Hanwha Aerospace (012450) 🔎 In-depth
KOSPI · Price as of 2026-08-06 · Updated 2026-08-09
Hanwha Aerospace makes ground weapons such as the K9 self-propelled howitzer and the Chunmoo multiple rocket launcher along with aircraft engines, and it is a diversified defense group that also consolidates the results of Hanwha Ocean (shipbuilding) and Hanwha Systems (defense electronics), subsidiaries in which it holds less than half the shares. In the second quarter of 2026 it posted revenue of ₩9.2929 trillion and operating profit of ₩1.3655 trillion, passing ₩1 trillion of quarterly operating profit for the first time, and cumulative first-half operating profit was 44.1% higher than the same period last year. What stands out right now is a full order book — a backlog of ₩116.8007 trillion at the end of 2025 plus Polish and Finnish volumes to fill it further — and a valuation on expected earnings that sits below the sector, set against the fact that only 55.8% of first-half consolidated net profit belonged to controlling shareholders and that the partial work suspension at the Daejeon plant after the June fire has no set restart date.
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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 “Defense & Aerospace” (Shipbuilding, Machinery, Defense & Power Equipment), a type typically read first through forward P/E.
Defense and aerospace carry long order backlogs and multi-year program execution, which makes the direction of future results relatively visible. Since booked orders feed into earnings ahead, forward price-to-earnings (P/E on expected profit) is the first lens rather than trailing results.
Price against earnings alone becomes unstable when earnings swing. Reading it together with price against assets helps gauge the downside.
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 393.8%).
- Revenue rose 137.6% year over year, and the pace is quickening (3-year trend: rising).
- Most recent quarter (Q1 2026) revenue was 4.9% higher than a year earlier.
- ROE is 17.6% (controlling-interest basis). It is above the sector average.
- Operating margin is 11.9%.
- The forward P/E sits below the sector median.
Ownership & governance As of 2025-12-31
Largest shareholder Hanwha 32.18% (corporate)
Controlling bloc incl. related parties 35.55%
With the controlling bloc holding 36%, the ownership structure is stable.
🔎 In-depth analysis Reading
Hanwha Aerospace earns money along five main lines, and the make-up of 2025 consolidated revenue of ₩26.7029 trillion tells the story. The largest piece is the marine (shipbuilding) division at ₩13.7186 trillion, which builds LNG carriers, very large crude carriers, submarines and offshore plants. Next is the defense division at ₩9.8816 trillion, covering the K9 self-propelled howitzer, the Chunmoo multiple rocket launcher, the Redback infantry fighting vehicle, precision guided munitions and explosives, followed by the aviation division at ₩2.2833 trillion, which makes gas turbine engines and parts for fighter jets and helicopters. IT services, which builds and operates computing systems, contributed ₩524.3 billion, and aerospace, covering satellites and space launch vehicles, ₩295.2 billion. Exports account for 66% of total revenue, or ₩17.6345 trillion, so foreign government demand for weapons and vessel orders move results more than the domestic procurement budget does. Export defense work typically starts with a broad government-to-government agreement, with actual deliveries split into implementation contracts handed over across several years, so a single contract does not all land in one year's revenue. There is one more structural point to remember. The marine and IT services businesses are the consolidated results of subsidiaries in which the company holds less than half the shares (Hanwha Ocean and Hanwha Systems), so a substantial part of the profit earned there flows out to minority shareholders.
