Woori Financial Group is a financial holding company whose backbone is the net-interest-margin income of its wholly owned subsidiary Woori Bank, complemented by non-bank units in cards, capital, securities, and insurance. In 2026 it has strengthened its non-bank arm by taking Tongyang Life fully in-house and injecting about ₩1 trillion of capital into Woori Investment & Securities, while continuing quarterly cash dividends (₩220 per share in the first quarter) and disclosing a capital policy under which it would consider share buybacks and cancellations in the second half if its common equity tier-1 ratio clears its target. The key point to weigh is that among the large bank holding companies, Woori trades at the lowest multiples and offers the highest dividend yield while posting comparable profitability—a strength—whereas the capital and integration costs of expanding into non-bank businesses, and the provisioning burden if the economy slows, are conditions to watch.
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 8.7% (controlling-interest basis). It is below the sector average.
- 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.
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 Fairly valued
💡 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
- Woori Financial Group does not sell products itself; it is a holding company overseeing financial subsidiaries.
- Most of its profit comes from Woori Bank, its wholly owned unit, which raises money cheaply through deposits, lends it out at higher rates, and earns from that rate gap (net interest margin) plus various fees.
- Added to that are Woori Card (credit-card fees and installments), Woori Capital (installment and lease financing), Woori Investment & Securities (securities trading and asset management), and the newly incorporated Tongyang Life and ABL Life (insurance-premium investment).
- In short, the bank's interest income is the pillar, and non-bank units such as cards, securities, and insurance complement it.
- The latest close is ₩30,050 and the market capitalization is ₩21.9 trillion.
- The price sits below its 20-day line (₩30,465) and below its 60-day line (₩31,659).
- Trading beneath both its short- and medium-term moving averages, the trend is on the soft side.
- The RSI (a gauge that measures the strength of gains versus losses over the past 14 days on a 0-100 scale) is 47.2, a neutral reading.
- The one-month change is +0.8%, the three-month change is -5.7%, and the price is -26.4% from its 52-week high.
- Relative strength versus the KOSPI is 38 (on a 1-99 scale that weights recent returns against the index over the past year more heavily, with higher meaning stronger than the market).
- That places it in roughly the top 62% of all stocks by strength.
- Over the past three months it lagged the index by 27.6%.
- Chart reading is best done alongside trading volume and the dates of disclosures.
- The P/E (how many times a year's earnings the share price represents) is 7.06x and the P/B (how many times the company's net assets) is 0.61x, meaning the shares trade below book net assets.
- ROE (how much it earns in a year on its equity) is 8.7%, a solid level for a bank holding company.
- The debt ratio shows as a very high 1,565%, but that is an illusion created because a bank books customer deposits as liabilities—it should not be read to mean the same thing as an ordinary manufacturer's debt ratio (the more deposits, the more liabilities booked).
- The dividend yield of 4.8% is among the highest of the large bank holding peers, and the payout ratio (the share of net profit paid out as dividends) is about 32%.
- Over the past three years, net profit attributable to controlling shareholders rose steadily, from ₩2.51 trillion in 2023 to ₩3.09 trillion in 2024 to ₩3.12 trillion in 2025; in 2025, operating profit fell 13.6% from the prior year but net profit held up, rising 1.2%.
- First-quarter 2026 consolidated net profit was ₩639.4 billion (₩604.3 billion attributable to controlling shareholders), down 2.3% year on year—essentially flat.
- Bank holding companies have a seasonal pattern in which first-quarter profit is the largest, so simply multiplying the first quarter by four can overstate the year; even so, full-year earnings look set to come in near last year's, in the low ₩3 trillion range.
- Lifting its common equity tier-1 (CET1) ratio into the 13% range has secured capital headroom, which matters for future dividend and buyback capacity.
- In 2026 the company has moved along two axes: strengthening its non-bank arm and setting capital policy.
- First, it is carrying out a comprehensive share exchange and transfer to make Tongyang Life a wholly owned subsidiary (with a registration statement filed and amendments underway); once complete, the insurance unit's profit will flow fully into group earnings.
- Second, it is participating in a capital raise of about ₩1 trillion to build up Woori Investment & Securities' equity capital and lift its competitiveness in securities.
- Third, it has resolved quarterly cash dividends (₩220 per share in the first quarter of 2026) to continue shareholder returns, and disclosed a capital policy of considering additional share buybacks and cancellations in the second half if its CET1 ratio clears its 13% target.
- In May it also held several investor briefings (IR).
- The favorable conditions are clear.
