Detailed financial statements for Korea Electric Power Corporation (KEP): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
Korea Electric Power Corporation (KEPCO) functions as a comprehensive electric utility, responsible for the generation, transmission, and distribution of electricity within South Korea and in various international markets. Its operations are organized into key segments: Transmission and Distribution, Nuclear Power Generation, Thermal Power Generation, and a broader 'Others' category.
Analysis Summary
Korea Electric Power Corporation reported revenue of 96.57T KRW in the most recent fiscal year, growing at a 5-year CAGR of 10.8%. Net income reached 8.54T KRW, with a 33.8% 5-year CAGR.
Trailing-twelve-month margins: gross margin 38.0%, operating margin 12.8%, net margin 8.0%.
At $10.57 (closing price, November 2, 2026), KEP trades at a P/E of 2.38 and an ROE of 16.03%. Market capitalisation stands at $13.6B, placing it among large-cap names.
Balance sheet quality for KEP: debt-to-equity ratio of 2.69, current ratio of 0.44 over the last 12 months, net debt of 126.63T KRW at the end of the last fiscal year. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is below average: free cash flow of 5.14T KRW represents 60% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 60.19T KRW | 59.81T KRW | 60.63T KRW | 59.17T KRW | 57.93T KRW | 60.01T KRW | 70.55T KRW | 87.48T KRW | 93.40T KRW | 96.57T KRW |
| Cost of Revenue | 45.55T KRW | 52.10T KRW | 58.21T KRW | 57.78T KRW | 51.80T KRW | 63.64T KRW | 100.90T KRW | 89.70T KRW | 82.17T KRW | 80.70T KRW |
| Gross Profit | 14.64T KRW | 7.72T KRW | 2.42T KRW | 1.39T KRW | 6.12T KRW | -3.63T KRW | -30.36T KRW | -2.22T KRW | 11.23T KRW | 15.86T KRW |
| Research & Development | 705.50B KRW | 721.44B KRW | 215.49B KRW | 735.72B KRW | 32.00B KRW | 59.64B KRW | 56.94B KRW | 50.05B KRW | 556.00B KRW | 39.80B KRW |
| Selling, General & Admin | 2.26T KRW | 2.64T KRW | 2.11T KRW | 2.14T KRW | 2.14T KRW | 2.25T KRW | 2.30T KRW | 2.32T KRW | 2.34T KRW | 2.49T KRW |
| Operating Expenses | 1.92T KRW | 1.92T KRW | 2.51T KRW | 2.50T KRW | 2.02T KRW | 2.09T KRW | 1.88T KRW | 2.02T KRW | 2.86T KRW | 2.29T KRW |
| Operating Income | 12.00T KRW | 4.95T KRW | -685.11B KRW | -1.71T KRW | 4.10T KRW | -5.72T KRW | -32.24T KRW | -4.25T KRW | 8.36T KRW | 13.57T KRW |
| EBITDA | 21.25T KRW | 15.18T KRW | 9.89T KRW | 9.91T KRW | 16.54T KRW | 6.79T KRW | -18.56T KRW | 9.93T KRW | 23.92T KRW | 29.72T KRW |
| Interest Expense | 1.75T KRW | 3.13T KRW | 1.87T KRW | 2.05T KRW | 2.00T KRW | 1.91T KRW | 2.82T KRW | 4.45T KRW | 4.67T KRW | 4.34T KRW |
| Pre-tax Income | 10.51T KRW | 3.61T KRW | -2.00T KRW | -3.27T KRW | 2.99T KRW | -7.07T KRW | -33.84T KRW | -7.55T KRW | 5.26T KRW | 11.59T KRW |
| Income Tax | 3.37T KRW | 2.17T KRW | -826.32B KRW | -1.00T KRW | 899.06B KRW | -1.86T KRW | -9.41T KRW | -2.84T KRW | 1.63T KRW | 2.92T KRW |
| Net Income | 7.05T KRW | 1.30T KRW | -1.31T KRW | -2.35T KRW | 1.99T KRW | -5.30T KRW | -24.47T KRW | -4.82T KRW | 3.49T KRW | 8.54T KRW |
