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KREDKRED
029780KOSPI

Samsung Card

41,200
-550 (-1.32%)

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

Samsung Card is a specialized credit finance company established in 1983. It is listed on the KOSPI market and is part of a group with Samsung Life Insurance as the ultimate parent company.

The company operates in card services, installment and lease services, and other segments. It provides credit for purchases, short and long term loans, installment financing, and vehicle leasing. Other services include insurance agency sales and online shopping.

Business overview as filed

삼성카드는 1983년 3월 24일에 설립되어 1988년 5월 24일자로 재무부로부터 신용카드업의 인가를 받았으며, 당기말 현재 약 1,352만명의 신용카드회원, 약 306만개의 가맹점 및 12개의 영업ㆍ채권사업단을 기반으로 카드사업 부문과 할부리스사업 부문 및 기타 부문의 사업을 영위하고 있습니다.

각 사업 부문별 주요 취급업무는 다음과 같습니다.

카드사업 부문은 개인ㆍ법인 등 신용카드회원이 가맹점으로부터 물품 및 용역을 구매할 수 있도록 신용을 제공하고, 신용카드회원에게 단기카드대출(현금서비스), 장기카드대출(카드론) 등 장단기 자금을 대여하고 있습니다 . 할부리스사업 부문은 고객이 전자, 내구재, 자동차 등을 할부로 구매할 수 있도록 할부금융 서비스와 일반고객을 대상으로 자금대여 서비스를 제공하고 있으며, 자동차 등을 당사가 구입하여 이용자에게 대여하고 이용료를 받는 리스/렌탈 서비스를 제공하고 있습니다.

기타 부문에서는 보험대리판매, SMS 알림상품, 온라인 쇼핑몰 및 여행알선 등의 상품 및 서비스를 제공하고 있습니다. 당기 총 누적취급고는 179조 1,535억원으로, 카드사업 부문은 178조 5,391억원, 할부리스사업 부문은 6,144억원을 각각 달성하였으며, 상품자산에 대한 당기 누계 자금운용 평잔은 28조 8,684억원입니다. 당사는 회사채 발행 및 일반 차입 등의 방법으로 자금을 조달하고 있는데, 당기 누계 자금조달 평잔은 19조 7,203억원입니다. 이와 관련하여 당사는 변동이자율 지급 조건인 외화 사채의 환율 변동위험과 이자율 변동위험을 회피하기 위해 원화기준 3조 5,829억원의 통화스왑계약을 체결하고 있으며, 변동이자율 지급조건인 사채 및 차입금의 이자율변동위험을 회피하기 위해 7,300억원의 이자율스왑계약을 체결하고 있습니다. 당사의 당기말 조정자기자본비율은 30.36%로 신용카드업을 영위하는 여신전문금융회사의 감독규정상 최저기준인 8%를 큰 폭으로 상회하고 있으며, 당기말 연체채권비율은 1.02%, 원화유동성비율은 497.99% 입니다.

Company overview

가. 연결대상 종속회사 개황

- 당사 종속기업은 다음과 같습니다. (지배기업 : 삼성카드, 최상위 지배기업/종목코드 : 삼성생명보험/032830)

가-1. 연결대상회사의 변동내용

나. 일반사항

다. 회사사업 영위의 근거가 되는 법률

회사는 여신전문금융업(신용카드업ㆍ시설대여업ㆍ할부금융업 등)을 영위하는 여신전문금융회사로서, 여신전문금융업법 및 기타 관계법령에 근거하여 사업을 영위하고 있습니다.

라. 중소기업 등 해당 여부

회사는 「중소기업기본법」 제2조에 의한 중소기업 및 「벤처기업육성에 관한 특별조치법」제2조의2에 따른 벤처기업에 해당되지 않으며, 「중견기업 성장촉진 및 경쟁력 강화에 관한 특별법」 제2조에 의한 중견기업에 해당되지 않습니다.

마. 주요 사업의 내용

회사는 당기말 현재 약 1,352만명의 신용카드회원, 약 306만개의 가맹점 및 12개의 영업ㆍ채권사업단을 기반으로 카드사업 부문과 할부리스사업 부문 및 기타 부문의 사업을 영위하고 있습니다. 카드사업 부문은 개인ㆍ법인 등 신용카드회원이 가맹점으로부터 물품 및 용역을 구매할 수 있도록 신용을 제공하고, 신용카드회원에게 단기카드대출(현금서비스), 장기카드대출(카드론) 등 장단기 자금을 대여하고 있습니다. 할부리스사업 부문은 고객이 전자, 내구재, 자동차 등을 할부로 구매할 수 있도록 할부금융 서비스와 일반고객을 대상으로 자금대여 서비스를 제공하고 있으며, 자동차 등을 당사가 구입하여 이용자에게 대여하고 이용료를 받는 리스/렌탈 서비스를 제공하고 있습니다. 기타 부문에서는 보험대리판매, SMS 알림상품, 온라인 쇼핑몰 및 여행알선 등의 상품 및 서비스를 제공하고 있습니다.

