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KREDKRED
021240KOSPI

Coway

101,400
-800 (-0.78%)

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

Coway Co., Ltd. is an environmental home appliance company established on May 22, 1989. The company is listed on the KOSPI market and maintains a corporate structure that includes several subsidiaries.

The company produces and distributes water purifiers, air purifiers, and bidets, as well as mattresses and massage chairs. It operates through rental and direct purchase channels in Korea and various overseas markets including Malaysia, the United States, and China.

Business overview as filed

당사는 1989년 창립 이래 정수기, 공기청정기, 비데 등 환경가전 제품을 생산, 판매하는 환경가전 전문기업으로 환경가전 제품의 대중화 트렌드를 주도하여 왔습니다. 업계 최대의 생산시설과 R&D센터를 보유하고 있으며, 우수한 제품개발 역량을 통해 소비자의 건강하고 쾌적한 생활에 부합하는 제품을 지속적으로 개발, 생산하고 있습니다. 당사는 지속적으로 국내 최고의 위치를 점하고 있으며, 2025년 12월말 현재 국내 기준 약 765만의 렌탈 및 멤버쉽 계정을 확보하고 있습니다.당사의 사업부문은 환경가전과 기타 사업부문으로 나뉘어지며, 매출액의 90% 이상이 환경가전 사업에서 발생하고 있습니다. 당사의 매출 유형은 렌탈, 일시불, 기타로 분류할 수 있습니다. 2025년 12월말 연결 기준 매출액은 4조 9,636억원이며 그 중 렌탈 매출은 4조 5,138억원으로 전체의 90.9% 차지하고 있습니다. 또한 일시불 매출은 3,217억원으로 6.5%, 기타 매출은 1,281억원으로 2.6% 에 해당합니다. 당사는 환경기술연구소와 협력업체 등의 끊임없는 기술개발 노력으로 부품의 국산화에 성공하여 대부분 국내에서 조달하고 있으며, 필터 자동생산라인도 갖추고 있습니다. 주요 매입 원재료로는 PBA 아세이, 컴프레샤 등이 있습니다. 또한, 당사의 제품은 유구공장, 인천공장, 포천공장 등에서 생산되고 있습니다.당사는 국내를 거점으로 말레이시아, 미국, 중국, 태국, 인도네시아, 베트남, 유럽, 싱가포르, 인도의 해외종속회사에서 동종 사업을 영위하고 있습니다. 또한, 수처리기기 등 산업설비 제조업, 공업용수공급 건설 및 운용업(코웨이엔텍), 가구류제조업(비렉스테크), 화장품 사업(힐러비), 상품중개업(코웨이라이프솔루션), 판매대행업(코웨이갤러리)을 영위하는 종속기업이 있습니다.당사는 2006년 윤리경영과 환경경영 선포를 기반으로 지속가능경영 체계를 갖추었으며, 이후 지속적으로 지속가능경영 활동을 실천해왔습니다. 당사는 앞으로도 내/외부 현안을 고려하여 구체적인 중장기 ESG 목표를 설정하고 성과를 관리해 나가며, 사업 전략 전반에 ESG를 반영하기 위한 노력을 지속할 것입니다. 국내외 ESG 경영 확산에 기여하며 기업과 사회의 지속가능한 성장을 도모하는 투명한 ESG 경영을 지속적으로 추진해 나가고자 합니다.사업의 내용에 대한 상세한 사항은 '2. 주요 제품 및 서비스 ~ 7. 기타 참고사항'의 내용을 참고하여 주시기 바랍니다.

Company overview

가. 연결대상 종속회사 개황

(1) 연결대상 종속회사 현황(요약)

(2) 연결대상회사의 변동내용

주) NECOA, Inc., NECOA TECH, Inc.는 당사의 종속기업인 NECOA HOLDINGS, Inc.가 지분을 소유하고 있습니다.

나. 회사의 법적ㆍ상업적 명칭

당사는 코웨이 주식회사라고 표기하며, 영문으로는 COWAY Co., Ltd. 라고 표기합니다.

다. 근거법률 및 설립일자

당사는 먹는물관리법 및 방문판매법에 근거하여 정수기, 가정용 기기 제조·판매사업 등을 영위할 목적으로 1989년 5월 22일에 설립되었습니다. 또한 2001년 8월 7일자로 유가증권시장에 상장되어 매매가 개시되었습니다.

