044490KOSDAQ

Taewoong

35,550

-1,200 (-3.27%)

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

Taewoong was established in 1981 and is listed on the KOSDAQ market. The company operates as a corporate entity.

The company operates forging and steelmaking business segments. The forging division produces custom open-die forging components for wind power, shipbuilding, nuclear power, plants, and industrial machinery. The steelmaking division produces ingots and round blooms to supply the forging division and other domestic and international forging and pipe manufacturers.

Business overview as filed

가. 단조사업부

단조사업부는 풍력, 조선, 발전(원자력), 플랜트(시멘트, 화공, 해양), 산업기계 등의 산업군을 영위 하고 있으며, 금형을 사용할 수 없는 규격이 크고 표준화되지 않은 제품을 주문생산 방식으로 생산/공급하고 있습니다.

단조사업부의 수요산업별 생산품목은 아래와 같습니다.

나. 제강사업부전기로, 정련로, 진공탈가스장치, 진공산소탈탄장치, 연속주조, 주괴주조 설비로 잉곳(INGOT) 및 라운드블룸(ROUND BLOOM)을 생산/공급 하고 있습니다. 잉곳 및 라운드블룸은 단조사업부로 주로 공급 될 예정이며, 외부 판매의 경우 국내/외 자유형 단조업체, 소형 단조업체, Seamless Pipe 생산업체, Ring Rolling Mill을 사용하여 제품을 생산하는 업체의 주문생산 방식으로 제품을 생산/공급 할 예정 입니다.제강사업부의 생산품목 및 구체적 용도는 아래와 같습니다.

Company overview

당사는 1981년 5월에 태웅단조공업사로 설립되어 1989년 8월에 주식회사 태웅으로 상호 변경하였습니다.당사는 수년간 쌓아온 전문지식, 기술력 및 품질로 자유형단조 제품을 생산 하여 공급 하고 있습니다.자유형단조는 금형을 사용할 수 없는 규격이 크고 표준화되지 않은 제품의 생산에 적합한 단조방법으로써 대부분 주문생산 방식으로 제작되어 풍력발전, 조선, 발전(원자력), 플랜트(시멘트, 화공, 해양), 산업기계등 여러 수요산업에서 핵심부품으로 공급되고 있으며, 산업전반에 걸쳐 기초가 되는 공업기반 산업 입니다.2016년 11월 18일 제강사업부를 설립하여 상업생산을 개시했으며, 제강사업부는 단조품 생산에 사용되는 원재료인 INGOT과 ROUND BLOOM을 생산 하여 단조사업부로 공급을 우선적으로 실시하고 있으며, 생산성 안정화, 품직확보 및 거래처개발 등을 병행하여 실시하고 있습니다.

가. 회사의 법적ㆍ상업적 명칭당사의 명칭은 "주식회사 태웅"이며 영어로는 "TAEWOONG CO.,LTD"로 표기합니다.약식으로 표기할 경우에는 (주)태웅 또는 TAEWOONG으로 표기합니다.

나. 설립일자1981년 5월 16일에 설립하여 1987년 7월 1일 법인 전환하였으며, 2001년 11월 8일 코스닥증권 시장에 상장하였습니다.

다. 본사의 주소, 전화번호 및 홈페이지

1) 연결대상 종속회사 현황(요약)

2) 연결대상회사의 변동내용

마. 중소기업 등 해당 여부

회사의 주권상장(또는 등록ㆍ지정) 및 특례상장에 관한 사항

사. 주요 사업의 내용

1) 단조사업부풍력발전, 플랜트, 조선, 발전, 산업기계 등 수요산업에 소요되는 핵심 단조부품을 생산/공급하는 자유형단조사업을 해오고 있습니다.2) 제강사업부단조사업부의 핵심 원재료로 사용되는 잉곳(INGOT) 및 라운드블룸(ROUND BLOOM)을 생산/공급 하고있습니다.

아. 신규 사업의 내용

당사는 신규 사업으로 제강사업부를 설립 했으며, 제강사업부의 설립으로 단조사업의 수익성 제고 및 일관생산체제를 구축 했습니다. 일관생산시스템 구축은 생산성 향상, 원가절감 및 품질개선을 도모하여 회사의 성장성과 경쟁력 제고에 기여할 전망 입니다. 또한, 제강사업부는 단조사업부에서 사용되는 원소재인 INGOT과 ROUND BLOOM을 생산하고 있으며, 단조사업부로 원소재를 공급하고 있습니다.신규시설 투자 현황은 아래와 같습니다.- 신규 시설투자 결의(2013.03.04)- 공장건설지역 : 부산화전 산업단지(157,187.30㎡), 2011년 취득완료

자. 신용평가에 관한 사항

차. 「상법」 제290조에 따른 변태설립사항해당사항 없음

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

7.14%

[4.86%, 10.23%] · 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 64.4% (2026-07-29). 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

1.03

Beta [0.75, 1.31] · KOSDAQ150 · As of 2026-10-08

Intercept: +0.174%[-0.453%, +0.802%]
R squared: 0.28
Observations: 252
Trading-time corrected beta: 0.87[0.43, 1.31]

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 KOSDAQ150 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.

