S-Oil Corp (010950) fair value: what the stock is really worth
As of Sep 23, 2026: fair value of S-Oil Corp KRW 30,819, price KRW 155,600, upside -80.2%, quality 48 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
Structural break:
The valuation model sees a lasting decline in earnings power for this stock, the confidence band is broken. Treat the target with caution.
Weakest SetupStrongly overvalued and low quality.
!Fair value 30,819 KRW · Strongly overvalued (−80%)
!Quality 48/100
!Weak Growth(revenue 5y +15.3 %/yr)
!Thin margins · 2.8% net margin (TTM)
✓Moderate debt · generates free cash flow
·0.21% dividend yield
!Mixed vs. peers(5/11)
!Narrow moat42/100
!Evidence only low, so the estimate is less certain
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 24, 2026.
How to read this chart
60‑month range 50,244 KRW – 165,900 KRW · fair‑value band 19,824 KRW – 30,819 KRW · the 155,600 KRW price screens above the 30,819 KRW fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 24, 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. The company offers butane, propane, naphtha, benzene, toluene, xylene, para-xylene, jet fuel, diesel, kerosene, gasoline, propylene, asphalt, polypropylene, and propylene oxide.
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S-Oil Corporation, together with its subsidiaries, manufactures, sells, and supplies oil refining, lube, and petrochemical products in South Korea. 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 155,600 KRW, while our model-based Fair Value estimate is 30,819 KRW, implying the stock looks roughly 404.8% overvalued today.
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Valuation
Bull case: the Asset-Based group reads highest at a median of 52,890 KRW per share, and 0 of the 14 models we run sit above the 155,600 KRW price.
Bear case: the Earnings-Based group reads lowest at 8,142 KRW, and 14 of the 14 models stay below the price. Evidence for this calculation is low.
Scenario range: 19,824 KRW (bear) to 30,819 KRW (bull), the price of 155,600 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 17.5T KRW (≈ $12.3B) · P/S ratio 0.49 · Dividend yield 0.2% · Net margin 0.5% · Return on equity 10.4% · Return on assets (EBIT) 7.5% · Operating margin 13.8% · Revenue (TTM) 34.2T KRW.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 42 out of 100 (low confidence).
What moves the price
The share trades about 6% below its 52-week high and 170% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Energy peers we cover trades at −61% fair-value upside, at −80%, 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 (12.35 KRW to 52,890 KRW). Read the Fair Value as a cautious anchor, not a price target; the Growth Forecast section shows what the price assumes.
Bear 19,824 KRWFair Value 30,819 KRWBull 30,819 KRW
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model.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.Evidence ⓘEvidence = 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.
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.
−24.3%
Earnings growth per share plus dividend.
Earnings per share, growth per year−24.5%
Dividend (yield on the price)0.2%
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%
Growth Forecast
A lot of optimism in the price
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).
more than +80 %
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.
−1.4%
Yearly sales growth analysts expect, extended to five years.
After inflation (South Korea: IMF forecast 2.1% a year to 2030, 2.1% from 2016 to 2025) that is about −3.4% a year for the forecasts.
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 · 110 stocks
Beats the industry median on 5/11 measures
A mixed picture versus its industry peers.
Valuation
Quality Score48 · Below median
Fair Value upside−80% · Bottom 25%
Profitability
Return on equity (TTM)10% · Above median
Return on assets4% · Below median
Net margin (TTM)3% · Above median
Operating margin (TTM)14% · Top 25%
Growth and dividend
Revenue growth−1% · Below median
Dividend yield (TTM)0.2% · Bottom 25%
Balance sheet
Debt / equity0.57× · Above median
Valuation Multiplesvs Oil & Gas Refining & Marketing median · lower = cheaper
P/FCF0.4× · Cheaper than median
EV/EBITDA1.4× · Cheapest 25%
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 15
FUTURE (revenue growth)0· sector 15
PAST (return on equity)41· sector 35
HEALTH (low debt)72· sector 81
DIVIDEND (yield)4· sector 52
VALUE 0: the price sits above our fair-value range.
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 Sep 24, 2026, our model estimates a fair value of 30,819 KRW versus a price of 155,600 KRW, about −80% upside (overvalued).
What is the fair value of 010950?
Our model-based fair value for S-Oil Corp is 30,819 KRW (as of Sep 24, 2026), built from audited fundamentals. The current price: 155,600 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 30,819 KRW (as of Sep 24, 2026) from 21 valuation models. Cautious scenario 19,824 KRW, optimistic scenario 30,819 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 30,819 KRW, about −80% upside versus a price of 155,600 KRW (overvalued). Cautious scenario 19,824 KRW, optimistic scenario 30,819 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 34.2T KRW (latest available figure, as of Sep 24, 2026).
Does S-Oil Corp pay a dividend?
S-Oil Corp currently shows a dividend yield of about 0.21% relative to its recent price (as of Sep 24, 2026).
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 more than 80 % per year for five years (discount rate 9.1 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +15.3 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of 010950 use?
Our models discount S-Oil Corp at 9.1 %: a base by market capitalisation (large), damped by beta 0.77, 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 more than 80 % per year a year over ten years, using the same discount rate (9.1 %) 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 more than 80 % per year free-cash-flow growth a 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 +1.8 % a year. That is the yardstick for the growth priced into S-Oil Corp (more than 80 % per year a 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 0.19 %: that much free cash flow S-Oil Corp produces per unit of market value. When it exceeds the discount rate of our models (9.1 %), 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 30,819 KRW per share (as of Sep 24, 2026), against a price of 155,600 KRW. It is the blended result of 21 valuation models (cash flow, earnings, asset, dividend).
Is S-Oil Corp stock overvalued or undervalued in 2026?
As of Sep 24, 2026, 010950 trades above its calculated fair value: price 155,600 KRW, fair value 30,819 KRW, a gap of about −80% (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 (155,600 KRW); the fair value is what the company's own numbers justify (30,819 KRW). For S-Oil Corp the two are 124,781 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 17.5T KRW (market capitalisation, as of Sep 24, 2026). Per share that is 155,600 KRW; our models calculate a fair value of 30,819 KRW per share.
What do the bullish and bearish scenarios say about 010950?
Our models span a range for S-Oil Corp: cautious scenario 19,824 KRW, base 30,819 KRW, optimistic 30,819 KRW per share (as of Sep 24, 2026, price 155,600 KRW). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of S-Oil Corp (010950)?
Balance-sheet figures for S-Oil Corp (as of Sep 24, 2026): return on equity 10.4%, 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 155,600 KRW, about 6% below its 52-week high of 165,900 KRW and 170% above the low of 57,721 KRW (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of 30,819 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, Marathon Petroleum Corporation, Phillips 66, 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 Sep 24, 2026: price 155,600 KRW, calculated fair value 30,819 KRW (−80%), Quality Score 48/100, from 21 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 21 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of 30,819 KRW, 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 14.1 % 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 Sep 23, 2026 was 155,600 KRW. Our model-based fair value is 30,819 KRW, about −80% upside (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 (30,819 KRW). The favourable scenario is already priced in. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. Solid but not exceptional quality (48/100) and above fair value, neither a clear bargain nor a standout compounder.
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 17.5T KRW (≈ $12.3B). 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 0.49 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What is the dividend yield of S-Oil Corp (010950)?
The dividend yield of S-Oil Corp is 0.2%. 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 0.5% (fiscal year 2025). 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 10.4% (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 13.8% (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 −0.5% 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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