KOREA ELECTRIC POWER CORP

KEP

Korea Electric Power Corporation, together with its subsidiaries, engages in the generation, transmission, and distribution of electricity in South Korea and internationally. The company operates through five segments: Electricity Sales, Nuclear Power Generation, Thermal Power Generation, Power Support, and Other.

About the company

Country: Korea, Republic ofPrice: $10.16Market Cap: $13.0B

Investment snapshot

24%positive consensus

Scored 1d ago

Positive

BUY / PASS

Neutral / negative

4 / 8

NEUTRAL / FAIL

Median fair value

$33.02

+225.0% vs price

Models with upside

5 / 17

Positive margin of safety

Strongest signal

Models split on KEP at $10.16 — fair values range $7.87–$59.45

Key risk

No clean pass — all 8 investors flag at least one efficiency criterion

Framework analysis

Verdict	Meaning
BUY	Positive purchase signal: the framework's buy requirements are met.
PASS	The company clears the framework's checklist or screen, but the framework does not produce a buy signal. For valuation frameworks this often means margin of safety is missing, insufficient, or unavailable; some screen-only frameworks have no intrinsic-value BUY state.
NEUTRAL	Neither a positive nor negative conclusion. It does not mean to hold an existing position.
FAIL	The company does not clear the framework's requirements.
Ranked	Ranked strategies do not use PASS: selected cohort is BUY, outside the cohort is FAIL, and unranked is NEUTRAL.

Current investor scores use trailing 12-month flows and the latest balance sheet where supported. Multi-year and EPS tests retain annual history; each framework shows its financial basis below. Intrinsic values use annual financials.

Metric	Graham Defensive Value	Buffett Quality Compounder	Lynch GARP	Greenblatt Magic Formula	Piotroski F-Score	Dreman Contrarian Value	Munger Quality Focus	Pabrai Dhandho Framework	Akre Three-Legged Stool	Marks Risk-Aware Value	Ackman Activist Value	Templeton Global Bargain Hunter	Sleep Scale Economies Shared	Asness Systematic Factors	Neff Low-P/E Total Return	Schloss Asset-Value Discipline	O'Shaughnessy Systematic Factor Composite
Verdict	FAIL	FAIL	FAIL	FAIL · Rank #876 (Top 28.3%)	BUY	PASS	NEUTRAL	NEUTRAL	FAIL	FAIL	BUY	NEUTRAL	FAIL	FAIL	PASS	NEUTRAL	FAIL
Score
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Intrinsic Value (annual)				N/A	N/A	N/A			N/A	N/A		N/A	N/A	N/A	N/A	N/A	N/A
Margin of Safety	+65.8%	+50.5%	+18.7%	N/A	N/A	N/A	+9.4%	-158.2%	N/A	N/A	+56.7%	N/A	N/A	N/A	N/A	N/A	N/A
Financial Basis	Annual history · FY 2024 Latest source filing: 2025-04-28 Score computed: 2026-11-14	Annual history · FY 2024 Latest source filing: 2025-04-28 Score computed: 2026-11-14	Annual history · FY 2024 Latest source filing: 2025-04-28 Score computed: 2026-11-14	Annual history · FY 2024 Latest source filing: 2025-04-28 Score computed: 2026-11-14	Annual history · FY 2024 Latest source filing: 2025-04-28 Score computed: 2026-11-14	Annual history · FY 2024 · Market data at 2026-11-01 Latest source filing: 2025-04-28 Score computed: 2026-11-14	Qualitative assessment · Annual history · FY 2024 Latest source filing: 2025-04-28 Score computed: 2026-11-14	Qualitative assessment · Annual history · FY 2024 Latest source filing: 2025-04-28 Score computed: 2026-11-14	Annual history · FY 2024 · Qualitative assessment Latest source filing: 2025-04-28 Score computed: 2026-11-14	Annual history · FY 2024 · Qualitative assessment Latest source filing: 2025-04-28 Score computed: 2026-11-14	Annual history · FY 2024 · Market data at 2026-11-01 Latest source filing: 2025-04-28 Score computed: 2026-11-14	Annual history · FY 2024 · Price history 2025-01-01–2026-11-01 Latest source filing: 2025-04-28 Score computed: 2026-11-14	Annual history · FY 2024 · Qualitative assessment Latest source filing: 2025-04-28 Score computed: 2026-11-14	Annual history · FY 2024 · Price history 2025-01-01–2026-11-01 Latest source filing: 2025-04-28 Score computed: 2026-11-14	Annual history · FY 2024 Latest source filing: 2025-04-28 Score computed: 2026-11-14	Annual history · FY 2024 Latest source filing: 2025-04-28 Score computed: 2026-11-14	Annual history · FY 2024 · Price history 2025-01-01–2026-11-01 Latest source filing: 2025-04-28 Score computed: 2026-11-14

