# Kolon Industries (120110.KO)

Canonical: https://gigainvestors.com/s/120110.KO

Analysis as of: 2026-10-16T07:43:23.857Z. Financial observations: FY2010–FY2026.

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 48,750.00 per share; close as of 2026-10-15.

Estimated value: low KRW 39,928.12 per share, central KRW 44,321.75 per share, high KRW 50,170.60 per share. Buy at or below the central value KRW 44,321.75 per share. Valuation as of 2026-10-16T07:43:23.857Z; scenarios are not confidence intervals.

Expected annual return: 9.2% at the stated quote. About 9.2% 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: 0

- Operating margin variation: 0.26×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.04×

- FY2018: 0.03×

- FY2019: 0.04×

- FY2020: 0.04×

- FY2021: 0.05×

- FY2022: 0.05×

- FY2023: 0.04×

- FY2024: 0.03×

- FY2025: 0.02×

- LTM to Jun 2026: 0.04×

### moat: fail

- ROIC median below threshold

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

- ROIC, median of available years: 3.1%

- ROIC, second-lowest year: 2.3%

- Typical minus recent gross margin: 0.6 pp

- Typical gross margin (annual median): 26.8%

- Recent gross margin (lower of latest and 3-year median): 26.2%

- Years with nonpositive capital: 0

- Capital spending / revenue: 5.4%

- ROIC including acquisitions, ten-year median: 2.3%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 5.6%

- FY2017: 3.3%

- FY2018: 2.3%

- FY2019: 3.0%

- FY2020: 2.7%

- FY2021: 5.0%

- FY2022: 5.2%

- FY2023: 3.1%

- FY2024: 2.5%

- FY2025: 1.8%

### economics: fail

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 0.97×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: KRW 531B

- Net income, five-year total: KRW 549B

- Return on incremental invested capital: -19.7%

- Working capital / revenue, annual change: 0.5 pp

- Working capital / revenue, change between three-year averages: 4.0 pp

- Working capital / revenue, final three-year average: 31.6%

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

- FY2021: 1.23×

- FY2022: 0.91×

- FY2023: -1.07×

- FY2024: 0.86×

- FY2025: 2.54×

### 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: 3.3% vs 2.5%

- Per-share earnings: 4733.46 to 1391.59 (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 -877B

- Cumulative retained earnings: KRW 589B

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

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: -16.0%

- Per-share value change: KRW -3K

- Per-share value, starting three-year median: KRW 5K

- Per-share value, ending three-year median: KRW 1K

- Buybacks concentrated in cheaper years (correlation): 1.00

- Average buyback yield: 0.2%

- Buyback history: 3 years

- Debt-funded buybacks: No

- Acquisition spending: KRW 64B

- Cumulative net income, 10 years: KRW 1.15T

- ROIC, first three-year median: 3.3%

- ROIC, last three-year median: 2.5%

Chart: Earnings per share; fiscal year observations.

- FY2016: KRW 6K

- FY2017: KRW 5K

- FY2018: KRW 2K

- FY2019: KRW 1K

- FY2020: KRW 8K

- FY2021: KRW 6K

- FY2022: KRW 6K

- FY2023: KRW 1K

- FY2024: KRW 3K

- FY2025: KRW 1K

### accounting: pass

- Sloan accruals: -4.1%

- Receivables to sales index (DSRI): 0.95×

- Restructuring years, last five: 0

- Earnings backed by cash: Yes

- Operating cash / earnings: 9.27×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.03×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -3.2%

- FY2017: -2.5%

- FY2018: -5.0%

- FY2019: -1.7%

- FY2020: -5.9%

- FY2021: -1.2%

- FY2022: 2.5%

- FY2023: -6.0%

- FY2024: -2.6%

- FY2025: -4.1%

## Holders

## Price story

Down 48% since Apr 2026 · sales +0.6%

Story as of 2026-10-16T10:00:12.704Z; price observation 2026-10-15.

