004370KOSPI

Nongshim

397,500

-2,500 (-0.63%)

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

Nongshim was established in 1965 and listed on the KOSPI market in 1976. Headquartered in Seoul, the company is part of a group consisting of 42 affiliates, including Nongshim Holdings and Yulchon Chemical.

The company operates in the food industry, focusing on noodles, snacks, and beverages. Its main products include instant noodles, snacks, and bottled water. Distribution channels include large marts, convenience stores, online platforms, and specialized agencies, with exports to over 100 countries.

Business overview as filed

당사는 국내 식품업계 대표기업을 넘어 글로벌 식문화 선도기업으로 성장하고 있습니다. 면류, 스낵, 음료 등의 판매를 주사업으로 하는 농심은 브랜드 파워, 연구개발 역량, 생산 및 품질, 경영능력 면에서 세계적인 경쟁력을 갖추고 있습니다. 이를 바탕으로 전 세계 100여 개 국가에 주요 제품을 수출하고 있으며, NONGSHIM AMERICA, INC., SHANGHAI NONGSHIM FOODS CO., LTD. 등 14개의 종속회사들과 시너지 효과를 내며 세계 최대의 면류시장인 중국과 세계 경제의 중심인 미국에 현지공장을 운영하며 글로벌 경영을 가속화하고 있습니다.

국내 라면시장은 인구 구조 및 생활패턴의 변화로 인해 양적으로 저성장 추세에 있으며 제품의 편리성 강화 및 고급화를 통해 질적 성장에 총력을 기울이고 있습니다. 애니메이션 '케이팝 데몬 헌터스'에 등장한 컵라면 3종의 맛을 실제로 구현해 한정 출시한 '신라면 햄버거컵', '신라면 슈퍼스타컵', '신라면 스파이시퀸컵', 레트로 감성 수요에 대응해 과거 인기 제품을 재출시한 '농심라면', 그리고 하절기 비빔면 시장을 공략하며 배홍동 브랜드 정체성과 '칼국수 비빔면' 콘셉트로 출시한 '배홍동 칼빔면' 등을 통해 새로운 가치를 지속적으로 창출하며 시장을 선도하고 있습니다. 아울러 국내 수요의 한계를 극복하기 위해 해외사업을 적극 추진하고 있습니다. 전략거점인 중국과 미국

캐나다, 일본, 오세아니아, 베트남 지역의 경우, 지속적인 신규지역 개척과 '辛' 브랜드 및 프리미엄 제품을 집중 육성하고, 유럽 지역은 판매법인 설립을 통해 유통 인프라를 강화하고 현지화 전략에 기반한 본격적인 시장 확대를 추진하고 있습니다. 동남아 지역은 각 국가별 특성에 적합한 효율적인 프로모션 활동을 전개함으로써 매출 성장을 이끌어 나갈 계획입니다.

국내 스낵시장은 주 소비층인 아동/청소년층 인구가 지속적으로 감소함에도 불구하고 고급화된 가치를 추구하는 소비자들의 니즈 증가에 따라 고부가가치 제품 및 기능성 제품을 중심으로 질적 성장이 이어지고 있습니다. 당사는 차별적인 기술력을 이용하여 '메론킥', '누룽지팝', '와사비 새우깡', '빵부장 말차빵' 등 변화하는 고객 니즈에 부합하는 신제품을 지속적으로 출시하고 기존 제품의 지속적인 리프레싱을 통해 시장 선도자의 입지를 공고히 하고 있습니다.

국내 음료시장은 일부 카테고리에서 수요 감소가 나타나는 등 전반적으로 정체된 양상을 보이고 있으며 신규 진입장벽이 낮아 경쟁이 매우 치열합니다. 당사는 '백산수', '웰치스' 등 대표 브랜드를 중심으로 생수, 탄산음료 및 주스 카테고리에서 점유율 확대에 주력하고 있습니다.

또한 지속가능한 성장기반 마련을 위해 신규 카테고리 개척, 차별적 신기술 확보, 원료공급체계의 선진화 및 식품 안전성을 위한 품질보증체계 구축에 만전을 기하고 있습니다. 당사는 기후변화 위기에 선제적으로 대응하는 한편, 기업시민으로서 사회적 책임과 역할을 강화하는 등 지속가능한 미래가치 창출을 위해 최선을 다하고 있습니다.

