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Woori Finance (WF)
NYSE:WF
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Woori Finance Holdings Co
(NYSE:WF)
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Rating:62Neutral
Price Target:
$67.00
▲(17.19% Upside)
The score is driven primarily by mixed financial performance (notably weaker TTM revenue/margins and volatile cash flows, alongside steady profitability and a growing equity base). Valuation is a clear positive with a low P/E and solid yield, while technical indicators are broadly neutral. The latest earnings call adds support via improving NIM, fee income strength, and better capital, though higher credit costs and expenses temper the outlook.
Positive Factors
Revenue Growth
Strong revenue growth indicates robust market demand and effective business strategies, supporting long-term expansion and competitive positioning.
Improved Net Interest Margin
Improved NIM reflects efficient asset and liability management, enhancing profitability and financial stability over the long term.
Successful Acquisition
Successful acquisitions expand business capabilities and market reach, contributing to diversified revenue streams and strategic growth.
Negative Factors
High Leverage
High leverage can increase financial risk, especially in rising interest rate environments, potentially impacting long-term financial health.
Declining Cash Flow
Declining cash flow may constrain operational flexibility and investment capacity, posing risks to sustainable growth and financial stability.
Increased SG&A Expenses
Rising SG&A expenses can pressure profit margins, indicating potential inefficiencies that may affect long-term profitability.
Woori Finance Holdings Co (WF) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$19.60B
Dividend Yield3.71%
Average Volume (3M)63.38K
Price to Earnings (P/E)8.9
Beta (1Y)0.71
Revenue Growth-2.90%
EPS Growth16.10%
CountryUS
Employees77
SectorFinancial
Sector Strength70
IndustryBanks - Regional
Share Statistics
EPS (TTM)0.98
Shares Outstanding244,692,110
10 Day Avg. Volume81,286
30 Day Avg. Volume63,384
Financial Highlights & Ratios
PEG Ratio0.17
Price to Book (P/B)0.33
Price to Sales (P/S)0.44
P/FCF Ratio-1.74
Enterprise Value/Market Cap4.39K
Enterprise Value/Revenue4.04
Enterprise Value/Gross Profit7.86
Enterprise Value/Ebitda15.79
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)9.36
Revenue Forecast (FY)$8.01B
Woori Finance Holdings Co Business Overview & Revenue Model
Company DescriptionWoori Financial Group Inc., together with its subsidiaries, operates as a commercial bank that provides a range of financial services to individual, business, and institutional customers in Korea. It operates through Banking, Credit Card, Capital, Investment Banking, and Others segments. The company offers savings, demand, and installment deposits; time deposits and certificates of deposit; and working capital, facilities, general purpose household, mortgage, and home equity loans. It also offers debit and credit cards, cash services, card loans, and related services; lease financing; and securities operation, sale of financial instruments, project financing, and other related activities. In addition, the company provides credit purchase, cash advance, credit card loans, foreign exchange services and dealing, import and export-related services, offshore lending, syndicated loans and foreign currency securities investment, investment trust products, bancassurance, and private equity funds. Further, it is involved in the real estate, system software development and maintenance, financing, credit information, securities investment and trading, derivatives trading, asset securitization, investment and international banking, money transfer, and other service. The company also offers automated telephone, Internet, and mobile banking services. In addition, it offers trust management, trustee and custodian service, and repurchase instrument. As of December 31, 2021, it served customers through a network of 768 branches and 4,296 ATMs. The company was founded in 1899 and is headquartered in Seoul, South Korea.
How the Company Makes MoneyWoori Finance Holdings generates revenue primarily through interest income from loans and advances made by its banking operations, particularly through Woori Bank. The company earns fees and commissions from its various financial services, including asset management, investment banking, and credit card operations. Additionally, revenue is derived from trading and investment activities, as well as advisory services provided to corporate clients. Strategic partnerships with other financial institutions and participation in capital markets further enhance its earnings. The company benefits from the growing demand for financial products in both domestic and international markets, contributing to its overall profitability.
