000660KOSPI

SK Hynix

1,723,000

-50,000 (-2.82%)

MA5
MA20
MA60

Market capitalizationKRW 1T

Each day's close multiplied by the listed share count of this share class alone, sampled weekly. It is the figure for this issue only, not a combined total across common and preferred shares.

Overview

Summary

SK Hynix Inc. was established in 1949 and is headquartered in Icheon, Gyeonggi-do. The company is listed on the KOSPI market of the Korea Exchange.

The company is a global semiconductor firm that produces memory semiconductors, including DRAM and NAND Flash, as well as MCP. It also operates a foundry business and distributes products through global sales subsidiaries and offices.

Business overview as filed

당사는 경기도 이천시에 위치한 본사를 거점으로 4개의 생산기지와 3개의 연구개발법인 및 미국, 중국, 싱가포르, 대만, 홍콩 등 판매법인과 사무소를 운영하고 있는 글로벌 반도체 기업입니다.

당사 및 당사의 종속기업의 주력 제품은 DRAM 및 NAND를 중심으로 하는 메모리 반도체이며, Foundry 사업도 병행하고 있습니다. 반도체는 메모리 반도체와 시스템 반도체로 구분되고, 메모리 반도체는 정보를 저장하고 기억하는 기능을 하며, 일반적으로 '휘발성(Volatile)'과 '비휘발성(Non-volatile)'으로 분류됩니다. 휘발성 메모리 제품은 전원이 끊어지면 정보가 지워지는 반면, 비휘발성 제품은 전원이 끊겨도 저장된 정보가 계속 남아 있습니다. 당사는 휘발성 메모리인 DRAM과 비휘발성 메모리인 NAND Flash를 주력 생산하고 있습니다.당사의 연결 기준 매출액은 2025년(제78기) 97조 1,468억원, 2024년(제77기) 66조 1,930억원, 2023년(제76기) 32조 7,657억원을 기록하였습니다.

Company overview

가. 연결대상 종속회사 개황 [연결대상 종속회사 현황(요약)]

[연결대상회사의 변동내용]

나. 회사의 법적ㆍ상업적 명칭

당사의 명칭은 에스케이하이닉스 주식회사이며, 영문으로는 SK hynix Inc.라고 표기합니다. 단, 약식으로 표기할 경우에는 SK하이닉스 또는 SK hynix라고 표기합니다.

다. 설립일자당사는 1949년 10월 국도건설 주식회사로 설립되어 1983년 2월 현대전자산업주식회사로 상호를 변경하였으며, 이후 2001년 3월 주식회사 하이닉스반도체로, 2012년 3월 에스케이하이닉스 주식회사로 상호를 변경하였습니다. 회사가 발행한 주식은 한국거래소에 상장되어 유가증권시장에서 거래되고 있으며, 종목코드는 '000660'입니다.

라. 본사의 주소, 전화번호, 홈페이지 주소주소: 경기도 이천시 경충대로 2091전화번호: 031-5185-4114홈페이지: https://www.skhynix.com

마. 중소기업 등 해당 여부

바. 주요 사업의 내용

현재 당사의 주력 생산제품은 DRAM, NAND Flash 및 MCP(Multi-chip Package)와 같은 메모리 반도체 제품입니다.당사 정관에 근거하여 회사가 영위하는 목적사업은 다음과 같습니다.

-. 반도체소자 제조 및 판매

-. 반도체소자 기타 이와 유사한 부품을 사용하여 전자운동의 특성을 응용하는 기계, 기구 및 이에 사용되는 부품과 재료 등의 제작, 조립 및 판매

-. 컴퓨터 활용을 위한 소프트웨어 개발 및 임대업

-. 전자 전기, 통신기계, 기구 및 그 부품의 제작, 판매, 임대 및 관련 서비스업

-. 기계부분품 제조업 및 금형제조업

-. 기술연구 및 용역수탁업

-. 전자 전기기계, 기구의 임대업

-. 특수통신(위성통신 등) 방송관련 기기 제작, 판매, 임대업 및 서비스업

-. 정보서비스업

-. 출판업

-. 무역업

-. 부동산 매매 및 임대업

-. 발전업

-. 건설업

-. 전자관 제조업

-. 창고업

-. 주차장업

-. 위성통신사업

-. 전기통신회선설비 임대사업

-. 전자상거래 및 인터넷 관련사업-. 전기 각호와 관련되는 사업 및 투자

-. 평생교육 및 평생교육시설 운영업사업부문별 보다 자세한 사항은 Ⅱ.

사. 신용평가에 관한 사항

본 보고서 제출일 현재 당사의 신용등급은 아래와 같습니다.

1. 최근 3년간 신용등급

[국내]

[해외]

[참고] 국내 신용평가사(NICE신용평가, 한국기업평가, 한국신용평가) 등급정의 [참고] 국내 신용평가사(NICE신용평가, 한국기업평가, 한국신용평가) 기업어음의 등급정의 [참고] 해외 신용평가사 S&P/Fitch 등급 정의 [참고] 해외 신용평가사 Moody's 등급 정의

아. 회사의 주권상장(또는 등록ㆍ지정) 및 특례상장에 관한 사항

Transcribed verbatim from the sentences the filer wrote in the fiscal 2025 business report (received 2026.03.17), tables and figures omitted.

