Doosan Robotics makes and sells collaborative robots (cobots) designed to work alongside people in the same space. As of 2025, about 78% of revenue came from robot arms, with the rest from automation solutions such as palletizers. In 2025 the company acquired ONExia, a U.S. automation specialist, to broaden its North American presence and solutions business. Its July 2025 board decision to acquire roughly 89.59% of ONExia (about ₩35.6 billion) became the driver behind a sharp Q1 2026 revenue jump, and it reported Q1 revenue of ₩15.3 billion (+189.7%) alongside an operating loss of ₩12.1 billion. The strengths worth noting are that, sitting on ample cash and light debt, the ONExia deal added a new growth axis that reversed three years of declining revenue with a large rebound. The cautions are that even as revenue grew the operating loss has not yet narrowed, the timing of a swing to profit is not fixed, and with a P/B of 16.6x and a P/S of 175x the valuation is high, so the key question is whether the profit-and-loss picture improves.
At-a-glance assessment financial health · growth · profitability · valuation
- The most recent full-year net result was a loss.
- Revenue fell 29.6% year over year (3-year trend: falling).
- Most recent quarter (Q1 2026) revenue was 189.7% higher than a year earlier.
- ROE is -15.9% (controlling-interest basis). It is above the sector average.
- Operating margin is -180.3%.
- P/E is hard to compute here, so this is read on P/B.
Ownership & governance As of 2025-12-31
Largest shareholder Doosan 68.11% (corporate)
Controlling bloc incl. related parties 68.11%
With the controlling bloc holding 68%, control is very secure but the free float is thin.
🔎 In-depth analysis
- Doosan Robotics makes and sells collaborative robots (cobots) built to work in the same space as people.
- As of 2025, about 78% of revenue came from robot arms (the E, A, M, H and P series, 14 models), with the remainder from parts and automation solutions such as palletizers (machines that automatically stack boxes) and case erectors.
- In other words, selling robot hardware is the core business, and the company layers on “building automation systems that use those robots (solutions)” to add value.
- It is part of the Doosan group, and in 2025 it acquired ONExia, an automation specialist based in Pennsylvania, to expand its North American market and solutions business.
- The latest close is ₩70,400 and the market cap is ₩4.6 trillion.
- The price sits below the 20-day line (₩92,315) and below the 60-day line (₩102,453).
- Trading below both the short- and mid-term moving averages, the trend is on the soft side.
- The RSI (an indicator that gauges the strength of gains versus losses over the past 14 days on a 0-100 scale) is 31.6, a neutral level.
- The one-month change is -34.0%, the three-month change is -13.5%, and the price sits -57.8% below its 52-week high.
- Relative strength versus the KOSPI is 31 (on a 1-99 scale, converting the past year's return against the index with more weight on recent performance; higher means stronger than the market).
- That places it in roughly the top 70% of all stocks by strength.
- Over the past three months it lagged the index by 36.1%.
- Chart reading is best done together with volume and disclosure dates.
- The P/E ratio (how many times one year of profit the share price represents) cannot be calculated because the company is loss-making.
- The P/B (how many times net assets the price represents) is 13.09x and the P/S (how many times annual revenue the price represents) is 175x, which look very high on the raw numbers alone.
- That said, this company is still at a growth stage where profits have not yet emerged, so profit- and revenue-based multiples like P/E and P/S are poor tools for judging whether it is under- or overvalued, and the robotics sector broadly shares this trait.
- Financial stability is fairly solid.
- The debt ratio (debt against equity) is about 115%, which is not heavy, and the current ratio (assets available to cover debt due within a year) reaches 960%, reflecting the large cash cushion secured through its listing.
- Profitability, on the other hand, is still in the red, with ROE (how much is earned in a year on equity) at -15.9% and an operating margin of -180%.
- In short, it is best understood as a company that is “cash-rich but not yet profitable.”
- The top-line story has two faces.
- On an annual basis, revenue fell three years running, from ₩53.0 billion in 2023 to ₩46.8 billion in 2024 to ₩33.0 billion in 2025.
- Yet Q1 2026 revenue jumped to ₩15.3 billion, up 189.7% from a year earlier (about ₩5.3 billion).
- This turn came as the results of ONExia, the U.S. firm acquired last year, were consolidated, sharply lifting North American revenue (North America Q1 revenue +476%), on top of domestic government-support programs and an expanding EU customer base.
- Still, even with higher revenue the Q1 2026 operating loss of about ₩12.1 billion was similar to the prior year, because the company is spending on future investment such as hiring AI-related R&D staff and expanding its North American operations.
- In sum, this is a phase where “the top line has begun to grow again through acquisitions and solutions, but a swing to profit depends on when that investment is recouped.” Because no annual profit target for this year could be confirmed in the company's official materials, no forward profit outlook was forced.
- Two events are central to the recent flow.
- First, in July 2025 the board resolved to acquire about 89.59% of ONExia, a U.S. automation specialist (a deal of roughly ₩35.6 billion); ONExia is strong in end-of-line (EOL) automation such as palletizing and packaging.
- This acquisition became the direct driver of the Q1 2026 revenue surge.
- Second, through a fair-disclosure of consolidated preliminary results on April 28, 2026, the company reported Q1 revenue of ₩15.3 billion (+189.7%) and an operating loss of ₩12.1 billion.
- It also held several investor briefings (IR) between April and June to keep up investor communication, and filed its Q1 quarterly report in May as scheduled.
- No large order contracts or dividend disclosures were confirmed, and the delayed swing to profit is the point to watch.
- Points to watch: this company has a financial base with ample cash and light debt, and on top of its core cobot business it added a new growth axis of automation solutions and the North American market through the ONExia acquisition.
