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Samsung Heavy Industries (010140) KRW

Samsung Heavy Industries is a South Korean shipbuilder and offshore engineering company that designs and constructs commercial vessels such as LNG carriers, container ships, and tankers, as well as offshore facilities like floating production units and drilling rigs. It also develops digital ship systems and green technologies for alternative fuels and carbon capture.

At a glance: strengths & risks
✓Revenue growing (+20% y/y, Q2 2026)✓Cheaper than own history (EV/EBITDA 11.5 vs avg 19.6)

Sector: Shipbuilding

KR_010140

Price chart

18 400 KRWDay 1.27%

Key metrics

Net debt (table and EV/EBITDA): |short-term borrowings| + |long-term borrowings| + |other financial liabilities| when extracted + |non-controlling interest| when extracted − |cash and equivalents|; amounts in millions of the reporting currency.

Market

Price
18 400 KRW · 1.27%
Market cap
15714.3 bn KRW

Growth

Δ revenue y/y
20.4%
Δ EBITDA y/y
41.6%

Multiples

P/E (LTM)
27.8x
3y avg: 110.0x
P/B (FY)
3.8x
P/E (ann.)
17.5x
EV/EBITDA (LTM)
11.5x
3y avg: 19.6x
EV/EBITDA (ann.)
10.5x

Cash return

Dividend yield
—
FCF yield (LTM)
6.7%

Value creation

fundamental value/yr, % of market cap
Value created / year
+32.4%
↓ details

Liquidity

Daily turnover (listing)
70.6 bln KRW

Shares: connector/market_inputs

Amounts: USD (converted) · As reported
Converted modes use NBK / ECB-linked rates: balance sheet date for BS items, period average for P&L and cash flow (see filing row evidence). As reported keeps each row in its filing currency.

Financial results

Monetary columns are in T KRW, one decimal; scale (K/M/B/T) keeps values readable. For the period (default) shows P&L and cash flow for that row’s reporting window: quarterly amounts when the feed uses quarter-duration facts (typical US 10-Q revenue and income), quarterly cash flows after stripping YTD where only cumulative tags exist, and an implied Q4 on 31 Dec FY rows (P&L: FY minus Q1–Q3; operating / investing cash flow: FY 12m minus 9M YTD to 30 Sep when sourced from SEC builder evidence) so they match 10-Q scale. Some issuers still use cumulative YTD minus the prior row in the same calendar year. As reported shows values stored on each row (e.g. full-year on FY). Balance sheet is always as reported. Source JSON may use millions etc.; conversion uses amounts_unit per row.

