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KREDKRED
017670KOSPI

SK Telecom

84,100
-3,300 (-3.78%)

Price chart

  • MA5
  • MA20
  • MA60

Adjusted prices rescale past bars with coefficients taken from the base prices the exchange itself published, correcting for corporate actions such as stock splits and reverse splits. Cash dividends are not reflected, and the risk measures on this page never use these adjusted figures.

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

SK Telecom was established on March 29, 1984, and is headquartered in Seoul. The company is listed on the KOSPI market and operates as a corporate entity with 19 consolidated subsidiaries, including SK Broadband and PS&Marketing.

The company operates in wireless communications, wired communications, and other business segments. Its services include mobile telephony, wireless data, high-speed internet, and data center services. It also provides media services via IPTV and CATV, and interactive data broadcasting for product distribution.

Business overview as filed

연결실체의 각 부문은 독립된 서비스 및 상품을 제공하는 법률적 실체에 의해 구분되어 있으며 ① 이동전화, 무선데이터, 정보통신사업 등의 무선통신사업, ② 전화, 초고속인터넷, 데이터 및 통신망 임대서비스 등을 포함한 유선통신사업, ③ 상품판매형 데이터방송채널사용사업 등의 기타사업부문으로 구별되어 있습니다.

[요약] 연결 대상 주요 종속회사 사업의 내용

가. 무선통신사업무선통신 사업자들은 단말, 요금제, 네트워크, 콘텐츠 등의 본원적 경쟁력을 기반으로 무선통신 서비스를 제공하고 있습니다. 당사는 5G 시장에서 앞선 통신 기술력과 네트워크 운용 기술을 바탕으로 경쟁사가 결코 뛰어넘을 수 없는 프리미엄 네트워크 사업자로서의 명성을 이어가고 있습니다. 2019년 세계 최초 5G 상용화를 통해 5G 시대에도 변함없는 1위 사업자의 위상을 이어가고 있으며, 고객에게 차별화된 서비스를 제공하기 위해 노력하고 있습니다.당사는 유통채널 강화를 위해 주요 종속회사 피에스앤마케팅을 통해 다양한 컨버전스상품에 대한 고객의 니즈를 충족시킬 수 있는 유무선 통신상품 판매 플랫폼을 구축하고, 신규 판매채널 발굴과 상품개발을 지속하면서 차별화된 가치를 제공하고 있습니다. 또한, 네트워크 운용을 담당하는 SK오앤에스를 통해 고객에게 최고의 이동통신 품질을 제공함과 동시에 네트워크 운용기술 관련 노하우를 내재화하고 있습니다.무선통신사업은 5G 가입자 기반의 안정적 매출에 더불어, 네트워크 투자/운용 효율화 및 시장경쟁 안정화로 견고한 수익성을 유지하고 있습니다. 당사의 5G 가입자 수는 2025년 12월 말 기준 1,749만 명을 기록하였고, 5G 고객 비중은 80%입니다. 당사는 안정적인 시장 운영을 통해 수익성을 개선하면서도, 고객 선택권과 혜택을 더욱 늘려가는 노력을 통해 무선매출과 ARPU 성장 둔화 수준을 최소화해 나갈 것입니다. 5G 성숙기 시장에서도 상품과 채널 재정비, 고객생애가치 중심의 오퍼레이션 최적화 등을 실행하는 본원적 경쟁력을 통해 무선통신 사업의 견조한 이익을 달성해 나갈 예정입니다.

나. 유선통신사업

SK브로드밴드㈜는 2025년 연결기준 매출액 4조 5,332억원을 달성하였습니다. 이는 전년 4조 4,089억원 대비 2.8% 증가하였으며 가입자 증가에 따른 초고속 인터넷 사업 성장과 신규 데이터센터(DC) 중심의 B2B 사업 성장에 기인합니다.당사의 사업은 IPTV와 CATV 서비스를 제공하는 미디어 사업 부문과 초고속인터넷, 전화, 전용회선, 데이터센터(DC) 서비스 등을 제공하는 유선통신 사업 부문으로 구분됩니다.미디어 사업 부문의 2025년 매출액은 전년 대비 0.8% 감소한 1조 9,053억원을 달성하였으며, 유선통신 사업 부문은 전년 대비 5.6% 증가한 2조 6,279억원을 달성하였습니다.

