012750KOSPI

S-1

84,700

+1,600 (+1.93%)

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-1 was established on November 28, 1977, as Korea Security Service Co., Ltd. The company is listed on the KOSPI market and is headquartered in Seoul.

The company provides security and infrastructure services. Its security segment includes physical security and digital security solutions. The infrastructure segment consists of property management and security system integration services for industrial sites and large buildings.

Business overview as filed

당사는 '종합 안심솔루션 기업'으로 시큐리티와 인프라 사업에 주력하고 있으며, 첨단 보안 시스템과 부동산 종합 관리 역량, 차별화된 고객 서비스를 바탕으로 국내 보안 및 부동산, 보안SI(System Integration) 시장을 선도하고 있습니다.

시큐리티 사업은 크게 물리보안과 디지털보안 분야로 구분됩니다.

물리보안은 유·무선 네트워크를 통해 첨단 보안기기, 관제센터, 출동 인력을 유기적으로 연결하여 범죄 및 사고를 예방하는 서비스와 관련 상품을 제공합니다. 당사는 이를 위해 전국 단위의 서비스 거점과 영업 및 출동 인프라를 구축하고 있으며, 체계적인 전문 교육을 통해 서비스 품질을 고도화하고 있습니다.

또한, 클라우드 기반 출입·근태 관리 및 AI기반 영상보안 솔루션 등 첨단기술 기반의 보안 상품을 지속적으로 선보이고 있습니다.

한편, 디지털보안은 고객의 정보 자산을 보호하기 위해 전산 시스템 및 네트워크 인프라를 노린 외부 공격과 내부 정보 유출을 차단하는 솔루션을 제공합니다. 사전 예방부터 실시간 탐지 및 대응에 이르는 하드웨어·소프트웨어 솔루션은 물론, 운영·모니터링·유지보수를 아우르는 통합 보안 서비스를 제공하며 고객의 디지털 안전을책임지고 있습니다.

인프라 사업은 부동산 서비스와 보안SI 부문으로 구성됩니다.

부동산 서비스는 시설 관리, 보안, 미화, 주차 및 안내 등 건물 전반의 운영과 유지관리를 수행하는 FM(Facility Management), 예산 수립, 임대차 관리, 리스크 관리 등을 통해 자산 가치를 극대화하는 PM(Property Management) 서비스를 제공합니다.

당사는 부동산 서비스 전 영역을 아우르는 전문 인력과 통합 서비스 체계, 그리고 60여 년간 축적된 독보적인 노하우를 보유하고 있습니다. 2015년 프리미엄 부동산 종합 브랜드 '에스원 블루에셋'을 론칭한 이래, IoT 기반의 센싱 및 모니터링 기술을 결합한 원격 건물 관리 솔루션 ‘블루스캔’과 선진 미화 기법을 적용한 공간 케어 솔루션 '스마트케어존' 등 시장을 선도하는 혁신 서비스를 지속적으로 선보이고 있습니다.

보안 SI는 대형 산업체 및 중·대형 건물을 대상으로 보안 컨설팅부터 시스템 설계, 구축, 유지보수에 이르는 전 과정의 통합 솔루션을 제공합니다. 출입 관리와 영상 감시를 포함한 보안 시스템 구축은 물론, 상주 경비 인력을 통한 현장 보안 서비스까지 유기적으로 결합하여 보안 인프라 운영의 효율성을 극대화하고 있습니다.

당사는 사업부, 본부, 사업팀, 지사 등 전국적인 영업망을 통하여 영업을 진행하고 있으며, 2025년말 매출은 연결기준 2조 8,894억원입니다. 시큐리티 부문의 물리보안서비스, 보안상품 등의 매출액은 1조 3,854억원이며 인프라 부문의 부동산 서비스, 통합보안 및 보안SI 등의 매출은 1조 4,893억원, 기타부문의 임대, 교육 등 매출은 147억원 입니다. 사업 부문별 매출 및 재무현황에 관련된 세부내용은 'Ⅱ. 사업의 내용'의 '2. 주요 제품 및 서비스', '4. 매출 및 수주상황', '7. 기타 참고사항' 등을 참고 하시기바랍니다.

