Doosan Enerbility (034020) 🔎 In-depth
KOSPI · Price as of 2026-08-06 · Updated 2026-08-09
Doosan Enerbility makes primary nuclear equipment such as reactors and steam generators along with gas turbines, and builds power plants on a turnkey basis; its subsidiaries include Doosan Bobcat in compact construction equipment and Doosan Fuel Cell. In the first half of 2026 consolidated revenue was ₩8.9859 trillion and operating profit ₩547.8 billion, 32% higher than the same period last year, and in June it won the ₩837.0 billion Jafurah cogeneration project in Saudi Arabia and the ₩528.9 billion Duqm power project in Oman back to back. What stands out right now is a backlog such as the Czech Dukovany nuclear project that will unwind into revenue for more than ten years, set against the fact that the company holds only 48% of the construction equipment subsidiary that produces 78% of operating profit, so relatively little net profit is left for shareholders.
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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 “Power Equipment” (Shipbuilding, Machinery, Defense & Power Equipment), a type typically read first through forward P/E.
Power-equipment firms make the transformers and grid gear that move electricity, and their results swing with grid-investment cycles and large project awards. Because the backlog converting into future earnings matters more than results already booked, the forward P/E — reflecting expected earnings — is the first lens.
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 is somewhat higher than equity (debt ratio 202.3%).
- Operating profit barely covers the interest bill (interest coverage below 1x).
- Revenue rose 5.1% year over year, and the pace is quickening (3-year trend: mixed).
- Most recent quarter (Q1 2026) revenue was 13.7% higher than a year earlier.
- ROE is 1.1% (controlling-interest basis). It is below the sector average.
- Operating margin is 4.9%.
- The forward P/E sits above the sector median, reflecting elevated expectations.
Ownership & governance As of 2020-12-31
Largest shareholder Doosan 41.95% (corporate)
Controlling bloc incl. related parties 42.47%
With the controlling bloc holding 42%, the ownership structure is stable.
🔎 In-depth analysis Reading
There are three main earnings pillars. The core power generation equipment division earns money from primary nuclear equipment such as reactors, steam generators and coolant pumps; from large gas turbines, which only five places in the world are said to be able to make; and from EPC work that takes a power plant from design through equipment fabrication, construction and commissioning. The second is Doosan Bobcat, a listed subsidiary 48.23% owned, which supplies compact construction equipment, generators and air compressors mainly in North America. The third is Doosan Fuel Cell, 30.33% owned, with stationary fuel cells and long-term maintenance. Breaking down consolidated first-quarter 2026 revenue of ₩4.2611 trillion by division: power generation equipment ₩1.8728 trillion (44.0%), construction equipment ₩2.2472 trillion (52.7%) and fuel cells ₩128.4 billion (3.0%). Despite the name Enerbility, more than half of the consolidated books come from construction equipment, and that is the first thing to know when looking at this company.
The latest close is ₩76,400 and the market capitalization is ₩48.9 trillion. The price sits above its 20-day moving average (₩70,100) and below its 60-day moving average (₩88,723). 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 51.7, a neutral level. The one-month change is -6.4%, the three-month change is -39.8%, and the position relative to the 52-week high is -44.0%. Relative strength versus the KOSPI is 20 (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 20% of all stocks. Over the past three months it lagged the index by 33.4%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
For the detailed industry this company belongs to, the first yardstick is the forward P/E (how many times the net profit expected over the next year the price trades at). With this company, though, the place to start is that the denominator — net profit attributable to shareholders — is unusually small. Consolidated 2025 revenue was ₩17.0578 trillion and operating profit ₩762.7 billion, an operating margin of 4.5%, yet only ₩84.8 billion of net profit was left for shareholders, leaving ROE (how much was earned on shareholders' money) at just 1.1%. There are two reasons. First, the stake in Doosan Bobcat, which produces 78% of operating profit, is 48.23%, so a large part of the profit flows out to other shareholders (non-controlling interests). In the first quarter of 2026, of ₩60.2 billion of consolidated net profit, ₩760 million was attributable to controlling shareholders and the remaining ₩59.5 billion to non-controlling interests. Second, exchange rate and derivative valuation gains and losses swing by hundreds of billions of won each quarter, moving net profit sharply. Financial stability is middling: a debt ratio of 199.1%, a current ratio of 1.07x and net debt (borrowings less cash held) of ₩3.0934 trillion. An interest coverage ratio below 1x appears in the metrics, but that is the result of putting all exchange rate and derivative valuation losses into financial costs. Looking at pure interest expense alone, it was ₩76.9 billion in the first quarter of 2026 (against ₩18.1 billion of interest income), about a third of the ₩233.5 billion of operating profit in the same period, so this is far from an inability to service interest. Cash is still tight. Enterprise value (market cap plus net debt) divided by operating profit is above 60x, and free cash flow of ₩53.7 billion gives an FCF yield against market cap (the share of market capitalization the company actually kept as cash) in the 0.1% range. That is because working capital tied up in large projects and capital expenditure are both heavy. No dividend is paid.
