Woori Financial Group (316140) 🔎 In-depth
KOSPI · Price as of 2026-08-06 · Updated 2026-08-09
Woori Financial Group is a bank holding company built around Woori Bank and overseeing card, capital, securities and insurance subsidiaries, earning most of the group's profit from the bank's deposit-and-loan interest income (the net interest margin) and fees. In the first quarter of 2026, net profit attributable to controlling shareholders was ₩604.3 billion, down slightly from a year earlier, but the common equity tier 1 (CET1) ratio — long flagged as a weakness — reached 13.6%, hitting its 13% target ahead of schedule, and the group is broadening its non-bank and insurance businesses by making Tongyang Life a wholly owned subsidiary. The most notable point is that, with the capital ratio now in a stable zone, there is more room to expand the total shareholder-return ratio, and at a P/B of 0.64x and a dividend yield of 4.35% it is the most cheaply valued of the four major financial groups — a strength; on the other hand, profit growth is in a stall, so for net profit to rise noticeably, the earnings contribution from the newly added insurance and non-bank segments must be confirmed.
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30-second brief
Pulled directly from the computed values below — not a separately written opinion.
What do the SourceComputedEstimateReading tags mean?
Source filings and exchange data · Computed calculated from public data · Estimate our own unverified projection · Reading drafted automatically, then rule-checked. See AI & Automation.
Core valuation metric
This stock's effective sub-sector is “Banks” (Financials), a type typically read first through P/B.
Banks earn by putting capital to work through deposits and loans, so what matters is how much equity (net assets) they hold and how efficiently they use it, more than headline profit. That makes price-to-book (P/B) the first lens — but it should be read alongside ROE, which shows how much profit the equity generates.
Price against assets alone says little about where the cycle stands. Reading it together with price against this year's expected earnings shows how far profits have recovered.
This note explains how each sector is typically valued and is educational context only, not investment advice.
At-a-glance assessment financial health · growth · profitability · valuation
- For financial companies, debt and interest costs are large by the nature of the business, so the debt ratio and interest coverage cannot be read on the same yardstick as an ordinary company.
- ROE is 8.2% (controlling-interest basis). It is below the sector average.
- P/B is low versus peers too, so it looks cheap on an asset basis as well.
Ownership & governance As of 2025-12-31
Largest shareholder Woori Financial Group Employee Stock Ownership Association 5.75% (corporate)
Controlling bloc incl. related parties 7.76%
With the controlling bloc holding 8%, ownership is dispersed, leaving room for control-related or activist dynamics.
Net asset value (NAV) assessment
💡 How to read a holding company · A holding company owns stakes in several subsidiaries. Its P/E swings with equity-method gains and losses on those stakes, so read it only as a rough guide. P/B is more meaningful because subsidiary stakes sit in equity, but book value carries them at low historical cost (so P/B looks higher than reality). The most accurate view is the price against the market value of those stakes (NAV) ↓
Valued against the net asset value (NAV) of its listed holdings rather than a consolidated P/E — see the in-depth valuation for the detailed basis.
Listed subsidiaries ownership
| Tongyang Life Insurance | 75.34% |
Financial-group subsidiaries stake
| Banco Woori Bank do Brasil | sub-subsidiary | 100% |
🔎 In-depth analysis Reading
Woori Financial Group does not sell products itself; it is a bank holding company that owns and manages several financial subsidiaries. Most of the group's profit comes from its core subsidiary, Woori Bank, which takes deposits and lends them out, earning money from the interest-rate gap (the net interest margin) and various fees. On top of that, non-bank subsidiaries such as Woori Card, Woori Financial Capital and Woori Investment & Securities add profit from card, installment and securities businesses, and in 2026 the group broadened into life insurance by making Tongyang Life a wholly owned subsidiary. In short, this company's results can be understood as the sum of 'Woori Bank's interest and fee profit plus the profit of the non-bank subsidiaries.'
