POSCO HOLDINGS INC.
PKX · Steel Works, Blast Furnaces & Rolling Mills (Coke Ovens) · EDGAR filings ↗
Grade
C56Large diversified steel holding company in a cyclical trough — strong balance sheet but weak, declining returns.
Strengths
- Strong liquidity — large cash (92nd pct), ~27-quarter runway, moderate leverage
- Diversification into battery materials provides a growth optionality leg
Risks
- Near-zero returns — ROE 1.6%, ROA 1.0%, net margin 1.4% — with FCF negative
- Revenue down 16% (10th pct) and profit down ~50% amid steel oversupply and tariff risk
Notable findings
- Cash burnNegative free cash flow (-682.9M)
- Customer concentration~36% of revenue from one customer/distributor — The unit sales price of cold rolled products, which accounted for 36
- Strong balance sheetStrong balance sheet — $4.6B cash & investments, ~27 quarters of runway
- Revenue declineRevenue -15.9% YoY
Key metrics
Gross margin
7.5%
Operating margin
2.0%
Net margin
1.4%
Return on equity
1.6%
Return on assets
1.0%
ROIC
1.3%
Revenue growth (QoQ)
-15.9%
Net-income growth
-52.0%
Debt / equity
0.4×
Interest coverage
1.4×
Current ratio
1.9×
Free cash flow
-$683M
Tangible book value
$41.5B
Cash & investments
$4.6B
Cash runway
27q
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 20-F | 2026-04-29 | 2025-12-31 | 0001193125-26-188766 ↗ |
| 20-F | 2025-04-30 | 2024-12-31 | 0001193125-25-104983 ↗ |
| 20-F | 2024-04-29 | 2023-12-31 | 0001193125-24-119728 ↗ |
| 20-F | 2023-04-28 | 2022-12-31 | 0001193125-23-123987 ↗ |
| 20-F | 2022-04-28 | 2021-12-31 | 0001193125-22-125360 ↗ |
| 20-F | 2021-04-29 | 2020-12-31 | 0001193125-21-138326 ↗ |
| 20-F | 2020-04-29 | 2019-12-31 | 0001193125-20-124495 ↗ |
| 20-F | 2019-04-30 | 2018-12-31 | 0001193125-19-127060 ↗ |
| 20-F | 2018-04-27 | 2017-12-31 | 0001193125-18-136684 ↗ |
| 20-F | 2017-04-27 | 2016-12-31 | 0001193125-17-140742 ↗ |
| 20-F | 2016-04-28 | 2015-12-31 | 0001193125-16-561771 ↗ |
| 20-F | 2015-04-29 | 2014-12-31 | 0001193125-15-154634 ↗ |