Woori Financial Group: Steady Earnings, Sub-1.0x Book Value, Shares Down 8.3% Over the Past Month

Thesis

The data supports a picture of stable profitability. Net income rose from ₩2.5T in 2023 to ₩3.1T in 2024 and 2025, and ttm net income through H1 2026 is ₩3.2T. ROE has stayed in a range of 7.9% to 9.4%.

The shares trade at 0.6x book value and 7.5x earnings, with a 4.2% dividend yield. Against the listed peers, the P/B is the lowest in the group, while the P/E is below KB Financial (9.9) and Shinhan (9.1) and close to Hana (8.6).

What the data does not show: revenue, operating margin and net margin are not available, so top-line trends cannot be assessed. Investor flows, foreign ownership, short balance and news headlines are also not available, so the reasons for the recent 1-month decline cannot be identified. The price sits below its 52-week high of ₩41,500 and above the low of ₩24,650.

Business overview

Woori Financial Group is a KOSPI-listed holding company, founded on 2019-01-11 and listed on 2019-02-13. It has 742,591,501 listed shares and is led by CEO 임종룡. Market cap is ₩23.9T and enterprise value is ₩44.3T. Operating income was ₩3.5T in 2023, ₩4.3T in 2024 and ₩3.7T in 2025. Ttm operating income to H1 2026 is ₩3.8T. The data gives no further description of business lines.

Financial analysis

All figures come from filed financial statements (DART). Revenue is not available, so revenue growth and margins cannot be calculated.

Net income was ₩2.5T in 2023, ₩3.1T in 2024 and ₩3.1T in 2025, with ₩3.2T on a ttm basis at H1 2026. Operating income peaked at ₩4.3T in 2024, fell to ₩3.7T in 2025 and was ₩3.8T ttm. ROE was 7.9% in 2023, 9.4% in 2024, 8.9% in 2025 and 8.7% ttm.

The balance sheet shows liabilities-to-equity of 1,453.8%, cash of ₩38.3T and borrowings of ₩58.7T. Ttm free cash flow is ₩8.3T. Leverage of this size is common for financial holding companies, but the data does not provide peer leverage figures for comparison.

Valuation

Current P/E is 7.5, P/B is 0.6, EV/EBITDA is 8.7 and dividend yield is 4.2%. Price-to-sales is not available. At year-end 2025, P/E was 6.7 and P/B was 0.6, so the P/E is somewhat higher now while P/B is unchanged. Earlier year-end multiples are not available.

Peers in the data: KB Financial Group at P/E 9.9 and P/B 1.0, Shinhan Financial Group at 9.1 and 0.8, Hana Financial Group at 8.6 and 0.8. SK Square (4.0 and 2.4) and SK (4.9 and 1.1) are also listed, though they are not necessarily comparable financial peers based on the data given.

Catalysts

• Investor relations events were filed on 2026-09-04 and 2026-09-16, which may have given the market additional company information.
• A group of insider shareholding reports was filed on 2026-09-02, which investors can review for ownership changes.
• The next financial statements will show whether ttm net income of ₩3.2T and ROE of 8.7% hold.
• The 4.2% dividend yield is a feature of the current valuation, though the data has no dividend announcements.

Risks

• Revenue and margin data are unavailable, which limits the ability to judge earnings quality.
• The shares fell 8.3% over one month and sit below the 52-week high of ₩41,500, and the data does not explain the move.
• Liabilities-to-equity of 1,453.8% and borrowings of ₩58.7T show a highly leveraged balance sheet.
• Operating income fell from ₩4.3T in 2024 to ₩3.7T in 2025, showing earnings are not rising steadily.
• Investor flow, foreign ownership, short balance and news data are unavailable, leaving sentiment indicators unknown.

Closing view

The filed data shows consistent profits, ROE in the high single digits and a P/B of 0.6, the lowest among the listed peers. Against that, revenue and margin data are missing, leverage is high, operating income dipped in 2025 and the recent 1-month price decline has no explanation in the data. A low book multiple can reflect market views on returns or risk as well as potential mispricing, and the data here cannot settle which applies. Readers should weigh these points alongside information outside this dataset.

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, 2026InitiationWoori Financial Group: Steady Earnings, Sub-1.0x Book Value, Shares Down 8.3% Over the Past Month