POSCO HOLDINGS INC. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data POSCO HOLDINGS INC. files with the SEC in its annual reports.

In KRW millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2015	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024
Revenue	58,522,268	52,939,771	60,186,867	65,154,636	64,785,709	57,466,678	76,009,201	85,003,616	77,056,549	73,459,408
Cost of revenue	52,018,434	46,271,465	51,915,597	57,129,060	58,462,100	52,798,594	64,154,339	77,321,199	70,639,373	67,971,443
Gross profit	6,503,834	6,668,306	8,271,270	8,025,576	6,323,609	4,668,084	11,854,862	7,682,417	6,417,176	5,487,965
Research and development	491,681	444,798	486,888	526,602	499,775	468,134	468,549	536,274	518,409	555,560
General and administrative	2,395,248	2,126,390	2,003,106	1,985,755	2,041,286	1,939,602	2,209,809	2,504,757	2,651,902	3,004,478
Operating income	1,486,380	2,282,496	4,196,121	4,041,827	3,222,713	2,054,370	8,775,305	4,341,686	2,737,998	1,451,828
Interest expense	3,387,054	3,014,190	2,484,277	2,244,416	2,242,063	2,892,402	2,765,175	5,804,466	4,202,996	5,080,735
Interest income	2,557,073	2,231,980	2,372,667	1,705,970	1,872,143	2,677,499	2,730,110	4,834,011	3,830,746	5,211,595
Pre-tax income	150,345	1,411,609	4,095,051	3,616,016	3,126,534	1,972,764	9,389,809	4,047,491	2,635,426	1,326,230
Income tax	266,560	379,544	1,185,740	1,683,630	1,088,369	224,272	2,213,827	461,534	789,367	320,954
Net income to minority interests	-287,709	-322,742	153,081	220,484	173,760	167,284	569,254	428,421	147,857	-120,104
Net income	171,494	1,354,807	2,756,230	1,711,902	1,864,405	1,581,208	6,606,728	3,157,536	1,698,202	1,125,380
EBITDA	4,704,626	5,496,343	7,493,541	7,309,456	6,683,828	5,676,110	12,354,751	8,029,307	6,561,278	5,436,288
EPS, basic	1,731.00	16,521.00	34,040.00	21,177.00	23,189.00	19,900.00	87,191.00	41,634.00	22,383.00	14,853.00
EPS, diluted	1,731.00	16,521.00	34,040.00	21,177.00	23,189.00	19,900.00	85,240.00	39,296.00	22,383.00	12,640.00

Balance sheet

	FY2015	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024
Cash and equivalents		2,447,619	2,612,530	2,643,865	3,514,872	4,754,644	4,775,166	8,053,108	6,670,879	6,767,898
Receivables			8,824,563	9,130,204	9,070,031	8,110,239	9,978,939	9,702,142	10,802,989	10,821,488
Inventory		9,515,895	10,793,781	12,153,303	11,230,759	9,636,183	16,096,371	16,133,403	14,557,419	14,179,167
Total current assets		29,655,108	31,844,259	34,151,972	35,144,493	36,404,828	47,419,860	48,243,041	46,731,890	44,065,460
Property, plant and equipment	34,522,855	33,770,339	31,883,535	30,018,273	29,925,973	29,400,141	29,596,698	31,781,196	35,206,248	39,846,828
Lease right-of-use assets					775,007	928,301	1,036,213	1,091,846	1,169,636	1,115,474
Goodwill		1,375,131	1,349,838	1,125,149	1,097,809	903,893	735,969	442,487	403,172	357,851
Total assets		80,137,614	79,785,629	78,776,991	79,370,808	79,683,676	92,298,890	99,021,750	101,486,316	103,443,735
Short-term debt		7,979,727	8,174,818	7,487,780	5,486,333	5,194,395	5,110,424	6,833,120	4,959,280
Total current liabilities		18,944,309	19,490,338	19,430,577	16,551,068	17,211,463	21,271,371	23,434,705	22,467,736	22,741,063
Lease liabilities				84,602	526,294	495,127	596,240	674,098	760,368	744,500
Total liabilities		34,372,345	32,458,904	32,104,377	31,607,510	32,080,153	37,584,924	40,829,853	41,887,716	42,000,967
Total debt		22,704,998	21,063,657	20,209,270	20,441,613	20,497,607	21,741,216	24,305,662	25,970,379	25,997,367
Paid-in capital		463,825	463,825	463,825	463,825	463,825	463,825	463,825	463,825	463,825
Retained earnings		41,125,712	42,974,658	44,160,660	45,054,077	46,064,477	51,475,396	52,921,137	53,813,583	53,644,899
Shareholders' equity		42,334,828	43,660,391	43,325,358	44,455,288	44,293,826	50,379,320	52,477,530	54,146,374	55,390,219
Minority interests		3,430,441	3,666,334	3,347,256	3,308,010	3,309,697	4,334,646	5,714,367	5,452,226	6,052,549
Total equity	45,013,201	45,765,269	47,110,638	46,672,614	47,763,298	47,603,523	54,713,966	58,191,897	59,598,600	61,442,768
Total liabilities and equity		80,137,614	79,785,629	78,776,991	79,370,808	79,683,676	92,298,890	99,021,750	101,486,316	103,443,735