라. 본사의 주소, 전화번호, 홈페이지 주소

- 주소[본점] 충남 공주시 유구읍 유구마곡사로 136-23[서울 사무소] 서울특별시 구로구 디지털로 26길 38, G타워 13, 15~20층- 대표번호 : 02-1588-5200- 홈페이지 : https://company.coway.com/

마. 중소기업 등 해당 여부

바. 주요 사업의 내용

당사는 정수기, 공기청정기, 비데 등 환경가전 제품을 생산, 판매하는 환경가전 전문기업입니다. 1998년 업계 최초로 렌탈 비즈니스 개념을 도입하고, 서비스전문가인 코디를 통해 차별화된 서비스를 제공함으로써 지속적으로 국내 최고의 위치를 점하고 있습니다. 당사는 기존의 제품에 더해 매트리스, 안마의자, 의류청정기, 전기레인지 등 렌탈 제품 Line-up을 지속적으로 확장시키고 있으며, 국내에서의 환경가전사업 성공을 해외로 확대하기 위해 해외사업에 박차를 가하고 있습니다.

사. 신용평가에 관한 사항

(1) 신용평가 내역

(2) 등급의 정의1) 회사채

주) 상기 AA ~ B 까지는 당해 등급내에서의 상대적 위치에 따라 + 또는 - 부호를 부여할 수 있음2) 기업어음 주) 상기 등급 중 A2부터 B등급까지는 +, - 부호를 부가하여 동일등급 내에서의 우열을 나타내고 있음

아. 회사의 주권상장(또는 등록ㆍ지정) 및 특례상장에 관한 사항

Transcribed verbatim from the sentences the filer wrote in the fiscal 2025 business report (received 2026.03.23), 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

4.05%
[2.78%, 5.94%] · 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 32.3% (2026-03-23). 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

0.12
Beta [0.02, 0.23] · KOSPI200 · As of 2026-10-08
Intercept
-0.039%[-0.314%, +0.235%]
R squared
0.03
Observations
252
Trading-time corrected beta
0.10[-0.07, 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.

Financials

20152016201720182019202020212022202320242025TTM
RevenueKRW 100M23,15223,76325,16827,07330,18932,37436,64338,56139,66543,10149,63653,017
Revenue growth%—2.645.917.5711.517.2413.185.242.868.6615.16—
Operating incomeKRW 100M4,6333,3884,7275,1984,5836,0646,4026,7747,3137,9548,7879,288
Operating income growth%—-26.8839.549.96-11.8432.335.575.807.958.7710.47—
Net incomeKRW 100M3,4312,4333,2563,4983,3224,0474,6554,5784,7105,6556,1756,835
Net income growth%—-29.0933.827.43-5.0321.8215.02-1.652.8920.059.21—
Attributable to ownersKRW 100M3,4312,4363,2613,5023,3294,0494,6574,5824,7135,6566,1776,835
Attributable to minoritiesKRW 100M-0-3-5-4-7-2-2-4—-1-2-1
Operating margin%20.0114.2618.7819.2015.1818.7317.4717.5718.4418.4517.7017.52
Net margin%14.8210.2412.9412.9211.0012.5012.7011.8711.8713.1212.4412.89
ROE%27.7320.6033.2032.1930.8827.1524.4319.8017.8517.6817.0917.89
ROA%19.3312.3715.0814.7011.6413.3612.2510.499.719.818.828.79
Debt ratio%43.3866.28119.79118.71165.04103.2999.5788.8083.9180.2793.71103.56
Current ratio%138.1699.6970.3768.3648.3363.2885.56121.61105.4794.3095.7498.31
Quick ratio%123.3990.1563.7160.0241.2253.8267.3999.1792.3681.5282.9383.95
Reserve ratio%——2,608.802,618.122,586.543,597.744,562.205,556.136,396.477,530.278,559.238,707.72
Free cash flowKRW 100M1,8362932,1681,3891,4862,376557-1,0521,931929-1,884—
FCF margin%7.931.238.615.134.927.341.52-2.734.872.16-3.80—
OCF conversion%149.46146.95170.02154.12162.33139.0771.1735.9295.3258.425.76—
Capex to revenue%14.2213.8113.3814.7812.9410.057.526.996.455.514.51—
Receivable daysdays—42.1——————————
Inventory daysdays—31.533.236.939.043.252.865.159.152.455.2—
Payable daysdays—26.6——21.822.122.421.9————
Cash conversion cycledays—47.0——————————
EPSKRW4,6213,2804,4844,8544,6115,5846,4186,3146,4957,8418,6309,659
PERx—26.9221.7915.2720.1913.0211.598.858.818.5310.079.35
BPSKRW—15,48613,12814,74414,61120,20725,82531,35335,77143,33950,25453,997
PBRx—5.707.445.036.373.602.881.781.601.541.731.67
Dividend per shareKRW2,8003,2002,4003,6002,4001,2001,2501,3001,3502,630——
Payout ratio%60.5997.5653.5274.1752.0521.4919.4820.5920.7933.54——

