Doosan Bobcat is a compact construction-equipment maker known for the "Bobcat" brand. It earns money from compact machines such as skid-steer loaders, compact track loaders, and mini excavators, along with portable power and forklifts, and the hydraulics business of its subsidiary Doosan Mottrol, with about 75% of revenue coming from North America. Its Q1 2026 provisional results confirmed a recovery and a margin rebound (9.2%), and on the same day it resolved on cash and in-kind dividends (equivalent to ₩1,700 per share for full-year 2025), continuing its shift to quarterly dividends and its 40% shareholder-return-ratio stance. The points to weigh are the strengths: brand dominance in the North American compact-equipment market, a P/B close to asset value, a 2.7% dividend, and signs of passing an earnings trough as dealer inventories normalize. Against that, with 75% of revenue concentrated in North America, results are sensitive to changes in U.S. construction activity, interest rates, currency, and tariff policy, and the pace of recovery depends on North American demand and dealer orders.
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 5.6% (controlling-interest basis). It is above the sector average.
- Operating margin is 7.8%.
- P/B is high versus peers, a stretch on an asset 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
- Doosan Bobcat is a compact construction-equipment maker well known for the "Bobcat" brand.
- Its flagship products are compact machines used on tight sites, such as skid-steer loaders, compact track loaders (CTL), and mini excavators, joined by portable power such as mobile generators and light towers, logistics and material-handling equipment such as forklifts, and the hydraulics business of its subsidiary Doosan Mottrol.
- Most of revenue comes from sales of finished equipment and from parts and service, and by region North America is overwhelming at about 75%, with Europe, the Middle East, and Africa about 16% and Asia and Latin America about 9%.
- In other words, this company's results can safely be seen as governed by "demand for compact equipment on U.S. residential and non-residential construction and agricultural and landscaping sites." Bobcat is a franchise with long-standing brand dominance in the North American compact-equipment market, so it tends to have higher margins and pricing power than a simple heavy-machinery maker.
- The recent close is ₩60,100 and the market cap is ₩5.8 trillion.
- The price sits below the 20-day line (₩63,800) and below the 60-day line (₩67,727).
- Trading beneath both its short- and medium-term moving averages, the trend is on the soft side.
- The RSI (a gauge that scores upward versus downward force over the past 14 days on a 0-100 scale) is 39.1, a neutral level.
- The one-month change is -5.1%, the three-month change is -2.8%, and the position versus the 52-week high is -21.6%.
- Relative strength against the KOSPI is 32 (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 in roughly the top 69% of all stocks by strength.
- Over the past three months it lagged the index by 26.9%.
- It is best to read the chart alongside trading volume and the dates of disclosures.
- On a 2025 basis, revenue was about ₩6.2 trillion, operating profit about ₩482.4 billion (operating margin 7.8%), and net profit attributable to the controlling interest about ₩282.9 billion.
- Dividing the current market cap (about ₩6.1 trillion) by confirmed net profit gives a trailing P/E (how many times one year's net profit the share price represents) of about 21.6x, and the P/B (how many times book equity the share price represents) is about 1.22x, close to asset value.
- There is a caveat here, though.
- The 21.6x trailing P/E looks relatively high because the denominator, 2025 net profit, has already been pressed down to a cyclical trough (down 40% from the 2023 peak of ₩705.9 billion); it does not mean the stock is expensive.
- ROE (how much it earns in a year on shareholders' equity) has fallen to 5.6%, fitting a trough phase, while the debt ratio (debt against equity) is stable at 70.8%, and with a current ratio of 1.65x and interest coverage of 2.6x, financial strength is sound.
- The dividend yield is 2.7% (₩1,700 per share, payout ratio 40.4%), high for this sector.
- Over five years, revenue traced a path down from its peak: ₩5.8 trillion in 2021, ₩8.6 trillion in 2022 (peak), ₩7.5 trillion in 2023, ₩6.3 trillion in 2024, and ₩6.2 trillion in 2025; net profit also fell from ₩640-706 billion in 2022-2023 to ₩413.0 billion in 2024 and ₩282.9 billion in 2025.
- The core cause of this decline was a "channel adjustment" as North American dealers worked down inventory built up after the pandemic, together with softening construction demand.
- But the trend is turning.
- Cumulative Q1 2026 results were revenue ₩1.53 trillion (+6.2%), operating profit ₩141.3 billion (+2.6%), and net profit ₩89.7 billion (+15.0%), with the improvement in net profit especially notable, and in particular the operating margin rose to 9.2%, markedly above the 2025 full-year figure (7.8%).
- According to the company, global dealer inventory fell about 10% year on year (about 12% in North America), putting the inventory burden into a normalizing phase, and this is joined by non-residential construction such as data centers and the ramp-up of a new plant in Mexico.
- For these reasons this year's earnings are seen to be on a recovery track past the trough, and the seasonally strong Q2-Q3 has room to lift second-half results.
- This is why, although the trailing P/E looks somewhat high, on recovered earnings (forward) it is priced lower.
- The April 28, 2026 consolidated provisional results (fair disclosure) confirmed the Q1 recovery, and on the same day the company resolved on cash and in-kind dividends (a return policy stance equivalent to ₩1,700 per share for full-year 2025), continuing its shift to quarterly dividends and its 40% shareholder-return-ratio stance.
- On April 15 it disclosed the holding of an investor briefing (IR), explaining its business plan and inventory and demand conditions directly to the market, and in May routine governance-related disclosures such as the large business group status and the corporate governance report followed.
- Over April and May there were also disclosures of grounds for dissolution of overseas subsidiaries (a major management matter of subsidiaries), understood as organizational realignment to tidy up the overseas holding and intermediate-company structure.