The summary is written separately from the filed text and is not the filer's wording, so it may phrase things differently from or omit parts of the original, which is shown alongside for checking.
The company introduction reproduces the sentences the filer wrote in its business report, with tables, figures and the sentences that point to other sections of the report omitted, and the accuracy of their content has not been separately verified.

VaR

6.93%

[4.93%, 10.66%] · As of 2026-10-01

VaR by window

The headline's measure for each of the three windows on one scale, the dot being the estimate and the bar its interval. The windows are nested and share their observations, so the three readings are not three independent measurements. The selected window is highlighted.

Daily return distribution

The issue's daily returns over the chosen window counted into equal-width bins. The vertical lines mark the VaR and cVaR above on the loss side. The published VaR sample applies exclusion rules for halts and first sessions that this raw daily series does not, so the bars and the marks can differ slightly at the edges.

Drawdown

Deepest drawdown 54.7% (2026-07-30). How far below its previous peak the issue stood each day over the chosen window, a description of the path already travelled.

If these numbers are unfamiliarThere is a guide that walks through VaR, cVaR and annualized volatility in plain language.Read the guide

Characteristic line

1.44

Beta [1.36, 1.53] · KOSPI200 · As of 2026-10-07

Intercept: +0.229%[-0.017%, +0.475%]
R squared: 0.87
Observations: 252
Trading-time corrected beta: 1.37[1.25, 1.50]

252-day rolling beta

A 252-day window rolled one day at a time over the longest daily span of the characteristic line. It shows when the beta against the KOSPI200 and the annualized volatility of the issue's excess return rose and fell, and unlike the headline figures above it carries no interval.

252-day rolling annualized volatility

Each point is one period's index excess return and issue excess return, and the line is the regression fitted to those points. The risk-free rate is the certificate of deposit rate.

Beta summarizes by regression how far the issue's return moved together with the KOSPI200 or KOSDAQ150 index return, and the index is only a stand-in for the whole market.
The intercept is the average excess return the index does not explain, and when the interval shown beside it contains zero it cannot be told apart from zero.
Beta and the intercept are computed from the sample of the chosen window and frequency and are not values for the period ahead.
At the daily frequency a beta corrected for differences in trading times is shown alongside, and the gap between the two shows how much later than the index the issue's trades are reflected.

Financials

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	TTM
RevenueKRW 100M	187,980	171,980	301,094	404,451	269,907	319,004	429,978	446,216	327,657	661,930	971,467	1,891,706
Revenue growth%	—	-8.51	75.08	34.33	-33.27	18.19	34.79	3.78	-26.57	102.02	46.76	—
Operating incomeKRW 100M	53,361	32,767	137,213	208,438	27,127	50,126	124,103	68,094	-77,303	234,673	472,063	1,287,059
Operating income growth%	—	-38.59	318.75	51.91	-86.99	84.78	147.58	-45.13	-213.52	—	101.16	—
Net incomeKRW 100M	43,236	29,605	106,422	155,400	20,164	47,589	96,162	22,417	-91,375	197,969	429,479	1,621,120
Net income growth%	—	-31.53	259.48	46.02	-87.02	136.01	102.07	-76.69	-507.62	—	116.94	—
Attributable to ownersKRW 100M	43,224	29,538	106,415	155,401	20,133	47,551	96,023	22,296	-91,124	197,887	429,193	1,619,654
Attributable to minoritiesKRW 100M	12	67	7	-1	31	38	139	121	-251	82	286	1,466
Operating margin%	28.39	19.05	45.57	51.54	10.05	15.71	28.86	15.26	-23.59	35.45	48.59	68.04
Net margin%	23.00	17.21	35.35	38.42	7.47	14.92	22.36	5.02	-27.89	29.91	44.21	85.70
ROE%	20.21	12.30	31.47	33.17	4.20	9.16	15.45	3.52	-17.03	26.78	35.61	61.73
ROA%	14.57	9.19	23.43	24.41	3.11	6.69	9.98	2.16	-9.11	16.52	24.39	46.47
Debt ratio%	38.76	34.10	34.29	35.87	35.14	37.11	54.98	64.12	87.52	62.15	45.95	32.80
Current ratio%	201.62	236.47	213.28	152.66	183.61	182.65	181.93	144.80	145.03	169.35	185.82	259.15
Quick ratio%	161.89	187.77	180.75	118.72	116.35	115.02	121.56	65.86	80.86	116.02	147.59	229.30
Reserve ratio%	—	—	859.32	1,262.49	1,287.01	1,398.15	1,643.64	1,668.32	1,397.12	1,911.20	3,158.59	6,948.33
Free cash flowKRW 100M	25,449	-4,074	55,623	61,911	-74,371	22,459	73,110	-42,297	-40,469	138,504	258,542	—
FCF margin%	13.54	-2.37	18.47	15.31	-27.55	7.04	17.00	-9.48	-12.35	20.92	26.61	—
OCF conversion%	215.55	187.43	138.04	143.03	321.52	258.77	205.88	659.35	—	150.51	124.27	—
Capex to revenue%	36.04	34.63	30.32	39.65	51.57	31.56	29.04	42.60	25.41	24.09	28.33	—
Receivable daysdays	—	62.4	19.9	0.3	0.3	—	—	—	—	—	—	—
Inventory daysdays	—	66.8	67.1	84.9	94.2	98.9	114.2	154.7	159.7	142.3	131.0	—
Payable daysdays	—	25.2	20.9	22.3	20.7	—	—	—	—	—	—	—
Cash conversion cycledays	—	104.1	66.1	62.9	73.8	—	—	—	—	—	—	—
EPSKRW	6,002	4,184	15,073	22,255	2,943	6,952	13,989	3,242	-13,244	28,732	62,044	227,255
PERx	—	10.68	5.08	2.72	31.97	17.05	9.36	23.13	—	6.05	10.49	11.66
BPSKRW	—	32,990	46,449	64,348	65,836	71,275	85,380	86,904	73,495	101,515	165,544	368,149
PBRx	—	1.35	1.65	0.94	1.43	1.66	1.53	0.86	1.93	1.71	3.93	7.20
Dividend per shareKRW	—	600	1,000	1,500	1,000	1,170	1,540	1,200	1,200	900	2,429	—
Payout ratio%	—	14.34	6.63	6.74	33.98	16.83	11.01	37.01	—	3.13	3.91	—

