Doosan (000150) 🔎 In-depth
KOSPI · Price as of 2026-08-06 · Updated 2026-08-09
Doosan is an operating holding company that directly runs an electronic-materials business (copper-clad laminate, or CCL), semiconductor testing (Doosan Tesna) and IT services, while also holding stakes in listed subsidiaries including the power-equipment company Doosan Enerbility (about a 30.4% stake). In the first quarter of 2026 it posted consolidated revenue of ₩5 trillion (+17.7% year on year) and operating profit of ₩340.8 billion (+71.7%), and net profit rose sharply to ₩101.5 billion as subsidiary results recovered. The most notable point is that most of Doosan's corporate value comes from its Doosan Enerbility stake, and this subsidiary's order backlog has swelled to ₩24 trillion on power demand from AI data centers — a strength; on the other hand, because most of accounting net profit is equity-method income from subsidiaries, it swings a lot from quarter to quarter, and the debt ratio is high, which must be watched alongside.
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30-second brief
Pulled directly from the computed values below — not a separately written opinion.
What do the SourceComputedEstimateReading tags mean?
Source filings and exchange data · Computed calculated from public data · Estimate our own unverified projection · Reading drafted automatically, then rule-checked. See AI & Automation.
Core valuation metric
This stock's effective sub-sector is “Holding Companies”, a type typically read first through discount to NAV.
A holding company is less a maker of products than a vessel that holds stakes in several subsidiaries. So rather than an earnings multiple, the first lens is the discount to NAV — the market value against the summed worth of everything it owns.
Price against assets alone says little about where the cycle stands. Reading it together with price against this year's expected earnings shows how far profits have recovered.
This note explains how each sector is typically valued and is educational context only, not investment advice.
At-a-glance assessment financial health · growth · profitability · valuation
- Debt far exceeds equity (debt ratio 972.0%).
- Operating profit barely covers the interest bill (interest coverage below 1x).
- Revenue rose 9.1% year over year, and the pace is quickening (3-year trend: mixed).
- Net profit swung from a loss a year earlier back into the black (a turnaround).
- Most recent quarter (Q1 2026) revenue was 17.7% higher than a year earlier.
- ROE is 7.5% (controlling-interest basis). It is above the sector average.
- Operating margin is 5.9%.
- A sector-metric and in-depth research verdict — see “Valuation vs peers” below for the basis.
Ownership & governance As of 2015-12-31
Largest shareholder Park Yong-gon 1.36% (individual)
Controlling bloc incl. related parties 79.45%
With the controlling bloc holding 79%, control is very secure but the free float is thin.
Net asset value (NAV) assessment 19% discount to NAV
💡 How to read a holding company · A holding company owns stakes in several subsidiaries. Its P/E swings with equity-method gains and losses on those stakes, so read it only as a rough guide. P/B is more meaningful because subsidiary stakes sit in equity, but book value carries them at low historical cost (so P/B looks higher than reality). The most accurate view is the price against the market value of those stakes (NAV) ↓
Valued against the net asset value (NAV) of its listed holdings rather than a consolidated P/E — see the in-depth valuation for the detailed basis.
Listed subsidiaries ownership
| Doosan Robotics | 68.11% |
| Doosan Enerbility | 41.95% |
🔎 In-depth analysis Reading
Doosan is a company with two faces. First, it runs its own businesses directly. The flagship is the electronic-materials business (Electronics BG), which makes copper-clad laminate (CCL, the thin circuit-board base onto which chips and components are mounted) that forms the backbone of semiconductors and electronic devices. In high-value products such as FCCL and packaging materials, it holds a double-digit share globally. On top of that, it has broadened across the semiconductor value chain from materials to back-end testing by adding Doosan Tesna, Korea's top semiconductor-testing company (wafer inspection), and an IT-services business (Doosan Digital Innovation). Second, as the group holding company, it holds stakes in listed subsidiaries. The core is an about 30.4% stake in the power-equipment company Doosan Enerbility, under which construction-equipment maker Doosan Bobcat, collaborative-robot maker Doosan Robotics and fuel-cell maker Doosan Fuel Cell are consolidated. Ultimately, Doosan's revenue and profit combine its own materials/semiconductor businesses with subsidiary results, and the share price is governed largely by the market value of the subsidiary stakes it holds rather than by its own businesses.
