S-Oil Corp (010950) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of S-Oil Corp stock KRW 31,364, price KRW 106,200, that is 70.5% below the price, quality 48 out of 100. Rating: strongly overvalued. Calculated from audited financials with 20 of our 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 8, 2026.
How to read this chart
60‑month range 50,244 KRW – 170,600 KRW · fair‑value band 21,574 KRW – 43,603 KRW · the 106,200 KRW price screens above the 31,364 KRW fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 8, 2026.
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S-Oil Corporation, together with its subsidiaries, manufactures, sells, and supplies oil refining, lube, and petrochemical products in South Korea.
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The company offers butane, propane, naphtha, benzene, toluene, xylene, para-xylene, jet fuel, diesel, kerosene, gasoline, propylene, asphalt, polypropylene, and propylene oxide. It also provides lube base oil and petro-chemical products; refined crude oil products; and petroleum products.
It exports its products to Southeast Asia, China, Japan, the United States, Australia, Europe, and internationally. The company was formerly known as Ssangyong Oil Refining Co. Ltd. and changed its name to S-Oil Corporation in April 2000.
The company was incorporated in 1976 and is headquartered in Seoul, South Korea. S-Oil Corporation is a subsidiary of Aramco Overseas Company B.V.
Stock analysis
S-Oil Corp (010950) currently trades at 106,200 KRW, while our model-based Fair Value estimate is 31,364 KRW, 70% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Asset-Based group reads highest at a median of 52,001 KRW per share, and 1 of the 14 models we run sit above the 106,200 KRW price.
Bear case: the Earnings-Based group reads lowest at 8,142 KRW, and 13 of the 14 models stay below the price. Data coverage for this calculation is low.
Scenario range: 21,574 KRW (bear) to 43,603 KRW (bull), the price of 106,200 KRW sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 48/100 (below-average quality), in the Energy sector.
Weak Growth: Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
S-Oil Corp reported revenue of 34.2T KRW in FY2025 versus 27.5T KRW in FY2021, a compound +5.7%/yr. Reported net income was 177B KRW in FY2025, compounding −40.1%/yr from FY2021.
Key figures
Market cap 12.0T KRW (≈ $8.8B) Mid · P/E ratio 4.2 · P/S ratio 0.29 · EPS (TTM) 25,221 KRW · Dividend yield 0.8% · Net margin 7.2% · Return on equity 16.3% · Return on assets (EBIT) 7.5% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 45 out of 100 (low confidence).
What moves the price
The share trades about 38% below its 52-week high and 43% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Energy peers we cover trades at −46% fair-value upside, at −70%, 010950 screens richer than that median.
Fair Value models
The price assumes far more growth than our models allow for, so the models scatter widely (11.31 KRW to 108,623 KRW). Read the Fair Value as a cautious anchor, not a price target; the Growth Forecast section shows what the price assumes.
Bear21,574 KRWFair Value 31,364 KRWBull43,603 KRW
Price 106,200 KRW · Downside -70.5%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then (20,875 KRW per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Best data coverage
FCF DCFn/an/a4,025 KRW77
Residual Income49,084 KRW50,369 KRW54,212 KRW76
Growth DCFn/an/a2,148 KRW75
All 20 models by family
DCF Models
FCF DCFn/an/a4,025 KRW77
5Y Revenue Exitn/an/a10,779 KRW69
5Y EBITDA Exit367.50 KRW19,785 KRW42,060 KRW67
5Y P/E Exitn/an/a2,743 KRW68
10Y Revenue Exitn/an/a6,929 KRW64
10Y EBITDA Exitn/a10,046 KRW29,466 KRW65
10Y P/E Exitn/an/a1,139 KRW61
Earnings-Based
Graham-Dodd10,688 KRW28,984 KRW37,981 KRW65
Lynch FV5,699 KRW8,142 KRW10,584 KRW61
PEG = 1.05,699 KRW8,142 KRW10,584 KRW57
Dividend Discount
Gordon GGM7.42 KRW14.53 KRW21.61 KRW67
DDM Multi-Stage7.42 KRW11.31 KRW15.20 KRW66
Multiples
P/E Multiple16,503 KRW22,005 KRW27,506 KRW63
P/S Multiple20,040 KRW26,720 KRW33,400 KRW58
P/B Multiple81,467 KRW108,623 KRW135,779 KRW55
EV/EBITDAn/a4,931 KRW18,822 KRW62
Asset-Based
NCAV (Graham)38,806 KRW52,001 KRW77,613 KRW54
Growth DCF
Growth DCFn/an/a2,148 KRW75
Economic Profit
Residual Income49,084 KRW50,369 KRW54,212 KRW76
Growth Earnings
Growth-Adj P/E13,609 KRW19,441 KRW25,274 KRW67
The fair value above starts from this blend and is adjusted for a cyclical trough year.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.40/100
Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Revenue growth 1 year
−6.5%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−6.9%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+15.3%
Start year 2020 (pandemic). Over 10 years: +6.7% a year
Revenue growth 25 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+5.9%
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What shareholders gained per year (last 5 years), in KRW ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Measured in KRW: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
−23.7%
Earnings growth per share plus dividend.
