Detailed financial statements for Woori Financial Group Inc. (WF): 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.
Woori Financial Group Inc., together with its subsidiaries, operates as a bank which provides various financial services in Korea, China, the United States, the United Kingdom, Japan, and internationally. The company operates through Banking Insurance, Credit Card Capital, Investment Securities, and Others segments.
Analysis Summary
Woori Financial Group Inc. reported revenue of 4.12T KRW in the most recent fiscal year, growing at a 5-year CAGR of -18.2%. Net income reached 3.24T KRW, with a 19.9% 5-year CAGR.
Trailing-twelve-month margins: gross margin 100.0%, operating margin 100.0%, net margin 75.3%.
At $67.25 (closing price, October 30, 2026), WF trades at a P/E of 7.58 and an ROE of 8.82%. Market capitalisation stands at $16.4B, placing it among large-cap names.
Balance sheet quality for WF: current ratio of 0.9, net debt of 47.79T KRW. 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 13.14T KRW represents 405% 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 | 9.75T KRW | 10.57T KRW | 11.49T KRW | 12.43T KRW | 11.25T KRW | 12.51T KRW | 17.39T KRW | 23.70T KRW | 25.75T KRW | 4.12T KRW |
| Cost of Revenue | 4.33T KRW | 4.12T KRW | 4.36T KRW | 5.06T KRW | 4.31T KRW | 3.44T KRW | 6.84T KRW | 13.77T KRW | 14.84T KRW | 0 |
| Gross Profit | 5.42T KRW | 6.46T KRW | 7.13T KRW | 7.37T KRW | 6.94T KRW | 9.07T KRW | 10.55T KRW | 9.93T KRW | 10.91T KRW | 4.12T KRW |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | 3.13T KRW | 3.24T KRW | 3.61T KRW | 3.32T KRW | 3.47T KRW | 3.71T KRW | 4.11T KRW | 4.05T KRW | 4.23T KRW | 0 |
| Operating Expenses | 3.87T KRW | 4.51T KRW | 4.32T KRW | 4.65T KRW | 4.94T KRW | 5.38T KRW | 6.00T KRW | 6.41T KRW | 6.69T KRW | 0 |
| Operating Income | 1.55T KRW | 1.95T KRW | 2.80T KRW | 2.72T KRW | 2.00T KRW | 3.69T KRW | 4.55T KRW | 3.52T KRW | 4.22T KRW | 4.12T KRW |
| EBITDA | 1.81T KRW | 2.19T KRW | 3.08T KRW | 3.23T KRW | 2.54T KRW | 4.48T KRW | 5.48T KRW | 4.51T KRW | 5.39T KRW | 5.37T KRW |
| Interest Expense | 3.49T KRW | 3.33T KRW | 4.03T KRW | 4.68T KRW | 3.53T KRW | 2.91T KRW | 5.96T KRW | 11.90T KRW | 13.13T KRW | 0 |
| Pre-tax Income | 1.55T KRW | 1.95T KRW | 2.80T KRW | 2.72T KRW | 2.00T KRW | 3.69T KRW | 4.55T KRW | 3.52T KRW | 4.22T KRW | 4.12T KRW |
| Income Tax | 275.86B KRW | 419.42B KRW | 753.22B KRW | 685.45B KRW | 486.00B KRW | 924.77B KRW | 1.18T KRW | 890.56B KRW | 1.05T KRW | 871.18B KRW |
| Net Income | 1.26T KRW | 1.51T KRW | 2.03T KRW | 1.87T KRW | 1.31T KRW | 2.54T KRW | 3.19T KRW | 2.51T KRW | 3.09T KRW | 3.24T KRW |
| EPS | 4,652.19 KRW | 5,932.74 KRW | 9,059.58 KRW | 8,174.52 KRW | 5,226.66 KRW | 10,442.97 KRW | 12,573.27 KRW | 9,689.31 KRW | 11,847.09 KRW | 12,837.63 KRW |
| EPS (Diluted) | 4,652.19 KRW | 5,932.74 KRW | 8,967.75 KRW | 8,174.52 KRW | 5,226.66 KRW | 10,442.97 KRW | 12,573.27 KRW | 9,689.31 KRW | 11,847.09 KRW | 12,837.63 KRW |