| EPS | 5,489.50 KRW | 1,011.52 KRW | -1,024.00 KRW | -1,827.00 KRW | 1,550.98 KRW | -4,131.48 KRW | -19,026.85 KRW | -3,756.09 KRW | 2,719.55 KRW | 6,711.00 KRW |
| EPS (Diluted) | 5,489.50 KRW | 1,011.50 KRW | -1,024.00 KRW | -1,827.00 KRW | 1,550.98 KRW | -4,131.50 KRW | -19,026.85 KRW | -3,756.09 KRW | 2,719.55 KRW | 6,711.00 KRW |
| Shares Outstanding (Diluted) | 1,283.9 M | 1,284.0 M | 1,283.9 M | 1,283.9 M | 1,283.9 M | 1,283.9 M | 1,283.9 M | 1,283.9 M | 1,283.9 M | 1,301.8 M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | 27.57T KRW | 22.82T KRW | 24.40T KRW | 21.92T KRW |
| Gross Profit | 6.44T KRW | 2.03T KRW | 4.50T KRW | 1.89T KRW |
| Operating Income | 5.68T KRW | 1.98T KRW | 3.83T KRW | 1.19T KRW |
| EBITDA | 9.88T KRW | 5.73T KRW | 7.80T KRW | 4.50T KRW |
| Net Income | 3.76T KRW | 1.32T KRW | 2.49T KRW | 267.00B KRW |
| EPS | 2,925.40 KRW | 1,022.75 KRW | 1,992.23 KRW | 207.96 KRW |
| EPS (Diluted) | 2,925.40 KRW | 1,022.75 KRW | 1,941.70 KRW | 207.96 KRW |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | 3.05T KRW | 2.37T KRW | 1.36T KRW | 1.81T KRW | 2.03T KRW | 2.64T KRW | 3.23T KRW | 4.34T KRW | 2.38T KRW | 2.24T KRW |
| Short-term Investments | 2.67T KRW | 1.96T KRW | 2.36T KRW | 1.56T KRW | 2.77T KRW | 1.74T KRW | 4.00T KRW | 2.80T KRW | 2.73T KRW | 4.15T KRW |
| Receivables | 7.81T KRW | 7.39T KRW | 7.27T KRW | 7.07T KRW | 7.26T KRW | 7.95T KRW | 10.22T KRW | 11.74T KRW | 12.01T KRW | 12.81T KRW |
| Inventory | 5.48T KRW | 6.00T KRW | 7.19T KRW | 7.05T KRW | 6.74T KRW | 7.61T KRW | 9.93T KRW | 8.88T KRW | 9.77T KRW | 10.15T KRW |
| Total Current Assets | 19.71T KRW | 19.14T KRW | 19.75T KRW | 19.48T KRW | 20.56T KRW | 22.05T KRW | 29.75T KRW | 29.54T KRW | 29.26T KRW | 30.71T KRW |
| Property, Plant & Equipment | 145.74T KRW | 150.88T KRW | 152.74T KRW | 164.70T KRW | 168.71T KRW | 173.72T KRW | 178.44T KRW | 180.46T KRW | 183.59T KRW | 187.74T KRW |
| Goodwill | 2.58B KRW | 2.58B KRW | 2.58B KRW | 97.98B KRW | 98.17B KRW | 105.65B KRW | 100.09B KRW | 99.16B KRW | 99.18B KRW | 99.30B KRW |
| Intangible Assets | 980.82B KRW | 1.19T KRW | 1.23T KRW | 1.07T KRW | 1.06T KRW | 460.76B KRW | 377.01B KRW | 447.91B KRW | 443.77B KRW | 1.00T KRW |
| Total Assets | 177.84T KRW | 181.79T KRW | 185.25T KRW | 197.60T KRW | 203.14T KRW | 211.12T KRW | 234.80T KRW | 239.71T KRW | 246.81T KRW | 254.92T KRW |
| Accounts Payable | 2.61T KRW | 4.59T KRW | 5.04T KRW | 2.86T KRW | 2.61T KRW | 4.78T KRW | 7.53T KRW | 4.34T KRW | 4.49T KRW | 3.54T KRW |
| Short-term Debt | 0 | 1.17T KRW | 1.17T KRW | 1.32T KRW | 2.11T KRW | 4.38T KRW | 22.66T KRW | 16.45T KRW | 17.54T KRW | 46.40T KRW |
| Total Current Liabilities | 24.74T KRW | 23.42T KRW | 21.84T KRW | 24.23T KRW | 25.88T KRW | 31.73T KRW | 44.52T KRW | 61.25T KRW | 63.97T KRW | 67.10T KRW |
| Long-term Debt | 0 | 2.43T KRW | 3.26T KRW | 3.39T KRW | 3.00T KRW | 2.27T KRW | 97.95T KRW | 3.39T KRW | 3.12T KRW | 83.99T KRW |
| Total Liabilities | 104.79T KRW | 108.82T KRW | 114.16T KRW | 128.71T KRW | 132.48T KRW | 145.80T KRW | 192.80T KRW | 202.45T KRW | 205.44T KRW | 205.59T KRW |
| Retained Earnings | 53.17T KRW | 53.37T KRW | 51.52T KRW | 49.20T KRW | 51.13T KRW | 45.26T KRW | 21.43T KRW | 16.34T KRW | 20.13T KRW | 26.33T KRW |
