010950KOSPI

S-Oil

165,300

-900 (-0.54%)

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

S-Oil Corporation was established in 1976 in South Korea and listed on the KOSPI market in 1987. Headquartered in Seoul with a plant in Ulsan, the company operates as a parent entity with subsidiaries including S-International Ltd., S-Oil Singapore Pte. Ltd., and S-Oil Europe B.V.

The company operates in the refining, lubricants, and petrochemicals segments. It produces petroleum products, gas, lubricant base oils, and aromatics and olefins. The company distributes these products through domestic networks and engages in the import and export of crude oil and finished products.

Business overview as filed

당사는 1976년 1월에 설립되고 하루 66만 9천배럴의 원유정제능력을 보유한 정유사로, 정유뿐 아니라 석유화학ㆍ윤활기유 등으로 다각화된 사업 포트폴리오를 보유하고 있습니다. 정유산업은 설비구축 및 유통망 확충 등에 대규모 선제적 투자가 소요되어 진입장벽이 높은 과점적 특성이 있습니다. 전체 매출액에서 70% 이상으로 가장 높은 비중을 차지하는 정유부문에서는 대규모 정제시설, 높은 고도화설비 수준, 안정적인 내수 유통망 등을 바탕으로 견고한 시장지위와 사업경쟁력을 보유하고 있습니다.또한, 윤활 및 석유화학부문에서도 높은 사업 안정성을 가지고 있습니다. 윤활부문은 고급 윤활기유를 중심으로 하루 4만 4천배럴의 생산능력을 보유하고 있으며, 석유화학부문은 지속적인 투자와 공정 효율화를 통하여 연간 약 330만톤의 대규모 방향족 제품(파라자일렌, 벤젠 등) 생산능력 뿐 아니라 연간 약 77만톤의 올레핀계 제품(폴리프로필렌, 산화프로필렌 등) 생산능력도 보유하고 있습니다. 현재 당사는 수직 계열화 된 생산 체계에 기반한 우수한 생산효율성과 사업안정성을 바탕으로, 석유화학을 중심으로 비정유부문의 사업기반을 강화하고 있습니다.각 영업부문별 주요 제품과 2025년 연결재무제표 기준 매출 현황은 아래와 같으며, 매출액 10% 이상을 차지하는 주요 매출처는 Aramco Trading Singapore Pte. Ltd.입니다.

당사의 최대주주는 Aramco Overseas Company B.V.(AOC, 사우디아라비아 국영 석유회사인 Saudi Aramco의 종속회사)로 총 지분의 63.4%를 보유하고 있습니다. 당사는 장기원유공급계약을 통하여 글로벌 최대 석유매장량을 확보하고 있는 Saudi Aramco로부터 안정적으로 원유를 공급받고 있으며, 최대주주 등과의 긴밀한 사업적 연계성을 바탕으로 안정적으로 사업을 영위하고 있습니다.그 외 자세한 사항은 II. 사업의 내용 '2. 주요 제품 및 서비스 ~ 7. 기타 참고사항'을 참고하여 주시기 바랍니다.

Company overview

에쓰-오일 주식회사는 1976년에 대한민국에서 설립되어 1987년에 한국증권거래소 유가증권시장에 상장되었으며 석유제품, 가스, 윤활기유, 화학제품 및 관련 제품의 제조, 판매와 원유 및 상기 각 제품의 수출입업 등을 영위하고 있습니다. 회사의 본점은 서울특별시 마포구에 위치하고 있으며 공장은 울산광역시 온산공단 내에 위치하고 있습니다.

가. 연결대상 종속회사 개황

에쓰-오일 주식회사(이하 "당사" 또는 "지배회사")는 본 보고서의 연결재무제표 상 지배기업에 해당하며, 연결대상 종속회사는 S-International Ltd., S-Oil Singapore Pte. Ltd., S-Oil Europe B.V. 등 3개사입니다. 종속기업의 개황은 아래와 같습니다.

