Korea Gas한국가스공사

Korea Gas posts a recovering trailing profit on higher oil-linked margins, but the stock is still well below its 52-week high and the balance sheet is heavily geared.

Korea Gas is the country's sole wholesale natural gas importer and supplier, and its trailing twelve-month results to H1 2026 show revenue of ₩34.7T, operating income of ₩2.4T and net income of ₩568B. The share price closed at ₩36,050 on 2026-10-26, down 15.4% over one year and about 21% below its 52-week high of ₩45,700. Recent news flow points to brokers raising earnings and target-price views on higher oil prices, though those broker views are reported by press and are not included here.

What stands out

• Trailing operating margin is 7.1% and net margin is 1.6%, up from 5.9% and 1.2% in full-year 2025 on the data given.
• Full-year 2025 net income was ₩133B, far below ₩1.15T in 2024, while 2023 showed a net loss of ₩761B.
• Liabilities are 345% of equity and borrowings are ₩33.3T against cash of ₩1.5T, so financial leverage is a central risk.
• Trailing free cash flow is ₩2.2T, and the dividend yield is 3.2%.
• Foreign ownership rose to 13.6% from 12% sixty days earlier, while retail investors were net sellers over the last 20 days (about ₩18.3B net).

What to watch

• Preliminary Q3 earnings were filed on 2026-10-13 and recent press cites results above expectations; the full quarterly filing details should be checked directly.
• Shareholder meeting notices and proxy materials were filed in mid-October 2026, so the agenda and voting items are worth reading in full.
• Press reports mention a government-notified merger with Korea National Oil Corporation raised at a National Audit; the status and terms are not described in the data.