The latest close is ₩1,188,000 and the market capitalization is ₩19.2 trillion. The price sits above its 20-day moving average (₩1,186,350) and below its 60-day moving average (₩1,476,450). Short-term and medium-term trends are diverging, so the direction is best read separately. The RSI (a supplementary indicator that gauges the strength of gains versus losses over the past 14 days on a 0-100 scale) is 46.5, a neutral level. The one-month change is -10.0%, the three-month change is -33.6%, and the position relative to the 52-week high is -46.1%. Relative strength versus the KOSPI is 60 (on a 1-99 scale, converted from returns against the index over the past year with more weight on recent performance; higher means stronger than the market). It is stronger than roughly 61% of all stocks. Over the past three months it lagged the index by 22.2%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
This is a stock easily misread if the valuation metrics are taken at face value. The P/E ratio (how many times one year's profit the price represents) comes out very high at 275x, but that is an illusion created by last year's net profit of ₩75.8 billion — a low figure that has only just turned to a profit. The P/B (how many times book net assets the price represents) also looks high at 13.4x, but a holding company's book equity carries most of the subsidiary stakes it holds at acquisition cost, failing to reflect their true value. In other words, this company's P/E and P/B are unsuitable as yardsticks for judging under- or overvaluation, and it should be viewed through the market value of the stakes it holds (NAV), as in the valuation section below. On profitability, ROE (how much is earned in a year on equity) is 4.9%, still early in the recovery, and the operating margin is 5.4%. On the balance sheet, the debt ratio (debt relative to equity) is very high at 1,327%, but this should be viewed alongside the fact that it reflects the large debt of power-equipment subsidiary Doosan Enerbility being combined on a consolidated basis. On enterprise-value metrics, EV/EBITDA (enterprise value including debt divided by operating profit before depreciation) is 14.1x, and EV/EBIT (enterprise value including debt divided by operating profit, a debt-adjusted counterpart to P/E) is 26.9x. Net debt (total borrowings minus cash) is about ₩5.1 trillion — a net borrowing position, not net cash.
Revenue trends gently upward. Revenue of ₩19.8 trillion in 2025 rose +9.1% year on year, returning to growth from the prior year's decline (-5.2%). The net-profit trajectory is the key. After losses of -₩696.4 billion in 2022, -₩388.3 billion in 2023 and -₩226.2 billion in 2024, it turned to a profit of +₩75.8 billion in 2025, with a clear direction of recovery. In the first quarter of 2026 this trend accelerated: revenue of ₩5.06 trillion (+17.7% year on year), operating profit of ₩340.8 billion (+71.7%) and net profit of ₩101.5 billion (eight times the prior year). The reason profit is rising is clear: the equity-method income from subsidiaries, which makes up a substantial part of net profit, is growing alongside the improvement in Doosan Enerbility's results. Riding power demand from AI data centers, Doosan Enerbility has stacked orders for gas turbines, nuclear plants and SMRs, and its order backlog rose to ₩24 trillion (+45.9% year on year) at the end of the first quarter of 2026. There is ample room for subsidiary profit to trend upward over the coming years as these orders are recognized as revenue. That said, equity-method income is an item that swings widely by quarter depending on subsidiaries' one-off gains and losses, so it is safer not to extrapolate a particular quarter's results as-is.
