Doosan is an operating holding company that directly runs its Electro-Materials Business Group (BG)—which makes copper-clad laminate (CCL), the base material for printed circuit boards—while also holding stakes in listed subsidiaries such as Doosan Enerbility in power and nuclear, Doosan Bobcat in construction and agricultural equipment, and Doosan Robotics in robots. April consolidated preliminary results confirmed a large first-quarter improvement, and the company resolved an annual dividend of ₩4,000 per share (a payout ratio of about 94.6%) in cash and kind. Its own Electro-Materials BG is running above 100% utilization amid an AI-driven CCL supply shortage. The key point to weigh is that a rising electronic-materials cycle and the value of its listed-subsidiary stakes overlap as strengths, while those subsidiary stakes are already highly valued so the holding-company discount is thin, and consolidated financial metrics and equity-method earnings swing widely—so both sides need balanced consideration.
At-a-glance assessment financial health · growth · profitability · valuation
- Debt far exceeds equity (debt ratio 1327.2%).
- 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 4.9% (controlling-interest basis). It is below the sector average.
- Operating margin is 5.4%.
- 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.
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 Overvalued
💡 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
- Doosan is an 'operating holding company'—a holding company that also runs its own businesses directly.
- The core of what it earns directly comes from the Electro-Materials BG, which makes copper-clad laminate (CCL, a board with a thin copper film laid over an insulating layer), the base material for printed circuit boards (PCBs), and supplies it for semiconductor packages and high-performance substrates.
- Added to this are Digital Innovation (IT consulting and systems integration) and businesses related to Doosan Fuel Cell (hydrogen fuel cells).
- At the same time, Doosan holds stakes in listed subsidiaries such as Doosan Enerbility, which makes power and nuclear equipment; Doosan Bobcat, in small construction and agricultural equipment; and Doosan Robotics, in collaborative robots.
- In short, the company's value splits into two axes: the profit it earns from its direct businesses, and the market value of its subsidiary stakes.
- The latest close is ₩1,203,000 and the market capitalization is ₩19.5 trillion.
- The price sits below its 20-day line (₩1,524,300) and below its 60-day line (₩1,584,783).
- Trading beneath both its short- and medium-term moving averages, the trend is on the soft side.
- The RSI (a gauge that measures the strength of gains versus losses over the past 14 days on a 0-100 scale) is 32.5, a neutral reading.
- The one-month change is -24.1%, the three-month change is +14.7%, and the price is -45.4% from its 52-week high.
- Relative strength versus the KOSPI is 65 (on a 1-99 scale that weights recent returns against the index over the past year more heavily, with higher meaning stronger than the market).
- That places it in roughly the top 35% of all stocks by strength.
- Over the past three months it lagged the index by 19.5%.
- Chart reading is best done alongside trading volume and the dates of disclosures.
- Taken at face value, the P/E (how many times a year's earnings the share price represents) shows as a very high 257.06x.
- But this is inflated because 2025 net profit of ₩75.8 billion was 'trough earnings' right after a swing back to profit, making the denominator abnormally small (the limitation of a trailing P/E on last year's earnings).
- The P/B (how many times book net assets) is 12.49x, but a holding company records its subsidiary stakes on the books at the low 'original acquisition cost,' creating an illusion that the P/B looks higher than it really is.
- ROE (how much it earns in a year on its equity) is still low at 4.9%, and the debt ratio (debt relative to equity) shows as a very high 1,327% because it consolidates capital-intensive subsidiaries such as power and equipment units.
- For these reasons, Doosan is more accurately judged by the value of its subsidiary stakes (NAV) than by general metrics such as P/E and P/B.
- Over five years, revenue rose steadily from ₩12.9 trillion (2021) to ₩19.8 trillion (2025), growing about 11% a year on average.
- Net profit went through losses of -₩696.4 billion in 2022, -₩388.3 billion in 2023, and -₩226.2 billion in 2024 before swinging to a positive ₩75.8 billion in 2025—a clear recovery path in which losses narrowed year by year before turning to profit.
- The first quarter of 2026 is an inflection point: revenue of ₩5.06 trillion (+17.7%), operating profit of ₩340.8 billion (+71.7%), and net profit of ₩101.5 billion (about eight times the year-earlier level), so first-quarter net profit alone already exceeded full-year 2025 net profit (₩75.8 billion).
- The driver is the Electro-Materials BG's copper-clad laminate.
- The spread of AI and HBM is sharply lifting demand for high-spec CCL while the industry has expanded capacity conservatively, creating a supply shortage, and Doosan's domestic plant is running above 100% utilization.
- The company is raising CCL investment this year to about 2.8 times last year's to meet that demand with capacity, so a rising path in which profit accumulates further as the year progresses is natural.
- Reflecting this trend, full-year net profit this year should climb to several times last year's, and on that view the trailing 308x P/E comes down sharply on a forward (this-year earnings) basis.
- That said, because a holding company's equity-method earnings from subsidiaries swing quarter to quarter, the forward earnings estimate itself is highly variable, which should be taken into account.
- Recent disclosures are concentrated on results, capital returns, and governance.
- An April 29 consolidated preliminary-results fair disclosure confirmed a large first-quarter improvement, and on April 28 the company set a cash-and-kind dividend and its record date (an annual ₩4,000 per share, a payout ratio of about 94.6%, returning most of its profit to shareholders).
- In May, periodic and governance disclosures followed, including the first-quarter report, a corporate-governance report, and large-business-group status.
