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035250KOSPI

Kangwon Land

14,190
-140 (-0.98%)

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

Kangwon Land was established on June 29, 1998, in Jeongseon, Gangwon State. The company is listed on the KOSPI market and is part of a group consisting of 24 affiliates centered around the Korea Mine Rehabilitation and Mineral Resources Corporation.

The company operates a complex resort under the High1 brand, providing casino, hotel, ski, golf, and water park services. Its business segments include casino, resort, and other operations. It also manufactures slot machine hardware and software for distribution to domestic and international casinos.

Business overview as filed

연결회사의 사업은 카지노 부문, 숙박, 레저 등의 리조트 부문, 기타 부문으로 다음의표와 같이 구성되어 있습니다.

강원랜드 카지노는「석탄산업전환지역 개발 지원에 관한 특별법」에 의거하여 국내에서 유일하게 내국인과 외국인의 출입이 동시에 허용됩니다. 영업장은 회원(VIP)영업장, 일반영업장, 외국인전용영업장으로 나뉘며, 게임기구로는 테이블게임 202대(전자테이블 7대 포함)와 머신게임 1,362대를 운영하고 있습니다. 카지노는 핵심 매출원으로 2025년 기준 카지노 매출은 전체 매출의 89%를 차지하고 있습니다. 카지노 사업은 시설, 운영, 매출 등의 영업 전반에 걸쳐 문화체육관광부, 사행산업통합감독위원회 등 당국의 규제와 감독을 받으며, 당사는 관련 법규와 지침을 성실하게 따르고 있습니다. 또한 사업 특성으로 인해 발생하는 사회적 부작용의 최소화 및 건전게임문화 정착을 위해 다양한 정책을 추진하고 있습니다.청정한 자연 속 고원지대에 위치한 '하이원리조트'는 호텔, 콘도, 스키, 골프, 워터파크, 카지노까지 한 곳에 자리하는 국내 최대의 복합리조트입니다. 리조트 매출 비중 은 2025년 기준으로 전체 매출의 11%를 차지하며, 그 중 카지노가 위치하는 호텔 매출 비중이 가장 높습니다. 계절성이 있어 여름, 겨울의 휴가/방학 시즌에 리조트 매출과 방문객이 증가하는 경향을 보입니다. 당사는 우수한 리조트 시설, 산림관광자원, 지역 관광인프라를 활용하여 숙박, 레저, 웰니스, 액티비티, 컨벤션 등 다양한 복합상품을 기획/판매하고 있으며, 웰니스센터, M650(탄광문화박물관) 등 방문객 증대를 위한 즐길거리 콘텐츠 개발을 지속해 나가고 있습니다.지속가능한 성장동력의 하나로 카지노업 기반의 슬롯머신 하드웨어 및 소프트웨어 제조 사업을 병행하고 있으며, 당사 카지노 설치를 포함하여, 국내외 카지노 등에 판매하고 있습니다. 자회사로는 폐선된 철도를 활용한 철도테마 놀이기구와 숙박시설 등을 갖춘 (주)하이원추추파크와 강원랜드의 시설 유지관리 등을 담당하는 (주)하이원파트너스가 있습니다.

Company overview

가. 연결대상 종속회사 개황

- 연결대상회사의 변동내용

- 중소기업 등 해당 여부

- 회사의 주권상장(또는 등록ㆍ지정) 및 특례상장에 관한 사항

2001년 10월 25일에 코스닥에 상장되었고, 이후 유가증권시장(코스피)로 이전

나. 회사의 법적ㆍ상업적 명칭

당사의 명칭은 '주식회사 강원랜드' 이며, 국문 약식으로는 '㈜강원랜드', 영문으로는 'Kangwon Land, Inc.' 로 표기합니다.

다. 회사의 설립

당사는「석탄산업전환지역 개발 지원에 관한 특별법(약칭 : 폐광지역법)」에 근거하여 카지노업 및 리조트업 등을 영위할 목적으로 1998년 6월 29일에 설립되었습니다.

라. 본사의 주소, 전화번호, 홈페이지 주소

- 주 소 : 강원특별자치도 정선군 사북읍 하이원길 265- 전화번호 : 1588-7789- 홈페이지 : https://kangwonland.high1.com

마. 회사 사업 영위의 근거가 되는 법률

바. 미션, 비전, 경영방침

당사는 '석탄산업전환지역의 경제를 진흥시켜 지역발전과 주민생활 향상을 도모하고 여가문화 선도를 통해 국민 행복 증진에 기여한다'는 미션과 '즐거운 삶과 더 나은 세상을 만드는 행복 쉼터'라는 비전을 가지고 있습니다. 이를 달성하기 위해 '효율경영', '변화선도', '상생추구'라는 경영방침을 세웠으며, '존중', '안전', '윤리', '실용', '도전'을 핵심가치로 삼고 있습니다.