The latest close is ₩33,500 and the market capitalization is ₩24.4 trillion. The price sits above its 20-day moving average (₩31,812) and above its 60-day moving average (₩30,926). It holds above both its short- and medium-term moving averages, so the trend looks healthy. The RSI (a supplementary indicator that gauges the strength of gains versus losses over the past 14 days on a 0-100 scale) is 62.0, a neutral level. The one-month change is +6.2%, the three-month change is +2.8%, and the position relative to the 52-week high is -17.9%. Relative strength versus the KOSPI is 52 (on a 1-99 scale, converted from returns against the index over the past year with more weight on recent performance; higher means stronger than the market). It is stronger than roughly 52% of all stocks. Over the past three months it outpaced the index by 20.0%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
For a bank holding company, ordinary corporate yardsticks such as the debt ratio (debt relative to equity) and interest coverage should not be applied as-is, because deposits themselves are booked as liabilities in accounting terms, so a very high debt ratio is normal. Instead, a bank holding company should be viewed through P/B (how many times net assets the price represents), ROE (how much is earned in a year on equity) and the common equity tier 1 (CET1) ratio. Woori's ROE of 8.7% is respectable but somewhat below the average of the four major financial groups. Its P/B is 0.64x, trading at about 60% of net assets — priced below book value. The P/E ratio (how many times one year's profit the price represents) is 7.87x. Holding companies usually have their P/E distorted by equity-method earnings of subsidiaries, but for a bank holding company net profit is mostly actual operating profit (bank interest and fees), so P/E is a reasonably valid yardstick too. The dividend yield is a high 4.35%, with a payout ratio of about 32%. The core measure of capital soundness, the CET1 ratio, was 13.6% in the first quarter of 2026, above its 13% target.
Profit growth is in a gentle stall. Net profit attributable to controlling shareholders went ₩2.51 trillion in 2023 → ₩3.09 trillion in 2024 → ₩3.12 trillion in 2025 — a big jump in 2024 followed by essentially flat results in 2025. Operating profit fell 13.6% from the prior year in 2025 to ₩3.67 trillion. First-quarter 2026 net profit attributable to controlling shareholders was ₩604.3 billion (₩639.4 billion consolidated), down about 2% from a year earlier. For a bank, the first quarter is seasonally the largest profit quarter. If this trend continues, full-year 2026 net profit attributable to controlling shareholders is estimated at around ₩3 trillion, similar to 2025. For profit to rise noticeably from here, the earnings contribution from the insurance and non-bank segments added from the second half — such as Tongyang Life — must provide support. The key to growth is how quickly the newly broadened businesses add to profit.
The key event of the first half of 2026 is making Tongyang Life a wholly owned subsidiary. In May, Woori Financial signed a comprehensive share-exchange agreement with Tongyang Life to take it in as a 100%-owned subsidiary. The exchange ratio is 0.2521056 Woori Financial shares per Tongyang Life share, and Tongyang Life is set to be delisted after the takeover. After completing the takeover, the company is also reviewing a merger with existing subsidiary ABL Life — a picture in which the group's insurance segment grows into a pillar. In the same May quarterly report it disclosed first-quarter results and the achievement of a 13.6% CET1 ratio, and it held two investor relations (IR) briefings. In its corporate value-up plan, the company laid out ROE of 10% or more, CET1 of 13% or more, and expansion of the total shareholder-return ratio as its medium-to-long-term direction, and stated plans to increase dividends and buybacks.
Woori Financial Group should be viewed with its two faces together: a 'cheaply valued, high-dividend bank holding company' and 'stalled profit growth.' The strengths are clear. At a P/B of 0.64x it is the lowest among the four major financial groups (KB 1.09, Shinhan 0.88, Hana 0.84), and at 4.35% its dividend yield is the highest. With the CET1 ratio — a long-standing weakness — now above target, there is more room to increase shareholder returns such as dividends and buybacks. On the other hand, the caution is that profit is in a stall. ROE is below the peer average, and 2026 net profit is estimated to be similar to the prior year, so a catalyst is needed for the undervaluation to unwind. That catalyst is twofold: one is whether an expansion of the shareholder-return ratio, enabled by the stabilized capital ratio, is actually executed; the other is how much the newly added non-bank and insurance segments, such as Tongyang Life, contribute to profit. If these two axes are confirmed, the low P/B and high dividend read as a signal of undervaluation; if they are not, the undervaluation could persist for a long time.
