PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q3–2026Q2) · Dividend yield is based on ₩0 per share · Prices as of the 2026-10-02 close
Seowon has scaled up revenue through subsidiary consolidation and shown a clear operating-profit recovery since the second half of 2025, though owners' net income and cash flow have yet to fully normalize.
Owners' net profit turned positive from Q1 2026 (KRW 8.1bn, then KRW 4.3bn)
FY2025 revenue rose 39% YoY to KRW 1.7136tn, but owners' net income stayed negative at -KRW 5.6bn
The stock is cited among domestically listed copper-linked names amid rising international copper price expectations
The debt-to-equity ratio jumped from 95.4% in 2022 to 216% in 2025, adding balance-sheet strain
FY2025 operating cash flow was -KRW 9.7bn, meaning profit improvement has not fully converted into cash generation
Founded in 1988 and listed on the KOSPI in 1996, Seowon is a copper-alloy (brass) manufacturer headquartered in Ansan, Gyeonggi Province.
Its core products include brass billet, brass ingot, and copper-alloy slab, which serve as base materials for automotive parts, electrical and electronics equipment, semiconductors, construction, and home appliances across a wide range of industries.
The bulk of revenue comes from copper-alloy products, and industry data available at the time of research indicates copper alloy accounts for the majority of sales. The company states that its brass ingot is the only domestically KS-mark certified product in its category, underpinning its quality positioning.
Company profile data suggests Seowon holds roughly a 29% domestic market share in copper-alloy ingot and billet products.
Through subsidiaries Daechang, Essentech, Taewoo, and IN Steel, Seowon has expanded into brass rod and wire, brass component parts, base materials for copper pipe and wire, and cold-rolled/extruded products, broadening its footprint across the non-ferrous metal materials market.
Key raw materials are brass scrap and copper scrap, procured through one-year long-term contracts with major suppliers to secure stable supply. Product pricing is directly influenced by London Metal Exchange (LME) copper prices and foreign exchange rate movements.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩393.2B | -₩700M | −0.2% |
| 2025Q3 | ₩415.1B | ₩7.9B | 1.9% |
| 2025Q4 | ₩465.5B | ₩31B | 6.7% |
| 2026Q1 | ₩503B | ₩27.4B | 5.4% |
| 2026Q2 | ₩586.9B | ₩27.6B | 4.7% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩275.7B | ₩200M | ₩300M | 0.1% | 0.2% | 95.4% |
| 2023 | ₩233.2B | ₩500M | -₩10.2B | 0.2% | −8.2% | 99.2% |
| 2024 | ₩1.2T | ₩27.6B | ₩49.5B | 2.2% | 32.5% | 183.1% |
| 2025 | ₩1.7T | ₩53.3B | -₩5.6B | 3.1% | −3.9% | 216.0% |
Consolidated basis (financial statements including subsidiaries) · Final figures from DART filings · Net income attributable to owners of the parent · Data as of 2026-08-23
Seowon's annual revenue rose from KRW 275.7bn in 2022 and KRW 233.2bn in 2023 to KRW 1,229.5bn in 2024, before expanding further to KRW 1,713.6bn in 2025. This step-change is attributable to a structural expansion of the consolidation scope as subsidiaries such as Daechang were brought into the group.
Operating profit also improved markedly, moving from negligible levels of KRW 173mn in 2022 and KRW 453mn in 2023 to KRW 27.6bn in 2024 and KRW 53.3bn in 2025, lifting the operating margin from 2.2% in 2024 to 3.1% in 2025.
Owners' net income, however, swung from a sizable profit of KRW 49.5bn in 2024 back to a loss of KRW 5.6bn in 2025, suggesting non-operating or one-off items weighed on the bottom line despite the operating-profit gain.
On a quarterly basis, operating profit fell into a loss of KRW 695mn in Q2 2025 before improving sharply to KRW 7.87bn in Q3 and KRW 30.98bn in Q4, and remained solid at KRW 27.39bn in Q1 2026 and KRW 27.62bn in Q2 2026.
