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KREDKRED
064400KOSPI

LG CNS

73,600
+1,700 (+2.36%)

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

LG CNS was established on January 14, 1987, as a joint venture named STM. The company is headquartered in Seoul and is listed on the KOSPI market.

The company provides IT services divided into Cloud and AI, Smart Engineering, and Digital Business Service. Its offerings include cloud migration, MSP, robot integration, system integration, and system management for various corporate customers.

Business overview as filed

당사와 연결종속회사가 영위하고 있는 주된 사업은 IT서비스로 클라우드&AI, 스마트 엔지니어링, Digital Business Service(SI/SM)로 구분할 수 있습니다. (1) 클라우드&AI 기업의 클라우드/AI 도입과 활용은 비즈니스 전 밸류체인으로 빠르게 확산되고 있습니다. 특히 AI가 사람의 개입 없이 자율적으로 계획을 수립하고 의사결정을 진행하는 Agentic AI 시대로 도약 중인 가운데, 클라우드 전환과 AI 기술 도입을 추진하는 고객에게는 클라우드 서비스 전반을 책임지는 Full Stack 클라우드 서비스 제공 역할은 물론, 효과적으로 AI 기술을 적용해 비즈니스 혁신을 함께 만들어갈 사업자의 역할이 더욱 중요해지고 있습니다.

당사는 데이터센터-인프라-클라우드-AI로 연계되는 End to End 사업 역량을 기반으로 클라우드&AI 사업 역량을 고도화하며 AX(AI Transformation) 리더십을 강화해 나가고 있습니다. 컨설팅부터 클라우드 전환/구축, MSP(Managed Service Provider), 애플리케이션 현대화(Application Modernization, AM)까지 통합적인 서비스를 제공하며, 우수한 기술 역량을 바탕으로 고객의 클라우드 이용 가치를 극대화하고 있습니다. 또한 Application 전 영역에 당사의 고도화된 AI 기술을 선제적으로 적용·확산하고 있으며, 최신 기술과 모델을 활용한 기업 맞춤형 AI 서비스를 지속 발굴하여 적용하고 있습니다.

(2) 스마트 엔지니어링 당사는 제조, 물류, 시티 등 스마트 엔지니어링 영역에서 IT 신기술 적용 및 DX(Digital Transformation) 추진을 통해 생산현장에서의 제조혁신, 유통 및 제조 공정에서의 물류혁신, 시티 영역에서의 일상생활 혁신을 위한 사업을 지속적으로 추진하고 확대해 왔습니다.

Physical AI가 새로운 패러다임으로 부상함에 따라, 스마트 엔지니어링 분야에서도 보다 실체적인 AI 기술의 적용이 본격화되고 있습니다. 이에 당사는 물류, 제조 영역 중심으로 제공하고 있는 로봇 서비스 Integration, 로봇 솔루션 사업의 확장 및 고도화를 통해 RX(Robot Transformation) 분야의 선도 입지도 함께 다져나가고 있습니다.

(3) Digital Business Service (SI/SM) 당사의 Digital Business Service는 SI(System Integration, 시스템 통합)와 SM(System Management, 시스템 운영 및 유지보수)을 포함합니다. 당사는 다양한 SI/SM 사업을 통해 축적한 도메인 기반의 전문 역량과 신기술 도입 경험을 바탕으로, 고객의 비즈니스에 실질적인 가치를 제공하는 디지털 파트너로서의 입지를 더욱 공고히 하고 있습니다. 빅데이터, 클라우드와 더불어 최근에는 AI를 적용하는 융합 SI 프로젝트가 빠르게 확대되고 있습니다. 이에 당사는 SI/SM 사업 수행 시에도 AI를 포함한 신기술을 융합하여 IT 서비스 구축 및 유지관리, 관련 컨설팅 등을 아우르는 디지털 서비스를 제공하고 있습니다.

당사는 IT서비스 단일 사업부문으로 2025년 연결기준 매출은 전년 동기 대비 1,469억원 증가한 6조 1,295억원 입니다.