Consolidated basis

Profit flowKRW 100M

This diagram traces where revenue goes at each step on its way to net income, using the filed amounts as they are. The non-operating result is taken as the difference between profit before tax and operating income and is shown as income or expense by its sign, and whatever a step's items leave unexplained is shown separately as other.

Revenue compositionKRW 100M

Margins%

Cash flow by activityKRW 100M

Balance sheet compositionKRW 100M

Debt ratio%

The left bar splits assets into current and non-current and the right bar splits the financing of those assets into liabilities and equity, so the two bars stand at the same height.

Quarterly resultsKRW 100M

Year-on-year growth%

Each quarterly bar is that quarter's three months and is never mixed with an annual figure. The growth rate is computed only where the same quarter a year earlier is also shown here, and is left blank when the base was a loss.

Cash conversion cycledays

Free cash flow breakdownKRW 100M

Inventory days and receivable days stack upward, payable days hang downward, and the cash conversion cycle they net to is drawn as the line. Each day count uses the average balance with the prior year, so the oldest year is not drawn. A day count whose line was not filed is left out, and the cycle is shown only for years that carry all three.

Free cash flow is cash from operating activities less spending on property, plant and equipment, and all three bars keep the sign as filed.

Owners' net margin%

Asset turnoverx

Financial leveragex

ROE%

ROE is the product of the owners' net margin, asset turnover and financial leverage. All three use period-end balances as denominators, and profit and equity are on the owners' basis, so the product matches the ROE in the table.

Financial statements

Balance sheet

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
	296,779	322,160	454,185	636,583	647,895*	711,739	963,865*	1,038,715	1,003,302	1,198,552	1,761,077
	97,600	98,390	173,104	198,941	144,576	165,710	268,705*	287,333	304,681	422,789	694,581
Cash and cash equivalentsKRW 100M	11,757	6,138	29,500	23,493	23,061	29,760	50,580	49,770	75,873	112,051	149,238
Short-term financial instrumentsKRW 100M	36,156	35,219	56,047*	5,236	2,984	4,367	4,746	4,156	4,726	23,820	146,797
InventoriesKRW 100M	19,234	20,262	26,404	44,227	52,958	61,363	89,166*	156,647	134,807	133,139	142,894
Trade and other receivablesKRW 100M	26,284	32,517*	376	184	235	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable
	199,179	223,770	281,080	437,642	503,319*	546,029	695,160*	751,382	698,621	775,763	1,066,496
Property, plant and equipmentKRW 100M	169,663	187,774	240,626	349,526	399,499	412,306	530,343*	602,285	527,049	601,575	775,027
Intangible assetsKRW 100M	Not applicable	Not applicable	22,473	26,788	25,710	34,003	50,651*	35,121	Not applicable	Not applicable	Not applicable
Investments in associatesKRW 100M	1,226	1,310	3,599	5,622	7,688	11,662	14,104	13,528	13,673	19,407	13,209
	82,902	81,925	115,975	168,060	168,463*	192,648	341,954*	405,810	468,264	459,395	554,409
	48,407	41,608	81,161	130,319	78,740*	90,724	147,694*	198,437	210,078	249,654	373,790
Trade and other payablesKRW 100M	7,914	6,961	7,586	10,964	10,425	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable
Short-term borrowingsKRW 100M	10,134	7,049	7,738	16,143	27,378	31,143	28,808	74,232	—	—	—
Current lease liabilitiesKRW 100M	—	—	—	—	2,052*	3,475	3,021	2,809	6,315	5,884	5,473
	34,495	40,316	34,814	37,742	89,723*	101,924	194,261*	207,373	258,186	209,741	180,619
Long-term borrowingsKRW 100M	28,052	36,311	33,975	36,676	77,857	81,374	147,430	155,714	196,114	174,315	140,861
Non-current lease liabilitiesKRW 100M	—	—	—	—	9,956*	12,963	12,237	15,162	23,984	21,800	19,626
	213,877	240,235	338,209	468,523	479,432*	519,091	621,911	632,905	535,038	739,157	1,206,668
	213,869	240,170	338,153	468,457	479,284*	518,885	621,571	632,664	535,043	739,034	1,205,162
Issued capitalKRW 100M	Not applicable	Not applicable	36,577	36,577	36,577	36,577	36,577	36,577	36,577	36,577	36,577
Capital surplusKRW 100M	Not applicable	Not applicable	41,437	41,437	41,437	41,437	43,346	43,362	43,726	44,871	89,537
Retained earningsKRW 100M	143,590	170,666	272,873	420,336	429,307*	469,957	557,841	566,853	467,293	654,181	1,065,765
Accumulated other comprehensive incomeKRW 100M	-16	-791	-5,023	-4,828	-2,989	-4,055	6,753	8,987	10,141	25,321	26,769
Other equityKRW 100M	41,437	41,437*	-7,711	-25,065	-25,047	-25,031	-22,946	-23,114	-22,693	-21,915	-13,486
Non-controlling interestsKRW 100M	8	66	56	66	148	206	340	242	-5	123	1,506

