Doosan Bobcat (241560) 🔎 In-depth
KOSPI · Price as of 2026-08-06 · Updated 2026-08-09
Doosan Bobcat makes compact construction equipment such as skid-steer loaders, compact track loaders, and mini excavators under the 'Bobcat' brand, with more than 70% of its revenue coming from North America. It is broadening its business further with portable power (generators and compressors), industrial vehicles centered on forklifts, and compact equipment for landscaping and agriculture. In 2025 revenue was $6.18 billion and operating profit $480 million, with operating profit falling from the prior year as the North American construction and housing economy cooled, but the first quarter of 2026 showed signs of recovery as revenue rose 6.2% again and net profit rose 15%. What stands out lately is that it is in a phase of easing cost and tariff burdens through a rebound in European and Middle Eastern demand and the Mexico plant completed in March, while conversely, it is a cyclical business in which external variables such as U.S. tariffs, the construction economy, and interest rates drive the amplitude of earnings.
This page organises public market and filing data for information purposes. It is not a recommendation to buy or sell, nor investment advice. Metrics labelled “forward” are our own unverified estimates. Please verify with the original DART filings and decide at your own responsibility.
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 “Construction Machinery” (Shipbuilding, Machinery, Defense & Power Equipment · Machinery), a type typically read first through P/E.
Construction-machinery makers build and sell excavators and heavy equipment, with sales flowing into results as infrastructure and construction investment and replacement demand move. Because revenue converts fairly directly into current-year profit, price-to-earnings (P/E) is the natural first read.
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 ratio, current ratio and interest burden all look healthy.
- Revenue fell 1.4% year over year (3-year trend: falling).
- Most recent quarter (Q1 2026) revenue was 6.2% higher than a year earlier.
- ROE is 5.9% (controlling-interest basis). It is above the sector average.
- Operating margin is 7.8%.
- A sector-metric and in-depth research verdict — see “Valuation vs peers” below for the basis.
Ownership & governance As of 2025-12-31
Largest shareholder Doosan Enerbility 48.17% (corporate)
Controlling bloc incl. related parties 48.2%
With the controlling bloc holding 48%, the ownership structure is stable.
🔎 In-depth analysis Reading
Doosan Bobcat is an equipment maker built around 'Bobcat,' the world's leading brand in compact construction equipment. Its mainstay is compact machines used on tight sites, such as skid-steer loaders, compact track loaders, and mini excavators. This compact construction equipment accounts for most of revenue. To that it has added portable power equipment such as generators and air compressors (portable power), industrial vehicles centered on forklifts, and compact equipment for turf, landscaping, and agriculture, broadening its product lineup. By region, North America is the key market at over 70% of total revenue, so the U.S. construction and housing economy heavily sways its results. The company is a subsidiary of Doosan Enerbility and has served as a core cash cow, accounting for a large share of the group's overall profit.
The latest close is ₩64,000 and the market capitalization is ₩6.1 trillion. The price sits above its 20-day moving average (₩62,145) and below its 60-day moving average (₩64,368). 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 52.7, a neutral level. The one-month change is -1.2%, the three-month change is -11.8%, and the position relative to the 52-week high is -16.6%. Relative strength versus the KOSPI is 34 (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 34% of all stocks. Over the past three months it lagged the index by 0.7%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
The valuation needs care to interpret. Doosan Bobcat reports its financial statements in dollars, but the share price is in won, so the on-screen P/E and P/B figures are distorted. Calculated properly, on last year's net profit (about $280 million) the P/E ratio (how many times one year of earnings the price represents) is around 15x. Profitability is at the industry average, with ROE (how much it earns in a year on its equity) of 5.6% and an operating margin of 7.8%. The balance sheet is sturdy. The debt ratio (debt to equity) is on the low side at 70.8%, and with a current ratio of 165% and interest coverage of 2.6x, the debt burden is not heavy. Net debt (total borrowings minus cash) is negative, a net-cash position with more cash than borrowings. The dividend yield is 2.69% (₩1,700 per share), and the payout ratio (the share of net profit paid out as dividends) is 40.4%, so shareholder returns are steady. That said, the FCF yield (cash generated relative to market cap), which shows the actual cash generation behind the dividend, is low, so in years of heavy capital expenditure, free cash can thin out.
