Detailed financial statements for SK Telecom Co.,Ltd (SKM): 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.
SK Telecom Co., Ltd. operates as a leading provider of wireless telecommunication services throughout South Korea. Its multifaceted operations are structured into three principal segments: Cellular Services, Fixed-Line Telecommunications Services, and Other Businesses.
Analysis Summary
SK Telecom Co.,Ltd reported revenue of 17.10T KRW in the most recent fiscal year, growing at a 5-year CAGR of 1.2%. Net income reached 408.41B KRW, with a -23.0% 5-year CAGR.
Trailing-twelve-month margins: gross margin 38.7%, operating margin 7.5%, net margin 4.4%. Free cash flow grew at -4.2% CAGR over 5 years.
At $30.28 (closing price, October 30, 2026), SKM trades at a P/E of 22.97 and an ROE of 5.74%. Market capitalisation stands at $11.9B, placing it among large-cap names.
Balance sheet quality for SKM: debt-to-equity ratio of 0.70, current ratio of 1.25 over the last 12 months, net debt of 9.09T 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 strong: free cash flow of 1.72T KRW represents 421% 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 | 17.09T KRW | 17.52T KRW | 16.87T KRW | 15.42T KRW | 16.09T KRW | 16.75T KRW | 17.30T KRW | 17.61T KRW | 17.94T KRW | 17.10T KRW |
| Cost of Revenue | 3.19T KRW | 3.10T KRW | 2.91T KRW | 2.39T KRW | 2.17T KRW | 2.23T KRW | 2.25T KRW | 2.22T KRW | 2.28T KRW | 2.17T KRW |
| Gross Profit | 13.90T KRW | 14.42T KRW | 13.96T KRW | 13.02T KRW | 13.92T KRW | 14.52T KRW | 15.05T KRW | 15.39T KRW | 15.66T KRW | 14.93T KRW |
| Research & Development | 344.79B KRW | 395.28B KRW | 387.68B KRW | 324.05B KRW | 353.20B KRW | 347.71B KRW | 340.86B KRW | 369.51B KRW | 378.08B KRW | 339.51B KRW |
| Selling, General & Admin | 2.86T KRW | 3.04T KRW | 3.32T KRW | 2.45T KRW | 2.59T KRW | 2.71T KRW | 2.88T KRW | 2.90T KRW | 3.08T KRW | 3.06T KRW |
| Operating Expenses | 12.60T KRW | 13.19T KRW | 13.13T KRW | 12.04T KRW | 12.88T KRW | 13.09T KRW | 13.46T KRW | 13.63T KRW | 13.97T KRW | 13.91T KRW |
| Operating Income | 1.30T KRW | 1.22T KRW | 833.85B KRW | 987.05B KRW | 1.04T KRW | 1.43T KRW | 1.59T KRW | 1.76T KRW | 1.69T KRW | 1.02T KRW |
| EBITDA | 5.46T KRW | 6.95T KRW | 7.57T KRW | 5.13T KRW | 5.36T KRW | 6.11T KRW | 5.32T KRW | 5.63T KRW | 5.86T KRW | 4.44T KRW |
| Interest Expense | 307.73B KRW | 322.67B KRW | 312.88B KRW | 393.70B KRW | 266.31B KRW | 290.20B KRW | 318.54B KRW | 384.08B KRW | 436.56B KRW | 388.40B KRW |
| Pre-tax Income | 2.10T KRW | 3.40T KRW | 3.98T KRW | 807.03B KRW | 905.22B KRW | 1.72T KRW | 1.24T KRW | 1.49T KRW | 1.76T KRW | 722.26B KRW |
| Income Tax | 436.04B KRW | 745.65B KRW | 843.98B KRW | 262.94B KRW | 221.26B KRW | 446.80B KRW | 288.32B KRW | 342.24B KRW | 374.67B KRW | 347.18B KRW |
| Net Income | 1.68T KRW | 2.60T KRW | 3.13T KRW | 888.70B KRW | 1.50T KRW | 2.41T KRW | 912.40B KRW | 1.09T KRW | 1.25T KRW | 408.41B KRW |
| EPS | 4,298.55 KRW | 6,692.22 KRW | 8,061.11 KRW | 2,218.52 KRW | 1,691.31 KRW | 3,179.29 KRW | 2,286.67 KRW | 2,750.00 KRW | 3,211.36 KRW | 1,022.75 KRW |