Beta summarizes by regression how far the issue's return moved together with the KOSPI200 or KOSDAQ150 index return, and the index is only a stand-in for the whole market.
The intercept is the average excess return the index does not explain, and when the interval shown beside it contains zero it cannot be told apart from zero.
Beta and the intercept are computed from the sample of the chosen window and frequency and are not values for the period ahead.
At the daily frequency a beta corrected for differences in trading times is shown alongside, and the gap between the two shows how much later than the index the issue's trades are reflected.

Financials

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	TTM
RevenueKRW 100M	3,653	3,220	3,044	2,895	3,740	3,444	3,223	3,939	4,438	3,863	3,497	3,707
Revenue growth%	—	-11.87	-5.47	-4.87	29.18	-7.92	-6.41	22.19	12.67	-12.94	-9.49	—
Operating incomeKRW 100M	61	129	-44	-320	-300	13	51	29	395	228	50	53
Operating income growth%	—	112.46	-133.69	—	—	—	292.36	-42.32	1,249.77	-42.28	-77.99	—
Net incomeKRW 100M	78	140	-60	-327	-338	-937	71	5	342	247	54	102
Net income growth%	—	79.21	-142.66	—	—	—	—	-92.34	6,140.03	-27.72	-78.07	—
Attributable to owners	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable
Attributable to minorities	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable
Operating margin%	1.67	4.02	-1.43	-11.06	-8.02	0.38	1.58	0.74	8.91	5.91	1.44	1.43
Net margin%	2.13	4.34	-1.96	-11.28	-9.04	-27.19	2.22	0.14	7.70	6.39	1.55	2.74
ROE	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable
ROA%	0.91	1.43	-0.59	-3.17	-3.40	-11.70	0.93	0.07	4.60	3.04	0.67	1.22
Debt ratio%	47.80	54.02	59.30	70.93	74.81	71.46	62.33	57.65	45.04	34.43	32.90	35.03
Current ratio%	250.83	358.22	505.02	236.49	296.30	317.15	297.29	308.84	332.52	316.91	195.72	187.15
Quick ratio%	193.81	265.25	371.65	137.31	182.79	196.23	196.55	187.97	205.58	198.72	121.07	114.77
Reserve ratio%	—	—	5,526.84	5,209.40	4,929.98	3,929.35	4,024.02	4,044.88	4,385.36	4,604.39	4,681.10	4,765.11
Free cash flowKRW 100M	-833	-1,131	-346	-798	-203	316	242	46	114	433	47	—
FCF margin%	-22.81	-35.13	-11.35	-27.55	-5.42	9.17	7.49	1.16	2.57	11.20	1.34	—
OCF conversion%	427.90	373.69	—	—	—	—	389.70	1,676.85	58.38	270.17	513.71	—
Capex to revenue%	31.94	51.34	11.72	4.69	4.79	2.56	1.15	1.17	1.92	6.06	6.61	—
Receivable daysdays	—	102.3	96.7	124.1	125.6	143.6	152.3	140.1	134.3	160.0	166.2	—
Inventory daysdays	—	108.9	124.5	170.9	159.6	163.6	152.9	121.6	123.8	130.6	129.7	—
Payable daysdays	—	140.6	103.9	96.0	78.7	78.1	77.0	70.0	67.5	69.9	75.3	—
Cash conversion cycledays	—	70.6	117.3	199.0	206.5	229.1	228.2	191.7	190.6	220.7	220.6	—
EPSKRW	429	764	-298	-1,633	-1,690	-4,681	357	27	1,707	1,234	271	—
PERx	—	29.38	—	—	—	—	35.01	362.96	9.95	9.64	95.02	—
BPS	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable
PBR	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable
Dividend per share	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable

