# GS Holdings (078930.KO)

Canonical: https://gigainvestors.com/s/078930.KO

Analysis as of: 2026-10-16T07:36:48.946Z. Financial observations: FY2004–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 94,400.00 per share; close as of 2026-10-15.

Estimated value: low KRW 42,884.32 per share, central KRW 47,046.20 per share, high KRW 52,586.55 per share. Buy at or below the central value KRW 47,046.20 per share. Valuation as of 2026-10-16T07:36:48.946Z; scenarios are not confidence intervals.

Expected annual return: 5.9% at the stated quote. About 5.9% 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

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

- Financial history: 10 years

- Years with declining revenue: 4

- Years with a net loss: 1

- Operating margin variation: 0.29×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.08×

- FY2018: 0.10×

- FY2019: 0.10×

- FY2020: 0.06×

- FY2021: 0.13×

- FY2022: 0.17×

- FY2023: 0.14×

- FY2024: 0.12×

- FY2025: 0.12×

- LTM to Jun 2026: 0.17×

### moat: fail

- ROIC median below threshold

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

- ROIC, median of available years: 7.6%

- ROIC, second-lowest year: 4.7%

- Typical minus recent gross margin: -1.4 pp

- Typical gross margin (annual median): 22.6%

- Recent gross margin (lower of latest and 3-year median): 24.0%

- Years with nonpositive capital: 0

- Capital spending / revenue: 4.4%

- ROIC including acquisitions, ten-year median: 0.8%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 4.7%

- FY2017: 5.3%

- FY2018: 7.0%

- FY2019: 6.4%

- FY2020: 3.5%

- FY2021: 8.7%

- FY2022: 15.3%

- FY2023: 11.1%

- FY2024: 8.9%

- FY2025: 8.2%

### economics: fail

- owner earnings cash conversion below threshold

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 0.28×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: KRW 1.72T

- Net income, five-year total: KRW 6.26T

- Return on incremental invested capital: 8.1%

- Working capital / revenue, annual change: 0.1 pp

- Working capital / revenue, change between three-year averages: 0.7 pp

- Working capital / revenue, final three-year average: 5.7%

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

- FY2021: 0.71×

- FY2022: 0.79×

- FY2023: 0.19×

- FY2024: -1.18×

- FY2025: -0.71×

### 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: 5.3% vs 8.9%

- Per-share earnings: 9539.96 to 8435.00 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: 0.4%

- Market cap gain: KRW 209B

- Cumulative retained earnings: KRW 6.80T

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

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: -1.7%

- Per-share value change: KRW -1K

- Per-share value, starting three-year median: KRW 10K

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

- Buyback history: 0 years

- Debt-funded buybacks: No

- Acquisition spending: KRW 897B

- Cumulative net income, 10 years: KRW 9.25T

- ROIC, first three-year median: 5.3%

- ROIC, last three-year median: 8.9%

Chart: Earnings per share; fiscal year observations.

- FY2016: KRW 9K

- FY2017: KRW 10K

- FY2018: KRW 10K

- FY2019: KRW 6K

- FY2020: KRW -3K

- FY2021: KRW 16K

- FY2022: KRW 23K

- FY2023: KRW 14K

- FY2024: KRW 6K

- FY2025: KRW 8K

### accounting: pass

- Sloan accruals: -3.9%

- Receivables to sales index (DSRI): 1.07×

- Restructuring years, last five: 0

- Earnings backed by cash: Yes

- Operating cash / earnings: 2.75×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.13×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -0.2%

- FY2017: -1.5%

- FY2018: -1.6%

- FY2019: -4.2%

- FY2020: -8.1%

- FY2021: 1.4%

- FY2022: -1.7%

- FY2023: -5.0%

- FY2024: -5.3%

- FY2025: -3.9%

## Holders

## Price story

Down 26% since Aug 2026 · sales +8.3%

Story as of 2026-10-16T10:00:08.120Z; price observation 2026-10-15.