The past few years were a clear downcycle. After profit jumped in 2022-2023 on the post-COVID North American construction boom, that base turned down in 2024-2025 and operating profit fell for two straight years. In 2025, operating profit fell 24.5% and net profit fell 31.5% from the prior year. However, the size of the decline itself moderated from the prior year, reading as earnings passing through a trough. Indeed, in the first quarter of 2026 revenue rose 6.2% year-on-year, operating profit rose 2.6%, and net profit rose 15.0%, a rebound. By region, Europe, the Middle East, and Africa jumped sharply on a recovery in compact-equipment demand, and North America also turned positive on a forklift recovery. This year, this recovery trend and cost savings from the Mexico plant point toward pushing earnings up. Conversely, the U.S. tariff burden and the construction economy and interest rates are variables that cap the extent of earnings. Taking these conditions together, this year's net profit looks set to rise slightly from last year, and the forward P/E reflecting that falls to about 14x, below last year's basis.
Disclosures back the phase of earnings passing through a trough. The preliminary first-quarter 2026 results confirmed a recovery, with both revenue and operating profit rising. On the dividend side, adding the year-end dividend, it confirmed an annual ₩1,700 per share and set the payout ratio at 40.4%, so the shareholder-return policy continues even after the merger fell through. On the business side, the new Mexico plant was completed in March, raising North American loader capacity by about 20%, and the U.S.-Mexico-Canada Agreement (USMCA) allows it to ease the tariff burden. On governance, disclosures of decisions to dissolve some subsidiaries followed, showing that a group-level reorganization of the business structure is under way.
Doosan Bobcat is a classic cyclical equipment stock that is strong in recoveries and shows wider earnings amplitude in contractions and tariff phases. The favorable conditions are clear. The balance sheet is sturdy (net cash, low debt), the dividend is steady, and it has the moat of the world's leading brand in compact construction equipment. It is now in a phase where a rebound in European demand and cost savings from the Mexico plant support the earnings recovery. The high P/B and P/E on screen are merely an illusion mixing dollar reporting with a won share price; on a forward basis, about 14x is not excessive. The cautionary conditions are also clear. With 70% of revenue in North America, results are heavily swayed by the U.S. construction and housing economy and interest rates. U.S. tariffs act as a cost burden of tens of millions of dollars per quarter, so the pace of offsetting them through price increases and Mexican production is the key. Ultimately, if North American construction demand and tariff offset go smoothly the earnings recovery continues, and if the reverse holds, the recovery could be delayed.
🔎 Valuation vs peers Fairly valued
Compared against domestically listed makers of North American and global construction and industrial equipment. HD Hyundai Construction Equipment, centered on mid-to-large construction machines such as excavators and wheel loaders, is closest in business substance.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| HD Hyundai Construction Equipment | 68.43x | 1.45x | 5.27% |
The on-screen P/E and P/B figures are distorted by a mix of dollar financial reporting and a won share price, so they should not be used as-is. Recalculated on last year's net profit, the P/E is about 15x, similar to peer construction-equipment maker HD Hyundai Construction Equipment. That said, last year was near the trough of a downcycle in which earnings fell for two straight years, so the P/E on last year's earnings alone may look more expensive than it really is. Given that first-quarter 2026 earnings rebounded and that the European demand recovery and Mexico plant cost savings are being added, this year's net profit is expected to rise slightly, and the forward P/E applying that falls to about 14x. Considering the net-cash balance sheet and the 2.7% dividend, the price is not excessive, and we view it as fairly valued, with the pace of the earnings recovery being the key. ROE of 5.6% is at a cycle-trough level, with room to improve as demand recovers further.