□ 매출실적

□ 당기 보고기간종료일 현재 연결대상 종속기업의 요약재무정보

Company overview

가. 회사의 법적, 상업적 명칭

나. 설립일자당사는 1965년 9월 18일에 설립되었으며 1976년 6월에 기업공개 상장하였습니다.

다. 본사의 주소, 전화번호, 홈페이지 주소 1) 주소 : 서울특별시 동작구 여의대방로 112 (신대방동) 2) 전화번호 : 02-820-7114 3) 홈페이지: http://www.nongshim.com

라. 주요 사업의 내용 농심은 1965년 9월 18일에 롯데공업주식회사로 설립되었으며, 1976년 기업공개를통해 한국증권거래소 유가증권시장에 상장하였습니다. 이후 1978년 3월에 주식회사농심으로 사명을 변경하여 글로벌 식문화 선도기업으로 성장하고 있습니다.중요한 사업 및 매출은 ①라면류 ②스낵류 ③음료 및 기타류 등으로부터 발생하며, 각 주요 판매경로 및 매출처는 신유통(대형마트, 슈퍼체인, CVS), 특약점, 온라인 등으로 구성됩니다.

계열회사의 총수는 42개사로 상장된 법인은 ㈜농심홀딩스, 율촌화학㈜이 있습니다. "인생을 맛있게, 농심(Lovely Life, Lovely Food)"을 기업 슬로건으로 하여 지속적으로 고객과 시장이 원하는 신제품을 출시하고 있습니다.

1) 연결대상 종속회사 현황(요약)

1)-1. 연결대상회사의 변동내용

(*1) NONGSHIM EUROPE B.V.는 ㈜농심이 100% 지분 출자한 회사로 2025년 3월에 신규 설립되었습니다.

바. 중소기업 등 해당 여부

사. 회사의 주권상장(또는 등록ㆍ지정) 및 특례상장에 관한 사항

Transcribed verbatim from the sentences the filer wrote in the fiscal 2025 business report (received 2026.03.11), 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

3.20%

[1.86%, 5.96%] · 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 30.2% (2026-06-26). 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

0.06

Beta [-0.05, 0.17] · KOSPI200 · As of 2026-10-08

Intercept: -0.069%[-0.323%, +0.185%]
R squared: 0.01
Observations: 252
Trading-time corrected beta: -0.01[-0.17, 0.16]