단기투자자산As filed	—	—	—	54,965	13,903	15,355	31,399	10,164	8,610	5,692	53,388
매각예정자산As filed	—	—	—	—	—	—	—	—	294	0	0
기타수취채권As filed	616	256	424	685	1,091	692	1,715	2,725	3,576	2,931	3,863
매출채권As filed	—	—	55,528	63,200	42,617	49,313	82,671	51,861	66,003	130,190	181,991
당기법인세자산As filed	14	5	13	223	1,998	2	41	145	699	575	677
기타유동자산As filed	3,539	3,994	5,236	7,414	6,820	4,857	8,386	11,865	9,255	13,937	13,780
매도가능금융자산As filed	1,314	1,478	432	—	—	—	—	—	—	—	—
기타금융자산As filed	4	4	3	3	0	0	0	1,157	838	453	1,953
장기투자자산As filed	—	—	—	43,256	43,818	61,396	66,655	57,335	41,057	40,413	145,471
장기매출채권As filed	—	—	—	—	448	—	—	—	—	—	—
무형자산As filed	17,049	19,156	—	—	—	—	—	—	38,346	40,188	40,494
투자부동산As filed	27	26	25	14	3	2,094	1,642	2	2	2	2
이연법인세자산As filed	3,612	7,924	5,998	5,440	6,709	5,562	5,902	6,571	29,895	28,116	36,605
기타비유동자산As filed	5,655	5,704	7,501	6,257	5,805	550	1,293	717	2,178	1,741	1,449
미지급금As filed	13,378	16,064	—	—	23,677	23,489	46,407	54,453	32,933	69,670	64,341
기타지급채무As filed	10,012	6,852	13,402	18,795	12,579	13,672	22,783	30,246	16,886	39,835	62,831
기타금융부채As filed	7	3	—	—	155	5	6	6	14,790	17,416	49,139
사용권자산As filed	—	—	—	—	12,506	17,076	15,973	17,800	26,948	24,869	23,365
유동충당부채As filed	253	428	—	—	—	—	—	—	—	—	—
종업원급여자산As filed	—	—	—	52	34	620	4,290	13,323	14,040	11,543	15,529
당기법인세부채As filed	6,273	3,747	23,859	45,557	892	6,366	30,027	6,966	439	30,840	70,238
기타유동부채As filed	444	505	518	1,478	1,630	1,974	2,948	5,343	—	—	9,376
확정급여부채As filed	4,850	3,065	61	54	536	27	12	700	639	681	661
단기미지급금As filed	—	—	27,245	36,819	—	—	—	—	—	—	—
이연법인세부채As filed	76	47	56	66	157	2,666	6,280	3,825	1,144	2,179	2,484
기타비유동부채As filed	611	619	689	793	878	989	940	2,048	—	5,418	13,010
자본금As filed	36,577	36,577	—	—	—	—	—	—	—	—	—
기타자본As filed	-7,719	-7,719	—	—	—	—	—	—	—	—	—
자본과부채총계As filed	296,779	322,160	454,185	636,583	—	—	—	—	—	—	—
충당부채As filed	—	—	814	562	107	138	102	2,519	2,865	2,702	2,289
매입채무As filed	—	—	—	—	—	10,462	13,592	21,862	18,455	22,773	28,485
부채및자본총계As filed	—	—	—	—	647,895	711,739	963,865	1,038,715	1,003,302	1,198,552	1,761,077
차입금As filed	—	—	—	—	—	—	—	—	98,572	52,522	81,618
기타 유동부채As filed	—	—	—	—	—	—	—	—	18,823	8,012	—
장기미지급금As filed	—	—	—	—	—	2,724	26,991	29,587	31,436	4,770	3,751
기타 비유동 부채As filed	—	—	—	—	—	—	—	—	3,854	—	—