- Meanwhile, a disclosure on April 28 of a serious accident at a subsidiary shows how subsidiary operating risk is also exposed at the holding company—a trait of an operating holding.
- Executive and major-shareholder holding changes and large-holding reports recurred in May and June, so shifts in the ownership structure are also worth monitoring.
- The strength is that two things overlap.
- First, the direct business, the Electro-Materials BG, is running above 100% utilization amid a clear upcycle of AI-driven CCL supply shortage, creating an earnings inflection.
- Second, through its listed-subsidiary stakes running across power, nuclear, equipment, and robots, it shares in the fruits of the group's recovery.
- So even though the trailing P/E looks high, on a forward basis it is far lower, and the direction of earnings points up.
- The cautions are just as clear.
- Because the listed-subsidiary stakes that explain most of the company's value are already in a highly valued zone (Doosan Enerbility in particular), the 30-50% NAV discount a holding company usually carries is almost absent, so the safety cushion is thin.
- Consolidated financial metrics such as the debt ratio and interest coverage are also a burden, and subsidiary results and equity-method earnings swing widely quarter to quarter.
- In short, it shines when the electronic-materials cycle and subsidiary share prices are strong together, and weakens when subsidiary multiples cool or the CCL cycle turns down.
🔎 Valuation vs peers Fairly valued
Doosan's own businesses (electronic materials and the holding structure) are considered together with its core subsidiary holdings. As a holding company, it is judged by the value of its subsidiary stakes (NAV) rather than by a simple P/E comparison.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Doosan Enerbility | 553.29x | 6.02x | 1.09% |
| Doosan Robotics | 0.00x | 13.09x | -15.92% |
As a holding company, Doosan does not lend itself to a simple P/E or P/B comparison. The market value (NAV) of its listed-subsidiary stakes explains most of the company's value, and because that NAV nearly fills the current market cap, the 30-50% discount a holding company usually carries is effectively almost absent. In other words, on an NAV basis it is 'not cheap.' That said, CCL earnings at the direct Electro-Materials BG are rising fast, so the trailing 308x P/E falls sharply on a forward basis, and the subsidiaries are also in a recovery zone, leaving room for the NAV to be re-rated higher. With strong forward earnings growth and a thin NAV discount coming together, the current price is judged to be fairly valued, neither clearly overvalued nor undervalued (it weakens if subsidiary multiples cool, and opens up if the CCL and subsidiary cycles strengthen further).
Price history Close · MA20 · MA60
The latest close is ₩1,203,000 and the market capitalization is ₩19.5 trillion. The price sits below its 20-day moving average (₩1,524,300) and below its 60-day moving average (₩1,584,783). It is under both its short- and medium-term moving averages, so the trend looks subdued. The RSI (a supplementary indicator that gauges the strength of gains versus losses over the past 14 days on a 0-100 scale) is 32.5, a neutral level. The one-month change is -24.1%, the three-month change is +14.7%, and the position relative to the 52-week high is -45.4%. Relative strength versus the KOSPI is 65 (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 65% of all stocks. Over the past three months it lagged the index by 19.5%. 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 -19.53% / 6M -6.44% / 12M -10.74%
Key metrics vs sector median
Valuation
The P/E of 257.06x is above the sector median (6.67x). The P/B of 12.49x is above the sector median (0.49x). 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 4.9%, in line with the sector average (5.0%). The operating margin is 5.4%. The debt ratio is 1327.2%, so the financial structure is somewhat high.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $12.7B | $12.0B | $13.1B | +9.11% ↑ faster |
| Operating profit | $951.9M | $665.3M | $704.3M | +5.87% ↑ faster |
| Net profit | -$257.3M | -$149.9M | $50.2M | — |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $8.5B | $11.3B | $12.7B | $12.0B | $13.1B |
| Operating profit | $610.5M | $746.3M | $951.9M | $665.3M | $704.3M |
| Net profit | $135.1M | -$461.6M | -$257.3M | -$149.9M | $50.2M |
| 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 Q1 2026 · vs year-ago
Technical indicators
What stands out
- —
Points to watch
- Debt far exceeds equity (debt ratio 1327.2%).
- 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 consolidated preliminary-results fair disclosure: revenue of ₩5.06 trillion (+17.7%), operating profit of ₩340.8 billion (+71.7%), and net profit of ₩101.5 billion (about eight times the year-earlier level), confirming an earnings inflectionA quarter reflecting both the Electro-Materials BG CCL cycle and subsidiary recovery. First-quarter net profit alone exceeded the full-year 2025 figure, lifting forward earnings expectations (medium-term positive). Source
- 2026-04-28DividendDecision on a cash-and-kind dividend and confirmation of the record date (annual ₩4,000 per share, payout ratio about 94.6%)Maintains a policy of returning most of profit to shareholders. However, at the current price the dividend yield is a low ~0.3%, so it signals capital-return commitment more than dividend appeal (short-term neutral). Source
- 2026-05-15FilingFirst-quarter 2026 report filed (detailed consolidated financials and business-segment breakdown disclosed)Primary material to verify the substance of the operating holding, such as the Electro-Materials BG and subsidiary stake structure. Provides a baseline for tracking NAV and earnings (medium-term information value). Source
- 2026-04-28UpdateDisclosure of a serious accident at a subsidiary (major management matter)A trait of an operating holding, where subsidiary operating risk is exposed at the holding company. The direct effect on earnings is limited, but safety and regulatory costs need monitoring (short-term limited). Source
Figure cross-check computed ↔ external
Recent filings
- 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.