Company overview

1) 연결대상 종속회사 현황(요약)

- 연결대상회사의 변동내용

2) 회사의 법적ㆍ상업적 명칭, 설립일자 등

당사는 1977년 11월 28일 한국경비실업 주식회사로 설립되었으며1996년 1월 30일 한국증권거래소에 주식을 상장하였습니다.

3) 본사의 주소, 전화번호 및 홈페이지- 주 소 : 서울특별시 중구 세종대로7길 25(순화동)- 전화번호 : 1588-3112- 홈페이지 : http://www.s1.co.kr

4) 회사사업 영위의 근거가 되는 법률경비업의 육성 및 발전과 그 체계적 관리에 관하여 필요한 사항을「경비업법」에서규정하고 있습니다.

5) 중소기업 등 해당여부

6) 주요 사업의 내용에스원은 '종합 안심솔루션 회사'로서 주요 사업으로 '시큐리티 서비스', '인프라 서비스' 사업을 영위하고 있으며, 첨단 보안시스템과 부동산 종합 서비스 역량, 차별화된 고객 서비스로 대한민국의 보안 및 부동산, 보안SI(System Integration) 서비스 시장을 선도하고 있습니다. 최근에는 변화하는 트렌드에 부합하는 기술을 제공하기 위해 경쟁력 있는 솔루션을 개발하고 있으며, 고성능 AI 카메라, 무인매장 솔루션, 얼굴인식 리더, 원격 건물관리 솔루션, 블루스캔 등 다양한 보안 및 건물관리 솔루션을 출시하며 새로운 성장 가능성을 만들어가고 있습니다.

7) 신용평가에 관한 사항당사는 신용평가전문기관인 이크레더블, 나이스디앤비, 나이스평가정보,한국평가데이터로부터 신용등급 평가를 받고 있습니다.

- 이크레더블 신용등급체계 및 등급정의

- 나이스디앤비 신용등급체계 및 등급정의

- 나이스평가정보 신용등급체계 및 등급정의

- 한국평가데이터 신용등급체계 및 등급정의

8) 회사의 주권상장(또는 등록ㆍ지정)여부 및 특례상장에 관한 사항

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

3.77%

[2.37%, 6.03%] · 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 27.5% (2026-05-28). 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

0.05

Beta [-0.06, 0.16] · KOSPI200 · As of 2026-10-06

Intercept: +0.029%[-0.264%, +0.321%]
R squared: 0.00
Observations: 252
Trading-time corrected beta: 0.04[-0.18, 0.26]

