# KT (030200.KO)

Canonical: https://gigainvestors.com/s/030200.KO

Analysis as of: 2026-10-16T07:36:08.793Z. Financial observations: FY2000–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 50,500.00 per share; close as of 2026-10-15.

Estimated value: low KRW 95,466.87 per share, central KRW 105,909.04 per share, high KRW 119,809.79 per share. Buy at or below the central value KRW 105,909.04 per share. Valuation as of 2026-10-16T07:36:08.793Z; scenarios are not confidence intervals.

Expected annual return: 23.5% at the stated quote. About 23.5% 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

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

- Financial history: 10 years

- Years with declining revenue: 3

- Years with a net loss: 0

- Operating margin variation: 0.29×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.05×

- FY2018: 0.05×

- FY2019: 0.04×

- FY2020: 0.05×

- FY2021: 0.07×

- FY2022: 0.07×

- FY2023: 0.06×

- FY2024: 0.03×

- FY2025: 0.09×

- LTM to Jun 2026: 0.07×

### moat: fail

- ROIC median below threshold

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

- ROIC, median of available years: 5.3%

- ROIC, second-lowest year: 4.1%

- Typical minus recent gross margin: -11.2 pp

- Typical gross margin (annual median): 52.8%

- Recent gross margin (lower of latest and 3-year median): 64.0%

- Years with nonpositive capital: 0

- Capital spending / revenue: 13.4%

- ROIC including acquisitions, ten-year median: 6.9%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 6.0%

- FY2017: 4.7%

- FY2018: 4.8%

- FY2019: 4.1%

- FY2020: 4.9%

- FY2021: 6.6%

- FY2022: 5.7%

- FY2023: 5.7%

- FY2024: 2.9%

- FY2025: 8.5%

### economics: pass

- Owner earnings / net income, 5-yr: 1.17×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: KRW 6.80T

- Net income, five-year total: KRW 5.79T

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: -0.3 pp

- Working capital / revenue, change between three-year averages: -3.3 pp

- Working capital / revenue, final three-year average: 10.2%

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

- FY2021: 1.11×

- FY2022: 1.21×

- FY2023: 1.02×

- FY2024: 2.23×

- FY2025: 1.00×

### management: pass

- 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: 4.8% vs 5.7%

- Per-share earnings: 2987.21 to 3979.84 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: 0.1%

- Market cap gain: KRW 5.81T

- Cumulative retained earnings: KRW 5.14T

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

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 4.2%

- Per-share value change: KRW 992.63

- Per-share value, starting three-year median: KRW 3K

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

- Buybacks concentrated in cheaper years (correlation): 0.31

- Average buyback yield: 1.4%

- Buyback history: 8 years

- Debt-funded buybacks: No

- Acquisition spending: KRW 2.95T

- Cumulative net income, 10 years: KRW 8.91T

- ROIC, first three-year median: 4.8%

- ROIC, last three-year median: 5.7%

Chart: Earnings per share; fiscal year observations.

- FY2016: KRW 3K

- FY2017: KRW 2K

- FY2018: KRW 4K

- FY2019: KRW 1K

- FY2020: KRW 3K

- FY2021: KRW 6K

- FY2022: KRW 5K

- FY2023: KRW 4K

- FY2024: KRW 2K

- FY2025: KRW 7K

### accounting: pass

- Sloan accruals: -7.5%

- Receivables to sales index (DSRI): 0.94×

- Restructuring years, last five: 0

- Earnings backed by cash: Yes

- Operating cash / earnings: 2.88×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.09×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -13.2%

- FY2017: -11.5%

- FY2018: -10.4%

- FY2019: -9.1%

- FY2020: -12.1%

- FY2021: -11.3%

- FY2022: -5.7%

- FY2023: -9.0%

- FY2024: -11.0%

- FY2025: -7.5%

## Holders

- [Richard Pzena](https://gigainvestors.com/PIM): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [William Browne](https://gigainvestors.com/TB): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Down 21% since Feb 2026 · sales -2.9%

Story as of 2026-10-16T10:00:06.944Z; price observation 2026-10-15.

Price needs cash profits to shrink 12.2% a year for ten years

### Sales · FY2025–2026

sales -2.9%; source https://www.sec.gov/Archives/edgar/data/892450/000162828026028096/kt-20251231.htm; observed 2026-04-29.

