SK Oceanplant builds large structures erected at sea; its mainstay is offshore-wind substructures (jackets), alongside special-purpose vessels for defense and marine use, thick-walled steel pipe, and ship repair and conversion (MRO), making it a project-based fabrication company. April earnings disclosures confirmed sharp gains in first-quarter operating and net profit; its Anma offshore-wind supply contract was temporarily suspended at the client's request, changing the end date to undetermined, while an order win on a Taiwan project filled the quarter-end order backlog to about ₩1.2224 trillion (₩970.2 billion in offshore wind). On the positive side, the earnings direction has turned up and an order backlog exceeding ₩1 trillion underpins several years of work, while the cautions are that as a project-based business quarterly results swing sharply and the timing of revenue recognition can waver with client circumstances, as the Anma suspension showed.
At-a-glance assessment financial health · growth · profitability · valuation
- Debt ratio, current ratio and interest burden all look healthy.
- Revenue rose 45.7% year over year, and the pace is quickening (3-year trend: mixed).
- Most recent quarter (Q1 2026) revenue was 32.1% lower than a year earlier.
- ROE is 4.6% (controlling-interest basis). It is above the sector average.
- Operating margin is 6.2%.
- The forward P/E sits above the sector median, reflecting elevated expectations.
Ownership & governance As of 2025-12-31
Largest shareholder SK Ecoplant 35.62% (corporate)
Controlling bloc incl. related parties 35.62%
With the controlling bloc holding 36%, the ownership structure is stable.
🔎 In-depth analysis
- SK Oceanplant builds large structures erected at sea.
- Its mainstay is offshore-wind substructures (jackets), the steel structures that support wind turbines from below when they are installed at sea.
- Alongside these it runs special-purpose vessels for defense and marine use, thick-walled steel pipe, and ship repair and conversion (MRO).
- In 2025 special-purpose vessels made up the largest share of revenue, followed by offshore wind.
- In other words, it is not a company that buys and sells steel but a project-based fabrication company that processes steel materials into large structures for delivery.
- The latest close is ₩13,300 and market capitalization is ₩831.0 billion.
- The price sits below its 20-day moving average (₩15,840) and below its 60-day line (₩18,804).
- Trading under both its short- and medium-term averages, the trend is subdued.
- The RSI (an auxiliary gauge that weighs up-moves against down-moves over the past 14 days on a 0-100 scale) is 38.8, a neutral level.
- The one-month change is -21.3%, the three-month change is -48.5%, and the position versus the 52-week high is -56.1%.
- Relative strength against the KOSPI is 6 (a 1-99 scale that weighs recent returns against the index over the past year more heavily toward the recent period; higher means stronger than the market).
- That places it in roughly the top 94% of all stocks by strength.
- Over the past three months it lagged the index by 59.7%.
- Chart reading is best done alongside trading volume and disclosure dates.
- The valuation reads differently depending on the metric.
- The P/E ratio (how many years of earnings the price reflects) is 21.99x, which is not low.
- But this is on last year's (2025) confirmed earnings, so with earnings now recovering it is only a reference point.
- The P/B (how many times net asset value the price reflects) is 1.02x, which is not heavy.
- ROE (how much the firm earns on its equity in a year) is 4.6%, still on the low side, meaning profitability is still in the middle of recovering.
- The finances are stable, with a debt ratio (borrowings to equity) of a low 41%.
- EV/EBIT (enterprise value divided by operating profit, the debt-adjusted counterpart to P/E) is 19.6x.
- Net debt (total borrowings less cash) is about ₩192.7 billion, so it is not in a net-cash position.
- The free-cash-flow yield (the ratio of cash actually generated to market capitalization) is negative, because the company is front-loading capital and working-capital investment to absorb large orders.
- Revenue has swung sharply.
- It rose 45.7% in 2025 from the prior year, but the year before (2024) it fell 28%.
- The structure swings year to year with the timing of project recognition.
- Broadening to a five-year view, revenue grew at an average annual rate of 17.7%, and net profit turned from a loss in 2021 to a profit.
- The first quarter of 2026 is the key signal.
- Revenue fell 32% year on year, but operating profit rose 52.7% and net profit rose 130%.
- Profit rising sharply even as revenue fell means results are being filled with higher-margin work.
- The company has laid out a 'weak-first-half, strong-second-half' pattern, in which the first half is soft and offshore-wind volumes are recognized in the second half to normalize results.
- Reflecting that trajectory, this year's net profit has room to improve modestly from last year's ₩37.8 billion.
- Official disclosures on orders and results continued.
- April earnings-related disclosures confirmed sharp gains in first-quarter operating and net profit.
- April also brought an amended disclosure related to a single sales/supply contract.
- In May there were a fair disclosure of consolidated preliminary results and a notice of an investor briefing (IR).
- The risk to watch is that the substructure supply contract for the Anma offshore-wind farm was temporarily suspended at the client's request, changing its end date to 'undetermined.' On the other hand, order wins on a Taiwan offshore-wind project continued, filling the backlog.
- The quarter-end order backlog is about ₩1.2224 trillion, of which offshore wind accounts for ₩970.2 billion.
- There are two strengths.
- First, the earnings direction has turned up: operating and net profit rose sharply even as revenue fell, so profitability is improving.
- Second, an order backlog exceeding ₩1 trillion underpins several years of work, with offshore wind making up most of the backlog.
- The cautions are also clear.
- As a project-based business, quarterly results swing sharply, and the timing of revenue recognition can waver with client circumstances, as the temporary suspension of the Anma supply contract showed.