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	17,996	18,302	19,423	20,183	21,515	22,233	23,125	24,680	26,208	28,047	28,894	28,795
Revenue growth%	—	1.70	6.12	3.92	6.60	3.34	4.01	6.72	6.19	7.02	3.02	—
Operating incomeKRW 100M	1,726	2,057	2,026	1,991	1,968	2,045	1,797	2,041	2,126	2,092	2,346	2,031
Operating income growth%	—	19.19	-1.51	-1.70	-1.16	3.88	-12.13	13.62	4.15	-1.58	12.10	—
Net incomeKRW 100M	1,554	1,405	1,433	1,030	1,466	1,421	1,290	1,510	1,895	1,767	1,786	1,527
Net income growth%	—	-9.58	1.98	-28.16	42.41	-3.10	-9.22	17.09	25.46	-6.74	1.04	—
Attributable to ownersKRW 100M	1,536	1,405	1,433	1,030	1,466	1,421	1,290	1,510	1,895	1,767	1,786	1,527
Attributable to minoritiesKRW 100M	18	0	-0	-0	-0	-0	-0	-0	0	-0	-0	-0
Operating margin%	9.59	11.24	10.43	9.87	9.15	9.20	7.77	8.27	8.11	7.46	8.12	7.05
Net margin%	8.64	7.68	7.38	5.10	6.82	6.39	5.58	6.12	7.23	6.30	6.18	5.30
ROE%	15.67	12.78	11.87	8.16	11.05	10.27	8.94	9.92	11.86	10.64	10.17	8.89
ROA%	11.15	9.62	9.06	6.12	8.17	7.45	6.54	7.28	8.69	7.61	7.34	6.40
Debt ratio%	42.24	32.77	30.94	33.31	35.20	37.75	36.74	36.29	36.40	39.87	38.47	38.80
Current ratio%	108.30	151.00	196.50	216.10	190.89	193.18	207.14	213.70	233.68	245.99	258.91	270.36
Quick ratio%	93.23	138.55	182.44	202.07	180.11	182.53	203.29	209.72	230.27	242.67	256.32	267.35
Reserve ratio%	5,862.26	6,491.37	7,060.34	7,347.08	7,687.07	7,984.10	8,271.23	8,703.69	9,094.77	9,417.54	9,921.97	9,711.93
Free cash flowKRW 100M	1,808	1,396	1,721	1,070	1,271	2,059	1,776	1,405	2,129	2,209	1,785	—
FCF margin%	10.05	7.63	8.86	5.30	5.91	9.26	7.68	5.69	8.12	7.88	6.18	—
OCF conversion%	204.52	194.37	205.27	230.14	190.83	243.80	258.39	183.70	194.40	213.11	206.42	—
Capex to revenue%	7.62	7.30	6.29	6.44	7.10	6.32	6.73	5.55	5.93	5.55	6.58	—
Receivable daysdays	—	30.6	28.0	24.5	22.6	23.0	21.7	22.2	24.0	24.6	24.8	—
Inventory daysdays	—	12.2	10.2	10.4	9.6	9.3	6.2	3.3	3.1	2.7	2.5	—
Payable daysdays	—	56.1	50.6	48.1	47.4	47.5	45.3	44.3	43.7	44.2	48.6	—
Cash conversion cycledays	—	-13.3	-12.3	-13.1	-15.2	-15.1	-17.3	-18.8	-16.5	-16.8	-21.4	—
EPSKRW	4,544	4,157	4,239	3,046	4,337	4,203	3,815	4,467	5,604	5,227	5,281	4,020
PERx	—	21.10	25.24	32.99	21.60	20.22	19.37	13.28	10.71	11.33	13.65	17.74
BPSKRW	—	28,947	31,786	33,219	34,937	36,426	37,971	40,079	42,050	43,703	46,220	45,233
PBRx	—	3.03	3.37	3.03	2.68	2.33	1.95	1.48	1.43	1.35	1.56	1.58
Dividend per shareKRW	1,200	1,250	2,500	2,500	2,500	2,500	2,500	2,500	2,700	2,700	3,200	—
Payout ratio%	26.41	30.07	58.98	82.07	57.64	59.48	65.53	55.97	48.18	51.65	60.59	—

