# CJ Cheiljedang (097950.KO)

Canonical: https://gigainvestors.com/s/097950.KO

Analysis as of: 2026-10-16T07:40:31.054Z. Financial observations: FY2017–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 183,200.00 per share; close as of 2026-10-15.

Estimated value: low KRW 241,202.89 per share, central KRW 268,101.57 per share, high KRW 303,909.41 per share. Buy at or below the central value KRW 268,101.57 per share. Valuation as of 2026-10-16T07:40:31.054Z; scenarios are not confidence intervals.

Expected annual return: 14.5% at the stated quote. About 14.5% 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: 9 years

- Years with declining revenue: 2

- Years with a net loss: 1

- Operating margin variation: 0.12×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.05×

- FY2018: 0.04×

- FY2019: 0.04×

- FY2020: 0.06×

- FY2021: 0.06×

- FY2022: 0.06×

- FY2023: 0.04×

- FY2024: 0.05×

- FY2025: 0.05×

### moat: fail

- ROIC median below threshold

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

- ROIC, median of available years: 6.5%

- ROIC, second-lowest year: 5.3%

- Typical minus recent gross margin: -0.0 pp

- Typical gross margin (annual median): 21.6%

- Recent gross margin (lower of latest and 3-year median): 21.6%

- Years with nonpositive capital: 0

- Capital spending / revenue: 5.2%

- ROIC including acquisitions, ten-year median: 0.7%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: 6.5%

- FY2018: 5.7%

- FY2019: 5.3%

- FY2020: 8.2%

- FY2021: 8.9%

- FY2022: 7.7%

- FY2023: 6.8%

- FY2024: 5.9%

- FY2025: 5.2%

### economics: fail

- owner earnings cash conversion below threshold

- Owner earnings / net income, 5-yr: -0.05×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: KRW -57B

- Net income, five-year total: KRW 1.16T

- Return on incremental invested capital: 16.8%

- Working capital / revenue, annual change: -0.4 pp

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

- FY2021: 0.46×

- FY2022: 0.54×

- FY2023: 0.79×

- FY2024: 0.99×

- FY2025: 1.92×

### management: fail

- Historical market-dollar context (not the management verdict): 2017 to 2025 (8 years)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 5.7% vs 5.9%

- Per-share earnings: 26463.43 to 8250.00 (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: 1.7%

- Market cap gain: KRW -1.79T

- Cumulative retained earnings: KRW 2.12T

- Diluted shares, 5-year annual growth: 1.7%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2025

- Per-share value growth: -17.7%

- Per-share value change: KRW -18K

- Per-share value, starting three-year median: KRW 26K

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

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

- Average buyback yield: 0.0%

- Buyback history: 3 years

- Debt-funded buybacks: No

- ROIC, first three-year median: 5.7%

- ROIC, last three-year median: 5.9%

Chart: Earnings per share; fiscal year observations.

- FY2017: KRW 26K

- FY2018: KRW 55K

- FY2019: KRW 10K

- FY2020: KRW 47K

- FY2021: KRW 42K

- FY2022: KRW 37K

- FY2023: KRW 24K

- FY2024: KRW 8K

- FY2025: KRW -36K

### accounting: pass

- Sloan accruals: -10.3%

- Receivables to sales index (DSRI): 0.92×

- Restructuring years, last five: 0

- Earnings backed by cash: Yes

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.64×

Chart: Sloan accruals; fiscal year observations.

- FY2017: -4.8%

- FY2018: 2.1%

- FY2019: -7.6%

- FY2020: -5.1%

- FY2021: -4.0%

- FY2022: -3.4%

- FY2023: -7.0%

- FY2024: -7.0%

- FY2025: -10.3%

## Holders

## Price story

Down 56% since Oct 2022 · sales +0.4%

Story as of 2026-10-16T10:00:11.502Z; price observation 2026-10-15.