Price needs cash profits to grow 2.3% a year for ten years

### Sales · FY2024–2025

sales +0.6%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: KRW 4.56T 

- FY2017: KRW 4.61T 

- FY2018: KRW 4.75T 

- FY2019: KRW 4.41T 

- FY2020: KRW 4.04T 

- FY2021: KRW 4.66T 

- FY2022: KRW 5.37T 

- FY2023: KRW 4.73T 

- FY2024: KRW 4.84T 

- FY2025: KRW 4.87T 

### Gross margin · FY2025

gross margin 26.2%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 28.1% 

- FY2017: 25.6% 

- FY2018: 23.5% 

- FY2019: 25.7% 

- FY2020: 25.7% 

- FY2021: 27.9% 

- FY2022: 27.6% 

- FY2023: 28.2% 

- FY2024: 27.3% 

- FY2025: 26.2% 

## Owner memo

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

### How it makes money

Operates in chemicals; annual sales are KRW 4.9 trillion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:23.857Z); FY2025: revenue 4873399491950; grossProfit 1277235413430; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 120110.KO: Kolon Industries, Inc. engages in industrial materials, chemicals, films/electronic materials, and fashion businesses in South Korea and internationally. It operates through four segments: Industrial Materials, Chemistry, Fashion, and Others. The Industrial Materials segment produces tire cords, airbags, car seats, and related automotive materials. The Chemistry segment is engaged in the manufacturing of synthetic resins and eastern products. The Fashion segment offers clothing and supplies, while the Others segment includes PET yarn and chip sales, as well as rental services. The company also provides services such as rental income generation from investment properties. The company produces and sells industrial materials, such as polyester and hybrid tire cords; airbags; technical yarn; aromatic polyamide fibers; artificial leather; spunbond nonwoven fabrics under the Finon brand; membrane humidifiers; polymer electrolyte membranes; membrane electrode assemblies; and vent components. It also offers polyester, nylon, barrier, metalized, prism, dry, and CPI; and panel materials. In addition, the company provides hydrocarbon, phenolic, epoxy, polyurethane, and PET resins. Further, it offers outdoor, sports, and golf clothing, as well as menswear and womenswear, kids clothing, lifestyle products, accessories, workwear, unisex and premium products, and cosmetics. Additionally, it operates on/off retail stores; and manufacturing and sales of car mats and artificial grass, manufacturing and dyeing of chemical fibers, production and processing of polyosimethylene resins, confectionery wholesale, golf course operations, film manufacturing, distribution of tire cords and films, manufacturing of airbags and automobile parts, production of synthetic resins and electronic materials, clothing distribution, and operation of trade businesses. Kolon Industries, Inc. was founded in 1957 and is headquartered in Seoul, South Korea.

### Why customers stay

Margins ranged from 26.2% to 28.2% during 2023–25; it earns 3.1% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:23.857Z); FY2023: grossProfit / revenue = 28.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:23.857Z); FY2024: grossProfit / revenue = 27.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:23.857Z); FY2025: grossProfit / revenue = 26.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:23.857Z); 10-year return on capital observations [[2016,0.05618761237421723],[2017,0.03338222904217485],[2018,0.022791059531374714],[2019,0.029888554303039914],[2020,0.026626029161973017],[2021,0.04959952908748146],[2022,0.05227312752612665],[2023,0.031142322943104758],[2024,0.024854424275407343],[2025,0.017670243352065414]]; median 0.030515438623072336. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 28% gross margin through 2022 cost inflation.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:23.857Z); Gross margin observations: [[2021,0.27925021176102865],[2022,0.2759539543431862],[2023,0.2822823229196077]]; range within 2 percentage points.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back KRW 122.9 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:23.857Z); FY2016: growth capex 0; upkeep 252272880640; owner earnings 116569996220. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:23.857Z); FY2019: growth capex 0; upkeep 139583851860; owner earnings 127381098350. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:23.857Z); FY2020: growth capex 0; upkeep 199144965890; owner earnings 239747811990. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:23.857Z); FY2021: growth capex 0; upkeep 183389380030; owner earnings 231862669030. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:23.857Z); FY2022: growth capex 59223743180; upkeep 235074286970; owner earnings 163593481120. Growth capex / owner earnings = 0.36201774529486214.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:23.857Z); FY2024: growth capex 0; upkeep 259293256550; owner earnings 84443457890. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:23.857Z); FY2025: growth capex 0; upkeep 183947054800; owner earnings 97171300640. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:23.857Z); Dividend observations: [[2016,14851162110],[2017,32437350180],[2018,33007022630],[2019,28424687400],[2020,27792159850],[2021,30085937310],[2022,41331642350],[2023,41774742350],[2024,41521552750],[2025,59574180950]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:23.857Z); FY2025: cash repurchases 122894750 KRW.