- From an observation standpoint the strengths are clear: brand dominance in the North American compact-equipment market, a P/B close to asset value with a high 2.7% dividend, a stable financial structure, and above all the fact that dealer-inventory normalization and the Q1 margin recovery (9.2%) are giving signals of passing an earnings trough.
- The trailing P/E of 21.6x only looks high because of trough earnings; on recovered earnings it is actually priced lower than domestic heavy-machinery peers, so it is hard to call the valuation burden heavy.
- On the other side, the point to watch is that with 75% of revenue concentrated in North America, results are sensitive to U.S. construction activity, interest rates, currency (won/dollar), and changes in tariff policy.
- The pace of recovery ultimately depends on how quickly North American demand and dealer orders revive.
- In sum, this is a stock where earnings leverage works strongly when North American demand recovers and inventory rebuilding continues, and where the recovery can be delayed if North American construction stalls again.
🔎 Valuation vs peers Fairly valued
North America-centered compact and mid-size construction-equipment makers and domestic makers of finished construction machinery (on a business-substance basis). HD Hyundai Construction Equipment, which has on-site figures, is used as the benchmark peer, with HD Hyundai Infracore referenced as a business-similar peer.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| HD Hyundai Construction Equipment | 58.44x | 3.22x | 5.51% |
| Doosan Bobcat | 20033.33x | 1149.14x | 5.64% |
The trailing P/E is about 21.6x and the P/B about 1.22x. The P/E does not look low on the surface, but that is because the denominator, 2025 net profit, has been pressed down to a cyclical trough (-60% from the 2023 peak), not because the share price is expensive. Compared with the domestic peer HD Hyundai Construction Equipment, which has a similar ROE (around 5.5%) and trades at a trailing P/E in the 60x range and a P/B of 3.3x, Doosan Bobcat is in a relatively cheaper position with a multiple close to asset value and a higher dividend. Add the Q1 margin recovery and inventory normalization, so that this year's earnings pass the trough, and on recovered earnings (a forward P/E of about 17x) it is priced lower still. It is therefore hard to say the valuation burden is excessive, and the stock is judged to be at the "fairly valued to slightly undervalued" boundary, with the pace of North American demand recovery as the key variable.
Price history Close · MA20 · MA60
The latest close is ₩60,100 and the market capitalization is ₩5.8 trillion. The price sits below its 20-day moving average (₩63,800) and below its 60-day moving average (₩67,727). 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 39.1, a neutral level. The one-month change is -5.1%, the three-month change is -2.8%, and the position relative to the 52-week high is -21.6%. Relative strength versus the KOSPI is 32 (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 31% of all stocks. Over the past three months it lagged the index by 26.9%. 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 -26.89% / 6M -38.55% / 12M -54.38%
Key metrics vs sector median
Valuation
The P/E of 20033.33x is above the sector median (14.44x). The P/B of 1149.14x is above the sector median (1.44x).
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 5.6%, in line with the sector average (5.0%). The operating margin is 7.8%. The debt ratio is 70.8%, so the financial structure is stable.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $5.0M | $4.2M | $4.1M | -1.40% ↑ faster |
| Operating profit | $705,671 | $423,424 | $319,747 | -24.49% ↑ faster |
| Net profit | $467,847 | $273,745 | $187,498 | -31.51% ↑ faster |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $3.9B | $5.7B | $5.0M | $4.2M | $4.1M |
| Operating profit | $394.6M | $710.2M | $705,671 | $423,424 | $319,747 |
| Net profit | $255.8M | $426.9M | $467,847 | $273,745 | $187,498 |
| 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 Q1 2026 · vs year-ago
Technical indicators
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
- 2026-04-28EarningsQ1 2026 consolidated provisional results (fair disclosure): revenue about ₩1.53 trillion (+6.2% YoY), operating profit about ₩141.3 billion (+2.6%, operating margin 9.2%), net profit about ₩89.7 billion (+15.0%)Near-term: the operating margin recovered from 7.8% full-year in 2025 to 9.2% and net-profit gains widened, a signal of passing the earnings trough. Medium-term: read as the entry to an earnings-recovery track alongside dealer-inventory normalization. Source
- 2026-04-28DividendDecision on cash and in-kind dividends and setting of the dividend record date (₩1,700 per share for full-year 2025, payout ratio about 40.4%, quarterly-dividend stance)Near-term: a dividend yield of about 2.7%, high shareholder returns versus peers. Medium-term: confirms continuation of the 40% shareholder-return policy, a basis for value-up execution. Source
- 2026-04-15IRDisclosure of an investor briefing (IR) — explaining the business plan and North American demand and dealer-inventory conditions directly to the marketNear-term: the company explains the direction of results and inventory normalization. Medium-term: shares the basis for the recovery scenario with investors. Source
- 2026-05-21FilingGrounds for dissolution of a subsidiary (a major management matter of subsidiaries) — organizational realignment tidying up the overseas holding and intermediate-company structureNear-term: limited impact on results. Medium-term: simplifies the overseas entity structure, tidying up governance and capital efficiency. Source
- 2026-05-28FilingCorporate governance report disclosed — routine disclosure of governance status regarding the board and shareholder rightsNear-term: unrelated to results. Medium-term: reference material on governance transparency. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| Market capitalization | ₩5.8 trillion | ₩5.8 trillion | Confirmed | link |
| 2025 dividend (per share) | ₩1,700 · 40.4% · 2.67% | ₩1,700, approx. 40% | Confirmed | link |
| Q1 2026 net profit growth rate | net profit approx. ₩89.7 billion, +15.0% | 1 net profit operating margin 9.2% | Confirmed | link |
| 2026 annual net profit (forward estimate) | approx. ₩360.0 billion | — | Unverified | link |
Recent filings
- 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.
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