Separate basis

Profit flowKRW 100M

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

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
	8,602	9,769	10,016	10,307	9,933*	8,008	7,720	7,589	7,432	8,126	8,099
	3,293	3,312	3,738	4,030	3,960*	3,464	3,346	3,302	3,295	3,055	2,872
Cash and cash equivalentsKRW 100M	457	635	384	110	192*	455	218	361	260	227	226
Short-term financial instrumentsKRW 100M	965	1,049	1,447	1,104	572	283	418	35	15	0	8
InventoriesKRW 100M	749	859	987	1,690	1,517*	1,321	1,134	1,292	1,258	1,139	1,095
Trade and other receivablesKRW 100M	1,084	722	891	1,078	1,496*	1,214	1,476	1,547	1,719	1,667	1,517
	5,308	6,457	6,278	6,276	5,973*	4,544	4,374	4,287	4,137	5,071	5,227
Property, plant and equipmentKRW 100M	4,983	6,128	5,933	5,858	5,608*	4,330	4,186	4,061	3,947	4,879	4,943
Intangible assetsKRW 100M	6	6	4	4	4*	4	4	4	4	4	4
Investments in associatesKRW 100M	118	127	132	136	168*	172	—	—	—	—	—
	2,782	3,426	3,729	4,277	4,251*	3,338	2,964	2,775	2,308	2,081	2,005
	1,313	924	740	1,704	1,337*	1,092	1,125	1,069	991	964	1,467
Trade and other payablesKRW 100M	1,202	874	667	838	745*	610	626	770	620	662	635
Short-term borrowingsKRW 100M	64	29	52	835	550	447	400	194	326	—	—
Current lease liabilitiesKRW 100M	—	—	—	—	—	1	0	0	—	0	—
	1,469	2,502	2,989	2,573	2,914*	2,245	1,839	1,706	1,317	1,118	538
Long-term borrowingsKRW 100M	1,041	2,067	2,562	2,044	2,300	1,900	1,500	1,400	1,040	650	100
Non-current lease liabilitiesKRW 100M	—	—	—	—	—	0	—	—	—	—	—
	5,820	6,343	6,287	6,030	5,682*	4,670	4,756	4,814	5,124	6,045	6,094
	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable
Issued capitalKRW 100M	91	100	100	100	100	100	100	100	100	100	100
Capital surplusKRW 100M	Not applicable	Not applicable	1,508	1,508	1,508	1,508	1,508	1,508	1,508	1,508	1,508
Retained earningsKRW 100M	3,938	4,076	4,021	3,703	3,424*	2,423	2,517	2,538	2,879	3,098	3,175
Other equityKRW 100M	659	659	659	718	651*	639	630	668	637	1,339	1,311
Non-controlling interestsKRW 100M	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable

당기법인세자산As filed	0	2	9	7	7	8	—	2	0	0	3
기타유동자산As filed	38	44	21	41	24	57	32	31	28	22	22
단기기타금융자산As filed	—	—	—	—	—	126	67	34	15	0	—
장기금융상품As filed	0	0	0	0	0	0	0	0	2	3	5
장기매출채권 및 기타채권As filed	—	—	31	29	6	4	4	5	7	—	—
매출채권 및 기타비유동채권As filed	—	—	—	—	—	—	—	—	—	9	111
당기손익-공정가치측정금융자산As filed	—	—	—	0	152	—	—	—	—	—	—
장기기타금융자산As filed	—	—	—	—	—	34	181	218	178	176	165
매도가능금융자산As filed	58	61	70	—	0	—	—	—	—	—	—
자본과부채총계As filed	8,602	9,769	10,016	10,307	9,933	8,008	7,720	7,589	7,432	8,126	8,099
기타포괄손익-공정가치측정금융자산As filed	—	—	—	143	39	—	—	—	—	—	—
당기법인세부채As filed	34	2	—	—	0	—	1	—	9	4	0
투자부동산As filed	112	111	109	107	147	—	—	—	—	—	—
단기차입금As filed	—	—	—	—	—	—	—	—	—	250	780
기타유동부채As filed	13	20	22	32	42	35	98	105	—	—	—
기타 유동부채As filed	—	—	—	—	—	—	—	—	36	48	52
장기매입채무 및 기타채무As filed	—	—	20	43	37	15	12	9	12	7	—
순확정급여부채As filed	26	20	9	30	70	63	57	27	31	—	—
장기매출채권 및 기타비유동채권As filed	30	25	—	—	—	—	—	—	—	—	—
이연법인세부채As filed	402	413	397	456	507	267	270	270	233	396	425
단기기타금융부채As filed	—	—	—	—	—	0	—	—	—	—	—
비유동 순확정급여부채As filed	—	—	—	—	—	—	—	—	—	65	13
당기손익-공정가치측정 금융부채As filed	—	—	—	0	0	—	—	—	—	—	—
장기매입채무 및 기타비유동채무As filed	1	1	—	—	—	—	—	—	—	—	—
기타불입자본As filed	1,133	1,508	—	—	—	—	—	—	—	—	—
온실가스배출충당부채As filed	—	0	—	—	—	—	—	—	—	—	—

