003230KOSPI

Samyang Foods

1,172,000

-45,000 (-3.70%)

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

Samyang Foods was established in 1961 to engage in oil industry and food wholesale businesses. The company is listed on the KOSPI market and is headquartered in Seoul.

The company manufactures and distributes noodles, snacks, and sauces through plants in Wonju, Iksan, and Miryang. It operates global sales and logistics subsidiaries across the Americas, Japan, China, Southeast Asia, and Europe to supply its products to international markets.

Business overview as filed

가. 사업의 현황

당사는 본사를 거점으로 한국 및 해외에 판매 및 물류 법인을 두고 사업을 영위하는 글로벌 식품 제조기업으로 지배기업인 삼양식품㈜와 종속기업을 중심으로 면류 등 식품의 제조ㆍ판매 사업과 물류 및 용역 서비스 사업을 수행하고 있습니다. 국내에서는 삼양식품㈜ 본사를 중심으로 식품 제조 및 판매 기능을 수행하고 있으며, 원재료 가공을 담당하는 삼양제분㈜와 물류 서비스를 제공하는 삼양로지스틱스㈜ 등 종속기업을 통해 사업을 운영하고 있습니다.

해외에서는 미주, 일본, 중국, 동남아시아, 유럽 등지에 판매 법인을 두고 있으며, 각 지역의 법인은 수입ㆍ유통 구조를 통해 시장별 특성에 맞춘 판매 전략을 수행하고 있습니다. 아울러 중국 지역의 경우 27년 1월 완공을 목표로 현지 생산시설을 건설 중에 있으며, 해당 시설을 통해 중국 내수 시장 대응 및 현지화 전략을 강화할 계획입니다.

용역서비스 사업은 물류 및 유통 관련 서비스를 제공하는 삼양로지스틱스㈜와, 면사업부의 후레이크스프 원료 선별 용역을 담당하는 삼양라운드어스㈜ 등으로 구성되어 있습니다.

나. 주요사업의 특성

당사의 주력 사업인 면류 사업은 대표적인 필수 소비재 산업으로 경기 변동에 따른 수요 변동성이 상대적으로 크지 않은 특징을 보입니다. 다만, 최근 물가 상승 장기화에 따라 소비자의 합리적 소비 성향이 강화되고 있으며, 이에 따른 제품 구성 변화 및 계절적 요인으로 매출 및 수익성이 영향을 받을 수 있습니다.

또한, 면류 시장은 다수의 경쟁업체가 존재하나, 실제 시장에서는 소수 업체 중심의 경쟁 구도가 형성되어 있으며, 시장 점유율 확대를 위한 가격, 품질, 브랜드 경쟁이 지속되고 있습니다. 이에 따라 당사는 차별화된 제품 개발과 PB 제품 확대 등 경쟁력 강화를 위한 전략을 추진하고 있습니다.

다. 주요 원재료 및 생산능력

당사의 주요 원재료는 밀가루, 감자전분, 팜유 등으로 구성되어 있으며, 일부 원재료는 계열회사로부터 조달하고 있습니다. 주요 원재료는 다수의 공급처를 통해 조달하고 있으며, 특정 원재료의 경우 시장 가격 변동 및 수급 상황에 따라 조달 단가가 영향을 받을 수 있습니다.당사는 서울에 위치한 본사와 국내에 총 3개의 생산공장(원주, 익산, 밀양)을 보유하고 있습니다. 원주공장은 용기제품과 봉지제품을 포함한 면류를 생산하는 면공장과 짱구, 사또밥 등을 생산하는 스낵공장, 소스, 간장류를 생산하는 조미소재ㆍ소스공장으로 구성되어 있습니다. 익산공장은 용기제품을 제외한 일부 면류 제품을 생산하고 있습니다. 밀양공장은 용기제품과 봉지제품을 포함한 면류를 생산하는 면공장 및 소스를 생산하는 소스공장으로 구성돼있으며, 해외 수출제품 중심으로 생산하고 있습니다.

라. 매출실적

2025년 누적 기준, 당사는 연결 기준 매출액 2조 3,518억 원, 영업이익 5,242억 원, 당기순이익 3,887억 원을 기록하였으며, 별도 기준으로는 매출액 1조 9,018억 원, 영업이익 4,714억 원, 당기순이익 3,553억 원을 기록하였습니다.