| EPS (Diluted) | 4,298.55 KRW | 6,692.22 KRW | 8,061.11 KRW | 2,218.52 KRW | 1,691.19 KRW | 3,179.29 KRW | 2,286.67 KRW | 2,750.00 KRW | 3,199.58 KRW | 1,022.75 KRW |
| Shares Outstanding (Diluted) | 386.0 M | 388.5 M | 386.0 M | 393.9 M | 398.0 M | 391.6 M | 392.6 M | 391.4 M | 389.1 M | 383.4 M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | 3.98T KRW | 4.33T KRW | 4.39T KRW | 4.36T KRW |
| Gross Profit | 3.41T KRW | 3.79T KRW | 3.85T KRW | 3.97T KRW |
| Operating Income | 48.44B KRW | 28.25B KRW | 547.80B KRW | 1.58T KRW |
| EBITDA | 831.25B KRW | 1.10T KRW | 1.43T KRW | 1.44T KRW |
| Net Income | -158.20B KRW | 112.55B KRW | 322.39B KRW | 470.60B KRW |
| EPS | -425.57 KRW | 283.31 KRW | 845.18 KRW | 1,214.51 KRW |
| EPS (Diluted) | -425.57 KRW | 283.31 KRW | 845.18 KRW | 1,213.89 KRW |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | 1.51T KRW | 1.46T KRW | 1.51T KRW | 1.27T KRW | 1.37T KRW | 872.73B KRW | 1.88T KRW | 1.45T KRW | 2.02T KRW | 1.49T KRW |
| Short-term Investments | 576.13B KRW | 761.17B KRW | 1.24T KRW | 997.31B KRW | 1.58T KRW | 513.69B KRW | 237.23B KRW | 294.93B KRW | 323.89B KRW | 186.64B KRW |
| Receivables | 3.42T KRW | 3.45T KRW | 3.10T KRW | 3.40T KRW | 3.37T KRW | 2.61T KRW | 2.61T KRW | 2.49T KRW | 2.51T KRW | 2.47T KRW |
| Inventory | 259.85B KRW | 272.40B KRW | 288.05B KRW | 162.88B KRW | 171.44B KRW | 204.64B KRW | 166.35B KRW | 179.81B KRW | 209.78B KRW | 167.63B KRW |
| Total Current Assets | 6.00T KRW | 6.20T KRW | 7.96T KRW | 8.10T KRW | 8.78T KRW | 6.35T KRW | 7.22T KRW | 6.59T KRW | 7.48T KRW | 6.73T KRW |
| Property, Plant & Equipment | 10.37T KRW | 10.14T KRW | 10.72T KRW | 12.33T KRW | 13.38T KRW | 12.87T KRW | 13.32T KRW | 13.02T KRW | 12.62T KRW | 11.90T KRW |
| Goodwill | 1.93T KRW | 1.92T KRW | 2.94T KRW | 2.95T KRW | 3.36T KRW | 2.07T KRW | 2.08T KRW | 2.08T KRW | 2.07T KRW | 2.07T KRW |
| Intangible Assets | 3.78T KRW | 3.59T KRW | 5.51T KRW | 4.87T KRW | 4.44T KRW | 3.87T KRW | 3.32T KRW | 2.86T KRW | 2.19T KRW | 1.71T KRW |
| Total Assets | 31.30T KRW | 33.43T KRW | 42.37T KRW | 44.61T KRW | 47.91T KRW | 30.91T KRW | 31.31T KRW | 30.12T KRW | 30.52T KRW | 30.11T KRW |
| Accounts Payable | 402.44B KRW | 351.71B KRW | 381.30B KRW | 438.30B KRW | 372.91B KRW | 190.56B KRW | 89.25B KRW | 139.88B KRW | 126.51B KRW | 110.86B KRW |
| Short-term Debt | 891.08B KRW | 1.66T KRW | 1.06T KRW | 1.04T KRW | 1.05T KRW | 1.44T KRW | 2.11T KRW | 1.62T KRW | 2.56T KRW | 1.66T KRW |
| Total Current Liabilities | 6.44T KRW | 7.11T KRW | 6.85T KRW | 7.79T KRW | 8.18T KRW | 6.96T KRW | 8.05T KRW | 6.99T KRW | 9.22T KRW | 6.53T KRW |
| Long-term Debt | 6.48T KRW | 5.81T KRW | 8.59T KRW | 9.23T KRW | 9.67T KRW | 7.39T KRW | 7.19T KRW | 7.42T KRW | 6.57T KRW | 7.99T KRW |
| Total Liabilities | 15.18T KRW | 15.40T KRW | 20.02T KRW | 21.79T KRW | 23.51T KRW | 18.58T KRW | 19.15T KRW | 17.89T KRW | 18.69T KRW | 17.55T KRW |