Company overview

가. 연결대상 종속회사 개황

(1) 연결대상 종속회사 현황(요약)

(2) 연결대상회사의 변동내용

나. 회사의 법적, 상업적 명칭

당사의 명칭은 『주식회사 엘지씨엔에스』이며, 영문으로는 『LG CNS Co.,Ltd.』로 표기합니다.

다. 설립일자

당사는 1987년 1월 14일에 합작법인 STM (System Technology Management)으로 설립되었습니다.

라. 본사의 주소, 전화번호, 홈페이지 주소

◆ 주 소 : 서울특별시 강서구 마곡중앙8로 71(마곡동)◆ 전화번호 : 02-3777-1114◆ 홈페이지 : http://www.lgcns.com

마. 중소기업 해당 여부

당사는 중소기업기본법 제2조에 의한 중소기업에 해당되지 않습니다.

바. 주요 사업의 내용

당사의 사업은 크게 클라우드&AI, 스마트 엔지니어링, Digital Business Service로 구성되어 있습니다.

사. 신용평가에 관한 사항

【국내 신용등급 체계 및 등급정의】

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 2026.03.16), 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

3.93%
[2.32%, 6.63%] · As of 2026-09-30
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 59.5% (2026-07-30). 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

0.67
Beta [0.47, 0.88] · KOSPI200 · As of 2026-10-06
Intercept
-0.149%[-0.643%, +0.345%]
R squared
0.27
Observations
252
Trading-time corrected beta
0.85[0.47, 1.23]
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
RevenueKRW 100M49,69756,05359,82661,29562,938
Revenue growth%—12.796.732.46—
Operating incomeKRW 100M3,8544,6405,1295,5185,542
Operating income growth%—20.4110.527.60—
Net incomeKRW 100M2,6503,3243,6494,3924,825
Net income growth%—25.439.8020.35—
Attributable to ownersKRW 100M2,6543,3233,6454,3794,814
Attributable to minoritiesKRW 100M-4041311
Operating margin%7.758.288.579.008.81
Net margin%5.335.936.107.167.67
ROE%16.3217.8417.2314.9315.80
ROA%6.868.238.108.319.75
Debt ratio%137.01116.28112.2079.6861.87
Current ratio%142.02196.83185.46213.08241.46
Quick ratio%139.26192.52182.98209.82234.06
Reserve ratio%3,364.633,829.384,318.275,466.105,642.56
Free cash flowKRW 100M———3,738—
FCF margin%———6.10—
OCF conversion%60.9943.20196.0495.22—
Capex to revenue%———0.72—
Inventory daysdays—4.74.13.8—
EPSKRW3,0433,8114,1804,5494,969
PERx———13.5015.86
BPSKRW———30,27031,447
PBRx———2.032.51
Dividend per shareKRW1,1901,5201,672750—
Payout ratio%39.1139.8840.0016.49—

Consolidated basis

Profit flowKRW 100M

Revenue
61,295
Cost of sales
51,772
Gross profit
9,523
Operating income
5,518
Other
4,005
Non-operating income
414
Profit before tax
5,932
Net income
4,392
Income tax expense
1,541

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

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.

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
38,65140,40745,04552,853
22,34321,72423,81723,438
16,30818,68321,22829,414

Income statement

2022202320242025
49,69756,05359,82661,295
3,8544,6405,1295,518
3,6494,4274,8555,932
2,6503,3243,6494,392
Basic earnings per shareKRW3,0433,8114,1804,549
Diluted earnings per shareKRW3,0433,8114,1804,549
2,6493,4123,8474,434

Cash flow statement

2022202320242025
Net incomefrom the income statement2,6503,3243,6494,392
Total adjustments to operating cash flowcomputed-1,034-1,8883,505-210
1,6161,4367,1544,182
-966-1,137-133-5,302
547-2,547-1,4081,735
Cash at beginning of periodKRW 100M6,0797,2835,04610,766
7,2835,04610,76611,410
Net change in cash and cash equivalentsKRW 100MNot applicableNot applicableNot applicableNot applicable

In the latest fiscal year operating and financing activities brought cash in while investing activities spent it.