Company overview

가. 연결대상 종속회사 현황(요약)

(1) 연결대상 종속회사

(2) 연결대상회사의 변동내용

나. 회사의 법적, 상업적 명칭

당사의 명칭은 삼양식품 주식회사라고 표기하며 약식으로 표기할 경우에는 삼양식품(주)라고 표기합니다. 또한, 영문으로는 Samyang Foods Inc. 라 표기합니다.

다. 설립일자 및 존속기간

회사는 1961년 9월 15일자로 유지공업과 식품도매업을 영위하기 위하여 설립되었으며, 원주, 익산, 밀양 등의 공장에서 면, 스낵류, 조미소재 등을 제조하여 판매하고 있습니다.

회사는 1975년 6월에 주식을 상장하였으며, 수차의 증자를 실시하여 2025년 12월 31일 현재의 자본금은 37,665백만원입니다.

라. 본사의 주소, 전화번호 및 홈페이지

주소 : 서울특별시 중구 퇴계로159(충무로2가) 삼양라운드스퀘어빌딩전화번호 : 02) 940-3000홈페이지 : http://www.samyangfoods.com

마. 중소기업 등 해당 여부

바. 주요 사업의 내용 등

(1) 각 사업부문 별 주요 사업의 내용

당사는 1961년 창업 이래 식품 사업에만 전념해 왔습니다. 특히 맛과 건강을 최우선으로 한 제품을 생산하여 한국 식품산업과 식문화의 발전에 앞장서고 있습니다.당사는 수십년의 식품 제조 노하우를 바탕으로 면, 스낵류, 소스 및 냉동류 등을 제조, 판매하고 있습니다.

삼양식품은 국내에서 처음으로 라면을 출시해 쌀 중심의 식습관을 변화시키며 60년대 식량난 해결에 기여했으며, 현재는 한국적인 매운맛을 담은 불닭브랜드로 전 세계인이 함께 즐길 수 있는 새로운 식문화를 창출하여 K-FOOD 열풍을 선도하고 있습니다.

회사가 영위하는 목적사업은 다음과 같습니다.

(2) 연결회사의 주요 제품 및 서비스 등연결회사의 각 사업부문별 주요 제품과 매출비중은 다음과 같습니다.

사. 신용평가에 관한 사항

당사의 신용평가 등급은 아래와 같습니다.

아. 회사의 주권상장(또는 등록ㆍ지정)여부 및 특례상장에 관한 사항

Transcribed verbatim from the sentences the filer wrote in the fiscal 2025 business report (received 2026.03.18), 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

3.55%

[2.51%, 5.12%] · As of 2026-10-02

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 34.4% (2026-03-09). 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

0.11

Beta [-0.06, 0.27] · KOSPI200 · As of 2026-10-08

Intercept: -0.107%[-0.485%, +0.272%]
R squared: 0.01
Observations: 252
Trading-time corrected beta: -0.12[-0.36, 0.13]

