# kakaopay (377300.KO)

Canonical: https://gigainvestors.com/s/377300.KO

Analysis as of: 2026-10-16T07:38:36.369Z. Financial observations: FY2019–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 34,550.00 per share; close as of 2026-10-15.

Estimated value: low KRW 47,050.70 per share, central KRW 47,125.07 per share, high KRW 47,224.06 per share. Buy at or below the central value KRW 47,125.07 per share. Valuation as of 2026-10-16T07:38:36.369Z; scenarios are not confidence intervals.

## Checklist

### understandable: fail

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

- more than 2 net loss years

- negative average operating margin

- operating margin variation exceeds 0.35

- Financial history: 8 years

- Years with declining revenue: 0

- Years with a net loss: 4

- Operating margin variation: 2.36×

Chart: Operating margin; fiscal year observations.

- FY2019: -1.92×

- FY2020: -0.06×

- FY2021: -0.06×

- FY2022: -0.09×

- FY2023: -0.09×

- FY2024: -0.07×

- FY2025: 0.05×

- LTM to Jun 2026: 0.11×

### moat: fail

- Years with nonpositive invested capital use equity plus debt and leases; positive earnings with no positive capital are shown above 100%.

- ROIC median below threshold

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

- ROIC, median of available years: -2.1%

- ROIC, second-lowest year: -7.0%

- Typical minus recent gross margin: 0.0 pp

- Typical gross margin (annual median): 100.0%

- Recent gross margin (lower of latest and 3-year median): 100.0%

- Years with nonpositive capital: 7

- Capital spending / revenue: 5.6%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2019: -317.3%

- FY2020: -7.0%

- FY2021: -1.2%

- FY2022: -1.8%

- FY2023: -2.1%

- FY2024: -2.2%

- FY2025: 1.8%

### economics: fail

- owner earnings cash conversion below threshold

- Owner earnings / net income, 5-yr: 0.76×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: KRW 50B

- Net income, five-year total: KRW 65B

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: 4.4 pp

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

- FY2021: 2.03×

- FY2022: 0.63×

- FY2023: 1.15×

- FY2024: -0.33×

- FY2025: 1.21×

### management: pass

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: -7.0% vs -2.1%

- Per-share earnings: -173.90 to 19.00 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: 0.7%

- Diluted shares, 5-year annual growth: 0.7%

- Per-share value change: KRW 192.90

- Per-share value, starting three-year median: KRW -173.90

- Per-share value, ending three-year median: KRW 19.00

- Average buyback yield: 2.2%

- Buyback history: 1 years

- ROIC, first three-year median: -7.0%

- ROIC, last three-year median: -2.1%

Chart: Earnings per share; fiscal year observations.

- FY2019: KRW -498.27

- FY2020: KRW -157.74

- FY2021: KRW -173.90

- FY2022: KRW 399.00

- FY2023: KRW 19.00

- FY2024: KRW -102.00

- FY2025: KRW 335.00

### accounting: pass

- Sloan accruals: -1.4%

- Receivables to sales index (DSRI): 0.95×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 3.1%

- Earnings backed by cash: Yes

- Operating cash / earnings: 2.62×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.06×

Chart: Sloan accruals; fiscal year observations.

- FY2019: -33.1%

- FY2020: -4.4%

- FY2021: -5.2%

- FY2022: 3.3%

- FY2023: -6.3%

- FY2024: -3.2%

- FY2025: -1.4%

## Holders

## Price story

Down 84% since Nov 2021 · sales +19.3%

Story as of 2026-10-16T10:00:10.080Z; price observation 2026-10-15.

### Sales · FY2025–2026

sales +19.3%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2019: KRW 141B 

- FY2020: KRW 284B 

- FY2021: KRW 459B 

- FY2022: KRW 521B 

- FY2023: KRW 615B 

- FY2024: KRW 766B 

- FY2025: KRW 958B 

- FY2026: KRW 1.14T 

## Owner memo

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

### How it makes money

Operates in software infrastructure; annual sales are KRW 958.4 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:36.369Z); FY2025: revenue 958371073360; grossProfit 958371073360; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 100% to 100% during 2023–25; it lost 2.1% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:36.369Z); FY2023: grossProfit / revenue = 100%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:36.369Z); FY2024: grossProfit / revenue = 100%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:36.369Z); FY2025: grossProfit / revenue = 100%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:36.369Z); 7-year return on capital observations [[2019,-3.1734562580785863],[2020,-0.07020251725590541],[2021,-0.01187154909797081],[2022,-0.017913400205170602],[2023,-0.02139317468071586],[2024,-0.021988221240966065],[2025,0.017825202996473492]]; median -0.02139317468071586. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Are managers owners

Insiders own 73.4% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 377300.KO SharesStats.PercentInsiders = 73.42699999999999 percentage points; cache date 2026-10-16.

