SK Innovation: Sharp Share Price Rebound While Trailing Earnings Remain Loss-Making

SK Innovation closed at ₩152,800 on 2026-10-12, up 38.7% over three months and 48.3% over one year, with a market cap of about ₩25.8T. Filed results show trailing operating profit of ₩6.6T on revenue of ₩93.3T, but a net loss of ₩1.2T.

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

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Thesis

The data supports a story of operating recovery: trailing operating margin is 7.0% after 0.6% in 2025 and 0.4% in 2024. The share price has moved well ahead of that, sitting near the 52-week high of ₩165,400 and far above the low of ₩87,700. What the data does not support is a clean earnings picture: trailing net income is still negative at -₩1.2T, ROE is -4.6%, and free cash flow is slightly negative. Leverage is notable, with liabilities at 169.7% of equity and borrowings of ₩29.2T against cash of ₩13.3T. Investor flow, foreign ownership, short balance and news data are not available, so we cannot say who is driving the rally.

Business overview

SK Innovation is listed on KOSPI in the Energy sector. It was founded on 2007-07-03 and listed on 2007-07-25, with 169,052,788 listed shares and co-CEOs listed as 추형욱 and 장용호. Revenue has ranged from ₩46.8T in 2021 to ₩78.1T in 2022 (+66.6%), then ₩77.3T in 2023, ₩74.7T in 2024 and ₩80.3T in 2025. Trailing revenue as of H1 2026 is ₩93.3T. Peers in the data are much smaller by market cap: S-Oil at ₩17.9T, Hankook Shell Oil at ₩692.9B, Michang Oil IND at ₩211.9B and Kukdong Oil & Chemicals at ₩116.5B.

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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