CS Wind is the world's number-one maker of wind towers, the pillars of wind turbines, having supplied more than 13,000 units worldwide; it delivers to global turbine makers such as Vestas and Siemens Gamesa from plants in eight countries including Vietnam and the U.S., and in 2023 it broadened into offshore-wind substructures by acquiring Denmark's Bladt. Q1 2026 was confirmed on May 7, 2026 with revenue of ₩711.1 billion, operating profit of ₩74.3 billion, and net profit of ₩43.9 billion, followed by three IR sessions, a decision on debt guarantees for a subsidiary, and a corporate governance report and other administrative disclosures. The point to watch is that, with its world-leading position, production bases in eight countries, and two growth axes in U.S. onshore and European offshore, net profit that was depressed by a 2025 impairment returned to a normal track in Q1, so reflecting this recovery brings the headline P/E of 53x down sharply; but a 174.8% debt ratio and 2.33x interest coverage leave a financing-cost burden, and this is a policy-sensitive industry where a wind-down of U.S. tax support and offshore-wind policy drive the order flow.
At-a-glance assessment financial health · growth · profitability · valuation
- Revenue fell 4.6% year over year (3-year trend: mixed).
- Most recent quarter (Q1 2026) revenue was 21.1% lower than a year earlier.
- ROE is 3.0% (controlling-interest basis). It is below the sector average.
- Operating margin is 10.9%.
Ownership & governance As of 2021-12-31
Largest shareholder Kim Sung-kwon 29.05% (individual)
Controlling bloc incl. related parties 43.37%
With the controlling bloc holding 43%, the ownership structure is stable.
🔎 In-depth analysis
- CS Wind makes wind towers, the 'pillar' of the wind turbines that generate electricity from wind, and is the world's number-one player in the field, having supplied more than 13,000 units worldwide to date.
- It has plants in eight countries including Vietnam, the U.S., Portugal, China, Turkey, and Taiwan, and delivers towers to global turbine makers such as Vestas and Siemens Gamesa.
- At the end of 2023 it acquired Denmark's Bladt, a specialist in offshore-wind substructures (the foundation structures that fix a turbine to the seabed), broadening its business from onshore towers to offshore foundations.
- Revenue splits mainly into a tower segment and a substructure segment; as of Q1 2026, towers were ₩597.6 billion and substructures ₩113.5 billion, so the tower share is large.
- The latest close is ₩39,200 and the market cap is ₩1.7 trillion.
- The price sits below its 20-day line (₩43,212) and below its 60-day line (₩52,571).
- Trading under both its short- and medium-term moving averages, the trend is on the soft side.
- RSI (a supplementary gauge that weighs upward against downward force over the last 14 days on a 0-100 scale) is 39.9, a neutral level.
- The one-month change is -5.2%, the three-month change is -40.2%, and the position versus the 52-week high is -49.0%.
- Relative strength versus the KOSPI is 29 (1-99, computed from returns against the index over the past year with recent performance weighted more heavily; higher means stronger than the market).
- That places it in roughly the top 71% of all stocks by strength.
- Over the last three months it has lagged the index by 51.3%.
- Chart reading is best done alongside trading volume and disclosure dates.
- The valuation surface looks heavy.
- The P/E ratio (how many years of profit the price represents) is high at 53x, and ROE (how much is earned in a year on equity) is just 3.0%.
- But this is because 2025 net profit (₩34.7 billion) was unusually low.
- In the same year operating profit actually rose to ₩320.3 billion (up 25.4% year on year), while only net profit fell 75.6%.
- The reason is a large impairment at an offshore-wind subsidiary: when a U.S. project cancellation cut off work at the Danish monopile plant (Lindoe), the company booked a one-off accounting charge marking down asset values sharply.
- Because this charge involves no cash outflow, it is a temporary item and should be separated from the ongoing operating strength of the business.
- For reference, the U.S. plant receives a tax credit for domestic production (AMPC); at about ₩95.1 billion last year, this equaled 37% of operating profit, contributing structurally to earnings.
- The debt ratio (debt against equity) is somewhat high at 174.8% and interest coverage is 2.33x, a structure with a financing-cost burden.
- P/B (the price relative to book equity) is 1.43x and the dividend yield is 2.3% (₩1,000 per share).