Price needs cash profits to grow 11.8% a year for ten years

### Sales · FY2025–2026

sales +8.3%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: KRW 15.38T 

- FY2018: KRW 17.20T 

- FY2019: KRW 17.48T 

- FY2020: KRW 15.44T 

- FY2021: KRW 20.24T 

- FY2022: KRW 28.78T 

- FY2023: KRW 25.98T 

- FY2024: KRW 25.25T 

- FY2025: KRW 25.18T 

- FY2026: KRW 27.28T 

### Gross margin · FY2025

gross margin 24%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 19.4% 

- FY2017: 19.2% 

- FY2018: 20.7% 

- FY2019: 21.1% 

- FY2020: 17.9% 

- FY2021: 24.5% 

- FY2022: 27.8% 

- FY2023: 25.8% 

- FY2024: 24.5% 

- FY2025: 24.0% 

## Owner memo

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

### How it makes money

Operates in conglomerates; annual sales are KRW 25.2 trillion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:48.946Z); FY2025: revenue 25184127000000; grossProfit 6047340000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 078930.KO: GS Holdings Corp., together its subsidiaries, engages in the energy, power generation, retail, service, construction, and infrastructure businesses. The company supplies heating and cooling facilities; composite resin; electricity and steam by operating coal power plant and wind power farms; produces electricity through combined heat and power plant; provides LNG to power distribution companies; bio diesel; exports refined oils, lubricants, aromatics, and polymers; collects wastes and converts them into rare metals; manufactures wind turbines; operates shipping fleet, comprising petrochemical tankers and gas carriers; and provides petroleum product distribution, transportation, and car sharing services. It operates a convenience store under the GS25 brand; retail chain under the GS THE FRESH brand; GS SHOP, a live commerce store; and hotel under the Parnas brand. In addition, the company manufactures and processes ready-to-eat foods; provides media and marketing services, such as mobile coupons, advertisement placement and content, and digital signage; manages the FC Seoul soccer team and GS Caltex Seoul Kixx volleyball team; and processes rebar for construction sites. Further, it offers home network systems, real estate asset management, and residential customer support; operation and maintenance services for oil, gas, petrochemical, and power generation and environmental plants; and operates golf and ski resort with condominiums and leisure amenities. The company was founded in 2004 and is based in Seoul, South Korea.

### Why customers stay

Margins ranged from 24% to 25.8% during 2023–25; it earns 7.6% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:48.946Z); FY2023: grossProfit / revenue = 25.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:48.946Z); FY2024: grossProfit / revenue = 24.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:48.946Z); FY2025: grossProfit / revenue = 24%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:48.946Z); 10-year return on capital observations [[2016,0.04702339063733669],[2017,0.053285684876843674],[2018,0.06974640821585458],[2019,0.06358694185291654],[2020,0.0350797538876499],[2021,0.08677002190211743],[2022,0.15255726760489408],[2023,0.11098503367966868],[2024,0.08924069061239735],[2025,0.08200626232254493]]; median 0.07587633526919976. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:48.946Z); FY2017: growth capex 0; upkeep 1130040000000; owner earnings 176438000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:48.946Z); FY2018: growth capex 0; upkeep 732696000000; owner earnings 536501000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:48.946Z); FY2019: growth capex 150105000000; upkeep 585638000000; owner earnings 113594600000. Growth capex / owner earnings = 1.3214096444725365.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:48.946Z); FY2021: growth capex 331187000000; upkeep 574184000000; owner earnings 1025211800000. Growth capex / owner earnings = 0.32304251667801714.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:48.946Z); FY2022: growth capex 284979000000; upkeep 582425000000; owner earnings 1682613358669.1724. Growth capex / owner earnings = 0.1693668949742549.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:48.946Z); FY2023: growth capex 0; upkeep 1095271000000; owner earnings 249042600000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:48.946Z); Dividend observations: [[2016,172000000000],[2017,187620000000],[2018,203029000000],[2019,229203000000],[2020,254309000000],[2021,236591000000],[2022,312809000000],[2023,470134000000],[2024,407069000000],[2025,412862000000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 53.1% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 078930.KO SharesStats.PercentInsiders = 53.128 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 11.8% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:48.946Z); Ten-year compound average after fade. Initial solved rate 0.15735957575256854. Price 94400; 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 51,100.00 per share

