Doosan Fuel Cell makes and sells large fuel-cell systems installed at power plants and earns steady income servicing them for more than 20 years after installation under long-term service agreements (LTSAs); its phosphoric-acid (PAFC) M400 line is the mainstay, and it is broadening its lineup into the solid-oxide type (SOFC) and expanding new businesses such as water electrolysis, marine power, and data-center power. In its preliminary first-quarter 2026 results in April, a surge in revenue and a narrowing operating loss were confirmed, and at the end of April it signed a system supply contract (₩60.8 billion) and a 20-year LTSA (₩49.1 billion) with Ansan Green Power at once, while in May the roughly 17 MW supply-contract value with Samchully ES (₩52.9 billion) was disclosed. What stands out lately is that revenue is growing at double digits or more, the first-quarter operating result has improved close to breakeven, orders including a 20-year LTSA are raising the quality and durability of revenue, and clean-hydrogen policy provides support; on the other hand, net profit is still in the red, and the financing burden of a 326% debt ratio could hold back a swing to profit, so how fast orders convert into revenue and profit is the crux.
At-a-glance assessment financial health · growth · profitability · valuation
- Debt far exceeds equity (debt ratio 326.1%).
- The most recent full-year net result was a loss.
- Revenue rose 10.4% year over year, and the pace is slowing (3-year trend: rising).
- Most recent quarter (Q1 2026) revenue was 45.2% higher than a year earlier.
- ROE is -36.1% (controlling-interest basis). It is below the sector average.
- Operating margin is -23.2%.
- P/E is hard to compute here, so this is read on P/B.
Ownership & governance As of 2022-12-31
Largest shareholder Doosan Enerbility 34.78% (corporate)
Controlling bloc incl. related parties 47.25%
With the controlling bloc holding 47%, the ownership structure is stable.
🔎 In-depth analysis
- Doosan Fuel Cell earns money by making and selling large fuel-cell systems installed at power plants and then servicing them over a long period after installation.
- A fuel cell is a device that reacts hydrogen drawn from city gas, hydrogen, or LPG with oxygen from the air to make electricity and heat, and a single plant takes several-MW-class (megawatt) equipment.
- Its mainstay product is the phosphoric-acid (PAFC) M400 line, and recently it has been broadening its lineup into the higher-efficiency solid-oxide type (SOFC).
- The larger axis of revenue is the initial supply contract that delivers the system, and on top of this a long-term service agreement (LTSA) that manages the delivered equipment for more than 20 years attaches as a steady income source.
- Domestic power operators (for example, Samchully ES and Ansan Green Power) are the main customers, and it is also broadening new businesses such as water electrolysis (equipment that splits water with electricity to make hydrogen), marine power, and data-center power.
- The latest close is ₩42,850 and the market cap is ₩2.8 trillion.
- The price sits below its 20-day line (₩59,452) and below its 60-day line (₩67,739).
- Trading under both its short- and mid-term moving averages, the trend is on the subdued side.
- The RSI (a supplementary gauge that weighs upward against downward force over the past 14 days on a 0-100 scale) is 28.4, close to a slump zone.
- The one-month change is -40.4%, the three-month change is +24.2%, and the position versus the 52-week high is -57.8%.
- Relative strength against the KOSPI is 56 (1-99, computed from returns versus the index over the past year with more weight on recent periods; higher means stronger than the market).
- That places it in roughly the top 43% of all stocks by strength.
- Over the past three months it lagged the index by 5.7%.
- Chart reading is best done alongside trading volume and disclosure dates.
- On valuation, earnings-based metrics do not hold.
- Because of the 2025 net loss, the P/E ratio (how many times a year's earnings the share price is) cannot be calculated, and EPS (earnings per share) is -₩2,028.
- Instead, at a P/B (how many times net assets the share price is) of 7.64x and a P/S (how many times revenue the share price is) of 8.56x, the level is high, reflecting expectations for growth and orders rather than results.
- Profitability is still in the red, with ROE (how much it earns in a year per unit of equity) at -36.1% and an operating margin of -23.2%.
- Financials are on the burdened side, with a debt ratio (debt against equity) of 326%, which is why interest and financing costs keep eating into net profit.
- That said, it matters that the large 2025 loss was concentrated in the fourth quarter (a fourth-quarter operating loss of -₩76.6 billion), and that the first-quarter 2026 operating loss narrowed to -₩1.3 billion, close to breakeven.
- On last year's confirmed results alone it looks burdensome, but as a company passing an earnings inflection, the ongoing flow should be weighed alongside.
- Revenue is on a growth track.
