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006260KOSPI

LS

267,500
-12,500 (-4.46%)

Price chart

  • 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

LS is a holding company established in 1962. Headquartered in Seoul, the company is listed on the KOSPI market.

The company manages various business segments including cable, electric, Mtron, M&M, I&D, and global operations. It earns income through dividends from subsidiaries and brand royalty fees from the use of the LS trademark.

Business overview as filed

지주회사(持株會社, Holding Company)란 다른 회사의 주식을 소유한 회사이며 단순히 주식을 소유하는 것만이 아니라, 해당회사의 법적기준 이상의 주식(의결권)을 보유함으로써 그 회사에 대하여 실질적인 지배권을 취득하는 것을 목적으로 하는 회사입니다. 지주회사는 크게 순수지주회사와 사업지주회사로 구분할 수 있습니다. 순수지주회사는 어떠한 사업활동도 하지 않고, 다른 회사의 주식을 소유함으로써 그 회사를 지배하는 것을 주된 목적으로 하며 지배하는 자회사들로부터 받는 배당금을 주된 수입원으로 하고 있습니다. 사업지주회사는 직접 어떠한 사업활동을 함과 동시에 다른 회사를 지배하기 위하여 주식을 소유하는 회사입니다.

당사는 LS상표권의 소유주로서 브랜드의 가치제고 및 육성, 보호 활동을 종합적으로 수행해 나가고 있습니다. 그 일환으로 2010년 1월 1일부터는 LS상표권을 사용하는 회사와 상호간에 상표사용계약을 체결하여 사용상의 권리와 의무를 명확히 함과 아울러 상표권 사용료를 수취하고 있습니다. 상표권 사용료는 상표권을 사용하는 회사의 매출액을 기준으로 산정되며, 2025년 인식한 상표권 사용수익은 577억원입니다.

당사는 연결기준의 사업형태를 고려하여 전선사업부문, 일렉트릭사업부문, 엠트론사업부문, 엠앤엠사업부문, 아이앤디사업부문으로 사업을 구분하고 있습니다. 전선사업부문은 전선, 전력, 통신 등으로 세분하였고, 일렉트릭사업부문은 전력, 자동화, 금속, IT 등으로 세분하였으며, 엠트론사업부문은 기계와 부품, 엠앤엠사업부문은 전기동, 귀금속, 화성 등 그리고 아이앤디사업부문은 부동산 개발사업부문과 해외투자사업부문으로 세분화 하였습니다.

당사 및 종속회사의 사업부문별 주요 제품 및 고객은 아래와 같습니다.

당사 및 종속회사의 사업부문별 매출 현황은 아래와 같습니다.

사업부문별 매출현황은 II. 사업의 내용의 4. 매출 및 수주상황을 참조하시고, 상세한사업의 개요는 II. 사업의 내용의 7.

Company overview

가. 연결대상 종속회사 현황(요약)

가-1. 연결대상회사의 변동내용

나. 회사의 법적, 상업적 명칭

당사는 주식회사 LS라고 칭하며 한글로는 주식회사 엘에스, 영문으로는 LS Corp. 이라 표기합니다.

다. 설립일자

당사는 1962년 5월 15일 한국케이블공업주식회사로 설립되었으며, 1977년 6월 30 일 상장되어 한국거래소 유가증권시장에서 거래되고 있습니다.

라. 본사의 주소, 전화번호 및 홈페이지 주소

- 주소 : 서울시 용산구 한강대로 92 LS용산타워- 전화번호 : 02-2189-9754- 홈페이지 : https://www.lsholdings.com

마. 중소기업 등 해당 여부

바. 주요 사업의 내용

당사는 지주회사로서 주식의 소유를 통하여 국내 회사의 사업내용을 지배하는 것을 주된 사업으로 하고 있으며, 주 수입원은 지배하는 자회사들로부터 받는 배당금, 브랜드 수수료 수입 등이 있습니다.

연결대상 종속회사에 포함된 회사로는 전선사업부문, 일렉트릭사업부문, 엠트론사업부문, 아이앤디사업부문, 글로벌사업부문, 엠앤엠사업부문이 있습니다.당사의 당기 기준 매출 비율은 전선사업부문(23%), 일렉트릭사업부문(15%), 엠트론사업부문(3%), 엠앤엠사업부문(44%), 아이앤디사업부문(14%), 글로벌사업부문(1%)으로 구성되어 있습니다. (연결조정을 고려하지 않은 단순 합산 기준)

상세한 내용은 본 보고서의 II.

사. 신용평가에 관한 사항

공시기준일 현재 당사의 회사채 신용등급은 A+, 기업어음 신용등급은 A2+입니다.당사의 회사채와 기업어음에 관한 평가내역은 아래와 같습니다.