| Shares Outstanding (Diluted) | 226.7 M | 226.7 M | 226.7 M | 228.5 M | 240.8 M | 241.5 M | 242.6 M | 245.1 M | 247.1 M | 252.7 M |
Income Statement (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Revenue | 535.47B KRW | 847.95B KRW | 1.35T KRW | 1.42T KRW |
| Gross Profit | 535.47B KRW | 847.95B KRW | 1.35T KRW | 1.42T KRW |
| Operating Income | 535.47B KRW | 847.95B KRW | 1.35T KRW | 1.42T KRW |
| EBITDA | 852.41B KRW | 847.95B KRW | 1.35T KRW | 1.42T KRW |
| Net Income | 358.62B KRW | 638.92B KRW | 1.05T KRW | 1.08T KRW |
| EPS | 1,411.29 KRW | 2,467.59 KRW | 4,231.29 KRW | 4,260.27 KRW |
| EPS (Diluted) | 1,411.29 KRW | 2,467.59 KRW | 4,231.29 KRW | 4,260.27 KRW |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | -15.95T KRW | 6.91T KRW | 6.75T KRW | 6.39T KRW | 9.99T KRW | 20.61T KRW | 34.22T KRW | 30.56T KRW | 27.28T KRW | 26.36T KRW |
| Short-term Investments | 0 | 15.35T KRW | 18.06T KRW | 27.73T KRW | 30.03T KRW | 39.12T KRW | 33.09T KRW | 37.89T KRW | 43.80T KRW | 20.37T KRW |
| Receivables | 0 | 14.19T KRW | 14.30T KRW | 11.77T KRW | 11.23T KRW | 14.67T KRW | 12.81T KRW | 17.31T KRW | 13.91T KRW | 12.47T KRW |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | 34.49T KRW | 36.60T KRW | 39.29T KRW | 46.11T KRW | 51.45T KRW | 74.66T KRW | 80.50T KRW | 86.20T KRW | 85.55T KRW | 46.73T KRW |
| Property, Plant & Equipment | 2.46T KRW | 2.48T KRW | 2.45T KRW | 3.36T KRW | 4.40T KRW | 4.96T KRW | 5.74T KRW | 6.48T KRW | 7.34T KRW | 7.60T KRW |
| Goodwill | 124.80B KRW | 108.71B KRW | 153.60B KRW | 350.68B KRW | 334.29B KRW | 345.45B KRW | 397.53B KRW | 445.09B KRW | 482.71B KRW | 386.99B KRW |
| Intangible Assets | 0 | 1.39T KRW | 1.43T KRW | 1.44T KRW | 1.39T KRW | 1.31T KRW | 1.25T KRW | 1.35T KRW | 1.39T KRW | 669.65B KRW |
| Total Assets | 310.68T KRW | 316.30T KRW | 340.45T KRW | 361.98T KRW | 399.08T KRW | 447.18T KRW | 480.47T KRW | 498.00T KRW | 525.75T KRW | 601.46T KRW |
| Accounts Payable | 8.48T KRW | 4.69T KRW | 5.41T KRW | 6.13T KRW | 4.03T KRW | 7.03T KRW | 6.00T KRW | 10.19T KRW | 7.25T KRW | 8.06T KRW |
| Short-term Debt | 3.96T KRW | 638.23B KRW | 1.02T KRW | 702.52B KRW | 657.82B KRW | 991.15B KRW | 2.33T KRW | 1.28T KRW | 1.71T KRW | 50.11T KRW |
| Total Current Liabilities | 33.73T KRW | 245.50T KRW | 259.63T KRW | 276.99T KRW | 305.03T KRW | 328.06T KRW | 353.69T KRW | 373.63T KRW | 381.10T KRW | 50.11T KRW |
| Long-term Debt | 41.95T KRW | 45.92T KRW | 48.64T KRW | 50.80T KRW | 57.87T KRW | 68.62T KRW | 70.75T KRW | 74.75T KRW | 81.58T KRW | 44.08T KRW |
| Total Liabilities | 293.71T KRW | 295.73T KRW | 318.49T KRW | 336.49T KRW | 372.36T KRW | 418.38T KRW | 448.85T KRW | 464.61T KRW | 489.86T KRW | 567.31T KRW |
| Retained Earnings | 2.61T KRW | 15.62T KRW | 17.12T KRW | 18.52T KRW | 19.27T KRW | 21.35T KRW | 23.75T KRW | 24.99T KRW | 26.95T KRW | 25.56T KRW |
| Total Equity | 16.81T KRW | 20.37T KRW | 21.74T KRW | 21.51T KRW | 23.05T KRW | 25.80T KRW | 28.76T KRW | 31.67T KRW | 34.10T KRW | 32.31T KRW |
