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KREDKRED
035720KOSPI

Kakao

32,300
-750 (-2.27%)

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

Kakao Corp. was established in 1995 as Daum Communications. The company is listed on the KOSPI market and is headquartered in Jeju.

The company operates a mobile ecosystem centered on the KakaoTalk messenger. Its business segments include commerce, mobility, payment, gaming, music, and content through various subsidiaries.

Company overview

가. 연결대상 종속회사 개황

(1) 연결대상 종속회사 현황(요약)

(2) 연결대상회사의 변동내용

나. 회사의 법적, 상업적 명칭

당사의 명칭은 주식회사 카카오이며 영문명은 Kakao Corp. 입니다.

다. 설립일자 및 존속기간

당사는 1995년 2월 16일에 주식회사 다음커뮤니케이션으로 설립되었으며, 1999년 11월 9일 코스닥시장에 주식을 상장하여 매매를 개시하였습니다. 2014년 10월 1일 주식회사 카카오와 합병하였고, 이에 따라 주식회사 카카오에 교부된 주식은 2014년 10월 14일 코스닥시장에 추가 상장되었습니다.2014년 10월 31일 임시주주총회 결의에 의거하여 상호를 주식회사 다음커뮤니케이션에서 주식회사 다음카카오로 변경하였습니다. 또한, 2015년 9월 23일 임시주주총회 결의에 의거하여 상호를 주식회사 다음카카오에서 주식회사 카카오로 변경하였습니다.2017년 6월 14일 임시주주총회 결의에 의거하여 코스닥 시장에서 상장폐지한 후 2017년 7월 10일에 유가증권시장에 신규상장하였습니다.2018년 9월 1일 주식회사 카카오엠과 합병하였고, 합병에 따라 교부되는 신주는 2018년 9월 18일 유가증권시장에 추가 상장하였습니다.

라. 본사의 주소, 전화번호 및 홈페이지 주소

주소: 제주특별자치도 제주시 첨단로 242(영평동)전화번호: 1577-3321, 1577-3754공식 카카오톡 채널 ID: 카카오 고객센터홈페이지: https://www.kakaocorp.com

* 카카오는 카카오톡 채널 공식계정으로 고객센터를 운영하고 있습니다. 카카오톡에서 '카카오 고객센터' 카카오톡 채널을 검색하여 챗봇 및 상담원과의 상담을 바로 진행 할 수 있습니다.

마. 중소기업 등 해당 여부

바. 주요사업의 내용

국내 1위 메신저 카카오톡을 중심으로 커머스, 모빌리티, 페이, 게임, 뮤직, 스토리를 비롯한 다양한 영역에서 수익을 창출하고 있습니다. 카카오의 사업들은 일상의 영역을 모바일 중심으로 연결하면서 새로운 편익을 전달하고 있으며, 카카오톡 중심의 에코시스템 안에서 시너지를 발산하고 있습니다. 카카오는 이동의 혁신을 가져오고 있는 카카오모빌리티, 금융습관의 패러다임을 바꾸고 있는 카카오페이에 투자하고 있을 뿐 아니라, 카카오엔터테인먼트와 카카오픽코마, 에스엠엔터테인먼트를 통해 콘텐츠 사업에 대한 역량 역시 강화하고 있습니다.

사. 신용평가에 관한 사항

(1) 회사채당사는 회사채 발행과 관련하여 한국신용평가와 한국기업평가로부터 신용평가를 받고 있습니다.

(주1) "ICR"은 Issuer Credit Rating의 약자로 기업신용평가를 의미합니다.

참고: 상기 등급 중 AA, A, BBB, BB, B 등급은 +,-부호를 부가하여 동일 등급 내에서의 우열을 나타내고 있습니다.(2) 기업어음 공시대상기간 별도의 기업어음에 대한 평가내용은 없습니다.