Where It Passes

Valuation models83% pass✓ 5✗ 1▾
Models split on KEP at $10.16 — fair values range $7.87–$59.45
Graham fair value$59.45
✓Graham+65.8% margin vs $10.16
Buffett fair value$41.06
✓Buffett+50.5% margin vs $10.16
Lynch fair value$24.99
✓Lynch+18.7% margin vs $10.16
Munger fair value$22.42
✓Munger+9.4% margin vs $10.16
Pabrai fair value$7.87
✗Pabrai-158.2% margin vs $10.16
Ackman fair value$46.88
✓Ackman+56.7% margin vs $10.16
Cash Flow70% pass✓ 9✗ 3▾
7 of 10 pass — Buffett, Marks and Oshaughnessy object
Free Cash Flow Proxy$2.2B
✗BuffettPositive and growing
FCF Positive and Growing$1.1B
✓LynchPositive and growing
Operating Cash Flow$10.8B
✓PiotroskiCFO > 0
(CFO / Total Assets) vs ROACFO/Assets=6.43%, ROA=1.41%
✓PiotroskiCFO/Assets > ROA
Price / (CFO / Shares)1.2x
✓Dreman< 8x
P/E or FCF YieldP/E=5.5x, FCF Yield=8.7%
✓PabraiP/E < 15 or FCF Yield > 10%
FCF Positive5/10 years FCF positive
✗MarksPositive FCF in majority of recent years
(OCF - CapEx) / Market Cap8.7%
✓Ackman>= 4%
Price / FCF per Share11.5x
✓Ackman<= 25
Positive Operating Cash Flow frequency9/10 years positive
✓SleepPositive OCF in >= 70% of available years
Operating Cash Flow - Capital Expenditures$1.1B
✓Neff> $0 (app proxy for a strong fundamental case)
(Operating cash flow - capex) / market capitalization+8.67%; #915/4519 (top 20.2%)
✗OshaughnessyTop 10% of eligible cross-section
Valuation54% pass✓ 19✗ 9▾
7 of 13 pass — Graham, Greenblatt, Marks +3 more object
Price / 3-yr avg EPS
✗Graham<= 15x
Price-to-Book Ratio0.5x
✓Graham<= 1.5x
P/E x P/B
✗Graham<= 22.5
Basic earnings-growth PEG (dividends excluded)0.81
✓Lynch< 1.0 (ideally < 0.5)
EBIT / Enterprise Value29.2%
✓Greenblatt> 10%
Earnings Yield + ROC AssessmentEY=29.2%, ROC=5.5%
✗GreenblattBoth EY > 10% and ROC > 25%
Price / EPS5.5x
✓Dreman< 12x✓Templeton< 12x (fixed ceiling; proxy for the market's cheapest 40%)
Price / (CFO / Shares)1.2x
✓Dreman< 8x
Price / Book Value per Share0.5x
✓Dreman< 1.2x✓Templeton< 1.5x✓SchlossP/B <= 0.80x (app cutoff)
Valuation ReasonablenessP/E=5.5x, OE Yield=17.1%
✓MungerP/E < 25 or Owner Earnings Yield > 5%
P/E or FCF YieldP/E=5.5x, FCF Yield=8.7%
✓PabraiP/E < 15 or FCF Yield > 10%
P/B or P/E vs. Historical AverageP/E=5.5x, P/B=0.5x
✓MarksP/E < 15 or P/B < 2.0
Discount to Intrinsic ValueN/A (negative normalized EPS)
✗Marks>= 20% below intrinsic value
Price / FCF per Share11.5x
✓Ackman<= 25
Price vs. Trailing Low140% of trailing low ($14.50)
✗Templeton<= 120% of trailing low (certified split-adjusted live window)
Net income / market capitalization+18.24%; #292/6340 (top 4.6%)
✓AsnessTop 30% of eligible cross-section✓OshaughnessyTop 10% of eligible cross-section
Positive book equity / market capitalization+2.0853; #654/6449 (top 10.1%)
✓AsnessTop 30% of eligible cross-section
Price / Diluted EPS5.5x
✓NeffP/E <= 15x (app proxy for a P/E 40%-60% below the market)
(EPS CAGR % + Dividend Yield %) / P/E1.35
✓Neff> 0.7 (Neff's published traditional edge)
Price / Tangible Book Value per Share0.49x
✓SchlossP/TBV <= 1.00x (app cutoff)
Book Value per Share Change-53.4%
✗SchlossLatest BVPS >= earliest BVPS over >= 3 years (app rule)
Revenue / market capitalization+4.8365; #556/5247 (top 10.6%)
✗OshaughnessyTop 10% of eligible cross-section
(Operating cash flow - capex) / market capitalization+8.67%; #915/4519 (top 20.2%)
✗OshaughnessyTop 10% of eligible cross-section
Trailing six-month price return through the evaluation date-31.35%; #4471/6202 (top 72.1%)
✗OshaughnessyTop 10% of eligible cross-section

