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KREDKRED
034220KOSPI

LG Display

8,160
-90 (-1.09%)

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

LG Display was established in February 1985 and is listed on the KOSPI market. Headquartered in Seoul, the company operates as a corporate entity with nineteen consolidated subsidiaries.

The company researches, develops, manufactures, and distributes OLED and TFT-LCD display products. Its main segments include TV, IT, mobile, and automotive displays. The company primarily supplies global set makers through overseas sales channels.

Business overview as filed

당사는 OLED 및 TFT-LCD등 디스플레이 기술을 활용한 관련 제품의 연구, 개발, 제조, 판매를 하고 있습니다. '25년 연간 누적 기준 자사 주요 판매 제품군 별 매출 비중은 TV 19%, IT 37%, Mobile 및 기타 부분이 36%, Auto 8%입니다. Global Set Maker가 주된 고객으로, 상위 10개 고객사향 매출이 전체 매출의 약 92%를 차지하고 있습니다. 당사는 수출을 주력으로 하는 기업으로서 '25년 연간 해외 매출 비중은 약 96% 입니다. 미국, 독일, 일본, 대만, 중국 및 싱가포르 등의 지역에 판매 법인을 두고 있습니다.

국내 및 중국, 베트남에 생산 법인을 갖고 있으며, 생산 능력은 '25년 보고기간말 현재 8세대 글라스(2200x2500mm) 기준으로 약 4.2백만장 수준입니다. OLED 등 차별화되고 경쟁력 있는 제품의 생산 능력 확대를 위해 현금 지출 기준으로 '25년 연간 약 1.4조원 규모의 설비 투자를 집행했으며, '26년도에는 전년 대비 확대된 2조원 중후반 수준으로 집행할 계획입니다.

Display 패널 생산을 위한 주요 원재료는 Glass, 반도체류, 편광판, 유기물, Backlight, PCB 등이며, 원재료의 가격은 시장 수급 상황, 당사의 구매 물량 변화에 따라 변동될 수 있습니다.

당사가 속한 디스플레이 산업은 글로벌 경기 상황과 긴밀하게 연동되어 있으며, 대규모 투자를 수반하는 특성상 수요와 공급의 불균형 발생 시 패널 가격의 등락과 이로 인한 수익의 변동성이 나타날 수 있습니다. 업체별로 영업 실적은 생산 능력 뿐만 아니라 기술력, 비용 구조, 제품 개발 역량, 생산 효율, 품질 관리 그리고 고객 관계 구축 등에서의 경쟁력 차이와 이를 활용한 판매 물량 및 가격의 차별화에 따라 다르게 나타나고 있습니다. 또한, 당사는 해외 판매 비중이 높아 매출은 주로 미 달러화, 원재료 구매는 미 달러화, 엔화 및 위안화로 이루어지고 있어 환율 변동에 따라 영업 실적이 변동될 수 있습니다. 외화 표시 자산, 부채 및 영업 현금 흐름에 대해서는 환율 변동에 따른 리스크가 최소화 될 수 있도록 관리하고 있습니다.

당사의 매출액 대비 연구개발비 비중은 약 9%대로 신제품/신기술에 대한 체계적인 연구개발활동을 통해 고객 가치를 지속적으로 창출하고 있습니다. 연구개발활동의 경쟁력을 바탕으로 OLED 및 TFT-LCD를 적용한 TV, IT, Mobile 및 자동차용 등 다양한 제품 영역에서 차별화된 가치를 제공하면서 디스플레이 산업을 선도하고 있습니다.

Company overview

가. 회사의 법적ㆍ상업적 명칭

당사의 명칭은 엘지디스플레이 주식회사라고 표기합니다. 또한 영문으로는LG Display Co., Ltd. 라고 표기합니다.

나. 설립일자 및 존속기간

당사는 금성소프트웨어(주)로 1985년 2월에 설립되었으며, 1998년에 LG전자(주)와 LG반도체(주)로부터 LCD사업을 이관받아, TFT-LCD 및 OLED 제품의 생산 및 판매를 주요사업으로 영위하고 있습니다.