Owners' net income posted consecutive losses from Q2 to Q4 2025 (-KRW 3.67bn, -KRW 2.40bn, -KRW 0.96bn) before turning positive in Q1 2026 (KRW 8.13bn) and staying positive in Q2 2026 (KRW 4.34bn).
Summing the most recent four quarters (Q3 2025 through Q2 2026), owners' net income totaled roughly KRW 9.1bn, indicating a recovering trajectory on an annualized basis.
Meanwhile, FY2025 operating cash flow was -KRW 9.7bn, contrasting with the positive KRW 37.8bn recorded in 2024, implying that the operating-profit improvement has not yet fully translated into cash generation, likely reflecting higher inventory and receivables tied to the revenue expansion.
The non-ferrous metals (copper alloy) industry in which Seowon operates is exposed to demand from a broad range of downstream sectors—automotive parts, electrical and electronics, semiconductors, construction, and appliances—giving it relatively lower dependence on any single industry cycle.
Recently, expectations of rising international copper prices have drawn increased investor attention to copper-linked stocks on the domestic market.
Chile, the world's top copper producer, has lowered its production outlook for this year from 5.6 million tons to 5.3 million tons and cut next year's forecast as well, fueling supply-tightening concerns.
Amid this backdrop, domestic market commentary has grouped Iku Industrial, Daechang, and Seowon together as copper-related names.
Seowon is estimated to hold roughly a 29% share of the domestic copper-alloy ingot market, and through the consolidation of subsidiaries including Daechang it has expanded into adjacent areas such as brass rod and wire and component materials, reinforcing scale advantages within the competitive landscape.
That said, greater volatility in copper and brass scrap prices and foreign exchange rates can also widen swings in cost burden and inventory valuation gains or losses.
Competitors include other domestic copper-alloy and brass mill product makers such as Iku Industrial, and the diversity of end demand tends to spread out the impact of any single downstream sector's downturn.
Company-related material indicates that demand for copper-alloy products is rising across automotive parts, electrical, semiconductor, construction, and appliance segments, with subsidiary-driven revenue expansion supporting the company's market position and earnings improvement.
Growth in demand is expected to continue alongside the development of the IT and advanced-technology industries, with tightening environmental regulation cited as a tailwind for expanded use of low-lead, corrosion-resistant, and lead-free materials.
According to data cited by a financial information provider, Q1 2026 consolidated revenue rose 14.4% year-on-year, operating profit rose 80.6%, and net income rose 487.8%, which, taken together with the quarterly figures above, supports the picture of a continuing earnings recovery.
Whether this improvement is sustainable, however, or partly driven by transitory factors such as inventory valuation gains during a rising copper price phase, will require confirmation through subsequent quarterly results.
The simultaneous rise in the debt ratio and deterioration in operating cash flow is also a variable to monitor in terms of how the company manages funding needs tied to its revenue expansion.
Whether synergies among the subsidiaries (Daechang, Essentech, Taewoo, and IN Steel) translate into actual cost savings or expanded distribution is another key point to watch.
Seowon's shares tend to trade at a substantial discount to net asset value, reflecting a market valuation that sits below the company's book value.
On the earnings side, results swung from a loss in 2023 to a large profit in 2024, back to a loss in 2025, and then returned to profitability on a quarterly basis in 2026 — a volatile pattern that makes it more useful to look at the durability of the recent quarterly recovery than to read too much into any single earnings multiple.
There has been no recent dividend payout, limiting the stock's appeal from a dividend-yield perspective. Overall, the market appears to be pricing the stock at a discount to asset value while also reflecting uncertainty about whether the recent earnings recovery will prove durable.
PER, EPS, PBR and BPS are all calculated in-house (the same method as Naver and Toss) · Dividend yield = cash dividend per share from DART filings (supplemented by KRX) ÷ current price · As of 2026-08-23
Starting from an operating loss in Q2 2025, operating profit expanded every quarter from Q3 onward, and owners' net income turned positive from Q1 2026. Revenue also rose for five consecutive quarters, from KRW 393.2bn in Q2 2025 to KRW 586.9bn in Q2 2026. If this trend continues, it could underpin further annual earnings improvement.
As supply concerns rise on Chile's lowered copper production outlook, Seowon has been cited alongside Iku Industrial and Daechang as a copper-related name in the market.
