Doosan Enerbility is a near-unique domestic power-equipment maker that builds the 'heart' of a power plant — nuclear reactor main components and gas turbines — in-house; it holds a virtual monopoly on nuclear main components and is localizing gas turbines aimed at power demand from AI data centers (about half of consolidated revenue comes from construction equipment at its subsidiary Doosan Bobcat). In the first quarter of 2026 operating profit rose 63.9% from a year earlier and net profit turned positive, marking entry into a profit-recovery phase, while large orders such as a Saudi cogeneration plant are stacking up in actual disclosures. What stands out lately is that a strong inflection appears when nuclear and gas-turbine orders convert steadily into profit, whereas the valuation on last year's earnings is still high, so the multi-year order scenario must proceed without a hitch, and a 199% debt ratio makes it sensitive to swings in interest rates and margins.
At-a-glance assessment financial health · growth · profitability · valuation
- 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 4.5%.
- 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
- Doosan Enerbility earns money by designing and manufacturing in-house the core equipment that is the 'heart' of a power plant.
- Its first pillar is nuclear.
- It effectively holds a monopoly on producing nuclear main components in Korea (reactors, steam generators and other core plant equipment), and with facilities that can forge and build large reactors directly, it targets supply of main components not only for Korean-type reactors at home but also for overseas reactors such as those in the Czech Republic and for small modular reactors (SMRs, next-generation small reactors assembled from factory-built modules).
- Its second pillar is gas turbines: it has localized generators that burn natural gas to make electricity, aiming to benefit from rising power demand at North American data centers.
- To this it adds businesses such as water treatment and hydrogen, and plant EPC (a construction model that takes on design, procurement and construction in one).
- One point matters: of ₩17 trillion in consolidated revenue, roughly half comes from the subsidiary Doosan Bobcat (small construction equipment).
- Construction equipment makes up much of the top line, but the driver of corporate value is the parent's core business — nuclear and gas turbines.
- The latest close is ₩73,200 and market capitalization is ₩46.9 trillion.
- The price sits below its 20-day moving average (₩89,480) and below its 60-day line (₩104,510).
- It trades under both the short- and mid-term averages, so the trend is on the soft side.
- The RSI (a gauge that scores the strength of gains versus losses over the past 14 days on a 0–100 scale) is 29.5, close to oversold territory.
- The price is down 19.7% over one month, down 22.9% over three months, and sits 46.3% below its 52-week high.
- Relative strength against the KOSPI is 33 (on a 1–99 scale that weights recent returns versus the index over the past year more heavily; higher means stronger than the market).
- That places it near the top 68% of all stocks by strength.
- Over the past three months it lagged the index by 41.8%.
- Chart readings are best viewed alongside trading volume and disclosure dates.
- On last year's (2025) finalized results, the P/E ratio (how many times one year's earnings the price represents) is 553.29x, very high on the surface.
- But that figure owes much to the fact that last year's net profit was temporarily depressed at ₩84.8 billion.
- For a company at a profit inflection point, last year's P/E does not tell the true burden as-is.
- In fact, in the first quarter of this year it already earned net profit of ₩60.2 billion — about 70% of last year's full-year figure in a single quarter.
- The P/B (price relative to book equity) is 6.02x.
- On profitability, ROE (how much the company earns in a year on its equity) is a low 1.1%, with an operating margin of 4.5% and a net margin of 0.5%, still thin.
- The debt ratio (borrowings relative to equity) is 199%, somewhat high given the traits of power equipment and construction, and the interest coverage ratio (how many times operating profit can cover interest) is 0.62x, meaning last year's operating profit did not fully cover interest costs.
- On a debt-inclusive basis, EV/EBITDA (enterprise value divided by pre-depreciation operating profit) is 41x, and net debt (total borrowings less cash) is about ₩3.1 trillion.
- The key point is that all of these metrics are a snapshot taken 'just as the recovery is starting.'
- The direction of results is turning up from a trough.
- Revenue went from ₩17.6 trillion in 2023 to ₩16.2 trillion in 2024 and ₩17.1 trillion in 2025, with ups and downs.
