# Hyundai Department (069960.KO)

Canonical: https://gigainvestors.com/s/069960.KO

Analysis as of: 2026-10-16T07:43:10.963Z. Financial observations: FY2002–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 76,600.00 per share; close as of 2026-10-15.

## Checklist

### understandable: fail

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

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 3

- Years with a net loss: 2

- Operating margin variation: 0.50×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.21×

- FY2018: 0.19×

- FY2019: 0.13×

- FY2020: 0.06×

- FY2021: 0.07×

- FY2022: 0.06×

- FY2023: 0.07×

- FY2024: 0.07×

- FY2025: 0.09×

- LTM to Jun 2026: 0.09×

### moat: fail

- ROIC median below threshold

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

- Recent gross margin fell 6.8pp below the typical margin (limit 4pp)

- ROIC, median of available years: 4.2%

- ROIC, second-lowest year: 3.2%

- Typical minus recent gross margin: 6.8 pp

- Typical gross margin (annual median): 66.0%

- Recent gross margin (lower of latest and 3-year median): 59.2%

- Years with nonpositive capital: 0

- Capital spending / revenue: 12.2%

- ROIC including acquisitions, ten-year median: 1.3%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 6.9%

- FY2017: 6.2%

- FY2018: 6.2%

- FY2019: 4.5%

- FY2020: 1.9%

- FY2021: 3.6%

- FY2022: 3.9%

- FY2023: 3.3%

- FY2024: 3.2%

- FY2025: 6.8%

### 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: -0.46×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: KRW -195B

- Net income, five-year total: KRW 425B

- Return on incremental invested capital: 6.8%

- Working capital / revenue, annual change: 2.3 pp

- Working capital / revenue, change between three-year averages: 19.0 pp

- Working capital / revenue, final three-year average: 32.3%

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

- FY2021: 0.31×

- FY2022: 0.72×

- FY2023: 1.88×

- FY2024: 5.66×

- FY2025: -0.02×

### management: fail

- 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: 6.2% vs 3.3%

- Per-share earnings: 11245.27 to -1645.00 (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: -0.4%

- Market cap gain: KRW -561B

- Cumulative retained earnings: KRW 885B

- Diluted shares, 5-year annual growth: -0.4%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value change: KRW -13K

- Per-share value, starting three-year median: KRW 11K

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

- Buybacks concentrated in cheaper years (correlation): 0.05

- Average buyback yield: 0.7%

- Buyback history: 8 years

- Debt-funded buybacks: No

- Acquisition spending: KRW 1.52T

- Cumulative net income, 10 years: KRW 1.46T

- ROIC, first three-year median: 6.2%

- ROIC, last three-year median: 3.3%

Chart: Earnings per share; fiscal year observations.

- FY2016: KRW 12K

- FY2017: KRW 11K

- FY2018: KRW 11K

- FY2019: KRW 9K

- FY2020: KRW 3K

- FY2021: KRW 9K

- FY2022: KRW 7K

- FY2023: KRW -4K

- FY2024: KRW -2K

- FY2025: KRW 10K

### accounting: pass

- Sloan accruals: -6.9%

- Receivables to sales index (DSRI): 0.79×

- Restructuring years, last five: 0

- Earnings backed by cash: Yes

- Operating cash / earnings: 4.75×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.21×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -2.5%

- FY2017: -2.7%

- FY2018: -2.8%

- FY2019: -2.4%

- FY2020: -2.2%

- FY2021: -3.5%

- FY2022: -2.9%

- FY2023: -7.2%

- FY2024: -6.9%

- FY2025: -6.9%

## Holders

## Price story

Down 60% since Jun 2026 · sales -3.8%

Story as of 2026-10-16T10:00:12.633Z; price observation 2026-10-15.

### Sales · FY2025–2026

sales -3.8%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: KRW 1.85T 

- FY2018: KRW 1.86T 

- FY2019: KRW 2.20T 

- FY2020: KRW 2.27T 

- FY2021: KRW 3.57T 

- FY2022: KRW 5.01T 

- FY2023: KRW 4.21T 

- FY2024: KRW 4.19T 

- FY2025: KRW 4.23T 

- FY2026: KRW 4.07T 

### Gross margin · FY2025

gross margin 60.3%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 82.8% 

- FY2017: 83.1% 

- FY2018: 81.2% 

- FY2019: 74.0% 

- FY2020: 62.8% 

- FY2021: 65.5% 

- FY2022: 66.6% 

- FY2023: 59.2% 

- FY2024: 58.9% 

- FY2025: 60.3% 

## Owner memo

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

### How it makes money

Operates in department stores; annual sales are KRW 4.2 trillion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:10.963Z); FY2025: revenue 4230320613000; grossProfit 2549882069000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 069960.KO: Hyundai Department Store Co. Ltd. operates various department stores, outlets, and duty-free shops in South Korea. The company offers clothing, miscellaneous goods, etc. through department stores. The company also manufactures and sells beds, bedding and furniture products such as mattresses. Hyundai Department Store Co. Ltd. was founded in 2002 and is headquartered in Seoul, South Korea.

