Woowon Development우원개발

Woowon Development's trailing profits have swung sharply higher, but the share price has fallen over the past year.

Woowon Development is a Korean construction firm working mainly on earthworks and urban development, with revenue almost entirely from domestic contracts. For the twelve months to H1 2026 it reported revenue of ₩315B... more precisely ₩315.1B revenue, ₩59.7B operating income and ₩42.2B net income, against a much weaker 2024 with near-zero operating profit. The shares closed at ₩2,675 on 19 October 2026, down 11.4% over one year and well below the 52-week high of ₩6,610.

What stands out

• Full-year 2025 revenue was ₩376.3B, up 24.3%, with operating income of ₩67.2B, a sharp step up from ₩2.8B in 2024.
• Trailing operating margin is 18.9% and net margin is 13.4%, but free cash flow over the same period was negative at about -₩1.4B.
• Borrowings of ₩22.9B exceed cash of ₩16.4B, and liabilities are 59.3% of equity.
• The stock trades at a trailing P/E of 1.1 and P/B of 0.3, and the data shows a DCF base value of ₩15,261, with a bear case of ₩5,004 and a bull case of ₩33,485.
• Foreign ownership fell from 6.4% to 5.4% over about 60 days, and the 20-day flows show foreign and institutional net selling with retail net buying.

What to watch

• A cluster of amended 'Major sales or supply contract' filings from July to October 2026 — the data does not state the contract values or counterparties, so the filings themselves are worth reading.
• The September 2026 change of CEO and the amended loan provision decision, both of which the data does not explain further.
• Whether trailing earnings convert into positive free cash flow, given the negative figure in the latest period and the modest borrowing position.