SK GasSK가스

SK Gas reported a sharp profit rebound in 2025 and set a 2027–2030 pre-tax profit target, but its margins are thin and debt is high.

SK Gas is a Korean LPG importer, storer and distributor, with most revenue from its LPG gas business. Trailing twelve-month revenue to H1 2026 was about ₩8.9T, with operating income near ₩393B and net income near ₩320B. At ₩251,000 the shares trade at about 7.3 times earnings and 0.6 times book, with a 3.6% dividend yield, though the data does not include analyst ratings or price targets.

What stands out

• 2025 operating income was ₩443B on revenue of ₩7.7T, up from ₩287B on ₩7.1T in 2024, and net income rose to ₩235B from ₩179B.
• On October 14, 2026 the company set an average annual pre-tax profit target of ₩450B for 2027–2030, according to several news reports.
• It announced a ₩90B share buyback and cancellation by 2028, around ₩30B per year, reported on October 13.
• Trailing operating margin is 4.4% and net margin 3.6%, while liabilities are about 148% of equity and borrowings total roughly ₩2.5T against cash of about ₩1.2T.
• Foreign ownership fell to 5.7% from 6.6% over the past 60 days, and the 20-day flows show foreign and retail net selling against net institutional buying.

What to watch

• Whether the planned buyback and cancellation and the dividend yield are carried out as announced through 2028.
• Future filings and results on whether the 2027–2030 profit target is met, given that 2023 and 2024 earnings were volatile.
• Debt levels and the ability to fund the new Ulsan GPS power plant and North American gas field plans, as described in the investor day news coverage.