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
	13,944	14,604	15,815	16,829	17,950	19,067	19,730	20,757	21,795	23,227	24,320
	3,555	4,349	5,753	6,615	7,332	7,977	8,644	9,504	10,965	12,217	13,277
Cash and cash equivalentsKRW 100M	1,256	1,441	1,711	1,474	2,006	2,132	2,189	2,389	2,419	2,131	2,179
Short-term financial instrumentsKRW 100M	—	—	2,084	2,528	2,268	2,998	3,718	3,853	4,833	6,177	7,008
InventoriesKRW 100M	495	358	412	429	414	440	161	177	160	165	133
Trade and other receivablesKRW 100M	1,568	1,504	1,480	1,230	1,438	1,367	1,381	1,616	1,837	1,948	1,974
	10,389	10,255	10,062	10,214	10,618	11,089	11,086	11,252	10,830	11,010	11,043
Property, plant and equipmentKRW 100M	4,699	4,749	4,624	4,592	4,702	4,696	4,783	4,747	4,731	4,803	4,876
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	—	—	—	—	—	—	—	—	—	0	0
	4,141	3,604	3,737	4,205	4,674	5,225	5,301	5,527	5,816	6,620	6,757
	3,283	2,880	2,928	3,061	3,841	4,129	4,173	4,447	4,692	4,967	5,128
Trade and other payablesKRW 100M	2,002	1,936	1,877	1,998	2,175	2,175	2,183	2,371	2,422	2,819	3,072
Current lease liabilitiesKRW 100M	—	—	—	—	118	184	187	205	215	183	185
	858	724	809	1,144	833	1,096	1,128	1,079	1,124	1,654	1,628
Non-current lease liabilitiesKRW 100M	—	—	—	—	—	—	—	—	173	383	367
	9,804	10,999	12,078	12,623	13,276	13,842	14,429	15,230	15,979	16,607	17,563
	9,801	10,999	12,078	12,623	13,276	13,842	14,429	15,230	15,979	16,607	17,563
Issued capitalKRW 100M	190	190	190	190	190	190	190	190	190	190	190
Capital surplusKRW 100M	1,929	1,929	1,929	1,929	1,929	1,929	1,929	1,929	1,929	1,929	1,929
Retained earningsKRW 100M	9,209	10,404	11,485	12,030	12,676	13,240	13,786	14,608	15,351	15,964	16,922
Other equityKRW 100M	-1,527	-1,524	-1,526	-1,526	-1,519	-1,518	-1,476	-1,497	-1,491	-1,476	-1,478
Non-controlling interestsKRW 100M	3	Not applicable	0	0	0	0	0	0	0	0	0

미수수익As filed	1	5	16	24	16	10	19	57	80	77	85
단기금융자산As filed	175	983	—	—	—	—	—	—	—	—	—
선급금As filed	19	10	10	15	78	45	89	37	27	82	53
선급비용As filed	41	48	40	584	591	633	681	790	870	886	895
계약자산As filed	—	—	—	327	500	309	184	407	533	549	778
대여금및수취채권As filed	498	488	514	524	483	498	221	176	207	204	166
부가세대급금As filed	—	—	—	2	18	44	1	1	—	0	6
장기금융자산As filed	0	0	0	0	0	0	0	0	0	35	0
기타유동자산As filed	0	—	—	0	3	—	—	—	—	—	—
매도가능금융자산As filed	71	59	63	—	—	—	—	—	—	—	—
장기계약자산As filed	—	—	—	22	32	36	34	35	50	63	62
기타포괄손익-공정가치금융자산As filed	—	—	—	94	103	213	164	145	—	—	—
무형자산As filed	4,979	4,786	4,589	4,433	4,399	4,326	4,199	4,057	3,971	3,874	3,792
장기선급비용As filed	—	—	—	478	541	567	627	718	787	794	800
기타비유동자산As filed	0	0	0	—	—	—	—	—	—	—	—
당기손익-공정가치금융자산As filed	—	—	—	42	26	65	152	151	—	—	—
순확정급여자산As filed	—	14	109	—	8	91	123	383	48	1	10
이연법인세자산As filed	142	158	163	29	30	24	28	13	23	43	57
공동기업투자주식As filed	—	—	—	—	—	25	25	25	24	—	—
투자부동산As filed	—	—	—	—	—	—	220	220	220	220	220
관계기업및공동기업투자주식As filed	—	—	—	—	26	—	—	—	—	—	—
사용권자산As filed	—	—	—	—	267	548	497	461	371	562	536
부가세예수금As filed	213	193	231	218	247	292	242	249	271	283	297
당기손익-공정가치 측정 금융자산As filed	—	—	—	—	—	—	—	—	165	184	277
미지급법인세As filed	448	251	247	203	240	213	177	275	140	307	342
선수금As filed	532	449	512	418	481	694	794	750	1,032	757	664
기타포괄손익-공정가치 측정 금융자산As filed	—	—	—	—	—	—	—	—	181	161	121
선수수익As filed	32	1	1	157	159	156	162	184	192	176	152
예수금As filed	55	51	59	67	71	74	94	92	100	121	120
장기성매입채무및기타채무As filed	—	—	—	88	55	71	86	66	61	86	61
순확정급여부채As filed	221	—	—	133	39	10	1	—	85	393	279
예수보증금As filed	464	474	435	425	60	49	49	52	43	27	32
보통주자본금As filed	190	190	190	190	190	190	190	190	190	190	190
부채와자본총계As filed	13,944	14,604	15,815	16,829	17,950	19,067	19,730	20,757	21,795	23,227	24,320
유동성 예수보증금As filed	—	—	—	—	350	341	334	320	—	—	—
충당부채As filed	—	38	58	58	25	14	36	37	30	24	24
기타비유동부채As filed	173	212	244	277	326	408	425	382	419	505	695
장기선수수익As filed	—	—	—	162	152	142	157	168	168	151	133
장기성 매입채무 및 기타채무As filed	—	—	72	—	—	—	—	—	—	—	—
장기리스부채As filed	—	—	—	—	151	373	313	264	—	—	—
유동성예수보증금As filed	—	—	—	—	—	—	—	—	319	322	295
이연법인세부채As filed	—	—	—	—	26	29	62	110	145	84	37