Over three years revenue and profit moved in different directions. Revenue fell from ₩17.5899 trillion in 2023 to ₩16.2331 trillion in 2024, then recovered 5.1% to ₩17.0578 trillion in 2025. Operating profit, by contrast, fell for two straight years, from ₩1.4673 trillion to ₩1.0176 trillion and then ₩762.7 billion. The construction equipment subsidiary saw profit trimmed by slowing North American demand, compounded by a ₩105.7 billion operating loss at the fuel cell subsidiary in 2025. Widening to five years, revenue grew 11.6% a year on average. The direction changed in 2026. After first-quarter revenue of ₩4.2611 trillion (+13.7%) and operating profit of ₩233.5 billion (+63.9%), the second quarter brought revenue of ₩4.7248 trillion and operating profit of ₩314.3 billion, 34.6% above the prior quarter. Cumulative first-half operating profit of ₩547.8 billion is 32% higher than the same period last year. The reason profit is rising is clear: the company has entered the stretch where its accumulated workload converts into actual revenue. As of the first quarter of 2026 the remaining volume on major contracts was ₩11.3113 trillion, most of it only in the early stages. The Czech Dukovany units 5 and 6 reactor equipment contract is worth ₩4.9833 trillion at 5.33% completion; the Shin-Hanul units 3 and 4 reactor equipment contract ₩2.3416 trillion at 34.6%; the main plant construction for the same units ₩1.02 trillion at 12.2%; Egypt's El Dabaa nuclear project ₩2.433 trillion at 25.0%; and Vietnam's O Mon 4 thermal plant ₩951.1 billion at 16.8%. On top of that came the Jafurah phase 2 cogeneration project in Saudi Arabia (₩837.0 billion) and the Duqm power project in Oman (₩528.9 billion) in June. Nuclear and overseas power EPC work recognises revenue in line with progress over several years after construction starts, so this volume is now flowing into the income statement in sequence. On that basis, full-year operating profit is seen rising from ₩762.7 billion last year into the ₩1 trillion range, and after allocating non-controlling interests and reflecting financial income and expenses and taxes, the forward P/E comes to 142.8x. There are bumps by quarter, though. The third quarter is a seasonal low, combining summer scheduled maintenance with the North American off-season in construction equipment, so profit falls below the second quarter — but with more nuclear and power EPC revenue being recognised, it is likely to be better than the same quarter a year earlier.