Recent disclosures center on holding-company-specific items of governance, stakes and dividends. In April 2026 the company announced provisional consolidated operating results by fair disclosure, confirming the first-quarter profit improvement. Late in the same April it decided on a shareholder-register closing (record date) for cash and in-kind dividends. Last year's dividend was ₩4,000 per share, and the company continued its will for shareholder returns to the point where the payout ratio (dividends as a share of net profit) exceeded 90% relative to the size of the profit. In May, a quarterly report (as of March 2026), a corporate governance report and a large-business-group status disclosure followed. There were also reports of stake changes and large holdings by executives and major shareholders; Doosan is confirmed as the largest shareholder holding about 30.4% of Doosan Enerbility (about 30.7% including specially related parties). At the end of April there was a disclosure of a serious workplace accident at a subsidiary, so industrial-safety-related risk also needs to be noted.
Doosan is 'a company viewed through its subsidiary stakes.' Simply calling it expensive because the surface P/E and P/B are high misses the substance. The strengths are clear. Doosan Enerbility, which explains most of the corporate value, is a direct beneficiary of AI power-infrastructure demand, and orders for gas turbines, nuclear plants and SMRs are stacking up quickly. On top of that, Doosan's own businesses — electronic materials (CCL) and semiconductor testing — are tied to the semiconductor cycle and add a separate axis of growth. Net profit has also turned to a profit after four years of losses, with a clear direction of recovery. The cautions must be viewed alongside. Net profit is governed largely by subsidiaries' equity-method income, so it swings a lot by quarter, and the consolidated debt ratio is high. Because this company's value is tied to its subsidiaries' share prices, if the shares of listed subsidiaries such as Doosan Enerbility or Doosan Robotics swing widely, Doosan's net asset value moves with them. In sum, Doosan is a structure that is strong in a phase where the subsidiaries' (especially power and generation) order cycle is alive, and weak alongside them if subsidiary valuations overheat or power-investment momentum cools.
🔎 Valuation vs peers Inconclusive
Compared with representative Korean holding companies (including operating holding companies). That said, Doosan is better viewed through the market value of the listed subsidiary stakes it holds (NAV) than through profit.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| SK Inc. | 23.10x | 1.25x | 26.75% |
| LG Corp. | 21.86x | 0.53x | 1.69% |
| Hanwha Corporation | 15.86x | 0.48x | 5.74% |
Comparing Doosan's 275x P/E and 13.4x P/B at the surface with other holding companies (SK, LG, Hanwha) makes it look very expensive, but that comparison does not hold. Doosan's last-year net profit of ₩75.8 billion is a low figure that has only just turned to a profit after four years of losses, so the P/E is overstated, and book equity carries subsidiary stakes at acquisition cost, so the P/B also fails to reflect the substance. The real yardstick for a holding company is the market value of the stakes it holds (NAV). Converting just the Doosan Enerbility stake Doosan holds (about 30.4%) to market value explains about two-thirds of Doosan's market cap, and adding its own electronic-materials and semiconductor-testing businesses plus the Doosan Robotics and Doosan Fuel Cell stakes, net asset value is estimated to exceed the market cap. In other words, unlike the surface P/E, on a NAV basis the market cap is not far ahead of the value of the assets it holds. That said, the subsidiaries that make up most of that NAV are in a high-valuation zone that already reflects growth expectations, so there is a two-sidedness in which a pullback in the subsidiaries' shares also shrinks Doosan's net asset value. For these reasons, an 'Inconclusive' read is more appropriate than a definitive under- or overvaluation judgment.