Woori Finance Holdings Co Earnings Call Summary
Earnings Call Date:Feb 06, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Apr 24, 2026
Earnings Call Sentiment Positive
The call emphasized strong capital improvement, record net operating revenue, substantial noninterest income growth (+24% YoY), completion of strategic M&A (insurance acquisition) and enhanced shareholder returns (DPS +13.3%, KRW 200bn buyback). Management also laid out an ambitious productive-finance growth plan and targets to sustain CET1 >13% while expanding nonbank profit contribution. Offsetting positives were elevated SG&A (+10.8% ex-ERP/insurance), significant one-off provisions (~KRW 430 billion) that raised credit costs (0.53% CCR) and a KRW 189 billion nonoperating loss, along with funding and market volatility risks and potential capital needs for the securities arm. Overall, achievements and forward plans are presented as credible and capital-supported, with manageable but notable near-term costs and risks.Q4-2025 Updates
Positive Updates
Record Net Operating Revenue and Top-Line Growth
Group net operating revenue reached KRW 10,957.4 billion, up 5.0% YoY, a record high driven by diversified revenue sources and the insurance acquisition.
Net Income and ROE Stability
Full-year 2025 net income was KRW 3,141.3 billion, up 1.8% YoY, with ROE holding steady at 9.1% vs. prior year.
Strong Noninterest Income Expansion
Noninterest income rose to KRW 1,926.6 billion, a 24% YoY increase and a record level; core fee income showed balanced quarterly contributions > KRW 500 billion.
Improved NIM
Woori Bank NIM improved to 1.46% (+2 bps YoY) and group NIM (including credit card) to 1.73% (+3 bps YoY), with quarter-over-quarter NIM improvement through the year.
Material CET1 Ratio Improvement and Capital Strength
Tentative year-end group CET1 ratio was 12.9%, up 77 bps YoY and above the 2025 target of 12.5%; management targets ~13% in 2026 and 13.2%+ thereafter.
Completed Strategic M&A and Portfolio Completion
Completed insurance acquisition without negative capital impact and obtained final securities license (launched MTS Group), completing the comprehensive financial group portfolio to enable cross-selling and synergy (CIB, wealth, bancassurance).
Enhanced Shareholder Returns
Board approved year-end dividend KRW 760 and total DPS KRW 1,361 (+13.3% YoY); announced KRW 200 billion share buyback/cancellation (33.3% YoY increase); reported 2025 TSR of 39.8% including nontaxable dividend.
Nontaxable Dividend Program and Resources
Introduced nontaxable dividends (year-end 2025 and quarterly from 2026); available resources for nontaxable dividends reported at ~KRW 6.3 trillion to be used across five years.
Productive-Finance Growth Plan
Future co-growth project: plan to provide ~KRW 73–80 trillion of productive and inclusive finance over 5 years (KRW 56 trillion loans to strategic industries like AI, semiconductors, defense; KRW 17 trillion investments), with AI-based risk management and targeted RWA management to preserve capital.
Negative Updates
Elevated Credit Cost (Including One-Offs)
2025 credit cost was KRW 2,086.2 billion with a credit cost ratio of 0.53%. This included ~KRW 430 billion of one-off provisioning (e.g., completion guarantees and LTV-related fines); excluding one-offs the ratio was ~0.42%.
Higher SG&A and Cost Pressure
SG&A totaled KRW 5,180.5 billion; excluding ERP and insurance elements SG&A grew 10.8% YoY, resulting in a 45.7% cost/income ratio (management targeting <40% mid- to long-term).
Nonoperating Loss Items
Reported KRW 189 billion nonoperating loss including KRW 50 billion related to bad bank and KRW 52 billion LTV fine fully provisioned; potential litigation outcomes could affect reversals but current impact is negative.
Flat Loan Growth and Corporate Loan Decline
Bank loans totaled KRW 334 trillion, flat YoY (≈+1% QoQ); corporate loans declined slightly to KRW 180 trillion as management reduced SME exposures while rebalancing toward higher-quality corporates.
Challenging Funding and Market Volatility
Management flagged a more difficult funding environment due to equity-market-driven money movements and rising market rates; noted sensitivity to interest rate and FX volatility and potential pressure on margins if rates remain high or cut timing shifts.
Potential Capital Needs at Securities Subsidiary
Plans to grow the securities arm into a 'mega IB' could require phased capital injections (press discussions referenced up to KRW 1 trillion/year in scenarios); while not expected to hit holding-company CET1 directly, subsidiary capital needs could increase RWA and require careful execution.
ROE Impact from Nonbank Cleanup
ROE was maintained above 9% but slightly declined due to the nonbank cleanup at subsidiaries; management noted prior-year asset cleanups reduced near-term ROE contribution.
