HD Hyundai Heavy IndustriesHD현대중공업

HD Hyundai Heavy Industries is profitable and cash-rich on trailing numbers, but its share price has roughly halved over the past year amid a labour dispute.

The shipbuilder reported trailing twelve-month revenue of ₩21.9T and operating income of ₩3.1T to H1 2026, a sharp turnaround from losses in 2021 and 2022. The share price closed at ₩289,500 on 26 October 2026, down 51.3% over one year and near its 52-week low of ₩288,500. Recent news centres on a union wage dispute, which reached a wage agreement on 27 October 2026 according to Yonhap.

What stands out

• Trailing operating margin is 14.1% and net margin 11.5%, up from a 1.5% operating margin in 2023 and losses in 2021 and 2022.
• Revenue grew 21.4% in 2025 to ₩17.6T, and operating income rose to ₩2.0T from ₩0.7T in 2024.
• The balance sheet shows cash of ₩4.6T against borrowings of ₩0.5T, though liabilities are 178.6% of equity.
• Trailing free cash flow is ₩3.6T, and the company reports a 2.0% dividend yield at current prices.
• Headlines cite a Q3 earnings slowdown tied to exchange rates and strike action, and at least one brokerage cut its target price; the filings data does not include the broker's figures.
• Recent filings include several major sales or supply contracts, such as an ammonia-fuelled propulsion ship build reported on 22 October 2026.

What to watch

• Whether the wage agreement ratified by the union ends the strike disruption and how it affects Q4 output and costs.
• The next quarterly results and any further major contract filings, given the Q3 earnings concerns raised in headlines.
• The gap between the share price and the model's DCF base value of ₩193,698, bear ₩94,068 and bull ₩357,098; the data gives this model output but its assumptions are not described.