- FY2017: KRW 23.55T 

- FY2018: KRW 23.44T 

- FY2019: KRW 24.90T 

- FY2020: KRW 23.92T 

- FY2021: KRW 24.90T 

- FY2022: KRW 25.65T 

- FY2023: KRW 26.29T 

- FY2024: KRW 26.38T 

- FY2025: KRW 28.25T 

- FY2026: KRW 27.44T 

### Gross margin · FY2025

gross margin 64%; source https://www.sec.gov/Archives/edgar/data/892450/000162828026028096/kt-20251231.htm; observed 2026-04-29.

- FY2016: 46.0% 

- FY2017: 45.0% 

- FY2018: 42.7% 

- FY2019: 42.5% 

- FY2020: 41.8% 

- FY2021: 59.7% 

- FY2022: 62.0% 

- FY2023: 63.6% 

- FY2024: 64.5% 

- FY2025: 64.0% 

## Owner memo

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

### How it makes money

Operates in telecom services; annual sales are KRW 28.3 trillion.

- Source: https://www.sec.gov/Archives/edgar/data/892450/000162828026028096/kt-20251231.htm (filed 2026-04-29); FY2025: revenue 28253193000000; grossProfit 18095742000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 030200.KO: KT Corporation provides integrated telecommunications and platform services in South Korea, rest of Asia, and internationally. The company offers mobile voice and data telecommunications services based on 5G, 4G LTE and 3G W-CDMA technology; fixed-line telephone services, including local, domestic long-distance, international long-distance, and voice over Internet protocol telephone services, as well as interconnection services; broadband Internet access service and other Internet-related services; and data communication services, such as fixed-line and satellite leased line services, as well as broadband Internet connection services. It also provides media and content services, including IPTV, satellite TV, digital music, e-commerce, online advertising consulting, and web comics and novels services; and credit card processing and other financial services. In addition, the company offers information technology and network services, and satellite services; sells handsets and miscellaneous telecommunications equipment; develops and sells residential units and commercial real estate development. Further, it offers telecommunication facility maintenance, investment fund, software development and data processing, value-added network, call center, system integration and maintenance, marketing, PCS distribution, transportation and trucking arrangement business, cloud system implementation, satellite communication network, installation and management, and data center development and related services. Additionally, the company is involved in the residential building development and supply, sports team management, technology business finance, and submarine cable construction and maintenance businesses. The company was formerly known as Korea Telecom Corp. and changed its name to KT Corporation in March 2002. KT Corporation was founded in 1981 and is headquartered in Seongnam-si, South Korea.

### Why customers stay

Margins ranged from 63.6% to 64.5% during 2023–25; it earns 5.3% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-29); FY2023: grossProfit / revenue = 63.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-29); FY2024: grossProfit / revenue = 64.5%.

- Source: https://www.sec.gov/Archives/edgar/data/892450/000162828026028096/kt-20251231.htm (filed 2026-04-29); FY2025: grossProfit / revenue = 64%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-29); 10-year return on capital observations [[2016,0.05998690076310786],[2017,0.046814609703912366],[2018,0.04834325255409072],[2019,0.040517986435930645],[2020,0.04948951143228057],[2021,0.06556320148220135],[2022,0.05684811702875579],[2023,0.05693777308136353],[2024,0.029119606364650757],[2025,0.08540967436549902]]; median 0.05316881423051818. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Spends 6% of cash earnings on expansion; paid dividends in 10 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-29); FY2016: growth capex 0; upkeep 3220109000000; owner earnings 1550641000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-29); FY2017: growth capex 0; upkeep 2442223000000; owner earnings 1435526000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-29); FY2018: growth capex 0; upkeep 2260879000000; owner earnings 1749631000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-29); FY2019: growth capex 0; upkeep 3263338000000; owner earnings 1066286000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-29); FY2020: growth capex 0; upkeep 3207566000000; owner earnings 1118094000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-29); FY2021: growth capex 0; upkeep 3495021000000; owner earnings 1509211000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-29); FY2022: growth capex 0; upkeep 3439857000000; owner earnings 1533307000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-29); FY2023: growth capex 0; upkeep 3844099000000; owner earnings 1017024000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-29); FY2024: growth capex 0; upkeep 3364581000000; owner earnings 1024828000000. Growth capex / owner earnings = 0.