사. 주요 사업의 내용

당사는 카지노, 스키, 골프, 워터파크, 호텔, 콘도 등의 시설이 한 곳에 자리하는 국내최대의 사계절 가족형 복합리조트를 운영하고 있습니다. 하이원이라는 브랜드 하에 청정한 자연과 우수한 시설을 바탕으로 숙박, 레저, 힐링, 액티비티, 컨벤션 등 다양한 리조트 상품과 서비스를 판매하고 있으며, 방문객 증대를 위한 즐길거리 콘텐츠 확대를 지속해 나가고 있습니다. 국내에서 유일하게 내/외국인의 출입이 허용되는 강원랜드 카지노는 당사의 주요한 매출원이며, 사회적 부작용 최소화 및 건전게임문화 정착을 위한 다양한 정책을 추진하고 있습니다.

아. 계열회사에 관한 사항

보고서 제출일 현재 회사의 최대주주(한국광해광업공단)를 중심으로 총 24개사(당사포함)의 계열회사가 있으며, 당사를 제외하고 모두 비상장 법인입니다. 계열회사 중 하이원엔터테인먼트는 2023년 9월 19일자로 법인청산이 완료 되었습니다.

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

1.58%
[1.02%, 2.50%] · 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 27.8% (2026-07-21). 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

0.07
Beta [-0.01, 0.15] · KOSPI200 · As of 2026-10-08
Intercept
-0.123%[-0.306%, +0.061%]
R squared
0.03
Observations
252
Trading-time corrected beta
0.02[-0.10, 0.13]
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 100M16,33716,96516,04514,38115,2014,7867,88412,70713,88614,26914,76714,742
Revenue growth%—3.84-5.43-10.375.70-68.5264.7461.179.282.763.49—
Operating incomeKRW 100M5,9546,1865,3094,3075,012-4,316-5272,1762,8232,8582,3532,153
Operating income growth%—3.90-14.18-18.8716.36-186.12——29.741.25-17.66—
Net incomeKRW 100M4,4164,5454,3752,9723,347-2,759-1061,1563,4094,5693,1823,303
Net income growth%—2.92-3.74-32.0712.59-182.44——194.8534.03-30.36—
Attributable to ownersKRW 100M——————-106——4,5693,1823,303
Attributable to minoritiesKRW 100M——————-0——-00-0
Operating margin%36.4436.4633.0929.9532.97-90.18-6.6817.1220.3320.0315.9314.60
Net margin%27.0326.7927.2720.6722.02-57.65-1.349.1024.5532.0221.5522.41
ROE%——————-0.32——11.768.038.45
ROA%11.9711.4210.457.027.54-7.58-0.282.777.669.726.577.15
Debt ratio%23.1222.3319.5517.9719.3812.1517.6622.0320.9621.0422.2118.13
Current ratio%263.38251.71317.65276.57288.36454.03326.99175.44198.40161.86403.43466.27
Quick ratio%263.14251.53317.46276.38287.80453.38326.31174.85197.62161.27402.75465.54
Reserve ratio%——3,334.233,414.321,611.591,411.08——3,499.563,729.323,815.243,790.82
Free cash flowKRW 100M——3,7762,6073,283-7,1461,6793,9072,6703,7961,786—
FCF margin%——23.5318.1321.60-149.3321.3030.7519.2326.6012.09—
OCF conversion%130.20131.23105.83122.43121.88——363.4399.11106.6092.54—
Capex to revenue%——5.337.185.2312.325.452.325.107.537.85—
Receivable daysdays—1.01.12.55.817.85.44.86.16.45.4—
Inventory daysdays—0.70.60.61.21.91.41.51.81.81.7—
Payable daysdays—49.333.922.0133.3250.7169.7192.0215.4220.2212.5—
Cash conversion cycledays—-47.6-32.2-18.9-126.3-231.0-162.9-185.7-207.5-212.0-205.4—
EPSKRW2,1782,2422,1591,4671,651-1,361-525701,6812,2571,5721,544
PERx—15.9516.1221.8117.93——40.709.527.0812.059.26
BPSKRW—15,20316,36516,76517,37715,17715,20415,96417,19118,15318,53118,274
PBRx—2.352.131.911.701.551.581.450.930.881.020.78
Dividend per shareKRW980990990900900——350930—1,170—
Payout ratio%45.0044.1645.8561.3554.51——61.4055.32—74.43—

Consolidated basis

Profit flowKRW 100M

Revenue
14,767
Cost of sales
10,940
Gross profit
3,827
Operating income
2,353
Non-operating income
1,541
SG&A expenses
1,474
Profit before tax
3,894
Net income
3,182
Income tax expense
712

