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S-Oil (010950) USD

S-Oil Corporation is a South Korean oil refining and petrochemical company that produces and sells fuels, lubricants, and chemical products such as gasoline, diesel, jet fuel, and polypropylene. It operates refineries and petrochemical facilities, exporting to markets across Asia, the US, Europe, and Australia.

At a glance: strengths & risks
✓Revenue growing (+41% y/y, Q2 2026)✓Margins improving (-2%→10%, Q2 2026)✓Cheaper than own history (EV/EBITDA 6.6 vs avg 11.8)✗High leverage (4.5x EBITDA)

Sector: Oil refining

KR_010950

Price chart

130 400 KRWDay -6.72%

Key metrics

Net debt (table and EV/EBITDA): |short-term borrowings| + |long-term borrowings| + |other financial liabilities| when extracted + |non-controlling interest| when extracted − |cash and equivalents|; amounts in millions of the reporting currency.

Market

Price
130 400 KRW · -6.72%
Market cap
11.5 bn USD

Growth

Δ revenue y/y
31.1%
Δ EBITDA y/y
-14.9%

Multiples

P/E (LTM)
11.1x
3y avg: 41.6x
P/B (FY)
1.9x
P/E (ann.)
8.4x
EV/EBITDA (LTM)
6.6x
3y avg: 11.8x
EV/EBITDA (ann.)
5.2x

Cash return

Dividend yield
0.9%
FCF yield (LTM)
-3.8%

Liquidity

Daily turnover (listing)
67.5 bln KRW

Shares: verified/reconciled_vs_marketcap

Amounts: USD (converted) · As reported
Converted modes use NBK / ECB-linked rates: balance sheet date for BS items, period average for P&L and cash flow (see filing row evidence). As reported keeps each row in its filing currency.

Financial results

Monetary columns are in B USD, one decimal; scale (K/M/B/T) keeps values readable. For the period (default) shows P&L and cash flow for that row’s reporting window: quarterly amounts when the feed uses quarter-duration facts (typical US 10-Q revenue and income), quarterly cash flows after stripping YTD where only cumulative tags exist, and an implied Q4 on 31 Dec FY rows (P&L: FY minus Q1–Q3; operating / investing cash flow: FY 12m minus 9M YTD to 30 Sep when sourced from SEC builder evidence) so they match 10-Q scale. Some issuers still use cumulative YTD minus the prior row in the same calendar year. As reported shows values stored on each row (e.g. full-year on FY). Balance sheet is always as reported. Source JSON may use millions etc.; conversion uses amounts_unit per row.