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	2,909	3,593	4,585	4,694	5,436	6,485	6,420	9,090	11,929	17,280	23,518	27,544
Revenue growth%	—	23.54	27.60	2.37	15.81	19.30	-1.00	41.59	31.23	44.86	36.10	—
Operating incomeKRW 100M	71	253	433	552	783	953	654	904	1,475	3,446	5,242	6,234
Operating income growth%	—	253.53	71.41	27.37	41.88	21.78	-31.44	38.27	63.22	133.58	52.13	—
Net incomeKRW 100M	-34	188	291	353	600	680	567	803	1,266	2,713	3,887	4,877
Net income growth%	—	—	54.86	21.31	70.03	13.24	-16.65	41.68	57.70	114.28	43.29	—
Attributable to ownersKRW 100M	-32	183	287	348	596	672	563	798	1,263	2,720	3,894	4,876
Attributable to minoritiesKRW 100M	-3	5	4	5	5	8	3	5	3	-7	-8	1
Operating margin%	2.46	7.03	9.45	11.76	14.40	14.70	10.18	9.94	12.37	19.94	22.29	22.63
Net margin%	-1.17	5.23	6.35	7.52	11.04	10.48	8.82	8.83	10.61	15.70	16.53	17.71
ROE%	—	—	14.33	15.08	20.99	19.62	14.43	17.62	22.35	33.30	31.02	31.85
ROA%	-1.15	5.75	7.31	8.57	12.76	12.22	7.52	8.68	10.82	17.01	17.70	17.74
Debt ratio%	82.45	84.01	96.04	75.81	63.52	60.17	90.32	103.39	102.90	92.60	72.74	77.53
Current ratio%	67.76	79.94	73.50	93.52	123.48	122.28	152.90	154.73	122.40	137.41	157.15	179.79
Quick ratio%	55.13	66.84	61.32	76.59	105.03	101.21	128.35	105.76	87.04	107.36	113.04	143.16
Reserve ratio%	310.58	355.43	—	—	—	—	—	—	—	—	—	—
Free cash flowKRW 100M	59	180	-20	24	391	150	-813	-391	1,231	1,295	-1,397	—
FCF margin%	2.02	5.00	-0.45	0.52	7.20	2.32	-12.67	-4.30	10.32	7.49	-5.94	—
OCF conversion%	—	197.79	149.74	107.61	87.48	118.99	103.00	59.53	132.79	131.94	79.58	—
Capex to revenue%	2.47	5.34	9.95	7.58	2.46	10.15	21.76	9.56	3.77	13.22	19.09	—
Receivable daysdays	—	27.3	—	—	—	—	—	—	—	—	—	—
Inventory daysdays	—	20.3	19.8	23.5	24.1	24.8	30.7	43.0	59.4	52.7	55.2	—
Payable daysdays	—	47.9	55.6	55.0	42.4	38.3	45.1	43.1	45.4	—	—	—
Cash conversion cycledays	—	-0.3	—	—	—	—	—	—	—	—	—	—
EPSKRW	-418	2,431	3,808	4,623	7,906	8,922	7,481	10,665	16,929	36,468	52,156	64,729
PERx	—	16.68	25.42	11.25	11.37	11.32	12.67	11.91	12.76	20.98	23.60	17.29
BPSKRW	—	—	26,560	30,652	37,661	45,470	51,824	60,129	74,979	108,436	166,650	203,212
PBRx	—	—	3.64	1.70	2.39	2.22	1.83	2.11	2.88	7.05	7.39	5.51
Dividend per shareKRW	—	150	250	400	800	800	1,000	1,400	2,100	1,500	4,000	—
Payout ratio%	—	6.17	6.57	8.65	10.12	8.97	13.37	13.13	12.40	4.11	7.67	—

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
	2,965	3,267	3,982	4,121	4,704	5,562	7,531	9,249	11,703	15,948	21,965
	732	986	1,249	1,297	1,846	2,000	2,789	3,486	4,921	6,767	8,729
Cash and cash equivalentsKRW 100M	233	405	493	531	875	1,040	1,145	969	2,187	3,348	3,328
Short-term financial instrumentsKRW 100M	—	—	89	94	99	98	507	366	223	147	452
InventoriesKRW 100M	136	162	207	235	276	345	448	1,103	1,422	1,480	2,450
Trade and other receivablesKRW 100M	250	287	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable
	2,233	2,281	2,732	2,824	2,858	3,562	4,742	5,710	6,730	9,126	13,183
Property, plant and equipmentKRW 100M	1,664	1,799	2,253	2,446	2,464	3,087	4,211	4,753	5,430	7,480	10,726
Intangible assetsKRW 100M	50	41	38	43	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable
Investments in associatesKRW 100M	—	—	180	55	—	43	39	62	32	32	32
	1,340	1,492	1,951	1,777	1,827	2,089	3,574	4,702	5,935	7,667	9,250
	1,081	1,233	1,700	1,387	1,495	1,636	1,824	2,253	4,020	4,924	5,555
Trade and other payablesKRW 100M	284	417	621	414	483	475	690	865	1,065	Not applicable	Not applicable
Short-term borrowingsKRW 100M	531	519	665	524	547	436	491	468	755	—	923
Current portion of long-term borrowingsKRW 100M	0	0	—	0	14	14	—	8	913	246	500
Current lease liabilitiesKRW 100M	—	—	—	—	5	—	—	—	64	167	203
	259	258	251	390	333	454	1,750	2,448	1,915	2,743	3,695
Long-term borrowingsKRW 100M	1	1	1	69	51	261	1,542	2,254	1,407	2,106	2,969
Non-current lease liabilitiesKRW 100M	—	—	—	—	11	7	25	53	276	434	431
	1,625	1,775	2,031	2,344	2,876	3,473	3,957	4,548	5,768	8,280	12,715
	Not applicable	Not applicable	2,001	2,309	2,837	3,425	3,904	4,530	5,648	8,168	12,554
Issued capitalKRW 100M	377	377	377	377	377	377	377	377	377	377	377
Capital surplusKRW 100M	122	122	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable
Retained earningsKRW 100M	1,048	1,217	1,466	1,777	2,311	2,905	3,385	4,092	5,222	7,699	11,295
Accumulated other comprehensive incomeKRW 100M	61	37	36	33	28	22	20	14	3	46	88
Other equityKRW 100M	—	—	—	122	122	122	122	47	46	46	795
Non-controlling interestsKRW 100M	18	23	30	35	39	48	53	18	120	112	162