(1) 연결대상 종속회사 현황(요약)

회사의 연결대상회사 중 S-Oil Singapore Pte. Ltd.는 자산규모의 감소로 2025년 사업연도말 기준 주요종속회사에서 제외되었습니다. 기업공시서식 작성기준의 주요종속회사 여부는 공시서류작성기준일 현재 최근 사업연도말 자산총액이 지배회사 자산총액의 10% 이상이거나 최근 사업연도말 자산총액이 750억원 이상인 종속회사가 대상입니다. 또한, S-Oil Europe B.V.는 2025년 1월 2일에 신규로 설립되었습니다.

(2) 연결대상 종속회사 현황

(3) 연결대상회사의 변동 내용

나. 회사의 법적ㆍ상업적 명칭

당사의 명칭은 국문으로 "에쓰-오일 주식회사", 영문으로 "S-Oil Corporation" 입니다. 약식으로는 국문 명칭 "에쓰-오일(주)", 영문 명칭 "S-Oil Corp."을 사용합니다.

다. 설립일자 및 존속기간

당사는 1976년 1월 6일 설립하여 1987년 5월 8일 유가증권시장에 상장하고, 현재까지 유지하고 있습니다.

라. 본사의 주소, 전화번호, 홈페이지 주소

(1) 주소 : 서울특별시 마포구 백범로 192

(2) 전화번호 : (02) 3772-5151

(3) 홈페이지 주소 : http://www.s-oil.com

마. 중소기업 해당 여부

바. 주요 사업의 내용

(1) 지배회사인 에쓰-오일 주식회사의 정관에 기재된 사업목적은 다음과 같으며, 석유제품, 가스, 윤활기유, 화학제품 및 관련 제품의 제조, 판매와 원유 및 상기 각 제품의 수출입업 등을 영위하고 있습니다. 회사는 제품 및 공정의 특성 등을 고려하여 사업부문을 정유, 윤활, 석유화학으로 구분하며, 전체 매출의 70% 이상을 정유제품이 차지하고 있습니다.

(2) 종속회사 중 S-International Ltd.의 정관 (Memorandum & Articles of Association) 에 기재된 사업목적은 다음과 같습니다.

(3) 종속회사 중 S-Oil Singapore Pte. Ltd.의 사업목적은 다음과 같습니다.

S-Oil Singapore Pte. Ltd.는 자산규모의 감소로 기업공시서식 작성기준에 따라 2025년 사업연도말 기준 주요종속회사에서 제외되었습니다.

(4) 종속회사 중 S-Oil Europe B.V.의 사업목적은 다음과 같습니다.

사. 신용평가에 관한 사항

(1) 국내 신용등급당사는 한국기업평가, NICE 신용평가, 한국신용평가로부터 신용 평가를 받고 있습니다. 2025년말 현재 한국기업평가의 당사 평가등급은 AA+(안정적), NICE 신용평가 및 한국신용평가의 당사 평가등급은 AA(긍정적)입니다.

(2) 국제 신용등급당사는 무디스(Moody's) 및 스탠더드앤드푸어스(S&P)로부터 신용 평가를 받고 있습니다. 2025년말 현재 무디스의 당사 평가등급은 Baa2(부정적), 스탠더드앤드푸어스의 당사 평가등급은 BBB(안정적)입니다.

신용등급의 체계 및 등급의 의미

아. 회사의 주권상장(또는 등록ㆍ지정) 및 특례상장에 관한 사항

Transcribed verbatim from the sentences the filer wrote in the fiscal 2025 business report (received 2026.03.20), 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

4.67%

[2.80%, 7.99%] · As of 2026-09-30

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 34.0% (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

0.02

Beta [-0.13, 0.17] · KOSPI200 · As of 2026-10-06

Intercept: +0.477%[+0.032%, +0.922%]
R squared: 0.00
Observations: 252
Trading-time corrected beta: -0.29[-0.84, 0.25]