Where It Falls Short

Efficiency0% pass✓ 2✗ 9▾
No clean pass — all 8 investors flag at least one efficiency criterion
Current Ratio0.46
✗Graham>= 2.0
ROIC (3-5 yr avg)-9.6%
✗Buffett> 10%
ROIC - WACC-19.6%
✗BuffettPositive (WACC = 10%)
EBIT / (NWC + Net Fixed Assets)5.5%
✗Greenblatt> 25%
Current Ratio Change YoY0.48 -> 0.46
✗PiotroskiIncreased YoY
Revenue / Total Assets Change YoY0.36x -> 0.38x
✓PiotroskiImproved YoY
Current Assets / Current Liabilities0.46
✗Dreman> 1.5
Return on Invested Capital12.8%
✗Munger> 15%
ROIC (high and growing)FY2022: ROIC=-48.7%; FY2023: ROIC=-6.7%; FY2024: ROIC=12.8%
✗AkreLatest 3 consecutive FYs: ROIC > 15% in each
Reinvestment Rate x ROIC12.4% (RR=96% x ROIC=12.8%)
✓AkreReinvestment Rate * ROIC > 10%
ROIC (5-year)1/5 years above 12% (latest 12.8%)
✗SleepROIC > 12% in a majority of years
Growth13% pass✓ 4✗ 9▾
7 of 8 flag KEP's growth — Graham, Lynch, Dreman +4 more
EPS Growth (3-yr avg, 10-yr window)-180.9%
✗Graham>= 33% growth
Basic earnings-growth PEG (dividends excluded)0.81
✓Lynch< 1.0 (ideally < 0.5)
3-5 Year EPS CAGR6.7%
✓Lynch15-30% (Fast Grower); > 0% to pass
Inventory Growth vs Revenue GrowthInv: -4.1% vs Rev: -7.8%
✗LynchInventory growth < Revenue growth
EPS Growth Direction$17.61 (2015) -> $3.71 (2024)
✗DremanPositive over recent years
EPS CAGR-15.9% CAGR over 9 years
✗Dreman> 5% annualized
Positive Net Income Frequency5/10 years positive
✗MarksPositive net income in >= 7 of last 10 years
3yr Median Revenue Growth11.0%
✓Ackman>= 5%
Positive EPS Growth Frequency3/5 years with positive EPS growth
✓AckmanPositive EPS growth in >= 3 of last 5 years
5-Year EPS CAGR
✗Templeton> 0% (5-year EPS CAGR)
Revenue growth vs. gross and operating margin trendgross margin -43.0% -> 11.5%, operating margin -45.7% -> 9.1%
✗SleepRevenue rising; gross margin flat or falling; operating margin holding
5-year Revenue CAGR4.5%
✗SleepCAGR > 7%
3-5 Year Diluted EPS CAGR6.7% over 4 years
✗Neff7%-20% annualized
Profitability19% pass✓ 11✗ 24▾
13 of 16 flag KEP's profitability — Graham, Buffett, Lynch +10 more
Positive EPS (10 years)5/11 years positive
✗GrahamPositive EPS every year for 10 years
EPS Growth (3-yr avg, 10-yr window)-180.9%
✗Graham>= 33% growth
Net Income Positive (10+ years)5/11 years positive
✗BuffettPositive every year for 10+ years
ROE (up to 5-year arithmetic mean)-14.1%
✗Buffett> 15% arithmetic mean (app rule)
Operating Margin (10-yr trend)9.1% (latest)
✗BuffettStable or rising over 10 years
Free Cash Flow Proxy$2.2B
✗BuffettPositive and growing
Earnings Variance (10-yr CoV)N/A (negative mean EPS)
✗BuffettCoV < 0.3
Retained Earnings Effectiveness
✗Buffett$1 retained -> > $1 market value created
Basic earnings-growth PEG (dividends excluded)0.81
✓Lynch< 1.0 (ideally < 0.5)
3-5 Year EPS CAGR6.7%
✓Lynch15-30% (Fast Grower); > 0% to pass
ROE8.7%
✗Lynch> 15%
EBIT / Enterprise Value29.2%
✓Greenblatt> 10%
Earnings Yield + ROC AssessmentEY=29.2%, ROC=5.5%
✗GreenblattBoth EY > 10% and ROC > 25%
Net Income / Total Assets1.41%
✓PiotroskiROA > 0
ROA Change YoY-2.01% -> 1.41% (delta: +3.43%)
✓PiotroskiCurrent ROA > Prior ROA