- As a result, revenue that had fallen for three years grew sharply again in Q1 2026, confirming a top-line rebound in the actual numbers, and it sits at the heart of the structural growth theme of robotics and automation.
- Cautions: even as revenue grew, the operating loss has not yet narrowed, and the timing of a swing to profit is not fixed in official company figures.
- With valuations high relative to assets and revenue — a P/B of 16.6x and a P/S of 175x — the expectations built into the price could become a burden if results fail to turn positive.
- In conclusion, this is a phase where top-line growth and continued investment appear together, and whether expanding solutions revenue translates into improved profit and loss is the condition that decides its strength or weakness.
🔎 Valuation vs peers Inconclusive
Compared against domestic listed robotics and automation companies whose core business is collaborative or service robots; since most are pre-profit, they are viewed on P/B and growth rather than P/E.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Robotis | 589.25x | 9.56x | 1.62% |
| Yujin Robot | 0.00x | 15.88x | -24.32% |
| Robostar | 0.00x | 7.64x | -5.99% |
The P/E cannot be calculated because of the loss, so judgment by an earnings multiple is impossible. A P/B of 16.6x and a P/S of 175x are high in absolute terms, but the peer set — Robotis (P/B 11.8), Yujin Robot (P/B 19.4) and Robostar (P/B 9.8) — is mostly loss-making or barely profitable, so the robotics sector broadly trades at high multiples relative to assets and revenue. In other words, this valuation reflects growth expectations that come with the nature of the sector, and it is hard to call Doosan Robotics unusually expensive. Even so, until profits turn positive it is difficult to confirm the multiples with actual numbers, and no official annual profit target could be confirmed, making it hard to build a forward-based re-valuation case. For that reason we do not conclude either under- or overvaluation and remain inconclusive.
Price history Close · MA20 · MA60
The latest close is ₩70,400 and the market capitalization is ₩4.6 trillion. The price sits below its 20-day moving average (₩92,315) and below its 60-day moving average (₩102,453). 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 31.6, a neutral level. The one-month change is -34.0%, the three-month change is -13.5%, and the position relative to the 52-week high is -57.8%. Relative strength versus the KOSPI is 31 (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 30% of all stocks. Over the past three months it lagged the index by 36.1%. 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 -36.08% / 6M -46.19% / 12M -51.16%
Key metrics vs sector median
Valuation
A net loss makes the P/E an unreliable valuation gauge. The P/B of 13.09x is above the sector median (6.92x).
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
The operating margin is -180.3%. The debt ratio is 114.6%, so the financial structure is moderate.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $35.2M | $31.0M | $21.9M | -29.58% ↓ slower |
| Operating profit | -$12.7M | -$27.3M | -$39.4M | — |
| Net profit | -$10.5M | -$24.2M | -$36.8M | — |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | — | — | $35.2M | $31.0M | $21.9M |
| Operating profit | — | — | -$12.7M | -$27.3M | -$39.4M |
| Net profit | — | — | -$10.5M | -$24.2M | -$36.8M |
| Revenue CAGR | 2-yr avg -21.15% | ||||
Revenue fell 29.6% year over year (2023 ₩53.0 billion → 2024 ₩46.8 billion → 2025 ₩33.0 billion), and the three-year trend is 'falling'. The rate of decline widened 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 3 years on record, revenue compound annual growth (CAGR) is -21.1%. The two-year revenue CAGR is -21.1%. In the most recent quarter (Q1 2026), revenue was 189.7% higher than the same period a year earlier.
Latest quarterly results Q1 2026 · vs year-ago
Technical indicators
What stands out
- —
Points to watch
- The most recent full year was a loss, so it is worth checking whether profitability recovers.
- Revenue fell 29.6% year over year (3-year trend: falling).
- The price is high versus peers, so expectations already appear priced in.
Recent news & events searched · sourced
- 2025-07-28FilingBoard resolution to acquire about 89.59% of ONExia, a U.S. automation specialist (roughly ₩35.6 billion). Aimed at end-of-line logistics automation such as palletizing and packaging, and at entering the North American market.In the medium term, a springboard to expand North American revenue and the automation solutions business. It was the direct driver of the Q1 2026 revenue surge, but integration and expansion costs weigh on near-term profit and loss. Source
- 2026-04-28EarningsFair-disclosure of consolidated preliminary Q1 2026 results. Revenue ₩15.29 billion (+189.7% year on year), operating loss ₩12.07 billion, net loss ₩9.17 billion.With ONExia consolidated, the revenue top line rebounded sharply, but the operating loss held near the prior year's level because of AI R&D and North American expansion investment. Source
- 2026-05-15FilingRegular filing of the Q1 2026 quarterly report.Official confirmation of Q1 financials and business status. Confirms both the continued loss and the structure of ample cash and low debt. Source
- 2026-06-08IRNotice disclosure of an investor briefing (IR). Multiple investor sessions held between April and June.Stronger investor communication during a revenue rebound. A channel for the company to explain its plans for a swing to profit and its solutions strategy. Source
Figure cross-check computed ↔ external
Recent filings
- 2026-06-09OwnershipOwnership-change filing
- 2026-06-08Disclosure
- 2026-06-01Corporate governance report
- 2026-05-29Large-business-group status disclosure
- 2026-05-15PeriodicQuarterly report
- 2026-05-11Disclosure
- 2026-05-06Disclosure
- 2026-04-28EarningsFair-disclosure notice
- 2026-04-16Disclosure
- 2026-04-16EarningsEarnings disclosure
- 2026-04-03OwnershipLargest-shareholder ownership change report
- 2026-04-03OwnershipOwnership-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.
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