SK SecuritiesSK증권

SK Securities shows a swing back to profit in 2025 and trailing results, but shares have fallen 14.9% over the past month and its balance sheet is heavily borrowed.

SK Securities is a Korean securities firm with brokerage, investment banking and proprietary trading arms, plus a savings bank and smaller subsidiaries. On the data given, trailing operating income is ₩53.8B and net income is ₩69.9B for the period to H1 2026, after a loss of ₩82.5B in 2024 and a profit of ₩28.8B in 2025. Revenue, margins and dividends are not reported in the data, and free cash flow is negative at -₩667.7B.

What stands out

• Net income swung from a loss of ₩82.5B in 2024 to a profit of ₩28.8B in 2025, and trailing net income to H1 2026 is ₩69.9B.
• Borrowings are ₩3.55T against cash of ₩208B, and liabilities are about 11.9 times equity, a high leverage level typical of the sector but worth noting.
• Shares are at ₩1,988, well below the 52-week high of ₩6,190, though up 43.1% over one year; trailing P/E is 6.6 and P/B is 0.7, versus peers at roughly 3.3 to 7.5 P/E.
• Foreign ownership fell from 4.0% to 2.7% over the past 60 days, while retail investors were net sellers of about ₩3.0B over 20 days.
• Recent headlines are mostly broker research notes on other companies, including target price cuts for Hanwha Ocean and APR, and a view that SK Securities' own Q3 earnings may fall short of expectations; the company has also filed several shelf registrations and prospectuses for derivative-linked bonds.

What to watch

• Q3 2026 earnings, which a recent research note suggests may fall short of expectations; the data does not include the actual results.
• Ongoing shelf registrations and prospectuses for derivative-linked and equity-linked bonds, which add to the company's funding activity.
• Leverage and negative free cash flow, which the data does not explain further; the dividend yield is 0%.