# SK Chemicals (285130.KO)

Canonical: https://gigainvestors.com/s/285130.KO

Analysis as of: 2026-10-16T07:45:36.339Z. Financial observations: FY2014–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 47,300.00 per share; close as of 2026-10-15.

## Checklist

### understandable: fail

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

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 5

- Years with a net loss: 1

- Operating margin variation: 1.76×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.04×

- FY2017: -0.10×

- FY2018: 0.03×

- FY2019: 0.06×

- FY2020: 0.09×

- FY2021: 0.27×

- FY2022: 0.13×

- FY2023: 0.05×

- FY2024: -0.03×

- FY2025: 0.00×

### moat: fail

- ROIC median below threshold

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

- ROIC, median of available years: 2.9%

- ROIC, second-lowest year: -0.5%

- Typical minus recent gross margin: 1.7 pp

- Typical gross margin (annual median): 22.8%

- Recent gross margin (lower of latest and 3-year median): 21.1%

- Years with nonpositive capital: 0

- Capital spending / revenue: 12.4%

- ROIC including acquisitions, ten-year median: -0.5%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 2.4%

- FY2017: -0.5%

- FY2018: 2.1%

- FY2019: 3.3%

- FY2020: 5.6%

- FY2021: 77.9%

- FY2022: 19.5%

- FY2023: 4.7%

- FY2024: -1.5%

- FY2025: 0.0%

### economics: fail

- owner earnings cash conversion below threshold

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: -0.60×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: KRW -274B

- Net income, five-year total: KRW 453B

- Return on incremental invested capital: -0.8%

- Working capital / revenue, annual change: -13.0 pp

- Working capital / revenue, change between three-year averages: -105.0 pp

- Working capital / revenue, final three-year average: 31.8%

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

- FY2021: 0.99×

- FY2022: 0.12×

- FY2023: -5.07×

- FY2024: -34.03×

- FY2025: 0.90×

### management: pass

- Historical market-dollar context (not the management verdict): 2018 to 2025 (7 years)

- potential debt-funded buybacks (informational)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 2.1% vs 0.0%

- Per-share earnings: 308.53 to 2071.00 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: 1.9%

- Market cap gain: KRW 357B

- Cumulative retained earnings: KRW 887B

- Diluted shares, 5-year annual growth: 1.9%

- $1 test, starting fiscal year: FY2018

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 37.3%

- Per-share value change: KRW 2K

- Per-share value, starting three-year median: KRW 308.53

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

- Buybacks concentrated in cheaper years (correlation): -0.10

- Average buyback yield: 4.5%

- Buyback history: 5 years

- Debt-funded buybacks: Yes

- Acquisition spending: KRW 201B

- Cumulative net income, 10 years: KRW 727B

- ROIC, first three-year median: 2.1%

- ROIC, last three-year median: 0.0%

Chart: Earnings per share; fiscal year observations.

- FY2017: KRW -491.42

- FY2018: KRW 308.53

- FY2019: KRW 535.75

- FY2020: KRW 14K

- FY2021: KRW 10K

- FY2022: KRW 10K

- FY2023: KRW 2K

- FY2024: KRW 375.00

- FY2025: KRW 2K

### accounting: pass

- Sloan accruals: -3.1%

- Receivables to sales index (DSRI): 0.89×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.3%

- Earnings backed by cash: Yes

- Operating cash / earnings: 5.28×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.10×

Chart: Sloan accruals; fiscal year observations.

- FY2016: 5.7%

- FY2017: 6.2%

- FY2018: -3.1%

- FY2019: -5.2%

- FY2020: 0.3%

- FY2021: -8.6%

- FY2022: 9.6%

- FY2023: -2.6%

- FY2024: 1.8%

- FY2025: -3.1%

## Holders

## Price story

Down 74% since Oct 2021 · sales +36.2%

Story as of 2026-10-16T10:00:13.448Z; price observation 2026-10-15.