Income statement

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
	3,653	3,220	3,044	2,895	3,740*	3,444	3,223	3,939	4,438	3,863	3,497
Cost of salesKRW 100M	3,196	2,695	2,707	2,860	3,668*	3,166	2,930	3,641	3,759	3,349	3,144
Gross profitKRW 100M	457	525	337	36	72*	278	293	298	679	514	352
SG&A expensesKRW 100M	158	184*	380	356	373*	265	242	268	284	286	302
	61	129	-44	-320	-300*	13	51	29	395	228	50
Finance incomeKRW 100M	27	31	40	54	42*	92	83	61	47	77	63
Finance costsKRW 100M	4	13	66	73	83*	170	52	122	130	78	56
Other incomeKRW 100M	111	99	89	70	105*	35	11	35	27	20	15
Other expensesKRW 100M	100	86	90	22	51*	1,154	18	2	12	7	11
Share of profit of associatesKRW 100M	6	9	—	—	—	—	—	—	0	—	—
	101	169	-66	-288	-284*	-1,179	76	1	328	241	61
Income tax expenseKRW 100M	23	29	6	-39	-54*	-242	4	4	-14	-6	7
	78	140	-60	-327	-338*	-937	71	5	342	247	54
Attributable to ownersKRW 100M	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable
Attributable to minoritiesKRW 100M	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable
Basic earnings per shareKRW	429	764	-298	-1,633	-1,690*	-4,681	357	27	1,707	1,234	271
Diluted earnings per shareKRW	429	764	-298	-1,633	-1,690*	-4,681	357	27	1,707	1,234	271
	70	138	-55	-258	-347*	-944	85	58	310	920	49
Other comprehensive incomeKRW 100M	-8	-2	4	69	-9	-7	14	53	-31	674	-5

판매비As filed	—	—	15	15	16	—	—	—	—	—	—
관리비As filed	—	—	143	144	159	—	—	—	—	—	—
지분법투자손익As filed	—	—	—	—	—	5	1	0	—	—	—
물류비As filed	—	—	198	176	182	—	—	—	—	—	—
연구개발비As filed	—	—	24	21	16	—	—	—	—	—	—
후속적으로 당기손익으로 재분류되지 않는 항목As filed	-8	-2	—	—	—	-7	14	53	-31	674	-5
당기손익으로 재분류되지 않는 항목과 관련된 법인세As filed	—	—	1	19	-3	—	—	—	9	-178	-22
기타포괄손익-공정가치측정 금융자산 평가손익As filed	—	—	—	—	—	—	-12	37	—	-2	-12
종업원급여 재측정요소As filed	—	—	—	—	—	5	30	20	-1	-35	29
재평가잉여금As filed	—	—	—	—	1	-10	—	8	—	888	—
지분법이익As filed	—	—	5	4	3	—	—	—	—	—	—
기타포괄손익-공정가치측정금융자산관련손익As filed	—	—	—	—	—	—	—	—	-39	—	—
당기손익으로 재분류되지 않는 항목의 법인세As filed	2	0	—	—	—	-2	4	-12	—	—	—
기타포괄손익-공정가치 측정 금융자산 평가손익As filed	—	—	—	97	15	-4	—	—	—	—	—
물류원가As filed	238	211	—	—	—	—	—	—	—	—	—
당기손익으로 재분류되지 않는 항목(세전기타포괄손익)As filed	—	—	4	69	-9	—	—	—	—	—	—
확정급여제도의 재측정손익(세전기타포괄손익)As filed	—	—	6	-9	-28	—	—	—	—	—	—
자산재평가잉여금As filed	0	0	—	—	—	—	—	—	—	—	—
확정급여제도의 재측정요소As filed	-10	-2	—	—	—	—	—	—	—	—	—

Cash flow statement

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Net incomefrom the income statement	78	140	-60	-327	-338	-937	71	5	342	247	54
Total adjustments to operating cash flowcomputed	256	382	71	-335	315	1,341	207	86	-142	420	224
	334	522	11	-662	-23*	404	278	92	199	667	278
Interest receivedKRW 100M	30	29	32	46	43	33	15	13	8	10	9
Interest paidKRW 100M	10	46	66	73	82	60	44	66	80	55	32
DepreciationKRW 100M	—	—	307	308	313*	304	189	193	198	197	195
AmortisationKRW 100M	—	—	0	0	0*	2	—	—	—	—	—
Income taxes paidKRW 100M	25	52	19	-2	0	-21	-5	4	3	14	8
	-865	-1,714	-795	124	136*	391	-66	368	-67	-237	-253
Purchase of property, plant and equipmentKRW 100M	1,167	1,653	357	136	179*	88	37	46	85	234	231
Proceeds from sale of property, plant and equipmentKRW 100M	0	0	0	1	3	1	2	2	1	0	Not applicable
Purchase of intangible assetsKRW 100M	Not applicable	1	0	Not applicable	0	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable
Cash flows from financing activitiesKRW 100M	604	1,368	546	264	-27	-505	-448	-307	-229	-468	-24
Cash at beginning of periodKRW 100M	Not applicable	Not applicable	635	384	110	192	455	218	361	260	227
	Not applicable	Not applicable	384	110	192*	455	218	361	260	227	226
Effect of exchange rate changesKRW 100M	-0	3	-13	-0	-3	-29	-2	-10	-5	4	-2
Net change in cash and cash equivalentsKRW 100M	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	143	-101	-34	-0