The flow confirmed in this year's disclosures can be summed up as work keeps coming in while where the profit lands is still the problem. In June alone the company won two overseas power EPC projects: Jafurah phase 2 cogeneration in Saudi Arabia (₩837.0 billion, running to June 2029) and Duqm power in Oman (₩528.9 billion, running to April 2029). In March it signed a contract to supply a large gas turbine package to the United States; the counterparty and value were withheld for business confidentiality, with delivery due by November 2029. Because it was disclosed for exceeding the reporting threshold of 2.5% or more of 2024 revenue, it can be taken as at least ₩400 billion, though the exact figure cannot be confirmed until the company discloses it. In May it won ₩523.4 billion of work for a new apartment complex at Myeongjang Park in Busan, filling the construction division's order book. On July 10 it said a consortium led by Korea Hydro & Nuclear Power in which it participates had been selected as preferred bidder for the Southwest Offshore Wind Expansion Complex 1. Nothing specific such as the value has been determined, and it will report again on August 7. On July 24 it decided to inject ₩63 billion into its wholly owned subsidiary Doosan Geo Solutions to fund an equity investment in offshore wind power generation. By contrast, a March 18 disclosure reconfirmed that on small modular reactor (SMR) equipment supply, the company holds supply rights as a strategic investor with a stake in the United States' NuScale Power but that nothing has been finalised. The more anticipation there is around a field, the more it helps to separate confirmed contracts from what is still only a possibility. Shareholder returns are limited. Between April 2 and 15 the company acquired 1,332,350 treasury shares for ₩130.3 billion, but the purpose was to secure shares for long-term employee performance compensation rather than retirement. After the acquisition, treasury shares amount to 0.22% of shares outstanding, and no dividend is paid.
Start with what is worth noting. Primary nuclear equipment and large gas turbines are areas with very high barriers to entry, and this company is one of the few suppliers. Of the ₩11.3113 trillion of remaining volume on major contracts, early-stage projects make up a large share — the Czech Dukovany project at 5.3% completion, Egypt's El Dabaa at 25.0%, and Shin-Hanul units 3 and 4 at 12-35% — so visibility on volume that will unwind into revenue over the coming years is high. Results have also turned. First-half operating profit rose 32% and the second quarter was 34.6% above the prior quarter. On an asset basis, the P/B (how many times book equity the price is) of 6.09x is below peers Hyosung Heavy Industries at 9.89x, HD Hyundai Electric at 11.96x and LS ELECTRIC at 13.65x. It is also worth noting that with the share price down 47.6% in three months, a good deal of the expectation has already been unwound. The cautions are equally clear. First, the price against earnings is still heavy. A forward P/E of 181.23x is three to four times the peer range of 31.9-58.4x. Second, the cause is not temporary. The stake in the construction equipment subsidiary that produces 78% of operating profit is only 48.23%, so structurally little net profit is left for shareholders. Unless that structure changes, multiples based on net profit will keep coming out high. Third, exchange rate and derivative gains and losses move quarterly net profit sharply — controlling-interest net profit of just ₩760 million in the first quarter of 2026 is the example. Fourth, the third quarter is a seasonal low combining summer scheduled maintenance with the North American off-season in construction equipment, and controlling-interest net losses have occurred in the third quarter for two years running. Fifth, the preferred bidder selection in offshore wind and the SMR equipment supply have no confirmed values or schedules yet. Sixth, with a debt ratio of 199.1% and an FCF yield in the 0.1% range, this is not yet a structure that leaves cash over; there is no dividend, and the treasury share acquisition was for employee compensation. In sum, the core issue with this stock is that the direction of the business and its workload are improving, while how much of that profit comes down to shareholders is a separate question.