Consolidated basis

Profit flowKRW 100M

Revenue
49,636
Gross profit
31,834
Cost of sales
17,802
SG&A expenses
23,048
Operating income
8,787
Profit before tax
8,117
Non-operating expenses
670
Net income
6,175
Income tax expense
1,942

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
17,75419,67721,58923,78928,55030,29038,00643,65148,51057,61670,001
5,3727,84411,76612,91217,77815,39018,96220,53122,13225,65433,864
12,38211,8339,82310,87710,77214,90019,04423,12026,37831,96136,137

Income statement

20152016201720182019202020212022202320242025
23,15223,76325,16827,07330,18932,37436,64338,56139,66543,10149,636
4,6333,3884,7275,1984,5836,0646,4026,7747,3137,9548,787
4,5453,2384,3994,6864,5145,4046,5866,8336,6067,8408,117
3,4312,4333,2563,4983,3224,0474,6554,5784,7105,6556,175
Basic earnings per shareKRW4,6213,2804,4844,8544,6115,5846,4186,3146,4957,8418,630
Diluted earnings per shareKRW4,5973,2614,3984,8414,6035,5836,4186,3146,4957,8418,630
3,3432,4253,3253,4393,2993,9555,0134,9784,2016,9327,177

Cash flow statement

20152016201720182019202020212022202320242025
Net incomefrom the income statement3,4312,4333,2563,4983,3224,0474,6554,5784,7105,6556,175
Total adjustments to operating cash flowcomputed1,6971,1422,2801,8932,0711,581-1,342-2,933-221-2,351-5,820
5,1283,5755,5365,3915,3935,6283,3131,6454,4893,303355
-3,295-3,675-2,897-3,935-3,831-3,231-3,678-2,821-2,723-2,430-2,380
-2,134-400-2,183-1,868-1,649-1,816-851,607-323-2,2602,523
Cash at beginning of periodKRW 100M1,4741,1636631,1036946051,1587311,1592,6031,290
1,1636631,1036946051,1587311,1592,6031,2901,822
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 2026.03.23.

Audit opinion

Fiscal yearOpinionAuditorFiscal year end
2025적정의견Term 37안진회계법인2025-12-31
2024적정의견Term 36안진회계법인2025-12-31
2023적정의견Term 35한영회계법인2025-12-31
2022적정Term 34한영회계법인2022-12-31
2021적정Term 33한영회계법인2022-12-31
2020적정Term 32안진회계법인2022-12-31
2019적정Term 31한영회계법인2019-12-31
2018적정Term 30한영회계법인2019-12-31
2017적정Term 29한영회계법인2019-12-31
2016적정Term 28한영회계법인2016-12-31
적정Term 27한영회계법인2016-12-31
적정Term 26한영회계법인2016-12-31

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 5Y0.26
%
%
Cost of equity5.71%
Weighted average cost of capital—
Initial growth17.1%
Effective tax rate23.9%
Base fiscal year2025
Current priceKRW101,400

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 modelNo dividend
Dividend discount model DDMNo dividend
Discounted cash flow FCFFBase-year cash flow not positive
Discounted cash flow FCFE333,143+228.5%
Residual income model RIM308,027+203.8%
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% + 0.26 × 5.00% = 5.71%

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(17.09% × (1 − 0.00%), 0) = 17.09%

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

Residual income model RIM

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 = 50,254 KRW, ROE = 17.09%, payout ratio = 0.00%, r = 5.71%, g_T = 2.00%

YearOpening book valueEarningsEquity chargeResidual incomeDiscount factorPresent value
150,2548,5902,8685,7220.94605,413
258,84410,0593,3596,7000.89495,996
368,90311,7783,9337,8450.84666,642
480,68113,7924,6059,1870.80097,357
594,47316,1495,39210,7570.75778,150
Terminal value295,9340.7577224,214

P_0 = 50,254 + 33,559 + 224,214 = 308,027 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 = 355.4 − 2,239.3 + 8,084.6 (net borrowing) = 6,200.8 KRW hundred million

YearGrowthCash flow KRW hundred millionDiscount factorPresent value KRW hundred million
117.09%7,260.70.94606,868.7
213.32%8,227.90.89497,363.4
39.55%9,013.40.84667,630.8
45.77%9,533.80.80097,635.6
52.00%9,724.50.75777,367.7
Terminal value2.00%267,529.70.7577202,693.9
Total239,560.1

P_0 = 239,560.1 KRW hundred million ÷ 71,909,133 (shares) = 333,143 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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