Doosan Tesna: Sharp Share Price Rally Contrasts With Profits That Are Only Partly Recovered

Thesis

The data supports a recovery story in the numbers. Trailing twelve-month revenue is ₩326.4B, operating income is ₩35.6B and net income is ₩34.2B, against an operating loss of ₩0.9B in 2025. Free cash flow of ₩97.5B is also solid.

The data does not support the idea that profitability is back to earlier levels. The trailing operating margin of 10.9% is well below the 24.2% of 2022 and 26.0% of 2021. The share price has also moved much faster than earnings: it is 170.0% higher over one year and sits 37.1% below the 52-week high of ₩196,900 but 205.7% above the low of ₩40,500.

Two news headlines dated 2026-10-13 point to expected earnings improvement from a new product effect and a rebound from Q4. These are media views, and the data contains no company guidance to confirm them. Investor flow, foreign ownership and short balance data are not available.

Business overview

Doosan Tesna is listed on KOSDAQ and is classified in the data as business services. It was founded on 2002-09-06 and listed on 2013-10-22. It has 19,327,238 listed shares and a market cap of ₩2,392.7B. The co-CEOs listed are 김윤건 and 조훈. Beyond the sector label, the data does not describe products or customers, so this report does not comment on them.

Revenue grew from ₩207.6B in 2021 to ₩373.1B in 2024, then fell 18.6% to ₩303.9B in 2025. The trailing figure of ₩326.4B as of H1 2026 suggests a partial rebound.

Financial analysis

All figures below come from filed financial statements (DART).

Revenue rose 33.8% in 2022, 22.0% in 2023 and 10.2% in 2024 before falling 18.6% in 2025. Operating income was ₩54.1B in 2021, ₩67.2B in 2022, ₩60.8B in 2023, ₩37.9B in 2024 and a loss of ₩0.9B in 2025. Net income in 2025 was ₩1.5B, compared with ₩36.8B in 2024.

Operating margin went from 26.0% in 2021 to 10.2% in 2024 and -0.3% in 2025, and is 10.9% on a trailing basis. Net margin is 10.5%. ROE is 7.7% trailing, versus 18.3% in 2022 and 0.3% in 2025.

The balance sheet looks moderate. Liabilities to equity is 62.3%, cash is ₩85.0B and borrowings are ₩41.2B. Trailing free cash flow is ₩97.5B.

Valuation

At the current price the P/E is 69.9, P/B is 5.3 and P/S is 7.3. The dividend yield is 0.1%. Enterprise value is ₩2,349.0B, and EV/EBITDA is not available.

The year-end 2025 P/E was 680.9 and P/B was 2.4, so the P/E has fallen as earnings recovered, while the P/B has more than doubled as the share price rose. Earlier year-end multiples are not available.

Peers in the data with multiples are S-1 (P/E 21.5, P/B 1.9) and Cheil Worldwide (P/E 10.1, P/B 1.4). Doosan Tesna's multiples are much higher. Three other listed peers have no multiples in the data. These peers are in a broad sector grouping and may not be close business comparables.

Catalysts

• The H1 2026 half-year report filed on 2026-08-14 provides the latest earnings base, with trailing operating income of ₩35.6B.
• Media headlines on 2026-10-13 cite a new product effect and an expected earnings rebound from Q4, which investors may watch for confirmation in results.
• Four 5%+ holding reports were filed between 2026-09-04 and 2026-10-07, indicating changes in major shareholdings, though the data does not show the details.
• A facility investment filing, amended on 2026-04-28, shows capital spending activity, though the amount is not in the data.

Risks

• The P/E of 69.9 and P/B of 5.3 are far above the peers shown, leaving the valuation sensitive to any earnings disappointment.
• The share price rose 47.7% in one month and 170.0% in one year, which suggests high volatility.
• Earnings have been volatile, with an operating loss in 2025 following a profit of ₩37.9B in 2024.
• Margins remain well below the 2021 to 2022 levels, and the data does not show whether they will return to them.
• Investor flows, foreign ownership and short interest are unavailable, so positioning risk cannot be assessed.

Closing view

The data shows a clear earnings recovery from the 2025 trough, supported by strong trailing free cash flow and a manageable balance sheet. At the same time, the share price has risen much faster than profits, and the multiples are well above the peers shown and above where the stock stood at the end of 2025 on a price-to-book basis. Optimistic media headlines are not backed by company guidance in the data. The figures are consistent with a business in recovery whose current price already reflects a good deal of improvement, but the data cannot show whether that recovery will continue.

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 Tesna: Sharp Share Price Rally Contrasts With Profits That Are Only Partly Recovered