Latest Ratios: P/E Ratio 2.2x · EV/EBITDA 5.5x · ROE 18.8%. (2002–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $14.2B | $21.5B | $8.8B | $9.3B | $11.1B | $11.7B | $15.8B | $15.2B | $18.9B | $22.7B | $23.7B |
| Enterprise Value | $111.6B | $130.81T | $21.98T | $19.31T | $121.54T | $8.43T | $7.72T | $7.98T | $3.38T | $1.67T | $-2486447010560 |
| P/E Ratio → | 2.22 | 0.00 | 0.00 | — | — | — | 0.01 | — | — | 0.02 | 0.00 |
| P/S Ratio | 0.20 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| P/B Ratio | 0.39 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| P/FCF | 3.72 | 0.00 | 0.01 | — | — | — | — | — | — | — | 0.01 |
| P/OCF | 0.90 | 0.00 | 0.00 | 0.01 | — | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.35 | 0.24 | 0.22 | 1.72 | 0.14 | 0.13 | 0.13 | 0.06 | 0.03 | -0.04 |
| EV / EBITDA | 5.48 | 4.78 | 1.01 | 2.20 | — | 1.36 | 0.49 | 0.85 | 0.36 | 0.11 | -0.12 |
| EV / EBIT | 11.05 | 8.21 | 2.22 | — | — | — | 1.55 | — | — | 0.31 | -0.20 |
| EV / FCF | — | 25.45 | 14.02 | — | — | — | — | — | — | — | -0.57 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 16.4% | 16.4% | 12.0% | -2.5% | -43.0% | -6.1% | 10.6% | 2.4% | 4.0% | 12.9% | 24.3% |
| Operating Margin | 14.1% | 14.1% | 9.0% | -4.9% | -45.7% | -9.5% | 7.1% | -2.9% | -1.1% | 8.3% | 19.9% |
| Net Profit Margin | 8.8% | 8.8% | 3.7% | -5.5% | -34.7% | -8.8% | 3.4% | -4.0% | -2.2% | 2.2% | 11.7% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 18.8% | 18.8% | 8.9% | -12.2% | -45.6% | -7.8% | 2.9% | -3.4% | -1.8% | 1.8% | 10.0% |
| ROA | 3.4% | 3.4% | 1.4% | -2.0% | -11.0% | -2.6% | 1.0% | -1.2% | -0.7% | 0.7% | 4.0% |
| ROIC | 8.4% | 8.4% | 10.5% | -2.9% | -20.4% | -5.6% | 4.0% | -1.7% | -0.7% | 5.1% | 13.3% |
| ROCE | 7.3% | 7.3% | 4.6% | -2.3% | -17.4% | -3.2% | 2.3% | -1.0% | -0.4% | 3.2% | 7.9% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 2.70 | 2.70 | 0.59 | 0.63 | 2.97 | 0.17 | 0.14 | 0.14 | 0.07 | 0.06 | 0.01 |
| Debt / EBITDA | 4.86 | 4.86 | 1.12 | 2.69 | — | 1.78 | 0.62 | 1.04 | 0.50 | 0.27 | 0.03 |
| Net Debt / Equity | — | 2.65 | 0.53 | 0.52 | 2.89 | 0.13 | 0.11 | 0.12 | 0.05 | 0.02 | -0.03 |
| Net Debt / EBITDA | 4.78 | 4.78 | 1.01 | 2.20 | — | 1.35 | 0.49 | 0.85 | 0.36 | 0.11 | -0.12 |
| Debt / FCF | — | 25.45 | 14.01 | — | — | — | — | — | — | — | -0.57 |
| Interest Coverage | 3.67 | 3.67 | 2.13 | -0.70 | -11.01 | -2.69 | 2.50 | -0.60 | -0.07 | 1.73 | 7.01 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.46 | 0.46 | 0.46 | 0.48 | 0.67 | 0.69 | 0.79 | 0.80 | 0.90 | 0.82 | 0.80 |
| Quick Ratio | 0.31 | 0.31 | 0.30 | 0.34 | 0.45 | 0.46 | 0.53 | 0.51 | 0.57 | 0.56 | 0.58 |
| Cash Ratio | 0.10 | 0.10 | 0.08 | 0.12 | 0.16 | 0.14 | 0.19 | 0.14 | 0.17 | 0.18 | 0.23 |
| Asset Turnover | — | 0.38 | 0.38 | 0.36 | 0.30 | 0.28 | 0.29 | 0.30 | 0.33 | 0.33 | 0.34 |
| Inventory Turnover | 7.95 | 7.95 | 8.41 | 10.11 | 10.16 | 8.37 | 7.68 | 8.19 | 8.10 | 8.68 | 8.31 |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 1.1% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| Payout Ratio | 2.6% | 2.6% | 3.6% | — | — | — | 4.1% | — | — | 103.2% | 29.6% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 45.1% | 40672.7% | 39528.3% | — | — | — | 12640.4% | — | — | 5711.5% | 29705.1% |
| FCF Yield | 26.9% | 23927.8% | 17753.3% | — | — | — | — | — | — | — | 18406.6% |
| Buyback Yield | 1.2% | 100.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 2.4% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| Shares Outstanding | — | $1.3B | $1.3B | $1.3B | $1.3B | $1.3B | $1.3B | $1.3B | $1.3B | $1.3B | $1.3B |
Includes 30+ ratios · 24 years · Updated daily
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Quick answers to the most common questions about buying KEP stock.