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	178,903	163,218	208,914	254,633	243,942	168,297	274,639	424,460	357,267	366,370	342,470	374,941
Revenue growth%	—	-8.77	28.00	21.88	-4.20	-31.01	63.19	54.55	-15.83	2.55	-6.52	—
Operating incomeKRW 100M	8,176	16,169	13,733	6,395	4,201	-10,991	21,409	34,052	13,546	4,222	2,356	27,972
Operating income growth%	—	97.76	-15.07	-53.44	-34.31	-361.65	—	59.05	-60.22	-68.83	-44.19	—
Net incomeKRW 100M	6,313	12,054	12,465	2,580	654	-7,961	13,785	21,044	9,488	-1,930	1,770	15,239
Net income growth%	—	90.93	3.41	-79.30	-74.64	-1,316.75	—	52.65	-54.91	-120.34	—	—
Attributable to owners	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable
Attributable to minorities	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable
Operating margin%	4.57	9.91	6.57	2.51	1.72	-6.53	7.80	8.02	3.79	1.15	0.69	7.46
Net margin%	3.53	7.38	5.97	1.01	0.27	-4.73	5.02	4.96	2.66	-0.53	0.52	4.06
ROE	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable
ROA%	5.85	8.64	8.26	1.62	0.40	-5.07	7.37	10.73	4.40	-0.79	0.67	5.04
Debt ratio%	100.29	118.40	120.49	146.63	151.41	176.12	167.50	131.19	138.74	181.19	198.82	199.85
Current ratio%	176.58	165.01	149.08	101.13	97.92	76.11	98.50	112.09	104.25	86.20	70.56	81.48
Quick ratio%	126.97	114.86	87.67	46.91	42.32	42.71	56.81	54.46	54.12	47.65	36.45	34.63
Reserve ratio%	1,414.11	1,757.94	1,913.24	1,784.57	1,793.19	1,514.48	1,959.76	2,472.53	2,661.57	2,541.80	2,607.36	3,017.99
Free cash flowKRW 100M	—	—	-12,708	-23,296	-1,479	10,839	12,052	6,802	3,401	45,094	363	—
FCF margin%	—	—	-6.08	-9.15	-0.61	6.44	4.39	1.60	0.95	12.31	0.11	—
OCF conversion%	392.12	142.86	91.72	-111.68	1,038.45	—	107.15	60.77	266.19	—	2,227.89	—
Capex to revenue%	—	—	11.56	8.02	3.39	3.25	0.99	1.41	6.12	-8.30	11.41	—
Receivable daysdays	—	24.4	12.0	2.9	3.4	4.7	2.0	1.1	—	—	—	—
Inventory daysdays	—	52.4	50.7	44.7	49.5	56.6	42.4	39.5	50.9	47.1	47.6	—
Payable daysdays	—	22.5	21.1	13.5	10.7	10.5	7.1	6.9	—	—	—	—
Cash conversion cycledays	—	54.3	41.5	34.1	42.3	50.9	37.2	33.7	—	—	—	—
EPSKRW	—	—	—	—	—	—	—	—	8,149	-1,659	1,519	—
PERx	—	—	—	—	—	—	—	—	8.54	—	54.64	—
BPSKRW	—	—	60,779	57,462	57,705	50,474	62,070	75,353	80,275	77,238	78,941	89,584
PBRx	—	—	1.93	1.70	1.65	1.37	1.38	1.11	0.87	0.71	1.05	1.19
Dividend per shareKRW	2,400	6,200	5,900	750	200	—	3,800	5,500	1,700	125	—	—
Payout ratio%	—	—	—	—	—	—	—	—	20.86	—	—	—

