# POSCO Holdings (005490.KO)

Canonical: https://gigainvestors.com/s/005490.KO

Analysis as of: 2026-10-16T07:35:00.406Z. Financial observations: FY2000–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 292,000.00 per share; close as of 2026-10-15.

## Checklist

### understandable: fail

- 6 revenue declines in the last 10 years

- more than 5 revenue declines in ten years

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 6

- Years with a net loss: 0

- Operating margin variation: 0.45×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.06×

- FY2017: 0.08×

- FY2018: 0.08×

- FY2019: 0.06×

- FY2020: 0.04×

- FY2021: 0.12×

- FY2022: 0.06×

- FY2023: 0.04×

- FY2024: 0.03×

- FY2025: 0.03×

### moat: fail

- ROIC median below threshold

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

- ROIC, median of available years: 4.7%

- ROIC, second-lowest year: 2.6%

- Typical minus recent gross margin: 1.9 pp

- Typical gross margin (annual median): 9.4%

- Recent gross margin (lower of latest and 3-year median): 7.4%

- Years with nonpositive capital: 0

- Capital spending / revenue: 5.1%

- ROIC including acquisitions, ten-year median: 4.3%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 3.8%

- FY2017: 6.1%

- FY2018: 6.7%

- FY2019: 5.0%

- FY2020: 4.4%

- FY2021: 13.1%

- FY2022: 7.7%

- FY2023: 3.8%

- FY2024: 2.6%

- FY2025: 1.8%

### economics: fail

- owner earnings cash conversion below threshold

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 0.23×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: KRW 3.09T

- Net income, five-year total: KRW 13.28T

- Return on incremental invested capital: -4.4%

- Working capital / revenue, annual change: -0.6 pp

- Working capital / revenue, change between three-year averages: -4.3 pp

- Working capital / revenue, final three-year average: 23.6%

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

- FY2021: 1.04×

- FY2022: 0.95×

- FY2023: -1.10×

- FY2024: -2.87×

- FY2025: -2.40×

### 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: 6.1% vs 2.6%

- Per-share earnings: 21439.94 to 14429.72 (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: -0.1%

- Market cap gain: KRW 1.37T

- Cumulative retained earnings: KRW 12.02T

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

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: -5.5%

- Per-share value change: KRW -7K

- Per-share value, starting three-year median: KRW 21K

- Per-share value, ending three-year median: KRW 14K

- Buybacks concentrated in cheaper years (correlation): 0.50

- Average buyback yield: 2.2%

- Buyback history: 3 years

- Debt-funded buybacks: No

- Acquisition spending: KRW 1.28T

- Cumulative net income, 10 years: KRW 22.57T

- ROIC, first three-year median: 6.1%

- ROIC, last three-year median: 2.6%

Chart: Earnings per share; fiscal year observations.

- FY2016: KRW 16K

- FY2017: KRW 34K

- FY2018: KRW 21K

- FY2019: KRW 14K

- FY2020: KRW 21K

- FY2021: KRW 88K

- FY2022: KRW 40K

- FY2023: KRW 22K

- FY2024: KRW 14K

- FY2025: KRW 9K

### accounting: pass

- Sloan accruals: -3.7%

- Receivables to sales index (DSRI): 1.12×

- Restructuring years, last five: 0

- Earnings backed by cash: Yes

- Operating cash / earnings: 6.62×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.09×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -4.9%

- FY2017: -3.6%

- FY2018: -5.3%

- FY2019: -5.2%

- FY2020: -9.0%

- FY2021: 0.4%

- FY2022: -3.1%

- FY2023: -4.4%

- FY2024: -5.4%

- FY2025: -3.7%

## Holders

## Price story

Down 55% since Jul 2023 · sales -6.1%

Story as of 2026-10-16T10:00:03.322Z; price observation 2026-10-15.