Income statement

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
	187,980	171,980	301,094	404,451	269,907	319,004	429,978	446,216	327,657	661,930	971,467
Cost of salesKRW 100M	105,154	107,871	127,018	151,808	188,253*	210,898	240,456	289,937	332,992	343,648	384,559
Gross profitKRW 100M	82,826	64,108	174,076	252,642	81,655*	108,106	189,522	156,279	-5,334	318,281	586,908
SG&A expensesKRW 100M	29,465	31,341	36,863	44,205	54,527	57,980	65,419	88,184	71,969	83,608	114,845
	53,361	32,767	137,213	208,438	27,127*	50,126	124,103	68,094	-77,303	234,673	472,063
Finance incomeKRW 100M	8,468	8,149	9,965	16,920	12,476	33,279	23,775	37,143	22,618	48,551	163,735
Finance costsKRW 100M	8,299	8,463	12,496	11,421	15,149*	19,804	14,699	50,916	60,932	57,080	125,050
Other incomeKRW 100M	405	524	779	1,128	882	Not applicable	Not applicable	Not applicable	6,239	14,766	3,333
Other expensesKRW 100M	1,489	1,040	1,189	1,784	1,136	Not applicable	Not applicable	Not applicable	7,351	1,674	3,780
Share of profit of associatesKRW 100M	246	228	—	—	—	—	—	—	151	-382	-5,646
	52,691	32,165	134,396	213,410	24,427*	62,370	134,160	40,028	-116,578	238,854	504,656
Income tax expenseKRW 100M	9,455	2,560	27,973	58,010	4,263*	14,781	37,998	17,611	-25,203	40,884	75,177
	43,236	29,605	106,422	155,400	20,164*	47,589	96,162	22,417	-91,375	197,969	429,479
Attributable to ownersKRW 100M	43,224	29,538	106,415	155,401	20,133*	47,551	96,023	22,296	-91,124	197,887	429,193
Attributable to minoritiesKRW 100M	12	67	7	-1	31	38	139	121	-251	82	286
Basic earnings per shareKRW	6,002	4,184	15,073	22,255	2,943*	6,952	13,989	3,242	-13,244	28,732	62,044
Diluted earnings per shareKRW	6,002	4,184	15,072	22,252	2,943*	6,950	13,984	3,242	-13,244	28,419	60,378
	43,417	29,893	102,202	154,728	21,104*	46,515	106,875	28,222	-90,375	210,444	430,173
Other comprehensive incomeKRW 100M	181	288	-4,220	-672	940	-1,074	10,713	5,805	1,001	12,475	694

지분법투자 관련 손익As filed	—	—	124	130	226	-363	1,623	1,312	—	—	—
비지배지분As filed	10	66	-9	10	35	17	182	197	-225	113	329
지배기업의 소유주지분As filed	—	—	102,211	154,718	21,070	46,499	106,693	28,024	-90,150	210,331	429,844
당기손익으로 재분류되지 않는 세후기타포괄손익As filed	-219	1,068	—	—	—	—	—	—	—	—	—
기타영업외수익As filed	—	—	—	—	—	848	1,161	2,414	—	—	—
확정급여제도의 재측정요소As filed	-219	1,068	28	-770	-902	13	-137	3,495	—	-2,736	-796
당기손익으로 재분류되는 세후기타포괄손익As filed	335	-821	—	—	—	—	—	—	—	—	—
해외사업장환산외환차이As filed	335	-821	-3,877	—	—	-474	9,633	1,543	1,326	13,746	1,737
관계기업의 기타포괄손익에 대한 지분As filed	65	41	-264	23	214	-608	1,116	710	78	1,459	-267
기타영업외비용As filed	—	—	—	—	—	1,716	1,804	18,019	—	—	—
지배기업의 소유지분As filed	43,407	29,827	—	—	—	—	—	—	—	—	—
해외사업장환산외환차이(세후기타포괄손익)As filed	—	—	—	75	1,500	—	—	—	—	—	—
파생금융상품평가손익As filed	—	—	—	—	128	—	—	—	—	—	—
매도가능금융자산평가손익As filed	—	—	-107	—	—	—	—	—	—	—	—
후속적으로 당기손익으로 재분류되는 포괄손익As filed	—	—	—	—	—	—	—	—	—	—	1,491
파생상품평가이익As filed	—	—	—	—	—	—	—	57	-224	—	—
파생상품평가이익(손실)As filed	—	—	—	—	—	—	—	—	—	6	—
파생상품평가손익As filed	—	—	—	—	—	-4	101	—	—	—	21
확정급여부채의 재측정요소As filed	—	—	—	—	—	—	—	—	-179	—	—
후속적으로 당기손익으로 재분류되지 않는 포괄손익As filed	—	—	—	—	—	—	—	—	—	—	-796

Cash flow statement

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Net incomefrom the income statement	43,236	29,605	106,422	155,400	20,164	47,589	96,162	22,417	-91,375	197,969	429,479
Total adjustments to operating cash flowcomputed	49,959	25,884	40,484	66,872	44,668	75,557	101,815	125,388	134,157	99,990	104,252
	93,195	55,489	146,906	222,272	64,832*	123,146	197,976	147,805	42,782	297,959	533,731
Interest receivedKRW 100M	516	429	417	813	305	406	173	774	1,989	3,230	3,380
Interest paidKRW 100M	1,243	1,258	1,203	1,260	2,314*	2,886	2,409	4,945	12,615	12,766	9,388
Income taxes paidKRW 100M	9,821	8,757	6,188	35,684	51,532	3,706	10,149	39,794	13,839	5,521	58,912
	-71,255	-62,305	-119,192	-214,287	-104,509	-118,404	-223,923	-178,837	-73,347	-180,046	-480,543
Purchase of property, plant and equipmentKRW 100M	67,746	59,564	91,283	160,361	139,202	100,687	124,866	190,103	83,251	159,455	275,189
Proceeds from sale of property, plant and equipmentKRW 100M	2,201	1,621	2,449	1,318	538	591	799	3,237	15,398	471	1,448
Purchase of intangible assetsKRW 100M	6,237	5,304	7,849	9,331	6,734	8,007	9,739	7,386	4,547	7,171	10,604
	-14,623	1,169	-3,519	-13,953	39,032*	2,521	44,923	28,218	56,968	-87,039	-14,450
Dividends paidKRW 100M	2,184	3,530	4,236	7,060	10,260	6,840	8,050	16,809	8,256	8,263	16,812
Acquisition of treasury sharesKRW 100M	7,719	—	—	17,365	—	—	—	—	—	—	—
Disposal of treasury sharesKRW 100M	—	—	—	—	—	—	85	117	245	938	650
Cash at beginning of periodKRW 100M	4,367	11,757	6,138	29,500	23,493	23,061	29,760	50,580	49,770	75,873	112,051
	11,757	6,138	29,500	23,493	23,061	29,760	50,580	49,770	75,873	112,051	149,238
Effect of exchange rate changesKRW 100M	72	27	-833	-38	213	-563	1,843	2,005	-300	5,305	-1,552
Net change in cash and cash equivalentsKRW 100M	7,390	-5,619	23,362	-6,007	-432	6,699	20,820	-810	26,103	36,178	37,186