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
	107,955	139,590	150,875	159,550	163,334	156,905	186,932	196,131	215,761	244,514	265,570
	56,898	79,744	67,748	58,545	56,289	49,965	83,774	92,060	96,478	100,480	86,156
Cash and cash equivalentsKRW 100M	2,012	7,674	4,801	6,645	2,910	7,374	19,455	13,103	19,633	19,458	18,347
InventoriesKRW 100M	15,987	24,234	27,907	31,391	31,960	21,923	35,453	47,332	46,392	44,931	41,644
Trade and other receivablesKRW 100M	10,309	11,546*	2,196*	1,895	2,647	1,719	1,248	1,364	Not applicable	Not applicable	Not applicable
	51,057	59,846	83,126	101,005	107,045	106,940	103,158	104,072	119,284	144,034	179,414
Property, plant and equipmentKRW 100M	47,308	57,108	79,687	97,407	101,391	100,778	95,648	95,880	111,520	135,818	169,900
Intangible assetsKRW 100M	472	545	1,052	1,044	1,013	988	1,084	1,064	Not applicable	Not applicable	Not applicable
Investments in associatesKRW 100M	354	333	324	316	303	316	378	360	409	427	407
	54,056	75,674	82,448	94,858	98,368	100,080	117,052	111,297	125,386	157,558	176,696
	32,222	48,328	45,444	57,890	57,487	65,651	85,050	82,132	92,545	116,567	122,109
Trade and other payablesKRW 100M	5,895	11,407*	10,338*	7,566	6,080	3,918	5,724	8,650	Not applicable	Not applicable	Not applicable
Short-term borrowingsKRW 100M	15,879	21,459	13,695	29,348	28,251	26,154	28,188	25,289	—	—	—
	21,835	27,347	37,004	36,968	40,881	34,429	32,002	29,165	32,840	40,991	54,587
Long-term borrowingsKRW 100M	20,073	25,636	34,747	34,006	35,548	31,946	27,361	24,268	28,367	37,912	50,316
	53,899	63,916	68,426	64,692	64,966	56,825	69,880	84,835	90,376	86,956	88,874
	Not applicable	Not applicable	68,426	64,692	64,966	56,825	69,880	84,835	90,376	86,956	88,874
Issued capitalKRW 100M	2,915	2,915	2,915	2,915	2,915	2,915	2,915	2,915	2,915	2,915	2,915
Capital surplusKRW 100M	3,792	3,792	3,792	3,792	3,792	3,792	3,792	3,792	3,792	3,792	3,792
Retained earningsKRW 100M	37,431	47,454	51,981	48,231	48,482	40,357	53,337	68,285	73,796	70,305	72,216
Treasury sharesKRW 100M	—	19	19	19	19	19	19	19	19	-19	-19
Other equityKRW 100M	—	9,755	—	—	—	—	—	—	—	—	—
Non-controlling interestsKRW 100M	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable

파생상품자산As filed	173	21	243	46	6	53	12	163	38	301	87
기타채권As filed	2,532	1,812	629	664	763	787	805	878	3,212	7,520	2,634
매출채권As filed	—	—	15,388	16,415	13,123	11,963	19,710	23,036	23,075	21,710	20,051
기타금융자산As filed	24,976	34,338	17,111	463	2,643	3,441	111	1,510	110	110	80
당기법인세자산As filed	741	—	2	433	20	15	—	—	—	460	0
기타유동자산As filed	167	118	100	1,258	2,979	3,477	7,785	5,552	4,018	5,990	3,313
무형자산As filed	—	—	—	—	—	—	—	—	1,156	1,488	1,495
기타비유동자산As filed	1,701	437	278	732	2,990	2,554	2,754	2,092	1,614	1,462	3,087
투자부동산As filed	—	—	—	—	—	—	1,361	1,361	1,361	1,361	1,359
순확정급여자산As filed	—	281	658	364	—	—	434	1,722	1,243	1,262	1,047
이연법인세자산As filed	—	—	—	2	1	929	—	—	—	—	—
매입채무As filed	—	—	17,333	14,373	16,552	20,036	30,758	31,724	39,895	49,816	69,817
기타채무As filed	9,112	10,229	322	990	2,808	2,457	2,553	2,263	1,970	19,610	15,720
파생상품부채As filed	111	509	73	98	82	336	22	3	21	26	290
미지급법인세As filed	71	3,483	2,575	—	—	—	—	—	—	—	—
충당부채As filed	47	18	18	28	36	29	146	48	317	314	71
이연수익As filed	280	274	249	—	—	—	—	—	—	—	—
기타유동부채As filed	826	949	1,163	6,117	6,262	14,970	18,765	9,733	9,513	6,506	10,997
당기법인세부채As filed	—	—	—	131	8	2	1,263	6,517	1,453	6	45
적립금As filed	9,780	9,774	9,757	9,774	9,796	9,779	9,855	9,861	9,891	9,964	9,970
이연법인세부채As filed	1,481	1,440	1,935	1,971	2,410	1	2,087	2,634	2,503	1,233	1,144
납입자본As filed	—	6,707	—	—	—	—	—	—	—	—	—
계약부채As filed	—	—	—	231	216	207	184	167	154	141	130
순확정급여부채As filed	45	—	—	—	116	26	—	—	—	—	—
부채와자본총계As filed	107,955	139,590	—	—	—	156,905	186,932	196,131	215,761	244,514	265,570
자기주식As filed	-19	—	—	—	—	—	—	—	—	—	—
자본과부채총계As filed	—	—	150,875	159,550	163,334	—	—	—	—	—	—
기타채무 합계As filed	—	—	—	—	—	—	—	—	13,369	—	—
차입금As filed	—	—	—	—	—	—	—	—	27,823	40,148	25,038