Income statement

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
	17,996	18,302	19,423	20,183	21,515	22,233	23,125	24,680	26,208	28,047	28,894
Cost of salesKRW 100M	12,634	12,808	13,760	14,712	16,078	16,721	17,570	18,769	20,039	21,649	22,105
Gross profitKRW 100M	5,362	5,493	5,663	5,471	5,437	5,512	5,555	5,910	6,169	6,399	6,789
SG&A expensesKRW 100M	3,636	3,437	3,637	3,480	3,469	3,468	3,759	3,869	4,043	Not applicable	Not applicable
	1,726	2,057	2,026	1,991	1,968	2,045	1,797	2,041	2,126	2,092	2,346
Finance incomeKRW 100M	7	19	35	63	63	42	50	125	212	264	229
Finance costsKRW 100M	25	1	1	2	9	14	12	19	21	17	28
Other incomeKRW 100M	188	110	143	142	98	77	105	98	137	197	214
Other expensesKRW 100M	333	323	288	208	196	276	233	238	292	322	364
	1,562	1,862	1,914	1,986	1,925	1,874	1,707	2,008	2,163	2,214	2,396
Income tax expenseKRW 100M	368	456	481	956	458	453	418	497	268	447	610
Profit from continuing operationsKRW 100M	1,194	1,405	1,433	—	—	—	—	—	—	—	—
Profit or loss from discontinued operationsKRW 100M	360	—	—	—	—	—	—	—	—	—	—
	1,554	1,405	1,433	1,030	1,466	1,421	1,290	1,510	1,895	1,767	1,786
Attributable to ownersKRW 100M	1,536	1,405	1,433	1,030	1,466	1,421	1,290	1,510	1,895	1,767	1,786
Attributable to minoritiesKRW 100M	18	0	-0	-0	-0	-0	-0	-0	0	-0	-0
Basic earnings per shareKRW	4,544	4,157	4,239	3,046	4,337	4,203	3,815	4,467	5,604	5,227	5,281
Diluted earnings per shareKRW	4,544	4,157	4,239	3,046	4,337	4,203	3,815	4,467	5,604	5,227	5,281
	1,473	1,606	1,501	863	1,498	1,411	1,433	1,646	1,594	1,541	1,869
Other comprehensive incomeKRW 100M	-81	201	68	-167	32	-10	143	136	-300	-227	84

