# E-Mart (139480.KO)

Canonical: https://gigainvestors.com/s/139480.KO

Analysis as of: 2026-10-16T07:42:41.807Z. Financial observations: FY2011–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 69,300.00 per share; close as of 2026-10-15.

Estimated value: low KRW 112,322.89 per share, central KRW 121,209.40 per share, high KRW 133,039.23 per share. Buy at or below the central value KRW 121,209.40 per share. Valuation as of 2026-10-16T07:42:41.807Z; scenarios are not confidence intervals.

Expected annual return: 28.3% at the stated quote. About 28.3% 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

- 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: 0.91×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.04×

- FY2018: 0.03×

- FY2019: 0.01×

- FY2020: 0.01×

- FY2021: 0.01×

- FY2022: 0.00×

- FY2023: -0.00×

- FY2024: 0.00×

- FY2025: 0.01×

- LTM to Jun 2026: 0.01×

### moat: fail

- ROIC median below threshold

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

- ROIC, median of available years: 1.2%

- ROIC, second-lowest year: 0.2%

- Typical minus recent gross margin: -2.9 pp

- Typical gross margin (annual median): 28.2%

- Recent gross margin (lower of latest and 3-year median): 31.2%

- Years with nonpositive capital: 0

- Capital spending / revenue: 4.2%

- ROIC including acquisitions, ten-year median: 0.2%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 3.6%

- FY2017: 3.7%

- FY2018: 3.3%

- FY2019: 1.0%

- FY2020: 1.3%

- FY2021: 1.7%

- FY2022: 0.7%

- FY2023: -0.2%

- FY2024: 0.2%

- FY2025: 1.2%

### economics: fail

- owner earnings cash conversion below threshold

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 0.59×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: KRW 1.22T

- Net income, five-year total: KRW 2.06T

- Return on incremental invested capital: 0.0%

- Working capital / revenue, annual change: 0.4 pp

- Working capital / revenue, change between three-year averages: 2.5 pp

- Working capital / revenue, final three-year average: 5.9%

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

- FY2021: 0.57×

- FY2022: 0.61×

- FY2023: 0.90×

- FY2024: 0.65×

- FY2025: 1.17×

### 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: 3.6% vs 0.2%

- Per-share earnings: 15036.00 to -3864.00 (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: -0.1%

- Market cap gain: KRW -2.92T

- Cumulative retained earnings: KRW 2.75T

- Diluted shares, 5-year annual growth: -0.1%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value change: KRW -19K

- Per-share value, starting three-year median: KRW 15K

- Per-share value, ending three-year median: KRW -4K

- Buybacks concentrated in cheaper years (correlation): 0.30

- Average buyback yield: 1.6%

- Buyback history: 5 years

- Debt-funded buybacks: No

- Acquisition spending: KRW 7.51T

- Cumulative net income, 10 years: KRW 4.10T

- ROIC, first three-year median: 3.6%

- ROIC, last three-year median: 0.2%

Chart: Earnings per share; fiscal year observations.

- FY2016: KRW 14K

- FY2017: KRW 22K

- FY2018: KRW 15K

- FY2019: KRW 8K

- FY2020: KRW 13K

- FY2021: KRW 57K

- FY2022: KRW 38K

- FY2023: KRW -4K

- FY2024: KRW -22K

- FY2025: KRW 5K

### accounting: pass

- Sloan accruals: -3.5%

- Receivables to sales index (DSRI): 0.91×

- Restructuring years, last five: 0

- Earnings backed by cash: Yes

- Operating cash / earnings: 9.68×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.36×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -2.3%

- FY2017: -1.8%

- FY2018: -1.9%

- FY2019: -2.8%

- FY2020: -4.6%

- FY2021: 1.9%

- FY2022: 0.9%

- FY2023: -3.7%

- FY2024: -6.0%

- FY2025: -3.5%

## Holders

## Price story

Down 59% since Oct 2021 · sales -0.8%

Story as of 2026-10-16T10:00:12.457Z; price observation 2026-10-15.