다. 기타 사업

에스케이스토아주식회사의 상품판매형 데이터방송채널사용사업은 TV홈쇼핑과 데이터홈쇼핑이 합쳐진 양방향 서비스로서, 이전에 TV홈쇼핑에서 방송 중인 것만 구입 가능했던 것과 다르게 TV화면에 다양한 상품 카테고리를 구성하고 TV 리모콘, 모바일 등을 이용하여 원하는 상품을 선택, 구매하는 양방향형 서비스 입니다.

Company overview

가. 연결대상 종속회사 개황

(1) 연결대상 종속회사 현황(요약)

(2) 연결대상 종속회사의 변동내용

나. 회사의 법적 및 상업적 명칭 : 에스케이텔레콤 주식회사

다. 설립일자 : 1984년 3월 29일

라. 본사의 주소 등

(1) 주소 : 서울특별시 중구 을지로 65

(2) 전화번호 : 02-6100-2114

(3) 홈페이지 주소 : http://www.sktelecom.com

마. 회사사업 영위의 근거가 되는 법률

전기통신사업법, 방송법, 인터넷멀티미디어방송사업법, 정보통신망이용촉진및정보보호등에관한법률, 국가정보화기본법, 전기통신기본법, 정보통신공사업법 등에 근거함

바. 중소기업 등 해당 여부

사. 주요 사업의 내용

당사의 사업은 ① 이동전화, 무선데이터, 정보통신사업 등의 무선통신사업 ② 전화, 초고속인터넷, 데이터 및 통신망 임대서비스 등을 포함한 유선통신사업 ③ 상품판매형 데이터방송채널사용사업 등의 기타사업부문으로 구별되어 있습니다.각 사업별 주요회사와 품목은 다음과 같습니다.

연결대상종속회사는 SK브로드밴드㈜, 피에스앤마케팅㈜ 등을 포함한 19개입니다.각 사업별 상세한 내용은 동 공시서류의 'Ⅱ. 사업의 내용'을 참고해 주시기 바랍니다.

아. 신용평가에 관한 사항

(1) 회사채 및 기타 장기증권

AA 부터 B 등급까지는 등급내의 상대적인 우열에 따라 +, -기호가 첨부됨

(2) 기업어음 및 전자단기사채

A2부터 B 등급까지는 등급내의 상대적인 우열에 따라 +, - 기호가 첨부됨

(3) 해외신용평가

자.

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

3.31%
[1.54%, 7.32%] · 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 37.5% (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