Earnings per share, growth per year−24.5%
Dividend (yield on the price)0.8%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.−24.5% vs −17.2%, slowing
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.−7% → 1%
Pace: the 5-year rate starts in 2020 (pandemic)
Growth Forecast
A lot of optimism in the price
The price assumes more growth than the company has delivered so far and more than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+79.0%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+1.2%
Yearly sales growth analysts expect, extended to five years.
Calculated on free cash flow for fiscal year 2025. Over the last twelve months it was negative, so the figure above is uncertain.
After inflation (South Korea: IMF forecast 2.1% a year to 2030, 2.1% from 2016 to 2025) that is about +75.4% a year for the price and −0.9% for the forecasts.
AI conclusion: The business shows limited moat with thin margins typical of commodity refining, yet its lubricants segment delivers standout profits from external supply tightness while petrochemicals remain a persistent drag.
Main risk: Widespread electric vehicle adoption in Korea and globally could reduce demand for S-Oil's gasoline and diesel products, squeezing refining volumes and margins.
Bull case: S-Oil could leverage its Aramco ties and Shaheen complex to expand into higher-margin petrochemicals and biofuels, offsetting any decline in traditional fuel demand.
Bear case: Persistent EV-driven demand erosion combined with Middle East supply shocks and high debt servicing could force capacity cuts or asset sales at the Ulsan complex.
S-Oil's lubricants unit posted record operating profit in Q3, exceeding the refining segment as Middle East supply disruptions lifted Group III base oil spreads. The petrochemical division, however, continued to post losses on weak product spreads. Will the current margin strength from external supply tightness outweigh the drag from petrochemicals as the Shaheen complex starts up next year?
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Oil & Gas Refining & Marketing · 115 stocks
Beats the industry median on 7/14 measures
A mixed picture versus its industry peers.
Valuation
Quality Score48 · Below median
Fair Value upside−70.5% · Bottom 25%
Profitability
Return on equity (12 months)16.3% · Above median
Return on assets0.7% · Below median
Net margin (12 months)7.2% · Above median
Operating margin (12 months)11.8% · Above median
Growth and dividend
Revenue growth (quarter YoY)42.2% · Above median
Dividend yield (12 months)0.8% · Bottom 25%
Balance sheet
Debt / equity0.57× · Above median
Valuation Multiplesvs Oil & Gas Refining & Marketing median · lower = cheaper
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "S-Oil Corp Fair Value". https://www.fairvalue-calculator.com/stock/010950
Frequently asked questions
Is S-Oil Corp (010950) overvalued or undervalued?
As of Nov 8, 2026, our model estimates a fair value of 31,364 KRW versus a price of 106,200 KRW, about 70% lower (overvalued).
What is the fair value of 010950?
Our model-based fair value for S-Oil Corp is 31,364 KRW (as of Nov 8, 2026), built from audited fundamentals. The current price: 106,200 KRW.
What is the quality score of 010950?
S-Oil Corp has a Quality Score of 48/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for S-Oil Corp (010950)?
Our model-based price target is the fair value of 31,364 KRW (as of Nov 8, 2026) from 20 valuation models. Cautious scenario 21,574 KRW, optimistic scenario 43,603 KRW. It is a calculation from audited fundamentals, not an analyst target.
What is the S-Oil Corp stock forecast for 2026?
Our models put fair value at 31,364 KRW, about 70% lower versus a price of 106,200 KRW (overvalued). Cautious scenario 21,574 KRW, optimistic scenario 43,603 KRW. The calculation is refreshed regularly with new filings.
What is the revenue of S-Oil Corp (010950)?
S-Oil Corp reported trailing-twelve-month revenue of about 41.0T KRW (latest available figure, as of Nov 8, 2026).
Does S-Oil Corp pay a dividend?
S-Oil Corp currently shows a dividend yield of 0.75% relative to its recent price (as of Nov 8, 2026).
How much is the dividend of S-Oil Corp (010950) and when is the ex-dividend date?
S-Oil Corp pays a dividend of 800.00 KRW per share a year, a dividend yield of 0.8%. The last ex-dividend date was Aug 24, 2026. The payout ratio is 3.2% of earnings. Free cash flow covers the dividend 0.37 times. Our assessment: Token dividend. At a yield of 0.8% the dividend is symbolic. On paper it is not fully covered by earnings or free cash flow, but at this size that hardly matters: even scrapping it entirely would cost less than 0.8% a year, and coverage ratios on amounts this small swing with ordinary working-capital movements. Judge this company on its business, not on its dividend.
What growth is priced into S-Oil Corp (010950)?
For today's price to be fair in a discounted-cash-flow model, S-Oil Corp would have to grow free cash flow by +79.0 % per year for five years (discount rate 9.7 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +15.3 % per year. Calculated on free cash flow for fiscal year 2025. Over the last twelve months it was negative, so the figure above is uncertain. As of Nov 8, 2026.
What discount rate (WACC) does the fair value of 010950 use?
Our models discount S-Oil Corp at 9.7 %: a base by market capitalisation (mid), damped by beta 0.84, country premium for South Korea. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For S-Oil Corp that is +79.0 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (9.7 %) and the same formula as our fair value.
