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South Korea's state-controlled electric utility, holding the national power transmission and distribution grid and generation subsidiaries including nuclear.
South Korea's state-controlled electric utility, holding the national power transmission and distribution grid and generation subsidiaries including nuclear.
Buys electricity from power producers, including its own generation subsidiaries, at wholesale prices that follow fuel costs, and sells at tariffs set with the government, so profit is whatever gap tariffs leave. The Korea Development Bank and the government hold the largest stakes.
In one line: Korea's Tennessee Valley Authority — a state utility monopoly..
Moat: wide (regulatory licence, scale, installed base). Legal monopoly over Korea's power grid and retail electricity tariff-setting.
Headquarters: Naju, South Korea · Founded: 1961 · Employees: 22,875
Size Kepco (015760.KS) is a South Korea Utilities company (Electric Utilities) with a market value of $14.4B, the 30th largest of 495 South Korea companies the cockpit tracks. Shares closed at ₩30,400 on 6 Nov 2026.
Performance Over six months the shares fell 30.2%, against +2.3% for the median peer and -24.5% for the South Korea market (cap-weighted) — 2nd lowest of 21 in its peer set.
Growth Revenue grew 1.8% over the last twelve months (peer median +2.3%); the operating margin is 12.8% (peer median 18.6%).
Valuation It trades at 4.5× forward earnings against a peer median of 18.2× (cheapest of 21).
Price implies For today's price to make sense, revenue must grow about -2% a year for seven years (Req g). Recent delivered growth is +11%, so the hurdle is -13 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 0.0 points above its cost of capital (5.0% WACC).
Next results Next results expected around 16 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ₩97.6T | ₩97.4T | ₩93.4T | ₩87.5T | ₩70.5T |
| Revenue growth | — | +4% | +7% | +24% | — |
| Gross profit | ₩16.0T | ₩17.0T | ₩11.7T | -₩2.05T | -₩30.2T |
| EBITDA | ₩26.1T | ₩27.3T | ₩22.4T | ₩7.80T | -₩20.9T |
| Net income | ₩7.84T | ₩8.54T | ₩3.49T | -₩4.82T | -₩24.5T |
| Free cash flow | ₩1.62T | ₩5.07T | ₩1.72T | -₩12.3T | -₩35.8T |
| Capital expenditure | ₩16.6T | ₩15.9T | ₩14.2T | ₩13.9T | ₩12.4T |
| Total debt | ₩136T | ₩133T | ₩136T | ₩137T | ₩125T |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Kepco 015760.KS | $14.4B | -30% | +2% | 13% | 4.5× | -1.9% |
| Tokyo Elec Power Co Hldgs 9501.T | $4.17B | -31% | -2% | 1% | 3.7× | n/a |
| Duke Energy DUK | $99.6B | +4% | +6% | 27% | 18.2× | n/a |
| Kansai Electric Power 9503.T | $17.3B | +2% | +2% | 6% | 8.2× | 11.0% |
| Chubu Electric Power 9502.T | $11.2B | -13% | +3% | 0% | 10.3× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 015760.KS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +1.2% | +1.2% | 11th highest of 21 |
| 6-month return | -30.2% | +2.3% | 2nd lowest of 21 |
| Distance from 52-week high | -56.3% | -15.5% | lowest of 21 |
| Revenue growth (TTM) | +1.8% | +2.3% | 10th lowest of 21 |
| Operating margin | 12.8% | 18.6% | 10th lowest of 21 |
| Forward P/E | 4.5× | 18.2× | cheapest of 21 |
| Growth the price implies (Req g, 7 yrs) | -1.9% | 8.1% | 3rd least demanding of 12 |
| Growth delivered (Del g) | +10.7% | +5.6% | 2nd highest of 12 |
| Hurdle (Req g minus delivered) | -12.6 pp | -2.0 pp | least demanding of 12 |
| ROIC minus cost of capital | +0.0 pp | -2.0 pp | 6th highest of 21 |
| EV / EBITDA | 5.8× | 12.1× | cheapest of 12 |
| Net debt / EBITDA | 5.0× | 6.7× | 4th least indebted of 14 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Kepco 015760.KS | South Korea | $14.4B | -30% | +2% | 13% | 4.5× | -1.9% | +10.7% |
| GD Power Development 600795.SS | China | $14.4B | +13% | -1% | 9% | 19.2× | -0.4% | +3.4% |
| China Res Power 0836.HK | Hong Kong | $13.5B | +6% | +2% | 18% | 9.0× | n/a | n/a |
| Emera EMA.TO | Canada | $15.7B | 0% | +11% | 19% | 20.2× | n/a | n/a |
| Sichuan Chuantou Energy 600674.SS | China | $13.0B | +16% | -1% | 29% | 17.2× | 32.3% | +10.0% |
| Keppel BN4.SI | Singapore | $13.0B | -13% | +11% | 11% | 18.9× | 14.8% | -1.9% |
| Huaneng Power International 0902.HK | Hong Kong | $16.2B | -6% | -3% | 12% | 9.3× | n/a | n/a |
| Pinnacle West Capital PNW | United States | $12.6B | +5% | +8% | 23% | 19.1× | n/a | n/a |
| Kansai Electric Power 9503.T | Japan | $17.3B | +2% | +2% | 6% | 8.2× | 11.0% | +5.6% |
| Tata Power TATAPOWER.NS | India | $11.9B | -20% | -4% | 13% | 25.0× | n/a | n/a |
| Power Assets 0006.HK | Hong Kong | $17.8B | +3% | -12% | 50% | 21.0× | 35.8% | -9.5% |
| Chubu Electric Power 9502.T | Japan | $11.2B | -13% | +3% | 0% | 10.3× | n/a | n/a |
| NRG Energy NRG | United States | $18.6B | -36% | +13% | 5% | 9.0× | 15.4% | +27.9% |
| Alliant Energy LNT | United States | $18.8B | +1% | +5% | 23% | 20.8× | n/a | n/a |
| Adani Energy Solutions ADANIENSOL.NS | India | $18.9B | +5% | +33% | 25% | 37.4× | n/a | n/a |
| SDIC Power 600886.SS | China | $19.0B | +16% | -3% | 32% | 17.5× | -1.6% | +6.5% |
| Zhejiang Zheneng Electric Power 600023.SS | China | $10.8B | -5% | -7% | -1% | 17.4× | 7.0% | +9.0% |
| Datang International Power Generation 601991.SS | China | $10.8B | +14% | 0% | 12% | 12.2× | -2.3% | +4.9% |
| Guangxi Guiguan Electric Power 600236.SS | China | $10.7B | -10% | +26% | 48% | 20.7× | -2.8% | +3.0% |
| AES AES | United States | $10.6B | +4% | +12% | 20% | 6.8× | n/a | n/a |
| OGE Energy OGE | United States | $10.5B | +7% | +2% | 26% | 21.6× | 8.1% | +9.0% |