KB Financial Group Inc.
KBdata completeness 75%10 fiscal years on fileKB Financial Group Inc. earns about 7% on invested capital, below its ~9% cost of capital, and has bought back 4% of its shares over 5 years — no moat visible in the numbers. The estimate methods put fair value between $96.73 and $194.59 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.
| Figure | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|---|---|
| Revenue | — | — | — | — | — |
| Net income | $3.18B1 | $3.72B2 | $3.49B3 | $3.59B4 | $3.44B5 |
| Operating cash flow | −$10.6B6 | −$5.65B7 | $4.51B8 | $3.18B9 | $2.72B10 |
| Capital expenditure | $391.2M11 | $241.8M12 | $235.6M13 | $271.2M14 | $228.2M15 |
| Free cash flow (derived) | −$11B6 | −$5.89B7 | $4.28B8 | $2.91B9 | $2.49B10 |
| Total debt | $45.9B16 | $48B17 | $56.9B18 | $53.9B19 | — |
| Cash & equivalents | $7.33B20 | $20.1B21 | $20.6B22 | $17.5B23 | $16.7B23 |
| Diluted shares | 389.6M | 389.6M | 389.6M | 378.7M | 373.6M |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).
10 shares is a claim on $1,048.47 of net worth that earned you $91.98 and generated $66.71 of cash last year.
It earned about 7% on invested capital against a ~9% cost of capital — below the cost of funding. The numbers show no moat.
seeing a moat in the numbers →Share count is down 4% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has risen 17% over the same window.
reading capital allocation →Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.
The 3 estimate methods that apply put fair value between $96.73 and $194.59 a share. They rest on different assumptions, so where they diverge is the story; the Graham Number is a stricter floor, not a target.
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears10
- fcfGrowth5.0%
- fcfBase$2.91B
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears5
- fcfGrowth5.0%
- fcfBase$2.91B
assumptions (8)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- normalizedEarnings$3.49B
- growthAssumed0.0%
assumptions (1)
- grahamMultiplier2250.0%
Different models answer different questions — which to trust when →
| Bear | 0.0% | $155.92 |
| Base | 5.0% | $182.87 |
| Bull | 10.0% | $215.12 |
Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.
Default growth 5.0%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.
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