Income statement

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
	178,903	163,218	208,914	254,633	243,942	168,297	274,639	424,460	357,267	366,370	342,470
Cost of salesKRW 100M	164,388	140,209	187,831	242,002	233,468	173,662	246,952	382,914	336,209	354,112	332,037
Gross profitKRW 100M	14,515	23,010	21,082	12,630	10,474	-5,365	27,687	41,546	21,057	12,259	10,433
SG&A expensesKRW 100M	5,328	5,766*	7,350	6,236	6,273	5,626	6,278	7,494	Not applicable	8,037	8,076
	8,176	16,169	13,733	6,395	4,201	-10,991	21,409	34,052	13,546	4,222	2,356
Finance incomeKRW 100M	1,460	1,850	3,303	1,167	1,634	4,164	1,291	4,325	2,991	3,890	4,834
Finance costsKRW 100M	2,535	2,448	1,269	2,373	4,055	4,526	3,597	7,566	5,003	8,328	6,776
Other incomeKRW 100M	4,857	4,864	3,771	2,618	3,704	3,945	4,600	11,476	8,028	6,545	9,508
Other expensesKRW 100M	3,929	4,750	3,140	4,529	4,406	4,306	4,940	13,299	8,268	9,713	8,224
Share of profit of associatesKRW 100M	98	66	—	—	—	—	—	—	23	59	35
	8,127	15,751	16,449	3,318	1,104	-11,678	18,780	28,985	11,317	-3,325	1,732
Income tax expenseKRW 100M	1,814	3,697	3,984	738	449	3,717	-4,995	7,942	1,829	-1,395	-37
	6,313	12,054	12,465	2,580	654	-7,961	13,785	21,044	9,488	-1,930	1,770
Attributable to ownersKRW 100M	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable
Attributable to minoritiesKRW 100M	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable
Basic earnings per shareKRW	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	8,149	-1,659	1,519
Diluted earnings per shareKRW	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	8,149	-1,659	1,519
	6,091	12,113	12,544	2,437	566	-8,024	14,221	21,126	9,267	-1,526	1,919
Other comprehensive incomeKRW 100M	-223	60	79	-143	-88	-63	435	82	-221	404	149