- The cash flow is also worth noting: EV/EBIT (enterprise value including debt divided by operating profit) is low at 8.1x and the FCF yield (actual cash generated relative to market cap) is high at 23.5%, so even though accounting net profit was depressed by a one-off, the real cash-generating power is solid.
- Over five years, revenue grew from ₩1.20 trillion in 2021 to ₩3.07 trillion in 2024, then eased to ₩2.93 trillion in 2025, while operating profit rose clearly over the same span from ₩101.1 billion to ₩320.3 billion.
- Net profit plunged from ₩142.3 billion in 2024 to ₩34.7 billion in 2025, not because of operating weakness but because of the one-off impairment at the offshore-wind subsidiary.
- In fact, Q1 2026 net profit of ₩43.9 billion already surpassed the entire 2025 full-year net profit (₩34.7 billion) in a single quarter.
- In other words, net profit has hit bottom and is returning to a normal level.
- Q1 revenue and operating profit fell year on year largely because Q1 of the prior year was unusually strong, a negative base effect.
- The offshore-wind subsidiary had a work gap in the second half of last year, but new substructure orders have secured this year's revenue, so that concern has cleared.
- In the U.S., onshore-wind orders are being pulled forward ahead of the reduction in tax support, and the company sees the U.S. tax credit staying at around ₩120 billion a year.
- On these grounds, this year's earnings are on a trajectory clearly pointing up from the depressed 2025 level.
- Reflecting this recovery, even though the current price looks to carry a high P/E on last year's results, it sits at a much lower multiple on this year's earnings basis.
- On May 7, 2026, a consolidated preliminary results disclosure confirmed Q1 revenue of ₩711.1 billion, operating profit of ₩74.3 billion, and net profit of ₩43.9 billion.
- In May the company held three IR sessions in succession (5/11, 5/18, 5/22), strengthening communication with investors, and on May 15 it disclosed a decision on debt guarantees for third parties, showing that the funding-support structure for its production subsidiaries remains in place.
- On May 22 large-holding and ownership-change filings related to treasury shares followed, and a corporate governance report came on May 29 and an executive and major-shareholder ownership report on June 1.
- Rather than standalone disclosures of major new orders, the quarter was dominated by administrative disclosures such as periodic reports, IR, and stake/guarantee items.
- The strong case is clear.
- There is the world-leading tower-making position, production bases in eight countries, and two growth axes in pulled-forward U.S. onshore orders and European offshore substructures; and net profit, temporarily depressed by the 2025 impairment, had already returned to a normal track by Q1 2026.
- Reflecting this recovery, the headline 53x P/E comes down sharply on this year's earnings basis, so it is hard to call the stock expensive on last year's results alone.
- The cautions are equally clear.
- With a 174.8% debt ratio and 2.33x interest coverage, there is a financing-cost burden, so rates and exchange rates can amplify net-profit volatility.
- And as a policy-sensitive industry where the timing of the U.S. tax-support wind-down and offshore-wind policy direction drive the order flow, a wobble in order visibility would shake the earnings trajectory too.
- In the end, this is a structure where an earnings recovery supports the valuation while policy and orders hold, and where high leverage becomes a burden in a policy-retreat phase.
🔎 Valuation vs peers Undervalued
Korean-listed peers within the wind value chain. SK Oceanplant, which overlaps in offshore-wind substructures, is the closest by business, while Unison, a wind-turbine maker, is a value-chain reference.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| SK Oceanplant | 21.99x | 1.02x | 4.64% |
| Unison | 0.00x | 2.11x | -19.74% |
A headline P/E of 53x looks higher than the peer SK Oceanplant (25.8x), but this is an illusion created by 2025 net profit (₩34.7 billion) being unusually low due to the one-off impairment at the offshore-wind subsidiary. In the same year operating profit actually rose to ₩320.3 billion, and Q1 2026 net profit of ₩43.9 billion already surpassed the full 2025 figure, with earnings returning to a normal track. On this year's earnings basis reflecting that recovery, the multiple falls sharply to a level below SK Oceanplant's current P/E. Given the world-leading position and dual growth axes, it is hard to call the stock overvalued on last year's trailing results alone, and on a forward view that reflects the earnings inflection it is seen as undervalued territory. The high debt ratio, however, should be weighed together as a discount factor.