Company Guidance
Management guided that Woori will push CET1 to ~13% in H1 2026 and then sustain ≈13.2%+, targeting ~5% asset growth and ~0.5% RWA growth while deploying KRW 73–80 trillion of productive/inclusive finance over five years (KRW 17tn investments, KRW 56tn loans, ~KRW7tn inclusive) with an expected ~40 bps annual capital impact managed by RWA optimization and real‑estate disposals. They reiterated 2025 results as the base—net income KRW 3,141.3bn (+1.8% YoY), ROE ~9.1%, net operating revenue KRW 10,957.4bn (+5%), interest income KRW 9,030.8bn, non‑interest income KRW 1,926.6bn (+24%)—with Woori Bank NIM 1.46% and group NIM 1.73% (up 2/3 bps) and loans of KRW 334tn (corporate KRW 180tn; retail KRW 150tn, +4% YoY). Efficiency and risk targets include SG&A KRW 5,180.5bn (cost/income ~45.7%; mid‑long target <40%), credit cost KRW 2,086.2bn (0.53% CCR; excl. ~KRW430bn one‑offs =0.42%; aiming ~20% cut to ~40bps), nonbank profit share ≈20%, EPS growth ≥10% p.a., and shareholder returns of year‑end dividend KRW 760 (full‑year DPS KRW 1,361, +13.3% YoY, payout ~35%), KRW 200bn buyback (Feb–Jun purchase, cancel by end‑June) and TSR ~39.8% including nontaxable dividends (nontaxable dividend resources ~KRW6.3tn).Woori Finance Holdings Co Financial Statement Overview
Summary
Financials are mixed: the Income Statement score reflects sharp TTM revenue decline (-16.2%) and margin compression, while profitability remains positive. The Balance Sheet is supported by a growing equity base and steady ~8%–11% ROE but carries persistently high leverage (~2.5x debt-to-equity). Cash Flow is the weakest area due to multi-year volatility and periods of negative operating cash flow, despite positive TTM free cash flow coverage of net income.Income Statement
TTM (Trailing-Twelve-Months) revenue declined sharply (-16.2%), and profitability compressed versus 2024 (net margin ~10.0% vs ~12.0%; EBITDA margin also notably lower). That said, the company remains solidly profitable with positive EBIT and net income in every period shown, and long-term revenue has grown substantially from 2020–2024 even though results have been volatile year to year.56
Neutral
Balance Sheet
The balance sheet shows consistently high leverage for a regional bank profile, with debt-to-equity roughly ~2.35–2.67 (TTM ~2.50). Equity has grown over time (from ~23.1T in 2020 to ~35.4T TTM), and returns on equity have been steady around ~8%–11% (TTM ~9.4%), supporting a view of reasonable profitability. The main weakness is the persistently heavy reliance on debt funding, which can amplify downside risk if credit conditions tighten.60
Neutral
Cash Flow
Cash generation has been inconsistent: operating cash flow was negative in 2021 and 2024, then rebounded to positive in TTM (about 8.0T). Free cash flow similarly swung from strongly positive in 2022 to negative in 2024, before turning positive again in TTM; however, TTM free-cash-flow growth is sharply down (large negative rate) due to the prior-year base and volatility. A positive point is that in periods with positive free cash flow, it generally covers net income (TTM free cash flow is ~1.11x net income), but the overall variability reduces confidence in cash-flow stability.45
Neutral
| Breakdown | TTM | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 21.27T | 25.75T | 9.50T | 17.39T | 12.51T | 6.87T |
| Gross Profit | 10.94T | 10.91T | 9.93T | 10.55T | 9.07T | 6.87T |
| EBITDA | 5.45T | 5.39T | 4.40T | 5.48T | 4.48T | 2.54T |
| Net Income | 3.22T | 3.09T | 2.51T | 3.19T | 2.54T | 1.31T |
Balance Sheet | ||||||
| Total Assets | 10.00T> | 10.00T> | 10.00T> | 10.00T> | 10.00T> | 10.00T> |
| Cash, Cash Equivalents and Short-Term Investments | 10.00T> | 71.08T | 68.45T | 67.30T | 46.69T | 40.02T |
| Total Debt | 79.90T | 83.82T | 76.36T | 73.39T | 69.96T | 58.28T |
| Total Liabilities | 10.00T> | 10.00T> | 10.00T> | 10.00T> | 10.00T> | 10.00T> |
| Stockholders Equity | 35.36T | 34.10T | 31.67T | 28.76T | 25.84T | 23.05T |
Cash Flow | ||||||
| Free Cash Flow | 7.70T | -6.54T | 1.23T | 18.28T | -2.06T | 3.34T |
| Operating Cash Flow | 7.99T | -6.13T | 1.62T | 18.62T | -1.80T | 3.61T |
| Investing Cash Flow | -4.62T | -34.30B | -2.25T | -6.97T | -10.67T | -1.46T |
| Financing Cash Flow | -8.58T | 1.25T | -2.86T | 1.92T | 9.08T | 2.37T |
Woori Finance Holdings Co Technical Analysis
Positive
57.17
Price Trends
63.01
Positive
59.07
Positive
54.50
Positive
Market Momentum
5.90
Negative
87.02
Negative
92.37
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For WF, the sentiment is Positive. The current price of 57.17 is below the 20-day moving average (MA) of 70.66, below the 50-day MA of 63.01, and above the 200-day MA of 54.50, indicating a bullish trend. The MACD of 5.90 indicates Negative momentum. The RSI at 87.02 is Negative, neither overbought nor oversold. The STOCH value of 92.37 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for WF.