◆ 한국신용평가 ·나이스신용평가 · 한국기업평가 신용등급 체계【기업어음】 【회사채】

아. 회사의 주권상장(또는 등록ㆍ지정) 및 특례상장에 관한 사항

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

6.00%
[4.30%, 8.66%] · 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 59.6% (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

0.83
Beta [0.69, 0.96] · KOSPI200 · As of 2026-10-08
Intercept
-0.047%[-0.519%, +0.425%]
R squared
0.37
Observations
252
Trading-time corrected beta
0.83[0.54, 1.11]
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.

Financials

20152016201720182019202020212022202320242025TTM
RevenueKRW 100M99,99796,21395,151101,102101,762104,443130,891174,913244,807275,447318,700376,300
Revenue growth%—-3.78-1.106.250.652.6325.3233.6339.9612.5215.70—
Operating incomeKRW 100M——5,3225,0913,5204,1925,8376,7098,99710,72910,52615,841
Operating income growth%———-4.34-30.8619.0939.2414.9534.0919.26-1.90—
Net incomeKRW 100M-7352,1513,6484,8779281,9473,5215,0555,7063,9154,8517,193
Net income growth%——69.5833.67-80.97109.7880.8343.5512.88-31.3823.91—
Attributable to ownersKRW 100M-9871,6822,9694,0412531,2692,7784,5164,3602,3732,7084,280
Attributable to minoritiesKRW 100M2524706808356756797435391,3461,5422,1432,913
Operating margin%——5.595.043.464.014.463.843.683.903.304.21
Net margin%-0.732.243.834.820.911.862.692.892.331.421.521.91
ROE%-4.286.8610.9112.770.803.887.8311.349.215.175.418.10
ROA%-0.742.213.664.650.861.672.793.013.131.911.942.41
Debt ratio%234.56198.38174.74140.63151.99162.12168.05202.70170.29198.32225.47269.71
Current ratio%132.35125.39148.18151.08151.42154.18144.68134.76134.59122.68119.16114.83
Quick ratio%93.4789.73113.75112.16113.36116.04101.7179.9478.6674.8270.6767.60
Reserve ratio%1,380.671,474.751,662.861,942.821,934.401,989.502,177.572,440.422,917.952,816.623,004.023,169.78
Free cash flowKRW 100M——549-2,486-714,195-4,365-166-2,317-282-9,414—
FCF margin%——0.58-2.46-0.074.02-3.33-0.10-0.95-0.10-2.95—
OCF conversion%——65.0810.22327.21360.15-37.8292.4163.34219.1742.53—
Capex to revenue%——1.922.953.052.702.322.772.423.223.60—
Inventory daysdays—67.164.461.062.463.261.780.578.372.473.7—
EPSKRW—5,2239,21912,5517873,9398,62714,02415,8818,6779,90313,717
PERx—11.357.863.9160.7618.126.274.975.8710.8720.1926.65
BPSKRW—76,13284,52498,24998,330101,468110,143123,619147,008142,604157,827169,448
PBRx—0.780.860.500.490.700.490.560.630.661.272.16
Dividend per shareKRW1,2501,2501,2501,2501,4501,4501,4501,5501,600—1,650—
Payout ratio%—23.9313.569.96184.3236.8116.8111.0510.07—16.66—

Consolidated basis

Profit flowKRW 100M

Revenue
318,700
Cost of sales
290,366
Gross profit
28,334
SG&A expenses
17,636
Operating income
10,526
Other
173
Profit before tax
6,816
Non-operating expenses
3,709
Net income
4,851
Income tax expense
1,945
Other
20

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

20152016201720182019202020212022202320242025
98,81597,13099,789104,903107,635116,605126,259168,140*182,460205,279249,948
69,27964,57863,46861,30764,92272,12079,157112,593*114,954136,468173,152
29,53632,55236,32143,59642,71344,48547,10355,547*67,50668,81276,796

Income statement

20152016201720182019202020212022202320242025
99,99796,213*95,151*101,102*101,762*104,443130,891*174,913244,807275,447318,700
Not applicableNot applicable5,322*5,091*3,520*4,1925,837*6,709*8,99710,72910,526
Not applicableNot applicable3,778*2,751*1,604*3,0314,003*6,579*6,4105,6636,816
-7352,1513,6484,8779281,9473,5215,055*5,7063,9154,851
Basic earnings per shareKRWNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicable15,8818,6779,903
Diluted earnings per shareKRWNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicable15,8818,6779,857
Not applicableNot applicable3,5004,7259752,1594,1265,532*5,2993,5455,968