(CFO / Total Assets) vs ROACFO/Assets=6.43%, ROA=1.41%
✓PiotroskiCFO/Assets > ROA
Gross Margin Change YoY-2.5% -> 11.5%
✓PiotroskiImproved YoY
Pre-Tax Income / Revenue5.7%
✗Dreman>= 8%
Net Income / Shareholders' Equity8.7%
✗Dreman> 12%
Margin of SafetyP/E=5.5x, P/B=0.5x
✓PabraiP/B < 1.5 or P/E < 15
Return on Equity-21.7% (3-yr avg)
✗AkreROE > 20% (3-year avg)
Discount to Intrinsic ValueN/A (negative normalized EPS)
✗Marks>= 20% below intrinsic value
Positive Net Income Frequency5/10 years positive
✗MarksPositive net income in >= 7 of last 10 years
Operating Income / Revenue9.1%
✗Ackman>= 15%
Net Income / Shareholders Equity8.7%
✗Ackman>= 15%
5-Year EPS CAGR
✗Templeton> 0% (5-year EPS CAGR)
Operating Margin Trend-45.7% (2022) -> 9.1% (2024)
✓TempletonNon-negative operating-margin trend over 3 years
Revenue growth vs. gross and operating margin trendgross margin -43.0% -> 11.5%, operating margin -45.7% -> 9.1%
✗SleepRevenue rising; gross margin flat or falling; operating margin holding
Net income / market capitalization+18.24%; #292/6340 (top 4.6%)
✓AsnessTop 30% of eligible cross-section✓OshaughnessyTop 10% of eligible cross-section
Gross profit / total assets+4.30%; #3139/3702 (top 84.8%)
✗AsnessTop 30% of eligible cross-section
Net income / positive book equity+8.75%; #1994/5226 (top 38.2%)
✗AsnessTop 30% of eligible cross-section
Negative 5-year standard deviation of ROA-0.0425; #2359/5884 (top 40.1%)
✗AsnessTop 30% of eligible cross-section
3-5 Year Diluted EPS CAGR6.7% over 4 years
✗Neff7%-20% annualized
Positive Diluted-EPS Years5/10 years positive
✗Schloss>= 70% positive over 5-10 observed years (app rule)
Verdicts31% pass✓ 4✗ 9▾
Split decision: 8 FAIL · 4 NEUTRAL · 2 BUY · 2 PASS
Overall verdict
✗GrahamFAIL (2/9)✗BuffettFAIL (0/9)✗LynchFAIL (4/7)✗GreenblattRank #876✓PiotroskiBUY (F-Score 8)✓DremanPASS (5/11)•MungerNEUTRAL (3/4)•PabraiNEUTRAL (2/3)✗AkreFAIL (1/6)✗MarksFAIL (1/5)✓AckmanBUY (7/9)•TempletonNEUTRAL (6/8)✗SleepFAIL (2/6)✗AsnessFAIL (Rank #1311/2370 (Top 55.3%))✓NeffPASS (5/6)•SchlossNEUTRAL (4/7)✗OshaughnessyFAIL (Rank #648/963 (Top 67.3%))
Debt & Leverage33% pass✓ 7✗ 8▾
8 of 12 flag KEP's debt & leverage — Graham, Buffett, Lynch +5 more
Debt Levels0.31
✓MungerDebt/Equity < 0.5✗AkreDebt/Equity < 0.3
LT Debt vs Net Current AssetsLT Debt $2.1B vs NCA $-23.7B
✗GrahamLT Debt <= Net Current Assets
Debt/Equity & Interest CoverageD/E: 0.31, IC: 1.8x
✗BuffettD/E < 0.5 AND Interest Coverage > 5x
Total Debt / Equity0.31
✓Lynch< 0.33
Cash - Long-term Debt$-501.4M
✗LynchPositive preferred
LT Debt / Total Assets Change1.42% -> 1.26%
✓PiotroskiDecreased YoY
Current Assets / Current Liabilities0.46
✗Dreman> 1.5✗SchlossCurrent ratio >= 1.50x (app cutoff)
Total Debt / Shareholders' Equity0.31
✓Dreman< 0.8✓Templeton< 1.0 (fixed cap; proxy for below-sector-median leverage)✓SchlossD/E < 1.00x
Interest Coverage & Debt/EBITDAIC=1.8x, D/EBITDA=0.5x
✗MarksInterest Coverage > 3x; Debt/EBITDA < 4x
Total Debt / Shareholders Equity0.31
✓Ackman<= 1.0
Negative debt-to-equity (higher means less debt)-0.3067; #2014/4210 (top 47.8%)
✗AsnessTop 30% of eligible cross-section

