SK: Earnings Rebound in 2026 TTM After Weak 2023-2025, Shares Up 146.6% Over One Year

Thesis

The data supports a sharp earnings recovery. Operating income over the twelve months to H1 2026 was ₩9.7T versus ₩1.8T in 2025, and net income was ₩8.0T versus ₩1.6T. ROE rose to 25.8% from 6.4%.

The data does not show what drove the rebound, so the durability of the improvement cannot be judged from it. Free cash flow was about -₩185B, so profit has not yet turned into cash on this measure.

The share price has moved from a 52-week low of ₩213,500 to a high of ₩883,000, and now sits at ₩540,000, about 38.8% below the high. That shows large volatility. Investor flows, foreign ownership, short balance and news headlines are not available, so sentiment cannot be assessed.

Business overview

SK is a holding company listed on KOSPI since 2009-11-11, with 72,502,703 listed shares. The company was founded on 1991-04-13 and the data lists Chey Tae-won and Jang Yong-ho as CEOs. Consolidated revenue is large at ₩140.3T over the latest twelve months, which reflects its consolidated group scale. Revenue was ₩98.3T in 2021, rose to ₩134.6T in 2022 (+36.8%), then fell to ₩131.2T in 2023, ₩124.7T in 2024 and ₩122.7T in 2025. The data does not break revenue down by segment.

Financial analysis

All figures come from filed financial statements (DART), consolidated where available.

TTM to H1 2026: revenue ₩140.3T, operating income ₩9.7T (6.9% margin), net income ₩8.0T (5.7% margin), ROE 25.8%.

Annual history: operating income was ₩4.9T in 2021, ₩8.0T in 2022, ₩5.1T in 2023, ₩2.4T in 2024 and ₩1.8T in 2025. Operating margin fell from 5.9% in 2022 to 1.5% in 2025. Net income was negative in 2023 (-₩776.8B) and 2024 (-₩1.3T), then ₩1.6T in 2025.

Balance sheet: cash ₩23.8T against borrowings of ₩57.9T. Liabilities to equity is 107.9%. Free cash flow over the TTM was about -₩185.5B.

Valuation

The current P/E is 4.9, P/B is 1.1 and P/S is 0.3. Dividend yield is 3.3%. Enterprise value is ₩73.2T. EV/EBITDA is not available.

Against its own history, year-end 2025 P/E was 11.6 and P/B 0.7, so the P/E is lower now because earnings rose, while P/B is higher because the price rose. Earlier year-end multiples are not available.

Against the listed peers: SK Square has P/E 4.0 and P/B 2.4; KB Financial 9.9 and 1.0; Shinhan 9.1 and 0.8; Hana 8.6 and 0.8; Woori 7.5 and 0.6. SK's P/E is below the financial holding peers and near SK Square. Its P/B is above most of the financial groups. These peers are different businesses, so the comparison is only a rough reference.

Catalysts

• Recent filings include a securities registration statement, prospectus and issuance results report in late September and early October 2026, which point to a securities issuance.
• Subsidiary decisions on money lending and debt assumption were filed on 2026-09-29, which may affect group finances.
• A change in the largest shareholder's holdings was filed on 2026-09-29, and a 5%+ holding report was filed on 2026-10-13.
• A trading plan report for executives and major shareholders' specific securities was filed on 2026-10-02.
• An amended major sales or supply contract filing was dated 2026-10-12, though the data gives no details.

Risks

• Earnings have been volatile, with net losses in 2023 and 2024 before the recent rebound.
• Free cash flow is slightly negative despite higher profit.
• Borrowings of ₩57.9T are large, and liabilities are 107.9% of equity.
• The share price has been volatile, down 7.7% in one month and 38.8% below its 52-week high.
• Missing data on investor flows, foreign ownership, short balance and news limits visibility on market positioning.

Closing view

The data shows a clear earnings recovery and a lower P/E than in 2025, alongside a strong one-year share price gain. Against this, the profit history is uneven, cash generation is negative and debt is sizable. The reasons behind the improvement and the details of recent filings are not in the data, so the evidence is mixed and supports watching how profit converts to cash in coming filings.

Model estimate of fair value

The valuation model has no estimate for this company yet (not enough data, or no positive value with the base case).

Report history

1. Oct 13, 2026InitiationSK: Earnings Rebound in 2026 TTM After Weak 2023-2025, Shares Up 146.6% Over One Year