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377300KOSPI

Kakaopay

38,450
-1,150 (-2.90%)

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

Kakaopay Corp. was established on April 3, 2017, through a contribution in kind of fintech assets and liabilities from Kakao Corp. The company is listed on the KOSPI market.

The company operates a fintech platform providing payment, financial, and platform services. Its offerings include online and offline payments, loan comparison, and insurance and securities services provided through its subsidiaries.

Company overview

가. 연결대상 종속회사 개황

가-1. 연결대상회사의 변동내용

나. 회사의 법적ㆍ상업적 명칭

당사의 명칭은 '주식회사 카카오페이'라고 표기하며, 영문으로는 'kakaopay Corp.' 라 표기합니다.

다. 설립일자당사는 주식회사 카카오로부터 핀테크 사업과 관련한 자산ㆍ부채를 현물출자 받아 2017년 4월 3일 주식회사 카카오페이로 설립되었으며, 2021년 11월 3일에 유가증권시장(KOSPI)에 상장하였습니다.

라. 본사의 주소, 전화번호, 홈페이지 주소

마. 중소기업 등 해당 여부

바. 주요 사업의 내용 및 향후 추진하려는 신규사업에 관한 간략한 설명

당사는 핀테크 기업으로서 2014년 9월 국내 최초로 간편결제 서비스를 시작하였고, 이후 송금 및 금융 등 다양한 서비스를 차례로 론칭하며 핀테크 시장을 선도하고 있습니다. 카카오페이 플랫폼을 통해 이루어지는 주요 서비스는 결제서비스, 금융서비스 및 플랫폼서비스(광고, 카드추천, 통신중개 서비스 등)가 있습니다. 결제서비스는 새로운 결제 방식을 도입하고 국내외 가맹점을 늘려가며, 카카오페이 온오프라인 결제 커버리지를 빠르게 늘려가고 있습니다. 대출비교 서비스 및 금융사 연계 플랫폼 서비스, 자회사가 수행하는 금융상품에 대한 제휴서비스 등을 통해 금융서비스 영역 또한 확장해 나가고 있습니다. 특히 당사의 자회사인 카카오페이손해보험에서 생활 밀접형 보험 상품을 출시하고, 카카오페이증권을 통해 '주식매매서비스' 등을 제공하며 이용자에게 새롭고 혁신적인 금융 경험을 지속적으로 제공하기 위해 노력하고 있습니다.

사. 신용평가에 관한 사항

당사는 사업보고서 작성기준일 현재 해당사항이 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 2026.03.12), 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

5.01%
[2.75%, 9.63%] · 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 47.2% (2026-07-09). 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

0.54
Beta [0.37, 0.70] · KOSPI200 · As of 2026-10-08
Intercept
-0.269%[-0.696%, +0.158%]
R squared
0.21
Observations
252
Trading-time corrected beta
0.48[0.27, 0.68]
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

202020212022202320242025TTM
RevenueKRW 100M———6,1547,6629,58411,435
Revenue growth%————24.5225.08—
Operating incomeKRW 100M-179-272-455-566-5755041,275
Net incomeKRW 100M-251-339268-229-2155571,115
Net income growth%———-185.49———
Attributable to ownersKRW 100M-206-22954025-137452878
Attributable to minoritiesKRW 100M-45-109-272-254-78105237
Operating margin%———-9.20-7.505.2611.15
Net margin%———-3.72-2.815.819.75
ROE%-11.28-1.352.990.13-0.742.384.45
ROA%-2.07-0.990.80-0.58-0.491.041.62
Debt ratio%491.7691.1774.59105.01131.04173.70236.54
Current ratio%117.36271.42258.61215.17164.12147.34134.96
Reserve ratio%1,534.512,451.262,485.642,449.672,426.922,469.882,571.49
Free cash flowKRW 100M2771,383-8732,4181,1821,033—
FCF margin%———39.2915.4310.78—
OCF conversion%——-212.23——213.00—
Capex to revenue%———1.841.151.60—
Receivable daysdays————6.56.9—
EPSKRW-202-19840719-102335649
PERx——133.172,594.74—146.5763.27
BPSKRW—12,83913,58313,98113,82414,06214,584
PBRx—13.593.993.531.903.492.81
Dividend per shareNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicable

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.