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	21,816	22,170	22,083	22,364	23,439	26,398	26,630	31,291	34,106	34,387	35,143	36,436
Revenue growth%	—	1.62	-0.39	1.28	4.81	12.62	0.88	17.50	9.00	0.83	2.20	—
Operating incomeKRW 100M	1,183	897	964	886	788	1,603	1,061	1,122	2,121	1,631	1,839	2,144
Operating income growth%	—	-24.17	7.45	-8.12	-11.00	103.38	-33.79	5.68	89.05	-23.10	12.79	—
Net incomeKRW 100M	1,174	1,992	907	843	711	1,490	996	1,160	1,715	1,576	1,701	1,968
Net income growth%	—	69.68	-54.48	-7.04	-15.70	109.72	-33.15	16.46	47.78	-8.07	7.88	—
Attributable to ownersKRW 100M	1,173	1,993	907	843	710	1,485	998	1,161	1,719	1,573	1,701	1,969
Attributable to minoritiesKRW 100M	1	-1	0	0	1	5	-2	-1	-4	3	-1	-1
Operating margin%	5.42	4.05	4.36	3.96	3.36	6.07	3.99	3.58	6.22	4.74	5.23	5.88
Net margin%	5.38	8.99	4.11	3.77	3.03	5.65	3.74	3.71	5.03	4.58	4.84	5.40
ROE%	7.18	11.13	4.96	4.47	3.68	7.30	4.57	5.04	7.07	5.89	6.01	6.54
ROA%	4.85	8.03	3.70	3.33	2.68	5.47	3.44	3.82	5.30	4.38	4.45	4.78
Debt ratio%	46.90	37.67	33.07	33.44	36.70	33.02	31.77	31.07	32.53	34.61	35.00	36.91
Current ratio%	157.29	192.40	201.49	201.78	184.38	205.77	202.61	196.03	203.85	257.12	235.29	217.12
Quick ratio%	130.02	161.60	166.34	163.01	148.75	162.03	154.97	147.88	158.16	209.47	192.88	179.02
Reserve ratio%	5,515.20	6,066.15	6,284.88	6,464.97	6,581.78	6,985.29	7,256.17	7,632.18	8,022.68	8,421.22	8,884.19	9,148.46
Free cash flowKRW 100M	—	—	-248	587	—	—	—	—	2,192	1,497	2,011	—
FCF margin%	—	—	-1.12	2.62	—	—	—	—	6.43	4.35	5.72	—
OCF conversion%	171.92	110.91	114.06	174.22	228.59	155.31	163.28	137.59	190.84	172.90	158.01	—
Capex to revenue%	—	—	5.81	3.94	—	—	—	—	3.17	3.57	1.92	—
Receivable daysdays	—	35.6	—	—	—	—	—	—	—	—	—	—
Inventory daysdays	—	41.5	42.2	43.7	46.1	44.2	47.9	45.3	47.3	47.3	49.5	—
Payable daysdays	—	68.4	63.8	55.0	54.4	53.2	55.2	49.4	—	—	—	—
Cash conversion cycledays	—	8.8	—	—	—	—	—	—	—	—	—	—
EPSKRW	—	32,764	15,678	14,577	12,277	25,682	17,263	20,081	29,728	27,202	29,342	32,367
PERx	—	10.15	22.58	17.46	19.59	11.68	18.45	17.78	13.69	13.75	14.74	10.37
BPSKRW	—	294,260	300,600	309,918	316,955	334,382	359,145	378,810	399,535	439,285	465,374	494,887
PBRx	—	1.13	1.18	0.82	0.76	0.90	0.89	0.94	1.02	0.85	0.93	0.68
Dividend per shareKRW	4,000	4,000	4,000	4,000	4,000	4,000	4,000	5,000	5,000	5,000	—	—
Payout ratio%	—	12.21	25.51	27.44	32.58	15.58	23.17	24.90	16.82	18.38	—	—

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
	24,187	24,813	24,499	25,323	26,530	27,255	28,999	30,347	32,348	35,975	38,221
	9,978	10,570	9,859	10,538	10,786	10,744	10,887	12,085	14,198	17,437	19,602
Cash and cash equivalentsKRW 100M	1,688	1,794	1,554	1,677	3,178	3,215	1,575	1,279	1,429	1,409	2,535
Short-term financial instrumentsKRW 100M	3,997	4,379	3,963	4,543	2,739	2,372	2,445	3,733	5,302	7,512	7,456
InventoriesKRW 100M	1,730	1,692	1,720	2,024	2,084	2,284	2,560	2,969	3,182	3,232	3,533
Trade and other receivablesKRW 100M	2,102	2,227	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable
	14,209	14,243	14,640	14,785	15,745	16,511	18,112	18,262	18,149	18,537	18,619
Property, plant and equipmentKRW 100M	11,330	10,925	11,223	11,578	12,083	12,714	14,275	15,273	15,351	15,798	15,861
Intangible assetsKRW 100M	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable
Investments in associatesKRW 100M	—	—	—	62	49	32	25	21	15	14	15
	7,722	6,789	6,088	6,345	7,123	6,766	6,991	7,194	7,939	9,249	9,909
	6,344	5,494	4,893	5,222	5,850	5,221	5,373	6,165	6,965	6,782	8,331
Trade and other payablesKRW 100M	2,847	2,789	2,365	2,349	2,502	2,751	2,829	3,207	Not applicable	Not applicable	Not applicable
Short-term borrowingsKRW 100M	967	399	117	352	812	33	39	210	216	273	277
Current lease liabilitiesKRW 100M	—	—	—	—	—	—	—	—	100	123	97
	1,379	1,295	1,195	1,123	1,273	1,544	1,618	1,029	975	2,467	1,579
Long-term borrowingsKRW 100M	554	592	564	531	577	683	822	204	143	156	144
Non-current lease liabilitiesKRW 100M	—	—	—	—	—	—	—	—	151	188	133
	16,465	18,024	18,411	18,978	19,407	20,490	22,008	23,153	24,408	26,726	28,312
	16,350	17,899	18,284	18,851	19,279	20,339	21,845	23,042	24,302	26,720	28,307
Issued capitalKRW 100M	304	304	304	304	304	304	304	304	304	304	304
Capital surplusKRW 100M	1,237	1,237	1,237	1,237	1,237	1,237	1,237	1,237	1,237	1,237	1,237
Retained earningsKRW 100M	15,536	17,212	17,877	18,425	18,780	20,007	20,831	21,975	23,162	24,374	25,782
Other equityKRW 100M	-728	-854	-1,134	-1,115	-1,042	-1,209	-527	-474	-401	804	983
Non-controlling interestsKRW 100M	115	125	127	126	128	150	162	112	106	6	5