매출채권As filed	—	—	388	393	536	445	532	836	798	1,368	1,852
유동성리스채권As filed	—	—	—	—	—	—	—	—	—	6	6
단기금융자산As filed	67	69	—	—	—	—	—	—	—	—	—
기타유동금융자산As filed	32	37	36	33	34	29	46	100	20	19	39
당기법인세자산As filed	—	0	0	0	0	0	7	3	2	8	22
파생금융유동자산As filed	—	—	—	4	—	—	—	—	—	—	—
기타유동자산As filed	14	27	36	7	26	44	105	108	269	390	580
장기금융자산As filed	107	76	62	67	42	34	49	59	66	92	106
기타비유동금융자산As filed	99	95	104	119	129	152	165	20	7	34	398
매각예정비유동자산As filed	—	—	—	—	—	—	—	53	53	55	53
순확정급여자산As filed	—	—	—	—	—	85	17	—	63	67	72
투자부동산As filed	77	76	75	75	74	73	138	65	93	106	381
관계기업 및 공동기업투자As filed	216	176	—	—	—	—	—	—	—	—	—
무형자산As filed	—	—	—	—	46	50	61	536	555	579	677
기타비유동자산As filed	16	14	16	14	23	21	19	32	34	22	21
사용권자산As filed	—	—	—	—	20	16	41	77	337	537	583
생물자산As filed	—	—	—	—	—	—	—	—	13	13	13
이연법인세자산As filed	4	5	5	6	3	0	2	3	100	155	170
관계기업및공동기업투자주식As filed	—	—	—	—	57	—	—	—	—	—	—
기타유동금융부채As filed	204	203	351	292	273	487	463	544	662	1,006	1,312
당기법인세부채As filed	9	52	20	113	113	151	95	189	250	649	985
충당부채As filed	8	8	8	7	13	16	17	28	—	38	57
기타유동부채As filed	46	34	35	38	44	52	54	127	—	—	—
비유동리스채권As filed	—	—	—	—	—	—	—	—	—	10	—
비유동성리스채권As filed	—	—	—	—	—	—	—	—	—	—	5
기타비유동금융부채As filed	1	1	1	1	1	0	—	0	9	2	2
확정급여채무As filed	92	95	67	—	66	—	—	—	—	—	—
이연법인세부채As filed	161	158	181	197	204	185	183	141	223	197	276
퇴직연금자산As filed	—	—	—	—	—	—	—	104	—	—	—
기타비유동부채As filed	4	3	2	1	—	—	—	—	—	—	—
유동성장기부채As filed	—	—	0	—	—	—	—	—	—	—	—
납입자본As filed	1,607	1,753	—	—	—	—	—	—	—	—	—
자본과부채총계As filed	2,965	3,267	3,982	4,121	4,704	5,562	7,531	9,249	11,703	15,948	21,965
파생금융유동부채As filed	—	—	—	—	2	—	—	—	—	—	—
유동성리스부채As filed	—	—	—	—	—	5	14	25	—	—	—
순확정급여부채As filed	—	—	—	109	—	—	—	—	—	—	10
파생금융부채As filed	—	—	—	14	—	—	—	—	—	110	0
기타자본As filed	—	—	122	—	—	—	—	—	—	—	—
유동충당부채As filed	—	—	—	—	—	—	—	—	38	—	—
기타 유동부채As filed	—	—	—	—	—	—	—	—	272	485	278
단기차입금As filed	—	—	—	—	—	—	—	—	—	776	—
매입채무As filed	—	—	—	—	—	—	—	—	—	1,447	1,296
복구충당부채As filed	—	—	—	—	—	—	—	—	—	4	6