Price needs cash profits to shrink 14.9% a year for ten years

### Sales · FY2025–2026

sales -0.8%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: KRW 15.88T 

- FY2018: KRW 17.05T 

- FY2019: KRW 19.06T 

- FY2020: KRW 22.03T 

- FY2021: KRW 24.93T 

- FY2022: KRW 29.33T 

- FY2023: KRW 29.47T 

- FY2024: KRW 29.02T 

- FY2025: KRW 28.97T 

- FY2026: KRW 28.75T 

### Gross margin · FY2025

gross margin 31.4%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 28.1% 

- FY2017: 28.5% 

- FY2018: 27.0% 

- FY2019: 25.7% 

- FY2020: 26.4% 

- FY2021: 27.1% 

- FY2022: 28.4% 

- FY2023: 29.7% 

- FY2024: 31.2% 

- FY2025: 31.4% 

## Owner memo

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

### How it makes money

Operates in discount stores; annual sales are KRW 29 trillion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:41.807Z); FY2025: revenue 28970388263850; grossProfit 9092978211640; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 139480.KO: E-MART Inc., together with its subsidiaries, operates as a hypermarket retail company in South Korea. The company operates Emart, a discount store; Emart Traders, an everyday low-price store for small business owners; and Emart Mall and Traders Mall, the online shopping stores. It operates specialty stores, including Electro Mart, an electronics and appliance store; Molly's Pet Shop, a pet store; No Brand, a private label hard discount store; PK Market, a food store; Toy Kingdom, a toy store; and Marie's Baby Circle, an infant and toddler product store, as well as SSG Food Market, an urban-style supermarket. The company was founded in 1993 and is headquartered in Seoul, South Korea.

### Why customers stay

Margins ranged from 29.7% to 31.4% during 2023–25; it earns 1.2% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:41.807Z); FY2023: grossProfit / revenue = 29.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:41.807Z); FY2024: grossProfit / revenue = 31.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:41.807Z); FY2025: grossProfit / revenue = 31.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:41.807Z); 10-year return on capital observations [[2016,0.03561049939895018],[2017,0.037334172822428284],[2018,0.03262458412491132],[2019,0.009706683775566017],[2020,0.012600953771703798],[2021,0.017435684492364427],[2022,0.00715189093155142],[2023,-0.002331822389200227],[2024,0.0015289091440652683],[2025,0.011618335764991094]]; median 0.012109644768347446. 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 389.1 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:41.807Z); FY2016: growth capex 0; upkeep 620394801860; owner earnings 115251238140. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:41.807Z); FY2020: growth capex 0; upkeep 640569646620; owner earnings 133296480100. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:41.807Z); FY2021: growth capex 0; upkeep 1122512425740; owner earnings 892175556240. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:41.807Z); FY2022: growth capex 0; upkeep 1230163740690; owner earnings 631719988770. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:41.807Z); FY2025: growth capex 0; upkeep 781476163370; owner earnings 159166977265.13483. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:41.807Z); Dividend observations: [[2016,51953750000],[2017,58935732380],[2018,81840583400],[2019,104246008990],[2020,107141318680],[2021,101536091230],[2022,127776111680],[2023,146411969320],[2024,171940131850],[2025,189338369610]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:41.807Z); FY2025: cash repurchases 389133050 KRW.

### Are managers owners

Insiders own 28.8% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 139480.KO SharesStats.PercentInsiders = 28.849000000000004 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits shrink 14.9% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:41.807Z); Ten-year compound average after fade. Initial solved rate -0.21910640751826543. Price 69300; 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 162,500.00 per share

