Mi Chang Oil (003650) - Net Assets

Latest as of December 2025: ₩479.41 Billion KRW ≈ $324.89 Million USD

Based on the latest financial reports, Mi Chang Oil (003650) has net assets worth ₩479.41 Billion KRW (≈ $324.89 Million USD) as of December 2025. Net assets (also known as shareholders' equity or book value) represent the difference between a company's total assets (₩533.96 Billion ≈ $361.86 Million USD) and total liabilities (₩54.55 Billion ≈ $36.97 Million USD). This figure indicates the residual interest in the assets after deducting liabilities, essentially showing what would remain for shareholders if all assets were liquidated and all debts paid off. Check Mi Chang Oil tangible equity quality to evaluate the tangible quality of the company's equity base.

Key Net Assets Metrics

Metric	Value
Current Net Assets	₩479.41 Billion
% of Total Assets	89.78%
Annual Growth Rate	9.46%
5-Year Change	58.75%
10-Year Change	96.61%
Growth Volatility	4.79

Mi Chang Oil - Net Assets Trend (2009–2025)

This chart illustrates how Mi Chang Oil's net assets have evolved over time, based on quarterly financial data. See defensive interval ratio of Mi Chang Oil to measure how many days the company can operate on defensive assets alone.

Annual Net Assets for Mi Chang Oil (2009–2025)

The table below shows the annual net assets of Mi Chang Oil from 2009 to 2025. For live valuation and market cap data, see 003650 market cap overview.

Year	Net Assets	Change
2025-12-31	₩479.41 Billion ≈ $324.89 Million	+16.22%
2024-12-31	₩412.51 Billion ≈ $279.55 Million	+13.06%
2023-12-31	₩364.86 Billion ≈ $247.26 Million	+13.61%
2022-12-31	₩321.14 Billion ≈ $217.64 Million	+6.35%
2021-12-31	₩301.98 Billion ≈ $204.65 Million	+8.97%
2020-12-31	₩277.13 Billion ≈ $187.81 Million	+7.44%
2019-12-31	₩257.95 Billion ≈ $174.81 Million	+3.16%
2018-12-31	₩250.06 Billion ≈ $169.46 Million	+0.86%
2017-12-31	₩247.93 Billion ≈ $168.02 Million	+1.67%
2016-12-31	₩243.84 Billion ≈ $165.25 Million	+12.95%
2015-12-31	₩215.89 Billion ≈ $146.31 Million	+11.12%
2014-12-31	₩194.29 Billion ≈ $131.66 Million	+6.92%
2013-12-31	₩181.70 Billion ≈ $123.14 Million	+8.18%
2012-12-31	₩167.97 Billion ≈ $113.83 Million	+13.28%
2011-12-31	₩148.28 Billion ≈ $100.49 Million	+12.25%
2010-12-31	₩132.09 Billion ≈ $89.52 Million	+17.09%
2009-12-31	₩112.81 Billion ≈ $76.45 Million	--

Equity Component Analysis

This analysis shows how different components contribute to Mi Chang Oil's total equity over time. Equity components include common stock, retained earnings, additional paid-in capital, and other elements.

Equity Composition Insights

Retained earnings have grown by 428.4% over the analyzed period, indicating profitable operations and earnings retention.

Current Equity Component Breakdown (December 2025)

Component	Amount	Percentage
Retained Earnings	₩474.69 Billion	99.02%
Other Components	₩4.72 Billion	0.98%
Total Equity	₩479.41 Billion	100.00%

Mi Chang Oil Competitors by Market Cap

The table below lists competitors of Mi Chang Oil ranked by their market capitalization.

Company	Market Cap
Kunyue Development Co Ltd TWO:5206	$129.15 Million
Vestland Berhad KLSE:0273	$129.21 Million
EMC Instytut Medyczny SA WAR:EMC	$129.22 Million
Unifiedpost Group SA BR:UPG	$129.22 Million
EDAP TMS S.A F:EDA	$128.94 Million
Hwa Fong Rubber Ind Co Ltd TW:2109	$128.94 Million
Apollo Silver Corp V:APGO	$128.89 Million
ParTec AG XETRA:JY0	$128.80 Million

Equity Growth Attribution

This analysis shows how different factors contributed to changes in Mi Chang Oil's equity between the two most recent reporting periods.

Equity Growth Insights

From 2024 to 2025, total equity changed from 412,505,084,000 to 479,410,729,150, a change of 66,905,645,150 (16.2%).
Net income of 68,866,042,360 contributed positively to equity growth.
Dividend payments of 4,538,937,000 reduced retained earnings.

Equity Change Factors (2024 to 2025)

Factor	Impact	Contribution
Net Income	₩68.87 Billion	+14.36%
Dividends Paid	₩4.54 Billion	-0.95%
Other Changes	₩2.58 Billion	+0.54%
Total Change	₩-	16.22%

Book Value vs Market Value Analysis

This analysis compares Mi Chang Oil's book value (net assets) with its market value over time. The relationship between these values can provide insights into investor sentiment and company valuation.