영업으로부터 창출된 현금흐름As filed	103,573	64,868	153,733	258,250	118,224	129,168	209,515	190,839	—	—	589,044
리스부채의 상환As filed	—	—	—	—	3,240	3,197	3,240	3,019	4,615	6,018	5,965
배당금수취As filed	170	207	—	—	—	—	—	—	359	—	—
주식선택권의 행사As filed	—	—	—	—	—	—	0	0	1	0	0
배당금의 수취As filed	—	—	148	153	149	164	847	931	—	507	9,607
종속기업 유상증자 및 소유지분변동As filed	—	—	—	—	—	—	—	—	-92	60	0
단기금융상품의 순증감As filed	395	1,098	21,190	-41,747	-2,254	—	—	—	—	—	—
기타수취채권의 감소As filed	107	154	184	218	131	367	470	391	476	382	329
기타수취채권의 증가As filed	141	136	220	484	575	2,387	795	722	2,515	477	1,783
단기금융상품의 감소As filed	—	—	—	—	—	9,136	25,726	20,221	14,092	14,990	65,138
기타금융자산의 감소As filed	—	0	3	1	—	8	2	300	6	1	1,151
단기투자자산의 순증감As filed	—	—	—	45,194	-41,648	-1,151	-15,484	21,951	1,999	4,572	-45,526
기타금융자산의 증가As filed	—	0	2	—	6	2	298	—	—	1,096	11,056
매도가능금융자산의 처분As filed	13	27	34	—	—	—	—	—	—	—	—
단기금융상품의 증가As filed	—	—	—	—	—	10,544	26,006	19,664	14,694	33,709	188,043
매도가능금융자산의 취득As filed	54	191	262	—	—	—	—	—	—	—	—
차입금의 차입As filed	—	20,803	7,823	31,257	98,339	51,730	89,337	119,175	206,580	87,180	81,837
기타금융자산의 취득As filed	—	—	—	1	—	—	—	—	—	—	—
차입금의 상환As filed	44,050	16,105	7,106	20,785	45,854	39,213	33,209	71,246	136,894	160,936	74,161
파생상품거래로 인한 현금유입As filed	17	11	9	—	—	—	—	—	—	—	—
기타금융자산의 처분(취득)As filed	—	—	—	—	—	—	—	6	54	—	—
매각예정자산의 처분As filed	226	—	—	—	—	—	—	—	—	1,454	852
장기투자자산의 처분As filed	—	—	—	71	43	7	460	43	183	24	12,330
장기투자자산의 취득As filed	—	—	—	40,128	814	938	1,303	1,155	305	195	340
파생상품거래로 인한 현금유출As filed	21	15	12	—	—	—	—	—	—	—	—
무형자산의 처분As filed	80	16	32	25	2	7	21	10	5	197	21
사업결합으로 인한 순현금유출As filed	—	—	—	—	-25	—	72,501	10,277	—	0	—
정부보조금수령As filed	4	1	—	—	—	—	—	—	—	—	—
정부보조금의 수취As filed	—	—	59	171	—	—	—	—	—	—	—
관계기업투자의 취득As filed	99	23	1,145	-2,005	-1,770	4,832	449	407	228	259	—
사업결합으로 인한 현금유출As filed	—	—	—	—	—	—	—	—	—	—	30,798
종속기업의 취득As filed	—	—	—	-333	—	—	—	—	—	—	—
영업양도로 인한 현금 유입As filed	—	—	—	—	—	30	30	—	—	—	—
투자부동산의 처분As filed	—	—	—	—	—	—	—	2,632	—	0	—
관계기업투자의 처분As filed	—	—	—	—	—	—	—	2,098	88	225	—
차입금의 증가As filed	39,331	—	—	—	—	—	—	—	—	—	—
종속기업 취득에 따른 순현금유입As filed	—	—	—	—	—	—	11	—	—	—	—
비지배지분의 증가As filed	—	—	—	—	47	41	—	—	—	—	—
영업에서 창출된 현금흐름As filed	—	—	—	—	—	—	—	—	66,889	—	—
정부보조금의 수령As filed	—	—	—	—	—	—	—	—	—	—	1,449
관계기업투자주식의 처분As filed	—	—	—	—	—	—	—	—	—	—	169
영업으로부터 창출된 현금As filed	—	—	—	—	—	—	—	—	—	312,508	—
관계기업투자주식의 취득As filed	—	—	—	—	—	—	—	—	—	—	90

In the latest fiscal year cash generated by operations covered both investing outflows and financing outflows.