아. 회사의 주권상장(또는 등록ㆍ지정) 및 특례상장에 관한 사항

Transcribed verbatim from the sentences the filer wrote in the fiscal 2025 business report (received 2026.03.18), 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

2.88%
[1.85%, 4.84%] · 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 52.3% (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

0.40
Beta [0.23, 0.57] · KOSPI200 · As of 2026-10-08
Intercept
-0.399%[-0.692%, -0.106%]
R squared
0.25
Observations
252
Trading-time corrected beta
0.37[0.12, 0.62]
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 100M————————75,57078,71780,99182,476
Revenue growth%—————————4.162.89—
Operating incomeKRW 100M8861,1611,6547292,0684,5055,8795,6944,6094,6027,3209,291
Operating income growth%—31.1042.40-55.89183.47117.8730.49-3.15-19.06-0.1459.07—
Net incomeKRW 100M7886551,251159-3,4191,69016,40510,670-18,167-1,6195,1803,906
Net income growth%—-16.9091.11-87.30-2,251.98—870.82-34.96-270.26———
Attributable to ownersKRW 100M——1,086479-3,0101,51613,87313,580-10,1265534,9153,464
Attributable to minoritiesKRW 100M——165-320-4091742,532-2,910-8,041-2,171265442
Operating margin%————————6.105.859.0411.27
Net margin%————————-24.04-2.066.404.74
ROE%——2.700.93-5.762.4113.9213.60-10.370.554.362.94
ROA%2.471.191.970.20-3.911.417.204.65-7.21-0.631.861.41
Debt ratio%23.3248.1040.8541.4552.2161.2967.9269.9081.6984.8582.4983.59
Current ratio%306.91150.98191.48140.20116.29151.31143.22148.86132.16126.95140.94153.31
Quick ratio%305.21149.43189.41138.44114.26149.76141.60145.78130.12126.19140.07152.53
Reserve ratio%——11,781.2612,219.6212,027.7913,846.6521,216.3224,999.2024,165.3324,438.2425,932.2028,807.12
Free cash flowKRW 100M8612,3632,9683,9436,4637,87910,9042,2557,6598,7089,256—
FCF margin%————————10.1411.0611.43—
OCF conversion%205.95484.70297.323,093.17—574.6979.6563.58——271.21—
Capex to revenue%————————7.614.825.92—
EPSKRW——1,602623-3,7761,7913,2103,118-2,3151261,111782
PERx——85.52165.33—217.4835.0517.03—303.1754.1044.18
BPSKRW——59,33261,60260,60971,05322,35322,41521,95322,86325,48726,599
PBRx——2.311.672.535.485.032.372.471.672.361.30
Dividend per shareKRW1671481481271271505360—6168—
Payout ratio%——9.2420.39—8.381.651.92—48.416.12—

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
31,88554,84163,49479,59587,373*119,541227,846229,637*251,800257,730277,835
6,03017,81218,416*23,32429,971*45,42492,16294,480*113,214118,301125,586
25,85537,02945,078*56,27257,401*74,118135,683135,157*138,586139,429152,249

Income statement

20152016201720182019202020212022202320242025
Not applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicable75,57078,717*80,991
8861,1611,6547292,068*4,5055,8795,694*4,6094,602*7,320
Not applicableNot applicable1,5331,307-2,343*4,08922,86712,689*-16,482-28*6,215
7886551,251159-3,419*1,69016,40510,670*-18,167-1,6195,180
Basic earnings per shareKRWNot applicableNot applicable1,602623-3,776*1,791*3,2103,118-2,315126Not applicable
Diluted earnings per shareKRWNot applicableNot applicable1,552614-3,776*1,752*3,1353,066-2,31592Not applicable
7756491,191242-3,461*3,29220,723-6,628*-17,1451,97313,063

