Coway Co., Ltd. financial statements, 6 years: ROE ranged between 27.2% and 17.1%
Consolidated financial statements for 2020–2025 and the 2026 half-year report that Coway Co., Ltd. filed with DART, laid out by year. No interpretation or outlook.
Coway Co., Ltd. financial statements, 6 years: ROE ranged between 27.2% and 17.1%
The consolidated financial statements in the 2020–2025 annual reports that Coway Co., Ltd. (021240) filed with Korea’s DART electronic disclosure system, laid out by year. Figures from the 2026 half-year report cover a different period and are shown separately. Every figure below is taken as filed in the DART submissions; there is no interpretation or outlook. Amounts are in Korean won (KRW; bn = billion, tn = trillion).
1. Income statement — revenue peaked in 2025
| Fiscal year | Revenue | Revenue change | Operating income | Op. income change | Operating margin | Net income |
|---|---|---|---|---|---|---|
| 2020 | 3.24tn | — | 606.4bn | — | 18.7% | 404.7bn |
| 2021 | 3.66tn | +13.18% | 640.2bn | +5.57% | 17.5% | 465.5bn |
| 2022 | 3.86tn | +5.24% | 677.4bn | +5.80% | 17.6% | 457.8bn |
| 2023 | 3.97tn | +2.86% | 731.3bn | +7.95% | 18.4% | 471.0bn |
| 2024 | 4.31tn | +8.66% | 795.4bn | +8.77% | 18.4% | 565.5bn |
| 2025 | 4.96tn | +15.16% | 878.7bn | +10.47% | 17.7% | 617.5bn |
Revenue was largest in 2025 at KRW 4.96tn and smallest in 2020 at KRW 3.24tn among the six years. It never fell from the previous year.
Operating income was largest in 2025 at KRW 878.7bn and smallest in 2020 at KRW 606.4bn. The operating margin was highest in 2020 at 18.7%.
Net income was largest in 2025 at KRW 617.5bn and smallest in 2020 at KRW 404.7bn.
2. Financial position — equity became 2.43x
| Fiscal year | Total assets | Total equity | Debt ratio | Current ratio |
|---|---|---|---|---|
| 2020 | 3.03tn | 1.49tn | 103.3% | 63.3% |
| 2021 | 3.80tn | 1.90tn | 99.6% | 85.6% |
| 2022 | 4.37tn | 2.31tn | 88.8% | 121.6% |
| 2023 | 4.85tn | 2.64tn | 83.9% | 105.5% |
| 2024 | 5.76tn | 3.20tn | 80.3% | 94.3% |
| 2025 | 7.00tn | 3.61tn | 93.7% | 95.7% |
The debt ratio was highest in 2020 at 103.3% and lowest in 2024 at 80.3%.
Over the same period total assets went from KRW 3.03tn to KRW 7.00tn (2.31x), and total equity went from KRW 1.49tn to KRW 3.61tn and became 2.43x.
The current ratio was below 100% in 4 years, 2020, 2021, 2024 and 2025 — in those years current liabilities exceeded current assets.
3. Cash flow — ROE high 27.2%, low 17.1%
| Fiscal year | Operating cash flow | Net income | Operating CF ÷ net income | ROE |
|---|---|---|---|---|
| 2020 | 562.8bn | 404.7bn | 1.39x | 27.2% |
| 2021 | 331.3bn | 465.5bn | 0.71x | 24.4% |
| 2022 | 164.5bn | 457.8bn | 0.36x | 19.8% |
| 2023 | 448.9bn | 471.0bn | 0.95x | 17.9% |
| 2024 | 330.3bn | 565.5bn | 0.58x | 17.7% |
| 2025 | 35.5bn | 617.5bn | 0.06x | 17.1% |
Operating cash flow was positive in all six years. It was largest in 2020 at KRW 562.8bn and smallest in 2025 at KRW 35.5bn.
ROE was highest in 2020 at 27.2% and lowest in 2025 at 17.1%.
4. Latest half-year report (end of H1, 38th fiscal period, consolidated basis)
The period differs, so these figures cannot be compared directly with the annual tables above. Only cumulative figures for the same period of the previous year are compared.
| Item | 2026 cumulative | Same period last year | Change |
|---|---|---|---|
| Revenue | 2.77tn | 2.43tn | +13.89% |
| Operating income | 504.1bn | 454.0bn | +11.05% |
| Net income | 360.3bn | 294.3bn | +22.41% |
| Finance income | 5.6bn | 2.3bn | +148.73% |
| Operating cash flow | −54.7bn | — | — |
At the end of the period, total assets were KRW 7.78tn, total liabilities KRW 3.96tn and total equity KRW 3.82tn.
The cumulative operating margin was 18.2%.
5. Ownership, dividends and staff (as of the 2025 annual report)
- Largest shareholder: Netmarble Corporation, stake 25.74%
- Cash dividend per share KRW 1,940, payout ratio 22.20%, dividend yield 2.30%
- Employees: 6,352, average pay per employee KRW 68m
How to read this
This page lays out the filed figures by year and nothing more. Financial statements do not say why the numbers moved, so neither do we.
The order of publication follows revenue in the latest fiscal year and has nothing to do with the content.
To check the same figures, search for the company on DART and open the consolidated financial statements in its annual reports. Every number here was computed from the 2020–2025 annual reports and the interim report downloaded through the OpenDART API on 2026-11-03; ratios divide the filed account amounts.
This article is for information only and is not investment advice.