7%

- FY2024: 13.0%

- FY2025: 6.0%

### economics: fail

- owner earnings cash conversion below threshold

- incremental invested capital return below threshold

- working capital as a share of revenue rose more than 10pp and ends positive

- Owner earnings / net income, 5-yr: 0.77×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: KRW 163B

- Net income, five-year total: KRW 211B

- Return on incremental invested capital: 0.0%

- Working capital / revenue, annual change: 2.8 pp

- Working capital / revenue, change between three-year averages: 20.4 pp

- Working capital / revenue, final three-year average: 30.6%

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

- FY2021: -1.08×

- FY2022: 0.29×

- FY2023: 1.02×

- FY2024: 0.71×

- FY2025: 1.18×

### management: pass

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

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 3.5% vs 6.0%

- Per-share earnings: 594.02 to 1538.00 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

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

- Market cap gain: KRW 2.52T

- Cumulative retained earnings: KRW 218B

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

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 14.6%

- Per-share value change: KRW 943.98

- Per-share value, starting three-year median: KRW 594.02

- Per-share value, ending three-year median: KRW 2K

- Buybacks concentrated in cheaper years (correlation): 1.00

- Average buyback yield: 0.0%

- Buyback history: 2 years

- Debt-funded buybacks: No

- Acquisition spending: KRW 18B

- Cumulative net income, 10 years: KRW 325B

- ROIC, first three-year median: 3.5%

- ROIC, last three-year median: 6.0%

Chart: Earnings per share; fiscal year observations.

- FY2016: KRW 594.02

- FY2017: KRW 853.09

- FY2018: KRW 340.05

- FY2019: KRW 693.89

- FY2020: KRW 529.92

- FY2021: KRW 432.46

- FY2022: KRW 472.00

- FY2023: KRW 858.00

- FY2024: KRW 2K

- FY2025: KRW 2K

### accounting: pass

- Sloan accruals: 6.3%

- Receivables to sales index (DSRI): 0.97×

- Restructuring years, last five: 0

- Earnings backed by cash: Yes

- Operating cash / earnings: 0.34×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.01×

Chart: Sloan accruals; fiscal year observations.

- FY2016: 0.5%

- FY2017: -4.0%

- FY2018: -8.8%

- FY2019: -0.1%

- FY2020: 0.5%

- FY2021: 4.6%

- FY2022: 1.4%

- FY2023: -1.0%

- FY2024: 1.0%

- FY2025: 6.3%

## Holders

## Price story

Down 47% since Apr 2026 · sales -8.9%

Story as of 2026-10-16T10:00:10.814Z; price observation 2026-10-15.

Price needs cash profits to grow 29.7% a year for ten years

### Sales · FY2024–2025

sales -8.9%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: KRW 506B 

- FY2017: KRW 490B 

- FY2018: KRW 434B 

- FY2019: KRW 449B 

- FY2020: KRW 432B 

- FY2021: KRW 433B 

- FY2022: KRW 505B 

- FY2023: KRW 545B 

- FY2024: KRW 569B 

- FY2025: KRW 519B 

### Gross margin · FY2025

gross margin 21.7%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 33.9% 

- FY2017: 31.0% 

- FY2018: 31.5% 

- FY2019: 27.7% 

- FY2020: 28.3% 

- FY2021: 24.7% 

- FY2022: 22.0% 

- FY2023: 23.5% 

- FY2024: 26.3% 

- FY2025: 21.7% 

## Owner memo

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

### How it makes money

Operates in engineering & construction; annual sales are KRW 518.8 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:30.432Z); FY2025: revenue 518767621090; grossProfit 112681577820; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 052690.KO: KEPCO Engineering & Construction Company, Inc. engages in designing, engineering, procurement, and construction of power plants in South Korea and internationally. It offers architect engineering and nuclear steam supply system designing services. The company also engages in engineering, procurement, construction, and test run of nuclear power plants; provision of technological support service to enhance the performance and upgrade the power of nuclear power plants that are being operated; fuel conversion of power plants in operation, performance improvement, and lifetime extension; and construction of thermal power plants. In addition, it is involved in the design of combined heat and power plants, and cycle power plants; renewable energy business; transmission and distribution/substation business; greenhouse gas mitigation; and engineering and construction of fuel gas desulfurization systems, DeNOx systems, water and wastewater treatment facilities, wastewater recycling facilities, and desalinization facilities. The company was formerly known as Korea Power Engineering Company, Inc. and changed its name to KEPCO Engineering & Construction Company, Inc. in July 2010. KEPCO Engineering & Construction Company, Inc. was founded in 1975 and is headquartered in Gimcheon-si, South Korea. KEPCO Engineering & Construction Company, Inc. operates as a subsidiary of Korea Electric Power Corporation.