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
36,90839,79041,85742,31244,38136,41638,27341,67844,48747,00648,452
6,9307,2636,8446,4457,2043,9465,7457,5247,7088,1708,807
29,97832,52735,01235,86837,17832,47032,52834,15436,77938,83739,645

Income statement

20152016201720182019202020212022202320242025
16,33716,96516,045*14,38115,2014,7867,88412,70713,88614,26914,767
5,9546,1865,3094,3075,012-4,316-5272,1762,8232,8582,353
5,9395,9695,6624,1074,889-4,045-1421,6794,5725,6533,894
4,4164,5454,3752,9723,347-2,759-1061,1563,4094,5693,182
Basic earnings per shareKRW2,1782,2422,1591,4671,651-1,361-525701,6812,2571,572
Diluted earnings per shareKRWNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicable1,572
4,6474,537Not applicableNot applicableNot applicableNot applicable581,6263,3354,3433,264

Cash flow statement

20152016201720182019202020212022202320242025
Net incomefrom the income statement4,4164,5454,3752,9723,347-2,759-1061,1563,4094,5693,182
Total adjustments to operating cash flowcomputed1,3341,420255667732-3,7982,2153,046-30302-237
5,7505,9654,6313,6394,079-6,5572,1094,2023,3784,8702,945
-3,989-4,115-2,502-2,020-2,1138,446-739-5,242-2,027-1,781-944
-1,723-1,977-2,003-2,024-1,848-1,83633-13-700-2,307-2,442
Cash at beginning of periodKRW 100M1,0201,0579301,0564896076612,0641,0111,6622,445
1,0579301,056*0*607*6612,0641,0111,6622,4452,004
Net change in cash and cash equivalentsKRW 100M37-127126-405118*541,403-1,053651783-441

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 2026.03.23.

Audit opinion

Fiscal yearOpinionAuditorFiscal year end
2025적정의견Term 28안진회계법인2025-12-31
2024적정의견Term 27안진회계법인2025-12-31
2023적정의견Term 26안진회계법인2025-12-31
2022적정Term 25한영회계법인2022-12-31
2021적정Term 24한영회계법인2022-12-31
2020적정Term 23한영회계법인2022-12-31
2019적정Term 22한영회계법인2019-12-31
2018적정Term 21한영회계법인2019-12-31
2017적정Term 20한영회계법인2019-12-31
2016적정Term 19대주회계법인2016-12-31
적정Term 18대주회계법인2016-12-31
적정Term 17대주회계법인2016-12-31

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 5Y0.20
%
%
Cost of equity5.42%
Weighted average cost of capital—
Initial growth2.1%
Effective tax rate18.3%
Base fiscal year2025
Current priceKRW14,190

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 model34,897+145.9%
Dividend discount model DDM34,940+146.2%
Discounted cash flow FCFFNo borrowing line filed
Discounted cash flow FCFE24,925+75.7%
Residual income model RIM32,680+130.3%
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% + 0.20 × 5.00% = 5.42%

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(8.03% × (1 − 74.43%), 0) = 2.05%

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 = 1,170 × (1 + 2.00%) / (5.42% − 2.00%) = 1,193 / 0.0342 = 34,897 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 = 1,170, g_1 = 2.05%, g_T = 2.00%, r = 5.42%

YearGrowthDividend KRWDiscount factorPresent value KRW
12.05%1,1940.94861,133
22.04%1,2180.89981,096
32.03%1,2430.85361,061
42.01%1,2680.80971,027
52.00%1,2930.7680993
Terminal value2.00%38,5780.768029,630
Total34,940

P_0 = 34,940 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 = 18,531 KRW, ROE = 8.03%, payout ratio = 74.43%, r = 5.42%, g_T = 2.00%

YearOpening book valueEarningsEquity chargeResidual incomeDiscount factorPresent value
118,5311,4871,0044830.9486458
218,9111,5181,0254930.8998443
319,2991,5491,0465030.8536429
419,6961,5811,0675130.8097416
520,1001,6131,0895240.7680402
Terminal value15,6240.768012,000

P_0 = 18,531 + 2,149 + 12,000 = 32,680 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 = 2,944.7 − 1,159.0 + 0.0 (net borrowing) = 1,785.6 KRW hundred million

YearGrowthCash flow KRW hundred millionDiscount factorPresent value KRW hundred million
12.05%1,822.30.94861,728.6
22.04%1,859.40.89981,673.2
32.03%1,897.10.85361,619.3
42.01%1,935.30.80971,567.0
52.00%1,974.00.76801,516.1
Terminal value2.00%58,877.40.768045,220.7
Total53,324.9

P_0 = 53,324.9 KRW hundred million ÷ 213,940,500 (shares) = 24,925 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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