Cash flow statement

20152016201720182019202020212022202320242025
Net incomefrom the income statement7886551,251159-3,4191,69016,40510,670-18,167-1,6195,180
Total adjustments to operating cash flowcomputed8352,5182,4684,75610,9468,021-3,339-3,88631,57814,1238,868
1,6223,1733,7194,9157,5279,71113,0666,78413,41112,50514,048
-4,142-10,000-3,547-12,607-4,142-12,607-33,410-15,741-17,799104-4,782
1,9729,2384,6768,9053,22213,05444,4124,11810,196-5,213-7,082
Cash at beginning of periodKRW 100M4,5123,9726,41611,16812,47019,18228,94353,25748,35953,89261,698
3,9726,41611,16812,47019,18228,94353,25748,35953,89261,451*63,738
Net change in cash and cash equivalentsKRW 100M-5482,410*4,7511,3026,7129,76124,314-4,898Not applicable7,8751,971

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 31삼정회계법인2025-12-31
2024적정의견Term 30삼일회계법인2025-12-31
2023적정의견Term 29삼일회계법인2025-12-31
2022적정Term 28삼정회계법인2022-12-31
2021적정Term 27삼정회계법인2022-12-31
2020적정Term 26삼정회계법인2022-12-31
2019적정Term 25삼일회계법인2019-12-31
2018적정Term 24삼일회계법인2019-12-31
2017적정Term 23삼일회계법인2019-12-31

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 5Y0.61
%
%
Cost of equity7.43%
Weighted average cost of capital7.36%
Initial growth4.1%
Effective tax rate15.2%
Base fiscal year2025
Current priceKRW32,300

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 model1,278-96.0%
Dividend discount model DDM1,341-95.8%
Discounted cash flow FCFF60,901+88.5%
Discounted cash flow FCFEBase-year cash flow not positive
Residual income model RIM10,002-69.0%
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% + 0.61 × 5.00% = 7.43%

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(4.36% × (1 − 6.12%), 0) = 4.09%

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

Gordon growth model

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

P_0 = 68 × (1 + 2.00%) / (7.43% − 2.00%) = 69 / 0.0543 = 1,278 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 = 68, g_1 = 4.09%, g_T = 2.00%, r = 7.43%

YearGrowthDividend KRWDiscount factorPresent value KRW
14.09%710.930866
23.57%730.866564
33.05%760.806661
42.52%770.750858
52.00%790.698955
Terminal value2.00%1,4840.69891,037
Total1,341

P_0 = 1,341 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 = 25,487 KRW, ROE = 4.36%, payout ratio = 6.12%, r = 7.43%, g_T = 2.00%

YearOpening book valueEarningsEquity chargeResidual incomeDiscount factorPresent value
125,4871,1111,893-7820.9308-728
226,5301,1561,971-8140.8665-706
327,6161,2042,052-8480.8066-684
428,7461,2532,135-8830.7508-663
529,9221,3042,223-9190.6989-642
Terminal value-17,2600.6989-12,063

P_0 = 25,487 + -3,423 + -12,063 = 10,002 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 = 14,047.6 − 4,791.7 + 1,804.0 × (1 − 15.24%) = 10,785.1 KRW hundred million

Weighted average cost of capital

E = 142,902.9, D = 9,905.5 KRW hundred million; equity weight = 93.52%, debt weight = 6.48%; cost of debt k_d = 7.43%

WACC = 93.52% × 7.43% + 6.48% × 7.43% × (1 − 15.24%) = 7.36%

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
14.09%11,226.40.931510,457.2
23.57%11,627.10.867710,088.4
33.05%11,981.20.80829,683.4
42.52%12,283.50.75289,247.6
52.00%12,529.20.70138,786.3
Terminal value2.00%238,635.30.7013167,346.4
Total215,609.3

Firm value = 215,609.3; less borrowings 9,905.5; plus cash 63,737.8 → 269,441.6 KRW hundred million

P_0 = 269,441.6 KRW hundred million ÷ 442,423,799 (shares) = 60,901 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