당기순이익(손실)As filed	—	—	-60	-327	-338	-937	71	5	—	—	—
보증금의 감소As filed	—	—	0	14	3	2	—	3	0	2	4
영업활동에서 창출된 현금흐름As filed	337	589	—	—	—	—	—	—	—	—	—
당기순이익As filed	78	140	—	—	—	—	—	—	342	247	54
당기순이익조정을 위한 가감As filed	—	—	361	397	461	—	—	—	—	257	239
리스부채의 상환As filed	—	—	—	—	—	—	—	1	0	0	—
조정사항As filed	149	188	—	—	—	1,293	256	310	318	—	—
법인세비용As filed	23	29	-6	39	54	—	—	—	—	—	—
법인세비용(수익)As filed	—	—	—	—	—	—	4	—	—	—	—
법인세비용(이익)As filed	—	—	—	—	—	-242	—	-4	-14	—	—
보증금의 증가As filed	23	1	-24	5	-2	-2	—	-4	—	0	0
차입금의 증가As filed	—	—	—	—	—	—	—	5,671	5,307	1,972	2,834
퇴직급여As filed	12	16	22	21	24	32	29	24	21	—	—
차입금의 상환As filed	1,103	930	276	738	4,106	4,308	4,190	5,978	5,536	2,438	2,854
감가상각비As filed	113	160	—	—	—	—	—	—	—	—	—
임차보증금의 감소(증가)As filed	—	—	—	—	—	—	—	—	-2	—	—
투자부동산상각비As filed	2	2	2	2	2	—	—	—	—	—	—
당기손익-공정가치측정금융자산의 감소As filed	—	—	—	—	—	189	62	30	—	0	0
대손상각비As filed	21	15	9	7	17	—	—	—	15	—	—
무형자산상각비As filed	—	0	—	—	—	—	—	—	—	—	—
유형자산손상차손As filed	—	—	—	—	—	1,140	—	—	—	—	—
단기금융상품의 감소As filed	2,912	4,082	—	4,150	2,371	1,830	1,000	1,408	355	15	83
대손상각비환입As filed	—	—	—	—	—	—	-6	—	—	—	—
외화환산손실As filed	17	9	28	6	16	47	3	24	8	—	—
임차보증금의 감소As filed	—	—	—	—	—	—	-0	—	—	0	—
금융원가As filed	4	13	—	—	—	60	44	—	—	—	—
대손상각비(환입)As filed	—	—	—	—	—	-20	—	16	—	—	—
사용권자산손상차손As filed	—	—	—	—	—	1	—	—	—	—	—
온실가스배출비As filed	—	0	0	—	—	—	—	—	—	—	—
임차보증금의 증가As filed	—	—	—	—	—	—	—	—	—	0	—
단기대여금의 감소As filed	—	—	—	1	52	157	112	72	95	70	102
무형자산손상차손As filed	—	—	—	—	—	11	—	—	—	—	—
외화환산이익As filed	-10	-16	14	2	4	1	1	1	3	—	—
금융이익As filed	-27	-31	40	53	40	30	14	—	—	—	—
유형자산처분손실As filed	—	0	0	0	1	0	0	0	2	—	—
지분법투자이익As filed	-6	-9	5	4	3	5	1	—	—	—	—
금융보증비용(환입)As filed	—	—	—	—	—	—	-1	-0	—	—	—
금융비용As filed	—	—	66	73	82	—	—	66	80	—	—
유형자산처분이익As filed	-0	-0	0	0	0	1	2	1	1	—	—
무형자산처분이익As filed	-0	0	0	—	0	—	—	—	—	—	—
장기금융상품의 증가As filed	—	—	—	162	0	0	—	—	2	2	2
영업활동으로 인한 자산부채의 변동As filed	109	261	—	—	—	—	—	—	—	—	—
단기금융상품의 증가As filed	-2,583	-4,166	—	3,645	1,890	1,542	1,134	1,027	335	0	91
매출채권의 (증가)감소As filed	75	329	—	—	—	—	—	—	—	—	—
금융보증비용As filed	—	—	—	—	—	2	—	—	—	—	—
기타채권의 (증가)감소As filed	8	-3	—	—	—	—	—	—	—	—	—
만기보유금융자산의 취득As filed	—	—	—	—	—	—	—	—	—	2	—
지분법투자주식처분손실As filed	—	—	—	—	—	—	14	—	—	—	—
단기대여금의 증가As filed	—	—	—	85	230	0	70	70	95	90	114
재고자산의 (증가)감소As filed	172	-99	—	—	—	—	—	—	—	—	—
기타유동자산의 (증가)감소As filed	-11	-5	—	—	—	—	—	—	—	—	—
무형자산처분손실As filed	—	—	0	—	0	—	—	—	—	—	—
주임종단기채권의 감소As filed	0	0	0	0	0	0	0	0	—	0	0
파생금융자산평가손실As filed	—	—	—	0	—	—	—	—	—	—	—