Income statement

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
	2,909	3,593	4,585	4,694	5,436	6,485	6,420	9,090	11,929	17,280	23,518
Cost of salesKRW 100M	2,192	2,674	3,405	3,438	3,864	4,570	4,714	6,578	7,762	10,048	12,988
Gross profitKRW 100M	717	920	1,179	1,256	1,571	1,915	1,706	2,512	4,167	7,232	10,530
SG&A expensesKRW 100M	645	667	746	704	789	961	1,053	1,608	2,692	3,786	5,288
	71	253	433	552	783	953	654	904	1,475	3,446	5,242
Finance incomeKRW 100M	11	4	11	25	30	14	10	25	58	105	148
Finance costsKRW 100M	15	10	13	30	22	10	4	49	122	290	181
Other incomeKRW 100M	16	63	22	61	60	58	100	341	393	477	642
Other expensesKRW 100M	41	24	101	82	72	95	33	225	295	223	686
Share of profit of associatesKRW 100M	-42	-39	—	—	—	—	—	—	—	2	—
	-1	247	357	539	783	907	721	1,020	1,563	3,516	5,169
Income tax expenseKRW 100M	33	59	65	185	182	227	155	217	297	804	1,282
	-34	188	291	353	600	680	567	803	1,266	2,713	3,887
Attributable to ownersKRW 100M	-32	183	287	348	596	672	563	798	1,263	2,720	3,894
Attributable to minoritiesKRW 100M	-3	5	4	5	5*	8	3	5	3	-7	-8
Basic earnings per shareKRW	-418	2,431	3,808	4,623	7,906	8,922	7,481	10,665	16,929	36,468	52,156
Diluted earnings per shareKRW	-418	2,431	3,808	4,623	7,906	8,922	7,481	10,665	16,929	36,468	52,156
	-28	154	267	332	562	657	543	851	1,242	2,706	3,931
Other comprehensive incomeKRW 100M	6	-34	-24	-21	-38	-23	-24	48	-24	-6	44

지분법이익As filed	—	—	—	—	—	—	—	—	—	—	3
관계기업투자손익As filed	—	—	4	12	3	-13	-5	24	55	—	—
비지배지분손익As filed	—	—	—	—	—	—	—	—	—	-8	—
당기손익으로 재분류되지 않는 항목As filed	-9	-11	—	—	-38	—	—	—	—	—	—
비지배지분순손익As filed	—	—	—	—	4	8	4	5	3	—	-5
지배기업의 소유주지분As filed	-26	149	—	—	—	—	—	—	—	2,714	3,935
순확정급여부채의 재측정요소As filed	-9	-11	-24	-17	-32	-18	-23	55	-13	-49	-0
후속적으로 당기손익으로 재분류되는 항목As filed	15	-24	-0	-1	-0	-0	-0	-1	-10	39	39
매도가능금융자산평가손익As filed	15	-23	-1	—	—	—	—	—	—	—	—
지배기업의소유주지분As filed	—	—	—	—	558	648	539	847	1,239	—	—
관계기업 및 공동기업 평가As filed	-0	-0	—	—	—	—	—	—	—	—	—
비지배지분As filed	-2	5	—	—	—	—	—	—	—	—	—
당기손익으로 재분류되지 않는항목As filed	—	—	-24	-20	—	-23	-24	50	-14	—	—
공정가치금융자산 평가손익As filed	—	—	—	-3	—	-5	-2	-5	—	—	—
관계기업평가As filed	—	—	—	-1	-0	0	1	0	—	—	—
공정가치 금융자산 평가손익As filed	—	—	—	—	-6	—	—	—	—	—	—
해외사업환산손익As filed	—	—	—	—	—	-0	-0	-1	—	39	39
해외사업장환산외환차이As filed	—	—	—	—	—	—	—	—	-10	—	—
지분법 적용대상 관계기업과 공동기업의 기타포괄손익에 대한 지분(세후기타포괄손익)As filed	—	—	1	—	—	—	—	—	—	—	—
후속적으로 당기손익으로 재분류되지 않는 항목As filed	—	—	—	—	—	—	—	—	—	-45	5
기타포괄손익-공정가치 측정 금융자산 평가손익As filed	—	—	—	—	—	—	—	—	—	5	6
총 포괄손익, 지배기업의 소유주에게 귀속되는 지분As filed	—	—	259	327	—	—	—	—	—	—	—
기타포괄손익-공정가치측정금융자산관련평가이익As filed	—	—	—	—	—	—	—	—	-1	—	—
총 포괄손익, 비지배지분As filed	—	—	8	5	—	—	—	—	—	—	—

