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KEP

Korea Electric Power Corporation

KEP

Korea Electric Power Corporation • NYSE
$18.21 ▼ -0.27% (-0.05)
Market Cap $23.38 B
52w High $18.29
52w Low $6.68
Dividend Yield 0.07%
P/E 4.16
Volume 299.86K
Outstanding Shares 1.28B

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $27.572T ▲ $21.92T ▲ $3.756T ▲ 13.623% ▲ $2.925K ▲ $5.652T ▼
Q2-2025 $21.95T ▼ $794.724B ▲ $1.137T ▼ 5.179% ▼ $885.56 ▼ $6.22T ▼
Q1-2025 $24.224T ▲ $713.433B ▼ $2.328T ▲ 9.611% ▲ $1.813K ▲ $7.882T ▲
Q4-2024 $23.529T ▼ $2.863T ▲ $1.016T ▼ 4.317% ▼ $791.09 ▼ $5.755T ▼
Q3-2024 $26.103T $641.403B $1.849T 7.083% $1.44K $6.988T

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q2-2025 $6.094T ▼ $249.9T ▼ $206.232T ▼ $42.522T ▲
Q1-2025 $6.632T ▲ $249.913T ▲ $206.802T ▲ $41.957T ▲
Q4-2024 $5.117T ▼ $246.808T ▲ $205.445T ▲ $39.915T ▲
Q3-2024 $7.84T ▲ $243.801T ▲ $204.125T ▲ $38.237T ▲
Q2-2024 $4.682T $241.15T $202.89T $36.819T

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q2-2025 $1.176T ▼ $4.593T ▼ $-5.169T ▲ $94.638B ▼ $-517.231B ▼ $-577.785B ▼
Q1-2025 $2.362T ▲ $6.753T ▲ $-7.056T ▼ $360.527B ▲ $60.001B ▲ $2.961T ▲
Q4-2024 $1.016T ▼ $3.007T ▼ $-2.576T ▲ $-1.751T ▼ $-1.282T ▼ $-925.849B ▼
Q3-2024 $1.849T ▲ $4.835T ▲ $-5.091T ▼ $1.329T ▲ $1.008T ▲ $1.876T ▲
Q2-2024 $65.087B $1.802T $-2.8T $604.273B $-293.671B $-1.835T

Five-Year Company Overview

Income Statement

Income Statement Income statement KEPCO has gone through a sharp earnings cycle over the last five years. Revenue has climbed steadily as electricity demand and tariff levels increased, but profitability has been very volatile. In the early part of the period, higher fuel costs and delayed tariff adjustments drove large operating and net losses. That pressure peaked a couple of years ago, when gross profit and operating results were deeply negative. More recently, there has been a marked recovery. Profit margins have swung back into positive territory, with operating profit and net income both returning to the black in the latest year. This shift suggests that price adjustments, cost controls, or input cost relief are finally catching up with earlier pressures. The big message: KEPCO moved from meaningful losses to solid profitability, but its earnings still depend heavily on fuel costs and regulatory pricing decisions, so volatility remains a core feature of the story.

Balance Sheet

Balance Sheet Balance sheet KEPCO’s asset base has grown steadily, reflecting its role as a national-scale utility with very heavy infrastructure needs. Power plants, networks, and related equipment dominate the balance sheet. Shareholders’ equity has been eroded by several years of large losses but shows signs of stabilizing and beginning to rebuild as profitability returns. The company still carries the legacy of those loss-making years, but the latest year points to a gradual repair of the capital base rather than ongoing damage. Debt levels have been high for a regulated utility, which is common for this type of business but still a key risk to watch. The data show a period of heavy indebtedness relative to equity, followed by an apparent easing more recently. Whether this is a sustained deleveraging trend or a one-off shift is not yet clear from the limited history. Overall, KEPCO remains balance-sheet intensive, with a large fixed asset base and historically high leverage, partially offset by improving equity as profits return.