How much growth has S-Oil Corp (010950) delivered so far?
Over the past 5 years revenue at S-Oil Corp grew +15.3 % a year. The price currently implies free-cash-flow growth of +79.0 % per year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of S-Oil Corp (010950) growing?
The median revenue growth in the sector is +14.1 % a year. That is the yardstick for the growth priced into S-Oil Corp (+79.0 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of S-Oil Corp (010950)?
The free-cash-flow yield on the price is 0.28 % in the last fiscal year (free cash flow was negative over the last twelve months): that much free cash flow S-Oil Corp produces per unit of market value. When it exceeds the discount rate of our models (9.7 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of S-Oil Corp (010950)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For S-Oil Corp it is 31,364 KRW per share (as of Nov 8, 2026), against a price of 106,200 KRW. It is the blended result of 20 valuation models in 8 families (DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings).
Is S-Oil Corp stock overvalued or undervalued in 2026?
As of Nov 8, 2026, 010950 trades above its calculated fair value: price 106,200 KRW, fair value 31,364 KRW, a gap of about −70% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of 010950?
No. The price is what the market pays today (106,200 KRW); the fair value is what the company's own numbers justify (31,364 KRW). For S-Oil Corp the two are 74,836 KRW per share apart. That gap is exactly why we show both numbers side by side.
How much is S-Oil Corp worth?
The market values S-Oil Corp at about 12.0T KRW (market capitalisation, as of Nov 8, 2026). Per share that is 106,200 KRW; our models calculate a fair value of 31,364 KRW per share.
What do the bullish and bearish scenarios say about 010950?
Our models span a range for S-Oil Corp: cautious scenario 21,574 KRW, base 31,364 KRW, optimistic 43,603 KRW per share (as of Nov 8, 2026, price 106,200 KRW). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 010950?
S-Oil Corp trades at a price-to-earnings ratio of 4.2 (as of Nov 8, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 31,364 KRW is built from several models across several years. Median P/E at fiscal year-end, 8 fiscal years (2016 to 2025), reported earnings, FY2025 ex one-offs: 9.4. Other multiples: P/B 1.4, P/S 0.3, EV/EBITDA 4.2.
How solid is the balance sheet of S-Oil Corp (010950)?
Balance-sheet figures for S-Oil Corp (as of Nov 8, 2026): return on equity 16.3%, debt of 0.57 per unit of equity. They feed the Quality Score of 48/100, which measures business quality independently of the share price.
How far is 010950 from its 52-week high?
S-Oil Corp trades at 106,200 KRW, about 38% below its 52-week high of 170,600 KRW and 43% above the low of 74,169 KRW (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of 31,364 KRW is for.
Which stocks are comparable to S-Oil Corp?
From the same area (Energy) we also value Reliance Industries Limited, Valero Energy Corporation, Phillips 66, Marathon Petroleum Corporation, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is S-Oil Corp stock attractive at the current price?
The data as of Nov 8, 2026: price 106,200 KRW, calculated fair value 31,364 KRW (−70%), Quality Score 48/100, from 20 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of 010950 calculated?
We run S-Oil Corp through 20 models from 8 families: DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings. Every model gets the same audited fundamentals; the fair value of 31,364 KRW builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.0% above its aggregate fair value. S-Oil Corp itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of S-Oil Corp (010950)?
The closing price on Nov 6, 2026 was 106,200 KRW. Our model-based fair value is 31,364 KRW, about 70% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with S-Oil Corp right now?
The price sits above even our optimistic bull case (43,603 KRW). The favourable scenario is already priced in. Weak quality (48/100) and above fair value at the same time, the margin of safety is missing on both counts. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. A fairly wide model range (21,574 KRW to 43,603 KRW) leaves room in how you read the outcome.
Key figures of S-Oil Corp
How large is the market capitalisation of S-Oil Corp (010950)?
The market capitalisation of S-Oil Corp is 12.0T KRW (≈ $8.8B). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of S-Oil Corp (010950)?
The price-to-sales ratio of S-Oil Corp is 0.29 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of S-Oil Corp (010950)?
Earnings per share at S-Oil Corp are 25,221 KRW (price ÷ EPS = P/E 4.2). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of S-Oil Corp (010950)?
The dividend yield of S-Oil Corp is 0.8% (payout 3.2%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of S-Oil Corp (010950)?
The net margin of S-Oil Corp is 7.2% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of S-Oil Corp (010950)?
The return on equity (ROE) of S-Oil Corp is 16.3% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of S-Oil Corp (010950)?
On an EBIT basis the return on assets of S-Oil Corp is 7.5% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of S-Oil Corp (010950)?
The operating margin of S-Oil Corp is 11.8% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at S-Oil Corp (010950)?
Revenue at S-Oil Corp is growing +42.2% versus a year earlier (3y avg −6.9%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at S-Oil Corp (010950)?
Earnings per share at S-Oil Corp are growing −37.4% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does S-Oil Corp (010950) carry?
The net debt of S-Oil Corp is 5.7T KRW (fiscal year 2025). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Thin data
Nov 8, 2026