Korea Gas Corp: Higher Operating Profit and Low Book Multiple, Alongside Heavy Leverage

Korea Gas Corporation (KOSPI: 036460) closed at ₩36,050 on 2026-10-12, with a market cap of ₩3.3T, and trades at 0.3x book value. Trailing operating income of ₩2.4T and net income of ₩568B are well above 2025, but leverage is high at 345.3% liabilities to equity.

Written Oct 13, 2026 · Data as of Oct 12, 2026 · 0 views

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Thesis

The data supports an improving earnings picture: trailing net income of ₩568B compares with ₩133M... correction: ₩133B in 2025, and operating margin has risen to 7.1% from 5.9%. The shares trade at 0.3x book and 5.9x trailing earnings, with a 3.0% dividend yield. The data does not support a clean quality story, though. Revenue has fallen for three straight years, return on equity is only 5.0%, and liabilities are 3.5 times equity. Earnings have also swung widely, from a ₩761B loss in 2023 to ₩1.1T profit in 2024. Investor flow, foreign ownership and short-interest data are not available, so positioning cannot be assessed.

Business overview

Korea Gas Corporation is a KOSPI-listed company in the Utilities sector. It was founded on 1983-08-18 and listed on 1999-12-15, with 92,313,000 shares outstanding. The CEO is listed as 홍의락. Revenue was ₩27.5T in 2021 and peaked at ₩51.7T in 2022, when it grew 87.9%. It has since declined to ₩44.6T in 2023, ₩38.4T in 2024 and ₩35.7T in 2025. The data does not describe the company's products or operations beyond its sector.

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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

Source: KRX statistical information