- Source: https://www.sec.gov/Archives/edgar/data/892450/000162828026028096/kt-20251231.htm (filed 2026-04-29); FY2025: growth capex 103595000000; upkeep 3937367000000; owner earnings 1718814000000. Growth capex / owner earnings = 0.06027121026475232.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-29); Dividend observations: [[2016,184099000000],[2017,195978000000],[2018,245097000000],[2019,269659000000],[2020,269765000000],[2021,350334000000],[2022,450393000000],[2023,526808000000],[2024,872350000000],[2025,577806000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/892450/000162828026028096/kt-20251231.htm (filed 2026-04-29); FY2025: cash repurchases 250000000000 KRW.

### Are managers owners

Insiders own 10.8% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 030200.KO SharesStats.PercentInsiders = 10.779 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits shrink 12.2% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-29); Ten-year compound average after fade. Initial solved rate -0.18279461420525683. Price 50500; 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 32,300.00 per share

- 2016-11: KRW 29,850.00 per share

- 2016-12: KRW 29,400.00 per share

- 2017-01: KRW 29,400.00 per share

- 2017-02: KRW 30,450.00 per share

- 2017-03: KRW 31,900.00 per share

- 2017-04: KRW 32,200.00 per share

- 2017-05: KRW 32,550.00 per share

- 2017-06: KRW 32,600.00 per share

- 2017-07: KRW 34,800.00 per share

- 2017-08: KRW 31,200.00 per share

- 2017-09: KRW 29,150.00 per share

- 2017-10: KRW 29,350.00 per share

- 2017-11: KRW 30,450.00 per share

- 2017-12: KRW 30,250.00 per share

- 2018-01: KRW 29,650.00 per share

- 2018-02: KRW 27,900.00 per share

- 2018-03: KRW 27,550.00 per share

- 2018-04: KRW 27,250.00 per share

- 2018-05: KRW 27,000.00 per share

- 2018-06: KRW 27,400.00 per share

- 2018-07: KRW 28,500.00 per share

- 2018-08: KRW 28,900.00 per share

- 2018-09: KRW 30,150.00 per share

- 2018-10: KRW 28,600.00 per share

- 2018-11: KRW 30,500.00 per share

- 2018-12: KRW 29,800.00 per share

- 2019-01: KRW 28,600.00 per share

- 2019-02: KRW 28,450.00 per share

- 2019-03: KRW 27,400.00 per share

- 2019-04: KRW 27,350.00 per share

- 2019-05: KRW 27,950.00 per share

- 2019-06: KRW 28,350.00 per share

- 2019-07: KRW 27,700.00 per share

- 2019-08: KRW 27,000.00 per share

- 2019-09: KRW 27,450.00 per share

- 2019-10: KRW 26,500.00 per share

- 2019-11: KRW 26,950.00 per share

- 2019-12: KRW 27,000.00 per share

- 2020-01: KRW 25,350.00 per share

- 2020-02: KRW 23,900.00 per share

- 2020-03: KRW 19,850.00 per share

- 2020-04: KRW 23,850.00 per share

- 2020-05: KRW 24,350.00 per share

- 2020-06: KRW 23,550.00 per share

- 2020-07: KRW 23,800.00 per share

- 2020-08: KRW 23,900.00 per share

- 2020-09: KRW 22,950.00 per share

- 2020-10: KRW 22,100.00 per share

- 2020-11: KRW 24,250.00 per share

- 2020-12: KRW 24,000.00 per share

- 2021-01: KRW 23,950.00 per share

- 2021-02: KRW 26,000.00 per share

- 2021-03: KRW 28,250.00 per share

- 2021-04: KRW 28,350.00 per share

- 2021-05: KRW 34,200.00 per share

- 2021-06: KRW 31,800.00 per share

- 2021-07: KRW 33,800.00 per share

- 2021-08: KRW 32,800.00 per share

- 2021-09: KRW 32,600.00 per share

- 2021-10: KRW 30,500.00 per share

- 2021-11: KRW 30,300.00 per share

- 2021-12: KRW 30,600.00 per share

- 2022-01: KRW 31,250.00 per share

- 2022-02: KRW 32,000.00 per share