Price history Close · MA20 · MA60
The latest close is ₩1,188,000 and the market capitalization is ₩19.2 trillion. The price sits above its 20-day moving average (₩1,186,350) and below its 60-day moving average (₩1,476,450). Short-term and medium-term trends are diverging, so the direction is best read separately. The RSI (a supplementary indicator that gauges the strength of gains versus losses over the past 14 days on a 0-100 scale) is 46.5, a neutral level. The one-month change is -10.0%, the three-month change is -33.6%, and the position relative to the 52-week high is -46.1%. Relative strength versus the KOSPI is 60 (on a 1-99 scale, converted from returns against the index over the past year with more weight on recent performance; higher means stronger than the market). It is stronger than roughly 61% of all stocks. Over the past three months it lagged the index by 22.2%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
Relative performance stock vs index · start = 100
Excess return vs index · 3M -22.22% / 6M +12.25% / 12M +9.07%
Key metrics Computed vs sector median
Valuation
The P/E of 253.85x is above the sector median (8.18x). The P/B of 8.72x is above the sector median (0.53x). That said, this P/E is based on last year's (trailing) results. With recent quarterly earnings up sharply, the trailing P/E can look higher than it really is, so a precise read is best done on this year's expected (forward) earnings.
Enterprise value (EV)
EV = market cap + net debt. It reflects cash and debt, so it captures the real cost of the whole business that market cap alone misses; lower multiples are cheaper relative to earnings or sales.
Profitability & financials
Return on equity (ROE) is 7.5%, above the sector average (4.0%). The operating margin is 5.9%. The debt ratio is 972.0%, so the financial structure is somewhat high.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $13.4B | $12.7B | $13.9B | +9.11% ↑ faster |
| Operating profit | $1.0B | $705.1M | $746.6M | +5.87% ↑ faster |
| Net profit | -$272.8M | -$158.9M | $53.2M | — |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $9.0B | $11.9B | $13.4B | $12.7B | $13.9B |
| Operating profit | $647.0M | $791.0M | $1.0B | $705.1M | $746.6M |
| Net profit | $143.2M | -$489.2M | -$272.8M | -$158.9M | $53.2M |
| Revenue CAGR | 4-yr avg 11.39% | ||||
Revenue rose 9.1% year over year (2023 ₩19.1 trillion → 2024 ₩18.1 trillion → 2025 ₩19.8 trillion), and the three-year trend is 'mixed'. The pace of growth also quickened from the prior year. Operating profit rose 5.9% year over year. Profit is growing at an accelerating pace. Over the 5 years on record, revenue compound annual growth (CAGR) is 11.4%. The two-year revenue CAGR is 1.7%. In the most recent quarter (Q1 2026), revenue was 17.7% higher than the same period a year earlier.
Latest quarterly results Source Q1 2026 · vs year-ago
Technical indicators Computed
What stands out
- —
Points to watch
- Debt far exceeds equity (debt ratio 972.0%).
- Operating profit barely covers the interest bill (interest coverage below 1x).
- The price is high versus peers, so expectations already appear priced in.
Recent news & events searched · sourced
- 2026-04-29EarningsFirst-quarter 2026 provisional consolidated operating results by fair disclosure — revenue of about ₩5.06 trillion and operating profit of about ₩340.8 billion, a large improvement year on yearConfirms an earnings-recovery trend as both its own businesses and subsidiary results improve together. Positive near term Source
- 2026-04-28DividendShareholder-register closing (record date) decided for cash and in-kind dividends — continued shareholder returns at the prior year's level of ₩4,000 per shareMaintains dividend policy even after the return to profit. The high payout ratio confirms a will for shareholder returns. Positive medium term Source
- 2026-05-07FilingLarge-shareholding report — confirms Doosan is the largest shareholder of subsidiary Doosan Enerbility (about a 30.4% stake, about 30.7% including specially related parties)Reaffirms the size of the controlling stake in Doosan Enerbility, the core of the holding company's value. A valuation reference point Source
- 2026-05-15FilingQuarterly report (as of March 2026) filed — disclosing its own electronic-materials and semiconductor-testing businesses and consolidated subsidiary resultsA regular disclosure allowing its own businesses (Electronics BG, Doosan Tesna) and subsidiary results to be checked together. Neutral Source