| Total Equity | 71.72T KRW | 71.68T KRW | 69.74T KRW | 67.50T KRW | 69.30T KRW | 63.78T KRW | 40.55T KRW | 35.85T KRW | 39.92T KRW | 48.17T KRW |
| Total Debt | 541.18B KRW | 4.02T KRW | 4.71T KRW | 9.78T KRW | 9.74T KRW | 11.06T KRW | 124.77T KRW | 23.65T KRW | 24.36T KRW | 133.03T KRW |
| Net Debt | -5.18T KRW | -309.23B KRW | 996.21B KRW | 6.41T KRW | 4.94T KRW | 6.68T KRW | 117.54T KRW | 16.50T KRW | 19.24T KRW | 126.63T KRW |
| Working Capital | -5.03T KRW | -4.28T KRW | -2.10T KRW | -4.75T KRW | -5.32T KRW | -9.68T KRW | -14.77T KRW | -31.71T KRW | -34.71T KRW | -36.39T KRW |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | 2.28T KRW | 2.24T KRW | 1.98T KRW | 2.59T KRW |
| Total Assets | 253.09T KRW | 254.92T KRW | 254.02T KRW | 259.81T KRW |
| Total Liabilities | 205.34T KRW | 205.59T KRW | 203.36T KRW | 208.51T KRW |
| Total Equity | 46.55T KRW | 48.17T KRW | 49.53T KRW | 50.15T KRW |
| Total Debt | 133.66T KRW | 133.03T KRW | 129.53T KRW | 135.02T KRW |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | 7.15T KRW | 1.44T KRW | -742.73B KRW | -2.26T KRW | 2.09T KRW | -5.22T KRW | -24.43T KRW | -4.82T KRW | 3.49T KRW | 8.66T KRW |
| Depreciation & Amortization | 8.96T KRW | 9.77T KRW | 10.02T KRW | 11.13T KRW | 11.55T KRW | 11.94T KRW | 12.46T KRW | 13.03T KRW | 14.00T KRW | 13.79T KRW |
| Stock-based Compensation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Working Capital | -2.18T KRW | -3.03T KRW | -3.61T KRW | -1.04T KRW | -1.22T KRW | 24.96B KRW | -1.62T KRW | -3.84T KRW | -2.18T KRW | -5.46T KRW |
| Operating Cash Flow | 16.52T KRW | 11.25T KRW | 6.68T KRW | 8.21T KRW | 13.21T KRW | 4.47T KRW | -23.48T KRW | 1.52T KRW | 15.88T KRW | 21.16T KRW |
| Capital Expenditure | -12.15T KRW | -12.68T KRW | -12.38T KRW | -14.23T KRW | -13.40T KRW | -12.78T KRW | -12.43T KRW | -13.93T KRW | -14.31T KRW | -16.02T KRW |
| Acquisitions | -62.82B KRW | -196.21B KRW | -315.67B KRW | -262.13B KRW | -336.67B KRW | -732.04B KRW | -336.14B KRW | -517.68B KRW | -217.93B KRW | 514.55B KRW |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -233.12B KRW |
| Dividends Paid | -2.09T KRW | -1.34T KRW | -599.39B KRW | -99.36B KRW | -81.30B KRW | -812.16B KRW | -42.35B KRW | -45.32B KRW | -126.90B KRW | -219.72B KRW |
| Free Cash Flow | 4.37T KRW | -1.43T KRW | -5.70T KRW | -6.02T KRW | -193.19B KRW | -8.31T KRW | -35.90T KRW | -12.40T KRW | 1.57T KRW | 5.14T KRW |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | 6.04T KRW | 3.31T KRW | 7.53T KRW | 1.21T KRW |
| Capital Expenditure | -3.02T KRW | -3.80T KRW | -4.32T KRW | -5.53T KRW |
| Free Cash Flow | 3.03T KRW | -487.71B KRW | 3.21T KRW | -4.32T KRW |
| Dividends Paid | 1.72B KRW | -2.22B KRW | 0 | -1.09T KRW |
| Stock-based Compensation | 0 | 0 | 0 | 0 |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | -0.6% | +1.4% | -2.4% | -2.1% | +3.6% | +17.6% | +24.0% | +6.8% | +3.4% | |
| Net Income Growth (YoY) | -81.6% | -201.2% | -78.4% | +184.9% | -366.3% | -361.2% | +80.3% | +172.4% | +144.7% | |
| EPS Growth (YoY) | -81.6% | -201.2% | -78.4% | +184.9% | -366.4% | -360.5% | +80.3% | +172.4% | +146.8% | |