🔎 Valuation vs peers Undervalued
The peer set is the four major financial groups and regional financial groups in the same bank-holding-company sector; a bank holding company's relative position is viewed through P/B, ROE and dividend yield.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| KB Financial Group | 10.43x | 1.02x | 10.19% |
| Shinhan Financial Group | 10.25x | 0.85x | 8.64% |
| Hana Financial Group | 9.14x | 0.81x | 9.03% |
| Industrial Bank of Korea | 5.99x | 0.44x | 7.20% |
Among the four major financial groups, Woori Financial is the most cheaply valued on P/B and dividend. At 0.64x versus net assets, its P/B is markedly lower than KB (1.09), Shinhan (0.88) and Hana (0.84), and at 4.35% its dividend yield is the highest. In particular, its ROE of 8.7% is almost the same as Shinhan's (8.6%), yet its P/B is far lower — meaning that for the same profitability it trades more cheaply. The backdrop to this discount was a relatively low capital ratio (in the past) and governance-related overhang. The 7.4x P/E is also below the average of the large bank holding companies, and since a bank holding company's net profit is actual operating profit, P/E is a valid yardstick. That said, with the CET1 ratio now above target at 13.6%, one of the core causes of the undervaluation is being resolved. So, even accounting for the weakness of stalled profit, the current price is judged to be in an undervalued zone versus peers. For the undervaluation to narrow, though, catalysts must be confirmed: execution of an expanded shareholder-return ratio and a contribution from non-bank profit.
Price history Close · MA20 · MA60
The latest close is ₩33,500 and the market capitalization is ₩24.4 trillion. The price sits above its 20-day moving average (₩31,812) and above its 60-day moving average (₩30,926). It holds above both its short- and medium-term moving averages, so the trend looks healthy. The RSI (a supplementary indicator that gauges the strength of gains versus losses over the past 14 days on a 0-100 scale) is 62.0, a neutral level. The one-month change is +6.2%, the three-month change is +2.8%, and the position relative to the 52-week high is -17.9%. Relative strength versus the KOSPI is 52 (on a 1-99 scale, converted from returns against the index over the past year with more weight on recent performance; higher means stronger than the market). It is stronger than roughly 52% of all stocks. Over the past three months it outpaced the index by 20.0%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
Relative performance stock vs index · start = 100
Excess return vs index · 3M +20.03% / 6M -12.51% / 12M -30.74%
Key metrics Computed vs sector median
Valuation
The P/E is 7.87x. The P/B of 0.64x is below the sector median (0.81x).
Profitability & financials
Return on equity (ROE) is 8.2%, in line with the sector average (9.0%). The debt ratio is 1506.7%, but for financial firms deposits and insurance liabilities count as debt, so it cannot be read on the same yardstick as an ordinary company.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | — | — | — | — |
| Operating profit | $2.5B | $3.0B | $2.6B | -13.64% ↓ slower |
| Net profit | $1.8B | $2.2B | $2.2B | +1.24% ↓ slower |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | — | — | — | — | — |
| Operating profit | — | — | $2.5B | $3.0B | $2.6B |
| Net profit | — | — | $1.8B | $2.2B | $2.2B |
Operating profit fell 13.6% year over year. The decline widened.
Latest quarterly results Source
No recent quarterly results confirmed from DART.
Technical indicators Computed
What stands out
- P/E and P/B are both low versus peers, so the price looks inexpensive relative to earnings and assets.
- The dividend yield, at 4.1%, is on the high side.
Points to watch
- The figures shown are based on the last annual report as of the writing date, so it is best to review the latest quarterly results and filings alongside them.