Price history Close · MA20 · MA60
The latest close is ₩64,000 and the market capitalization is ₩6.1 trillion. The price sits above its 20-day moving average (₩62,145) and below its 60-day moving average (₩64,368). 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 52.7, a neutral level. The one-month change is -1.2%, the three-month change is -11.8%, and the position relative to the 52-week high is -16.6%. Relative strength versus the KOSPI is 34 (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 34% of all stocks. Over the past three months it lagged the index by 0.7%. 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 -0.74% / 6M -12.81% / 12M -40.18%
Key metrics Computed vs sector median
Valuation
The P/E of 21333.33x is above the sector median (14.07x). The P/B of 1227.46x is above the sector median (1.01x).
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 5.9%, above the sector average (2.0%). The operating margin is 7.8%. The debt ratio is 73.0%, so the financial structure is stable.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $5.3M | $4.4M | $4.3M | -1.40% ↑ faster |
| Operating profit | $747,972 | $448,806 | $338,914 | -24.49% ↑ faster |
| Net profit | $495,892 | $290,154 | $198,738 | -31.51% ↑ faster |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $4.1B | $6.1B | $5.3M | $4.4M | $4.3M |
| Operating profit | $418.2M | $752.8M | $747,972 | $448,806 | $338,914 |
| Net profit | $271.1M | $452.5M | $495,892 | $290,154 | $198,738 |
| Revenue CAGR | 4-yr avg -81.94% | ||||
Revenue fell 1.4% year over year (2023 ₩7.5 billion → 2024 ₩6.3 billion → 2025 ₩6.2 billion), and the three-year trend is 'falling'. That said, the rate of decline narrowed from the prior year. Operating profit fell 24.5% year over year. That said, the decline narrowed. Over the 5 years on record, revenue compound annual growth (CAGR) is -81.9%. The two-year revenue CAGR is -9.1%. In the most recent quarter (Q1 2026), revenue was 6.2% higher than the same period a year earlier.
Latest quarterly results Source Q1 2026 · vs year-ago
Technical indicators Computed
What stands out
- The balance sheet is stable in terms of debt and liquidity.
Points to watch
- Revenue fell 1.4% year over year (3-year trend: falling).
- The price is high versus peers, so expectations already appear priced in.
Recent news & events searched · sourced
- 2026-04-28EarningsPreliminary Q1 2026 consolidated results disclosed — revenue, operating profit, and net profit all rose year-on-year, confirming earnings passing through a troughShort-term positive — revenue +6.2% and net profit +15.0%, the first-quarter signal of a downcycle rebound. Source
- 2026-04-28DividendCash and in-kind dividend decision — including the year-end dividend, an annual ₩1,700 per share and a payout ratio of 40.4% confirmedMedium-term positive — the shareholder-return policy is maintained even after the merger fell through, with a yield of about 2.7%. Source
- 2026-05-14FilingQ1 2026 quarterly report filed — detailed results and financials confirmedNeutral — the detailed confirmation of the preliminary results, reaffirming financial stability (net cash, low debt). Source
- 2026-05-21FilingDisclosure of grounds for subsidiary dissolution — a group-level reorganization of the business structure under wayNeutral to medium-term watch — structural simplification through cleanup of non-core subsidiaries, with limited impact on the core business. Source
Figure cross-check computed ↔ external
Recent filings Source
- 2026-05-29Large-business-group status disclosure
- 2026-05-28Corporate governance report
- 2026-05-21Disclosure
- 2026-05-14PeriodicQuarterly report
- 2026-05-08OwnershipOwnership-change filing
- 2026-04-29Disclosure
- 2026-04-28DividendCash/stock dividend decision
- 2026-04-28DividendCash/stock dividend decision
- 2026-04-28EarningsFair-disclosure notice
- 2026-04-16Disclosure
- 2026-04-15Disclosure
- 2026-04-15Disclosure
📖 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.