| Shares Change (YoY) | +0.0% | -0.0% | +0.0% | +0.0% | +0.0% | +0.0% | +0.0% | +0.0% | +1.4% | |
| FCF Growth (YoY) | -132.7% | -298.4% | -5.6% | +96.8% | -4,200.6% | -332.1% | +65.5% | +112.6% | +227.7% | |
| Gross Margin | 24.3% | 12.9% | 4.0% | 2.4% | 10.6% | -6.1% | -43.0% | -2.5% | 12.0% | 16.4% |
| Operating Margin | 19.9% | 8.3% | -1.1% | -2.9% | 7.1% | -9.5% | -45.7% | -4.9% | 9.0% | 14.1% |
| EBITDA Margin | 35.3% | 25.4% | 16.3% | 16.7% | 28.5% | 11.3% | -26.3% | 11.4% | 25.6% | 30.8% |
| Net Margin | 11.7% | 2.2% | -2.2% | -4.0% | 3.4% | -8.8% | -34.7% | -5.5% | 3.7% | 8.8% |
| FCF Margin | 7.3% | -2.4% | -9.4% | -10.2% | -0.3% | -13.8% | -50.9% | -14.2% | 1.7% | 5.3% |
| Effective Tax Rate | 32.0% | 60.1% | 41.3% | 30.7% | 30.0% | 26.2% | 27.8% | 37.6% | 31.1% | 25.2% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | 3,401.55 KRW | -1,113.71 KRW | -4,437.42 KRW | -4,685.90 KRW | -150.47 KRW | -6,471.12 KRW | -27,964.87 KRW | -9,660.85 KRW | 1,221.43 KRW | 3,948.08 KRW |
| Dividends Per Share | 1,626.59 KRW | 1,043.95 KRW | 466.84 KRW | 77.38 KRW | 63.32 KRW | 632.56 KRW | 32.98 KRW | 35.30 KRW | 98.84 KRW | 168.78 KRW |
| Shares Outstanding (Basic) | 1,283.9 M | 1,283.9 M | 1,283.9 M | 1,283.9 M | 1,283.9 M | 1,283.9 M | 1,283.9 M | 1,283.9 M | 1,283.9 M | 1,301.8 M |
What to look at in Utilities
Regulated businesses with slow growth but reliable dividends. They are bonds on steroids — look at debt, rates, and payout consistency.
- Regulated ROE (8-12%) — Utilities have an "allowed" ROE set by the regulator. Out of range = anomaly
- 5y EPS growth — Stable utilities grow EPS 4-6% annually — more = anomaly, less = dead
- 10y dividend growth — Top utilities ("Dividend Aristocrats") raise dividend 25+ consecutive years
- Net debt / EBITDA — Utilities use a lot of debt — >6x with high rates is an alarm
- Interest coverage — EBIT / interest. If it drops <3x during rate hikes, the dividend is in danger
- Payout Ratio — In utilities it is normally high (60-80%), but >90% indicates stress
Profitability
| Return on Equity | 16.03% |
| Return on Invested Capital | 3.90% |
| Return on Assets | 2.99% |
| Gross Margin | 38.01% |
| Operating Margin | 12.76% |
| Net Margin | 8.04% |
Financial Health
| Debt / Equity | 2.69 |
| Current Ratio | 0.44 |
| Piotroski F-Score | 7 |
| Altman Z-Score | 0.62 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 4.06 | 18.79 | -16.01 | -7.47 | 8.59 | -2.63 | -0.57 | -2.50 | 3.73 | 3.54 |
| P/B | 0.40 | 0.34 | 0.30 | 0.26 | 0.25 | 0.22 | 0.34 | 0.34 | 0.33 | 0.64 |
| P/S | 0.48 | 0.41 | 0.35 | 0.30 | 0.30 | 0.23 | 0.20 | 0.14 | 0.14 | 0.32 |
| Gross Margin | 24.3% | 12.9% | 4.0% | 2.4% | 10.6% | -6.1% | -43.0% | -2.5% | 12.0% | 16.4% |
| Operating Margin | 19.9% | 8.3% | -1.1% | -2.9% | 7.1% | -9.5% | -45.7% | -4.9% | 9.0% | 14.1% |
| Net Margin | 11.7% | 2.2% | -2.2% | -4.0% | 3.4% | -8.8% | -34.7% | -5.5% | 3.7% | 8.8% |
Related companies: CIG · NEE · 0K80.L · SO · SOMN · SOJE · DUK · 0L8A.L
Explore sector: Utilities · Regulated Electric
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