🔎 Valuation vs peers Overvalued
Listed Korean companies that make power and generation equipment and supply it on a large project basis, chosen because their businesses genuinely overlap. The listed construction equipment and fuel cell subsidiaries were excluded from the comparison group because their businesses are different.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| HD Hyundai Electric | 37.44x | 13.19x | 37.84% |
| Hyosung Heavy Industries | 48.57x | 10.54x | 21.18% |
| LS ELECTRIC | 105.98x | 14.69x | 16.36% |
| KEPCO E&C | 45.76x | 6.64x | 5.70% |
Start with the position against the peer group. A forward P/E of 181.23x is three to four times higher than HD Hyundai Electric at 31.9x, Hyosung Heavy Industries at 38.4x, KEPCO E&C at 40.8x and LS ELECTRIC at 58.4x. On the single yardstick of price against earnings, it sits above every peer. Next, the nature of that gap. Part of the premium is explained by the barrier to entry in primary nuclear equipment and by a workload extending into the 2030s. The rest, however, comes less from a premium than from structure. The stake in the construction equipment subsidiary that produces 78% of operating profit is 48.23%, so about half the profit flows out to other shareholders, and what is left is heavily trimmed by exchange rate and derivative gains and losses and by tax. A small denominator makes for a large multiple. Indeed, on the asset-based P/B the figure is 6.29x, actually below the peer range of 9.89-13.65x. In other words, the same company lands in opposite places depending on whether it is viewed through earnings or through assets. Finally, the limits of metrics based on past results. The P/E of 511.7x calculated on last year's results reflects controlling-interest net profit held down at ₩84.8 billion in 2025, so it struggles to describe the current state. With first-half operating profit already at ₩547.8 billion (+32%) and early-stage projects being recognised as revenue one after another, this year's profit rises clearly. The basis for this assessment is that even with all of that improvement reflected, the forward P/E is 142.8x — that is, it sits above the peer group even after allowing for rising earnings. This is limited to the earnings-based multiple, however; taking asset value and workload visibility into account as well, the assessment could differ.
Price history Close · MA20 · MA60
The latest close is ₩76,400 and the market capitalization is ₩48.9 trillion. The price sits above its 20-day moving average (₩70,100) and below its 60-day moving average (₩88,723). 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 51.7, a neutral level. The one-month change is -6.4%, the three-month change is -39.8%, and the position relative to the 52-week high is -44.0%. Relative strength versus the KOSPI is 20 (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 20% of all stocks. Over the past three months it lagged the index by 33.4%. 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 -33.37% / 6M -30.33% / 12M -38.01%
Key metrics Computed vs whole-market median
Valuation
The P/E of 577.48x is above the whole-market median (12.97x). The P/B of 6.09x is above the whole-market median (0.84x). 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 1.1%, below the whole-market average (3.0%). The operating margin is 4.9%. The debt ratio is 202.3%, so the financial structure is somewhat high.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $12.4B | $11.4B | $12.0B | +5.08% ↑ faster |
| Operating profit | $1.0B | $714.9M | $535.8M | -25.05% ↑ faster |
| Net profit | $39.1M | $78.2M | $59.5M | -23.89% ↓ slower |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $7.7B | $10.8B | $12.4B | $11.4B | $12.0B |
| Operating profit | $610.7M | $777.1M | $1.0B | $714.9M | $535.8M |
| Net profit | $347.9M | -$542.7M | $39.1M | $78.2M | $59.5M |
| Revenue CAGR | 4-yr avg 11.62% | ||||
Revenue rose 5.1% year over year (2023 ₩17.6 trillion → 2024 ₩16.2 trillion → 2025 ₩17.1 trillion), and the three-year trend is 'mixed'. The pace of growth also quickened from the prior year. Operating profit fell 25.1% year over year. That said, the decline narrowed. Over the 5 years on record, revenue compound annual growth (CAGR) is 11.6%. The two-year revenue CAGR is -1.5%. In the most recent quarter (Q1 2026), revenue was 13.7% 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
- The price is high versus peers, so expectations already appear priced in.
