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Hanwha Aerospace (012450) KRW

At a glance: strengths & risks
✓Revenue growing (+138%)✗Profit falling (-39%)✗Margins compressing (29%→13%)

Sector: Defence & aerospace

KR_012450

Price chart

1 043 000 KRWDay -1.42%

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
1 043 000 KRW · -1.42%
Market cap
54395.4 bn KRW

Growth

Δ revenue y/y
47.2%
Δ EBITDA y/y
107.8%

Multiples

P/E (LTM)
31.0x
3y avg: 22.4x
P/B (FY)
5.6x
P/E (ann.)
21.4x
EV/EBITDA (LTM)
15.9x
3y avg: 14.3x
EV/EBITDA (ann.)
9.3x

Cash return

Dividend yield
0.7%
FCF yield (LTM)
3.2%

Value creation

fundamental value/yr, % of market cap
Value created / year
+49.1%
↓ details

Liquidity

Daily turnover (listing)
48.1 bln KRW

Shares: verified/reconciled_vs_marketcap

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)OK3.5
y/y 47.2%
0.7
y/y 129.2%
0.2
y/y 36.4%
0.7
y/y 107.8%
0.4
y/y 219.2%
3.1-0.158.7
y/y 31.0%
20.2
y/y 263.5%
16.9%5.6Link
2026-03-31Q1 2026 (3M)OK5.8
y/y 4.9%
0.6
y/y 20.6%
0.2
y/y 14.7%
0.9
y/y 18.9%
0.3
y/y 338.1%
-1.7-0.356.7
y/y 29.3%
10.0
y/y 153.4%
10.6%8.6—
2025-12-31Q4 2025 (3M)OK8.4
y/y 74.5%
0.8
y/y -10.4%
0.3
y/y 247.3%
1.1
y/y 11.3%
0.6
y/y -65.7%
4.1-0.954.0
y/y 23.9%
9.7
y/y 93.9%
15.0%4.7—
2025-09-30Q3 2025 (3M)OK6.5
y/y 146.5%
0.9
y/y 79.9%
0.2
y/y 145.5%
1.1
y/y 89.5%
0.5
y/y 52.8%
-1.1-0.450.0
y/y 139.0%
9.0
y/y 113.4%
8.9%7.8—
2025-06-30Q2 2025 (3M)PARTIAL6.3
y/y 170.3%
0.6
y/y 201.4%
0.2
y/y 112.1%
0.8
y/y 174.7%
0.2
y/y 35.5%
1.2-0.444.8
y/y 102.1%
5.6
y/y 15.2%
16.8%7.4—
2025-03-31Q1 2025 (3M)OK5.5
y/y 278.4%
0.5
y/y 2886.7%
0.2
y/y 149.3%
0.7
y/y 638.8%
0.1
y/y —
-0.2-0.343.8
y/y 113.5%
3.9
y/y -15.2%
5.3%9.3—
2024-12-31Q4 2024 (3M)OK4.8
y/y 55.8%
0.9
y/y 227.5%
0.1
y/y -14.5%
1.0
y/y 164.2%
1.8
y/y 1048.7%
2.5-0.243.6
y/y 122.9%
5.0
y/y 41.6%
49.9%7.3—
2024-09-30Q3 2024 (3M)OK2.6
y/y 61.9%
0.5
y/y 456.3%
0.1
y/y 0.2%
0.6
y/y 234.3%
0.3
y/y —
-0.7-0.120.9
y/y 9.6%
4.2
y/y -9.4%
9.4%3.5Link
2024-06-30Q2 2024 (3M)OK2.3
y/y —
0.2
y/y —
0.1
y/y —
0.3
y/y —
0.1
y/y —
0.0-0.222.2
y/y —
4.8
y/y —
12.4%2.6Link
2024-03-31Q1 2024 (3M)OK1.4
y/y —
0.0
y/y —
0.1
y/y —
0.1
y/y —
0.0
y/y —
-0.4-0.120.5
y/y —
4.6
y/y —
-1.3%1.8Link
2023-12-31Q4 2023 (3M)OK3.1
y/y —
0.3
y/y —
0.1
y/y —
0.4
y/y —
0.2
y/y —
0.8-0.119.5
y/y —
3.5
y/y —
20.0%2.1—
2023-09-30Q3 2023 (3M)PARTIAL1.6
y/y —
0.1
y/y —
0.1
y/y —
0.2
y/y —
0.0
y/y —
-0.3-0.119.1
y/y —
4.7
y/y —
—1.1Link

