Doosan: Profits Recovering From Losses, Shares Up Sharply Over a Year but Down Last Month

Thesis

The data supports a recovery story in earnings. Trailing twelve-month net income reached ₩367.8B (as of H1 2026) versus ₩75.8B in 2025 and losses of ₩226.2B in 2024, ₩388.3B in 2023 and ₩696.4B in 2022. Operating margin has improved to 6.4% from 5.4% in 2025. Return on equity is 18.0%.

The data also shows limits. Net margin is only 1.8%, free cash flow is small at ₩61.0B against ₩8.73T of borrowings, and the P/E of 54.9 and P/B of 7.7 reflect a price that has run well ahead of earnings. The share price is 51.0% below its 52-week high of ₩2,489,000 but 115.4% above its low of ₩567,000, indicating very wide swings. Investor flow, foreign ownership and short balance data are not available, so we cannot say who has been buying or selling.

Business overview

Doosan is listed on KOSPI and classified in the data under electronic components. It was founded on 1933-12-08 and listed on 1973-06-29, with 16,523,835 listed shares. Market capitalisation is about ₩20.18T and enterprise value is about ₩24.09T. The listed co-CEOs are 박정원, 김민철 and 유승우. Revenue grew from ₩13.20T in 2021 to ₩19.78T in 2025, with a dip of 5.2% in 2024. Trailing revenue as of H1 2026 is ₩20.76T. The data does not break revenue down by segment.

Financial analysis

These figures come from filed financial statements (DART), consolidated where available. Revenue was ₩19.78T in 2025, up 9.1%, and ₩20.76T on a trailing basis to H1 2026. Operating income was ₩1.06T in 2025 and ₩1.34T trailing, giving operating margins of 5.4% and 6.4%. This compares with 7.5% in 2023 and 7.2% in 2021.

Net income was ₩211.8B in 2021, then losses for 2022 to 2024, then ₩75.8B in 2025 and ₩367.8B trailing (net margin 1.8%). ROE moved from -35.2% in 2022 to 5.0% in 2025 and 18.0% trailing. Liabilities to equity is 161.3%. Cash is ₩4.82T against borrowings of ₩8.73T, so net borrowings are about ₩3.91T. Free cash flow is ₩61.0B.

Valuation

The current P/E is 54.9, P/B is 7.7 and P/S is 1.0, with a dividend yield of 0.9%. EV/EBITDA is not available. At the end of 2025 the P/E was 170.3 and P/B 8.3, so the P/E has fallen sharply as earnings rose, while P/B is only slightly lower. Year-end multiples for earlier years are not available because of losses or missing data.

Among listed peers with data, Samsung Electro-Mechanics shows a P/E of 110.2 and P/B of 10.9, and Hanwha Systems a P/E of 80.8 and P/B of 3.2. Doosan's P/E is below both, and its P/B is below Samsung Electro-Mechanics but above Hanwha Systems. Peer multiples for LG Innotek, Isupetasys and Daeduck Electronics are not available. Doosan's market cap of ₩20.18T is larger than all of these three but smaller than Samsung Electro-Mechanics (₩111.07T) and Hanwha Systems (₩14.19T is smaller than Doosan).

Catalysts

• A share cancellation decision was filed on 2026-09-17, alongside a trading halt and two major management matter filings that day; the data does not give details.
• A related-party transaction was disclosed on 2026-09-17, which may affect how investors view group structure.
• 5%+ holding reports were filed on 2026-09-18 and 2026-10-08, showing shifts in significant shareholders.
• Insider shareholding reports on 2026-09-23 and 2026-10-07 show ongoing insider activity, though the direction is not in the data.
• The next financial results will show whether the trailing profit recovery seen in the H1 2026 report (filed 2026-08-14) continues.

Risks

• The P/E of 54.9 and P/B of 7.7 leave valuation sensitive to any earnings disappointment.
• Net margin of only 1.8% means small cost changes could swing profit materially, as seen in the losses of 2022 to 2024.
• Borrowings of ₩8.73T and liabilities to equity of 161.3% add financial leverage.
• Free cash flow of ₩61.0B is thin relative to debt and market value.
• The share price fell 10.0% in one month and sits 51.0% below its 52-week high, showing high volatility, and flow and short-interest data are unavailable to explain it.

Closing view

The filed numbers show a clear improvement: revenue growth, higher operating margin and a return to meaningful profit after three years of losses. Against that, margins at the net level are thin, debt is large, cash generation is small and multiples are high even after earnings growth. Recent filings point to corporate actions whose details the data does not provide. The evidence shows a recovering but richly priced and volatile company, and it is not enough to judge how durable the recovery is.

Model estimate of fair value

The valuation model has no estimate for this company yet (not enough data, or no positive value with the base case).

Report history

1. Oct 13, 2026InitiationDoosan: Profits Recovering From Losses, Shares Up Sharply Over a Year but Down Last Month