### Why customers stay

Margins ranged from 58.9% to 60.3% during 2023–25; it earns 4.2% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:10.963Z); FY2023: grossProfit / revenue = 59.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:10.963Z); FY2024: grossProfit / revenue = 58.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:10.963Z); FY2025: grossProfit / revenue = 60.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:10.963Z); 10-year return on capital observations [[2016,0.06915152163325299],[2017,0.06243509994249791],[2018,0.062105081436748776],[2019,0.045289522170972894],[2020,0.018772595280817685],[2021,0.03550114629788153],[2022,0.03867685650621623],[2023,0.03290979732455069],[2024,0.03226376908479579],[2025,0.06774868412930413]]; median 0.04198318933859456. 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 21.1 billion of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:10.963Z); FY2016: growth capex 0; upkeep 334049437000; owner earnings 107967693000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:10.963Z); FY2017: growth capex 0; upkeep 314397645000; owner earnings 122836737000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:10.963Z); FY2018: growth capex 0; upkeep 221299631000; owner earnings 214024927000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:10.963Z); FY2019: growth capex 61366942000; upkeep 212101027000; owner earnings 111911975600. Growth capex / owner earnings = 0.5483500909620257.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:10.963Z); FY2021: growth capex 0; upkeep 271175656000; owner earnings 58590340000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:10.963Z); FY2022: growth capex 0; upkeep 260811358000; owner earnings 103169798222.14336. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:10.963Z); Dividend observations: [[2016,22858110000],[2017,15904830000],[2018,18045749000],[2019,20301467000],[2020,22323186000],[2021,22089186000],[2022,24040703000],[2023,41301802000],[2024,37822741000],[2025,51077021000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:10.963Z); FY2025: cash repurchases 21087125000 KRW.

### Are managers owners

Insiders own 44% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 069960.KO SharesStats.PercentInsiders = 43.958000000000006 percentage points; cache date 2026-10-16.

### What the price says

The price is 0.4 times annual sales; cash earnings are negative.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:10.963Z); Closing price 76600 KRW; reporting-to-trading FX 1; FY2025 annual sales per share 194988.28720842415; price multiple 0.3928441092367861. FY2025 cash earnings/share -180.87825359720796. Closing-price date 2026-10-15.