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 2026.03.16.

Audit opinion

Fiscal yearOpinionAuditorFiscal year end
2025적정의견Term 39삼일 회계법인2025-12-31
2024적정의견Term 38삼일 회계법인2025-12-31
2023적정의견Term 37삼일 회계법인2025-12-31
2022적정Term 36삼일 회계법인2022-12-31
2021적정Term 35안진 회계법인2022-12-31
2020적정Term 34안진 회계법인2022-12-31
2019적정Term 33안진회계법인2019-12-31
2018적정Term 32안진회계법인2019-12-31
2017적정Term 31안진회계법인2019-12-31
2016적정Term 30안진 회계법인2016-12-31
2015적정Term 29안진 회계법인2016-12-31
2014적정Term 28안진 회계법인2016-12-31

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%

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 · 2026-10-074.38%
BetaDaily 1Y0.67
%
%
Cost of equity7.75%
Weighted average cost of capital7.54%
Initial growth12.5%
Effective tax rate26.0%
Base fiscal year2025
Current priceKRW73,600

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 model13,307-81.9%
Dividend discount model DDM16,830-77.1%
Discounted cash flow FCFF101,109+37.4%
Discounted cash flow FCFE48,178-34.5%
Residual income model RIM83,775+13.8%
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 = 4.38% + 0.67 × 5.00% = 7.75%

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(14.93% × (1 − 16.49%), 0) = 12.47%

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 = 750 × (1 + 2.00%) / (7.75% − 2.00%) = 765 / 0.0575 = 13,307 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 = 750, g_1 = 12.47%, g_T = 2.00%, r = 7.75%

YearGrowthDividend KRWDiscount factorPresent value KRW
112.47%8440.9281783
29.85%9270.8613798
37.23%9940.7994794
44.62%1,0400.7419771
52.00%1,0600.6886730
Terminal value2.00%18,8130.688612,954
Total16,830

P_0 = 16,830 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 = 30,270 KRW, ROE = 14.93%, payout ratio = 16.49%, r = 7.75%, g_T = 2.00%

YearOpening book valueEarningsEquity chargeResidual incomeDiscount factorPresent value
130,2704,5202,3462,1740.92812,018
234,0455,0832,6382,4450.86132,106
338,2895,7172,9672,7500.79942,198
443,0646,4303,3373,0930.74192,295
548,4337,2313,7533,4780.68862,395
Terminal value61,7150.688642,494

P_0 = 30,270 + 11,011 + 42,494 = 83,775 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 = 4,181.7 − 444.2 + 197.4 × (1 − 25.97%) = 3,883.7 KRW hundred million

Weighted average cost of capital

E = 71,308.1, D = 3,897.8 KRW hundred million; equity weight = 94.82%, debt weight = 5.18%; cost of debt k_d = 5.07%

WACC = 94.82% × 7.75% + 5.18% × 5.07% × (1 − 25.97%) = 7.54%

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
112.47%4,367.90.92994,061.6
29.85%4,798.20.86474,148.9
37.23%5,145.40.80404,137.0
44.62%5,382.90.74764,024.5
52.00%5,490.60.69523,817.1
Terminal value2.00%101,061.50.695270,259.3
Total90,448.4

Firm value = 90,448.4; less borrowings 3,897.8; plus cash 11,409.9 → 97,960.5 KRW hundred million

P_0 = 97,960.5 KRW hundred million ÷ 96,885,948 (shares) = 101,109 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 = 4,181.7 − 444.2 + -1,657.5 (net borrowing) = 2,080.1 KRW hundred million

YearGrowthCash flow KRW hundred millionDiscount factorPresent value KRW hundred million
112.47%2,339.40.92812,171.2
29.85%2,569.90.86132,213.5
37.23%2,755.80.79942,203.0
44.62%2,883.00.74192,139.0
52.00%2,940.70.68862,024.8
Terminal value2.00%52,175.90.688635,925.8
Total46,677.3

P_0 = 46,677.3 KRW hundred million ÷ 96,885,948 (shares) = 48,178 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