배출권As filed	—	—	—	—	—	—	1	0	1	0	0
기타금융자산As filed	51	51	0	537	357	356	1,544	784	872	1,609	2,201
기타채권As filed	168	167	156	134	132	173	147	168	208	198	177
매출채권As filed	—	—	2,231	1,969	2,106	2,115	2,240	2,792	2,924	3,083	3,227
기타유동자산As filed	222	214	173	139	126	220	333	285	227	317	369
당기법인세자산As filed	19	45	61	50	64	8	41	75	54	78	103
장기금융상품As filed	118	317	300	0	0	0	0	0	0	0	0
무형자산As filed	568	587	607	596	592	461	442	468	617	736	649
투자부동산As filed	1,781	1,757	1,713	1,745	1,956	1,873	1,829	657	629	628	598
기타비유동자산As filed	2	2	1	2	2	1	1	0	0	1	1
이연법인세자산As filed	1	1	1	15	19	122	138	113	98	113	147
퇴직급여자산As filed	—	—	201	125	62	64	144	434	—	—	—
사용권자산As filed	—	—	—	—	148	473	474	488	503	583	502
기타채무As filed	1,869	1,736	1,835	1,793	1,769	1,777	1,893	1,984	2,247	2,087	2,561
당기법인세부채As filed	294	155	203	176	128	226	96	177	234	230	246
충당부채As filed	85	93	101	—	—	—	—	—	—	—	—
기타유동부채As filed	282	321	272	252	243	177	206	241	234	256	198
계약부채As filed	—	—	—	211	242	91	156	180	150	159	123
확정급여자산As filed	—	—	—	—	—	—	—	—	124	0	72
퇴직급여부채As filed	125	17	—	—	11	10	11	12	—	—	—
환불부채As filed	—	—	—	91	91	75	70	72	69	58	47
이연법인세부채As filed	572	528	475	426	389	386	417	451	416	407	416
기타장기종업원급여부채As filed	127	152	154	159	207	268	223	183	225	355	625
기타비유동부채As filed	0	4	0	5	1	3	0	3	2	6	5
리스부채As filed	—	—	—	—	64	91	81	91	—	—	—
부채와자본총계As filed	24,187	24,813	24,499	25,323	26,530	27,255	28,999	30,347	32,348	35,975	38,221
배출부채As filed	—	—	—	—	—	—	5	4	2	4	3
교환사채As filed	—	—	—	—	—	—	—	—	—	1,292	1,115
매입채무As filed	—	—	—	—	—	—	—	—	3,713	3,591	3,663
확정급여채무As filed	—	—	—	—	—	—	—	—	14	37	18