The latest close is ₩1,054,000 and the market capitalization is ₩54.3 trillion. The price sits above its 20-day moving average (₩927,600) and below its 60-day moving average (₩1,069,100). 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 57.0, a neutral level. The one-month change is -6.1%, the three-month change is -26.5%, and the position relative to the 52-week high is -31.4%. Relative strength versus the KOSPI is 27 (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 26% of all stocks. Over the past three months it lagged the index by 4.8%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
For the defense and aerospace type this company belongs to, the first metric to look at is the forward P/E (how many times the earnings expected over the next year the price is). Recalculated directly by adding second-half delivery volumes on top of confirmed first- and second-quarter results, the forward P/E is 18.76x — less than six-tenths of the 26.52x defense sector median stored on the site. The P/E based on the last twelve months of confirmed results, by contrast, is 33.73x. Much of that gap is an optical effect. Controlling-interest net profit of ₩1.405 trillion in 2025 was 37.8% lower than the ₩2.2605 trillion of 2024 as a payback from the prior year, yet operating profit in the same year actually rose 78.4% to ₩3.0893 trillion. In other words, net profit fell without the core business deteriorating. Profitability is solid. ROE (return on equity — the percentage earned in a year on the money shareholders put in) is 14.5%, above the sector median of 10.0%, and the operating margin of 11.6% is also above the sector median of 7.0%. The P/B (how many times book net assets the price is) is 5.46x, close to the sector median of 4.60x. For fiscal 2025 the dividend was ₩7,000 per share, with a total profit distribution of ₩360.1 billion (up 126.3% from ₩159.1 billion the year before) and a payout ratio of 25.6%; at the current price the dividend yield is 0.76%. This is a structure where the reward comes from earnings growth rather than dividends. The balance sheet needs separating between the displayed figure and the underlying reality. The debt ratio of 457.1% shown on screen uses only controlling-interest equity in the denominator, which makes it look heavier than it is. Recalculated with total equity of ₩16.7882 trillion from the original disclosure (including ₩7.1033 trillion of non-controlling interests) and total liabilities of ₩37.1655 trillion, it is about 221%. In shipbuilding and defense order businesses, advances received from customers are booked as liabilities, so the debt ratio rises as the workload grows. Even so, a current ratio of 102.4% and interest coverage of 1.94x can hardly be called comfortable, and both are worth watching. On the other side, cash and cash equivalents are ₩7.7134 trillion and net borrowings (debt less cash) are ₩5.112 trillion, so the coffers themselves are ample. It can also be viewed as the cost of owning the whole company. Enterprise value (EV), market cap plus net borrowings, is ₩62.6568 trillion, giving EV/EBIT of 20.28x against operating profit and EV/Sales of 2.35x against revenue. Free cash flow — operating cash less capital expenditure — is ₩2.0557 trillion, and the site's free cash flow yield (the share of enterprise value left as cash) is 3.6%. Because investment and dividends are covered by the cash generated, no separate cash burn calculation is needed. One caveat: EV/EBIT uses last year's operating profit, so if the pace that produced ₩2.0044 trillion of operating profit in the first half alone continues, the actual multiple comes down further.
Start with the long view. Revenue grew from ₩5.5414 trillion in 2021 to ₩26.7029 trillion in 2025, 4.8 times in five years (48.2% a year on average). Taking just the past three years, revenue went ₩7.8897 trillion in 2023 → ₩11.2401 trillion in 2024 → ₩26.7029 trillion in 2025, while operating profit went ₩594.3 billion → ₩1.7319 trillion → ₩3.0893 trillion. The 137.6% jump in 2025 revenue in a single year came from consolidating the shipbuilding subsidiary and from Poland-bound deliveries together. The quarterly picture is even clearer. From ₩5.751 trillion of revenue and ₩638.9 billion of operating profit in the first quarter of 2026 (+20.6% year on year), the second quarter jumped to ₩9.2929 trillion of revenue and ₩1.3655 trillion of operating profit, taking quarterly operating profit above ₩1 trillion for the first time. Cumulative first-half figures are revenue of ₩15.0439 trillion, operating profit of ₩2.0044 trillion (+44.1%) and controlling-interest net profit of ₩897.1 billion (+274.3%). Operating profit more than doubling between the first and second quarters reflects the nature of this business, where deliveries cluster toward the back half of the year. There are three reasons for viewing this year's earnings at that level. First, the consolidated order backlog at the end of 2025 was ₩116.8007 trillion. That is total orders of ₩162.1699 trillion less the ₩45.3691 trillion already delivered, and it is more than four times a year of revenue (ground defense ₩37.2199 trillion, aviation ₩32.3995 trillion, marine ₩34.4951 trillion). Second, the second half brings the third Chunmoo implementation contract for Poland and a ramp-up of K9-family deliveries to Australia, plus the ₩941.4 billion of K9 exports to Finland secured in April (running to 2034). Third, the marine division has entered a stretch where low-priced work taken on earlier rolls off and vessels won at higher prices are delivered. Stacking those three quarter by quarter on top of confirmed first-half results produces the forward P/E of 18.76x. It is not the first quarter multiplied by four or an estimate drawn from past seasonality; it is confirmed results for two quarters plus second-half delivery schedules laid in quarter by quarter. The second-half numbers do carry variables, though. One-off costs such as performance bonuses have recurred in the fourth quarter every year, and no restart date has yet been disclosed for the Daejeon plant, halted since June. Above all, the question is how much of the larger consolidated profit is left for shareholders. The actual first-half share was 55.8%.