- Last year's operating profit (₩0.76 trillion) and net profit (₩0.085 trillion) fell 25.1% and 23.9% respectively from the year before, a weak showing.
- But in the first quarter of 2026 the trend clearly changed.
- Revenue rose 13.7% year on year to ₩4.26 trillion, and operating profit surged 63.9% to ₩0.234 trillion.
- Net profit turned positive at ₩60.2 billion, up from a net loss (₩−21.2 billion) a year earlier.
- Revenue rising 13.7% while operating profit jumped 63.9% means 'operating leverage' kicked in as the share of high-value-added volumes such as nuclear main components and gas turbines grew.
- The order backlog also rose about 46% year on year, so a thick pile of work is set to convert into future revenue.
- Given that the first quarter is seasonally weak and that nuclear and gas-turbine revenue is recognized more toward the second half, we see this year's net profit rising to about ₩320 billion, well above last year's ₩84.8 billion.
- Reflecting this recovery trajectory, the P/E on this year's expected earnings falls to the 140x range, unlike last year's 559x.
- In absolute terms it is still high, but that is because the recovery is early and the denominator (this year's earnings) is still small.
- It should also be kept in mind that Czech reactor and SMR main components and data-center gas-turbine orders enter revenue in earnest beyond 2026 — a multi-year cycle — so the market is already pricing in earnings beyond 2026.
- Recent disclosures back the fact that 'orders are actually coming in.' On June 1 the company signed a supply contract for Phase 2 of the Jafurah cogeneration plant (which produces electricity and heat together from gas) in Saudi Arabia.
- At ₩837.0 billion (about US$557 million), it is a large deal equal to 4.9% of last year's revenue.
- On May 6 it signed another single supply contract worth about ₩523.4 billion (3% of revenue).
- Successive disclosures of investor briefings in May and June and the filing of the first-quarter report show the company continuing investor communication and results disclosure normally.
- On the business front, it is progressing supply of main components for new Czech reactors, supply of gas turbines for North American data centers, and SMR main-component cooperation with NuScale, X-energy and others.
- Such contracts increase the order backlog, thickening the revenue base for the coming years.
- Doosan Enerbility is a power-equipment company whose profit has passed the bottom and is recovering.
- The strong conditions are clear.
- It holds a hard-to-replace position: Korea's only facilities capable of building nuclear main components in-house, its own large gas turbines, and the ability to supply SMR main components.
- First-quarter operating profit jumped nearly 64%, confirming the profit recovery in numbers, and net profit turned positive.
- Large orders such as the Saudi cogeneration deal are stacking up in actual disclosures, and the order backlog is up 46% year on year.
- Concluding it is expensive from last year's 559x P/E alone would miss the inflection point.
- At the same time, the cautions are just as clear.
- The valuation on last year's earnings is still high versus peers, and that is justified only if the multi-year scenario — of orders converting into actual profit not just in 2026 but beyond — proceeds without a hitch.
- The 199% debt ratio and low interest coverage mean a financial structure sensitive to swings in interest rates and project margins.
- The construction-equipment cycle at Doosan Bobcat, which makes up half of consolidated revenue, and the revenue and margin variability inherent to large EPC can also shake quarterly results.
- In short, it is strong when nuclear and gas-turbine orders convert steadily into profit and Doosan Bobcat provides support, but the high valuation turns into a burden if the conversion of orders into profit is delayed or the construction-equipment cycle sinks.
🔎 Valuation vs peers Inconclusive
A power-equipment and heavy-industry capital-goods cycle comparison group. As power equipment and large order-driven industry, all peers share the trait of being valued on forward earnings rather than last year's.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| KEPCO E&C | 42.94x | 5.86x | 13.66% |
| BHI | 21.36x | 7.84x | 36.72% |
| HD Hyundai Electric | 40.10x | 14.48x | 36.11% |
| Hyosung Heavy Industries | 49.68x | 10.98x | 22.11% |
Last year's P/E of 559x is merely inflated because last year's net profit was depressed at ₩84.8 billion; it does not tell the company's actual earning power as-is. In such a profit-inflection phase, this year's expected earnings are a better yardstick than last year's figure. Reflecting the first-quarter swing to profit, the 64% rise in operating profit and the 46% expansion of the order backlog, the multiple on this year's expected earnings falls to the 140x range. That is still higher than the 20–50x range of nuclear-design, power-plant auxiliary and power-equipment peers. There is a basis for this premium: Korea's only facilities capable of building nuclear main components in-house, its own large gas turbines, and the ability to supply SMR main components are positions peers do not hold. There is one more thing, however. About half of consolidated revenue comes from the subsidiary Doosan Bobcat, so the operating value of the core business (nuclear and gas turbines) mixes with the equity value of the subsidiary, and it is hard to conclude over- or under-valuation from consolidated P/E and P/B alone. A sum-of-the-parts view that separates the core-business growth value from the Doosan Bobcat stake value is more accurate, so the verdict is left inconclusive.