Business & financials

Financial snapshot: annual FY 2024. Current investor scores may use newer quarterly data.

Company Profile

Industry: Utilities

SIC Sector: Electric, Gas & Sanitary Services

Size: Large Cap($13.0B)

Revenue: $63.1B-7.8% YoY

Net Income: $2.4B+163.1% YoY

Financial Snapshot

Operating Margin9.1%

Return on Equity8.7%

Debt / Equity0.31

Current Ratio0.46

EPS (Diluted)$3.71

Shares Retired0.0% / 0.0% 2y

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Shareholder Return

Fiscal 2024

Retired 0.0% of shares last year, 0.0% over two.

Buybacks: —
Dividends: $86.5M

Company Financials

Latest TTM and quarters alongside annual years

TTM sums four consecutive quarters and uses the latest quarter-end balances. Quarter columns show three-month results; annual columns show full-year totals. Growth compares the same period a year earlier. EPS is not added for TTM; full-year ratios are blank for quarters.

Metric	FY 2024 Sources 20-F · 2025-04-28	FY 2023 Sources 20-F · 2024-04-30	FY 2022 Sources 20-F · 2023-04-28	FY 2021 Sources 20-F · 2022-04-29	FY 2020 Sources 20-F · 2021-04-30
Market Cap	$13.0Bcurrent	$4.7Best.	$5.1Best.	$5.5Best.	$6.5Best.
Revenue	$63.1B↓8%	$68.5B↑22%	$56.0B↑11%	$50.4B↓5%	$53.3B
Operating Income	$5.8B↑274%	-$3.3B↑87%	-$25.6B↓432%	-$4.8B↓228%	$3.8B
Net Income	$2.4B↑163%	-$3.8B↑81%	-$19.4B↓335%	-$4.5B↓343%	$1.8B
EPS (Diluted)	$3.71↑163%	$-5.88↑81%	$-30.24↓335%	$-6.96↓344%	$2.86
Gross Margin	11.5%↑551%	-2.5%↑94%	-43.0%↓611%	-6.1%↓157%	10.6%
Operating Margin	9.1%↑288%	-4.9%↑89%	-45.7%↓379%	-9.5%↓235%	7.1%
ROE	8.7%↑165%	-13.5%↑78%	-60.3%↓626%	-8.3%↓389%	2.9%
