Doosan Enerbility두산에너빌리티

Doosan Enerbility's H1 2026 profit is thin and its shares are down sharply over the past year, though the company is signing new contracts and defence deals.

Trailing twelve-month revenue to H1 2026 is ₩17.7T with operating income of ₩897B (5.1% margin) and net income of ₩181B (1.0% net margin). The shares closed at ₩57,600 on 2026-10-26, near the 52-week low of ₩57,000 and well below the high of ₩139,200, with a 1-year return of -28.8%.

What stands out

• Profitability is low: TTM ROE is 2.3% and net margin is 1.0%, compared with 8.3% operating margin in 2023.
• Borrowings of ₩6.9T against cash of ₩2.5T, with liabilities at 136.4% of equity, so the balance sheet carries meaningful debt.
• Valuation is high on earnings: P/E about 204x and P/B 4.5x, and the data includes no dividend (0% yield).
• The company filed several major sales or supply contracts in October 2026 (with amendments) and reported an announced defence engine development partnership with LIG D&A.
• Foreign ownership fell from 24.0% to 22.2% over 60 days, and foreign investors were net sellers over the last 20 days, while retail investors were net buyers.

What to watch

• The advance earnings notice filed on 2026-10-22 signals upcoming results; the full figures are not in the data provided.
• The internal DCF fair value estimate in the data is ₩7,145 base, well below the current price, and the model's range is very wide (bear ₩0, bull ₩22,665); this is a model output, not a forecast.
• Related-party transaction and management changes (Park Sang-hyun promoted to vice chairman) were recently filed; details are not included in the data.