바. 신용평가에 관한 사항

신용평가회사의 유가증권 종류별 신용등급체계□ 한국기업평가

□ 한국신용평가

□ NICE신용평가

사. 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

2.38%
[1.47%, 3.90%] · 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 38.9% (2026-10-08). 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

0.11
Beta [0.03, 0.20] · KOSPI200 · As of 2026-10-08
Intercept
-0.125%[-0.349%, +0.098%]
R squared
0.05
Observations
252
Trading-time corrected beta
0.12[-0.01, 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.

Financials

2022202320242025TTM
Interest incomeKRW 100M37,94640,04243,83220,28920,962
Revenue growth%—5.539.46-53.71—
Operating incomeKRW 100M8,4898,1008,8548,5378,269
Operating income growth%—-4.599.31-3.58—
Net incomeKRW 100M6,2236,0946,6466,4596,208
Net income growth%—-2.069.05-2.81—
Attributable to ownersNot applicableNot applicableNot applicableNot applicableNot applicable
Attributable to minoritiesNot applicableNot applicableNot applicableNot applicableNot applicable
Operating margin%22.3720.2320.2042.0839.45
Net margin%16.4015.2215.1631.8429.61
ROENot applicableNot applicableNot applicableNot applicableNot applicable
ROA%2.102.122.252.011.78
Debt ratio%275.47254.07247.55263.01292.22
Reserve ratio%1,145.971,199.431,262.121,383.351,385.25
Free cash flowKRW 100M-12,67913,237-8,440-15,871—
FCF margin%-33.4133.06-19.25-78.22—
OCF conversion%-201.31219.18-126.05-243.84—
Capex to revenue%0.400.300.140.59—
EPSKRW5,8315,7116,2286,053—
PERx5.075.666.339.24—
BPSKRW68,09670,22273,24676,50176,857
PBRx0.430.460.540.730.62
Dividend per shareKRW2,500—2,5002,800—
Payout ratio%42.87—40.1446.26—

Consolidated basis

Margins%

Cash flow by activityKRW 100M

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

2022202320242025
296,232288,065294,941*321,748
Total liabilitiesKRW 100M217,337206,706210,079*233,115
78,89581,35984,862*88,633

Income statement

2022202320242025
37,94640,04243,832*20,289
8,4898,1008,854*8,537
8,5088,1118,880*8,580
6,2236,0946,646*6,459
Basic earnings per shareKRW5,8315,7116,2286,053
Diluted earnings per shareKRW5,8315,7116,2286,053
6,1935,1316,171*6,759

Cash flow statement

2022202320242025
Net incomefrom the income statement6,2236,0946,6466,459
Total adjustments to operating cash flowcomputed-18,7497,263-15,023-22,209
-12,52613,358-8,377*-15,750
-581-398-311*-1,031
16,373-12,7511,854*19,782
8,50211,76711,976*5,142
Net change in cash and cash equivalentsKRW 100M3,266209-6,834*3,001

In the latest fiscal year operations and investing consumed cash raised through financing activities.

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 yearOpinionAuditorFiscal year end
2025적정의견Term 43안진회계법인2025-12-31
2024적정의견Term 42안진회계법인2025-12-31
2023적정의견Term 41안진회계법인2025-12-31
2022적정Term 40한영 회계법인2022-12-31
2021적정Term 39한영 회계법인2022-12-31
2020적정Term 38한영 회계법인2022-12-31
2019적정Term 37삼일회계법인2019-12-31
2018적정Term 36삼일회계법인2019-12-31
2017적정Term 35삼일회계법인2019-12-31
2016적정Term 34안진회계법인2016-12-31
적정Term 33안진회계법인2016-12-31
적정Term 32안진회계법인2016-12-31

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 5Y0.19
%
%
Cost of equity5.33%
Weighted average cost of capital—
Initial growth2.0%
Effective tax rate24.7%
Base fiscal year2025
Current priceKRW41,200

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 model85,759+108.2%
Dividend discount model DDM85,759+108.2%
Discounted cash flow FCFFNo borrowing line filed
Discounted cash flow FCFEBase-year cash flow not positive
Residual income model RIMNo 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=rf+β×ERPr = r_f + \beta \times \mathit{ERP}

r = 4.40% + 0.19 × 5.00% = 5.33%

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 = g_T = 2.00%

Gordon growth model

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

P_0 = 2,800 × (1 + 2.00%) / (5.33% − 2.00%) = 2,856 / 0.0333 = 85,759 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 = 2,800, g_1 = 2.00%, g_T = 2.00%, r = 5.33%

YearGrowthDividend KRWDiscount factorPresent value KRW
12.00%2,8560.94942,711
22.00%2,9130.90142,626
32.00%2,9710.85572,543
42.00%3,0310.81242,462
52.00%3,0910.77132,384
Terminal value2.00%94,6850.771373,032
Total85,759

P_0 = 85,759 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.

Other issues on the same market

Neighbours in the market capitalisation order.

See the full KOSPI list