Income statement

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
	21,816	22,170	22,083	22,364	23,439	26,398	26,630	31,291	34,106	34,387	35,143
Cost of salesKRW 100M	15,096	15,037	14,739	15,647	16,260	18,026	18,449	22,295	23,753	24,732	24,954
Gross profitKRW 100M	6,720	7,133	7,344	6,717	7,179	8,372	8,181	8,996	10,352	9,655	10,189
SG&A expensesKRW 100M	5,537	6,236	6,380	5,832	6,391	6,769	7,120	7,874	8,232	8,025	8,350
	1,183	897	964	886	788	1,603	1,061	1,122	2,121	1,631	1,839
Finance incomeKRW 100M	157	215	215	186	241	292	168	312	353	469	473
Finance costsKRW 100M	125	134	105	103	141	153	77	227	158	192	213
Other incomeKRW 100M	402	1,404	174	171	209	215	254	573	176	315	139
Other expensesKRW 100M	82	49	53	15	49	35	31	187	175	44	59
Share of profit of associatesKRW 100M	—	—	—	—	—	—	-7	-5	-5	-1	1
	1,535	2,333	1,194	1,123	1,035	1,906	1,368	1,588	2,311	2,178	2,181
Income tax expenseKRW 100M	361	341	287	280	324	415	372	428	597	602	481
	1,174	1,992	907	843	711	1,490	996	1,160	1,715	1,576	1,701
Attributable to ownersKRW 100M	1,173	1,993	907	843	710	1,485	998	1,161	1,719	1,573	1,701
Attributable to minoritiesKRW 100M	1	-1	0	0	1	5	-2	-1	-4	3	-1
Basic earnings per shareKRW	Not applicable	Not applicable	15,678	14,577	12,277	25,682	17,263	20,081	29,728	27,202	29,342
Diluted earnings per shareKRW	Not applicable	Not applicable	15,678	14,577	12,277	25,682	17,263	20,081	29,728	26,747	27,970
	1,247	1,771	618	798	662	1,297	1,749	1,417	1,544	2,635	1,667
Other comprehensive incomeKRW 100M	73	-222	-288	-45	-49	-194	753	256	-170	1,059	-33

당기순이익As filed	—	1,992	907	843	711	1,490	996	1,160	1,715	1,576	1,701
당기순이익(손실)As filed	1,174	—	—	—	—	—	—	—	—	—	—
비지배지분As filed	3	-6	-7	-0	3	6	12	-1	-5	13	-1
총매출액As filed	—	23,972	24,038	24,843	26,079	29,518	29,776	34,853	37,868	39,379	40,821
지배기업 소유주지분As filed	1,244	1,777	625	798	660	1,291	1,737	1,418	1,549	2,622	1,668
매도가능금융자산평가손익As filed	9	-6	-7	—	—	—	—	—	—	—	—
매출에누리등As filed	—	-1,802	-1,955	-2,479	-2,640	-3,120	-3,146	-3,563	3,763	4,992	5,678
기타포괄손익-공정가치 측정 금융자산 평가손익As filed	—	—	—	11	6	-1	-6	-8	7	7	1
해외사업장환산외환차이As filed	77	-130	-271	5	66	-161	708	63	35	1,123	-15
퇴직급여부채의재측정요소As filed	-13	-86	-10	-64	-123	-27	57	214	—	—	—
기본주당이익As filed	0	0	—	—	—	—	—	—	—	—	—
희석주당이익As filed	0	0	—	—	—	—	—	—	—	—	—
지분법손실As filed	—	—	—	-2	-13	-17	—	—	—	—	—
확정급여채무의 재측정요소As filed	—	—	—	—	—	—	—	—	-241	-71	-2

Cash flow statement

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Net incomefrom the income statement	1,174	1,992	907	843	711	1,490	996	1,160	1,715	1,576	1,701
Total adjustments to operating cash flowcomputed	844	217	128	626	914	824	630	436	1,558	1,149	986
	2,019	2,210	1,034	1,469	1,625	2,315	1,627	1,597	3,272	2,725	2,687
Interest receivedKRW 100M	114	96	99	115	149	111	72	69	163	271	315
Interest paidKRW 100M	15	28	25	31	46	32	8	22	33	36	32
Income taxes paidKRW 100M	326	521	304	339	390	367	522	380	496	635	529
	-1,677	-1,345*	-792	-1,289	-307	-1,320	-3,189	-1,069	-2,674	-3,819	-1,168
Purchase of property, plant and equipmentKRW 100M	Not applicable	Not applicable	1,282	882	Not applicable	Not applicable	Not applicable	Not applicable	1,080	1,229	676
Proceeds from sale of property, plant and equipmentKRW 100M	Not applicable	Not applicable	8	4	Not applicable	Not applicable	Not applicable	Not applicable	6	74	4
Purchase of intangible assetsKRW 100M	Not applicable	Not applicable	50	4	Not applicable	Not applicable	Not applicable	Not applicable	2	24	3
	183	-772*	-470	-58	178	-943	-253	-862	-448	951	-412
Dividends paidKRW 100M	231	231	231	231	-231	-231	-231	-231	289	289	289
Cash at beginning of periodKRW 100M	1,154	1,688	1,794	1,554	1,677	3,178	3,215	1,575	1,279	1,429	1,409
	1,688	1,794	1,554	1,677	3,178	3,215	1,575	1,279	1,429	1,409	2,535
Effect of exchange rate changesKRW 100M	10	12	-12	1	6	-15	174	39	-0	123	20
Net change in cash and cash equivalentsKRW 100M	535	105	-240	123	1,501	37	-1,641	-296	150	-20	1,126

