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← CockpitCompetitor Analysis › 138040.KS Meritz FinancialOpen in the cockpit ↗

Meritz Financial138040.KSCompetitor analysis, valuation and peers

South Korea · KRW·Financials›Investment Banks/Brokers

Korean financial holding company spanning non-life insurance, securities/investment banking and specialty lending.

≈ A mid-size Korean insurer-plus-brokerage holding company.Momentum leader 92
Competitor Analysis ▸ ChartsOpen in the cockpit
Mkt cap
$15.7B
US dollars, full cap
Free float
37%
of shares outstanding
$/day
$22.5M
20-day average traded
Fwd P/E
8.6×
forward earnings
ROIC−WACC
n/a
WACC 5.0%
Hurdle
n/a
no reverse DCF
Next earnings
5 days
11 Nov 2026
Close · KRW₩132,200
1D-2.1%
1W-0.8%
1M+1.4%
3M+10.6%
6M+18.4%
YTD+16.9%
1Y+16.0%
ATR %3.8%
52w lowhigh11.8% off high

What Meritz Financial does

Korean financial holding company spanning non-life insurance, securities/investment banking and specialty lending.

Became a holding company in 2022 when Meritz Fire & Marine and Meritz Securities were made wholly owned subsidiaries. Insurance premiums, invested until claims are paid, and brokerage and trading income carry the group. It has publicly committed to returning a large part of profit to shareholders through dividends and share cancellations.

In one line: A mid-size Korean insurer-plus-brokerage holding company..

Products and services

  • Non-life/auto insurance (Meritz Fire & Marine)
  • Securities/investment banking (Meritz Securities)
  • Specialty/corporate lending (Meritz Capital)
  • Asset management

Customers

  • retail and corporate insurance policyholders
  • institutional/retail securities clients
  • corporate borrowers

Where it sits in the supply chain

  • Financial services
  • Insurance + securities holding company
  • Meritz Fire & Marine Insurance, Meritz…

What could go right

  • Non-life insurance premium growth
  • Securities/IB fee income in strong markets

What could go wrong

  • Insurance underwriting-cycle risk
  • Capital-markets-linked securities revenue volatility

Moat: narrow (scale, distribution). Diversified insurance-plus-brokerage franchise with capital-efficient underwriting, though it competes with much larger bank-affiliated rivals.

Headquarters: Seoul, South Korea · Employees: 38

Named competitors

Meritz Financial at a glance

Size Meritz Financial (138040.KS) is a South Korea Financials company (Investment Banks/Brokers) with a market value of $15.7B, the 25th largest of 495 South Korea companies the cockpit tracks. Shares closed at ₩132,200 on 6 Nov 2026.

Performance Over six months the shares gained 18.4%, against -4.4% for the median peer and -24.5% for the South Korea market (cap-weighted) — 3rd highest of 21 in its peer set.

Growth Revenue grew 31.2% over the last twelve months (peer median +18.2%); the operating margin is 48.7% (peer median 46.7%).

Valuation It trades at 8.6× forward earnings against a peer median of 12.7× (7th cheapest of 21).

Next results Next results expected around 11 Nov 2026 (exchange calendar; dates can move).

Relative performance

9010011012011 May 202611 Aug 20266 Nov 2026138040.KS 117Peer median 97
Six months, rebased to 100: Meritz Financial against the median of its 20 peers (local-currency closes).

Meritz Financial financials

Reported figures in KRW; fiscal year ends 2025-12-31. TTM = trailing twelve months.
TTMFY2025FY2024FY2023FY2022
Revenue₩18.7T₩15.1T₩14.0T₩13.1T₩11.4T
Revenue growth—+7%+7%+14%—
Net income₩2.36T₩2.25T₩2.27T₩2.02T₩1.37T
Free cash flow₩4.93T₩2.73T₩22.1B₩8.44T₩13.2T
Capital expenditure₩79.9B₩47.8B₩80.3B₩53.8B₩81.6B
Total debt₩53.7T₩52.7T₩40.6T₩33.6T₩33.0T

Quarterly statements and history in the cockpit →

Meritz Financial competitor charts

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.

Performance: 6-month against 1-month return

-20%-10%0%+10%+20%-10%0%+10%6881000166BSES688601FUTU8697ENXX17763908FRHC6886EVRJEFLPLAHLI3958MCXASX138040.KS6-month return →1-month return →
Up and to the right = strong over both horizons. Meritz Financial is the large dot.

Fundamentals: revenue growth against valuation

0%+50%+100%20×40×6881000166BSES688601FUTU8697ENXX17763908FRHC6886EVRJEFHLIMCX138040.KSRevenue growth (TTM) →Forward P/E →
Further right = faster growth; higher = more expensive. The dashed lines are the peer medians. Meritz Financial is the large dot.