### Sales · FY2024–2025

sales +36.2%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: KRW 1.15T 

- FY2017: KRW 88B 

- FY2018: KRW 1.37T 

- FY2019: KRW 1.43T 

- FY2020: KRW 1.21T 

- FY2021: KRW 2.09T 

- FY2022: KRW 1.83T 

- FY2023: KRW 1.75T 

- FY2024: KRW 1.74T 

- FY2025: KRW 2.37T 

### Gross margin · FY2025

gross margin 21.1%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 22.8% 

- FY2017: 14.4% 

- FY2018: 19.9% 

- FY2019: 22.8% 

- FY2020: 28.8% 

- FY2021: 42.2% 

- FY2022: 33.6% 

- FY2023: 27.0% 

- FY2024: 22.8% 

- FY2025: 21.1% 

## Owner memo

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

### How it makes money

Operates in specialty chemicals; annual sales are KRW 2.4 trillion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:45:36.339Z); FY2025: revenue 2365164441710; grossProfit 499111652950; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 285130.KO: SK Chemicals Co.,Ltd provides chemicals and life sciences products and solutions in South Korea, China, Japan, Asia, the United States, Europe, and internationally. The company offers copolyester, engineering plastic, petro chemical, specialty chemical, coating and adhesive, biomaterial, and performance chemical for covid-19 personal protective equipment, industrial materials, sustainable packaging solution, packaging, cosmetic, automotive, consumer goods and sports, and electronics and home appliance applications. It sells its products under the SKYGREEN, SKYPEL, SKYBON, ECOZEN, SKYTRA, ECOTRION, CLARO, SKYDMT, CnR, ECOTRIA, SKYCHDM, E.Chemical, SKYPET, SKYDMCD, SKYPURA, and SKYCHDA brands. The company provides ETC drugs, including musculoskeletal system, anti-inflammatory agents/analgenics, digestive system, central nervous system, respiratory system, urinary system, kidney/rheumatism, circulatory system/metabolic disease, antimicrobial/antiviral agents, and others; OTC drugs, such as common cold/antihistamine, drugs to improve blood flow, vitamins/minerals, dermatologicals, and other products. The company was founded in 1969 and is headquartered in Seongnam-si, South Korea.

### Why customers stay

Margins ranged from 21.1% to 27% during 2023–25; it earns 2.9% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:45:36.339Z); FY2023: grossProfit / revenue = 27%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:45:36.339Z); FY2024: grossProfit / revenue = 22.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:45:36.339Z); FY2025: grossProfit / revenue = 21.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:45:36.339Z); 10-year return on capital observations [[2016,0.024277965038755418],[2017,-0.005073800198446473],[2018,0.020838832128548625],[2019,0.03319174943680015],[2020,0.05595064530227534],[2021,0.7791860724525023],[2022,0.1953537273671767],[2023,0.04691767624531142],[2024,-0.01469082919354688],[2025,0.00009832411923514677]]; median 0.028734857237777786. 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 237 billion of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:45:36.339Z); FY2020: growth capex 0; upkeep 94848008000; owner earnings 255142639136. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:45:36.339Z); FY2021: growth capex 47598605000; upkeep 92875058000; owner earnings 165913383970. Growth capex / owner earnings = 0.28688827785350124.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:45:36.339Z); FY2022: growth capex 0; upkeep 290147419000; owner earnings 22986940011.00473. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:45:36.339Z); FY2025: growth capex 277884377460; upkeep 188520602000; owner earnings 40089992964. Growth capex / owner earnings = 6.931514747571408.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:45:36.339Z); Dividend observations: [[2016,5282629500],[2017,5282629500],[2018,5282629500],[2019,5282629500],[2020,6006549700],[2021,26148257500],[2022,67232073000],[2023,29881811530],[2024,17638487300],[2025,22525133120]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:45:36.339Z); FY2025: cash repurchases 237034202600 KRW.

### Are managers owners

Insiders own 47.9% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 285130.KO SharesStats.PercentInsiders = 47.885 percentage points; cache date 2026-10-16.

### What the price says

The price is 0.4 times annual sales.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:45:36.339Z); Closing price 47300 KRW; reporting-to-trading FX 1; FY2025 annual sales per share 122110.08709483696; price multiple 0.3873553866460221. FY2025 cash earnings/share 2069.7895022157954. Closing-price date 2026-10-15.