Price history Close · MA20 · MA60
The latest close is ₩73,200 and the market capitalization is ₩46.9 trillion. The price sits below its 20-day moving average (₩89,480) and below its 60-day moving average (₩104,510). 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 29.5, near oversold territory. The one-month change is -19.7%, the three-month change is -22.9%, and the position relative to the 52-week high is -46.3%. Relative strength versus the KOSPI is 33 (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 32% of all stocks. Over the past three months it lagged the index by 41.8%. 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 -41.75% / 6M -47.11% / 12M -49.46%
Key metrics vs whole-market median
Valuation
The P/E of 553.29x is above the whole-market median (13.81x). The P/B of 6.02x is above the whole-market median (1.15x). 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 (5.0%). The operating margin is 4.5%. The debt ratio is 199.1%, so the financial structure is moderate.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $11.7B | $10.8B | $11.3B | +5.08% ↑ faster |
| Operating profit | $972.5M | $674.4M | $505.5M | -25.05% ↑ faster |
| Net profit | $36.8M | $73.8M | $56.2M | -23.89% ↓ slower |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $7.3B | $10.2B | $11.7B | $10.8B | $11.3B |
| Operating profit | $576.2M | $733.1M | $972.5M | $674.4M | $505.5M |
| Net profit | $328.3M | -$512.0M | $36.8M | $73.8M | $56.2M |
| 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 Q1 2026 · vs year-ago
Technical indicators
What stands out
- —
Points to watch
- The price is high versus peers, so expectations already appear priced in.
Recent news & events searched · sourced
- 2026-06-01UpdateSigning of a supply contract for Phase 2 of the Jafurah cogeneration plant in Saudi Arabia. Amount of ₩837.0 billion (about US$557 million), 4.9% of last year's revenue. Contract term 2026-06-01 to 2029-06-30.Mid-term expansion of revenue and order backlog. Confirmation of competitiveness in large overseas power EPC supports the gas-turbine and plant cycle. Source
- 2026-05-06UpdateSigning of a single-sale/supply contract. Amount of about ₩523.4 billion, about 3% of last year's revenue. Contract term 2026-09-30 to 2030-12-30.A multi-year large supply contract secures mid- to long-term revenue visibility. Additional accumulation of the order backlog. Source
- 2026-05-14EarningsFiling of the Q1 2026 report. Consolidated revenue of ₩4.26 trillion (+13.7% YoY), operating profit of ₩0.234 trillion (+63.9% YoY), net profit of ₩60.2 billion, a swing to profit.Profit rebounds from a trough. Margin improvement from expanded high-value-added volumes, a signal of passing the profit inflection point. Source
- 2026-05-22IRDisclosure of an investor briefing. Explaining first-quarter results and the status of the nuclear, gas-turbine and SMR businesses.Continued investor communication. Improved access to information on the order backlog and growth pillars. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| Q1 2026 consolidated revenue, operating profit and net profit | revenue 4.26, operating profit 0.234, net profit 602 | revenue 42611(+13.7%), operating profit 2335(+63.9%), net profit 602 | Confirmed | link |
| Jafurah Phase 2 cogeneration supply-contract amount | base : ·approx. (2026-06-01) | ₩837.0 billion, revenue 4.9%, approx. 2026-06-01~2029-06-30 | Confirmed | link |
| Forward P/E on 2026 expected net profit | approx. 148x | — | Unverified | link |
Recent filings
- 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.