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

- 2016-11: KRW 108,000.00 per share

- 2016-12: KRW 109,000.00 per share

- 2017-01: KRW 96,200.00 per share

- 2017-02: KRW 99,400.00 per share

- 2017-03: KRW 101,000.00 per share

- 2017-04: KRW 108,000.00 per share

- 2017-05: KRW 116,000.00 per share

- 2017-06: KRW 110,500.00 per share

- 2017-07: KRW 111,000.00 per share

- 2017-08: KRW 96,600.00 per share

- 2017-09: KRW 88,400.00 per share

- 2017-10: KRW 91,500.00 per share

- 2017-11: KRW 97,800.00 per share

- 2017-12: KRW 104,500.00 per share

- 2018-01: KRW 104,000.00 per share

- 2018-02: KRW 91,400.00 per share

- 2018-03: KRW 92,600.00 per share

- 2018-04: KRW 103,500.00 per share

- 2018-05: KRW 112,500.00 per share

- 2018-06: KRW 115,500.00 per share

- 2018-07: KRW 98,400.00 per share

- 2018-08: KRW 99,600.00 per share

- 2018-09: KRW 99,400.00 per share

- 2018-10: KRW 86,700.00 per share

- 2018-11: KRW 93,900.00 per share

- 2018-12: KRW 90,400.00 per share

- 2019-01: KRW 95,600.00 per share

- 2019-02: KRW 96,800.00 per share

- 2019-03: KRW 101,000.00 per share

- 2019-04: KRW 101,500.00 per share

- 2019-05: KRW 84,600.00 per share

- 2019-06: KRW 82,700.00 per share

- 2019-07: KRW 74,100.00 per share

- 2019-08: KRW 78,000.00 per share

- 2019-09: KRW 78,100.00 per share

- 2019-10: KRW 73,900.00 per share

- 2019-11: KRW 83,200.00 per share

- 2019-12: KRW 83,100.00 per share

- 2020-01: KRW 78,000.00 per share

- 2020-02: KRW 70,900.00 per share

- 2020-03: KRW 58,800.00 per share

- 2020-04: KRW 72,700.00 per share

- 2020-05: KRW 64,000.00 per share

- 2020-06: KRW 56,300.00 per share

- 2020-07: KRW 59,700.00 per share

- 2020-08: KRW 53,700.00 per share

- 2020-09: KRW 56,300.00 per share

- 2020-10: KRW 59,200.00 per share

- 2020-11: KRW 70,900.00 per share

- 2020-12: KRW 71,400.00 per share

- 2021-01: KRW 78,200.00 per share

- 2021-02: KRW 82,000.00 per share

- 2021-03: KRW 90,700.00 per share

- 2021-04: KRW 92,800.00 per share

- 2021-05: KRW 93,100.00 per share

- 2021-06: KRW 87,400.00 per share

- 2021-07: KRW 80,000.00 per share

- 2021-08: KRW 80,800.00 per share

- 2021-09: KRW 79,900.00 per share

- 2021-10: KRW 82,800.00 per share

- 2021-11: KRW 67,100.00 per share

- 2021-12: KRW 75,100.00 per share

- 2022-01: KRW 71,500.00 per share

- 2022-02: KRW 76,600.00 per share

- 2022-03: KRW 75,700.00 per share

- 2022-04: KRW 75,700.00 per share

- 2022-05: KRW 79,000.00 per share

- 2022-06: KRW 70,100.00 per share

- 2022-07: KRW 66,600.00 per share

- 2022-08: KRW 61,900.00 per share

- 2022-09: KRW 54,400.00 per share

- 2022-10: KRW 54,100.00 per share

- 2022-11: KRW 60,300.00 per share

- 2022-12: KRW 59,000.00 per share

- 2023-01: KRW 61,900.00 per share

- 2023-02: KRW 54,300.00 per share

- 2023-03: KRW 54,700.00 per share

- 2023-04: KRW 51,700.00 per share

- 2023-05: KRW 51,100.00 per share

- 2023-06: KRW 49,300.00 per share

- 2023-07: KRW 55,400.00 per share

- 2023-08: KRW 69,400.00 per share

- 2023-09: KRW 63,600.00 per share

- 2023-10: KRW 53,400.00 per share

- 2023-11: KRW 50,800.00 per share

- 2023-12: KRW 51,800.00 per share

- 2024-01: KRW 53,800.00 per share

- 2024-02: KRW 52,400.00 per share

- 2024-03: KRW 51,600.00 per share

- 2024-04: KRW 52,600.00 per share

- 2024-05: KRW 49,650.00 per share

- 2024-06: KRW 48,700.00 per share

- 2024-07: KRW 47,000.00 per share

- 2024-08: KRW 47,800.00 per share

- 2024-09: KRW 48,900.00 per share

- 2024-10: KRW 47,100.00 per share

- 2024-11: KRW 46,350.00 per share

- 2024-12: KRW 47,250.00 per share

- 2025-01: KRW 50,400.00 per share

- 2025-02: KRW 57,100.00 per share

- 2025-03: KRW 59,900.00 per share

- 2025-04: KRW 59,800.00 per share

- 2025-05: KRW 72,000.00 per share

- 2025-06: KRW 75,600.00 per share

- 2025-07: KRW 70,700.00 per share

- 2025-08: KRW 74,300.00 per share

- 2025-09: KRW 88,500.00 per share

- 2025-10: KRW 80,800.00 per share

- 2025-11: KRW 91,200.00 per share

- 2025-12: KRW 88,600.00 per share

- 2026-01: KRW 93,700.00 per share

- 2026-02: KRW 110,000.00 per share

- 2026-03: KRW 79,200.00 per share

- 2026-04: KRW 108,900.00 per share

- 2026-05: KRW 109,800.00 per share

- 2026-06: KRW 193,700.00 per share

- 2026-07: KRW 118,800.00 per share

- 2026-08: KRW 95,400.00 per share

- 2026-09: KRW 89,600.00 per share

- 2026-10: KRW 82,600.00 per share

## Annual estimated value (KRW per share)

- FY2016: low KRW 33,486.67 per share, central KRW 35,578.77 per share, high KRW 38,363.80 per share

- FY2017: low KRW 26,289.38 per share, central KRW 28,421.00 per share, high KRW 31,258.63 per share

- FY2018: low KRW 72,389.81 per share, central KRW 79,722.84 per share, high KRW 89,484.65 per share

- FY2019: low KRW 85,085.97 per share, central KRW 93,835.80 per share, high KRW 105,483.68 per share

- FY2020: low KRW 111,477.64 per share, central KRW 120,618.55 per share, high KRW 132,787.04 per share

- FY2021: low KRW 120,606.34 per share, central KRW 133,143.41 per share, high KRW 149,832.92 per share

- FY2022: low KRW 86,030.71 per share, central KRW 93,145.39 per share, high KRW 102,616.54 per share

- FY2023: low KRW 73,838.87 per share, central KRW 78,597.25 per share, high KRW 84,931.67 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 2026-10-15T06:48:59.623Z 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.