- It rose from ₩260.9 billion in 2023 to ₩411.8 billion in 2024 (+57.8%) and ₩454.8 billion in 2025 (+10.4%), a two-year average of 32%, and first-quarter 2026 revenue of ₩144.8 billion was up 45.2% from a year earlier.
- Profit and loss, by contrast, swung from a slight profit in 2023 to losses in 2024-2025, the result of new-business investment overlapping with costs concentrated in the fourth quarter of 2025.
- The key is the direction of profit and loss.
- The operating loss shrank sharply from -₩76.6 billion in the fourth quarter of 2025 to -₩1.3 billion in the first quarter of 2026, an early signal that profitability is recovering as revenue grows.
- Future profit depends on how fast new system-supply volume is recognized as revenue and on how much steady, stable-margin service revenue such as the 20-year long-term service (LTSA) accumulates.
- That said, a swing to net profit requires operating profit to exceed the financing costs arising from high debt, and at this point, with no material offering an official annual target from the company, it is hard to pin this year's net profit to a specific figure.
- In 2026, meaningful disclosures have come from both results and orders.
- The April preliminary-results disclosure confirmed a surge in revenue and a narrowing operating loss, and at the end of April it signed a system supply contract (₩60.8 billion) and a 20-year long-term service agreement (LTSA, ₩49.1 billion) with Ansan Green Power at once, securing both early revenue and long-term service revenue.
- In May, the previously withheld contract value of the roughly 17 MW fuel-cell system supply contract signed with Samchully ES (₩52.9 billion) was disclosed.
- Such supply and service orders form the basis for future revenue and margin recovery.
- The points that look positive are clear.
- Revenue is growing at double digits or more, the first-quarter 2026 operating result has improved close to breakeven after the large fourth-quarter 2025 loss, and the quality and durability of revenue are improving as orders including a 20-year long-term service (LTSA) accumulate.
- A policy environment that institutionally supports clean-hydrogen power also underpins demand for power-generation fuel cells.
- On the other hand, the points to note are equally clear.
- Net profit is still in the red, and with a debt ratio of 326% the financing burden could hold back a swing to net profit.
- How fast orders convert into actual revenue and profit, and how shifts in government-auction market volume feed through to results, are the crux.
- In sum, this is a company at an earnings inflection where the direction of revenue growth and profit-and-loss improvement is good, but a firmly established net profit and eased financial burden still need confirming.
- It is reasonable to follow whether revenue growth and a narrowing loss actually continue quarter by quarter.
🔎 Valuation vs peers Inconclusive
The peer set is domestic listed names within the ecosystem of power- and industrial-use fuel cells and hydrogen and power equipment. Bumhan Fuel Cell is a direct fuel-cell peer (though its sub-field differs, centered on marine and hydrogen refueling), and Doosan Enerbility is a large-cap power-equipment name in the same group with business adjacency.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Bumhan Fuel Cell | 88.21x | 0.87x | 0.99% |
| Doosan Enerbility | 553.29x | 6.02x | 1.09% |
(a) Position versus peers: at a P/B of 10.6x it is far higher than the direct peer Bumhan Fuel Cell (P/B of 1.4x) and higher even than the group-adjacent name Doosan Enerbility (7.28x). (b) Premium/discount: a premium for scale, order base, and growth potential in stationary power-generation fuel cells is reflected, making the asset-value multiple higher than peers. (c) Limits of trailing metrics: with the 2025 net loss, the P/E does not hold and EPS and ROE are negative, so undervaluation or overvaluation cannot be declared on an earnings basis. With no official annual company target disclosed, forward net profit is also hard to pin to a figure. In the end, this is a stock that should be assessed on revenue growth, order backlog, and the pace of profit-and-loss improvement rather than an earnings multiple, so rather than declaring it cheap or expensive on current metrics alone, Inconclusive is correct.
Price history Close · MA20 · MA60
The latest close is ₩42,850 and the market capitalization is ₩2.8 trillion. The price sits below its 20-day moving average (₩59,452) and below its 60-day moving average (₩67,739). 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 28.4, near oversold territory. The one-month change is -40.4%, the three-month change is +24.2%, and the position relative to the 52-week high is -57.8%. Relative strength versus the KOSPI is 56 (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 56% of all stocks. Over the past three months it lagged the index by 5.7%. 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 -5.72% / 6M -15.44% / 12M -20.03%
Key metrics vs whole-market median
Valuation
A net loss makes the P/E an unreliable valuation gauge. The P/B of 7.64x is above the whole-market median (1.15x).