| Total Debt | 45.91T KRW | 46.56T KRW | 49.66T KRW | 51.92T KRW | 58.94T KRW | 69.96T KRW | 73.39T KRW | 76.36T KRW | 83.82T KRW | 94.52T KRW |
| Net Debt | 61.86T KRW | 24.30T KRW | 24.85T KRW | 17.79T KRW | 18.92T KRW | 10.22T KRW | 6.09T KRW | 7.91T KRW | 12.74T KRW | 47.79T KRW |
| Working Capital | 755.42B KRW | -208.90T KRW | -220.33T KRW | -230.88T KRW | -253.57T KRW | -253.40T KRW | -273.18T KRW | -287.43T KRW | -295.56T KRW | -3.38T KRW |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | 29.41T KRW | 38.50T KRW | 34.87T KRW | 38.52T KRW |
| Total Assets | 586.96T KRW | 601.46T KRW | 612.59T KRW | 635.18T KRW |
| Total Liabilities | 549.80T KRW | 563.60T KRW | 572.68T KRW | 594.30T KRW |
| Total Equity | 35.36T KRW | 36.02T KRW | 38.01T KRW | 38.88T KRW |
| Total Debt | 86.54T KRW | 96.65T KRW | 93.90T KRW | 102.50T KRW |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | 1.28T KRW | 1.53T KRW | 2.05T KRW | 2.04T KRW | 1.52T KRW | 2.76T KRW | 3.37T KRW | 2.63T KRW | 3.17T KRW | 3.23T KRW |
| Depreciation & Amortization | 252.03B KRW | 235.79B KRW | 272.55B KRW | 505.72B KRW | 535.55B KRW | 791.90B KRW | 929.31B KRW | 993.18B KRW | 1.16T KRW | 1.25T KRW |
| Stock-based Compensation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Working Capital | 2.49T KRW | -4.72T KRW | 6.34T KRW | -1.32T KRW | -3.31T KRW | -65.86B KRW | 12.00T KRW | -4.12T KRW | -13.48T KRW | 9.23T KRW |
| Operating Cash Flow | 4.91T KRW | -1.98T KRW | 9.16T KRW | 1.87T KRW | -248.38B KRW | 3.80T KRW | 18.62T KRW | 1.62T KRW | -6.13T KRW | 13.64T KRW |
| Capital Expenditure | -322.17B KRW | -358.17B KRW | -294.74B KRW | -555.89B KRW | -264.19B KRW | -258.14B KRW | -347.62B KRW | -393.20B KRW | -411.98B KRW | -506.43B KRW |
| Acquisitions | -132.30B KRW | 203.0M KRW | -134.97B KRW | -296.81B KRW | -313.06B KRW | -1.64B KRW | -724.78B KRW | -829.83B KRW | -672.62B KRW | -898.59B KRW |
| Stock Repurchased | -310.00B KRW | 0 | 0 | -184.16B KRW | 0 | -3.76B KRW | 0 | -158.16B KRW | -136.70B KRW | -150.00B KRW |
| Dividends Paid | -168.32B KRW | -336.64B KRW | -336.64B KRW | -437.63B KRW | -505.59B KRW | -368.36B KRW | -655.00B KRW | -978.38B KRW | -878.33B KRW | -927.30B KRW |
| Free Cash Flow | 4.58T KRW | -2.34T KRW | 8.87T KRW | 1.31T KRW | -512.57B KRW | 3.54T KRW | 18.28T KRW | 1.23T KRW | -6.54T KRW | 13.14T KRW |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | 4.37T KRW | 11.77T KRW | 13.56T KRW | 6.44T KRW |
| Capital Expenditure | -43.87B KRW | -270.84B KRW | -45.35B KRW | -55.20B KRW |
| Free Cash Flow | 4.33T KRW | 11.50T KRW | 13.51T KRW | 6.38T KRW |
| Dividends Paid | -146.20B KRW | -146.20B KRW | 0 | -740.84B KRW |
| Stock-based Compensation | 0 | 0 | 0 | -23.06B KRW |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +8.5% | +8.7% | +8.1% | -9.5% | +11.2% | +39.0% | +36.3% | +8.7% | -84.0% | |
| Net Income Growth (YoY) | +19.9% | +34.5% | -7.9% | -30.2% | +94.5% | +25.3% | -21.4% | +23.1% | +5.1% | |