- In sum, if offshore-wind volumes are recognized on schedule in the second half and margin improvement continues, the stock is strong, whereas if project delays drag on, earnings volatility widens.
🔎 Valuation vs peers Fairly valued
Given the business substance of building marine structures and offshore plants, compared against shipbuilding and marine-equipment fabricators; its earnings structure differs from that of a simple steel seller.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Samsung Heavy Industries | 33.80x | 4.44x | 13.15% |
The 25.8x P/E on last year's basis does not look low. But it rests on 2025 confirmed results when earnings were depressed, so it is a limited yardstick now that earnings are recovering. Against the shipbuilding and marine-fabrication peer set (Samsung Heavy Industries at a P/E of 37x), the multiple burden is not excessive, and a P/B of 1.2x is not heavy relative to net asset value. On a forward basis reflecting the first-quarter earnings surge and second-half offshore-wind recognition, the multiple falls. On the other hand, project-delay risk remains, so on balance we see it as a fairly valued level that cannot be pinned to either undervalued or overvalued.
Price history Close · MA20 · MA60
The latest close is ₩13,300 and the market capitalization is ₩831.0 billion. The price sits below its 20-day moving average (₩15,840) and below its 60-day moving average (₩18,804). 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 38.8, a neutral level. The one-month change is -21.3%, the three-month change is -48.5%, and the position relative to the 52-week high is -56.1%. Relative strength versus the KOSPI is 6 (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 6% of all stocks. Over the past three months it lagged the index by 59.7%. 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 -59.73% / 6M -59.14% / 12M -73.25%
Key metrics vs sector median
Valuation
The P/E of 21.99x is above the sector median (16.39x). The P/B of 1.02x is above the sector median (0.50x). 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)
DCF (discounted cash flow) estimate — discount rate 10.1%, initial growth 8.3%→terminal 2.0%, 10-yr forecast, earnings-based. A reference range that shifts materially with assumptions.
Profitability & financials
Return on equity (ROE) is 4.6%, above the sector average (2.0%). The operating margin is 6.2%. The debt ratio is 41.0%, so the financial structure is stable.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $613.6M | $439.2M | $639.8M | +45.69% ↑ faster |
| Operating profit | $50.1M | $27.7M | $39.4M | +42.38% ↑ faster |
| Net profit | $38.1M | $10.9M | $25.1M | +130.61% ↑ faster |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $333.4M | $458.5M | $613.6M | $439.2M | $639.8M |
| Operating profit | $17.5M | $47.7M | $50.1M | $27.7M | $39.4M |
| Net profit | -$33.5M | $14.7M | $38.1M | $10.9M | $25.1M |
| Revenue CAGR | 4-yr avg 17.70% | ||||
Revenue rose 45.7% year over year (2023 ₩925.8 billion → 2024 ₩662.6 billion → 2025 ₩965.4 billion), and the three-year trend is 'mixed'. The pace of growth also quickened from the prior year. Operating profit rose 42.4% year over year. Profit is growing at an accelerating pace. Over the 5 years on record, revenue compound annual growth (CAGR) is 17.7%. The two-year revenue CAGR is 2.1%. In the most recent quarter (Q1 2026), revenue was 32.1% lower than the same period a year earlier.
Latest quarterly results Q1 2026 · vs year-ago
Technical indicators
What stands out
- Revenue grew 45.7% year over year, a sign of growth.
- The balance sheet is stable in terms of debt and liquidity.
Points to watch
- The price is high versus peers, so expectations already appear priced in.
Recent news & events searched · sourced
- 2026-05-12EarningsFair disclosure of first-quarter 2026 consolidated preliminary results, confirming improved profitability with sharp gains in operating and net profit despite lower revenue.Revenue fell year on year, but a large rise in profit confirmed margin recovery in the results (medium-term positive). Source
- 2026-05-12IRNotice of an investor briefing (IR), explaining results and the order situation directly to the market.A venue where the company formally shares the direction of its order backlog and profitability (medium-term information transparency). Source
- 2026-05-15FilingQuarterly report as of March 2026 filed, formally confirming the order backlog and the revenue mix by business segment.The business structure in which offshore wind makes up most of the order backlog is confirmed in an official document (medium-term reference). Source
- 2026-04-21UpdateAmended disclosure related to a single sales/supply contract, reflecting changed terms of an offshore-wind substructure supply contract.Changes to the amount and duration of a large supply contract directly affect the timing of revenue recognition (a short-term variable). Source
- 2026-04-30UpdateAmended disclosure of a material management matter related to investment judgment, reflecting a change in the progress of a supply contract due to client circumstances.A temporary suspension or change in end date at the client's request is a factor that delays short-term revenue recognition (a short-term burden). Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| First-quarter 2026 net profit | ₩9.9 billion | ₩9.9 billion | Confirmed | link |
| First-quarter 2026 operating profit | ₩16.9 billion | ₩16.9 billion | Confirmed | link |
| 2026 market capitalization | ₩831.0 billion | — | Unverified | link |
| 2026 net profit outlook | approx. ₩41.0 billion (self-estimate) | — | Unverified | link |
Recent filings
- 2026-06-05OwnershipOwnership-change filing
- 2026-05-29Corporate governance report
- 2026-05-29Large-business-group status disclosure
- 2026-05-15PeriodicQuarterly report
- 2026-05-12OwnershipOwnership-change filing
- 2026-05-12EarningsFair-disclosure notice
- 2026-05-12Disclosure
- 2026-05-07Disclosure
- 2026-05-06OwnershipOwnership-change filing
- 2026-04-30Amended filing
- 2026-04-21Single supply/sales contract (amended)
- 2026-04-07OwnershipOwnership-change filing
📖 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.