Price needs cash profits to shrink 5.2% a year for ten years

### Sales · FY2024–2025

sales +0.4%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: KRW 16.48T 

- FY2018: KRW 18.67T 

- FY2019: KRW 22.35T 

- FY2020: KRW 24.25T 

- FY2021: KRW 26.29T 

- FY2022: KRW 30.08T 

- FY2023: KRW 29.02T 

- FY2024: KRW 27.24T 

- FY2025: KRW 27.34T 

### Gross margin · FY2025

gross margin 21.6%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: 21.6% 

- FY2018: 19.0% 

- FY2019: 19.2% 

- FY2020: 21.4% 

- FY2021: 22.0% 

- FY2022: 21.8% 

- FY2023: 20.9% 

- FY2024: 22.6% 

- FY2025: 21.6% 

## Owner memo

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

### How it makes money

Operates in packaged foods; annual sales are KRW 27.3 trillion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:31.054Z); FY2025: revenue 27342589100000; grossProfit 5908032721000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 097950.KO: CJ Cheiljedang Corporation engages in the food business in South Korea and internationally. It operates through Food, Biotechnology, Feed and Care, and Logistics segments. The company offers home meal replacement, meat/fishery processing, seasoning/sauce, sweetener/flour/oil, and seaweed/dessert/snack/beverage products. It also provides amino acid, green protein, enzyme, plant nutrition and health, and specialty solution; biopolymer solution; and polyhydroxyalkanoate products. In addition, the company offers taste and nutrition solutions. Further, it engages in the feed, livestock, and fresh meat business; and logistics services, including transportation, construction, storage, shipping, and discharging. The company serves under the bibigo, Hetbahn, Gourmet, Beksul, The Healthy, DASIDA, Haechandle, SPAM, Samho Eomuk, Happy Soy, METIER, Petitzel, Maxbon, Matbam, ALTIVE, Joy of Growing Together, Creeat, TasteNrich, FlavorNrich, AMINATURE, BestAmino, BiomeNrich, Soytide, Basak Chip, and PHACT brand names. CJ Cheiljedang Corporation was founded in 1953 and is based in Seoul, South Korea.

### Why customers stay

Margins ranged from 20.9% to 22.6% during 2023–25; it earns 6.5% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:31.054Z); FY2023: grossProfit / revenue = 20.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:31.054Z); FY2024: grossProfit / revenue = 22.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:31.054Z); FY2025: grossProfit / revenue = 21.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:31.054Z); 9-year return on capital observations [[2017,0.06496742197108332],[2018,0.056690312141316125],[2019,0.05260590400608682],[2020,0.08188586731959026],[2021,0.08871167219754611],[2022,0.07689460600323869],[2023,0.06807620747121314],[2024,0.059005623134185926],[2025,0.05237868979212291]]; median 0.06496742197108332. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 22% gross margin through 2022 cost inflation.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:31.054Z); Gross margin observations: [[2021,0.2199414546614438],[2022,0.21791490599040936],[2023,0.20854076767371052]]; range within 2 percentage points.

### Where the cash goes

Paid dividends in 9 of 9 years; bought back KRW 2.7 billion of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:31.054Z); FY2020: growth capex 0; upkeep 970384225000; owner earnings 680005780800. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:31.054Z); FY2021: growth capex 78621572000; upkeep 1265298537000; owner earnings 284317668200. Growth capex / owner earnings = 0.2765272116142095.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:31.054Z); FY2022: growth capex 163190476000; upkeep 1403288398000; owner earnings 322236385652.44714. Growth capex / owner earnings = 0.5064309409677017.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:31.054Z); FY2023: growth capex 0; upkeep 1264150199000; owner earnings 303236202172.7545. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:31.054Z); FY2024: growth capex 0; upkeep 1138315133000; owner earnings 130323774000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:31.054Z); Dividend observations: [[2017,35393585000],[2018,61601505000],[2019,93810433000],[2020,105639695000],[2021,113921466000],[2022,179960723000],[2023,141305597000],[2024,128027276000],[2025,173463889000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:31.054Z); FY2025: cash repurchases 2657010416.666667 KRW.

### Are managers owners

Insiders own 45.6% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 097950.KO SharesStats.PercentInsiders = 45.639 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits shrink 5.2% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:31.054Z); Ten-year compound average after fade. Initial solved rate -0.08535008869586586. Price 183200; 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 349,500.00 per share