- 2022-03: KRW 35,700.00 per share

- 2022-04: KRW 35,800.00 per share

- 2022-05: KRW 37,900.00 per share

- 2022-06: KRW 36,450.00 per share

- 2022-07: KRW 37,750.00 per share

- 2022-08: KRW 37,200.00 per share

- 2022-09: KRW 36,200.00 per share

- 2022-10: KRW 36,600.00 per share

- 2022-11: KRW 37,400.00 per share

- 2022-12: KRW 33,800.00 per share

- 2023-01: KRW 35,050.00 per share

- 2023-02: KRW 30,450.00 per share

- 2023-03: KRW 29,450.00 per share

- 2023-04: KRW 30,000.00 per share

- 2023-05: KRW 31,550.00 per share

- 2023-06: KRW 29,800.00 per share

- 2023-07: KRW 29,500.00 per share

- 2023-08: KRW 33,000.00 per share

- 2023-09: KRW 33,150.00 per share

- 2023-10: KRW 32,650.00 per share

- 2023-11: KRW 33,550.00 per share

- 2023-12: KRW 34,400.00 per share

- 2024-01: KRW 35,400.00 per share

- 2024-02: KRW 39,100.00 per share

- 2024-03: KRW 37,700.00 per share

- 2024-04: KRW 34,600.00 per share

- 2024-05: KRW 36,600.00 per share

- 2024-06: KRW 37,400.00 per share

- 2024-07: KRW 39,850.00 per share

- 2024-08: KRW 38,600.00 per share

- 2024-09: KRW 40,200.00 per share

- 2024-10: KRW 44,350.00 per share

- 2024-11: KRW 48,800.00 per share

- 2024-12: KRW 43,850.00 per share

- 2025-01: KRW 48,000.00 per share

- 2025-02: KRW 47,000.00 per share

- 2025-03: KRW 49,600.00 per share

- 2025-04: KRW 51,800.00 per share

- 2025-05: KRW 50,800.00 per share

- 2025-06: KRW 55,700.00 per share

- 2025-07: KRW 55,200.00 per share

- 2025-08: KRW 54,100.00 per share

- 2025-09: KRW 50,500.00 per share

- 2025-10: KRW 49,150.00 per share

- 2025-11: KRW 50,400.00 per share

- 2025-12: KRW 52,600.00 per share

- 2026-01: KRW 56,900.00 per share

- 2026-02: KRW 63,800.00 per share

- 2026-03: KRW 60,400.00 per share

- 2026-04: KRW 60,900.00 per share

- 2026-05: KRW 52,800.00 per share

- 2026-06: KRW 52,900.00 per share

- 2026-07: KRW 51,900.00 per share

- 2026-08: KRW 53,400.00 per share

- 2026-09: KRW 52,300.00 per share

- 2026-10: KRW 49,750.00 per share

## Annual estimated value (KRW per share)

- FY2016: low KRW 63,584.19 per share, central KRW 70,514.61 per share, high KRW 79,740.47 per share

- FY2017: low KRW 53,040.49 per share, central KRW 59,133.89 per share, high KRW 67,245.51 per share

- FY2018: low KRW 107,727.15 per share, central KRW 120,035.13 per share, high KRW 136,419.67 per share

- FY2019: low KRW 35,302.36 per share, central KRW 39,493.70 per share, high KRW 45,073.28 per share

- FY2020: low KRW 79,788.26 per share, central KRW 88,874.22 per share, high KRW 100,969.57 per share

- FY2021: low KRW 85,677.03 per share, central KRW 95,322.35 per share, high KRW 108,162.31 per share

- FY2022: low KRW 82,529.54 per share, central KRW 92,056.28 per share, high KRW 104,738.40 per share

- FY2023: low KRW 69,018.82 per share, central KRW 76,439.12 per share, high KRW 86,317.11 per share

- FY2024: low KRW 73,221.90 per share, central KRW 80,776.80 per share, high KRW 90,833.98 per share

- FY2025: low KRW 94,734.80 per share, central KRW 105,205.24 per share, high KRW 119,143.62 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 2026-10-15T06:41:54.605Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original 20-F filing](https://www.sec.gov/Archives/edgar/data/892450/000162828026028096/kt-20251231.htm); period 2025-12-31, filed 2026-04-29.

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.