당기순이익As filed	1,554	1,405	1,433	1,030	1,466	1,421	1,290	1,510	1,895	1,767	1,786
비지배지분As filed	18	0	-0	-0	-0	-0	-0	-0	0	-0	-0
당기손익으로 재분류되지 않는 항목As filed	-78	196	70	—	—	—	—	—	—	—	—
지배기업 소유주지분As filed	—	—	—	863	1,498	1,411	1,433	1,646	1,594	1,541	1,870
순확정급여부채의 재측정요소As filed	—	196	—	—	—	—	—	—	—	—	—
순확정급여부채(자산)의 재측정요소As filed	—	—	70	-167	25	-11	101	157	-306	-241	86
후속적으로 당기손익으로 재분류될 수 있는 항목As filed	-3	5	-2	—	—	—	—	—	—	—	—
매도가능금융자산평가손익As filed	-3	6	0	—	—	—	—	—	—	—	—
기타포괄손익-공정가치 금융자산 평가손익As filed	—	—	—	0	6	4	26	-15	—	—	—
확정급여부채의 재측정요소As filed	-78	—	—	—	—	—	—	—	—	—	—
해외사업환산손익As filed	0	-1	-3	-0	1	-2	16	-6	2	30	-6
지배기업 소유주 지분As filed	1,455	1,606	1,501	—	—	—	—	—	—	—	—
기타포괄손익-공정가치 측정 금융자산 평가손익As filed	—	—	—	—	—	—	—	—	5	-16	4
지배기업 소유주 귀속 당기총포괄손익As filed	1,455	1,606	1,501	—	—	—	—	—	—	—	—
계속영업 당기포괄손익As filed	1,113	1,606	1,501	—	—	—	—	—	—	—	—
계속영업이익As filed	1,194	1,405	1,433	—	—	—	—	—	—	—	—
계속영업기본주당순이익As filed	—	0	—	—	—	—	—	—	—	—	—
계속영업희석주당순이익As filed	—	0	—	—	—	—	—	—	—	—	—
중단영업 당기포괄손익As filed	343	—	—	—	—	—	—	—	—	—	—
판매비와관리비As filed	—	—	—	—	—	—	—	—	—	4,306	4,443
중단영업이익As filed	343	—	—	—	—	—	—	—	—	—	—
계속영업기본주당이익As filed	0	—	0	—	—	—	—	—	—	—	—
계속영업희석주당이익As filed	0	—	0	—	—	—	—	—	—	—	—
중단영업기본주당이익As filed	0	—	—	—	—	—	—	—	—	—	—
중단영업희석주당이익As filed	0	—	—	—	—	—	—	—	—	—	—

Cash flow statement

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Net incomefrom the income statement	1,554	1,405	1,433	1,030	1,466	1,421	1,290	1,510	1,895	1,767	1,786
Total adjustments to operating cash flowcomputed	1,625	1,326	1,509	1,340	1,332	2,043	2,043	1,264	1,789	1,999	1,900
	3,179	2,732	2,942	2,370	2,798	3,464	3,333	2,774	3,684	3,766	3,686
Interest receivedKRW 100M	16	14	23	54	70	45	33	76	185	257	218
Interest paidKRW 100M	29	Not applicable	Not applicable	Not applicable	7	11	9	10	14	10	19
Income taxes paidKRW 100M	417	735	511	982	411	463	415	427	288	286	660
	-324	-2,135	-2,247	-1,762	-1,236	-2,299	-2,234	-1,516	-2,602	-2,946	-2,531
Purchase of property, plant and equipmentKRW 100M	1,371	1,336	1,221	1,300	1,528	1,405	1,557	1,370	1,554	1,557	1,901
Proceeds from sale of property, plant and equipmentKRW 100M	1	2	101	69	1	1	2	1	2	4	251
Purchase of intangible assetsKRW 100M	18	2	3	4	5	5	4	10	24	29	40
	-2,297	-410	-423	-845	-1,032	-1,038	-1,054	-1,054	-1,058	-1,115	-1,107
Dividends paidKRW 100M	397	406	423	845	845	845	845	845	845	913	913
Cash at beginning of periodKRW 100M	698	1,256	1,441	1,711	1,474	2,006	2,132	2,189	2,389	2,419	2,131
	1,256	1,441	1,711	1,474	2,006	2,132	2,189	2,389	2,419	2,131	2,179
Effect of exchange rate changesKRW 100M	0	-1	-2	0	1	-2	12	-6	6	7	1
Net change in cash and cash equivalentsKRW 100M	558	185	270	-237	531	126	57	200	30	-288	49