Cash flow statement

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Net incomefrom the income statement	-34	188	291	353	600	680	567	803	1,266	2,713	3,887
Total adjustments to operating cash flowcomputed	165	184	145	27	-75	129	17	-325	415	866	-794
	131	372	436	380	525	809	584	478	1,681	3,579	3,093
Interest receivedKRW 100M	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable
Interest paidKRW 100M	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable
Income taxes paidKRW 100M	64	8	66	43	174	199	213	177	280	452	1,123
	-70	-177	-456	-230	-123	-662	-1,731	-998	-237*	-2,143	-4,790
Purchase of property, plant and equipmentKRW 100M	72*	192	456	356	134	658	1,397	869	450	2,285	4,490
Proceeds from sale of property, plant and equipmentKRW 100M	4	13	1	1	1	4	4	12	2	1	17
Purchase of intangible assetsKRW 100M	0	0	4	6	5	7	18	61	44	50	124
	-24	-29	121	-112	-56	35	1,252	371	-201*	-349	1,702
Dividends paidKRW 100M	8	4	11	19	30	60	60	135	119	194	298
Acquisition of treasury sharesKRW 100M	—	—	—	—	—	—	—	68	—	0	—
Disposal of treasury sharesKRW 100M	—	—	—	—	—	—	—	—	—	—	991
Cash at beginning of periodKRW 100M	195	233	405	493	531	875	1,040	1,145	969	2,187	3,348
	233	405	493	531	875	1,040	1,145	969	2,187	3,348	3,328
Effect of exchange rate changesKRW 100M	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	-25	74	-25
Net change in cash and cash equivalentsKRW 100M	37	167	101	39	346	182	105	-150	1,243	Not applicable	Not applicable