DatePeriodStatusRevenueT KRWOperating profitT KRWD&AT KRWEBITDAT KRWNet profitT KRWOperating CFT KRWCapex + M&AT KRWAssetsT KRWEquityT KRWROE (annualized)Net debtT KRWSource
2026-06-30Q2 2026 (3M)OK3.2
y/y 20.4%
0.3
y/y 58.7%
0.1
y/y -9.0%
0.4
y/y 41.6%
0.2
y/y 4.8%
0.8-0.118.0
y/y 28.8%
4.7
y/y 30.5%
19.6%0.5DART
2026-03-31Q1 2026 (3M)OK2.9
y/y 16.4%
0.3
y/y 121.9%
0.1
y/y -3.9%
0.3
y/y 76.4%
0.1
y/y 10.3%
1.50.016.6
y/y 1.8%
4.5
y/y 17.0%
9.5%0.3DART
2025-12-31Q4 2025 (3M)OK2.8
y/y 5.1%
0.3
y/y 70.0%
0.1
y/y 0.2%
0.4
y/y 49.4%
0.1
y/y 200.7%
-0.1-0.114.9
y/y -13.1%
4.1
y/y 9.2%
13.6%1.3DART
2025-09-30Q3 2025 (3M)OK2.6
y/y 13.4%
0.2
y/y 98.6%
0.1
y/y 0.1%
0.3
y/y 61.6%
0.1
y/y 92.0%
1.4-0.114.5
y/y -3.6%
3.9
y/y 5.7%
5.0%0.9DART
2025-06-30Q2 2025 (3M)OK2.7
y/y 6.0%
0.2
y/y 56.7%
0.1
y/y -3.9%
0.3
y/y 35.2%
0.2
y/y 179.7%
0.4-0.113.9
y/y -16.9%
3.6
y/y -7.9%
23.1%1.6DART
2025-03-31Q1 2025 (3M)OK2.5
y/y 6.2%
0.1
y/y 58.1%
0.1
y/y -3.6%
0.2
y/y 28.4%
0.1
y/y 825.9%
-0.10.016.3
y/y -0.5%
3.8
y/y 3.7%
9.7%2.0DART
2024-12-31Q4 2024 (3M)OK2.7
y/y 11.0%
0.2
y/y 120.6%
0.1
y/y 16.9%
0.2
y/y 74.8%
-0.1
y/y 56.8%
0.7-0.117.2
y/y 10.3%
3.7
y/y 10.0%
1.7%1.7DART
2024-09-30Q3 2024 (3M)OK2.3
y/y 14.7%
0.1
y/y 58.0%
0.1
y/y 17.7%
0.2
y/y 40.0%
0.1
y/y 94.2%
0.10.015.1
y/y -9.2%
3.7
y/y -3.6%
2.6%2.2DART
2024-06-30Q2 2024 (3M)OK2.5
y/y 30.1%
0.1
y/y 121.9%
0.1
y/y —
0.2
y/y 243.9%
0.1
y/y 199.1%
-0.40.016.8
y/y 12.0%
3.9
y/y 5.7%
8.1%2.4DART
2024-03-31Q1 2024 (3M)OK2.3
y/y 46.3%
0.1
y/y 298.2%
0.1
y/y —
0.2
y/y 667.8%
0.0
y/y -12.9%
0.30.016.4
y/y 11.7%
3.7
y/y -1.3%
1.1%2.0DART
2023-12-31Q4 2023 (3M)OK2.4
y/y —
0.1
y/y —
0.1
y/y —
0.1
y/y —
-0.2
y/y —
-0.10.015.6
y/y —
3.4
y/y —
-4.1%3.1DART
2023-09-30Q3 2023 (3M)OK2.0
y/y —
0.1
y/y —
0.1
y/y —
0.1
y/y —
0.0
y/y —
-0.40.016.6
y/y —
3.9
y/y —
1.3%2.1DART
2023-06-30Q2 2023 (3M)OK1.9
y/y —
0.1
y/y —
—
y/y —
0.1
y/y —
0.0
y/y —
-0.30.015.0
y/y —
3.7
y/y —
2.8%2.0DART
2023-03-31Q1 2023 (3M)OK1.6
y/y —
0.0
y/y —
—
y/y —
0.0
y/y —
0.0
y/y —
0.30.014.7
y/y —
3.7
y/y —
—2.0DART

Net debt structure (leases included, IFRS 16) 2026-06-30

Short-term debt (incl. ST leases)843 390
Long-term debt (incl. LT leases)486 774
− Cash & equivalents807 415
Net debt522 749

Net debt / LTM EBITDA: 0.4x

Revenue & EBITDA

RevenueEBITDA

Quarterly values (KRW mln)

01 000 0002 000 0003 000 0002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Year-over-year change

0%100%200%2024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Cash flow

FCF (KRW mln)

-1 000 000-500 0000500 0001 000 0002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Net debt / cash (KRW mln)

0500 0001 000 0001 500 0002 000 0002 500 0002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Profit and cash

Worth a look
In a typical year of 2021–2025 operating cash flow came to 6.56x of reported net profit; after capex, 5.00x. Loss years (2021, 2022, 2023) are left out of the ratio.
year2022202320242025
cash flow / profit——10.25x2.87x
accruals, % of assets7.4%2.4%-3.4%-6.8%
Last twelve months (to 2026-06-30): 6.37x of profit came back as operating cash flow.
net debt / EBITDA 1.2x · capex 0.5x of depreciation
● Capex is 53% of depreciation - the asset base is being consumed faster than replaced.
Read from the reported annual statements: cash flow / profit is the median of the yearly operating cash flow over net profit for the years shown; accruals are (profit − operating cash flow) / assets, the classic gap between what was booked and what was collected. A gap can be growth in working capital, capitalised costs, revaluations or profit from associates — the panel points at it, the statements explain it. Not investment advice.