| EPS Growth (YoY) | +27.5% | +52.7% | -9.8% | -36.1% | +99.8% | +20.4% | -22.9% | +22.3% | +8.4% | |
| Shares Change (YoY) | +0.0% | +0.0% | +0.8% | +5.4% | +0.3% | +0.5% | +1.1% | +0.8% | +2.3% | |
| FCF Growth (YoY) | -151.0% | +479.3% | -85.2% | -139.0% | +791.0% | +416.1% | -93.3% | -632.4% | +300.8% | |
| Gross Margin | 55.6% | 61.1% | 62.0% | 59.3% | 61.7% | 72.5% | 60.7% | 41.9% | 42.4% | 100.0% |
| Operating Margin | 15.9% | 18.4% | 24.4% | 21.9% | 17.8% | 29.5% | 26.2% | 14.8% | 16.4% | 100.0% |
| EBITDA Margin | 18.5% | 20.7% | 26.8% | 26.0% | 22.5% | 35.8% | 31.5% | 19.0% | 20.9% | 130.4% |
| Net Margin | 12.9% | 14.3% | 17.7% | 15.1% | 11.6% | 20.3% | 18.3% | 10.6% | 12.0% | 78.8% |
| FCF Margin | 47.0% | -22.1% | 77.1% | 10.6% | -4.6% | 28.3% | 105.1% | 5.2% | -25.4% | 319.2% |
| Effective Tax Rate | 17.8% | 21.5% | 26.9% | 25.2% | 24.3% | 25.1% | 25.9% | 25.3% | 24.9% | 21.2% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | 20,214.74 KRW | -10,308.59 KRW | 39,102.34 KRW | 5,752.66 KRW | -2,129.00 KRW | 14,666.72 KRW | 75,344.51 KRW | 5,012.60 KRW | -26,473.17 KRW | 51,976.66 KRW |
| Dividends Per Share | 742.40 KRW | 1,484.80 KRW | 1,484.80 KRW | 1,915.24 KRW | 2,100.00 KRW | 1,525.46 KRW | 2,700.21 KRW | 3,991.24 KRW | 3,554.68 KRW | 3,669.15 KRW |
| Shares Outstanding (Basic) | 226.7 M | 224.3 M | 224.4 M | 228.5 M | 240.8 M | 241.5 M | 242.6 M | 245.1 M | 247.1 M | 252.7 M |
What to look at in Banking companies
- Efficiency Ratio (<=55%) — Operating expenses / revenue. Top banks below 55%.
- ROA (>=1%) — How much they earn per dollar of assets. ROE misleads in banks due to leverage.
- ROTCE (>=12%) — Return on Tangible Common Equity. Strips goodwill and intangibles.
- Equity / Assets (Tier 1 proxy) (>=8%) — Capital ratio proxy. Regulatory Tier 1 is not in our data.
- P/B (1.0-1.5x) — Classic banking metric. <1x can be opportunity or distress.
- Sustainable dividend yield (>=2%, <8%) — EU banks pay 5-7% normally. >8% is distress signal.
Profitability
| Return on Equity | 8.82% |
| Return on Invested Capital | 1.12% |
| Return on Assets | 0.49% |
| Gross Margin | 100.00% |
| Operating Margin | 100.00% |
| Net Margin | 75.25% |
Financial Health
| Debt / Equity | 2.66 |
| Current Ratio | 0.06 |
| Piotroski F-Score | 6 |
| Altman Z-Score | 0.10 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 8.30 | 8.18 | 5.17 | 4.27 | 5.69 | 3.66 | 2.75 | 4.03 | 3.89 | 6.60 |
| P/B | 0.52 | 0.53 | 0.48 | 0.37 | 0.31 | 0.36 | 0.29 | 0.30 | 0.33 | 0.66 |
| P/S | 0.90 | 1.03 | 0.91 | 0.64 | 0.64 | 0.74 | 0.48 | 0.40 | 0.44 | 5.20 |
| Gross Margin | 55.6% | 61.1% | 62.0% | 59.3% | 61.7% | 72.5% | 60.7% | 41.9% | 42.4% | 100.0% |
| Operating Margin | 15.9% | 18.4% | 24.4% | 21.9% | 17.8% | 29.5% | 26.2% | 14.8% | 16.4% | 100.0% |
| Net Margin | 12.9% | 14.3% | 17.7% | 15.1% | 11.6% | 20.3% | 18.3% | 10.6% | 12.0% | 78.8% |
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