Cash Flow

Cash Flow Cash flow KEPCO’s cash flows highlight the reality of a capital‑heavy utility. Operating cash flow has swung from strong to weak and back again. In the worst loss years, cash generation from operations was very thin or even negative, reflecting the strain of high fuel costs and regulated prices. In the most recent year, operating cash flow strengthened significantly alongside the earnings recovery, which is a positive sign for underlying business health. Capital spending has been consistently heavy every year, as the company invests in plants, grid upgrades, nuclear projects, and new technologies. Because these investments are so large, free cash flow has been negative in most years, with only a modest positive figure emerging in the latest period. This pattern indicates that KEPCO depends on external financing – debt or equity – to fund its long-term investment program when operating cash flow is not sufficient. Continued improvement in operating cash flow will be important if the company wants to rely less on borrowing over time.

Competitive Edge

Competitive Edge Competitive position KEPCO sits at the center of South Korea’s power system, with a near‑monopoly position in transmission and distribution and a dominant role in generation. This scale and control over the grid give it strong structural advantages: stable demand, high visibility of volumes, and meaningful bargaining power with many suppliers. Government support is a critical part of its moat. The state is a major shareholder and aligns KEPCO’s strategy with national energy and industrial policy. This can be a double‑edged sword: it helps secure projects, financing, and regulatory backing, but it also exposes KEPCO to political decisions on tariffs and energy mix that can delay or limit cost recovery. Internationally, KEPCO’s expertise in nuclear power plant design, construction, and operation – highlighted by its flagship projects abroad – plus experience in smart grids and energy storage, gives it credentials that relatively few utilities have. This opens doors for overseas contracts and partnerships, especially in emerging markets looking to build or upgrade power systems. Overall, KEPCO’s competitive position is strong and well‑entrenched at home, with selective but meaningful competitive advantages overseas. The main vulnerabilities come from regulation, political pricing decisions, and exposure to global fuel and interest rate environments rather than from traditional market competition.

Innovation and R&D

Innovation and R&D Innovation & R&D KEPCO is unusually innovation‑focused for a regulated utility, and this is a key differentiator. It has built deep capabilities in advanced nuclear technology, including its own reactor designs that are already deployed abroad. This nuclear expertise is rare and strategically important as countries look for low‑carbon baseload power. The company is also pushing hard into smart grids, digital power systems, and large‑scale energy storage. These efforts aim to make the grid more flexible, reliable, and capable of handling higher shares of renewables. KEPCO’s own distribution management software and its export ambitions in grid technology show that it is not just a hardware operator but also a solutions and software provider. In renewables, offshore wind logistics innovations and creative solar deployment concepts indicate a willingness to solve practical bottlenecks, not just build capacity. Work on carbon capture technologies and early moves into hydrogen and small modular reactors extend this innovation agenda into future-facing decarbonization areas. Supporting energy startups further broadens KEPCO’s access to new ideas and technologies. Taken together, this R&D and ecosystem approach positions KEPCO as a technology leader among global utilities, though the financial payoff from these projects will unfold over long timeframes and carries the usual development and policy risks.

Summary

Summary KEPCO is a large, system‑critical electric utility that has recently moved from a period of heavy losses back to profitability. Revenue has grown steadily, and margins have improved as cost pressures eased and tariffs caught up, but the business remains sensitive to fuel prices and regulatory decisions. The balance sheet reflects years of high investment and past losses, with a large asset base and historically high leverage. Recent profit recovery is starting to rebuild equity and relieve some pressure, but debt and ongoing capital needs remain central risk areas. Cash flow tells a similar story: volatile operating cash generation paired with consistently heavy capital spending, leading to weak or negative free cash flow in most years. The latest year’s stronger cash performance is encouraging, but not yet a long track record. Competitively, KEPCO benefits from a dominant position in South Korea’s power sector and close government alignment, giving it stability and scale but also tying its fortunes to policy choices. Its technological strength in nuclear, grids, storage, and decarbonization technologies enhances both its domestic operations and its prospects for overseas projects. Overall, KEPCO combines a powerful franchise and strong innovation engine with meaningful financial and regulatory risks. Its long-term trajectory will depend on how well it balances heavy investment, debt levels, tariff and policy outcomes, and the execution of its advanced technology and international growth ambitions.