Korea Electric Power Corporation's current P/E ratio is 2.2x. The historical average is 0.0x. This places it at the 100th percentile of its historical range.
Korea Electric Power Corporation's current EV/EBITDA is 5.5x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 2.3x.
Korea Electric Power Corporation's return on equity (ROE) is 18.8%. The historical average is 0.6%.
Based on historical data, Korea Electric Power Corporation is trading at a P/E of 2.2x. This is at the 100th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Korea Electric Power Corporation's current dividend yield is 1.13% with a payout ratio of 2.6%.
Korea Electric Power Corporation has 16.4% gross margin and 14.1% operating margin. Operating margin between 10-20% is typical for established companies.
Korea Electric Power Corporation's Debt/EBITDA ratio is 4.9x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
Regulatory cost recovery lag
P/E Discount Reflects Structural Risk Premium
KEP's trailing P/E of 2.27 is exceptionally low and appears to price in significant regulatory and political risk rather than signaling a value opportunity, especially with a forward P/E of zero indicating potential losses.
This valuation likely reflects the market's deep discount on earnings durability and balance sheet risk. The meager 1.1% dividend yield further underscores that investors do not view the stock as an attractive income alternative to Korean Treasuries, instead pricing in the company's history of political interference and unrecovered fuel costs.
Earned ROE Volatility Signals Regulatory Disconnect
KEP's earned ROE has swung dramatically between 0.2% and 8.2% over the past ten quarters, suggesting the company is not consistently earning its authorized return and that regulatory mechanisms are failing to stabilize earnings.
This extreme volatility implies a profound disconnect between the company's allowed return and its actual financial results. The pattern suggests a reactive, rather than predictive, regulatory environment where cost recovery is often delayed or incomplete, leading to periods where the company destroys shareholder value.
Leverage Strains Credit Profile Amid Margin Pressure
With a debt-to-capital ratio of 0.72 and interest coverage falling to 0.97x in Q2 2026, KEP's leverage appears unsustainable relative to its current earnings power and may signal growing reliance on state support.
The sharp deterioration in interest coverage to below 1.0x is a critical warning sign, implying operating income no longer covers interest obligations. This trajectory, combined with the high debt load, suggests the company may require regulatory forbearance or extraordinary measures to maintain its credit profile.
Margin Volatility Highlights Unpredictable Cost Pass-Through
Operating margin has fluctuated by over 15 percentage points in the last year, indicating that regulatory cost recovery mechanisms are ineffective at smoothing earnings in the face of volatile fuel input costs.
The extreme swings in operating margin, from 5.5% to 20.6% and back, suggest a regulatory framework that allows significant earnings leakage before corrections are made. This pattern implies investors face unpredictable financial results that are more reflective of commodity price cycles than operational efficiency.
P/E Ratio Misleadingly Low, Ignores Capital Structure
The trailing P/E of 2.27 is the ratio most commonly misapplied to KEP, as it ignores the company's high leverage and the political nature of its earnings, potentially obscuring the true risk to equity holders.
A standard P/E comparison is invalid here because KEP's low earnings are a function of regulatory delay and its high interest costs, which are a direct result of its capital structure. A more appropriate metric would be the dividend yield relative to local sovereign bonds, which currently offers no meaningful premium, or an adjusted P/E that normalizes for the regulatory lag in fuel cost recovery.