A year whose own filing is absent is filled from the restated comparative in the following filing, and is marked as such. Operating indicators outside the statements, such as order backlogs, and audit opinions are not covered here, and per-share figures follow the filed values without retroactive adjustment for share splits.

Transcribed verbatim from the sentences the filer wrote in the fiscal {year} business report (received {date}), with tables, figures and cross-references to other sections omitted.

The newest annual filing shown was received on 2026.03.17.

Audit opinion

Fiscal year	Opinion	Auditor	Fiscal year end
2025	적정의견Term 78	삼정회계법인	2025-12-31
2024	적정의견Term 77	삼정회계법인	2025-12-31
2023	적정의견Term 76	삼정회계법인	2025-12-31
2022	적정Term 75	삼일 회계법인	2022-12-31
2021	적정Term 74	삼일 회계법인	2022-12-31
2020	적정Term 73	삼일 회계법인	2022-12-31
2019	적정Term 72	삼정회계법인	2019-12-31
2018	적정Term 71	삼정회계법인	2019-12-31
2017	적정Term 70	삼정회계법인	2019-12-31
2016	적정Term 69	삼정회계법인	2016-12-31
2015	적정Term 68	삼정회계법인	2016-12-31
2014	적정Term 67	삼정회계법인	2016-12-31

The auditor's name and the opinion are transcribed verbatim from the filed audit report, and the wording follows the filer. A fiscal year shown twice means the filing carried two entries that the source does not distinguish.

Korean audit opinions come in four kinds, where an unqualified opinion (적정) finds the statements fairly presented, a qualified opinion (한정) does so except for a stated matter, an adverse opinion (부적정) finds them not fairly presented, and a disclaimer of opinion (의견거절) means the auditor could not obtain enough evidence to form a view.

Valuation

Valuation multiplesx

PER and PBR divide each period's closing price by the per-share figure filed for that same period, and a loss period is left blank. The quarterly view is a multiple of quarterly EPS.

Dividend historyKRW

The dividend-per-share bars are restated onto the current share basis for splits and par-value changes. The payout ratio and the dividend yield divide figures filed for the same period and are left unadjusted.

Payout ratio and dividend yield%

PER bandKRW

The price is the adjusted close and each band line multiplies the EPS of the latest completed fiscal year by a fixed multiple. The previous year's EPS stays in force until the next fiscal year ends, and the multiples divide the range between the lowest and highest annual PER on record into equal steps.

Valuation models

Five models priced under one set of assumptions, set beside the current price, with how each has moved by fiscal year.

Assumptions

Risk-free rate10-year treasury yield · 2026-10-074.38%

BetaDaily 5Y1.46

Equity risk premium%

Terminal growth%

Cost of equity11.67%

Weighted average cost of capital11.61%

Initial growth34.2%

Effective tax rate14.9%

Base fiscal year2025

Current priceKRW1,723,000

The risk premium and the terminal growth rate are adjustable assumptions, and the rest follow from the data and the formulas.

Model	Model priceKRW	Versus current price
Gordon growth model	25,610	-98.5%
Dividend discount model DDM	49,388	-97.1%
Discounted cash flow FCFF	750,959	-56.4%
Discounted cash flow FCFE	628,652	-63.5%
Residual income model RIM	1,211,287	-29.7%

The table prices the newest fiscal year's accounts at today's treasury yield and the current price.

Dividend and residual income familyKRW

Discounted cash flow familyKRW

Each fiscal year's figures use that year's accounts and the treasury yield at its period end, with beta held at its current value, and splits or par changes are restated to the current share basis.

How the figures are calculated

Each model's formula is shown in symbols and then with this issue's own numbers substituted, step by step. Changing a value in the assumptions panel changes the numbers here too. Firm-level amounts are in hundred million won and per-share values in won.

Cost of equity

r = r_f + \beta \times \mathit{ERP}

r = 4.38% + 1.46 × 5.00% = 11.67%

Initial growth

g_1 = \max\{\mathit{ROE} \times (1 - \text{payout}),\,0\},\qquad g_t = g_1 + (g_T - g_1)\,\frac{t-1}{N-1}

g_1 = max(35.61% × (1 − 3.91%), 0) = 34.22%

Growth starts at this value in the first year and falls by equal steps each year to reach the terminal rate in the fifth

Gordon growth model

P_0 = \frac{D_0\,(1 + g_T)}{r - g_T}

P_0 = 2,429 × (1 + 2.00%) / (11.67% − 2.00%) = 2,478 / 0.0967 = 25,610 KRW

Dividend discount model DDM

P_0 = \sum_{t=1}^{N} \frac{D_t}{(1+r)^t} + \frac{D_N (1+g_T)}{(r - g_T)\,(1+r)^N},\qquad D_t = D_{t-1}(1+g_t)

D_0 = 2,429, g_1 = 34.22%, g_T = 2.00%, r = 11.67%

Year	Growth	Dividend KRW	Discount factor	Present value KRW
1	34.22%	3,260	0.8955	2,919
2	26.16%	4,113	0.8019	3,298
3	18.11%	4,858	0.7180	3,488
4	10.05%	5,346	0.6430	3,438
5	2.00%	5,453	0.5758	3,140
Terminal value	2.00%	57,498	0.5758	33,104
Total				49,388