0.42
Beta [0.29, 0.55] · KOSPI200 · As of 2026-10-08
Intercept
+0.063%[-0.274%, +0.399%]
R squared
0.20
Observations
252
Trading-time corrected beta
0.65[0.39, 0.91]
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 100M171,367170,918175,200168,740177,437186,247167,486173,050176,085179,406170,992170,581
Revenue growth%—-0.262.51-3.695.154.96-10.073.321.751.89-4.69—
Operating incomeKRW 100M——15,36612,01811,10013,49313,87216,12117,53218,23410,73212,712
Operating income growth%———-21.79-7.6421.562.8016.218.754.00-41.14—
Net incomeKRW 100M——26,57631,3208,61915,00524,1909,47811,45913,8713,7517,127
Net income growth%———17.85-72.4874.0961.21-60.8220.9021.04-72.96—
Attributable to ownersKRW 100M——25,99831,2798,89915,04424,0759,12410,93612,5024,0847,474
Attributable to minoritiesKRW 100M——57841-280-381153545231,369-333-347
Operating margin%——8.777.126.267.248.289.329.9610.166.287.45
Net margin%——15.1718.564.868.0614.445.486.517.732.194.18
ROE%——14.5713.923.886.3420.798.069.6010.693.184.84
ROA%——7.957.391.933.137.833.033.804.551.252.20
Debt ratio%85.9194.2085.4189.5895.4696.37150.60157.57146.31158.00132.40109.29
Current ratio%98.1793.0687.24116.23104.04107.3091.2789.7294.1681.05103.02124.71
Quick ratio%92.9689.0283.41112.02101.95105.2188.3387.6591.5978.78100.46122.16
Reserve ratio%—————————36,143.3535,440.6837,257.39
Free cash flowKRW 100M————————19,73325,99917,173—
FCF margin%————————11.2114.4910.04—
OCF conversion%——145.09138.33462.45387.99207.99544.33431.72366.761,046.12—
Capex to revenue%————————16.8913.8612.90—
Receivable daysdays—49.0——————————
EPSKRW——36,58244,06612,14420,46311,0024,1694,9545,7801,8253,480
PERx——7.306.1219.6011.635.2611.3710.119.5529.3225.41
BPSKRW—197,799220,967278,291284,310294,05852,91451,72152,04454,46559,88771,868
PBRx—1.131.210.970.840.811.090.920.961.010.891.23
Dividend per shareKRW—10,00010,00010,00010,00010,0006,6603,3203,5402,4902,710—
Payout ratio%——27.3422.6982.3548.8760.5479.6371.4643.08148.49—

Consolidated basis

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.

Free cash flow breakdownKRW 100M

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
285,814312,977334,287423,691446,116*479,070309,113313,083301,192305,153301,078
132,073151,812153,995200,199217,881*235,107185,761191,531178,908186,876171,525
153,741161,164180,292223,493228,235*243,962123,351121,552122,284118,276129,553

Income statement

20152016201720182019202020212022202320242025
171,367170,918175,200168,740177,437*186,247*167,486173,050176,085179,406170,992
Not applicableNot applicable15,36612,01811,100*13,493*13,87216,12117,53218,23410,732
Not applicableNot applicable34,03239,76011,627*18,770*17,18212,36214,88217,6187,223
Not applicableNot applicable26,57631,3208,619*15,00524,1909,47811,45913,8713,751
Basic earnings per shareKRWNot applicableNot applicable36,58244,06612,144*20,463Not applicableNot applicable4,9545,7801,825
Diluted earnings per shareKRWNot applicableNot applicable36,58244,06612,144*20,459*7,1874,1164,9505,7651,825
15,17714,12826,56629,9048,630*19,62437,8126,41611,22015,47919,049

Cash flow statement

20152016201720182019202020212022202320242025
Net incomefrom the income statement——26,57631,3208,61915,00524,1909,47811,45913,8713,751
Total adjustments to operating cash flowcomputed——11,98212,00631,24143,21326,12342,11538,01337,00235,488
37,78142,43238,55843,32639,861*58,21950,31351,59349,47250,87339,238
-28,805-24,622-30,706-40,477-35,825*-42,504-34,862-28,078-33,529-27,118-17,371
-9,646-10,448-8,266-2,383-6,368*-14,576-20,536-13,499-20,210-18,099-27,118
Cash at beginning of periodKRW 100M8,3447,68915,05214,57715,06712,70813,6978,727Not applicable14,55020,237
7,68915,05214,57715,06712,70813,6978,72718,82314,55020,23714,900
Net change in cash and cash equivalentsKRW 100M-6707,361-414465-2,333*1,139-5,08510,016Not applicableNot applicableNot applicable

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 2026.03.18.