영업에서 창출된 현금흐름As filed	195	380	501	—	—	—	—	—	1,961	—	—
영업에서창출된현금흐름As filed	—	—	—	—	700	1,008	796	655	—	—	—
영업으로부터 창출된 현금흐름As filed	—	—	—	423	—	—	—	—	—	4,031	4,216
리스부채의 감소As filed	—	—	—	—	4	—	10	20	45	76	186
단기금융상품의 증가As filed	—	—	—	—	96	1	615	150	—	328	387
단기금융자산의 감소As filed	60	—	—	118	91	2	—	—	—	—	—
단기금융상품의 감소As filed	—	—	—	—	—	—	547	202	138	422	371
무형자산의 처분As filed	—	2	0	0	—	—	1	140	9	0	0
비지배지분과의 거래As filed	—	—	—	—	—	—	—	-57	-8	0	18
사채의 발행As filed	—	—	—	—	—	—	748	—	—	997	0
당기손익-공정가치 측정 금융자산의 처분As filed	—	—	—	—	—	—	—	1,302	—	—	—
국고보조금의 수취As filed	—	—	11	—	4	—	99	0	—	29	37
당기손익인식금융자산의 처분As filed	—	—	—	12	7	1	0	—	—	—	—
당기손익-공정가치 측정 금융자산의 취득As filed	—	—	—	—	—	—	—	1,258	—	—	—
사채의 상환As filed	—	—	—	—	—	—	—	—	—	750	0
종속기업의 보통주 발행As filed	—	—	—	—	0	—	—	—	0	—	70
당기손익인식금융자산의 취득As filed	—	—	—	9	—	1	351	—	14	—	—
매도가능금융증권의 취득As filed	—	—	4	—	—	—	—	—	—	—	—
사업결합으로 인한 감소As filed	—	—	—	—	—	—	—	464	—	—	—
종속기업의 유상증자As filed	—	—	—	—	—	—	—	—	—	0	0
관계기업투자주식의 취득As filed	—	—	—	—	0	—	0	0	—	0	—
매도가능금융증권의 처분As filed	—	—	20	—	—	—	—	—	—	—	—
이자의 지급As filed	17	—	—	15	13	12	16	19	113	123	121
차입금의 차입As filed	226	—	147	76	2	524	645	788	576	654	2,906
기타포괄손익인식 금융자산의 처분As filed	—	—	—	—	—	—	—	1	—	—	—
만기보유금융자산의 처분As filed	0	0	0	—	—	—	—	—	—	—	—
보증금의 증가As filed	0	5	16	8	4	3	9	11	—	24	10
보증금의 감소As filed	2	7	5	2	11	0	22	54	3	1	1
차입금의 상환As filed	226	114	2	155	10	412	71	91	492	857	1,643
대여금의 증가As filed	6	—	—	5	10	10	5	—	—	—	—
유형자산의 폐기As filed	—	—	—	—	—	—	—	13	—	0	—
대여금및수취채권의 취득As filed	—	—	0	—	—	—	—	—	—	—	—
미지급금의 증감As filed	-1	—	—	—	—	—	—	—	—	—	—
공동기업투자주식의 처분As filed	—	—	—	138	—	—	—	—	—	—	—
매도가능금융자산의 처분As filed	6	11	—	—	—	—	—	—	—	—	—
대여금의 감소As filed	—	—	—	—	—	—	—	63	—	1	0
매도가능금융자산의 취득As filed	7	10	—	—	—	—	—	—	—	—	—
종속기업 처분에 따른 순현금흐름As filed	—	-5	0	—	—	—	—	—	—	—	—
임차보증금의 증가As filed	—	—	—	—	—	—	—	—	5	—	—
공동기업투자주식의 취득As filed	—	—	—	4	—	—	—	—	—	—	—
단기금융상품의 취득As filed	—	42	112	—	—	—	—	—	222	—	—
기타포괄손익인식금융자산의 처분As filed	—	—	—	—	—	—	—	—	0	—	—
투자부동산의 처분As filed	—	—	—	—	—	—	—	19	—	0	4
단기금융상품의 처분As filed	—	40	92	—	—	—	—	—	—	—	—
단기금융자산의 증가As filed	61	—	—	123	—	—	—	—	—	—	—
당기손익-공정가치측정금융자산의 처분As filed	—	—	—	—	—	—	—	—	—	13	0
당기손익－공정가치측정금융자산의 처분As filed	—	—	—	—	—	—	—	—	235	—	—
매각예정비유동자산의 처분As filed	—	—	—	—	—	—	—	20	10	0	52
이자의 수취As filed	4	—	—	6	9	7	6	30	38	99	79
이자수취As filed	—	3	3	—	—	—	—	—	—	—	—
기타포괄손익-공정가치측정금융자산의처분As filed	—	—	—	—	—	—	—	—	—	0	0
배당금 수입As filed	2	—	—	3	3	3	—	2	—	—	—
배당금수취As filed	—	1	1	—	—	—	1	—	2	—	—
관계기업에 대한 투자주식의 처분As filed	—	—	2	—	—	—	—	—	—	—	—
리스부채의 상환As filed	—	—	—	—	—	5	—	—	—	—	—
관계기업에 대한 투자자산의 취득As filed	—	—	—	—	—	—	—	—	0	—	0
이자지급As filed	—	12	12	—	—	—	—	—	—	—	—
당기손익-공정가치측정금융자산의 취득As filed	—	—	—	—	—	—	—	—	—	30	306
사업결합으로 인한 현금유입As filed	—	—	—	—	—	—	—	—	15	—	—
기타포괄손익-공정가치측정금융자산의취득As filed	—	—	—	—	—	—	—	—	—	—	14
차입금As filed	—	102	—	—	—	—	—	—	—	—	—
현금 및 현금성 자산으로 인한 환율효과As filed	—	—	—	-0	—	—	—	—	—	—	—
현금및현금성자산으로인한환율효과As filed	—	—	-13	—	—	-16	-0	-26	—	—	—
정부보조금의 수취As filed	—	—	—	—	—	—	—	—	44	—	—
현금및현금성자산으로 인한 환율효과As filed	1	5	—	—	-3	—	—	—	—	—	—
사업결합으로 인한 현금증감As filed	—	—	—	—	—	—	—	—	—	0	0
연결범위의 변동As filed	—	—	—	—	—	—	2	—	—	—	—
배당금의 수취As filed	—	—	—	—	—	—	—	—	—	3	3
생물자산의 처분As filed	—	—	—	—	—	—	—	—	2	5	3
금융리스채권의 감소As filed	—	—	—	—	—	—	—	—	—	—	6
사용권자산의 취득As filed	—	—	—	—	—	—	—	—	—	—	32
생물자산의 취득As filed	—	—	—	—	—	—	—	—	0	0	0
관계기업에 대한 투자자산의 처분As filed	—	—	—	—	—	—	—	—	—	—	1
현금및현금성자산의 증가(감소)As filed	—	—	—	—	—	—	—	—	—	1,087	—
현금및현금성자산의 증가As filed	—	—	—	—	—	—	—	—	—	—	5