In a rising copper price environment, the business structure allows for potential margin improvement through inventory valuation and pass-through pricing. Diversified sales across multiple downstream industries also reduces reliance on any single sector.
The consolidation of Daechang, Essentech, Taewoo, and IN Steel as subsidiaries structurally expanded revenue scale and broadened the business portfolio into adjacent areas such as brass rod/wire and cold-rolled/extruded products.
This builds on an estimated roughly 29% share of the domestic copper-alloy ingot market to strengthen scale-based competitiveness.
FY2025 operating profit rose to KRW 53.3bn year-on-year, yet owners' net income was still negative at -KRW 5.6bn. This suggests non-operating factors are preventing the operating-profit gain from fully flowing through to shareholders. If this gap recurs, it warrants careful interpretation of reported results.
The debt-to-equity ratio climbed sharply from 95.4% in 2022 to 216% in 2025. Borrowing appears to have increased alongside the scale expansion from subsidiary consolidation, raising the possibility of a larger interest or financing cost burden ahead. Sensitivity to interest rate environment changes also warrants attention.
FY2025 operating cash flow was -KRW 9.7bn, in sharp contrast to the positive KRW 37.8bn recorded in 2024. This is presumed to reflect rising inventory or receivables amid the revenue expansion, and it will be important to confirm when profit actually converts into cash generation. Persistently weak cash flow could increase the burden of external funding.
Because product pricing is directly linked to LME copper prices and FX rates, a sharp decline in raw material prices or unfavorable currency moves could trigger inventory valuation losses and margin erosion. Conversely, a rapid price surge could raise procurement cost burdens. Long-term scrap procurement contracts partially buffer this risk but do not fully offset it.
The debt ratio has risen sharply over the past three years, and operating cash flow turned negative in 2025. If funding needs tied to the scale expansion persist, liquidity management pressure could increase. The possibility that rising financing costs add further pressure on net income cannot be ruled out.
The consolidation scope has changed substantially with the addition of subsidiaries such as Daechang, making simple comparisons with past results more difficult.
As of end-2025, non-controlling interests (roughly KRW 195.6bn) exceeded owners' equity (roughly KRW 145.9bn), a structural feature that can limit the portion of consolidated net income attributable to owners. This warrants care when interpreting the owners' net income figure.
The Q3 2026 quarterly report is due, and it will be important to check whether the profit turnaround of the prior two quarters continues, and whether revenue growth and operating margin improvement persist.
Watch for further adjustments to international copper (LME) prices and supply outlooks from major producers such as Chile, which directly affect cost and inventory valuation gains or losses.
This is when the FY2026 audit report and annual general meeting disclosures are expected, offering a chance to reconfirm balance-sheet leverage, cash flow improvement, and audit opinion details.
Continue monitoring for disclosures or news on synergies (cost savings, expanded distribution) among subsidiaries Daechang, Essentech, Taewoo, and IN Steel.
Seowon has structurally expanded its revenue base through the consolidation of subsidiaries such as Daechang, and has shown a clear quarterly operating-profit recovery since the second half of 2025.
From Q1 2026, owners' net income also turned positive, indicating a recovering earnings trajectory over the most recent four quarters.
That said, FY2025 owners' net income was still negative despite the operating-profit improvement, and the simultaneous rise in the debt ratio and deterioration in operating cash flow warrant continued scrutiny of earnings quality and balance-sheet stability.
From an industry standpoint, rising expectations for international copper prices have drawn market attention to the stock as a copper-related name, though this is also a double-edged exposure to raw material price volatility.
With no recent dividend payments, the stock's appeal from a shareholder-return perspective remains limited. Overall, the stock appears to be in an early phase of earnings recovery, and further confirmation of quarterly results, cash flow, and balance-sheet metrics will be central to any assessment going forward.
This report is intended for informational purposes only and does not constitute investment advice or a buy/sell recommendation.
Report written 2026-09-05 · Data as of 2026-09-04
This content is AI analysis of market data and web search results, provided for information only. It is not a solicitation or recommendation to invest. Investment decisions and their consequences are the investor's own responsibility. Data may be delayed or contain errors.