### Are managers owners

Insiders own 32% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 120110.KO SharesStats.PercentInsiders = 32.006 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 2.3% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:23.857Z); Ten-year compound average after fade. Initial solved rate 0.020541244187859277. Price 48750; 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 74,400.00 per share

- 2016-11: KRW 69,900.00 per share

- 2016-12: KRW 74,000.00 per share

- 2017-01: KRW 74,300.00 per share

- 2017-02: KRW 71,200.00 per share

- 2017-03: KRW 70,800.00 per share

- 2017-04: KRW 68,400.00 per share

- 2017-05: KRW 70,500.00 per share

- 2017-06: KRW 68,900.00 per share

- 2017-07: KRW 65,700.00 per share

- 2017-08: KRW 71,500.00 per share

- 2017-09: KRW 70,800.00 per share

- 2017-10: KRW 75,700.00 per share

- 2017-11: KRW 83,200.00 per share

- 2017-12: KRW 89,000.00 per share

- 2018-01: KRW 81,400.00 per share

- 2018-02: KRW 71,100.00 per share

- 2018-03: KRW 67,400.00 per share

- 2018-04: KRW 68,400.00 per share

- 2018-05: KRW 66,200.00 per share

- 2018-06: KRW 67,600.00 per share

- 2018-07: KRW 61,200.00 per share

- 2018-08: KRW 67,800.00 per share

- 2018-09: KRW 62,200.00 per share

- 2018-10: KRW 50,200.00 per share

- 2018-11: KRW 53,600.00 per share

- 2018-12: KRW 57,300.00 per share

- 2019-01: KRW 59,300.00 per share

- 2019-02: KRW 54,000.00 per share

- 2019-03: KRW 50,600.00 per share

- 2019-04: KRW 46,200.00 per share

- 2019-05: KRW 40,750.00 per share

- 2019-06: KRW 42,700.00 per share

- 2019-07: KRW 39,950.00 per share

- 2019-08: KRW 39,800.00 per share

- 2019-09: KRW 41,800.00 per share

- 2019-10: KRW 47,250.00 per share

- 2019-11: KRW 47,750.00 per share

- 2019-12: KRW 49,750.00 per share

- 2020-01: KRW 42,250.00 per share

- 2020-02: KRW 33,450.00 per share

- 2020-03: KRW 30,000.00 per share

- 2020-04: KRW 30,850.00 per share

- 2020-05: KRW 33,200.00 per share

- 2020-06: KRW 32,100.00 per share

- 2020-07: KRW 33,700.00 per share

- 2020-08: KRW 32,000.00 per share

- 2020-09: KRW 37,750.00 per share

- 2020-10: KRW 35,400.00 per share

- 2020-11: KRW 41,600.00 per share

- 2020-12: KRW 41,050.00 per share

- 2021-01: KRW 40,900.00 per share

- 2021-02: KRW 55,000.00 per share

- 2021-03: KRW 59,800.00 per share

- 2021-04: KRW 60,500.00 per share

- 2021-05: KRW 62,300.00 per share

- 2021-06: KRW 80,800.00 per share

- 2021-07: KRW 80,900.00 per share

- 2021-08: KRW 87,000.00 per share

- 2021-09: KRW 99,800.00 per share

- 2021-10: KRW 89,200.00 per share

- 2021-11: KRW 70,300.00 per share

- 2021-12: KRW 70,900.00 per share

- 2022-01: KRW 61,200.00 per share

- 2022-02: KRW 58,600.00 per share

- 2022-03: KRW 63,400.00 per share