매입채무의 증가(감소)As filed	-86	-104	-13	83	13	-50	—	100	—	34	-45
주임종단기채권의 증가As filed	-0	-0	0	0	0	0	—	—	0	—	—
파생금융자산거래이익As filed	—	—	—	1	—	—	—	—	—	—	—
기타채무의 증가(감소)As filed	-16	162	86	5	-44	-56	10	48	-37	3	4
매출채권처분손실As filed	—	—	—	—	1	0	—	—	0	—	—
영업에서 창출된 현금흐름As filed	—	—	—	—	—	—	—	—	—	724	308
종업원과 관련하여 직·간접으로 발생하는 현금유출As filed	—	—	—	—	—	—	—	—	0	0	—
기타유동부채의 증가(감소)As filed	-17	6	2	10	10	-10	65	7	—	12	4
당기손익-공정가치측정금융자산 처분이익As filed	—	—	—	—	—	-7	2	0	—	0	—
파생금융상품평가이익As filed	—	—	—	0	—	—	—	—	—	—	—
영업활동으로 인한 자산 부채의 변동As filed	—	—	—	—	—	—	—	—	-386	221	15
잡이익As filed	—	—	8	0	0	—	—	—	—	—	—
퇴직금의 지급As filed	-3	-11	—	—	—	-12	-20	-22	-9	—	—
파생상품처분손실As filed	—	—	—	—	1	1	—	—	—	—	—
파생상품평가손실As filed	—	—	—	—	0	0	—	—	—	—	—
당기손익-공정가치측정금융자산 평가이익As filed	—	—	—	—	—	1	3	5	0	—	—
사외적립자산의 (증가)감소As filed	-12	-13	—	—	—	—	—	—	—	—	—
사외적립자산의 감소As filed	—	—	—	—	—	-21	—	—	-8	—	—
당기손익-공정가치측정금융자산 평가손실As filed	—	—	—	—	—	1	1	9	19	—	—
사외적립자산의공정가치의 감소(증가)As filed	—	—	-19	3	-4	—	—	—	—	-19	-23
기타비유동부채의 증가(감소)As filed	—	—	—	—	—	—	—	—	6	—	—
파생상품처분이익As filed	—	—	—	—	1	0	—	—	—	—	—
국고보조금의 수령As filed	—	—	—	—	—	—	—	—	—	7	—
금융수익As filed	—	—	—	—	—	—	—	10	8	11	10
퇴직금의지급As filed	—	—	—	—	—	—	—	—	—	8	27
파생상품평가이익As filed	—	—	—	—	0	0	—	—	—	—	—
기타채권의 감소(증가)As filed	—	—	3	0	26	0	-2	-0	—	1	-0
잡손실As filed	—	—	—	—	—	1	—	—	—	—	—
재고자산의 증가As filed	—	—	—	—	—	139	—	—	31	—	—
기타유동자산의 증가As filed	—	—	—	—	—	—	—	—	-2	—	—
영업활동으로인한자산ㆍ부채의변동As filed	—	—	-239	-710	-109	54	-25	-167	—	—	—
재고자산의 감소(증가)As filed	—	—	-128	-697	173	—	—	-188	—	118	26
기타수익비용As filed	—	—	—	—	—	—	2	—	2	0	—
당기손익-공정가치측정금융자산평가이익As filed	—	—	—	—	1	—	—	—	—	—	—
매출채권의 증가As filed	—	—	—	—	—	—	—	—	-187	—	—
기타유동자산의 감소(증가) 조정As filed	—	—	—	—	—	—	—	—	—	6	-1
기타채권의 증가As filed	—	—	—	—	—	—	—	—	-1	—	—
매출채권의 감소(증가)As filed	—	—	-185	-81	-292	97	-300	-101	—	74	76
기타유동부채의 증가As filed	—	—	—	—	—	—	—	—	-71	—	—
기타유동자산의 감소(중가)As filed	—	—	—	—	—	—	—	1	—	—	—
당기손익-공정가치측정금융자산 처분손실As filed	—	—	—	—	—	1	—	—	—	—	—
매입채무의 증가As filed	—	—	—	—	—	—	—	—	-109	—	—
배당금의 수취As filed	2	2	—	—	—	0	—	—	—	—	—
재고자산의 감소As filed	—	—	—	—	—	—	187	—	—	—	—
기타유동자산의 감소(증가)As filed	—	—	23	-20	17	-33	25	—	—	—	—
대손상각비 조정As filed	—	—	—	—	—	—	—	—	—	12	-13
매입채무의 감소As filed	—	—	—	—	—	—	-4	—	—	—	—
유형자산처분이익 조정As filed	—	—	—	—	—	—	—	—	—	0	0
사외적립자산의 감소(증가)As filed	—	—	—	—	—	—	14	-12	—	—	—
외화환산이익 조정As filed	—	—	—	—	—	—	—	—	—	18	7
국공채의 감소As filed	0	27	0	0	20	2	—	—	—	—	—
유형자산처분손실 조정As filed	—	—	—	—	—	—	—	—	—	0	1
외화환산손실 조정As filed	—	—	—	—	—	—	—	—	—	0	6
장기금융상품의 처분As filed	0	0	0	—	—	—	—	—	—	—	—
기타의 대손상각비 조정As filed	—	—	—	—	—	—	—	—	—	—	-1