Audit opinion

Fiscal yearOpinionAuditorFiscal year end
2025적정의견Term 42삼정회계법인2025-12-31
적정의견Term 41한영회계법인2025-12-31
적정의견Term 40한영회계법인2025-12-31
2022적정Term 39한영회계법인2022-12-31
적정Term 38삼정회계법인2022-12-31
적정Term 37삼정회계법인2022-12-31
2019적정Term 36삼정회계법인2019-12-31
2018적정Term 35삼정회계법인2019-12-31
2017적정Term 34삼정회계법인2019-12-31
2016적정Term 33삼정회계법인2016-12-31
2015적정Term 32삼정회계법인2016-12-31
2014적정Term 31삼정회계법인2016-12-31

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 5Y0.37
%
%
Cost of equity6.26%
Weighted average cost of capital5.14%
Initial growth0.0%
Effective tax rate35.0%
Base fiscal year2025
Current priceKRW84,100

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 model64,875-22.9%
Dividend discount model DDM61,870-26.4%
Discounted cash flow FCFF247,969+194.8%
Discounted cash flow FCFE152,786+81.7%
Residual income model RIM19,504-76.8%
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% + 0.37 × 5.00% = 6.26%

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(3.18% × (1 − 100.00%), 0) = 0.00%

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 = 2,710 × (1 + 2.00%) / (6.26% − 2.00%) = 2,764 / 0.0426 = 64,875 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 = 2,710, g_1 = 0.00%, g_T = 2.00%, r = 6.26%

YearGrowthDividend KRWDiscount factorPresent value KRW
10.00%2,7100.94112,550
20.50%2,7240.88562,412
31.00%2,7510.83352,293
41.50%2,7920.78432,190
52.00%2,8480.73812,102
Terminal value2.00%68,1760.738150,323
Total61,870

P_0 = 61,870 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 = 59,887 KRW, ROE = 3.18%, payout ratio = 100.00%, r = 6.26%, g_T = 2.00%

YearOpening book valueEarningsEquity chargeResidual incomeDiscount factorPresent value
159,8871,9013,749-1,8480.9411-1,739
259,8871,9013,749-1,8480.8856-1,637
359,8871,9013,749-1,8480.8335-1,540
459,8871,9013,749-1,8480.7843-1,449
559,8871,9013,749-1,8480.7381-1,364
Terminal value-44,2390.7381-32,654

P_0 = 59,887 + -7,729 + -32,654 = 19,504 KRW

Discounted cash flow FCFF

FCFF0=CFO−CapEx+Int (1−τ),WACC=ED+E r+DD+E kd (1−τ)\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 = 39,238.5 − 22,065.7 + 3,715.0 × (1 − 35.00%) = 19,587.6 KRW hundred million

Weighted average cost of capital

E = 180,638.4, D = 88,470.3 KRW hundred million; equity weight = 67.12%, debt weight = 32.88%; cost of debt k_d = 4.40%

WACC = 67.12% × 6.26% + 32.88% × 4.40% × (1 − 35.00%) = 5.14%

Vfirm=∑t=1NFCFFt(1+WACC)t+FCFFN(1+gT)(WACC−gT) (1+WACC)N,FCFFt=FCFFt−1(1+gt),P0=Vfirm−D+CashSharesV_{\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}}
YearGrowthCash flow KRW hundred millionDiscount factorPresent value KRW hundred million
10.00%19,587.60.951118,629.7
20.50%19,685.50.904617,807.2
31.00%19,882.40.860317,105.8
41.50%20,180.60.818316,513.3
52.00%20,584.20.778316,019.9
Terminal value2.00%668,294.10.7783520,106.6
Total606,182.4

Firm value = 606,182.4; less borrowings 88,470.3; plus cash 14,900.2 → 532,612.4 KRW hundred million

P_0 = 532,612.4 KRW hundred million ÷ 214,790,053 (shares) = 247,969 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 = 39,238.5 − 22,065.7 + -2,798.5 (net borrowing) = 14,374.3 KRW hundred million

YearGrowthCash flow KRW hundred millionDiscount factorPresent value KRW hundred million
10.00%14,374.30.941113,527.4
20.50%14,446.20.885612,794.0
31.00%14,590.60.833512,160.6
41.50%14,809.50.784311,615.8
52.00%15,105.70.738111,150.0
Terminal value2.00%361,616.50.7381266,921.0
Total328,168.7

P_0 = 328,168.7 KRW hundred million ÷ 214,790,053 (shares) = 152,786 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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