Disclosures over the past five months read along four strands: results, orders, plans and risks. On results, the preliminary second-quarter figures released on July 31 are the biggest item, confirming quarterly operating profit above ₩1 trillion and a 44.1% first-half increase as hard numbers. Orders have two axes. On April 1 the company disclosed that, to carry out the third Chunmoo guided-missile implementation contract of roughly ₩4.6 trillion (excluding VAT) signed with Poland's Armament Agency in December 2025, it had entered into a ₩2.0241 trillion component supply contract (with an advance payment of 16.13% of the contract value) and a ₩341 billion licence agreement with its local subsidiary. The licence fee is received as a share of revenue with no advance payment, and no royalty rate or remaining milestones are set out separately in the original text. Because the counterparty is a subsidiary, it nets out as an intra-group transaction on a consolidated basis, and the actual top line comes from the original contract with the Polish Armament Agency. On April 10 it secured ₩941.4 billion of K9 exports to the Finnish government through the Korea Trade-Investment Promotion Agency (running to 2034, with about 9% of the contract value received as an advance within 60 days of signing). There are three plan disclosures. The corporate value enhancement plan of March 24 set out ₩11 trillion of strategic future investment over 2025-2028 and a policy of dividends of ₩3,500 per share or more; on May 27 the company raised investment in its propellant charge smart factory from ₩667.3 billion to ₩853.8 billion and extended the timeline to January 2028. On July 3 it laid out a medium- to long-term investment plan of about ₩28 trillion through 2040, including ₩23 trillion for space launch vehicles, ₩2 trillion for defense artificial intelligence and ₩3 trillion for a defense artificial intelligence data center. On June 16 it said it would acquire shares in Korea Aerospace Industries on the open market up to a ₩500 billion limit by year-end, lifting its stake to 9.97%. These plans broaden the growth base, but the cash outlay comes before any return. The risks and undetermined items are also clear. On June 1 a fire in a cleaning bay at the Daejeon plant killed five people and injured two, and a partial work suspension order from the labour authorities halted production at that site (₩1.3189 trillion of 2025 revenue, 4.94% of consolidated revenue), with no restart date yet disclosed. On August 3 it was disclosed that a ₩454.8 billion contract with the UK's Vertical Aerospace to supply actuation and tilting equipment for the VX4 urban air vehicle had been terminated by mutual agreement effective July 31 (a follow-on cooperation memorandum was signed at the same time). A framework goods supply contract signed on July 24 exceeds 2.5% of recent revenue, but the contract name, value, counterparty and term are all withheld at the counterparty's request, so it is not yet possible to know when or how much will be recognised as revenue. On July 23 a clarification disclosure confirmed that a binding memorandum of understanding had been signed to take part in Spain's self-propelled howitzer modernisation programme, though it has not yet reached the definitive contract stage.