다. 본사의 주소, 전화번호, 홈페이지 주소

주소 : 서울특별시 영등포구 여의대로 128 LG트윈타워전화번호 : 02-3777-1010홈페이지 : http://www.lgdisplay.com

라. 주요사업의 내용

마. 계열회사 등에 관한 사항

당사의 연결대상 종속회사는 보고기간 말 현재 19개 입니다. 2025년 4월 1일 LG Display (China) Co., Ltd. 와 LG Display Guangzhou Co., Ltd. 사의 지분 매각이 완료되어 종속회사에서 제외되었습니다.1) 연결대상 종속회사 개황(연결재무제표를 작성하는 주권상장법인이 사업보고서, 분기ㆍ반기보고서를 제출하는 경우에 한함)

주1) 연결재무제표상 연결대상이 되는 종속회사 현황과 주요 종속회사의 기준 및 각 사의 주요 종속회사 해당 여부는 "XII. 상세표의 1. 연결대상 종속회사 현황"에 기재하였습니다.주2) ‘주요 종속회사 수’에는 공시서류작성기준일 현재 최근 사업연도 말 자산 총액이 지배회사 자산 총액의 10% 이상인 종속회사 또는 최근 사업연도 말 자산 총액이 750억원 이상인 종속회사 기준으로 작성되었습니다.

2) 연결대상회사의 변동내용

바. 중소기업 등 해당 여부

사. 신용평가에 관한 사항

1) 회사채

주1) 국내 회사채 신용등급 체계 및 등급정의

2) 기업어음 - 해당없음

아. 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

2.80%
[1.68%, 5.51%] · 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 51.1% (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

0.63
Beta [0.48, 0.77] · KOSPI200 · As of 2026-10-08
Intercept
-0.362%[-0.714%, -0.010%]
R squared
0.36
Observations
252
Trading-time corrected beta
0.84[0.58, 1.11]
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 100M283,839265,041277,902243,366234,756242,301298,780261,518213,308266,153258,101253,039
Revenue growth%—-6.624.85-12.43-3.543.2123.31-12.47-18.4324.77-3.03—
Operating incomeKRW 100M16,25613,11424,616929-13,594-29122,306-20,850-25,102-5,6065,1706,385
Operating income growth%—-19.3387.71-96.23-1,563.42——-193.47————
Net incomeKRW 100M10,2359,31519,371-1,794-28,721-70613,335-31,956-25,767-24,0933,038-13,445
Net income growth%—-8.98107.95-109.26———-339.63————
Attributable to ownersKRW 100M9,6669,06718,028-2,072-28,297-89311,862-30,716-27,337-25,6262,263-13,521
Attributable to minoritiesKRW 100M5692481,343278-4241871,474-1,2401,5701,53377576
Operating margin%5.734.958.860.38-5.79-0.127.47-7.97-11.77-2.112.002.52
Net margin%3.613.516.97-0.74-12.23-0.294.46-12.22-12.08-9.051.18-5.31
ROE%7.937.0012.54-1.48-24.95-0.789.04-31.09-37.80-39.173.43-21.46
ROA%4.533.746.64-0.54-8.07-0.203.50-8.95-7.21-7.331.13-4.89
Debt ratio%77.7084.8494.64122.86184.86175.35158.46215.27307.72307.04243.36259.50
Current ratio%144.27148.54116.6588.4093.29100.8494.2367.6468.4463.8372.7663.48
Quick ratio%108.68116.1390.4861.3774.6281.1270.2947.0750.2446.9946.2336.89
Reserve ratio%——719.51698.18545.22546.39603.25425.41275.40110.20120.9182.83
Free cash flowKRW 100M3,616-9501,718-34,581-42,204-3,16626,120-20,683-18,0002,82010,041—
FCF margin%1.27-0.360.62-14.21-17.98-1.318.74-7.91-8.441.063.89—
OCF conversion%266.41390.86349.20———431.44———774.20—
Capex to revenue%8.3314.1023.7232.6329.5110.7510.5119.4216.338.005.22—
Inventory daysdays—37.237.743.340.135.741.045.447.039.542.4—
EPSKRW2,7012,5345,038-579-7,908-2503,315-8,584-7,640-5,438453-2,704
PERx—12.415.93———7.42———26.07—
BPSKRW—36,20940,17039,06831,69431,86336,66427,61120,21213,08513,20812,602
PBRx—0.870.740.460.510.580.670.450.630.700.890.91
Dividend per shareKRW500500500———650—————
Payout ratio%18.5119.739.92———19.61—————

Consolidated basis

Profit flowKRW 100M

Revenue
258,101
Cost of sales
224,336
Gross profit
33,765
Other
28,595
Operating income
5,170
Profit before tax
5,017
Non-operating expenses
153
Net income
3,038
Income tax expense
1,979