| Retained Earnings | 15.95T KRW | 17.84T KRW | 22.14T KRW | 22.24T KRW | 22.98T KRW | 22.44T KRW | 22.46T KRW | 22.80T KRW | 23.03T KRW | 7.92T KRW |
| Total Equity | 15.97T KRW | 17.84T KRW | 22.47T KRW | 22.96T KRW | 23.74T KRW | 11.58T KRW | 11.32T KRW | 11.39T KRW | 11.70T KRW | 12.46T KRW |
| Total Debt | 7.37T KRW | 7.47T KRW | 9.65T KRW | 11.55T KRW | 12.16T KRW | 10.37T KRW | 11.08T KRW | 10.66T KRW | 10.76T KRW | 10.77T KRW |
| Net Debt | 5.29T KRW | 5.25T KRW | 6.90T KRW | 9.29T KRW | 9.21T KRW | 8.98T KRW | 8.97T KRW | 8.91T KRW | 8.42T KRW | 9.09T KRW |
| Working Capital | -447.47B KRW | -907.32B KRW | 1.11T KRW | 314.57B KRW | 597.12B KRW | -607.77B KRW | -827.35B KRW | -408.38B KRW | -1.75T KRW | 197.35B KRW |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | 1.38T KRW | 1.49T KRW | 1.45T KRW | 1.19T KRW |
| Total Assets | 28.90T KRW | 30.11T KRW | 29.58T KRW | 32.09T KRW |
| Total Liabilities | 17.09T KRW | 17.55T KRW | 16.82T KRW | 17.15T KRW |
| Total Equity | 11.70T KRW | 12.46T KRW | 12.70T KRW | 14.88T KRW |
| Total Debt | 10.83T KRW | 10.77T KRW | 10.46T KRW | 10.44T KRW |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | 1.66T KRW | 2.66T KRW | 3.13T KRW | 861.94B KRW | 1.50T KRW | 2.42T KRW | 947.83B KRW | 1.15T KRW | 1.25T KRW | 393.88B KRW |
| Depreciation & Amortization | 3.07T KRW | 3.25T KRW | 3.28T KRW | 4.02T KRW | 4.17T KRW | 4.11T KRW | 3.76T KRW | 3.75T KRW | 3.70T KRW | 3.33T KRW |
| Stock-based Compensation | 0 | 414.0M KRW | 789.0M KRW | 2.07B KRW | 4.31B KRW | 91.65B KRW | 84.46B KRW | 18.89B KRW | 6.70B KRW | 0 |
| Change in Working Capital | 69.11B KRW | -200.59B KRW | 89.91B KRW | -752.24B KRW | 379.44B KRW | -453.80B KRW | 197.22B KRW | -174.77B KRW | 48.99B KRW | -146.16B KRW |
| Operating Cash Flow | 4.24T KRW | 3.86T KRW | 4.33T KRW | 3.99T KRW | 5.82T KRW | 5.03T KRW | 5.16T KRW | 4.95T KRW | 5.09T KRW | 3.96T KRW |
| Capital Expenditure | -3.13T KRW | -2.86T KRW | -3.30T KRW | -3.52T KRW | -3.69T KRW | -3.31T KRW | -3.05T KRW | -3.08T KRW | -2.56T KRW | -2.24T KRW |
| Acquisitions | -87.26B KRW | -181.10B KRW | -749.14B KRW | -246.16B KRW | -49.14B KRW | -229.36B KRW | 269.27B KRW | -2.27B KRW | 65.61B KRW | -191.80B KRW |
| Stock Repurchased | 0 | 0 | 0 | 0 | -426.66B KRW | -76.11B KRW | 0 | -285.49B KRW | -15.79B KRW | 0 |
| Dividends Paid | -706.09B KRW | -706.09B KRW | -706.09B KRW | -718.70B KRW | -742.14B KRW | -1.03T KRW | -904.02B KRW | -773.81B KRW | -824.12B KRW | -636.88B KRW |
| Free Cash Flow | 1.12T KRW | 994.22B KRW | 1.04T KRW | 469.19B KRW | 2.13T KRW | 1.72T KRW | 2.11T KRW | 1.87T KRW | 2.53T KRW | 1.72T KRW |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | 166.30B KRW | 1.07T KRW | 1.09T KRW | 1.24T KRW |
| Capital Expenditure | -650.87B KRW | -729.57B KRW | -372.09B KRW | -461.29B KRW |
| Free Cash Flow | -484.57B KRW | 343.21B KRW | 718.88B KRW | 774.04B KRW |
| Dividends Paid | -176.76B KRW | 8.20B KRW | 0 | -183.21B KRW |
| Stock-based Compensation | -463.0M KRW | 0 | 0 | 0 |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +2.5% | -3.7% | -8.6% | +4.4% | +4.1% | +3.3% | +1.8% | +1.9% | -4.7% | |
