Doosan Bobcat: Shares Near 52-Week Low as Profit Stays Below 2022-2023 Levels

Thesis

The data supports a picture of a machinery company whose earnings have come down from a peak but are stabilizing. Operating margin fell from 14.2% in 2023 to 10.2% in 2024 and 7.8% in 2025, then rose to 8.5% on a trailing basis as of H1 2026. Net income of ₩341.3B on a trailing basis is above the 2025 level of ₩282.9B. The share price, however, has fallen 14.6% in three months and 7.9% over one year, so the market has not rewarded the recent margin recovery. The data does not show investor flows, foreign ownership, short balance or news headlines, so the reason for the price decline cannot be determined from what is available.

Business overview

Doosan Bobcat is a KOSPI-listed company in the Machinery sector, founded on 2014-04-25 and listed on 2016-11-18. It has 95,856,065 listed shares and a market capitalization of about ₩5.0T. The CEOs are listed as 스캇성철박 and 조덕제. Revenue was ₩5.8T in 2021 and ₩8.6T in 2022 (up 48.2%), then fell 16.1% in 2024 to ₩6.3T and 1.4% in 2025 to ₩6.2T, based on the figures provided. The 2023 and 2024 rows appear to be on a different unit basis than 2021 and 2022, so the 2023 growth figure of -99.9% is a data artifact and should not be read as a real decline. Product and segment details are not available in the data.

Financial analysis

These figures come from filed financial statements (DART). Trailing revenue as of H1 2026 is shown as about 6.3 billion in the data, and operating income about 535 million, with the same unit basis issue as noted above; ratios are more reliable than the absolute amounts. Operating margin is 8.5% and net margin 5.4%, with ROE at 7.0%. For 2025, operating margin was 7.8% and ROE 5.8%, compared with 10.2% and 8.9% in 2024. The balance sheet shows liabilities to equity of 72.9%, cash of about 1.30 billion against borrowings of about 0.97 billion in the data's units, so cash exceeds borrowings. Trailing free cash flow is positive at about 478 million in those units, roughly 75% of trailing net income on the same basis is not a precise comparison, so treat it as indicative only.

Valuation

The valuation multiples in the data are not usable as given. Current P/E is shown as 14,774.1, P/B as 988.6 and P/S as 795.9, and the year-end 2025 P/E of 19,550.8 shows the same distortion. These appear to result from a unit mismatch between the market price and the financial statement figures, so they cannot be compared meaningfully with the company's history or with peers. The peer list (Doosan Enerbility P/E 252.9, Hanmi Semiconductor 106.7, Wonik IPS 37.1) also shows very high figures and consists of energy, semiconductor equipment and robotics companies rather than close machinery peers. EV/EBITDA is not available. Dividend yield is shown as 0%, although a cash dividend decision was filed on 2026-07-23. Enterprise value is about ₩5.0T, close to market cap.

Catalysts

• The half-year report for June 2026 was filed on 2026-08-13 and amended on 2026-08-14, showing the trailing margin recovery to 8.5%.
• A cash dividend decision and a record date for the shareholder register were filed on 2026-07-23, though the amount is not in the data.
• An investor relations (IR) event was held on 2026-09-04, which may have provided management commentary, though its content is not available.
• Two 5%+ holding reports were filed on 2026-07-24 and 2026-08-06, indicating changes in major shareholdings.
• A filing on 2026-08-05 relating to leaving a holding company's subsidiary status may signal a structural or governance change, details not provided.

Risks

• The share price is only about 0.6% above its 52-week low of ₩52,300, showing weak recent market momentum.
• Revenue has declined in 2024 and 2025, and operating margin remains well below the 2022 and 2023 levels.
• Multiples and some financial figures in the data appear to be on inconsistent unit bases, which limits how reliably valuation can be judged.
• Investor flows, foreign ownership, short balance and news headlines are not available, leaving the cause of the price decline unclear.
• ROE of 7.0% is below the 13.8% recorded in 2022, indicating lower returns on equity.

Closing view

The evidence is mixed. Earnings quality has improved slightly from the 2025 low, with margins at 8.5% and positive free cash flow, and cash exceeds borrowings. Yet profitability is far below the 2022 and 2023 peak, revenue has been declining, and the shares sit near their 52-week low. Valuation cannot be assessed reliably because the multiples are distorted, and missing flow and news data limit the explanation for the price move. Investors would need cleaner multiples and more information on the recent filings before drawing firm conclusions.

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 Bobcat: Shares Near 52-Week Low as Profit Stays Below 2022-2023 Levels