DatePeriodStatusRevenueB USDOperating profitB USDD&AB USDEBITDAB USDNet profitB USDOperating CFB USDCapex + M&AB USDAssetsB USDEquityB USDROE (annualized)Net debtB USDSource
2026-06-30Q2 2026 (3M)OK7.5
y/y 31.1%
0.6
y/y —
0.1
y/y -2.2%
0.8
y/y —
0.3
y/y —
0.0-0.419.5
y/y 7.5%
6.5
y/y 2.7%
21.4%4.9DART
2026-03-31Q1 2026 (3M)OK6.1
y/y -1.5%
0.8
y/y —
0.1
y/y 7.2%
1.0
y/y 723.6%
0.5
y/y —
-0.4-0.318.9
y/y 15.7%
6.3
y/y 6.9%
31.5%4.5DART
2025-12-31Q4 2025 (3M)OK6.1
y/y -4.3%
0.3
y/y 62.3%
0.1
y/y 5.2%
0.4
y/y 35.8%
0.2
y/y 265.8%
1.3-0.918.4
y/y 10.9%
6.2
y/y 4.4%
2.0%3.9DART
2025-09-30Q3 2025 (3M)OK6.1
y/y -6.9%
0.2
y/y —
0.1
y/y 3.7%
0.3
y/y —
0.0
y/y —
0.6-0.717.8
y/y 3.7%
6.2
y/y -8.0%
1.0%4.5DART
2025-06-30Q2 2025 (3M)OK5.7
y/y -17.9%
-0.2
y/y -309.2%
0.1
y/y 8.4%
-0.1
y/y -140.4%
0.0
y/y —
0.3-0.818.1
y/y 13.9%
6.3
y/y -3.2%
-3.1%4.6DART
2025-03-31Q1 2025 (3M)OK6.2
y/y -12.3%
0.0
y/y -104.3%
0.1
y/y -5.6%
0.1
y/y -75.5%
0.0
y/y -124.3%
0.5-0.416.4
y/y -1.0%
5.9
y/y -12.3%
-2.1%3.8DART
2024-12-31Q4 2024 (3M)OK6.4
y/y -14.3%
0.2
y/y 472.6%
0.1
y/y -5.9%
0.3
y/y 186.2%
-0.1
y/y -177.6%
1.0-1.016.6
y/y -0.3%
5.9
y/y -15.4%
-2.2%4.0DART
2024-09-30Q3 2024 (3M)OK6.5
y/y -4.2%
-0.3
y/y -147.1%
0.1
y/y 0.6%
-0.2
y/y -121.1%
-0.2
y/y -136.9%
0.0-0.517.2
y/y 6.2%
6.7
y/y 1.2%
-3.1%4.2DART
2024-06-30Q2 2024 (3M)OK7.0
y/y 16.9%
0.1
y/y 321.3%
0.1
y/y —
0.3
y/y 799.0%
0.0
y/y —
0.1-0.415.9
y/y 9.3%
6.5
y/y 3.1%
-0.9%3.6DART
2024-03-31Q1 2024 (3M)OK7.0
y/y -0.8%
0.3
y/y -14.8%
0.1
y/y —
0.5
y/y 20.3%
0.1
y/y -39.4%
-0.1-0.316.5
y/y 8.0%
6.7
y/y 4.1%
7.3%3.1DART
2023-12-31Q4 2023 (3M)OK7.5
y/y —
0.0
y/y —
0.1
y/y —
0.1
y/y —
0.1
y/y —
1.3-0.716.6
y/y —
7.0
y/y —
10.7%2.8DART
2023-09-30Q3 2023 (3M)OK6.8
y/y —
0.7
y/y —
0.1
y/y —
0.8
y/y —
0.4
y/y —
-0.2-0.516.2
y/y —
6.6
y/y —
8.5%3.4DART
2023-06-30Q2 2023 (3M)OK6.0
y/y —
0.0
y/y —
—
y/y —
0.0
y/y —
0.0
y/y —
0.2-0.414.6
y/y —
6.3
y/y —
-1.1%2.8DART
2023-03-31Q1 2023 (3M)OK7.1
y/y —
0.4
y/y —
—
y/y —
0.4
y/y —
0.2
y/y —
0.6-0.115.3
y/y —
6.4
y/y —
—2.4DART

Net debt structure (leases included, IFRS 16) 2026-06-30

Short-term debt (incl. ST leases)2 300
Long-term debt (incl. LT leases)3 556
− Cash & equivalents1 000
Net debt4 856

Net debt / LTM EBITDA: 2.0x

Conversion to USD. Balance sheet: rate effective on 2026-06-30, fixing date unspecified. Flows: sampled average at each calculation period's bounds and monthly 15ths. Latest source row: 2026-04-01 — 2026-06-30. Source: Frankfurter historical request.

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

-2 00002 0004 0006 0008 0002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Year-over-year change

-200%-100%0%100%200%2024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Cash flow

Operating and investing cash flow (OCF + ICF) ($ mln)

-750-500-25002505007502024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Net debt / cash ($ mln)

01 0002 0003 0004 0005 0002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Profit and cash

Worth a look
In a typical year of 2021–2025 operating cash flow came to 1.87x of reported net profit; after capex, 0.34x. Loss years (2024) are left out of the ratio.
year20212022202320242025
cash flow / profit1.07x0.61x2.66x—22.28x
accruals, % of assets—4.2%-7.3%-6.8%-14.2%
Last twelve months (to 2026-06-30): 1.43x of profit came back as operating cash flow.
net debt / EBITDA 4.5x · capex 2.8x of depreciation
● Net debt / EBITDA 4.5x at the last full year.
Read from the reported annual statements: cash flow / profit is the median of the yearly operating cash flow over net profit for the years shown; accruals are (profit − operating cash flow) / assets, the classic gap between what was booked and what was collected. A gap can be growth in working capital, capitalised costs, revaluations or profit from associates — the panel points at it, the statements explain it. Not investment advice.

Research & reviews

Our earnings breakdowns and investment notes on this issuer.