- Among the four large bank holding companies, Woori has the lowest P/E and P/B and the highest dividend yield, while its ROE is not much different from peers'.
- In other words, it delivers comparable profitability yet trades most cheaply and pays out the most.
- As its CET1 ratio clears its target, share buybacks and cancellations could be added, so its capacity for shareholder returns is building.
- There are conditions to watch as well.
- In the process of growing its non-bank businesses, capital injections such as the securities capital raise and insurance incorporation, along with integration costs, can weigh on near-term profit; and the bank's earnings hinge on market rates (net interest margin) and loan quality (delinquencies and impairments), so a weaker economy raises the provisioning burden.
- The price sitting below its 60- and 120-day lines is also a sign that the short-term trend is still weak.
🔎 Valuation vs peers Undervalued
Korea's four large bank holding companies, full financial groups centered on a bank with an identical business mix (here centered on Woori Bank).
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| KB Financial Group | 10.42x | 1.03x | 9.88% |
| Shinhan Financial Group | 10.02x | 0.86x | 8.58% |
| Hana Financial Group | 8.40x | 0.75x | 8.98% |
Compared with KB, Shinhan, and Hana, which have an identical business mix, Woori Financial Group has the lowest P/E and P/B and the highest dividend yield, while its ROE of 8.7% is not much different from peers'. It effectively delivers comparable profitability yet trades most cheaply, so the discount to peers is clear. This discount reflects a relatively lower capital ratio and the uncertainty of reshaping its non-bank arm—incorporating an insurance unit and raising capital for securities—and there is room for it to narrow once the capital ratio reaches its target and integration is complete. The low trailing P/E on last year's earnings is not because this is a stock with volatile earnings, but because the multiple itself is low relative to peers; this year's earnings are expected to be similar to last year's, so on a forward basis the picture of being undervalued relative to peers holds.
Price history Close · MA20 · MA60
The latest close is ₩30,050 and the market capitalization is ₩21.9 trillion. The price sits below its 20-day moving average (₩30,465) and below its 60-day moving average (₩31,659). It is under both its short- and medium-term moving averages, so the trend looks subdued. The RSI (a supplementary indicator that gauges the strength of gains versus losses over the past 14 days on a 0-100 scale) is 47.2, a neutral level. The one-month change is +0.8%, the three-month change is -5.7%, and the position relative to the 52-week high is -26.4%. Relative strength versus the KOSPI is 38 (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 38% of all stocks. Over the past three months it lagged the index by 27.6%. 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 -27.55% / 6M -34.10% / 12M -44.29%
Key metrics vs sector median
Valuation
The P/E is 7.06x. The P/B of 0.61x is below the sector median (0.75x).
Profitability & financials
Return on equity (ROE) is 8.7%, in line with the sector average (9.0%). The debt ratio is 1564.8%, 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 | $2.3B | $2.8B | $2.4B | -13.64% ↓ slower |
| Net profit | $1.7B | $2.0B | $2.1B | +1.24% ↓ slower |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | — | — | — | — | — |
| Operating profit | — | — | $2.3B | $2.8B | $2.4B |
| Net profit | — | — | $1.7B | $2.0B | $2.1B |
Operating profit fell 13.6% year over year. The decline widened.
Latest quarterly results
No recent quarterly results confirmed from DART.
Technical indicators
What stands out
- The dividend yield, at 4.5%, 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
- 2026-05-14FilingFiling of a registration statement for a comprehensive share exchange and transfer to bring Tongyang Life in as a wholly owned subsidiary (with amendments to follow)Raises the stake in the insurance subsidiary so its results are more fully reflected in group consolidated earnings. The share dilution from issuing new exchange shares is a near-term drag. Source
- 2026-05-21IRDisclosure of the scheduling of an investor briefing (IR) to explain quarterly results and capital and shareholder-return policyCommunicates capital policy (buybacks and dividends) and non-bank strategy directly to the market. Affects sentiment over the medium term. Source
- 2026-05-15EarningsFirst-quarter 2026 report filed — consolidated net profit of ₩639.4 billion (₩604.3 billion attributable to controlling shareholders), similar to the year-earlier periodConfirms that earning power is being maintained. A slight year-on-year decline, however, limits strong growth momentum. Source
- 2026-05-28FilingNon-bank capital injection underway, including a securities issuance and prospectus (shelf registration) to bolster Woori Investment & Securities' equity capitalAims to expand the securities unit's equity capital and strengthen its competitiveness. In the near term, the capital injection could dilute efficiency. Source
Figure cross-check computed ↔ external
Recent filings
- 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.
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