Price history Close · MA20 · MA60
The latest close is ₩39,200 and the market capitalization is ₩1.7 trillion. The price sits below its 20-day moving average (₩43,212) and below its 60-day moving average (₩52,571). 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 39.9, a neutral level. The one-month change is -5.2%, the three-month change is -40.2%, and the position relative to the 52-week high is -49.0%. Relative strength versus the KOSPI is 29 (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 29% of all stocks. Over the past three months it lagged the index by 51.3%. 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 -51.28% / 6M -39.93% / 12M -66.05%
Key metrics vs sector median
Valuation
The P/E of 47.64x is above the sector median (16.68x). The P/B is 1.43x.
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 3.0%, below the sector average (10.0%). The operating margin is 10.9%. The debt ratio is 174.8%, so the financial structure is moderate.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $1.0B | $2.0B | $1.9B | -4.59% ↓ slower |
| Operating profit | $69.1M | $169.3M | $212.3M | +25.38% ↓ slower |
| Net profit | $12.8M | $94.3M | $23.0M | -75.61% ↓ slower |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $792.0M | $911.2M | $1.0B | $2.0B | $1.9B |
| Operating profit | $67.0M | $27.9M | $69.1M | $169.3M | $212.3M |
| Net profit | $43.9M | -$650,552 | $12.8M | $94.3M | $23.0M |
| Revenue CAGR | 4-yr avg 25.15% | ||||
Revenue fell 4.6% year over year (2023 ₩1.5 trillion → 2024 ₩3.1 trillion → 2025 ₩2.9 trillion), and the three-year trend is 'mixed'. The rate of decline widened from the prior year. Operating profit rose 25.4% year over year. The pace of that profit growth is gradually easing. Over the 5 years on record, revenue compound annual growth (CAGR) is 25.1%. The two-year revenue CAGR is 38.9%. In the most recent quarter (Q1 2026), revenue was 21.1% lower than the same period a year earlier.
Latest quarterly results Q1 2026 · vs year-ago
Technical indicators
What stands out
- —
Points to watch
- Revenue fell 4.6% year over year (3-year trend: mixed).
Recent news & events searched · sourced
- 2026-05-07EarningsQ1 2026 consolidated preliminary results: revenue ₩711.1 billion, operating profit ₩74.3 billion, net profit ₩43.9 billion. Towers ₩597.6 billion, substructures ₩113.5 billion.Revenue and operating profit fell year on year (negative base), but net profit of ₩43.9 billion exceeded the 2025 full-year net profit (₩34.7 billion), a signal of earnings normalization. Source
- 2026-05-15FilingQ1 2026 quarterly report filed (as of March 2026).Periodic material for confirming segment results for towers and substructures and the financial structure (174.8% debt ratio). Source
- 2026-05-15FilingDisclosure of a decision on debt guarantees for third parties.A guarantee to fund overseas production subsidiaries, supporting the operating structure across eight countries. Expanded debt guarantees are a factor to watch from a financial-leverage standpoint. Source
- 2026-05-22IRDisclosure of IR sessions (three held in succession in May: 5/11, 5/18, 5/22).Strengthened investor communication after results, explaining the direction of orders and industry conditions. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| Q1 2026 revenue / operating profit / net profit | revenue 7,111, operating profit 743, net profit 439 | revenue 7,111, operating profit 743, net profit 439 | Confirmed | link |
| 2025 full-year operating profit / net profit | operating profit 3,203, net profit 347 | operating profit 3,203, net profit 347 | Confirmed | link |
| 2026 forward earnings estimate for this year | net profit forward PER | — | Unverified | link |
Recent filings
- 2026-06-01OwnershipOfficers'/major-shareholders' holdings report
- 2026-05-29Corporate governance report
- 2026-05-22Disclosure
- 2026-05-22OwnershipLargest-shareholder ownership change report
- 2026-05-22OwnershipOwnership-change filing
- 2026-05-18Disclosure
- 2026-05-15PeriodicQuarterly report
- 2026-05-15Disclosure
- 2026-05-11Disclosure
- 2026-05-07EarningsFair-disclosure notice
- 2026-05-04OwnershipLargest-shareholder ownership change report
- 2026-05-04OwnershipOwnership-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.