영업에서 창출된 현금흐름As filed	3,608	3,452	3,430	3,295	3,141	3,888	3,713	3,124	3,783	3,784	4,032
당기순이익As filed	1,554	1,405	1,433	1,030	1,466	1,421	1,290	1,510	1,895	1,767	1,786
비지배지분의 감소As filed	—	—	—	—	—	—	—	—	-0	0	0
리스부채의 지급As filed	—	—	—	—	186	192	209	208	213	203	194
조정As filed	1,994	2,526	2,434	2,821	2,518	2,669	2,634	2,616	2,391	2,585	2,884
영업활동관련 자산,부채의 변동As filed	—	—	—	—	-843	-201	-211	-1,002	-503	—	—
영업활동관련 자산,부채의변동As filed	60	-480	-437	-556	—	—	—	—	—	—	—
당기손익-공정가치 측정 금융자산의 처분As filed	—	—	—	—	—	—	—	—	22	3	28
배당금의 수취As filed	—	—	—	2	5	5	11	11	18	21	115
공동기업투자주식의 처분As filed	—	—	—	—	—	—	—	—	—	36	0
기타포괄손익-공정가치측정금융자산의처분As filed	—	—	—	—	—	—	—	—	—	—	42
배당금 수익As filed	—	0	1	—	—	—	—	—	—	—	—
금융상품의 증감As filed	111	809	1,101	444	-261	731	—	—	—	—	—
단기금융상품의 처분As filed	—	—	—	—	—	—	4,135	4,138	4,390	7,719	10,043
배당금수익As filed	0	—	—	—	—	—	—	—	—	—	—
당기손익-공정가치 측정 금융자산의 취득As filed	—	—	—	—	—	—	—	—	40	38	123
단기금융상품의 취득As filed	—	—	—	—	—	—	4,855	4,284	5,373	9,080	10,844
기타포괄손익 - 공정가치금융자산의 취득As filed	—	—	—	—	-1	-105	—	—	—	—	—
기타포괄손익-공정가치 측정 금융자산의 취득As filed	—	—	—	—	—	—	—	—	30	0	0
기타포괄손익-공정가치금융자산의 취득As filed	—	—	—	-36	—	—	—	—	—	—	—
당기손익-공정가치금융자산의 취득As filed	—	—	—	-37	-11	-40	—	—	—	—	—
보증금의 증가As filed	—	—	—	—	—	—	13	94	89	164	94
매도가능금융자산의 취득As filed	—	—	3	—	—	—	—	—	—	—	—
보증금의 감소As filed	—	—	—	—	—	—	57	77	95	159	107
당기손익 - 공정가치금융자산의 처분As filed	—	—	—	—	—	—	0	—	—	—	—
무형자산의 처분As filed	0	—	5	—	7	1	—	26	—	0	—
대여금및수취채권의 증감As filed	242	10	26	10	-41	15	—	—	—	—	—
종속기업지분증권의 처분As filed	932	—	—	—	—	—	1	—	—	—	—
종속기업지분증권의 취득(비지배지분의 증가)As filed	—	—	-0	-0	—	—	—	—	—	—	—
영업활동으로 인한 자산 부채의 변동As filed	—	—	—	—	—	—	—	—	—	-568	-638
종속기업지분증권의 취득As filed	—	5	—	—	0	—	—	—	—	—	—
단기차입금의 증감As filed	-1,900	—	—	—	—	—	—	—	—	—	—