관리비As filed	1,011	1,074	—	—	—	—	—	—	1,311	—	—
우선주기본주당순이익(손실)As filed	—	—	—	—	—	—	—	—	0	-0	0
공동기업투자주식지분법손익As filed	—	—	—	—	—	37	18	-2	—	—	—
공동기업및관계기업투자주식지분법손익As filed	—	—	51	41	26	—	—	—	—	—	—
순확정급여자산부채의 재측정요소As filed	—	66	96	-160	-111	-97	365	75	-251	333	—
매도가능금융자산평가손익As filed	1	-6	-3	—	—	—	—	—	—	—	—
순확정급여부채의재측정요소As filed	-224	—	—	—	—	—	—	—	—	—	—
우선주희석주당순이익(손실)As filed	—	—	—	—	—	—	—	—	0	-0	0
해외사업환산손익As filed	1	0	-1	0	0	-1	2	3	2	16	-5
공동기업투자주식 기타포괄손익에 대한 지분해당액As filed	-0	—	-0	—	—	—	—	—	—	—	—
보통주 기본 및 희석주당이익As filed	54	104	0	0	—	—	—	—	—	—	—
우선주 기본 및 희석주당이익As filed	54	104	0	0	—	—	—	—	—	—	—
당기손익으로 재분류되지 않는 항목As filed	—	—	96	-156	-88	-62	434	79	-223	—	142
기타포괄손익-공정가치 금융자산 평가손익As filed	—	—	—	4	—	35	69	4	28	41	0
기타포괄손익-공정가치 지분상품 평가손익As filed	—	—	—	—	23	—	—	—	—	—	—
후속적으로 당기손익으로 재분류되는 항목As filed	—	—	-17	13	0	-1	—	3	2	30	7
기타포괄손익-공정가지 금융자산 처분손익As filed	—	—	—	-0	—	—	—	—	—	—	—
당기손익으로 재분류될 수 있는 항목(세후기타포괄손익)As filed	—	—	—	—	—	—	2	—	—	—	—
공동기업 기타포괄손익에 대한 지분해당액As filed	—	—	—	—	-0	0	—	—	—	—	—
현금흐름위험회피As filed	—	—	-12	12	—	—	—	—	—	15	12
공동기업 및 관계기업 기타포괄손익에 대한 지분해당액As filed	—	—	—	-0	—	—	—	—	—	—	—
관계기업 및 공동기업의 기타포괄손익에 대한 지분As filed	—	—	—	—	—	—	—	—	-0	0	—
보통주 기본 및 희석주당이익(손실)As filed	—	—	—	—	0	-0	0	0	—	—	—
우선주 기본 및 희석주당이익(손실)As filed	—	—	—	—	0	-0	0	0	—	—	—
후속적으로 당기손익으로 재분류되지 않는 항목As filed	—	—	—	—	—	—	—	—	—	374	—
세후기타포괄손익, 확정급여제도의 재측정손익As filed	—	—	—	—	—	—	—	—	—	—	142
지분법 적용대상 관계기업과 공동기업의 기타포괄손익에 대한 지분(세후기타포괄손익)As filed	—	—	—	—	—	—	—	—	—	—	0
판매비As filed	—	—	—	—	—	—	—	—	6,201	—	—

Cash flow statement

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Net incomefrom the income statement	6,313	12,054	12,465	2,580	654	-7,961	13,785	21,044	9,488	-1,930	1,770
Total adjustments to operating cash flowcomputed	18,442	5,166	-1,032	-5,462	6,140	24,271	986	-8,255	15,769	16,606	37,654
	24,756	17,220	11,433	-2,882	6,794	16,310	14,772	12,789*	25,257	14,676	39,423
Interest receivedKRW 100M	306	440	628	306	132	132	89	297	551	527	381
Interest paidKRW 100M	571	830	1,130	1,535	1,801	1,696	1,112	1,431*	2,550	-3,648	4,668
Income taxes paidKRW 100M	897	-396	4,434	3,460	-315	-391	856	Not applicable	6,955	Not applicable	-397
	-28,019	-19,669	-8,322	-4,152	-10,695	-6,356	1,966	-7,732	-20,661	-30,270	-37,827
Purchase of property, plant and equipmentKRW 100M	Not applicable	Not applicable	24,141	20,414	8,273	5,471	2,720	5,988	21,856	-30,419	39,060
Proceeds from sale of property, plant and equipmentKRW 100M	Not applicable	Not applicable	26	5	62	238	1,753	299	203	35	1
Purchase of intangible assetsKRW 100M	Not applicable	Not applicable	18	3	3	4	133	9	25	-274	26
	-1,841	8,111	-5,983	8,878	165	-5,487	-4,661	-11,416*	1,932	15,388	-2,696
Dividends paidKRW 100M	1,282	2,096	8,034	6,171	292	117	1,165	6,171	3,727	-1,893	1
Cash at beginning of periodKRW 100M	7,115	2,012	7,674	4,801	6,645	2,910	7,374	19,455	13,103	19,633	19,458
	2,012	7,674	4,801	6,645	2,910	7,374	19,455	13,103	19,633	19,458	18,347
Effect of exchange rate changesKRW 100M	1	0	-2	1	1	-3	5	7*	2	32	-12
Net change in cash and cash equivalentsKRW 100M	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable

영업으로부터 창출된 현금흐름As filed	25,862	17,116	16,296	1,747	8,102	17,451	16,601	16,059	34,171	19,636	43,222
재무활동으로 인한 현금유입As filed	6,989	10,323	—	—	—	10,974	4,586	2,791	12,391	24,501	15,801
법인세의 환급(납부)As filed	—	—	—	—	—	—	—	2,174	—	—	—
사채의 발행As filed	—	—	—	—	—	—	—	—	—	9,974	13,366
재무활동으로 인한 현금유출As filed	-8,830	-2,212	—	—	—	-16,460	-9,247	-14,207	-10,459	-9,112	18,497
배당금의 수취As filed	56	97	73	59	47	31	50	38	40	75	91
기타채무의 감소As filed	—	—	—	14	473	630	682	719	832	-820	1,048
장기차입금의 증가As filed	—	—	—	—	—	—	—	—	—	5,915	2,435
투자활동으로 인한 현금유입As filed	873	545	—	—	—	551	5,358	499	1,911	632	1,449
단기차입금의 순증가As filed	—	—	—	—	—	—	—	—	—	8,612	0
무형자산의 처분As filed	31	22	5	3	4	28	10	0	—	1	33
차입금의 증가As filed	6,989	10,323	9,231	15,205	6,691	10,974	4,586	2,791	12,391	—	—
기타채권의 감소As filed	—	166	212	199	193	156	210	184	226	242	247
관계기업투자주식의처분As filed	—	—	—	—	4	—	—	—	—	—	—
기타금융자산의 감소As filed	7	—	17,227	16,731	45	119	3,350	—	—	0	—
당기손익-공정가치 금융자산의 처분As filed	—	—	—	—	—	—	—	1	8	—	—
차입금의 상환As filed	7,549	115	7,180	142	5,761	15,713	7,400	7,317	5,900	—	—
유동성사채의 상환As filed	—	—	—	—	—	—	—	—	—	-6,400	6,600
기타투자활동 현금유입As filed	70	54	94	24	17	10	35	14	74	55	78
기타포괄손익-공정가치 금융자산의 처분As filed	—	—	—	—	—	—	—	1	0	0	0
단기차입금의 순감소As filed	—	—	—	—	—	—	—	—	—	0	10,848
기타금융자산의 처분As filed	—	—	—	—	—	—	—	—	1,400	—	30
유형자산의 처분As filed	34	71	—	—	—	—	—	—	—	—	—
종속회사투자주식의 취득As filed	—	—	1,205	—	—	—	—	—	—	—	—
투자활동으로 인한 현금유출As filed	-28,892	-20,214	—	—	—	-6,907	-3,392	-8,231	-22,572	—	—
관계기업투자주식의 취득As filed	4	1	1	—	—	—	82	—	33	0	—
당기손익-공정가치 측정 금융자산의 취득As filed	—	—	—	—	76	—	—	—	—	—	—
기타채권의 증가As filed	213	85	163	275	92	51	44	128	73	-137	72
당기손익-공정가치 금융자산의 취득As filed	—	—	—	—	—	—	—	7	9	-3	—
당기손익-공정가치금융자산의 처분As filed	—	—	—	—	—	—	—	—	—	35	19
기타채권의 회수As filed	239	—	—	—	—	—	—	—	—	—	—
당기손익-공정가치측정 금융자산의 취득As filed	—	—	—	—	—	59	30	—	—	—	—
파생상품자산·부채의 정산As filed	492	231	-326	-366	-325	-492	-103	-665	493	—	—
유형자산의 취득As filed	6,544	10,636	—	—	—	—	—	—	—	—	—
기타금융자산의 증가As filed	20,530	9,356	—	55	2,221	827	—	1,400	—	0	—
무형자산의 취득As filed	61	89	—	—	—	—	—	—	—	—	—
기타유동자산의 증가As filed	—	—	—	—	—	—	-118	-11	21	0	0
기타투자활동 현금유출As filed	1,540	48	33	—	29	4	163	12	63	-69	78
기타포괄손익-공정가치 금융자산의 취득As filed	—	—	—	—	—	—	—	12	—	-1	3
파생상품자산ㆍ부채의 순정산As filed	—	—	—	—	—	—	—	—	—	264	1,037
현금및현금성자산의 증가As filed	—	—	—	1,844	—	—	—	—	—	—	—
환율변동효과 반영전 현금및현금성자산의 순증가(감소)As filed	-5,104	5,662	-2,872	—	—	—	—	—	—	—	—
투자부동산의 처분As filed	—	—	—	—	—	—	—	—	—	—	2
현금및현금성자산의 증가(감소)As filed	—	—	—	—	-3,736	4,467	12,076	-6,359	6,528	-206	-1,100
투자활동으로 인한 현금유츨As filed	—	—	—	—	—	—	—	—	—	-30,903	—
투자활동으로부터의 현금유출As filed	—	—	—	—	—	—	—	—	—	—	39,275
당기손익-공정가치측정금융자산의 취득As filed	—	—	—	—	—	—	—	—	—	—	36
관계기업에 대한 투자자산의 취득As filed	—	—	—	—	—	—	—	—	—	—	0
법인세 환급(납부)As filed	—	—	—	—	—	—	—	—	—	-1,913	—