Start with what is worth observing. First, results really have grown. Quarterly operating profit above ₩1 trillion and a 44.1% first-half increase are disclosed figures, not projections. Second, future output is locked in by contract. The consolidated order backlog of ₩116.8007 trillion is more than four times 2025 revenue, and with 66% of revenue from exports the company is not tied to a single domestic procurement budget. Third, even so, the forward P/E of 18.76x is clearly below the defense sector median of 26.52x, and the trailing P/E of 38.68x is also below the sector median of 41.47x. That is because earnings rose even as the share price fell 40.2% from its 52-week high. Sitting on the lower side of the same yardstick is worth noting plainly. Fourth, cash and cash equivalents of ₩7.7134 trillion and net borrowings of ₩5.112 trillion give financial room that supports those earnings. Fifth, the company has disclosed investment and shareholder returns in won terms (₩11 trillion of strategic future investment over 2025-2028, a 2025 profit distribution of ₩360.1 billion and a payout ratio of 25.6%). The cautions are equally clear. First, not all of the larger profit reaches shareholders. Of ₩1.6068 trillion of consolidated first-half net profit, ₩897.1 billion, or 55.8%, was attributable to controlling shareholders, and ₩7.1033 trillion of the ₩16.7882 trillion of consolidated equity is non-controlling interests. The lower that ratio goes, the higher the forward P/E. Second, the partial work suspension at the Daejeon plant has no set restart date, and the outcome of the serious-accident investigation could bring further costs. Third, the balance sheet is not light. Even allowing for the effect of customer advances, a current ratio of 102.4% and interest coverage of 1.94x are hard to describe as a generous cushion. Fourth, the ₩28 trillion investment plan is a long-dated theme that widens the business into space and artificial intelligence, but it is also cash going out over a long period. Fifth, contracts do not always move forward. The ₩454.8 billion contract termination disclosed on August 3 is one example, and the July 24 framework contract cannot be counted because its terms are entirely undisclosed. Sixth, one-off costs such as performance bonuses have recurred in the fourth quarter. In sum, this is a stock with secured work and genuinely larger profits on one side, and a thinning shareholder share and a halted plant on the other. The points to check from here are whether second-half deliveries proceed as planned, when the Daejeon plant restarts, and whether the share attributable to controlling shareholders holds at first-half levels.
🔎 Valuation vs peers Undervalued
Listed Korean ground defense and aerospace companies, with listed shipbuilders added so that the marine division — half of consolidated revenue — can be compared. All figures are the same last-twelve-months results stored on the site on the same basis, and the sector medians are the site's own.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Korea Aerospace Industries | 78.71x | 7.85x | 10.63% |
| LIG Defense & Aerospace | 60.96x | 10.23x | 20.46% |
| Hanwha Systems | 54.67x | 2.68x | 5.00% |
| Hyundai Rotem | 20.44x | 4.89x | 25.33% |
| Hanwha Ocean | 22.31x | 4.07x | 22.43% |
(a) Position within the peer group. The P/E of 33.73x on the last twelve months of results is below Korea Aerospace Industries at 64.87x, LIG Defense & Aerospace at 60.70x and Hanwha Systems at 49.21x, and above Hyundai Rotem at 18.39x and Hanwha Ocean at 20.41x, placing it in the middle. Against the sector median of 41.47x it sits on the lower side. The P/B of 5.61x is close to the sector median of 4.60x, and ROE of 14.5% and an operating margin of 11.6% are above the sector medians of 10.0% and 7.0%. (b) Premium and discount. It carries a lower multiple than pure defense companies because half of revenue is shipbuilding, which follows the order cycle, because a substantial part of consolidated profit flows to non-controlling interests, and because the financial cushion is thin, with a current ratio of 102.4% and interest coverage of 1.94x. On the other side, the ₩116.8007 trillion order backlog, the 66% export share and ₩7.7134 trillion of cash sit on the premium side. (c) Limits of trailing results and the forward basis. Controlling-interest net profit of ₩1.405 trillion in 2025 was reduced by the payback from one-off gains the year before, so it is already a stale yardstick. Operating profit in the same year actually rose 78.4%, and in the first half of 2026 the company produced ₩2.0044 trillion of operating profit and ₩897.1 billion of controlling-interest net profit, 3.7 times the same period a year earlier. Stacking the third Chunmoo batch for Poland, expanded K9 deliveries to Australia, the Finnish volume secured in April and entry into a higher-priced vessel delivery stretch quarter by quarter gives an in-house forward P/E estimate of 15.4x, less than six-tenths of the sector median of 26.52x. Setting the secured workload alongside confirmed first-half results, the current price looks like a zone valued low against expected earnings. That multiple does, however, rest on the assumption that second-half profit exceeds the first half and that the share attributable to controlling shareholders does not fall much from current levels.
Price history Close · MA20 · MA60
The latest close is ₩1,054,000 and the market capitalization is ₩54.3 trillion. The price sits above its 20-day moving average (₩927,600) and below its 60-day moving average (₩1,069,100). 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 57.0, a neutral level. The one-month change is -6.1%, the three-month change is -26.5%, and the position relative to the 52-week high is -31.4%. Relative strength versus the KOSPI is 27 (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 26% of all stocks. Over the past three months it lagged the index by 4.8%. 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 -4.80% / 6M -33.13% / 12M -44.24%
Key metrics Computed vs sector median
Valuation
The P/E of 38.68x is below the sector median (46.67x). The P/B of 5.46x is in line with the sector median (4.89x). 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.
