SK oceanplantSK오션플랜트

SK oceanplant's trailing profits are still positive, but the shares have fallen sharply and free cash flow is negative.

SK oceanplant, a Korean maker of offshore wind substructures, offshore plants, naval and government vessels and thick steel pipes, reported trailing twelve-month revenue of ₩813B and operating income of ₩69B through H1 2026. The share price closed at ₩9,580 on 27 October 2026, down 59.7% over one year and near its 52-week low of ₩9,530. Free cash flow was negative ₩136B on the trailing basis, and borrowings of ₩215B exceed cash of ₩40B.

What stands out

• Trailing operating margin is 8.5% and net margin is 6%, but 2025 net income of ₩37.8B was well below 2023's ₩57.5B.
• Full-year 2025 revenue rose 45.7% to ₩965B, while operating margin fell to 6.2% from 8.2% in 2023.
• Trailing return on equity is 6.3%, and liabilities are 44.3% of equity.
• Foreign ownership fell from 5.1% to 4.4% over the last 60 days, while retail investors were net sellers of about ₩4.2B over 20 days.
• Recent filings include a major sales or supply contract and an amended notice on a major management matter, both dated 31 August 2026, plus several 5%+ holding reports. The filing titles alone do not show their contents.

What to watch

• The next half-year or quarterly results, and whether free cash flow turns positive given the negative trailing figure.
• The contents of the amended management-matter filing and the 5%+ holding reports, which the data does not describe.
• The company's debt levels relative to cash, and the wider offshore wind market that the business depends on.