All research →

Revenue growth & acceleration

Growth decelerating ▼
Last-year revenue growth -7% vs +3% the year before — a -9.1 pp move. 3-year CAGR -7%.
revenue growth by year: 2023 -16% · 2024 +3% · 2025 -7%
The growth-acceleration signal behind the GARP+acceleration strategy — it favours companies whose revenue growth is speeding up and flags those slowing down (the second derivative of growth).

Peer comparison

Group: Oil refining. Each peer is shown as it trades and re-priced onto this company's market (Korea) by the ratio of our coverage medians.

CompanyMarketCap, $bnEV/EBITDAEV/EBITDA, adjusted
Par Pacificglobal4.34.0x3.7x
PBF Energyglobal9.44.2x3.8x
REX American Resourcesglobal1.35.5x5.0x
Valero Energyglobal135.06.9x6.3x
Delek USglobal4.77.3x6.6x
Sunoco LPglobal10.18.2x7.5x
CVR Energyglobal6.18.8x8.0x
CrossAmerica Partnersglobal0.88.8x8.0x
Marathon Petroleumglobal143.29.6x8.8x
Valvolineglobal4.013.9x12.7x
Phillips 66global116.417.9x16.3x
Calumetglobal4.631.6x28.7x
Group median8.5x7.7x
Group average10.6x9.6x
This companyKorea12.46.6x6.6x

Group median 8.5x as traded, 7.7x adjusted; this company 6.6x — a 14% discount.

Group average 10.6x as traded, 9.6x adjusted; against the average this company is at a 31% discount.

At the adjusted group median the market cap would be +23% versus today.

The gap and the implied upside are measured against the median: one richly priced peer moves an average, not a median. The market adjustment uses our coverage medians (US 20.9x, Russia 3.7x, South Africa 5.0x, Kazakhstan 4.7x, India 18.8x, Indonesia 5.1x); it is about where a name is listed, not what it does. Peer multiples come from the nightly rebuild of 2026-10-22; the company's own is live.

Dividends

Paid (completed)

DatePer shareDetailsStatusSource
2026-08-24800 KRWEx-dividend: 800 KRW per sharePaidYahoo Finance (ex-div)
2026-04-03330 KRWEx-dividend: 330 KRW per sharePaidYahoo Finance (ex-div)
2024-08-14125 KRWEx-dividend: 125 KRW per sharePaidYahoo Finance (ex-div)
2023-12-271 500 KRWEx-dividend: 1 500 KRW per sharePaidYahoo Finance (ex-div)
2023-06-29200 KRWEx-dividend: 200 KRW per sharePaidYahoo Finance (ex-div)
2022-12-283 000 KRWEx-dividend: 3 000 KRW per sharePaidYahoo Finance (ex-div)
2022-06-292 500 KRWEx-dividend: 2 500 KRW per sharePaidYahoo Finance (ex-div)
2021-12-292 800 KRWEx-dividend: 2 800 KRW per sharePaidYahoo Finance (ex-div)

KASE: status follows wording in the news headline (paid vs intends to pay). Yahoo: amounts are cash dividends per share on ex-dividend dates (UTC calendar date). stockscope.uz (UZ): amounts are per share in UZS by publication date (not necessarily ex-div).

Reporting forms detected in loaded periods: ✓ ✓ ✓ (Balance sheet / Profit or loss (P&L) / Cash flows)

Financial results, valuation multiples (P/E, P/B, EV/EBITDA), profitability and dividend yield of S-Oil (010950) — from primary filings.

Frequently asked questions

What is S-Oil (010950)'s P/E ratio?
S-Oil (010950) trades at a P/E of 11.1x (price to trailing 12-month earnings).
What is S-Oil (010950)'s EV/EBITDA?
S-Oil (010950) trades at 6.6x EV/EBITDA.
What is S-Oil (010950)'s P/B ratio?
S-Oil (010950) trades at a P/B of 1.9x.
What is S-Oil (010950)'s dividend yield?
S-Oil (010950)'s trailing 12-month dividend yield is 0.9%.
What is S-Oil (010950)'s return on equity (ROE)?
S-Oil (010950)'s ROE is 21.4%.
What is S-Oil (010950)'s market capitalization?
S-Oil (010950)'s market cap is 11.5 bn USD.

See also: The Cheapest Stocks in the World (2026): What Value Investing Says About Buying Cheap · global valuation map