GS RetailGS리테일

GS Retail is a large Korean convenience store operator with thin margins, a share price well below its 52-week high, and recent award wins for its AI and retail initiatives.

GS Retail runs the GS25 convenience stores, GS THE FRESH supermarkets and GS SHOP home shopping, plus real estate and commercial property businesses. On trailing twelve-month figures to H1 2026 it shows revenue of ₩12.3T but an operating margin of only 2.7% and a net margin of 1.1%, with leverage of 120.6% liabilities to equity. The shares closed at ₩20,700 on 2026-10-26, down 18.8% over three months, though still up 19% over one year.

What stands out

• Annual revenue has grown modestly, from ₩11.2T in 2022 to ₩12.0T in 2025, while net income has swung widely, from ₩801B in 2021 to ₩43B in 2025.
• TTM operating income is ₩335B and net income is ₩130B, and ROE is 4%.
• Trailing free cash flow is ₩839B, which is well above TTM net income, while borrowings are ₩515B against cash of ₩251B.
• Valuation metrics are modest: P/E of 13.3, P/B of 0.5, and a dividend yield of 2.9%; the data gives no analyst ratings or price targets.
• Recent headlines are mainly positive, covering awards for AI and O4O innovation in October 2026 and a traditional liquor distribution tie-up with aT; the filings list includes a value-up plan and an H1 2026 half-year report.

What to watch

• The next earnings release and the H1 2026 half-year report details on margins, given the thin 2.7% operating margin.
• Recent price weakness: the shares are down 9.2% over one month and 18.8% over three months, with foreign investors net sellers over the last 20 days while retail investors were net buyers.
• Debt levels versus cash, as liabilities are 120.6% of equity and borrowings exceed cash. The data does not include a DCF fair value view that should be relied on, as the model's bear case is zero and its bull case is far above the current price.