Woori Finance Holdings Co Risk Analysis
Woori Finance Holdings Co disclosed 46 risk factors in its most recent earnings report. Woori Finance Holdings Co reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 3 New Risks
1.
The dividends that we receive from our subsidiaries may be affected by potential restrictions on their ability to pay such dividends, as well as their financial conditions and operating results. Q4, 2023
2.
We may suffer customer attrition or our net interest margin may decrease as a result of government regulations or our competition strategy. Q4, 2023
3.
We may not be able to successfully execute our overseas expansion strategy. Q4, 2023
Woori Finance Holdings Co Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
72 Outperform | $16.75B | 15.06 | 24.13% | 4.29% | 12.43% | 56.30% | |
70 Outperform | $20.11B | 19.93 | 17.06% | 10.29% | -6.79% | 16.13% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
67 Neutral | $21.43B | 17.13 | 20.74% | 5.56% | -11.64% | -8.75% | |
65 Neutral | $33.52B | 9.70 | ― | 2.86% | -4.88% | 4.84% | |
64 Neutral | $25.28B | 23.60 | 9.34% | 4.98% | 1.13% | -11.93% | |
62 Neutral | $19.60B | 8.85 | ― | 3.71% | -2.90% | 16.10% |
* Financial Sector Average
WF
Woori Finance Holdings Co
84.47
48.83
137.01%
BCH
Banco De Chile
43.23
17.93
70.85%
BSBR
Banco Santander Brasil
7.05
2.66
60.67%
BSAC
Banco Santander Chile
36.12
15.15
72.25%
CIB
Grupo Cibest
79.56
40.60
104.21%
SHG
Shinhan Financial Group Co
71.72
38.52
116.02%
Woori Finance Holdings Co Corporate Events
Woori Financial Group Sets Record Date for Shareholder Meeting and Dividend Decision
Dec 16, 2025
Woori Financial Group Inc. announced that December 31, 2025, will be the record date to determine shareholders eligible to vote at the annual general meeting for the fiscal year 2025. Additionally, the company has revised its Articles of Incorporation to allow the Board of Directors to decide the record date for year-end dividends, which will be announced after a resolution expected in or after February 2026. This change means dividends for the fiscal year 2025 will not be paid based on the December 31, 2025 record date but on a future date determined by the board, impacting shareholder expectations and financial planning.
The most recent analyst rating on (WF) stock is a Buy with a $65.00 price target. To see the full list of analyst forecasts on Woori Finance Holdings Co stock, see the WF Stock Forecast page.
Woori Financial Group Reports Q3 2025 Financial Results
Nov 14, 2025
Woori Financial Group Inc. reported its financial results for the third quarter of 2025, showing a decrease in operating income to KRW 2,966 billion from KRW 4,255 billion in the previous year. Despite the decline in operating income, the company achieved a net income of KRW 2,886 billion, slightly down from KRW 3,171 billion in 2024. The financial report highlights the company’s ability to maintain profitability amidst challenging market conditions, reflecting its resilience and strategic financial management.
The most recent analyst rating on (WF) stock is a Hold with a $57.00 price target. To see the full list of analyst forecasts on Woori Finance Holdings Co stock, see the WF Stock Forecast page.
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.