In the latest fiscal year operating and financing activities brought cash in while investing activities spent it.

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 2026.03.18.

Audit opinion

Fiscal year	Opinion	Auditor	Fiscal year end
2025	적정의견Term 65	안진회계법인	2025-12-31
2024	적정의견Term 64	안진회계법인	2025-12-31
2023	적정의견Term 63	안진회계법인	2025-12-31
2022	적정Term 62	삼일회계법인	2022-12-31
2021	적정Term 61	삼일회계법인	2022-12-31
2020	적정Term 60	삼일회계법인	2022-12-31
2019	적정Term 59	삼일회계법인	2019-12-31
2018	적정Term 58	삼일회계법인	2019-12-31
2017	적정Term 57	삼일회계법인	2019-12-31
2016	적정Term 56	삼일회계법인	2016-12-31
2015	적정Term 55	삼일회계법인	2016-12-31
2014	적정Term 54	삼일회계법인	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 · 2026-10-084.40%

BetaDaily 5Y0.23

Equity risk premium%

Terminal growth%

Cost of equity5.56%

Weighted average cost of capital—

Initial growth28.6%

Effective tax rate24.8%

Base fiscal year2025

Current priceKRW1,172,000

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	114,544	-90.2%
Dividend discount model DDM	204,380	-82.6%
Discounted cash flow FCFF	Base-year cash flow not positive
Discounted cash flow FCFE	436,360	-62.8%
Residual income model RIM	3,015,342	+157.3%

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 = 4.40% + 0.23 × 5.00% = 5.56%

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(31.02% × (1 − 7.67%), 0) = 28.64%

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 = 4,000 × (1 + 2.00%) / (5.56% − 2.00%) = 4,080 / 0.0356 = 114,544 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 = 4,000, g_1 = 28.64%, g_T = 2.00%, r = 5.56%

Year	Growth	Dividend KRW	Discount factor	Present value KRW
1	28.64%	5,146	0.9473	4,875
2	21.98%	6,277	0.8974	5,633
3	15.32%	7,239	0.8501	6,154
4	8.66%	7,865	0.8053	6,334
5	2.00%	8,023	0.7629	6,120
Terminal value	2.00%	229,737	0.7629	175,265
Total				204,380

P_0 = 204,380 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 = 166,650 KRW, ROE = 31.02%, payout ratio = 7.67%, r = 5.56%, g_T = 2.00%

Year	Opening book value	Earnings	Equity charge	Residual income	Discount factor	Present value
1	166,650	51,697	9,269	42,428	0.9473	40,193
2	214,382	66,505	11,924	54,581	0.8974	48,981
3	275,787	85,553	15,339	70,214	0.8501	59,690
4	354,779	110,058	19,733	90,325	0.8053	72,741
5	456,396	141,581	25,385	116,197	0.7629	88,645
Terminal value				3,327,396	0.7629	2,538,441

P_0 = 166,650 + 310,251 + 2,538,441 = 3,015,342 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 = 3,092.9 − 4,489.9 + 2,040.3 (net borrowing) = 643.3 KRW hundred million

Year	Growth	Cash flow KRW hundred million	Discount factor	Present value KRW hundred million
1	28.64%	827.6	0.9473	784.0
2	21.98%	1,009.5	0.8974	905.9
3	15.32%	1,164.2	0.8501	989.7
4	8.66%	1,265.0	0.8053	1,018.7
5	2.00%	1,290.3	0.7629	984.4
Terminal value	2.00%	36,949.3	0.7629	28,188.3
Total				32,871.0

P_0 = 32,871.0 KRW hundred million ÷ 7,533,015 (shares) = 436,360 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.

Price chart