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

- 2018-01: KRW 76,666.70 per share

- 2018-02: KRW 72,666.70 per share

- 2018-03: KRW 70,000.03 per share

- 2018-04: KRW 67,666.70 per share

- 2018-05: KRW 59,266.69 per share

- 2018-06: KRW 61,933.36 per share

- 2018-07: KRW 59,800.03 per share

- 2018-08: KRW 57,733.36 per share

- 2018-09: KRW 56,800.03 per share

- 2018-10: KRW 40,266.69 per share

- 2018-11: KRW 51,800.02 per share

- 2018-12: KRW 46,666.69 per share

- 2019-01: KRW 45,666.69 per share

- 2019-02: KRW 49,133.36 per share

- 2019-03: KRW 46,200.02 per share

- 2019-04: KRW 45,133.35 per share

- 2019-05: KRW 37,933.35 per share

- 2019-06: KRW 38,333.35 per share

- 2019-07: KRW 29,666.68 per share

- 2019-08: KRW 29,033.35 per share

- 2019-09: KRW 30,200.01 per share

- 2019-10: KRW 31,466.68 per share

- 2019-11: KRW 46,800.02 per share

- 2019-12: KRW 42,666.69 per share

- 2020-01: KRW 38,600.02 per share

- 2020-02: KRW 38,333.35 per share

- 2020-03: KRW 56,400.03 per share

- 2020-04: KRW 51,800.02 per share

- 2020-05: KRW 61,266.70 per share

- 2020-06: KRW 85,666.71 per share

- 2020-07: KRW 179,333.42 per share

- 2020-08: KRW 262,333.46 per share

- 2020-09: KRW 197,666.76 per share

- 2020-10: KRW 230,666.78 per share

- 2020-11: KRW 284,000.14 per share

- 2020-12: KRW 261,666.79 per share

- 2021-01: KRW 280,666.80 per share

- 2021-02: KRW 251,333.45 per share

- 2021-03: KRW 167,000.08 per share

- 2021-04: KRW 177,666.75 per share

- 2021-05: KRW 169,000.08 per share

- 2021-06: KRW 173,333.42 per share

- 2021-07: KRW 158,000.08 per share

- 2021-08: KRW 180,000.09 per share

- 2021-09: KRW 189,333.42 per share

- 2021-10: KRW 180,000.00 per share

- 2021-11: KRW 139,000.00 per share

- 2021-12: KRW 149,000.00 per share

- 2022-01: KRW 125,500.00 per share

- 2022-02: KRW 125,000.00 per share

- 2022-03: KRW 136,000.00 per share

- 2022-04: KRW 127,500.00 per share

- 2022-05: KRW 129,000.00 per share

- 2022-06: KRW 92,100.00 per share

- 2022-07: KRW 105,000.00 per share

- 2022-08: KRW 97,800.00 per share

- 2022-09: KRW 91,000.00 per share

- 2022-10: KRW 88,400.00 per share

- 2022-11: KRW 88,800.00 per share

- 2022-12: KRW 73,200.00 per share

- 2023-01: KRW 83,800.00 per share

- 2023-02: KRW 78,300.00 per share

- 2023-03: KRW 74,500.00 per share

- 2023-04: KRW 71,300.00 per share

- 2023-05: KRW 75,000.00 per share

- 2023-06: KRW 70,200.00 per share

- 2023-07: KRW 63,500.00 per share

- 2023-08: KRW 62,900.00 per share

- 2023-09: KRW 63,100.00 per share

- 2023-10: KRW 56,400.00 per share

- 2023-11: KRW 64,300.00 per share

- 2023-12: KRW 67,300.00 per share

- 2024-01: KRW 64,500.00 per share

- 2024-02: KRW 67,900.00 per share

- 2024-03: KRW 62,300.00 per share

- 2024-04: KRW 60,500.00 per share

- 2024-05: KRW 53,100.00 per share

- 2024-06: KRW 48,800.00 per share

- 2024-07: KRW 49,700.00 per share

- 2024-08: KRW 49,600.00 per share

- 2024-09: KRW 51,000.00 per share

- 2024-10: KRW 50,000.00 per share

- 2024-11: KRW 42,050.00 per share

- 2024-12: KRW 44,300.00 per share

- 2025-01: KRW 41,400.00 per share

- 2025-02: KRW 41,800.00 per share

- 2025-03: KRW 39,300.00 per share

- 2025-04: KRW 39,800.00 per share

- 2025-05: KRW 57,400.00 per share

- 2025-06: KRW 72,000.00 per share

- 2025-07: KRW 68,000.00 per share

- 2025-08: KRW 59,500.00 per share

- 2025-09: KRW 57,900.00 per share

- 2025-10: KRW 63,200.00 per share

- 2025-11: KRW 71,300.00 per share

- 2025-12: KRW 65,500.00 per share

- 2026-01: KRW 67,200.00 per share

- 2026-02: KRW 68,800.00 per share

- 2026-03: KRW 52,600.00 per share

- 2026-04: KRW 59,400.00 per share

- 2026-05: KRW 43,150.00 per share

- 2026-06: KRW 39,450.00 per share

- 2026-07: KRW 39,350.00 per share

- 2026-08: KRW 53,200.00 per share

- 2026-09: KRW 51,300.00 per share

- 2026-10: KRW 50,300.00 per share

## Annual estimated value (KRW 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.

## Reported holder observations