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
225,772248,843291,597331,757355,746350,715*381,545356,860357,593328,596269,167
98,722114,219141,782182,895230,863223,346233,920243,668269,888247,868190,775
127,050134,624149,815148,862124,883127,369*147,625113,19287,70580,72878,392

Income statement

20152016201720182019202020212022202320242025
283,839265,041277,902243,366234,756242,301*298,780261,518213,308266,153258,101
16,25613,11424,616929-13,594-291*22,306-20,850-25,102-5,6065,170
14,34013,16223,326-914-33,442-5,951*17,189-34,334-33,394-21,9155,017
10,2359,31519,371-1,794-28,721-706*13,335-31,956-25,767-24,0933,038
Basic earnings per shareKRW2,7012,5345,038-579-7,908-250*3,315-8,584-7,640*-5,438453
Diluted earnings per shareKRW2,7012,5345,038-579-7,908-250*3,130-8,584-7,640*-5,438453
10,0339,53516,997-1,949-26,678878*20,352-31,546-25,064-16,1131,958

Cash flow statement

20152016201720182019202020212022202320242025
Net incomefrom the income statement10,2359,31519,371-1,794-28,721-70613,335-31,956-25,767-24,0933,038
Total adjustments to operating cash flowcomputed17,03127,09448,27146,63655,78623,57644,19962,06642,59548,21120,483
27,26636,40967,64244,84127,06522,869*57,53430,11016,82724,11823,521
-27,319-31,892-64,811-76,753-67,554-23,193*-42,631-67,002-25,893-13,632-9,786
-1,7453,0798,62229,52949,8799,318-24,66119,46013,509-13,343-19,634
Cash at beginning of periodKRW 100M8,8987,51715,58726,02623,65033,36042,18135,41618,24622,57520,216
7,51715,58726,02623,65033,36042,18135,41618,24622,57520,21615,721
Net change in cash and cash equivalentsKRW 100M-1,7987,597Not applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot 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 2026.03.11.

Audit opinion

Fiscal yearOpinionAuditorFiscal year end
2025적정의견Term 41삼일회계법인2025-12-31
2024적정의견Term 40삼일회계법인2025-12-31
2023적정의견Term 39삼정회계법인2025-12-31
2022적정Term 38삼정회계법인2022-12-31
2021적정Term 37삼정회계법인2022-12-31
2020적정Term 36삼정회계법인2022-12-31
2019적정Term 35삼정회계법인2019-12-31
2018적정Term 34삼정회계법인2019-12-31
2017적정Term 33삼정회계법인2019-12-31
2016적정Term 32삼정회계법인2016-12-31
2015적정Term 31삼정회계법인2016-12-31
2014적정Term 30삼정회계법인2016-12-31

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 5Y0.77
%
%
Cost of equity8.23%
Weighted average cost of capital—
Initial growth3.4%
Effective tax rate35.0%
Base fiscal year2025
Current priceKRW8,160

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 FCFFNo borrowing line filed
Discounted cash flow FCFE33,994+316.6%
Residual income model RIM2,524-69.1%
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=rf+β×ERPr = r_f + \beta \times \mathit{ERP}

r = 4.40% + 0.77 × 5.00% = 8.23%

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(3.43% × (1 − 0.00%), 0) = 3.43%

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 = 13,208 KRW, ROE = 3.43%, payout ratio = 0.00%, r = 8.23%, g_T = 2.00%

YearOpening book valueEarningsEquity chargeResidual incomeDiscount factorPresent value
113,2084531,087-6340.9240-586
213,6614681,124-6560.8537-560
314,1294841,162-6780.7888-535
414,6135011,202-7010.7289-511
515,1145181,243-7260.6735-489
Terminal value-11,8840.6735-8,003

P_0 = 13,208 + -2,681 + -8,003 = 2,524 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 = 23,520.8 − 13,479.4 + 0.0 (net borrowing) = 10,041.5 KRW hundred million

YearGrowthCash flow KRW hundred millionDiscount factorPresent value KRW hundred million
13.43%10,385.60.92409,596.1
23.07%10,704.40.85379,138.8
32.71%10,994.90.78888,673.2
42.36%11,254.00.72898,202.8
52.00%11,479.10.67357,730.8
Terminal value2.00%188,022.40.6735126,627.0
Total169,968.6

P_0 = 169,968.6 KRW hundred million ÷ 500,000,000 (shares) = 33,994 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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