보증금의 회수As filed	16	—	—	—	—	—	—	—	—	—	—
퇴직급여채무의 증가(감소)As filed	—	—	-9	-13	-7	—	—	—	—	—	—
퇴직급여 조정As filed	—	—	—	—	—	—	—	—	—	25	27
배당금수취(영업)As filed	—	—	2	2	2	—	—	—	1	1	1
배당수익에 대한 조정As filed	—	—	—	—	—	—	—	—	—	1	1
보증금의 회수(감소)As filed	—	0	—	—	—	—	—	—	—	—	—
국공채의 증가As filed	-20	-0	1	1	0	0	—	—	—	—	—
금융원가의 조정As filed	—	—	—	—	—	—	—	—	—	55	33
무형자산의 처분As filed	1	0	2	—	0	—	—	—	—	—	—
단기금융상품의 처분As filed	—	—	4,814	—	—	—	—	—	—	—	—
법인세비용 조정As filed	—	—	—	—	—	—	—	—	—	-6	7
단기대여금및수취채권의 처분As filed	—	—	130	—	—	—	—	—	—	—	—
장기금융상품의 취득As filed	0	0	0	—	—	—	—	—	—	—	—
매도가능금융자산의증가As filed	—	-2	—	—	—	—	—	—	—	—	—
배당금수익(금융수익)As filed	—	—	—	—	—	—	—	—	1	—	—
금융보증비용(손실)As filed	—	—	—	—	—	—	—	—	-0	0	—
당기손익인식금융자산평가이익 조정As filed	—	—	—	—	—	—	—	—	—	0	—
상각후원가측정금융자산의 감소As filed	—	—	—	—	—	—	0	—	—	—	—
매출채권처분손실 조정As filed	—	—	—	—	—	—	—	—	—	0	—
차입금의 차입As filed	1,705	1,912	—	—	—	3,805	3,743	—	—	—	—
매도가능금융자산의 처분As filed	—	—	7	—	—	—	—	—	—	—	—
당기손익인식금융자산평가손실 조정As filed	—	—	—	—	—	—	—	—	—	15	—
임대보증금의 감소As filed	0	—	0	—	—	—	-0	—	—	—	—
기타금융자산의 처분As filed	—	—	—	1	0	—	—	—	—	—	—
단기금융상품의 취득As filed	—	—	5,212	—	—	—	—	—	—	—	—
리스부채의 지급As filed	—	—	—	—	—	1	1	—	—	—	—
단기대여금및수취채권의 취득As filed	—	—	130	—	—	—	—	—	—	—	—
신주인수권의 행사As filed	0	385	—	—	0	—	—	—	—	—	—
현금및현금성자산의 증가(감소)As filed	—	—	—	—	—	291	-235	—	—	—	—
국고보조금의 수취As filed	1	1	—	—	—	—	—	—	—	—	—
미수금의 감소As filed	0	—	—	—	—	—	—	—	—	—	—
유형자산손상차손환입As filed	—	—	—	—	—	—	—	—	—	10	—
매도가능금융자산의 취득As filed	—	—	16	—	—	—	—	—	—	—	—
유상증자 대금의 납입As filed	0	—	—	—	—	—	—	—	—	—	—
미지급금의 증가As filed	0	—	—	—	—	—	—	—	—	—	—
기타금융자산의 감소As filed	—	—	—	—	—	0	—	—	—	—	—
임대보증금의 증가As filed	1	-1	—	—	0	—	—	—	—	—	—
장기대여금의 증가As filed	—	—	—	15	—	—	—	—	—	—	—
기타포괄손익-공정가치측정금융자산의 감소As filed	—	—	—	—	119	0	—	—	—	—	—
장기금융상품의 감소As filed	—	—	—	—	0	—	—	—	—	—	—
장기대여금및수취채권의 취득As filed	—	—	9	—	—	—	—	—	—	—	—
차입금As filed	—	—	807	1,001	4,078	—	—	—	—	—	—
정부보조금의 수취As filed	—	—	14	0	0	0	—	—	—	—	—
당기손익-공정가치측정금융자산의 증가As filed	—	—	—	—	—	157	—	—	—	—	—
신주발행비As filed	0	-0	—	—	0	—	—	—	—	—	—
전환권/신주인수권 행사로 인한 현금유입As filed	—	—	0	—	—	—	—	—	—	—	—
현금의 증가(감소)As filed	73	175	-238	-274	86	—	—	—	—	—	—
기초의 현금As filed	384	457	—	—	—	—	—	—	—	—	—
기말의 현금As filed	457	635	—	—	—	—	—	—	—	—	—
기타포괄손익-공정가치측정금융자산의 증가As filed	—	—	—	—	0	0	—	—	—	—	—
당기손익-공정가치측정금융자산의증가As filed	—	—	—	—	100	—	—	—	—	—	—
관계기업투자주식의 증가As filed	—	—	—	—	30	0	—	—	—	—	—
신주발행비 지급As filed	—	—	0	—	—	—	—	—	—	—	—
파생금융부채의 감소As filed	—	—	—	—	—	-1	—	—	—	—	—
매도가능금융자산의 증가As filed	—	—	—	—	0	—	—	—	—	—	—
금융리스부채의 지급As filed	—	—	—	—	1	—	—	—	—	—	—