Recent news & events searched · sourced
- 2026-07-27EarningsPreliminary consolidated results for Q2 2026 — revenue ₩4.7248 trillion, operating profit ₩314.3 billionOperating profit rose 34.6% from the prior quarter and 16% from a year earlier. Cumulative first-half operating profit was ₩547.8 billion (+32%), and controlling-interest net profit of ₩158.4 billion was 2.5 times the ₩62.1 billion of the same period last year. Source
- 2026-07-24FilingDecision to inject ₩63 billion into wholly owned subsidiary Doosan Geo SolutionsThe funds are for an equity investment in offshore wind power generation and for working capital. Because it takes the form of a new share subscription there is no change in the shareholding ratio, and payment is due on September 15, 2026. Source
- 2026-07-10FilingSouthwest Offshore Wind Expansion Complex 1 — the consortium the company is part of was selected as preferred bidderThe company is taking part in a consortium led by Korea Hydro & Nuclear Power, which was selected as preferred bidder. Nothing specific such as the value has been determined, and a further disclosure is due on August 7, 2026. Source
- 2026-06-15UpdateDuqm independent power project in Oman won — ₩528,899,500,000The client is Coastal Power SAOC and commercial operation is targeted for April 2029. The contract value converts USD 157.12 million and EUR 163.40 million at the exchange rate on the contract date, and it is equivalent to 3.1% of 2025 consolidated revenue. Source
- 2026-06-01UpdateJafurah phase 2 cogeneration plant in Saudi Arabia won — ₩837,003,840,000At USD 556.84 million it is equivalent to 4.9% of 2025 consolidated revenue and runs to June 2029. It is the largest overseas power EPC award secured in the first half. Source
- 2026-05-06UpdateNew apartment complex construction at Myeongjang Park in Busan won — ₩523.4 billionThis is work for the construction division, equivalent to 3% of 2025 consolidated revenue. The provisional start date is September 30, 2026, and the project takes 51 months from the actual start. Source
- 2026-04-20FilingAcquisition of 1,332,350 treasury shares (₩130.3 billion) completedThe shares were acquired between April 2 and 15 at an average of ₩97,829. The purpose was to secure shares for long-term employee performance compensation rather than retirement, and after the acquisition treasury shares amount to 0.22% of shares outstanding. Source
- 2026-03-18UpdateClarification on small modular reactor (SMR) equipment supply — nothing finalisedThe company reconfirmed that, as a strategic investor with a stake in the United States' NuScale Power, it holds the right to supply equipment for projects that company wins, but that nothing specific has been finalised. A further disclosure is due on September 17, 2026. Source
- 2026-03-06UpdateContract signed to supply a large gas turbine package to the United States — value undisclosedDelivery is due by November 2029, and the contract value and counterparty are withheld from disclosure until November 2029 on grounds of business confidentiality. It became reportable because it exceeds 2.5% of 2024 consolidated revenue of ₩16.2331 trillion. Source
- 2025-12-15UpdateCzech Dukovany units 5 and 6 reactor equipment contract — ₩4.9833 trillionAs of the first quarter of 2026 completion was only 5.33%, leaving ₩4.7176 trillion outstanding. With a construction deadline of April 2038, it is the company's largest project and will be recognised as revenue in instalments over more than ten years. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| Q1 2026 consolidated operating profit | ₩233.5 billion | 2,335 1,400 | Confirmed | link |
| Cumulative first-half 2026 consolidated operating profit | 1 (₩233.5 billion) | 5,477 7,400 | Unverified | link |
| 2025 consolidated operating profit | ₩762.7 billion | 7,627 1,200 | Confirmed | link |
| Interest coverage ratio | 0.62x | 2026 1 operating profit ₩233.5 billion ÷ ₩76.9 billion = approx. 3.0x | Mismatch | link |
| Remaining volume on major contracts (consolidated) | — | 11 3,113 1,000 | Confirmed | link |
| Stakes in Doosan Bobcat and Doosan Fuel Cell | — | 48.23%, 30.33% | Confirmed | link |
| Key metric for the detailed industry — forward P/E | 142.80x | — | Unverified | link |
Recent filings Source
- 2026-06-09OwnershipOwnership-change filing
- 2026-06-01Single supply/sales contract
- 2026-06-01Corporate governance report
- 2026-05-29Large-business-group status disclosure
- 2026-05-27OwnershipOwnership-change filing
- 2026-05-22Disclosure
- 2026-05-14PeriodicQuarterly report
- 2026-05-14Disclosure
- 2026-05-12OwnershipOfficers'/major-shareholders' holdings report
- 2026-05-11OwnershipOwnership-change filing
- 2026-05-06Single supply/sales contract
- 2026-04-30Disclosure
📖 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.