Recent news & events searched · sourced
- 2026-05-14FilingSecurities registration statement filed for a comprehensive share exchange and transfer to make Tongyang Life a wholly owned subsidiary (exchange ratio of 0.2521056 Woori Financial shares per Tongyang Life share). An amended statement was filed afterward.Medium term: expanding the insurance segment broadens the non-bank profit base, but it will take time to confirm takeover-related costs and integration results. Source
- 2026-05-15EarningsFirst-quarter 2026 quarterly report disclosed. Net profit attributable to controlling shareholders of ₩604.3 billion (₩639.4 billion consolidated), operating profit of ₩808.2 billion, and a CET1 ratio of 13.6% achieved ahead of schedule.Near term: net profit fell slightly year on year, but hitting the capital-ratio target creates more room to expand shareholder returns. Source
- 2026-05-21IRNotice of an investor relations (IR) briefing disclosed, explaining results, the capital ratio and shareholder-return plans to the market.Medium term: a communication channel to confirm the value-up roadmap and the direction of expanded shareholder returns. Source
- 2026-05-29FilingSecurities issuance results report filed (progress on the comprehensive share-exchange and transfer procedure related to the Tongyang Life takeover).Near term: a follow-up disclosure showing progress in the procedure to take in the insurance subsidiary. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| P/B (key detailed-sector metric) | 0.64x | ₩31,300 ÷ BPS ₩49,064.8 = 0.64x | Confirmed | link |
| First-quarter 2026 net profit attributable to controlling shareholders | ₩604.3 billion | ₩604.3 billion/₩639.4 billion, operating profit ₩808.2 billion | Confirmed | link |
| Common equity tier 1 (CET1) ratio | 13.6% | 13.6% | Confirmed | link |
| Estimated 2026 net profit attributable to controlling shareholders | approx. ₩3.0 trillion | — | Unverified | link |
Recent filings Source
- 2026-05-29Earnings disclosure
- 2026-05-28Disclosure
- 2026-05-28Disclosure
- 2026-05-26Amended filing
- 2026-05-22Earnings disclosure
- 2026-05-21Disclosure
- 2026-05-21Disclosure
- 2026-05-21Disclosure
- 2026-05-19Disclosure
- 2026-05-15Amended filing
- 2026-05-15PeriodicQuarterly report
- 2026-05-14Amended filing
📖 Plain-language glossary — expand if you are new to this
- P/E
- How many times a year's net profit the price is worth (lower is cheaper relative to earnings). The P/E here is on trailing (last full-year) results; for companies whose earnings swing fast (memory chips and other cyclicals/high-growth), a forward P/E on this year's expected earnings is more accurate.
- P/B
- Price relative to net assets (equity). Around 1x means it trades near book value; below 1x means below book.
- P/S
- Price relative to a year's revenue — useful for growth companies with thin earnings.
- Net debt / EV
- Net debt = interest-bearing debt − cash. Negative means more cash than debt (net cash). EV (enterprise value) = market cap + net debt, closer to what it would cost to buy the whole business.
- EV/EBIT · EV/EBITDA · EV/Sales
- Enterprise value against operating profit (EBIT), EBITDA, or revenue. Unlike P/E these reflect debt and cash; lower is cheaper relative to earnings power or sales.
- FCF / FCF yield
- Free cash flow = operating cash − capex, the cash actually left over. FCF yield = FCF ÷ market cap; higher means more cash generated per unit of market value.
- Intrinsic value (DCF)
- Future free cash flow (or, for some capex-heavy but profitable names, forecast earnings) discounted to today to estimate per-share value. Because it shifts a lot with the discount-rate and growth assumptions, it is shown as a bear/base/bull range, and the basis and assumptions are disclosed in one line beneath it.
- ROE
- How much profit the company earns in a year on its equity (%). Higher means better returns on capital.
- EPS / BPS
- Earnings per share / net assets (book value) per share.
- Operating / net margin
- Profit left from the core business / final profit after tax and interest, per unit of revenue.
- Debt ratio
- Debt relative to equity (%). Higher means more reliance on borrowing (norms vary by sector).
- Current ratio
- Assets convertible to cash within a year against debt due within a year. Above 100% leaves some short-term headroom.
- Interest coverage
- How many times operating profit covers the interest owed. Below 1x means operating profit alone struggles to cover interest.
- Dividend yield / payout ratio
- The year's dividend as a % of today's price / the share of earnings paid out as dividends.
- Revenue CAGR
- Multi-year growth expressed as a single yearly average (compound annual growth rate).
- RSI (short-term signal)
- Whether recent price action is overheated or beaten down. Above 70 is overbought, below 30 oversold.
- MA20 / MA60 (moving averages)
- The 20- and 60-day average price. Price above them signals a firmer short-term trend.
- vs 52-week high
- How far below the past year's peak the price sits now (%).
All figures are for reference only; how they read varies by sector and over time.
Sources: Korea FSC market-price API (data.go.kr), OpenDART, KRX/KIND — public data only.
Bong Stocks presents public-data-based information for reference only. It is not investment advice and contains no target prices, ratings, or buy/sell recommendations. Verify independently before making any decision.