### Why customers stay

Margins ranged from 21.7% to 26.3% during 2023–25; it earns 4.7% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:30.432Z); FY2023: grossProfit / revenue = 23.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:30.432Z); FY2024: grossProfit / revenue = 26.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:30.432Z); FY2025: grossProfit / revenue = 21.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:30.432Z); 10-year return on capital observations [[2016,0.019513444612569285],[2017,0.04684521394124163],[2018,0.034783307429804955],[2019,0.08031401175201038],[2020,0.051569222451082516],[2021,0.01941720081891282],[2022,0.01952527058553833],[2023,0.04732285503331869],[2024,0.1302361457987909],[2025,0.06023234644697312]]; median 0.04708403448728016. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back KRW 132.9 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:30.432Z); FY2016: growth capex 0; upkeep 20306667440; owner earnings 21931346540. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:30.432Z); FY2017: growth capex 0; upkeep 12362889570; owner earnings 39775086820. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:30.432Z); FY2018: growth capex 0; upkeep 7908429250; owner earnings 29424827750. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:30.432Z); FY2019: growth capex 0; upkeep 2396277300; owner earnings 24514736430. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:30.432Z); FY2020: growth capex 0; upkeep 4197881470; owner earnings 12302845920. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:30.432Z); FY2022: growth capex 0; upkeep 1376542600; owner earnings 5186621200. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:30.432Z); FY2023: growth capex 0; upkeep 7237057400; owner earnings 33303813670. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:30.432Z); FY2024: growth capex 0; upkeep 7133762970; owner earnings 41504512260. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:30.432Z); FY2025: growth capex 0; upkeep 7696806740; owner earnings 100441903110. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:30.432Z); Dividend observations: [[2016,7608701000],[2017,4184785550],[2018,8369571100],[2019,5326090700],[2020,11793486240],[2021,10728268120],[2022,9054353950],[2023,10766311910],[2024,19592405070],[2025,38005461490]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:30.432Z); FY2025: cash repurchases 132899316.66666666 KRW.

### Are managers owners

Insiders own 51% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 052690.KO SharesStats.PercentInsiders = 51.034 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 29.7% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:30.432Z); Ten-year compound average after fade. Initial solved rate 0.42335529458562393. Price 100100; 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 25,100.00 per share