Cash flow statement

	FY2015	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024
Net income	-116,215	1,032,065	2,909,311	1,932,386	2,038,165	1,748,492	7,175,982	3,585,957	1,846,059	1,005,276
Depreciation and amortization	3,218,246	3,213,847	3,297,420	3,267,629	3,461,115	3,621,740	3,579,446	3,687,621	3,823,280	3,984,460
Cash from operations	7,601,829	5,269,418	5,607,310	5,869,725	6,004,655	8,685,737	6,259,365	6,186,765	6,167,695	6,663,655
Capital expenditures	-2,560,244	-2,324,112	-2,287,580	-2,135,550	-2,519,219	-3,154,412	-3,068,591	-4,927,586	-6,733,289	-7,669,700
Cash from investing	-4,534,676	-3,754,627	-3,817,874	-2,647,970	-3,682,859	-6,259,265	-5,583,507	-4,219,871	-7,388,224	-4,486,783
Dividends paid	-822,570	-708,970	-863,450	-723,934	-946,218	-659,145	-1,310,920	-1,218,405	-815,451	-844,195
Cash from financing	-2,241,601	-3,950,967	-1,565,528	-3,195,048	-1,512,179	-1,090,868	-768,666	1,319,408	-178,593	-2,301,733
Exchange rate effect	23,496	12,611	-58,997	4,628	61,764	-95,272	112,950	-8,740	16,719	221,880
Net change in cash	849,048	-2,423,565	164,911	31,335	871,381	1,240,332	20,142	3,277,562	-1,382,403	97,019
Free cash flow	5,041,585	2,945,306	3,319,730	3,734,175	3,485,436	5,531,325	3,190,774	1,259,179	-565,594	-1,006,045
Interest paid	831,566	691,264	735,735	750,410	760,175	624,399	433,794	560,766	1,038,005	1,028,654

Key metrics

Worked out from the statements above. Latest values use fiscal 2024. No valuation: the share price is quoted in a different currency than the statements.

Profitability

Metric	Value	How it is calculated
Gross margin	7.5%	Gross profit / revenue.
Operating margin	2.0%	Operating income / revenue.
EBITDA margin	7.4%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	1.8%	Pre-tax income / revenue.
Net margin	1.5%	Net income / revenue.
FCF margin	-1.4%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	9.1%	Cash from operations / revenue.
Effective tax rate	24.2%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	2.1%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	1.1%	Net income / average total assets.
Return on invested capital (ROIC)	1.5%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	0.8%	Research and development expense / revenue.
Capex / revenue	10.4%	Capital expenditures / revenue.
D&A / revenue	5.4%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-4.7%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-1.1%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	2.5%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-14.5%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-22.6%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	-2.8%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-47.0%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-45.1%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	-14.7%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	-17.1%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-23.9%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	-4.0%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-33.7%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-44.6%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	-9.6%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	-43.5%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-47.1%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	-11.4%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	8.0%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	2.1%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	2.1%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	2.3%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	3.2%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	4.5%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	1.9%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	3.9%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	5.4%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.94x	Current assets / current liabilities.
Quick ratio	0.77x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.30x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.47x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	25.1%	Total debt / total assets.
Liabilities / assets	40.6%	Total liabilities / total assets.
Net debt	₩19.23T	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	3.54x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	0.29x	Operating income / interest expense.
Working capital	₩21.32T	Current assets - current liabilities.
Goodwill and intangibles / assets	0.3%	(Goodwill + intangible assets) / total assets.
Tangible book value	₩55.03T	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.72x	Revenue / average total assets.
Fixed asset turnover	1.96x	Revenue / average property, plant and equipment.
Inventory turnover	4.73x	Cost of revenue / average inventory.
Days inventory	77 days	365 x average inventory / cost of revenue.
Receivables turnover	6.79x	Revenue / average receivables.
Days sales outstanding	54 days	365 x average receivables / revenue.
FCF conversion	-89.4%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	115.1%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	₩12,640.00	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic	₩14,853.00	Net income per basic share, as reported (split-adjusted).
Payout ratio	75.0%	Dividends paid / net income, when net income is positive.

What was POSCO HOLDINGS INC.'s revenue in fiscal 2024?

POSCO HOLDINGS INC. reported revenue of ₩73.46T for fiscal 2024, 4.7% lower than the year before.

Was POSCO HOLDINGS INC. profitable in fiscal 2024?

Yes. Net income was ₩1.13T, a net margin of 1.5%.

How much free cash flow did POSCO HOLDINGS INC. generate in fiscal 2024?

Cash from operations of ₩6.66T minus capital expenditures of ₩7.67T left free cash flow of -₩1.01T.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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