P_0 = 49,388 KRW

Residual income model RIM

P_0 = B_0 + \sum_{t=1}^{N} \frac{\mathit{RI}_t}{(1+r)^t} + \frac{\mathit{RI}_N (1+g_T)}{(r - g_T)\,(1+r)^N},\qquad \mathit{RI}_t = (\mathit{ROE} - r)\,B_{t-1}

B_0 = 165,544 KRW, ROE = 35.61%, payout ratio = 3.91%, r = 11.67%, g_T = 2.00%

Year	Opening book value	Earnings	Equity charge	Residual income	Discount factor	Present value
1	165,544	58,955	19,326	39,629	0.8955	35,486
2	222,190	79,128	25,939	53,189	0.8019	42,650
3	298,221	106,205	34,815	71,390	0.7180	51,260
4	400,268	142,547	46,728	95,819	0.6430	61,608
5	537,235	191,325	62,718	128,607	0.5758	74,045
Terminal value				1,355,957	0.5758	780,693

P_0 = 165,544 + 265,050 + 780,693 = 1,211,287 KRW

Discounted cash flow FCFF

\mathit{FCFF}_0 = \mathit{CFO} - \mathit{CapEx} + \mathit{Int}\,(1-\tau),\qquad \mathit{WACC} = \frac{E}{D+E}\,r + \frac{D}{D+E}\,k_d\,(1-\tau)

Base-year cash flow FCFF

FCFF_0 = 533,731.3 − 275,189.2 + 9,388.5 × (1 − 14.90%) = 266,531.9 KRW hundred million

Weighted average cost of capital

E = 12,543,480.7, D = 140,861.5 KRW hundred million; equity weight = 98.89%, debt weight = 1.11%; cost of debt k_d = 6.67%

WACC = 98.89% × 11.67% + 1.11% × 6.67% × (1 − 14.90%) = 11.61%

V_{\text{firm}} = \sum_{t=1}^{N} \frac{\mathit{FCFF}_t}{(1+\mathit{WACC})^t} + \frac{\mathit{FCFF}_N (1+g_T)}{(\mathit{WACC} - g_T)\,(1+\mathit{WACC})^N},\qquad \mathit{FCFF}_t = \mathit{FCFF}_{t-1}(1+g_t),\qquad P_0 = \frac{V_{\text{firm}} - D + \text{Cash}}{\text{Shares}}

Year	Growth	Cash flow KRW hundred million	Discount factor	Present value KRW hundred million
1	34.22%	357,735.6	0.8960	320,529.8
2	26.16%	451,333.5	0.8028	362,334.8
3	18.11%	533,066.9	0.7193	383,442.6
4	10.05%	586,665.0	0.6445	378,107.3
5	2.00%	598,398.3	0.5775	345,558.4
Terminal value	2.00%	6,352,950.9	0.5775	3,668,652.7
Total				5,458,625.5

Firm value = 5,458,625.5; less borrowings 140,861.5; plus cash 149,237.7 → 5,467,001.7 KRW hundred million

P_0 = 5,467,001.7 KRW hundred million ÷ 728,002,365 (shares) = 750,959 KRW

Discounted cash flow FCFE

\mathit{FCFE}_0 = \mathit{CFO} - \mathit{CapEx} + \Delta D,\qquad P_0 = \frac{1}{\text{Shares}}\left[\sum_{t=1}^{N} \frac{\mathit{FCFE}_t}{(1+r)^t} + \frac{\mathit{FCFE}_N (1+g_T)}{(r - g_T)\,(1+r)^N}\right],\qquad \mathit{FCFE}_t = \mathit{FCFE}_{t-1}(1+g_t)

Base-year cash flow FCFE

FCFE_0 = 533,731.3 − 275,189.2 + -33,453.5 (net borrowing) = 225,088.6 KRW hundred million

Year	Growth	Cash flow KRW hundred million	Discount factor	Present value KRW hundred million
1	34.22%	302,110.8	0.8955	270,528.6
2	26.16%	381,155.1	0.8019	305,629.7
3	18.11%	450,179.7	0.7180	323,241.2
4	10.05%	495,443.7	0.6430	318,553.3
5	2.00%	505,352.6	0.5758	290,957.2
Terminal value	2.00%	5,328,157.7	0.5758	3,067,691.7
Total				4,576,601.7

P_0 = 4,576,601.7 KRW hundred million ÷ 728,002,365 (shares) = 628,652 KRW

The cost of equity is the risk-free rate plus beta times the equity risk premium. Initial growth is the newest fiscal year's return on equity times its retention ratio, floored at zero, and falls by equal steps from that value in the first year to the terminal rate in the fifth. Only the Gordon model grows at the terminal rate from the start. Discounted cash flow starts from operating cash flow less capital expenditure, where FCFF adds after-tax interest paid and discounts at the weighted average cost of capital, and FCFE adds net borrowing and discounts at the cost of equity. The residual income model adds to book value per share the present value of earnings above the equity charge.

A model price is the arithmetic outcome of the stated assumptions, and is neither a target price nor a basis for an investment decision.
The cost of equity is the risk-free rate plus beta times the equity risk premium, and the risk premium and the terminal growth rate are assumptions the reader may change.
The cash flow models take borrowings and cash only from years in which the filer itemized those lines, and a year without them yields no figure.
Every model assumes the newest fiscal year's figures grow at a rate that converges in equal steps from the first year's rate to the terminal rate by the fifth year, and paths outside that assumption are not represented.

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