Research & reviews

Our earnings breakdowns and investment notes on this issuer.

All research →

Fundamental value creation

Value the company creates per year, as a % of market cap

Value created per year: +32.4%

How this was calculated
1. EBITDA growth (latest quarter YoY, annualised)
[EBITDA latest qtr − EBITDA year-ago qtr] × annualisation X (2026-06-30 vs 2025-06-30)
= (387 878 − 273 891) × 3.63
413 643
2. Current EV/EBITDA (LTM)
(Market cap + Net debt) ÷ EBITDA (LTM)
= (15 714 255 + 522 749) ÷ 1 407 556
11.5x
3. Target multiple
(Current EV/EBITDA + 8) ÷ 2
= (11.5 + 8) ÷ 2
9.8x
4. Cash flow (balance method, LTM)
Net-debt reduction + dividends + buybacks − equity issuance
= 1 048 125 + 0 + 0 − 0
1 048 125
5. Value created per year
(EBITDA growth × Target multiple + Cash flow − Dilution) ÷ Market cap
= (413 643 × 9.8 + 1 048 125) ÷ 15 714 255
+32.4%

Amounts in millions of the reporting currency. EBITDA growth is the latest quarter vs the same quarter a year ago, annualised.

Caveats:

  • dividends/buybacks not in data - balance cash flow uses net-debt change only

Revenue growth & acceleration

Growth decelerating ▼
Last-year revenue growth +8% vs +24% the year before — a -16.1 pp move. 3-year CAGR +21%.
revenue growth by year: 2023 +35% · 2024 +24% · 2025 +8%
The growth-acceleration signal behind the GARP+acceleration strategy — it favours companies whose revenue growth is speeding up and flags those slowing down (the second derivative of growth).

Peer comparison

Group: industrials (Korea). Every peer trades on the same market, so no adjustment is needed.

CompanyMarketCap, $bnEV/EBITDA
Hyundai RotemKorea7.47.2x
HD Hyundai Heavy IndustriesKorea27.59.5x
HMMKorea16.310.3x
Hanwha AerospaceKorea34.411.7x
Hanwha OceanKorea14.812.5x
Hanwha SystemsKorea10.442.5x
Group median11.0x
Group average15.6x
This companyKorea11.511.5x

Group median 11.0x; this company 11.5x — a 5% premium.

Group average 15.6x; against the average this company is at a 26% discount. The average sits 42% above the median: Hanwha Systems (42.5x) skews the group.

At the adjusted group median the market cap would be -5% versus today.

The gap and the implied upside are measured against the median: one richly priced peer moves an average, not a median. The market adjustment uses our coverage medians (US 21.2x, Russia 3.9x, South Africa 5.1x, Kazakhstan 6.4x, India 18.7x, Indonesia 5.2x); it is about where a name is listed, not what it does. Peer multiples come from the nightly rebuild of 2026-10-16; the company's own is live.

Dividends

No dividend rows found for this issuer (checked: Yahoo Finance (ex-div)).

Reporting forms detected in loaded periods: ✓ ✓ ✓ (Balance sheet / Profit or loss (P&L) / Cash flows)

Financial results, valuation multiples (P/E, P/B, EV/EBITDA), profitability and dividend yield of Samsung Heavy Industries (010140) — from primary filings.

Frequently asked questions

What is Samsung Heavy Industries (010140)'s P/E ratio?
Samsung Heavy Industries (010140) trades at a P/E of 27.8x (price to trailing 12-month earnings).
What is Samsung Heavy Industries (010140)'s EV/EBITDA?
Samsung Heavy Industries (010140) trades at 11.5x EV/EBITDA.
What is Samsung Heavy Industries (010140)'s P/B ratio?
Samsung Heavy Industries (010140) trades at a P/B of 3.8x.
What is Samsung Heavy Industries (010140)'s return on equity (ROE)?
Samsung Heavy Industries (010140)'s ROE is 19.6%.
What is Samsung Heavy Industries (010140)'s market capitalization?
Samsung Heavy Industries (010140)'s market cap is 15714.3 bn KRW.

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