- 2016-11: KRW 23,350.00 per share

- 2016-12: KRW 23,650.00 per share

- 2017-01: KRW 23,600.00 per share

- 2017-02: KRW 26,800.00 per share

- 2017-03: KRW 27,700.00 per share

- 2017-04: KRW 25,200.00 per share

- 2017-05: KRW 23,650.00 per share

- 2017-06: KRW 19,650.00 per share

- 2017-07: KRW 18,950.00 per share

- 2017-08: KRW 18,100.00 per share

- 2017-09: KRW 18,100.00 per share

- 2017-10: KRW 17,900.00 per share

- 2017-11: KRW 18,200.00 per share

- 2017-12: KRW 23,800.00 per share

- 2018-01: KRW 23,900.00 per share

- 2018-02: KRW 23,350.00 per share

- 2018-03: KRW 31,250.00 per share

- 2018-04: KRW 36,850.00 per share

- 2018-05: KRW 31,200.00 per share

- 2018-06: KRW 26,500.00 per share

- 2018-07: KRW 21,300.00 per share

- 2018-08: KRW 20,900.00 per share

- 2018-09: KRW 21,000.00 per share

- 2018-10: KRW 18,350.00 per share

- 2018-11: KRW 20,750.00 per share

- 2018-12: KRW 20,900.00 per share

- 2019-01: KRW 26,150.00 per share

- 2019-02: KRW 26,400.00 per share

- 2019-03: KRW 23,700.00 per share

- 2019-04: KRW 22,800.00 per share

- 2019-05: KRW 21,400.00 per share

- 2019-06: KRW 20,250.00 per share

- 2019-07: KRW 18,850.00 per share

- 2019-08: KRW 17,800.00 per share

- 2019-09: KRW 22,100.00 per share

- 2019-10: KRW 20,550.00 per share

- 2019-11: KRW 18,900.00 per share

- 2019-12: KRW 20,050.00 per share

- 2020-01: KRW 19,700.00 per share

- 2020-02: KRW 18,050.00 per share

- 2020-03: KRW 15,050.00 per share

- 2020-04: KRW 17,000.00 per share

- 2020-05: KRW 16,550.00 per share

- 2020-06: KRW 15,000.00 per share

- 2020-07: KRW 16,200.00 per share

- 2020-08: KRW 16,300.00 per share

- 2020-09: KRW 16,300.00 per share

- 2020-10: KRW 15,550.00 per share

- 2020-11: KRW 16,500.00 per share

- 2020-12: KRW 17,850.00 per share

- 2021-01: KRW 17,050.00 per share

- 2021-02: KRW 17,500.00 per share

- 2021-03: KRW 22,450.00 per share

- 2021-04: KRW 38,400.00 per share

- 2021-05: KRW 58,100.00 per share

- 2021-06: KRW 50,500.00 per share

- 2021-07: KRW 53,300.00 per share

- 2021-08: KRW 46,450.00 per share

- 2021-09: KRW 48,700.00 per share

- 2021-10: KRW 70,900.00 per share

- 2021-11: KRW 83,300.00 per share

- 2021-12: KRW 85,000.00 per share

- 2022-01: KRW 70,600.00 per share

- 2022-02: KRW 89,200.00 per share

- 2022-03: KRW 84,100.00 per share

- 2022-04: KRW 73,600.00 per share

- 2022-05: KRW 74,000.00 per share

- 2022-06: KRW 71,000.00 per share

- 2022-07: KRW 65,600.00 per share

- 2022-08: KRW 73,600.00 per share

- 2022-09: KRW 55,400.00 per share

- 2022-10: KRW 49,650.00 per share

- 2022-11: KRW 60,600.00 per share

- 2022-12: KRW 54,600.00 per share

- 2023-01: KRW 65,700.00 per share

- 2023-02: KRW 63,200.00 per share

- 2023-03: KRW 75,000.00 per share

- 2023-04: KRW 70,300.00 per share

- 2023-05: KRW 66,800.00 per share

- 2023-06: KRW 69,500.00 per share

- 2023-07: KRW 75,600.00 per share

- 2023-08: KRW 66,200.00 per share

- 2023-09: KRW 64,300.00 per share

- 2023-10: KRW 52,300.00 per share

- 2023-11: KRW 61,200.00 per share

- 2023-12: KRW 62,100.00 per share

- 2024-01: KRW 65,600.00 per share

- 2024-02: KRW 70,900.00 per share

- 2024-03: KRW 65,200.00 per share

- 2024-04: KRW 65,700.00 per share

- 2024-05: KRW 69,900.00 per share

- 2024-06: KRW 68,600.00 per share

- 2024-07: KRW 76,100.00 per share

- 2024-08: KRW 67,100.00 per share

- 2024-09: KRW 66,900.00 per share

- 2024-10: KRW 68,800.00 per share

- 2024-11: KRW 68,000.00 per share

- 2024-12: KRW 53,000.00 per share

- 2025-01: KRW 68,900.00 per share

- 2025-02: KRW 63,600.00 per share

- 2025-03: KRW 57,500.00 per share

- 2025-04: KRW 68,000.00 per share

- 2025-05: KRW 62,800.00 per share

- 2025-06: KRW 104,300.00 per share

- 2025-07: KRW 92,300.00 per share

- 2025-08: KRW 92,400.00 per share

- 2025-09: KRW 83,800.00 per share

- 2025-10: KRW 102,200.00 per share

- 2025-11: KRW 92,000.00 per share

- 2025-12: KRW 90,000.00 per share

- 2026-01: KRW 131,400.00 per share

- 2026-02: KRW 175,100.00 per share

- 2026-03: KRW 151,300.00 per share

- 2026-04: KRW 188,600.00 per share

- 2026-05: KRW 134,300.00 per share

- 2026-06: KRW 107,900.00 per share

- 2026-07: KRW 89,000.00 per share

- 2026-08: KRW 116,400.00 per share

- 2026-09: KRW 122,600.00 per share

- 2026-10: KRW 108,700.00 per share

## Annual estimated value (KRW per share)

- FY2018: low KRW 7,475.51 per share, central KRW 8,220.14 per share, high KRW 9,211.39 per share

- FY2019: low KRW 10,360.17 per share, central KRW 11,565.93 per share, high KRW 13,171.06 per share

- FY2020: low KRW 11,548.31 per share, central KRW 12,936.01 per share, high KRW 14,783.32 per share

- FY2021: low KRW 7,392.37 per share, central KRW 8,329.92 per share, high KRW 9,578.00 per share

- FY2022: low KRW 5,089.84 per share, central KRW 5,660.33 per share, high KRW 6,419.78 per share

- FY2023: low KRW 6,841.85 per share, central KRW 7,456.94 per share, high KRW 8,275.76 per share

- FY2024: low KRW 8,593.21 per share, central KRW 9,236.08 per share, high KRW 10,091.88 per share

- FY2025: low KRW 13,222.04 per share, central KRW 14,477.64 per share, high KRW 16,149.11 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 2026-10-15T06:44:56.150Z 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.