Cash flow statement

20152016201720182019202020212022202320242025
Net incomefrom the income statement-7352,1513,6484,8779281,9473,5215,0555,7063,9154,851
Total adjustments to operating cash flowcomputed——-1,274-4,3782,1095,066-4,853-384-2,0924,666-2,788
Not applicableNot applicable2,374*4993,0377,013-1,3324,6713,6148,5812,063
Not applicableNot applicable-4,030*3,667-1,663-2,766*-4,442-10,396-7,144-8,909-16,904
Not applicableNot applicable1,490-2,315472*1,2522,7969,7113,722-1,11219,833
Cash at beginning of periodKRW 100M7,0676,9136,5356,2878,26510,17415,64312,72616,71317,01215,916
Not applicableNot applicable6,2878,26510,17415,64312,72616,71317,01215,91620,866
Net change in cash and cash equivalentsKRW 100MNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicable

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 yearOpinionAuditorFiscal year end
2025적정의견Term 57한영회계법인2025-12-31
2024적정의견Term 56한영회계법인2025-12-31
2023적정의견Term 55한영회계법인2025-12-31
2022적정Term 54안진회계법인2022-12-31
2021적정Term 53안진회계법인2022-12-31
2020적정Term 52안진회계법인2022-12-31
2019적정Term 51안진회계법인2019-12-31
2018적정Term 50안진회계법인2019-12-31
2017적정Term 49안진회계법인2019-12-31
2016적정 예외사항없음 예외사항없음 예외사항없음Term 48안진회계법인2016-12-31
2015적정 예외사항없음 예외사항없음 예외사항없음Term 47안진회계법인2016-12-31
2014적정 예외사항없음 예외사항없음 예외사항없음Term 46안진회계법인2016-12-31

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 5Y0.91
%
%
Cost of equity8.93%
Weighted average cost of capital—
Initial growth4.5%
Effective tax rate28.5%
Base fiscal year2025
Current priceKRW267,500

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

ModelModel priceKRWVersus current price
Gordon growth model24,284-90.9%
Dividend discount model DDM25,715-90.4%
Discounted cash flow FCFFBase-year cash flow not positive
Discounted cash flow FCFE286,264+7.0%
Residual income model RIM70,773-73.5%
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=rf+β×ERPr = r_f + \beta \times \mathit{ERP}

r = 4.40% + 0.91 × 5.00% = 8.93%

Initial growth

g1=max⁡{ROE×(1−payout), 0},gt=g1+(gT−g1) t−1N−1g_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(5.41% × (1 − 16.66%), 0) = 4.51%

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

P0=D0 (1+gT)r−gTP_0 = \frac{D_0\,(1 + g_T)}{r - g_T}

P_0 = 1,650 × (1 + 2.00%) / (8.93% − 2.00%) = 1,683 / 0.0693 = 24,284 KRW

Dividend discount model DDM

P0=∑t=1NDt(1+r)t+DN(1+gT)(r−gT) (1+r)N,Dt=Dt−1(1+gt)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 = 1,650, g_1 = 4.51%, g_T = 2.00%, r = 8.93%

YearGrowthDividend KRWDiscount factorPresent value KRW
14.51%1,7240.91801,583
23.88%1,7910.84281,510
33.26%1,8500.77371,431
42.63%1,8980.71021,348
52.00%1,9360.65201,262
Terminal value2.00%28,4970.652018,581
Total25,715

P_0 = 25,715 KRW

Residual income model RIM

P0=B0+∑t=1NRIt(1+r)t+RIN(1+gT)(r−gT) (1+r)N,RIt=(ROE−r) Bt−1P_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 = 157,827 KRW, ROE = 5.41%, payout ratio = 16.66%, r = 8.93%, g_T = 2.00%

YearOpening book valueEarningsEquity chargeResidual incomeDiscount factorPresent value
1157,8278,54314,095-5,5520.9180-5,097
2164,9478,92814,731-5,8020.8428-4,890
3172,3889,33115,395-6,0640.7737-4,691
4180,1649,75216,090-6,3370.7102-4,501
5188,29210,19216,815-6,6230.6520-4,318
Terminal value-97,4790.6520-63,557

P_0 = 157,827 + -23,497 + -63,557 = 70,773 KRW

Discounted cash flow FCFE

FCFE0=CFO−CapEx+ΔD,P0=1Shares[∑t=1NFCFEt(1+r)t+FCFEN(1+gT)(r−gT) (1+r)N],FCFEt=FCFEt−1(1+gt)\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 = 2,063.3 − 11,477.6 + 15,237.0 (net borrowing) = 5,822.7 KRW hundred million

YearGrowthCash flow KRW hundred millionDiscount factorPresent value KRW hundred million
14.51%6,085.30.91805,586.4
23.88%6,321.60.84285,327.6
33.26%6,527.40.77375,050.0
42.63%6,698.90.71024,757.8
52.00%6,832.90.65204,455.1
Terminal value2.00%100,564.10.652065,568.6
Total90,745.5

P_0 = 90,745.5 KRW hundred million ÷ 31,700,000 (shares) = 286,264 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.

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