Total Debt	$8.3B↓24%	$11.0B↑18%	$9.3B↑115%	$4.4B↑7%	$4.1B
Shareholders' Equity	$27.2B↓3%	$28.1B↓13%	$32.2B↓40%	$53.6B↓16%	$63.8B
Current Ratio	0.46↓5%	0.48↓28%	0.67↓4%	0.69↓13%	0.79
Debt / Equity	0.31↓22%	0.39↑35%	0.29↑257%	0.08↑27%	0.06
Operating Cash Flow	$10.8B↑808%	$1.2B↑106%	-$18.6B↓594%	$3.8B↓74%	$14.3B
Free Cash Flow	$1.1B↑112%	-$9.7B↑66%	-$28.4B↓313%	-$6.9B↓434%	$2.1B

Score history

Historical Score Timeline

Industry peers

Industry Peers

Similar companies in Utilities

KEP vs Peers — Financial Grading

Revenue$63.1BTop 25%

Net Income$2.4BMedian

ROE8.7%Bottom 25%

D/E0.31Top 25%

Op. Margin9.1%Bottom 25%

Curr. Ratio0.46Bottom 25%

Company	Market Cap	Price	Revenue	Net Income	ROE	D/E	Op. Margin	Curr. Ratio	Graham	Buffett	Lynch	Greenblatt	Piotroski	Dreman
SOUTHERN COSO	$109.0B	$93.59	$29.6B	$4.3B	12.1%	2.00	24.7%	0.65	2/9	2/9	2/7	0/3	F-Score 5	3/11
AMERICAN ELECTRIC POWER CO INCAEP	$70.3B	$129.18	$21.9B	$3.7B	11.9%	1.52	24.3%	0.45	4/9	3/9	2/7	0/3	F-Score 5	3/11
Cheniere Energy, Inc.LNG	$63.0B	$308.75	$20.0B	$5.3B	67.3%	2.88	45.6%	0.94	2/9	4/9	4/7	0/3	F-Score 8	3/11
DOMINION ENERGY, INCD	$59.5B	$67.66	$16.5B	$3.0B	10.3%	1.60	26.7%	0.77	2/9	0/9	1/7	0/3	F-Score 6	3/11
AMEREN CORPAEE	$31.8B	$114.77	$8.8B	$1.5B	10.9%	1.43	23.0%	0.66	2/9	1/9	1/7	0/3	F-Score 6	2/11
ATMOS ENERGY CORPATO	$29.8B	$176.30	$4.7B	$1.2B	8.8%	0.66	33.2%	0.77	3/9	3/9	2/7	0/3	F-Score 6	3/11
EVERSOURCE ENERGYES	$27.0B	$71.73	$13.5B	$1.7B	10.5%	1.75	22.1%	0.65	2/9	2/9	2/7	0/3	F-Score 6	4/11
PPL CorpPPL	$26.9B	$35.67	$9.0B	$1.2B	7.9%	1.27	23.5%	0.86	2/9	0/9	0/7	0/3	F-Score 5	2/11