- 2016-11: KRW 54,400.00 per share

- 2016-12: KRW 54,100.00 per share

- 2017-01: KRW 51,000.00 per share

- 2017-02: KRW 55,500.00 per share

- 2017-03: KRW 59,100.00 per share

- 2017-04: KRW 59,300.00 per share

- 2017-05: KRW 72,900.00 per share

- 2017-06: KRW 68,200.00 per share

- 2017-07: KRW 75,400.00 per share

- 2017-08: KRW 70,600.00 per share

- 2017-09: KRW 65,600.00 per share

- 2017-10: KRW 66,200.00 per share

- 2017-11: KRW 61,100.00 per share

- 2017-12: KRW 62,200.00 per share

- 2018-01: KRW 69,400.00 per share

- 2018-02: KRW 66,100.00 per share

- 2018-03: KRW 62,100.00 per share

- 2018-04: KRW 61,300.00 per share

- 2018-05: KRW 58,300.00 per share

- 2018-06: KRW 54,400.00 per share

- 2018-07: KRW 53,800.00 per share

- 2018-08: KRW 53,100.00 per share

- 2018-09: KRW 55,100.00 per share

- 2018-10: KRW 48,500.00 per share

- 2018-11: KRW 51,500.00 per share

- 2018-12: KRW 51,600.00 per share

- 2019-01: KRW 54,400.00 per share

- 2019-02: KRW 53,600.00 per share

- 2019-03: KRW 52,800.00 per share

- 2019-04: KRW 52,000.00 per share

- 2019-05: KRW 50,100.00 per share

- 2019-06: KRW 51,200.00 per share

- 2019-07: KRW 50,300.00 per share

- 2019-08: KRW 48,000.00 per share

- 2019-09: KRW 50,300.00 per share

- 2019-10: KRW 49,650.00 per share

- 2019-11: KRW 47,850.00 per share

- 2019-12: KRW 51,600.00 per share

- 2020-01: KRW 45,700.00 per share

- 2020-02: KRW 41,250.00 per share

- 2020-03: KRW 36,800.00 per share

- 2020-04: KRW 38,550.00 per share

- 2020-05: KRW 37,700.00 per share

- 2020-06: KRW 36,250.00 per share

- 2020-07: KRW 35,000.00 per share

- 2020-08: KRW 32,500.00 per share

- 2020-09: KRW 31,000.00 per share

- 2020-10: KRW 33,000.00 per share

- 2020-11: KRW 35,050.00 per share

- 2020-12: KRW 37,550.00 per share

- 2021-01: KRW 36,250.00 per share

- 2021-02: KRW 39,000.00 per share

- 2021-03: KRW 39,100.00 per share

- 2021-04: KRW 43,050.00 per share

- 2021-05: KRW 46,100.00 per share

- 2021-06: KRW 46,250.00 per share

- 2021-07: KRW 42,800.00 per share

- 2021-08: KRW 42,500.00 per share

- 2021-09: KRW 44,750.00 per share

- 2021-10: KRW 42,250.00 per share

- 2021-11: KRW 37,500.00 per share

- 2021-12: KRW 39,100.00 per share

- 2022-01: KRW 38,350.00 per share

- 2022-02: KRW 40,500.00 per share

- 2022-03: KRW 43,900.00 per share

- 2022-04: KRW 43,700.00 per share

- 2022-05: KRW 45,400.00 per share

- 2022-06: KRW 41,850.00 per share

- 2022-07: KRW 41,650.00 per share

- 2022-08: KRW 46,050.00 per share

- 2022-09: KRW 41,700.00 per share

- 2022-10: KRW 46,000.00 per share

- 2022-11: KRW 48,600.00 per share

- 2022-12: KRW 43,800.00 per share

- 2023-01: KRW 44,200.00 per share

- 2023-02: KRW 40,650.00 per share

- 2023-03: KRW 40,400.00 per share

- 2023-04: KRW 39,700.00 per share

- 2023-05: KRW 38,500.00 per share

- 2023-06: KRW 36,650.00 per share

- 2023-07: KRW 37,700.00 per share

- 2023-08: KRW 37,550.00 per share

- 2023-09: KRW 39,900.00 per share

- 2023-10: KRW 39,400.00 per share

- 2023-11: KRW 41,300.00 per share

- 2023-12: KRW 40,900.00 per share

- 2024-01: KRW 46,300.00 per share

- 2024-02: KRW 48,050.00 per share

- 2024-03: KRW 48,250.00 per share

- 2024-04: KRW 44,900.00 per share

- 2024-05: KRW 43,600.00 per share

- 2024-06: KRW 46,900.00 per share

- 2024-07: KRW 48,900.00 per share

- 2024-08: KRW 45,150.00 per share

- 2024-09: KRW 42,550.00 per share

- 2024-10: KRW 41,200.00 per share

- 2024-11: KRW 41,800.00 per share

- 2024-12: KRW 39,300.00 per share

- 2025-01: KRW 38,500.00 per share

- 2025-02: KRW 36,050.00 per share

- 2025-03: KRW 36,800.00 per share

- 2025-04: KRW 38,700.00 per share

- 2025-05: KRW 43,550.00 per share

- 2025-06: KRW 46,650.00 per share

- 2025-07: KRW 49,300.00 per share

- 2025-08: KRW 45,500.00 per share

- 2025-09: KRW 45,950.00 per share

- 2025-10: KRW 47,950.00 per share

- 2025-11: KRW 56,400.00 per share

- 2025-12: KRW 56,300.00 per share

- 2026-01: KRW 68,700.00 per share

- 2026-02: KRW 68,700.00 per share

- 2026-03: KRW 63,800.00 per share

- 2026-04: KRW 81,900.00 per share

- 2026-05: KRW 72,500.00 per share

- 2026-06: KRW 66,300.00 per share

- 2026-07: KRW 89,000.00 per share

- 2026-08: KRW 127,100.00 per share

- 2026-09: KRW 107,200.00 per share

- 2026-10: KRW 99,500.00 per share

## Annual estimated value (KRW per share)

- FY2019: low KRW 22,941.21 per share, central KRW 24,749.41 per share, high KRW 27,156.51 per share

- FY2020: low KRW 27,991.04 per share, central KRW 29,619.08 per share, high KRW 31,786.35 per share

- FY2021: low KRW 48,945.28 per share, central KRW 52,710.99 per share, high KRW 57,723.94 per share

- FY2022: low KRW 123,084.41 per share, central KRW 137,369.16 per share, high KRW 156,385.18 per share

- FY2023: low KRW 45,388.17 per share, central KRW 49,352.13 per share, high KRW 54,629.02 per share

- FY2024: low KRW 43,361.48 per share, central KRW 47,213.86 per share, high KRW 52,342.20 per share

- FY2025: low KRW 40,536.08 per share, central KRW 44,378.40 per share, high KRW 49,493.34 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 2026-10-15T06:42:24.862Z 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