- 2016-11: KRW 188,000.00 per share

- 2016-12: KRW 183,000.00 per share

- 2017-01: KRW 203,000.00 per share

- 2017-02: KRW 208,000.00 per share

- 2017-03: KRW 205,500.00 per share

- 2017-04: KRW 230,000.00 per share

- 2017-05: KRW 243,000.00 per share

- 2017-06: KRW 234,500.00 per share

- 2017-07: KRW 254,000.00 per share

- 2017-08: KRW 224,000.00 per share

- 2017-09: KRW 208,500.00 per share

- 2017-10: KRW 224,000.00 per share

- 2017-11: KRW 273,500.00 per share

- 2017-12: KRW 271,000.00 per share

- 2018-01: KRW 291,000.00 per share

- 2018-02: KRW 304,000.00 per share

- 2018-03: KRW 273,500.00 per share

- 2018-04: KRW 270,000.00 per share

- 2018-05: KRW 250,000.00 per share

- 2018-06: KRW 254,500.00 per share

- 2018-07: KRW 218,500.00 per share

- 2018-08: KRW 214,500.00 per share

- 2018-09: KRW 207,500.00 per share

- 2018-10: KRW 204,500.00 per share

- 2018-11: KRW 195,000.00 per share

- 2018-12: KRW 182,500.00 per share

- 2019-01: KRW 192,000.00 per share

- 2019-02: KRW 180,000.00 per share

- 2019-03: KRW 172,000.00 per share

- 2019-04: KRW 172,000.00 per share

- 2019-05: KRW 144,000.00 per share

- 2019-06: KRW 140,000.00 per share

- 2019-07: KRW 122,000.00 per share

- 2019-08: KRW 116,000.00 per share

- 2019-09: KRW 113,000.00 per share

- 2019-10: KRW 111,500.00 per share

- 2019-11: KRW 131,000.00 per share

- 2019-12: KRW 127,500.00 per share

- 2020-01: KRW 111,000.00 per share

- 2020-02: KRW 105,000.00 per share

- 2020-03: KRW 106,500.00 per share

- 2020-04: KRW 120,000.00 per share

- 2020-05: KRW 113,500.00 per share

- 2020-06: KRW 105,500.00 per share

- 2020-07: KRW 114,000.00 per share

- 2020-08: KRW 120,000.00 per share

- 2020-09: KRW 141,500.00 per share

- 2020-10: KRW 142,000.00 per share

- 2020-11: KRW 154,000.00 per share

- 2020-12: KRW 151,500.00 per share

- 2021-01: KRW 164,000.00 per share

- 2021-02: KRW 169,000.00 per share

- 2021-03: KRW 171,000.00 per share

- 2021-04: KRW 168,000.00 per share

- 2021-05: KRW 159,000.00 per share

- 2021-06: KRW 160,000.00 per share

- 2021-07: KRW 168,500.00 per share

- 2021-08: KRW 179,000.00 per share

- 2021-09: KRW 164,500.00 per share

- 2021-10: KRW 168,000.00 per share

- 2021-11: KRW 143,000.00 per share

- 2021-12: KRW 151,000.00 per share

- 2022-01: KRW 132,000.00 per share

- 2022-02: KRW 130,000.00 per share

- 2022-03: KRW 141,000.00 per share

- 2022-04: KRW 132,000.00 per share

- 2022-05: KRW 116,000.00 per share

- 2022-06: KRW 105,500.00 per share

- 2022-07: KRW 113,000.00 per share

- 2022-08: KRW 97,800.00 per share

- 2022-09: KRW 83,900.00 per share

- 2022-10: KRW 84,600.00 per share

- 2022-11: KRW 92,100.00 per share

- 2022-12: KRW 98,000.00 per share

- 2023-01: KRW 104,200.00 per share

- 2023-02: KRW 112,000.00 per share

- 2023-03: KRW 105,600.00 per share

- 2023-04: KRW 97,600.00 per share

- 2023-05: KRW 84,300.00 per share

- 2023-06: KRW 76,900.00 per share

- 2023-07: KRW 75,700.00 per share

- 2023-08: KRW 73,800.00 per share

- 2023-09: KRW 70,400.00 per share

- 2023-10: KRW 72,700.00 per share

- 2023-11: KRW 75,800.00 per share

- 2023-12: KRW 76,600.00 per share

- 2024-01: KRW 77,800.00 per share

- 2024-02: KRW 74,000.00 per share

- 2024-03: KRW 67,700.00 per share

- 2024-04: KRW 63,700.00 per share

- 2024-05: KRW 61,300.00 per share

- 2024-06: KRW 56,500.00 per share

- 2024-07: KRW 60,400.00 per share

- 2024-08: KRW 63,700.00 per share

- 2024-09: KRW 59,200.00 per share

- 2024-10: KRW 65,300.00 per share

- 2024-11: KRW 64,300.00 per share

- 2024-12: KRW 63,400.00 per share

- 2025-01: KRW 64,500.00 per share

- 2025-02: KRW 76,100.00 per share

- 2025-03: KRW 81,100.00 per share

- 2025-04: KRW 91,700.00 per share

- 2025-05: KRW 91,300.00 per share

- 2025-06: KRW 85,400.00 per share

- 2025-07: KRW 89,300.00 per share

- 2025-08: KRW 71,500.00 per share

- 2025-09: KRW 75,500.00 per share

- 2025-10: KRW 72,200.00 per share

- 2025-11: KRW 78,200.00 per share

- 2025-12: KRW 81,300.00 per share

- 2026-01: KRW 91,000.00 per share

- 2026-02: KRW 105,000.00 per share

- 2026-03: KRW 95,700.00 per share

- 2026-04: KRW 106,700.00 per share

- 2026-05: KRW 86,100.00 per share

- 2026-06: KRW 82,400.00 per share

- 2026-07: KRW 79,800.00 per share

- 2026-08: KRW 74,300.00 per share

- 2026-09: KRW 71,500.00 per share

- 2026-10: KRW 72,500.00 per share

## Annual estimated value (KRW per share)

- FY2022: low KRW 105,473.25 per share, central KRW 115,224.02 per share, high KRW 128,204.36 per share

- FY2023: low KRW 151,301.88 per share, central KRW 162,955.98 per share, high KRW 178,470.05 per share

- FY2024: low KRW 118,467.96 per share, central KRW 128,441.50 per share, high KRW 141,718.41 per share

- FY2025: low KRW 96,871.56 per share, central KRW 105,825.90 per share, high KRW 117,746.02 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 2026-10-15T06:48:24.827Z 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.