Intrinsic value (DCF estimate) Estimate
Model output — not a price target. This is what the formula returns under the assumptions below, not a view on where the share price should go.
DCF (discounted cash flow) estimate — discount rate 9.2%, initial growth 10.0%→terminal 2.0%, 10-yr forecast, free-cash-flow basis, forward earnings power normalized 2.062x. A reference range that shifts materially with assumptions.
Profitability & financials
Return on equity (ROE) is 17.6%, above the sector average (11.0%). The operating margin is 11.9%. The debt ratio is 393.8%, so the financial structure is somewhat high.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $5.5B | $7.9B | $18.8B | +137.57% ↑ faster |
| Operating profit | $417.5M | $1.2B | $2.2B | +78.38% ↓ slower |
| Net profit | $519.4M | $1.6B | $987.0M | -37.85% ↓ slower |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $3.9B | $4.6B | $5.5B | $7.9B | $18.8B |
| Operating profit | $194.7M | $265.0M | $417.5M | $1.2B | $2.2B |
| Net profit | $177.4M | $141.1M | $519.4M | $1.6B | $987.0M |
| Revenue CAGR | 4-yr avg 48.16% | ||||
Revenue rose 137.6% year over year (2023 ₩7.9 trillion → 2024 ₩11.2 trillion → 2025 ₩26.7 trillion), and the three-year trend is 'rising'. The pace of growth also quickened from the prior year. Operating profit rose 78.4% year over year. The pace of that profit growth is gradually easing. Over the 5 years on record, revenue compound annual growth (CAGR) is 48.2%. The two-year revenue CAGR is 84.0%. In the most recent quarter (Q1 2026), revenue was 4.9% higher than the same period a year earlier.
Latest quarterly results Source Q1 2026 · vs year-ago
Technical indicators Computed
What stands out
- P/E and P/B are both low versus peers, so the price looks inexpensive relative to earnings and assets.
- ROE of 17.6% points to solid profitability.
- Revenue grew 137.6% year over year, a sign of growth.
Points to watch
- The figures shown are based on the last annual report as of the writing date, so it is best to review the latest quarterly results and filings alongside them.
Recent news & events searched · sourced
- 2026-03-24DividendCorporate value enhancement plan disclosed — ₩11 trillion of strategic future investment over 2025-2028 and a policy of dividends of ₩3,500 per share or more. 2025 profit distribution of ₩360.1 billion (up 126.3% from ₩159.1 billion a year earlier), payout ratio 25.6%Total dividends more than doubled, confirming the direction on shareholder returns. That said, the high share price keeps the dividend yield itself at about 0.76%, and the ₩11 trillion investment plan is cash going out over the same period. Source
- 2026-04-01UpdateTo carry out the third Chunmoo guided-missile implementation contract of roughly ₩4.6 trillion (excluding VAT) signed with Poland's Armament Agency, a ₩2.0241 trillion component supply contract and a ₩341 billion licence agreement were signed with the local subsidiary (running to October 2033)The component supply carries an advance payment of 16.13% of the contract value, while the licence fee is received as a share of revenue with no advance payment. Because the counterparty is a subsidiary, it nets out as an intra-group transaction on a consolidated basis, and the actual top line comes from the original contract with the Polish Armament Agency. Source
- 2026-04-10Update₩941.4 billion defense export implementation agreement signed for K9 self-propelled howitzers for Finland (via the Korea Trade-Investment Promotion Agency, running to December 2034)This is equivalent to 3.53% of 2025 consolidated revenue. About 9% of the contract value is received as an advance within 60 days of signing, with the balance spread annually through 2033, which improves multi-year visibility for the ground defense division. Source
- 2026-05-27FilingInvestment in the new propellant charge smart factory raised from ₩667.3 billion to ₩853.8 billion, with the completion date extended to January 2028The expansion is aimed at meeting domestic and overseas demand and at strengthening manufacturing competitiveness and safety. It adds explosives and propellant capacity, but with the spending period two years longer, the funding burden extends as well. Source