당기순이익As filed	1,174	1,992	907	843	711	1,490	996	1,160	1,715	1,576	1,701
비현금항목의 조정As filed	1,202	1,468	1,308	1,337	1,586	1,731	1,704	1,495	1,908	2,056	2,103
임대보증금의 감소As filed	—	—	—	—	—	—	—	—	4	4	4
운전자본의 조정As filed	-132	-800	-952	-465	-393	-626	-626	-743	7	-516	-878
임대보증금의 증가As filed	—	—	—	—	—	—	—	—	9	61	6
배당금의 수취As filed	1	3	3	8	8	8	10	16	9	10	8
사채발행비의 지급As filed	—	—	—	—	—	—	—	—	—	6	0
재무활동으로 인한 현금유입액As filed	1,765	1,035	1,085	560	3,146	1,426	2,523	1,898	2,652	5,448	556
교환사채의 발행As filed	—	—	—	—	—	—	—	—	—	1,385	0
재무활동으로 인한 현금유출액As filed	-1,583	-1,807	-1,555	-618	-2,969	-2,369	-2,776	-2,760	-3,100	-4,497	-968
투자활동으로 인한 현금유입액As filed	4,159	4,416	5,347	3,942	4,661	3,357	2,851	24,623	27,383	28,488	39,316
비지배지분의 취득As filed	85	—	—	—	—	—	—	-40	0	98	0
장단기금융상품의 감소As filed	3,813	4,090	5,169	3,926	4,564	2,745	2,360	2,434	3,781	5,204	6,847
리스부채의 지급As filed	—	—	—	—	-73	-84	-102	-101	104	110	128
기타채권의 감소As filed	25	14	17	11	26	27	42	24	13	17	16
기타금융자산의 감소As filed	—	205	151	—	—	—	—	—	—	—	—
비지배지분에 대한 청산배당As filed	1	—	—	—	—	—	—	—	—	8	0
유형자산의 처분As filed	321	91	—	—	2	6	63	415	—	—	—
차입금의 증가As filed	1,765	1,027	1,085	560	3,146	1,426	2,523	1,898	2,643	4,002	550
기타금융자산의 처분As filed	—	—	—	0	61	511	357	21,706	23,579	23,180	32,325
차입금의 상환As filed	1,265	1,576	1,324	387	-2,664	-2,054	-2,442	-2,388	2,703	3,981	546
사용권자산의 처분As filed	—	—	—	—	—	—	—	10	0	0	—
기타채무의 증가As filed	—	—	—	—	8	9	2	10	0	0	—
무형자산의 처분As filed	—	3	2	—	0	1	27	12	4	15	41
투자활동으로 인한 현금유출액As filed	-5,836	-5,761	-6,139	-5,230	-4,969	-4,677	-6,040	-25,692	-30,057	-32,308	-40,485
장단기금융상품의 증가As filed	4,115	4,671	-4,736	-4,207	-2,759	-2,377	-2,433	-3,721	5,357	7,325	6,772
종속기업투자의 처분As filed	—	12	—	—	—	—	—	—	—	—	—
관계기업투자의 취득As filed	—	—	—	-64	—	—	—	—	—	—	—
기타금융자산의 증가As filed	251	456	47	—	—	—	—	—	—	—	—
기타채권의 증가As filed	19	13	-18	-9	-22	-15	-10	-26	13	32	6
투자부동산의 처분As filed	—	—	—	—	—	57	—	—	—	—	—
기타금융자산의 취득As filed	—	—	—	52	-576	-453	-1,604	-20,976	23,601	23,688	33,027
사업결합으로 인한 순현금흐름As filed	—	—	—	—	—	—	—	11	0	0	—
사업결합으로 인한 증가As filed	—	—	—	—	—	0	—	—	—	—	—
유형자산의 취득As filed	1,215	574	—	—	-1,537	-1,768	-1,951	-929	—	—	—
무형자산의 취득As filed	228	41	—	—	-2	-3	-3	-20	—	—	—
투자부동산의 취득As filed	7	7	6	13	-8	-6	-11	-2	3	9	1
기타채무의 감소As filed	—	—	—	—	-62	-5	-28	-17	0	0	—
종속기업투자의 취득As filed	—	—	—	—	—	-15	—	—	—	—	—
정부보조금의 수령As filed	—	—	—	—	—	—	—	—	—	—	84
종속기업 유상증자As filed	—	8	—	—	—	—	—	—	—	—	—

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 2026.03.11.