### Sales · FY2024–2025

sales -6.1%; source https://www.sec.gov/Archives/edgar/data/889132/000119312526188766/d26797d20f.htm; observed 2026-04-29.

- FY2016: KRW 52.94T 

- FY2017: KRW 60.19T 

- FY2018: KRW 65.15T 

- FY2019: KRW 64.79T 

- FY2020: KRW 57.79T 

- FY2021: KRW 76.33T 

- FY2022: KRW 84.75T 

- FY2023: KRW 77.06T 

- FY2024: KRW 73.46T 

- FY2025: KRW 68.99T 

### Gross margin · FY2025

gross margin 7.4%; source https://www.sec.gov/Archives/edgar/data/889132/000119312526188766/d26797d20f.htm; observed 2026-04-29.

- FY2016: 12.6% 

- FY2017: 13.7% 

- FY2018: 12.3% 

- FY2019: 9.8% 

- FY2020: 8.2% 

- FY2021: 15.6% 

- FY2022: 9.0% 

- FY2023: 8.3% 

- FY2024: 7.5% 

- FY2025: 7.4% 

## Owner memo

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

### How it makes money

Operates in steel; annual sales are KRW 69 trillion.

- Source: https://www.sec.gov/Archives/edgar/data/889132/000119312526188766/d26797d20f.htm (filed 2026-04-29); FY2025: revenue 68986938000000; grossProfit 5137361000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 005490.KO: POSCO Holdings Inc., together with its subsidiaries, operates as an integrated steel producer in Korea and internationally. It operates through six segments: Steel, Trading, Construction, Logistics and Others, Green Materials and Energy, and Others. The company engages in the production, import, sale, and export of steel products, such as hot and cold rolled steel, stainless steel, plates, wire rods, and silicon steel sheets, as well as pig iron, billets, blooms, and slabs; trading of steel and raw materials, textiles, agricultural commodities, and other goods; natural resources development and power generation activities; and planning, designing, and construction of industrial plants, civil engineering projects, and commercial and residential buildings. It is also involved in the manufacture and sale of various energy-related and other industrial materials, including anode and cathode materials for rechargeable batteries; investment business; and provision of alternative environmentally-friendly energy solutions, as well as information technology and operational technology, and integrated logistics services. POSCO Holdings Inc. was incorporated in 1968 and is based in Seoul, South Korea.

### Why customers stay

Margins ranged from 7.4% to 8.3% during 2023–25; it earns 4.7% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-29); FY2023: grossProfit / revenue = 8.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-29); FY2024: grossProfit / revenue = 7.5%.

- Source: https://www.sec.gov/Archives/edgar/data/889132/000119312526188766/d26797d20f.htm (filed 2026-04-29); FY2025: grossProfit / revenue = 7.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-29); 10-year return on capital observations [[2016,0.038188383524044266],[2017,0.06127851658516623],[2018,0.06693624104150898],[2019,0.049653706041685064],[2020,0.0440368105692012],[2021,0.13133646248264375],[2022,0.07693393609607106],[2023,0.03831788119229689],[2024,0.026154764298681882],[2025,0.017874218554520756]]; median 0.04684525830544313. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

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 2462293000000; owner earnings 2106361000000. 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 2287580000000; owner earnings 3319730000000. 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 2179656148890; owner earnings 3690068374760. 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 2538563476330; owner earnings 2651862523670. 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 3197918206360; owner earnings 1878033793640. 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 3171588781050; owner earnings 6870852418950. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-29); FY2022: growth capex 1235568308860; upkeep 3693579000000; owner earnings 2979390600000. Growth capex / owner earnings = 0.4147050436622845.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-29); Dividend observations: [[2016,708970000000],[2017,931233000000],[2018,723933607400],[2019,946217783320],[2020,659144649920],[2021,1310919605360],[2022,1218404829050],[2023,815451000000],[2024,844195000000],[2025,915216000000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 1.5% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 005490.KO SharesStats.PercentInsiders = 1.476 percentage points; cache date 2026-10-16.