- 2026-04-28UpdateDisclosure of a serious workplace accident at a subsidiary — a matter of workplace safety at a group subsidiary's siteA workplace-safety and regulatory risk factor requiring ongoing monitoring. A near-term caution Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| Doosan Enerbility ownership stake | approx. 30.4% | approx. 30.39% | Confirmed | link |
| First-quarter 2026 consolidated revenue / operating profit | revenue ₩5.06 trillion · operating profit ₩340.8 billion | — | Confirmed | link |
| Estimated 2026 net profit (forward) | approx. ₩470.0 billion(self-estimate) | — | Unverified | link |
Recent filings Source
- 2026-06-04OwnershipOfficers'/major-shareholders' holdings report
- 2026-05-29Large-business-group status disclosure
- 2026-05-29Large-business-group status disclosure
- 2026-05-29Corporate governance report
- 2026-05-15PeriodicQuarterly report
- 2026-05-14OwnershipOfficers'/major-shareholders' holdings report
- 2026-05-07OwnershipOwnership-change filing
- 2026-04-30Disclosure
- 2026-04-29EarningsFair-disclosure notice
- 2026-04-28Disclosure
- 2026-04-28DividendCash/stock dividend decision
- 2026-04-28DividendCash/stock dividend decision
📖 Plain-language glossary — expand if you are new to this
- P/E
- How many times a year's net profit the price is worth (lower is cheaper relative to earnings). The P/E here is on trailing (last full-year) results; for companies whose earnings swing fast (memory chips and other cyclicals/high-growth), a forward P/E on this year's expected earnings is more accurate.
- P/B
- Price relative to net assets (equity). Around 1x means it trades near book value; below 1x means below book.
- P/S
- Price relative to a year's revenue — useful for growth companies with thin earnings.
- Net debt / EV
- Net debt = interest-bearing debt − cash. Negative means more cash than debt (net cash). EV (enterprise value) = market cap + net debt, closer to what it would cost to buy the whole business.
- EV/EBIT · EV/EBITDA · EV/Sales
- Enterprise value against operating profit (EBIT), EBITDA, or revenue. Unlike P/E these reflect debt and cash; lower is cheaper relative to earnings power or sales.
- FCF / FCF yield
- Free cash flow = operating cash − capex, the cash actually left over. FCF yield = FCF ÷ market cap; higher means more cash generated per unit of market value.
- Intrinsic value (DCF)
- Future free cash flow (or, for some capex-heavy but profitable names, forecast earnings) discounted to today to estimate per-share value. Because it shifts a lot with the discount-rate and growth assumptions, it is shown as a bear/base/bull range, and the basis and assumptions are disclosed in one line beneath it.
- ROE
- How much profit the company earns in a year on its equity (%). Higher means better returns on capital.
- EPS / BPS
- Earnings per share / net assets (book value) per share.
- Operating / net margin
- Profit left from the core business / final profit after tax and interest, per unit of revenue.
- Debt ratio
- Debt relative to equity (%). Higher means more reliance on borrowing (norms vary by sector).
- Current ratio
- Assets convertible to cash within a year against debt due within a year. Above 100% leaves some short-term headroom.
- Interest coverage
- How many times operating profit covers the interest owed. Below 1x means operating profit alone struggles to cover interest.
- Dividend yield / payout ratio
- The year's dividend as a % of today's price / the share of earnings paid out as dividends.
- Revenue CAGR
- Multi-year growth expressed as a single yearly average (compound annual growth rate).
- RSI (short-term signal)
- Whether recent price action is overheated or beaten down. Above 70 is overbought, below 30 oversold.
- MA20 / MA60 (moving averages)
- The 20- and 60-day average price. Price above them signals a firmer short-term trend.
- vs 52-week high
- How far below the past year's peak the price sits now (%).
All figures are for reference only; how they read varies by sector and over time.
Sources: Korea FSC market-price API (data.go.kr), OpenDART, KRX/KIND — public data only.
Bong Stocks presents public-data-based information for reference only. It is not investment advice and contains no target prices, ratings, or buy/sell recommendations. Verify independently before making any decision.