- 2022-04: KRW 62,300.00 per share

- 2022-05: KRW 68,500.00 per share

- 2022-06: KRW 52,200.00 per share

- 2022-07: KRW 54,700.00 per share

- 2022-08: KRW 52,500.00 per share

- 2022-09: KRW 42,300.00 per share

- 2022-10: KRW 43,500.00 per share

- 2022-11: KRW 45,900.00 per share

- 2022-12: KRW 41,150.00 per share

- 2023-01: KRW 45,550.00 per share

- 2023-02: KRW 44,950.00 per share

- 2023-03: KRW 44,500.00 per share

- 2023-04: KRW 42,750.00 per share

- 2023-05: KRW 42,800.00 per share

- 2023-06: KRW 49,950.00 per share

- 2023-07: KRW 51,700.00 per share

- 2023-08: KRW 50,800.00 per share

- 2023-09: KRW 45,750.00 per share

- 2023-10: KRW 43,450.00 per share

- 2023-11: KRW 43,050.00 per share

- 2023-12: KRW 44,500.00 per share

- 2024-01: KRW 40,800.00 per share

- 2024-02: KRW 38,750.00 per share

- 2024-03: KRW 37,400.00 per share

- 2024-04: KRW 40,100.00 per share

- 2024-05: KRW 42,050.00 per share

- 2024-06: KRW 38,350.00 per share

- 2024-07: KRW 37,100.00 per share

- 2024-08: KRW 34,950.00 per share

- 2024-09: KRW 35,850.00 per share

- 2024-10: KRW 32,500.00 per share

- 2024-11: KRW 28,050.00 per share

- 2024-12: KRW 27,150.00 per share

- 2025-01: KRW 28,050.00 per share

- 2025-02: KRW 33,400.00 per share

- 2025-03: KRW 29,200.00 per share

- 2025-04: KRW 30,150.00 per share

- 2025-05: KRW 33,450.00 per share

- 2025-06: KRW 44,050.00 per share

- 2025-07: KRW 41,250.00 per share

- 2025-08: KRW 36,750.00 per share

- 2025-09: KRW 34,000.00 per share

- 2025-10: KRW 35,600.00 per share

- 2025-11: KRW 40,800.00 per share

- 2025-12: KRW 44,850.00 per share

- 2026-01: KRW 55,000.00 per share

- 2026-02: KRW 67,600.00 per share

- 2026-03: KRW 73,000.00 per share

- 2026-04: KRW 94,100.00 per share

- 2026-05: KRW 71,800.00 per share

- 2026-06: KRW 60,200.00 per share

- 2026-07: KRW 48,050.00 per share

- 2026-08: KRW 59,500.00 per share

- 2026-09: KRW 55,100.00 per share

- 2026-10: KRW 52,200.00 per share

## Annual estimated value (KRW per share)

- FY2020: low KRW 48,136.87 per share, central KRW 53,897.53 per share, high KRW 61,566.19 per share

- FY2021: low KRW 53,852.22 per share, central KRW 60,422.38 per share, high KRW 69,168.65 per share

- FY2022: low KRW 62,696.30 per share, central KRW 71,532.87 per share, high KRW 82,349.86 per share

- FY2023: low KRW 49,671.60 per share, central KRW 56,004.64 per share, high KRW 64,435.24 per share

- FY2024: low KRW 50,221.92 per share, central KRW 59,577.80 per share, high KRW 68,442.09 per share

- FY2025: low KRW 48,659.81 per share, central KRW 53,982.60 per share, high KRW 61,068.36 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 2026-10-15T06:48:54.858Z 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.