1. South Korea Stocks

  2. •

    Utilities

  3. •

    Gas distributors
GSE Co., Ltd

GSE Co., Ltd

KKRX:053050
1,805.00
KRW
-45.00
(-2.43%)
110.50EPS
24.98P/E
82.77BMarket Cap
GSE Co., Ltd
KRX:053050
(Korea Stock Exchange)

Recent

price

1,805.00

P/E

ratio

24.98

div

yld

1.11%

ROIC.AI

2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
TTM
KRW
3,690.95
4,073.47
4,729.79
5,570.24
5,792.58
4,895.12
4,086.21
3,992.73
4,810.07
4,922.72
4,369.72
4,547.78
5,761.42
5,616.84
5,197.33
5,661.95
5,589.71
Revenue per Share
-512
157.91
154
157
159
206
222
182
209
155
157
144
197
186
119
129
110.5
Basic EPS, GAAP
-174.16
168.29
-110.29
105.06
92.82
212.55
-108.31
-23.94
167.99
-186.52
-326.59
-154.58
27.45
-279.26
-28.02
-49.27
30.97
Free Cash Flow per Basic Share
16.54
- -
46.72
79.82
80.07
95.19
99.59
19.68
59.87
50.01
40.09
39.16
40.04
39.92
40.06
39.93
20
Dividend per Share
935.51
1,619.82
1,716.35
1,874
1,900.76
2,016.27
2,135.29
2,262.71
2,395.48
2,495.32
2,607.59
2,775.59
2,955.22
3,088.23
3,147.76
3,236.5
3,351.01
Book Value per Share
910.31
1,596.63
1,698.59
1,859.4
1,883.54
1,992.16
2,105.97
2,228.44
2,364.16
2,460.31
2,573.94
2,744.7
2,919.97
3,052.92
3,097.28
3,189.76
3,301.7
Tangible Book Value per Share
24
25
25
25
25
25
25
27
28
28
28
28
30
30
30
30
30
Basic Weighted Avg Shares
88,095
101,624
117,722
139,283
144,389
123,139
104,151
108,461
133,549
136,363
120,801
128,703
172,618
168,760
155,623
170,081
167,622
Sales/Revenue/Turnover
5.58
6.9
4.87
4.24
4.05
5.61
7.14
5.89
5.58
4.17
4.29
3.6
2.68
2.6
3.15
4.32
4.27
Operating Margin (%)
4,290
3,040
3,767
4,174
4,404
4,570
4,752
5,163
5,481
5,978
6,512
6,741
7,145
7,464
7,790
8,172
8,318
Depreciation Expense
-12,220
3,940
3,833
3,926
3,963
5,182
5,658
4,944
5,803
4,294
4,340
4,075
5,902
5,588
3,563
3,875
3,314
Net Income, GAAP
22.35
26.13
22.95
21.57
17.8
21.72
16.83
17.74
19.82
22.04
10.55
15.02
15.9
15.84
5.12
16.62
25.45
Effective Tax Rate (%)
-13.87
3.88
3.26
2.82
2.74
4.21
5.43
4.56
4.35
3.15
3.59
3.17
3.42
3.31
2.29
2.28
1.98
Profit Margin (%)
-20,466
-17,871
-15,965
-8,124
-16,361
-11,186
-9,348
-6,764
-5,158
-6,584
-7,747
-1,955
7,648
12,682
-15,640
-23,327
-17,715
Working Capital
12,496
12,995
16,969
25,950
16,419
16,950
17,634
15,345
13,701
11,722
13,321
14,415
15,443
16,507
16,477
15,901
15,417
LT Debt
23,339
40,411
42,819
46,752
47,909
50,821
55,044
62,689
66,367
69,133
72,244
83,233
88,620
92,609
94,394
97,055
100,489
Total Equity
10.25
6.95
5.76
5.88
5.86
6.69
7.36
6.14
6.72
4.93
5.01
3.89
3.53
3.17
3.5
4.16
3.57
Return on Invested Capital (%)
-28.46
7.48
6.61
6.34
6.31
7.26
7.68
6.36
7.12
5.27
5.08
4.41
5.81
5.38
4.03
3.52
2.23
Return on Capital (%)
-78.32
12.36
9.21
8.77
8.37
10.5
10.69
8.4
8.99
6.34
6.14
5.24
6.87
6.17
3.81
4.05
3.34
Return on Common Equity (%)