### What the price says

The price is 0.3 times annual sales; cash earnings are negative.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-29); Closing price 292000 KRW; reporting-to-trading FX 1; FY2025 annual sales per share 912274.8920637276; price multiple 0.32007896144049763. FY2025 cash earnings/share -21943.727926949814. Closing-price date 2026-10-15.

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

- 2016-10: KRW 237,000.00 per share

- 2016-11: KRW 249,500.00 per share

- 2016-12: KRW 257,500.00 per share

- 2017-01: KRW 271,000.00 per share

- 2017-02: KRW 283,500.00 per share

- 2017-03: KRW 291,000.00 per share

- 2017-04: KRW 267,500.00 per share

- 2017-05: KRW 282,000.00 per share

- 2017-06: KRW 287,000.00 per share

- 2017-07: KRW 332,000.00 per share

- 2017-08: KRW 343,500.00 per share

- 2017-09: KRW 317,000.00 per share

- 2017-10: KRW 325,500.00 per share

- 2017-11: KRW 335,000.00 per share

- 2017-12: KRW 332,500.00 per share

- 2018-01: KRW 380,500.00 per share

- 2018-02: KRW 361,500.00 per share

- 2018-03: KRW 325,500.00 per share

- 2018-04: KRW 372,500.00 per share

- 2018-05: KRW 339,500.00 per share

- 2018-06: KRW 329,000.00 per share

- 2018-07: KRW 330,500.00 per share

- 2018-08: KRW 326,500.00 per share

- 2018-09: KRW 294,500.00 per share

- 2018-10: KRW 258,000.00 per share

- 2018-11: KRW 247,500.00 per share

- 2018-12: KRW 243,000.00 per share

- 2019-01: KRW 274,000.00 per share

- 2019-02: KRW 263,000.00 per share

- 2019-03: KRW 253,000.00 per share

- 2019-04: KRW 255,000.00 per share

- 2019-05: KRW 237,500.00 per share

- 2019-06: KRW 244,500.00 per share

- 2019-07: KRW 225,500.00 per share

- 2019-08: KRW 211,000.00 per share

- 2019-09: KRW 227,000.00 per share

- 2019-10: KRW 211,500.00 per share

- 2019-11: KRW 230,500.00 per share

- 2019-12: KRW 236,500.00 per share

- 2020-01: KRW 221,000.00 per share

- 2020-02: KRW 195,500.00 per share

- 2020-03: KRW 161,000.00 per share

- 2020-04: KRW 184,500.00 per share

- 2020-05: KRW 181,000.00 per share

- 2020-06: KRW 174,000.00 per share

- 2020-07: KRW 193,500.00 per share

- 2020-08: KRW 184,500.00 per share

- 2020-09: KRW 196,000.00 per share

- 2020-10: KRW 208,000.00 per share

- 2020-11: KRW 234,000.00 per share

- 2020-12: KRW 272,000.00 per share

- 2021-01: KRW 245,500.00 per share

- 2021-02: KRW 281,500.00 per share

- 2021-03: KRW 320,000.00 per share

- 2021-04: KRW 364,000.00 per share

- 2021-05: KRW 355,000.00 per share

- 2021-06: KRW 348,000.00 per share

- 2021-07: KRW 366,500.00 per share

- 2021-08: KRW 337,000.00 per share

- 2021-09: KRW 330,000.00 per share

- 2021-10: KRW 296,000.00 per share

- 2021-11: KRW 261,000.00 per share

- 2021-12: KRW 274,500.00 per share

- 2022-01: KRW 265,000.00 per share

- 2022-02: KRW 285,000.00 per share

- 2022-03: KRW 293,000.00 per share

- 2022-04: KRW 289,000.00 per share

- 2022-05: KRW 289,000.00 per share

- 2022-06: KRW 230,500.00 per share

- 2022-07: KRW 242,000.00 per share

- 2022-08: KRW 255,000.00 per share