Audit opinion

Fiscal year	Opinion	Auditor	Fiscal year end
2025	적정의견Term 62	삼정회계법인	2025-12-31
2024	적정의견Term 61	삼정회계법인	2025-12-31
2023	적정의견Term 60	삼정회계법인	2025-12-31
2022	적정Term 59	한영회계법인	2022-12-31
	적정Term 58	한영회계법인	2022-12-31
	적정Term 57	한영회계법인	2022-12-31
2019	적정Term 56	한영회계법인	2019-12-31
	적정Term 55	한영회계법인	2019-12-31
	적정Term 54	한영회계법인	2019-12-31
2016	적정Term 53	한영회계법인	2016-12-31
	적정Term 52	한영회계법인	2016-12-31
	적정Term 51	한영회계법인	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 5Y0.12

Equity risk premium%

Terminal growth%

Cost of equity4.99%

Weighted average cost of capital4.97%

Initial growth6.0%

Effective tax rate22.0%

Base fiscal year2025

Current priceKRW397,500

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	No dividend
Dividend discount model DDM	No dividend
Discounted cash flow FCFF	1,298,423	+226.6%
Discounted cash flow FCFE	1,235,678	+210.9%
Residual income model RIM	649,345	+63.4%

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% + 0.12 × 5.00% = 4.99%

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(6.01% × (1 − 0.00%), 0) = 6.01%

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

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 = 465,374 KRW, ROE = 6.01%, payout ratio = 0.00%, r = 4.99%, g_T = 2.00%

Year	Opening book value	Earnings	Equity charge	Residual income	Discount factor	Present value
1	465,374	27,970	23,212	4,759	0.9525	4,533
2	493,344	29,651	24,607	5,045	0.9072	4,577
3	522,996	31,433	26,086	5,348	0.8641	4,621
4	554,429	33,323	27,653	5,669	0.8231	4,666
5	587,752	35,325	29,315	6,010	0.7840	4,712
Terminal value				205,185	0.7840	160,862

P_0 = 465,374 + 23,109 + 160,862 = 649,345 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 = 2,687.0 − 675.9 + 32.1 × (1 − 22.04%) = 2,036.1 KRW hundred million

Weighted average cost of capital

E = 24,178.5, D = 421.0 KRW hundred million; equity weight = 98.29%, debt weight = 1.71%; cost of debt k_d = 4.99%

WACC = 98.29% × 4.99% + 1.71% × 4.99% × (1 − 22.04%) = 4.97%

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	6.01%	2,158.5	0.9527	2,056.3
2	5.01%	2,266.6	0.9076	2,057.1
3	4.01%	2,357.4	0.8646	2,038.2
4	3.00%	2,428.1	0.8237	2,000.0
5	2.00%	2,476.7	0.7847	1,943.4
Terminal value	2.00%	85,089.9	0.7847	66,769.0
Total				76,864.0

Firm value = 76,864.0; less borrowings 421.0; plus cash 2,535.4 → 78,978.4 KRW hundred million

P_0 = 78,978.4 KRW hundred million ÷ 6,082,642 (shares) = 1,298,423 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 = 2,687.0 − 675.9 + -7.4 (net borrowing) = 2,003.7 KRW hundred million

Year	Growth	Cash flow KRW hundred million	Discount factor	Present value KRW hundred million
1	6.01%	2,124.1	0.9525	2,023.2
2	5.01%	2,230.5	0.9072	2,023.6
3	4.01%	2,319.8	0.8641	2,004.6
4	3.00%	2,389.4	0.8231	1,966.7
5	2.00%	2,437.2	0.7840	1,910.8
Terminal value	2.00%	83,207.0	0.7840	65,233.0
Total				75,161.9

P_0 = 75,161.9 KRW hundred million ÷ 6,082,642 (shares) = 1,235,678 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