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

202020212022202320242025
12,08034,32733,315*39,66544,14753,396
10,03816,37114,233*20,31725,03933,887
2,04117,95619,082*19,34819,10819,509

Income statement

202020212022202320242025
Not applicableNot applicableNot applicable6,1547,6629,584
-179-272-455*-566-575504
-258-260-77*-56-54775
-251-339268*-229-215557
Basic earnings per shareKRW-202-19840719-102335
Diluted earnings per shareKRW-202-19839919-102335
-276-336294*-274-242535

Cash flow statement

202020212022202320242025
Net incomefrom the income statement-251-339268-229-215557
Total adjustments to operating cash flowcomputed5761,905-8372,7601,486629
3261,567-5692,5311,2701,186
-1,939-9,9683,834-4,1721,913-536
1,67715,956-35-422-12027
Cash at beginning of periodKRW 100M3,7873,85011,40414,63512,57315,642
3,85011,40414,63512,57315,64216,315
Net change in cash and cash equivalentsKRW 100M637,5553,231-2,0633,070672

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 2026.03.12.

Audit opinion

Fiscal yearOpinionAuditorFiscal year end
2025적정의견Term 9삼일회계법인2025-12-31
2024적정의견Term 8삼일회계법인2025-12-31
2023적정의견Term 7삼일회계법인2025-12-31
2022적정의견Term 6삼일회계법인2022-12-31
2021적정의견Term 5삼정회계법인2022-12-31
2020적정의견Term 4삼정회계법인2022-12-31

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 3Y0.63
%
%
Cost of equity7.53%
Weighted average cost of capital7.52%
Initial growth2.4%
Effective tax rate28.1%
Base fiscal year2025
Current priceKRW38,450

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 FCFF27,608-28.2%
Discounted cash flow FCFE14,218-63.0%
Residual income model RIM795-97.9%
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% + 0.63 × 5.00% = 7.53%

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(2.38% × (1 − 0.00%), 0) = 2.38%

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 = 14,062 KRW, ROE = 2.38%, payout ratio = 0.00%, r = 7.53%, g_T = 2.00%

YearOpening book valueEarningsEquity chargeResidual incomeDiscount factorPresent value
114,0623351,059-7240.9300-674
214,3973431,084-7420.8648-641
314,7403511,110-7590.8042-611
415,0903591,137-7770.7479-581
515,4503681,164-7960.6955-554
Terminal value-14,6750.6955-10,207

P_0 = 14,062 + -3,061 + -10,207 = 795 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 = 1,186.2 − 153.3 + 157.7 × (1 − 28.11%) = 1,146.3 KRW hundred million

Weighted average cost of capital

E = 51,963.3, D = 389.1 KRW hundred million; equity weight = 99.26%, debt weight = 0.74%; cost of debt k_d = 7.53%

WACC = 99.26% × 7.53% + 0.74% × 7.53% × (1 − 28.11%) = 7.52%

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
12.38%1,173.60.93011,091.5
22.29%1,200.40.86511,038.4
32.19%1,226.70.8046987.0
42.10%1,252.40.7484937.2
52.00%1,277.40.6960889.1
Terminal value2.00%23,621.40.696016,441.4
Total21,384.7

Firm value = 21,384.7; less borrowings 389.1; plus cash 16,314.9 → 37,310.4 KRW hundred million

P_0 = 37,310.4 KRW hundred million ÷ 135,145,150 (shares) = 27,608 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 = 1,186.2 − 153.3 + 0.0 (net borrowing) = 1,032.9 KRW hundred million

YearGrowthCash flow KRW hundred millionDiscount factorPresent value KRW hundred million
12.38%1,057.50.9300983.4
22.29%1,081.70.8648935.4
32.19%1,105.40.8042889.0
42.10%1,128.50.7479844.0
52.00%1,151.10.6955800.6
Terminal value2.00%21,224.40.695514,762.1
Total19,214.6

P_0 = 19,214.6 KRW hundred million ÷ 135,145,150 (shares) = 14,218 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.

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