- 2026-06-02UpdateFire in a cleaning bay at the Daejeon plant left five dead and two injured (June 1, 2026); the cause is under investigationThis is a serious matter with a heavy human toll. Special safety training across all sites and measures to prevent recurrence are planned, and further costs could arise depending on the investigation's findings. Source
- 2026-06-02UpdateProduction halted at the Daejeon plant under a partial work suspension order following the serious accident (restart date undetermined)That site generated ₩1.3189 trillion of revenue in 2025, or 4.94% of consolidated revenue. With no restart schedule set, it remains a variable for second-half delivery timing. Source
- 2026-06-16FilingDecision to acquire shares in Korea Aerospace Industries — limit of ₩500 billion, open-market acquisition from June to December 2026, expected stake of 9.97% afterwardsThe stated aim is closer business cooperation, and the size is 2.98% of consolidated shareholders' equity at the end of 2025. It widens the scope for aviation and space collaboration, but the cash goes out accordingly. Source
- 2026-07-03FilingMedium- to long-term investment plan of about ₩28 trillion unveiled — ₩23 trillion for space launch vehicles (2026-2040), ₩2 trillion for defense artificial intelligence (2025-2040) and ₩3 trillion for a defense artificial intelligence data center (2026-2032)The data center is structured so that three group affiliates each fund an equal share of ₩10 trillion in total. It is a long-term plan to widen the growth base beyond defense, and also an item where cash goes out first for a considerable time. Source
- 2026-07-27FilingFramework goods supply contract signed (July 24, 2026) exceeding 2.5% of recent revenue — contract name, value, counterparty and term all undisclosedThe terms are withheld at the counterparty's confidentiality request, so they cannot be reflected in earnings calculations. The company plans to disclose again once the confidentiality grounds lapse. Source
- 2026-07-31EarningsPreliminary results for Q2 2026 — revenue ₩9.2929 trillion, operating profit ₩1.3655 trillion, controlling-interest net profit ₩636.4 billionRevenue rose 47.2% and operating profit 58.5% year on year, taking quarterly operating profit above ₩1 trillion for the first time. Cumulative first-half operating profit is ₩2.0044 trillion (+44.1%) and controlling-interest net profit ₩897.1 billion (+274.3%). Source
- 2026-08-03Update₩454.8 billion contract with Vertical Aerospace to develop and supply actuation, tilting and blade pitch systems for the VX4 airframe terminated (effective July 31, 2026)The mutually agreed termination on changed market conditions reduces expected revenue from urban air mobility. It is limited against the scale of the core defense business, and the two companies signed a follow-on cooperation memorandum at the same time, but it shows that new-business contracts can be reversed. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| Cumulative first-half 2026 operating profit | 2026 1 operating profit ₩638.9 billion | 2₩4.4 billion, +44.1% | Confirmed | link |
| Debt ratio (consolidated, end of 2025) | 557.1% | 37₩165.5 billion ÷ 16₩788.2 billion = approx. 221% | Mismatch | link |
| 2025 earnings per share (EPS) | ₩27,247 | ₩28,530 | Mismatch | link |
| Consolidated order backlog (end of December 2025) | — | 116₩800.7 billion. 162₩169.9 billion, 45₩369.1 billion | Confirmed | link |
| 2025 revenue by business division | revenue 26₩702.9 billion | 13₩718.6 billion, 9₩881.6 billion, 2₩283.3 billion, IT ₩524.3 billion, ₩295.2 billion / 17₩634.5 billion· 9₩68.4 billion | Confirmed | link |
| Fiscal 2025 dividend (dividend per share and payout ratio) | ₩7,000 / 25.63% | ₩360.1 billion, 25.6% | Confirmed | link |
| Recalculation of the forward P/E (the key metric for the detailed sector) | 15.4x | — | Unverified | link |
Recent filings Source
- 2026-06-10Disclosure
- 2026-06-09OwnershipOfficers'/major-shareholders' holdings report
- 2026-06-04Disclosure
- 2026-06-02Disclosure
- 2026-06-02Disclosure
- 2026-05-29Corporate governance report
- 2026-05-29Large-business-group status disclosure
- 2026-05-27Amended filing
- 2026-05-13PeriodicQuarterly report
- 2026-05-12Disclosure
- 2026-05-07Disclosure
- 2026-05-07Disclosure
📖 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.