Valuation Insights

Current price-to-book ratio: 0.40x
The company is trading below its book value, potentially indicating the market believes the assets are overvalued on the balance sheet or anticipates future losses.
The price-to-book ratio has decreased from 0.84x to 0.40x over the analyzed period, indicating reduced market premium.

Historical Price-to-Book Ratios

Date	Book Value per Share	Market Price	P/B Ratio
2017-12-31	₩149413.06	₩125800.00	x
2018-12-31	₩157694.98	₩125800.00	x
2019-12-31	₩168402.72	₩125800.00	x
2020-12-31	₩183166.42	₩125800.00	x
2021-12-31	₩199594.06	₩125800.00	x
2022-12-31	₩212259.75	₩125800.00	x
2023-12-31	₩241153.21	₩125800.00	x
2024-12-31	₩272644.29	₩125800.00	x
2025-12-31	₩316865.42	₩125800.00	x

Capital Efficiency Dashboard

This dashboard shows how efficiently Mi Chang Oil utilizes its equity to generate returns, including Return on Equity (ROE) and its components based on the DuPont analysis framework.

Capital Efficiency Insights

Current Return on Equity (ROE): 14.36%
The company shows good efficiency in utilizing shareholder equity.
DuPont Analysis Breakdown:
• Net Profit Margin: 16.98%
• Asset Turnover: 0.76x
• Equity Multiplier: 1.11x
Recent ROE (14.36%) is above the historical average (11.26%), indicating improving capital efficiency.

Historical Capital Efficiency Metrics

Year	Return on Equity	Net Profit Margin	Asset Turnover	Equity Multiplier	Economic Value Added
2009	22.40%	8.92%	1.71x	1.47x	₩13.99 Billion
2010	16.44%	6.40%	1.86x	1.38x	₩8.50 Billion
2011	14.10%	5.26%	2.05x	1.31x	₩6.09 Billion
2012	14.69%	6.01%	2.02x	1.21x	₩7.88 Billion
2013	9.60%	4.71%	1.79x	1.14x	₩-730.03 Million
2014	8.23%	4.49%	1.65x	1.11x	₩-3.44 Billion
2015	11.63%	8.12%	1.23x	1.17x	₩3.52 Billion
2016	12.60%	10.95%	1.00x	1.15x	₩6.35 Billion
2017	5.03%	3.98%	1.12x	1.13x	₩-12.32 Billion
2018	4.29%	3.39%	1.12x	1.13x	₩-14.28 Billion
2019	6.87%	5.48%	1.10x	1.15x	₩-8.07 Billion
2020	7.10%	7.09%	0.89x	1.13x	₩-8.03 Billion
2021	10.97%	8.16%	1.17x	1.15x	₩2.94 Billion
2022	7.28%	5.58%	1.17x	1.11x	₩-8.73 Billion
2023	13.06%	11.64%	0.98x	1.14x	₩11.16 Billion
2024	12.76%	12.18%	0.88x	1.19x	₩11.37 Billion
2025	14.36%	16.98%	0.76x	1.11x	₩20.92 Billion

Industry Comparison

This section compares Mi Chang Oil's net assets metrics with peer companies in the Oil & Gas Refining & Marketing industry.

Industry Context

Industry: Oil & Gas Refining & Marketing
Average net assets among peers: $4,507,555,387,359
Average return on equity (ROE) among peers: 10.22%

Peer Company Comparison

Company	Net Assets	Return on Equity	Debt-to-Equity	Market Cap
Mi Chang Oil (003650)	₩479.41 Billion	22.40%	0.11x	$128.99 Million
Hankook Shell Oil (002960)	$90.03 Billion	32.88%	0.36x	$440.06 Million
SK Discovery Co Ltd (006120)	$1.74 Trillion	4.52%	1.87x	$505.13 Million
SK Discovery Co Ltd (006125)	$1.78 Trillion	-1.73%	1.73x	$32.18 Million
S-Oil Corp (010950)	$6.84 Trillion	18.22%	1.20x	$8.02 Billion
S-Oil Corp Pref (010955)	$8.70 Trillion	-2.22%	1.81x	$140.19 Million
The LEADCORP Inc (012700)	$179.41 Billion	19.44%	1.85x	$49.87 Million
E1 Corporation (017940)	$816.13 Billion	0.00%	2.36x	$333.05 Million
Sk Gas (018670)	$2.12 Trillion	11.77%	1.42x	$1.32 Billion
SK Innovation (096770)	$18.31 Trillion	9.13%	0.78x	$11.64 Billion

About Mi Chang Oil

KO:003650 Korea Oil & Gas Refining & Marketing

Market Cap

$128.99 Million

₩190.33 Billion KRW

Market Cap Rank

#18301 Global

#823 in Korea

Share Price

₩125800.00

Change (1 day)

+0.08%

52-Week Range

₩103400.00 - ₩149200.00

All Time High

₩149200.00