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 2026.03.20.

Audit opinion

Fiscal year	Opinion	Auditor	Fiscal year end
2025	적정의견Term 51	삼일회계법인	2025-12-31
2024	적정의견Term 50	삼일회계법인	2025-12-31
2023	적정의견Term 49	삼일회계법인	2025-12-31
2019	적정Term 45	삼일회계법인	2019-12-31
2018	적정Term 44	삼일회계법인	2019-12-31
2017	적정Term 43	삼일회계법인	2019-12-31
2016	적정Term 42	삼일회계법인	2016-12-31
2015	적정Term 41	삼일회계법인	2016-12-31
2014	적정Term 40	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%

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 5Y0.18

Equity risk premium%

Terminal growth%

Cost of equity5.27%

Weighted average cost of capital5.27%

Initial growth2.0%

Effective tax rate0.0%

Base fiscal year2025

Current priceKRW165,300

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	110,916	-32.9%
Discounted cash flow FCFE	353,529	+113.9%
Residual income model RIM	No book value or return on equity

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% + 0.18 × 5.00% = 5.27%

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 = g_T = 2.00%

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 = 39,423.0 − 39,060.4 + 4,668.0 × (1 − 0.00%) = 5,030.7 KRW hundred million

Weighted average cost of capital

E = 186,099.4, D = 50,315.7 KRW hundred million; equity weight = 78.72%, debt weight = 21.28%; cost of debt k_d = 5.27%

WACC = 78.72% × 5.27% + 21.28% × 5.27% × (1 − 0.00%) = 5.27%

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	2.00%	5,131.3	0.9499	4,874.3
2	2.00%	5,233.9	0.9024	4,722.9
3	2.00%	5,338.6	0.8572	4,576.1
4	2.00%	5,445.4	0.8142	4,433.9
5	2.00%	5,554.3	0.7735	4,296.1
Terminal value	2.00%	173,165.5	0.7735	133,938.2
Total				156,841.3

Firm value = 156,841.3; less borrowings 50,315.7; plus cash 18,346.6 → 124,872.2 KRW hundred million

P_0 = 124,872.2 KRW hundred million ÷ 112,582,792 (shares) = 110,916 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 = 39,423.0 − 39,060.4 + 12,403.6 (net borrowing) = 12,766.3 KRW hundred million

Year	Growth	Cash flow KRW hundred million	Discount factor	Present value KRW hundred million
1	2.00%	13,021.6	0.9499	12,369.5
2	2.00%	13,282.0	0.9024	11,985.1
3	2.00%	13,547.7	0.8572	11,612.6
4	2.00%	13,818.6	0.8142	11,251.7
5	2.00%	14,095.0	0.7735	10,902.0
Terminal value	2.00%	439,438.8	0.7735	339,892.3
Total				398,013.3

P_0 = 398,013.3 KRW hundred million ÷ 112,582,792 (shares) = 353,529 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