Capital Structure

KRW

•

in mil. unless spec.
Sep'25
Dec'25
Mar'26
ST Debt
33,742
33,804
33,856
LT Borrowings
15,501
15,720
15,277
LT Finance Leases
224
181
141
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
30
30
30
Market Capitalization
80,367
70,021
82,766

Working Capital

KRW

•

in mil. unless spec.
Sep'25
Dec'25
Mar'26
Total Current Assets
23,698
50,260
62,643
Cash, Cash Equivalents & STI
11,400
14,706
20,583
Accounts Receivable, Net
- -
25,361
- -
Inventories
149
149
131
Total Current Liabilities
47,206
73,588
80,357
Payables & Accruals
- -
- -
- -
ST Debt
33,742
33,804
33,856
Deferred Revenue
- -
- -
- -

Growth Rates

KRW

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
6.77%
6.19%
2.82%
Free Cash Flow
-248.56%
-260.82%
76.4%
Net Income, GAAP
-0.51%
1.18%
8.75%
Sales/Revenue/Turnover
4.25%
7.99%
9.29%
Total Cash Common Dividend
- -
- -
- -

Quarterly Revenue

KRW

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
61,224
27,715
19,403
47,282
155,623
2025
73,968
30,887
19,440
45,785
170,081
2026
71,509
- -
- -
- -
- -

Quarterly Earnings Per Share

KRW

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
113
8
-28
25.26
119
2025
157
37.26
-48.09
-16.88
129
2026
138.21
- -
- -
- -
- -

Quarterly Dividends Per Share

KRW

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
- -
- -
19.8
- -
40.06
2025
- -
- -
20
- -
39.93
2026
- -
- -
- -
- -
- -
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Business
GSE Co., Ltd. is a South Korea-based energy utility company primarily engaged in the distribution and retail supply of piped natural gas and compressed natural gas. Founded in 1989 and headquartered in Sacheon-si, South Gyeongsang Province (Gyeongsangnam-do), South Korea, the company operates under the energy and utility sector as a regulated regional city gas provider. GSE Co., Ltd. procures wholesale liquefied natural gas from Korea Gas Corporation (KOGAS) and distributes it through an extensive underground pipeline network to diverse end-market segments, including residential, commercial, general business, industrial, and central heating customers. The company's core product and service portfolio comprises the retail distribution and supply of piped city natural gas for cooking, individual space heating, central heating, cooling, and industrial manufacturing processes; the operation, management, and fuel dispensing services of compressed natural gas (CNG) vehicle fueling stations servicing urban public transit buses and clean commercial vehicle fleets; the engineering, construction, inspection, and maintenance of city gas pipeline networks and customer-connection infrastructure; and the retail distribution, installation, safety inspection, and maintenance of gas appliances and gas measurement meters. GSE Co., Ltd. holds exclusive regional distribution licenses across the western region of South Gyeongsang Province, serving municipalities and counties including Jinju-si, Sacheon-si, Hamyang-gun, Geochang-gun, Hadong-gun, Sancheong-gun, and Hapcheon-gun. The company operates under the parent holding entity GSE Holdings Co., Ltd. In recent operational developments, GSE Co., Ltd. has focused on strategic distribution network expansion and infrastructure modernization across its licensed service territories. The company advanced its municipal gasification initiatives, including the multi-phase pipeline network expansion project in Hapcheon-gun valued at approximately KRW 25.9 billion to broaden pipeline coverage and increase residential gas penetration rates in underserved districts. Operationally, GSE Co., Ltd. has reinforced its distribution asset integrity and safety management systems by upgrading pipeline monitoring frameworks, expanding regular safety audit programs, and optimizing its CNG fueling infrastructure amid ongoing shifts in public transportation fueling demand and global energy market conditions.