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 year	Opinion	Auditor	Fiscal year end
2025	적정의견Term 39	성현회계법인	2025-12-31
2024	적정의견Term 38	동현회계법인	2025-12-31
2023	적정의견Term 37	동현회계법인	2025-12-31
2022	적정Term 36	동현회계법인	2022-12-31
2021	적정Term 35	현대회계법인	2022-12-31
2020	감사범위 제한으로 인한 한정Term 34	삼덕회계법인	2022-12-31
2019	적정Term 33	안경회계법인	2019-12-31
2018	적정Term 32	안경회계법인	2019-12-31
2017	적정Term 31	안경회계법인	2019-12-31
2016	적정Term 30	안경회계법인	2016-12-31
2015	적정Term 29	안경회계법인	2016-12-31
2014	적정Term 28	안경회계법인	2016-12-31

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.

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 3Y0.97

Equity risk premium%

Terminal growth%

Cost of equity9.27%

Weighted average cost of capital9.25%

Initial growth2.0%

Effective tax rate11.9%

Base fiscal year2025

Current priceKRW35,550

The risk premium and the terminal growth rate are adjustable assumptions, and the rest follow from the data and the formulas.

Model	Model priceKRW	Versus current price
Gordon growth model	No dividend
Dividend discount model DDM	No dividend
Discounted cash flow FCFF	5,941	-83.3%
Discounted cash flow FCFE	Base-year cash flow not positive
Residual income model RIM	No 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 = r_f + \beta \times \mathit{ERP}

r = 4.40% + 0.97 × 5.00% = 9.27%

Initial growth

g_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%

Discounted cash flow FCFF

\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 = 278.2 − 231.2 + 32.4 × (1 − 11.88%) = 75.5 KRW hundred million

Weighted average cost of capital

E = 7,112.6, D = 100.0 KRW hundred million; equity weight = 98.61%, debt weight = 1.39%; cost of debt k_d = 9.27%

WACC = 98.61% × 9.27% + 1.39% × 9.27% × (1 − 11.88%) = 9.25%

V_{\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}}

Year	Growth	Cash flow KRW hundred million	Discount factor	Present value KRW hundred million
1	2.00%	77.0	0.9153	70.5
2	2.00%	78.6	0.8378	65.8
3	2.00%	80.2	0.7668	61.5
4	2.00%	81.8	0.7019	57.4
5	2.00%	83.4	0.6425	53.6
Terminal value	2.00%	1,172.9	0.6425	753.6
Total				1,062.4

Firm value = 1,062.4; less borrowings 100.0; plus cash 226.3 → 1,188.6 KRW hundred million

P_0 = 1,188.6 KRW hundred million ÷ 20,007,381 (shares) = 5,941 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.

A model price is the arithmetic outcome of the stated assumptions, and is neither a target price nor a basis for an investment decision.
The cost of equity is the risk-free rate plus beta times the equity risk premium, and the risk premium and the terminal growth rate are assumptions the reader may change.
The cash flow models take borrowings and cash only from years in which the filer itemized those lines, and a year without them yields no figure.
Every model assumes the newest fiscal year's figures grow at a rate that converges in equal steps from the first year's rate to the terminal rate by the fifth year, and paths outside that assumption are not represented.

Price chart