- 2022-09: KRW 211,000.00 per share

- 2022-10: KRW 249,000.00 per share

- 2022-11: KRW 299,500.00 per share

- 2022-12: KRW 276,500.00 per share

- 2023-01: KRW 300,500.00 per share

- 2023-02: KRW 318,000.00 per share

- 2023-03: KRW 368,000.00 per share

- 2023-04: KRW 377,000.00 per share

- 2023-05: KRW 360,000.00 per share

- 2023-06: KRW 388,000.00 per share

- 2023-07: KRW 642,000.00 per share

- 2023-08: KRW 579,000.00 per share

- 2023-09: KRW 535,000.00 per share

- 2023-10: KRW 411,500.00 per share

- 2023-11: KRW 483,000.00 per share

- 2023-12: KRW 499,500.00 per share

- 2024-01: KRW 426,000.00 per share

- 2024-02: KRW 431,500.00 per share

- 2024-03: KRW 422,000.00 per share

- 2024-04: KRW 405,000.00 per share

- 2024-05: KRW 369,000.00 per share

- 2024-06: KRW 363,000.00 per share

- 2024-07: KRW 351,500.00 per share

- 2024-08: KRW 340,000.00 per share

- 2024-09: KRW 385,000.00 per share

- 2024-10: KRW 335,500.00 per share

- 2024-11: KRW 282,500.00 per share

- 2024-12: KRW 253,500.00 per share

- 2025-01: KRW 260,500.00 per share

- 2025-02: KRW 272,500.00 per share

- 2025-03: KRW 278,500.00 per share

- 2025-04: KRW 260,500.00 per share

- 2025-05: KRW 250,000.00 per share

- 2025-06: KRW 261,000.00 per share

- 2025-07: KRW 308,500.00 per share

- 2025-08: KRW 285,500.00 per share

- 2025-09: KRW 276,000.00 per share

- 2025-10: KRW 310,500.00 per share

- 2025-11: KRW 309,500.00 per share

- 2025-12: KRW 305,000.00 per share

- 2026-01: KRW 347,500.00 per share

- 2026-02: KRW 413,000.00 per share

- 2026-03: KRW 332,500.00 per share

- 2026-04: KRW 462,000.00 per share

- 2026-05: KRW 423,500.00 per share

- 2026-06: KRW 317,000.00 per share

- 2026-07: KRW 312,500.00 per share

- 2026-08: KRW 338,500.00 per share

- 2026-09: KRW 306,000.00 per share

- 2026-10: KRW 299,000.00 per share

## Annual estimated value (KRW per share)

- FY2016: low KRW 106,504.03 per share, central KRW 110,447.52 per share, high KRW 115,697.14 per share

- FY2017: low KRW 212,515.50 per share, central KRW 227,573.22 per share, high KRW 247,618.25 per share

- FY2018: low KRW 448,088.45 per share, central KRW 497,017.43 per share, high KRW 562,152.28 per share

- FY2019: low KRW 306,956.87 per share, central KRW 337,508.46 per share, high KRW 378,179.11 per share

- FY2020: low KRW 541,532.40 per share, central KRW 588,431.98 per share, high KRW 650,865.27 per share

- FY2021: low KRW 829,289.57 per share, central KRW 913,190.43 per share, high KRW 1,024,880.27 per share

- FY2022: low KRW 776,046.45 per share, central KRW 964,049.96 per share, high KRW 1,091,954.31 per share

- FY2023: low KRW 605,977.21 per share, central KRW 659,786.12 per share, high KRW 731,417.20 per share

- FY2024: low KRW 511,474.09 per share, central KRW 557,601.73 per share, high KRW 619,007.40 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

[Original 20-F filing](https://www.sec.gov/Archives/edgar/data/889132/000119312526188766/d26797d20f.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.