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 -36.1%, below the whole-market average (5.0%). The operating margin is -23.2%. The debt ratio is 326.1%, so the financial structure is somewhat high.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $172.9M | $272.9M | $301.4M | +10.45% ↓ slower |
| Operating profit | $1.1M | -$1.1M | -$70.0M | — |
| Net profit | -$5.6M | -$6.9M | -$88.0M | — |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $252.8M | $206.9M | $172.9M | $272.9M | $301.4M |
| Operating profit | $11.9M | $4.8M | $1.1M | -$1.1M | -$70.0M |
| Net profit | $5.8M | $2.6M | -$5.6M | -$6.9M | -$88.0M |
| Revenue CAGR | 4-yr avg 4.50% | ||||
Revenue rose 10.4% year over year (2023 ₩260.9 billion → 2024 ₩411.8 billion → 2025 ₩454.8 billion), and the three-year trend is 'rising'. That said, the pace of growth slowed from the prior year. Operating results are in the red, so a swing back to profit matters more than the growth rate here. Over the 5 years on record, revenue compound annual growth (CAGR) is 4.5%. The two-year revenue CAGR is 32.0%. In the most recent quarter (Q1 2026), revenue was 45.2% higher than the same period a year earlier.
Latest quarterly results Q1 2026 · vs year-ago
Technical indicators
What stands out
- Revenue grew 10.4% year over year, a sign of growth.
Points to watch
- Debt far exceeds equity (debt ratio 326.1%).
- The most recent full-year net result was a loss.
- The most recent full year was a loss, so it is worth checking whether profitability recovers.
- The price is high versus peers, so expectations already appear priced in.
Recent news & events searched · sourced
- 2026-04-29EarningsFirst-quarter 2026 preliminary results (consolidated) disclosed — revenue of ₩144.8 billion (+45.2% year on year), operating loss of -₩1.3 billion (narrowed from -₩11.6 billion a year earlier, a sharp improvement from -₩76.6 billion in the prior fourth quarter), net loss of -₩13.2 billionA signal of passing the results trough as revenue surges and the operating loss narrows fast. Net profit is still in the red under the financing-cost burden, so the near-term improvement is led by the operating line. Source
- 2026-04-29Update20-year long-term service agreement (LTSA) for a fuel-cell system signed with Ansan Green Power — contract value ₩49.1 billion (10.8% of 2025 revenue), term 2026-04-28 to 2047-05-25, service payments made quarterlySecures service revenue recognized steadily and repeatedly over 20 years. With a more stable margin than system supply, it contributes to profitability recovery over the medium to long term. Source
- 2026-04-29UpdateFuel-cell system supply contract signed with Ansan Green Power — contract value ₩60.8 billion (13.4% of 2025 revenue), term 2026-04-28 to 2027-07-30, 50% advance / 30% progress / 20% balanceSecures new revenue to be recognized in 2026-2027. The advance-payment structure also helps early cash flow. Source
- 2026-05-21UpdatePreviously withheld contract value of a roughly 17 MW fuel-cell system supply contract with Samchully ES disclosed — ₩52.9 billion (20.3% of 2023 revenue), term 2024-11-22 to 2026-06-08The scale of a large ongoing supply deal is confirmed and disclosed, improving order-backlog visibility. Source
- 2026-05-12UpdateTreasury-stock disposal result reported — 556 shares granted to one executive on RSU (performance-linked stock) vesting were treated as unpaid due to incomplete approval of a transfer to a non-resident accountThe scale is extremely small (under 0.001% of shares outstanding), with no material supply-demand or financial impact. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| First-quarter 2026 revenue (consolidated) | 1,448 | 144,847 | Confirmed | link |
| First-quarter 2026 operating result (consolidated) | -12.9 | -1,291 | Confirmed | link |
| P/B, P/S, BPS | PBR 10.6x / PSR 8.56x / BPS ₩5,611 | 3.897 ÷ 3,675 = PBR 10.6, ÷ revenue 4,548 = PSR 8.57 | Confirmed | link |
| 2026 annual net profit (official company outlook) | N/A | — | Unverified | link |
Recent filings
- 2026-05-29Corporate governance report
- 2026-05-29Large-business-group status disclosure
- 2026-05-21Single supply/sales contract (amended)
- 2026-05-14PeriodicQuarterly report
- 2026-05-12TreasuryTreasury-stock disposal decision
- 2026-04-29EarningsFair-disclosure notice
- 2026-04-29Single supply/sales contract
- 2026-04-29Single supply/sales contract
- 2026-04-22Disclosure
- 2026-04-22EarningsEarnings disclosure
- 2026-03-26Disclosure
- 2026-03-26Shareholders' meeting notice
📖 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.