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 49	삼일회계법인	2025-12-31
2024	적정의견Term 48	삼일회계법인	2025-12-31
2023	적정의견Term 47	삼일회계법인	2025-12-31
2022	적정Term 46	한영회계법인	2022-12-31
2021	적정Term 45	한영회계법인	2022-12-31
2020	적정Term 44	한영회계법인	2022-12-31
2019	적정Term 43	한영회계법인	2019-12-31
2018	적정Term 42	한영회계법인	2019-12-31
2017	적정Term 41	한영회계법인	2019-12-31
2016	적정Term 40	한영회계법인	2016-12-31
2015	적정Term 39	삼일회계법인	2016-12-31
2014	적정Term 38	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 · 2026-10-074.38%

BetaDaily 5Y0.16

Equity risk premium%

Terminal growth%

Cost of equity5.19%

Weighted average cost of capital—

Initial growth4.0%

Effective tax rate25.5%

Base fiscal year2025

Current priceKRW84,700

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	102,311	+20.8%
Dividend discount model DDM	107,274	+26.7%
Discounted cash flow FCFF	No borrowing line filed
Discounted cash flow FCFE	157,483	+85.9%
Residual income model RIM	123,732	+46.1%

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% + 0.16 × 5.00% = 5.19%

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(10.17% × (1 − 60.59%), 0) = 4.01%

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

Gordon growth model

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

P_0 = 3,200 × (1 + 2.00%) / (5.19% − 2.00%) = 3,264 / 0.0319 = 102,311 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 = 3,200, g_1 = 4.01%, g_T = 2.00%, r = 5.19%

Year	Growth	Dividend KRW	Discount factor	Present value KRW
1	4.01%	3,328	0.9507	3,164
2	3.50%	3,445	0.9038	3,113
3	3.00%	3,548	0.8592	3,049
4	2.50%	3,637	0.8168	2,971
5	2.00%	3,710	0.7765	2,881
Terminal value	2.00%	118,611	0.7765	92,097
Total				107,274

P_0 = 107,274 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 = 46,220 KRW, ROE = 10.17%, payout ratio = 60.59%, r = 5.19%, g_T = 2.00%

Year	Opening book value	Earnings	Equity charge	Residual income	Discount factor	Present value
1	46,220	4,699	2,399	2,300	0.9507	2,187
2	48,072	4,887	2,495	2,392	0.9038	2,162
3	49,998	5,083	2,595	2,488	0.8592	2,138
4	52,001	5,287	2,699	2,588	0.8168	2,114
5	54,084	5,499	2,807	2,692	0.7765	2,090
Terminal value				86,058	0.7765	66,821

P_0 = 46,220 + 10,691 + 66,821 = 123,732 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 = 3,686.0 − 1,900.9 + 0.0 (net borrowing) = 1,785.1 KRW hundred million

Year	Growth	Cash flow KRW hundred million	Discount factor	Present value KRW hundred million
1	4.01%	1,856.6	0.9507	1,765.0
2	3.50%	1,921.7	0.9038	1,736.7
3	3.00%	1,979.4	0.8592	1,700.6
4	2.50%	2,028.9	0.8168	1,657.2
5	2.00%	2,069.5	0.7765	1,606.9
Terminal value	2.00%	66,166.3	0.7765	51,375.8
Total				59,842.3

P_0 = 59,842.3 KRW hundred million ÷ 37,999,178 (shares) = 157,483 KRW

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

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

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