- 2016-11: KRW 384,000.00 per share

- 2016-12: KRW 357,500.00 per share

- 2017-01: KRW 354,500.00 per share

- 2017-02: KRW 364,500.00 per share

- 2017-03: KRW 353,000.00 per share

- 2017-04: KRW 341,000.00 per share

- 2017-05: KRW 381,500.00 per share

- 2017-06: KRW 361,500.00 per share

- 2017-07: KRW 370,000.00 per share

- 2017-08: KRW 362,500.00 per share

- 2017-09: KRW 354,500.00 per share

- 2017-10: KRW 366,000.00 per share

- 2017-11: KRW 401,000.00 per share

- 2017-12: KRW 366,000.00 per share

- 2018-01: KRW 358,500.00 per share

- 2018-02: KRW 338,000.00 per share

- 2018-03: KRW 321,500.00 per share

- 2018-04: KRW 343,000.00 per share

- 2018-05: KRW 350,500.00 per share

- 2018-06: KRW 352,500.00 per share

- 2018-07: KRW 338,000.00 per share

- 2018-08: KRW 342,500.00 per share

- 2018-09: KRW 333,500.00 per share

- 2018-10: KRW 324,000.00 per share

- 2018-11: KRW 336,000.00 per share

- 2018-12: KRW 330,500.00 per share

- 2019-01: KRW 342,500.00 per share

- 2019-02: KRW 322,000.00 per share

- 2019-03: KRW 323,000.00 per share

- 2019-04: KRW 315,000.00 per share

- 2019-05: KRW 280,500.00 per share

- 2019-06: KRW 297,000.00 per share

- 2019-07: KRW 285,000.00 per share

- 2019-08: KRW 228,500.00 per share

- 2019-09: KRW 234,500.00 per share

- 2019-10: KRW 228,500.00 per share

- 2019-11: KRW 248,000.00 per share

- 2019-12: KRW 252,500.00 per share

- 2020-01: KRW 237,500.00 per share

- 2020-02: KRW 244,000.00 per share

- 2020-03: KRW 216,000.00 per share

- 2020-04: KRW 272,500.00 per share

- 2020-05: KRW 297,000.00 per share

- 2020-06: KRW 326,000.00 per share

- 2020-07: KRW 386,000.00 per share

- 2020-08: KRW 407,000.00 per share

- 2020-09: KRW 395,000.00 per share

- 2020-10: KRW 361,000.00 per share

- 2020-11: KRW 361,500.00 per share

- 2020-12: KRW 381,000.00 per share

- 2021-01: KRW 426,000.00 per share

- 2021-02: KRW 406,500.00 per share

- 2021-03: KRW 411,000.00 per share

- 2021-04: KRW 395,500.00 per share

- 2021-05: KRW 488,500.00 per share

- 2021-06: KRW 461,000.00 per share

- 2021-07: KRW 468,000.00 per share

- 2021-08: KRW 453,500.00 per share

- 2021-09: KRW 409,500.00 per share

- 2021-10: KRW 380,000.00 per share

- 2021-11: KRW 354,000.00 per share

- 2021-12: KRW 387,500.00 per share

- 2022-01: KRW 346,000.00 per share

- 2022-02: KRW 372,000.00 per share

- 2022-03: KRW 369,500.00 per share

- 2022-04: KRW 398,000.00 per share

- 2022-05: KRW 393,500.00 per share

- 2022-06: KRW 379,000.00 per share

- 2022-07: KRW 391,500.00 per share

- 2022-08: KRW 407,500.00 per share

- 2022-09: KRW 411,000.00 per share

- 2022-10: KRW 414,000.00 per share

- 2022-11: KRW 395,000.00 per share

- 2022-12: KRW 380,500.00 per share

- 2023-01: KRW 345,000.00 per share

- 2023-02: KRW 321,000.00 per share

- 2023-03: KRW 326,000.00 per share

- 2023-04: KRW 309,500.00 per share

- 2023-05: KRW 310,000.00 per share

- 2023-06: KRW 269,500.00 per share

- 2023-07: KRW 280,000.00 per share

- 2023-08: KRW 299,000.00 per share

- 2023-09: KRW 307,000.00 per share

- 2023-10: KRW 282,500.00 per share

- 2023-11: KRW 309,000.00 per share

- 2023-12: KRW 324,000.00 per share

- 2024-01: KRW 292,000.00 per share

- 2024-02: KRW 299,500.00 per share

- 2024-03: KRW 294,000.00 per share

- 2024-04: KRW 337,000.00 per share

- 2024-05: KRW 349,500.00 per share

- 2024-06: KRW 385,500.00 per share

- 2024-07: KRW 386,500.00 per share

- 2024-08: KRW 322,000.00 per share

- 2024-09: KRW 304,000.00 per share

- 2024-10: KRW 274,500.00 per share

- 2024-11: KRW 263,500.00 per share

- 2024-12: KRW 255,500.00 per share

- 2025-01: KRW 242,000.00 per share

- 2025-02: KRW 237,000.00 per share

- 2025-03: KRW 246,500.00 per share

- 2025-04: KRW 239,000.00 per share

- 2025-05: KRW 231,500.00 per share

- 2025-06: KRW 249,000.00 per share

- 2025-07: KRW 251,500.00 per share

- 2025-08: KRW 229,000.00 per share

- 2025-09: KRW 230,500.00 per share

- 2025-10: KRW 229,500.00 per share

- 2025-11: KRW 209,500.00 per share

- 2025-12: KRW 208,000.00 per share

- 2026-01: KRW 213,500.00 per share

- 2026-02: KRW 214,000.00 per share

- 2026-03: KRW 216,500.00 per share

- 2026-04: KRW 246,500.00 per share

- 2026-05: KRW 202,000.00 per share

- 2026-06: KRW 185,100.00 per share

- 2026-07: KRW 191,400.00 per share

- 2026-08: KRW 186,500.00 per share

- 2026-09: KRW 179,000.00 per share

- 2026-10: KRW 182,800.00 per share

## Annual estimated value (KRW per share)

- FY2022: low KRW 299,050.75 per share, central KRW 329,355.28 per share, high KRW 369,697.05 per share

- FY2023: low KRW 278,700.05 per share, central KRW 307,938.05 per share, high KRW 346,860.03 per share

- FY2024: low KRW 246,793.91 per share, central KRW 274,223.56 per share, high KRW 310,738.25 per share

- FY2025: low KRW 226,904.77 per share, central KRW 253,776.34 per share, high KRW 289,548.09 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.