Meritz Financial competitors and peer comparison

Head to head with its named competitors (138040.KS vs 000810.KS vs 006800.KS vs 105560.KS)
CompanyMarket cap6M returnRevenue growthOp. marginForward P/EReq g
Meritz Financial 138040.KS$15.7B+18%+31%49%8.6×n/a
SamsungF&MIns 000810.KS$17.2B+31%+5%8%10.4×n/a
Mirae Asset Sec 006800.KS$7.57B-66%+5%114%4.0×n/a
KBFinancialGroup 105560.KS$37.5B-5%+32%15%8.0×n/a

How Meritz Financial compares with its peers

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.

Meritz Financial against its 20 peers (data as of 6 Nov 2026)
Measure138040.KSPeer medianRank in peer set
1-month return+1.4%+0.1%10th highest of 21
6-month return+18.4%-4.4%3rd highest of 21
Distance from 52-week high-11.8%-21.4%6th highest of 21
Revenue growth (TTM)+31.2%+18.2%7th highest of 21
Operating margin48.7%46.7%11th highest of 21
Forward P/E8.6×12.7×7th cheapest of 21

Peer table

Peer set: Industry: the same industry and sector in any market, nearest in size
CompanyMarketMarket cap6M returnRevenue growthOp. marginForward P/EReq gDelivered g
Meritz Financial 138040.KSSouth Korea$15.7B+18%+31%49%8.6×n/an/a
China Galaxy Securities 6881.HKHong Kong$15.7B-20%+17%55%4.6×n/an/a
Shenwan Hongyuan 000166.SZChina$15.5B-8%-26%31%10.9×n/an/a
BSE BSE.NSIndia$16.4B-4%+58%65%47.0×n/an/a
Singapore Exchange S68.SISingapore$17.2B-2%+14%57%27.0×n/an/a
Daiwa Securities 8601.TJapan$14.0B+11%+18%17%10.8×n/an/a
Futu Holdings Ltd. Sponsored ADR FUTUUnited States$13.7B-32%+44%69%6.8×n/an/a
Japan Exchange 8697.TJapan$13.4B+11%+40%61%19.7×n/an/a
Euronext ENX.PAFrance$18.8B+21%+14%52%19.7×n/an/a
TMX X.TOCanada$12.1B+10%+4%28%22.8×n/an/a
GF Securities 1776.HKHong Kong$20.5B-8%+18%75%5.6×n/an/a
China International Capital 3908.HKHong Kong$21.3B-15%-16%55%5.6×n/an/a
Freedom FRHCUnited States$11.4B+28%+8%29%39.7×n/an/a
Huatai Securities 6886.HKHong Kong$22.5B-12%+123%30%5.8×n/an/a
Evercore EVRUnited States$10.9B-17%+37%22%14.2×n/an/a
Jefferies Financial JEFUnited States$10.9B-11%+26%41%11.3×n/an/a
LPL Financial LPLAUnited States$23.0B-3%+31%13%10.5×n/an/a
Houlihan Lokey HLIUnited States$10.1B-5%0%20%18.0×n/an/a
Orient Securities 3958.HKHong Kong$10.1B-13%+21%40%5.9×n/an/a
Multi Commodity Exchange of India MCX.NSIndia$9.51B+16%+122%79%50.8×n/an/a
ASX ASX.AXAustralia$9.02B+15%+3%65%24.2×n/an/a

Questions

Who are Meritz Financial's main competitors?
Named competitors: Samsung Fire & Marine Insurance (000810.KS), Mirae Asset Securities (006800.KS), KB Financial Group (105560.KS). The cockpit's measured peer set (industry) also includes China Galaxy Securities (6881.HK), Shenwan Hongyuan (000166.SZ), BSE (BSE.NS), Singapore Exchange (S68.SI), Daiwa Securities (8601.T), Futu Holdings Ltd. Sponsored ADR (FUTU).
Is Meritz Financial expensive compared with its peers?
On forward p/e it trades at 8.6× against a peer median of 12.7×, 7th cheapest of 21 in its peer set.
How has Meritz Financial stock performed?
Over six months to 6 Nov 2026 the shares returned +18.4% against -4.4% for the median peer; over one year +16.0%.

How these numbers are made. Returns are close-to-close in local currency. Revenue growth and margins are trailing twelve months. Req g is the revenue growth that today's enterprise value requires for seven years at the company's own cost of capital; Delivered g is what it actually grew; the gap is the hurdle (honest precision about ±8 points, so read the ranking more than the decimal). No fair values, price targets or analyst ratings are shown, by design. Method and validation.