Hanwha Ocean한화오션

Hanwha Ocean's profits have recovered strongly on shipbuilding, but the share price has fallen sharply over the past year amid labor disputes and a heavy debt load.

Hanwha Ocean is a Korean shipbuilder and offshore engineering company, and its trailing twelve-month results to H1 2026 show revenue of about ₩15.0T, operating income of about ₩1.7T and net income of about ₩2.1T. Its share price closed at ₩55,300 on 2026-10-23, down 59% over one year and near its 52-week low of ₩53,500. Borrowings of about ₩6.0T are well above cash of about ₩1.4T, and the company pays no dividend.

What stands out

• Annual revenue rose from ₩4.5T in 2021 to ₩12.8T in 2025, and operating margin turned positive from 2024, reaching 9.1% in 2025.
• Trailing operating margin of 11.4% and net margin of 13.8% are well above 2025 levels, though net income is also helped by items beyond core operations, which the data does not break down.
• Liabilities are 167.6% of equity and borrowings are about ₩6.0T, so leverage remains a key feature of the balance sheet.
• Valuation metrics are low: P/E of 8.2, P/B of 2.3 and P/S of 1.1, compared with peers such as HD Hyundai Heavy at a P/E of 12.7 and Samsung Heavy at 26.2.
• Recent headlines centre on labor talks at Hyundai Heavy and Hanwha Ocean, a US shipbuilding partnership, and a ₩29T nuclear submarine cost-sharing question; foreign ownership edged up to 10.1% from 9.4% over 60 days.

What to watch

• Progress of labor negotiations and the subcontractor union occupation of production facilities, as reported in the news.
• The next earnings release, which an advance notice filed on 2026-10-13 pointed to, and whether margins hold after the recent rebound.
• Sharing of the nuclear submarine development cost and debt levels, since the data does not give a forecast for either.