### What the price says

The price is 4.9 times annual sales.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:36.369Z); Closing price 34550 KRW; reporting-to-trading FX 1; FY2025 annual sales per share 7096.818164019053; price multiple 4.868378927216831. FY2025 cash earnings/share 406.51383379259664. Closing-price date 2026-10-15.

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

- 2021-11: KRW 218,000.00 per share

- 2021-12: KRW 174,500.00 per share

- 2022-01: KRW 126,000.00 per share

- 2022-02: KRW 149,500.00 per share

- 2022-03: KRW 148,500.00 per share

- 2022-04: KRW 112,500.00 per share

- 2022-05: KRW 105,500.00 per share

- 2022-06: KRW 60,200.00 per share

- 2022-07: KRW 62,900.00 per share

- 2022-08: KRW 62,200.00 per share

- 2022-09: KRW 49,100.00 per share

- 2022-10: KRW 35,350.00 per share

- 2022-11: KRW 52,900.00 per share

- 2022-12: KRW 54,200.00 per share

- 2023-01: KRW 61,000.00 per share

- 2023-02: KRW 62,700.00 per share

- 2023-03: KRW 55,600.00 per share

- 2023-04: KRW 54,500.00 per share

- 2023-05: KRW 60,100.00 per share

- 2023-06: KRW 47,000.00 per share

- 2023-07: KRW 50,200.00 per share

- 2023-08: KRW 45,250.00 per share

- 2023-09: KRW 40,750.00 per share

- 2023-10: KRW 34,200.00 per share

- 2023-11: KRW 46,100.00 per share

- 2023-12: KRW 49,300.00 per share

- 2024-01: KRW 47,350.00 per share

- 2024-02: KRW 44,050.00 per share

- 2024-03: KRW 38,500.00 per share

- 2024-04: KRW 35,300.00 per share

- 2024-05: KRW 31,000.00 per share

- 2024-06: KRW 26,900.00 per share

- 2024-07: KRW 25,250.00 per share

- 2024-08: KRW 25,150.00 per share

- 2024-09: KRW 24,400.00 per share

- 2024-10: KRW 24,550.00 per share

- 2024-11: KRW 24,750.00 per share

- 2024-12: KRW 26,250.00 per share

- 2025-01: KRW 27,000.00 per share

- 2025-02: KRW 34,250.00 per share

- 2025-03: KRW 28,600.00 per share

- 2025-04: KRW 31,650.00 per share

- 2025-05: KRW 37,850.00 per share

- 2025-06: KRW 76,700.00 per share

- 2025-07: KRW 64,100.00 per share

- 2025-08: KRW 59,800.00 per share

- 2025-09: KRW 53,800.00 per share

- 2025-10: KRW 52,300.00 per share

- 2025-11: KRW 49,600.00 per share

- 2025-12: KRW 49,100.00 per share

- 2026-01: KRW 63,400.00 per share

- 2026-02: KRW 66,900.00 per share

- 2026-03: KRW 48,850.00 per share

- 2026-04: KRW 55,700.00 per share

- 2026-05: KRW 46,550.00 per share

- 2026-06: KRW 41,050.00 per share

- 2026-07: KRW 42,600.00 per share

- 2026-08: KRW 46,450.00 per share

- 2026-09: KRW 39,850.00 per share

- 2026-10: KRW 37,500.00 per share

## Annual estimated value (KRW per share)

- FY2024: low KRW 25,851.36 per share, central KRW 25,891.90 per share, high KRW 25,945.87 per share

- FY2025: low KRW 31,026.12 per share, central KRW 31,088.45 per share, high KRW 31,171.41 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.