| Net Income Growth (YoY) | +55.1% | +20.3% | -71.6% | +69.3% | +60.0% | -62.1% | +19.9% | +14.3% | -67.3% | |
| EPS Growth (YoY) | +55.7% | +20.5% | -72.5% | -23.8% | +88.0% | -28.1% | +20.3% | +16.8% | -68.2% | |
| Shares Change (YoY) | +0.7% | -0.6% | +2.0% | +1.0% | -1.6% | +0.2% | -0.3% | -0.6% | -1.5% | |
| FCF Growth (YoY) | -11.0% | +4.3% | -54.8% | +354.8% | -19.3% | +22.6% | -11.7% | +35.4% | -31.9% | |
| Gross Margin | 81.4% | 82.3% | 82.7% | 84.5% | 86.5% | 86.7% | 87.0% | 87.4% | 87.3% | 87.3% |
| Operating Margin | 7.6% | 7.0% | 4.9% | 6.4% | 6.4% | 8.6% | 9.2% | 10.0% | 9.4% | 5.9% |
| EBITDA Margin | 31.9% | 39.7% | 44.8% | 33.3% | 33.3% | 36.5% | 30.7% | 32.0% | 32.7% | 26.0% |
| Net Margin | 9.8% | 14.8% | 18.5% | 5.8% | 9.4% | 14.4% | 5.3% | 6.2% | 7.0% | 2.4% |
| FCF Margin | 6.5% | 5.7% | 6.1% | 3.0% | 13.3% | 10.3% | 12.2% | 10.6% | 14.1% | 10.1% |
| Effective Tax Rate | 20.8% | 21.9% | 21.2% | 32.6% | 24.4% | 26.0% | 23.3% | 23.0% | 21.3% | 48.1% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | 2,894.86 KRW | 2,559.26 KRW | 2,686.12 KRW | 1,191.07 KRW | 5,362.21 KRW | 4,398.95 KRW | 5,381.85 KRW | 4,768.75 KRW | 6,497.57 KRW | 4,487.85 KRW |
| Dividends Per Share | 1,829.40 KRW | 1,817.58 KRW | 1,829.04 KRW | 1,824.47 KRW | 1,864.71 KRW | 2,626.14 KRW | 2,302.67 KRW | 1,976.94 KRW | 2,118.12 KRW | 1,661.27 KRW |
| Shares Outstanding (Basic) | 386.0 M | 388.5 M | 386.0 M | 393.9 M | 398.0 M | 391.6 M | 392.6 M | 391.4 M | 389.1 M | 383.4 M |
What to look at in Technology companies
- Revenue growth 3y (>=15%/year) — Validates sustained traction, not a one-off.
- Gross margin (Sub-sector dependent) — SaaS >=70%, Internet >=55%, Semis >=45%, Hardware >=35%.
- FCF / Revenue (>=20%) — Real cash generated. Many tech firms dress up non-GAAP earnings.
- ROIC (>=15%) — Capital reinvested efficiency — Buffett's first metric.
- SBC / Revenue (<10% healthy) — Stock-based compensation. Silent dilution: >20% destroys value.
- Net Debt / EBITDA (<=2x (1.5x SaaS)) — Resilience in downturns and rate hikes.
Profitability
| Return on Equity | 5.74% |
| Return on Invested Capital | 3.18% |
| Return on Assets | 2.30% |
| Gross Margin | 38.72% |
| Operating Margin | 7.45% |
| Net Margin | 4.38% |
Financial Health
| Debt / Equity | 0.70 |
| Current Ratio | 1.25 |
| Piotroski F-Score | 6 |
| Altman Z-Score | 1.44 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 5.81 | 4.43 | 3.67 | 11.92 | 15.59 | 9.98 | 11.32 | 9.93 | 9.66 | 28.92 |
| P/B | 0.60 | 0.65 | 0.51 | 0.45 | 0.44 | 1.07 | 0.90 | 0.94 | 1.03 | 0.91 |
| P/S | 0.56 | 0.66 | 0.68 | 0.68 | 0.65 | 0.74 | 0.59 | 0.61 | 0.67 | 0.66 |
| Gross Margin | 81.4% | 82.3% | 82.7% | 84.5% | 86.5% | 86.7% | 87.0% | 87.4% | 87.3% | 87.3% |
| Operating Margin | 7.6% | 7.0% | 4.9% | 6.4% | 6.4% | 8.6% | 9.2% | 10.0% | 9.4% | 5.9% |
| Net Margin | 9.8% | 14.8% | 18.5% | 5.8% | 9.4% | 14.4% | 5.3% | 6.2% | 7.0% | 2.4% |
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