Revenue & EBITDA

RevenueEBITDA

Quarterly values (KRW mln)

02 000 0004 000 0006 000 0008 000 00010 000 0002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Year-over-year change

0%100%200%300%2024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Cash flow

FCF (KRW mln)

-4 000 000-2 000 00002 000 0004 000 0002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Net debt / cash (KRW mln)

02 000 0004 000 0006 000 0008 000 00010 000 0002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Profit and cash

Profit is cash-backed
In a typical year of 2021–2025 operating cash flow came to 2.88x of reported net profit; after capex, 1.46x.
year20212022202320242025
cash flow / profit3.92x7.80x1.70x0.61x2.88x
accruals, % of assets—-8.8%-2.9%2.1%-4.9%
Last twelve months (to 2026-06-30): 1.43x of profit came back as operating cash flow.
net debt / EBITDA 1.3x · capex 1.9x of depreciation
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.

Fundamental value creation

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

Value created per year: +49.5%

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)
= (1 609 481 − 774 699) × 2.88
2 407 267
2. Current EV/EBITDA (LTM)
(Market cap + Net debt) ÷ EBITDA (LTM)
= (54 395 425 + 5 633 181) ÷ 4 641 272
12.9x
3. Target multiple
(Current EV/EBITDA + 8) ÷ 2
= (12.9 + 8) ÷ 2
10.5x
4. Cash flow (balance method, LTM)
Net-debt reduction + dividends + buybacks − equity issuance
= 1 749 343 + 0 + 0 − 0
1 749 343
5. Value created per year
(EBITDA growth × Target multiple + Cash flow − Dilution) ÷ Market cap
= (2 407 267 × 10.5 + 1 749 343) ÷ 54 395 425
+49.5%

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 accelerating ▲
Last-year revenue growth +138% vs +42% the year before — a +95.1 pp move. 3-year CAGR +56%.
revenue growth by year: 2023 +12% · 2024 +42% · 2025 +138%
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).

Dividends

Paid (completed)

DatePer shareDetailsStatusSource
2025-12-297 000 KRWEx-dividend: 7 000 KRW per sharePaidYahoo Finance (ex-div)
2024-12-273 453.881 KRWEx-dividend: 3 453.881 KRW per sharePaidYahoo Finance (ex-div)
2023-12-271 973.0332 KRWEx-dividend: 1 973.0332 KRW per sharePaidYahoo Finance (ex-div)
2022-12-281 096.1295 KRWEx-dividend: 1 096.1295 KRW per sharePaidYahoo Finance (ex-div)
2021-12-29767.2907 KRWEx-dividend: 767.2907 KRW per sharePaidYahoo Finance (ex-div)

KASE: status follows wording in the news headline (paid vs intends to pay). Yahoo: amounts are cash dividends per share on ex-dividend dates (UTC calendar date). stockscope.uz (UZ): amounts are per share in UZS by publication date (not necessarily 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 Hanwha Aerospace (012450) — from primary filings.

Frequently asked questions

What is Hanwha Aerospace (012450)'s P/E ratio?
Hanwha Aerospace (012450) trades at a P/E of 31.0x (price to trailing 12-month earnings).
What is Hanwha Aerospace (012450)'s EV/EBITDA?
Hanwha Aerospace (012450) trades at 15.9x EV/EBITDA.
What is Hanwha Aerospace (012450)'s P/B ratio?
Hanwha Aerospace (012450) trades at a P/B of 5.6x.
What is Hanwha Aerospace (012450)'s dividend yield?
Hanwha Aerospace (012450)'s trailing 12-month dividend yield is 0.7%.
What is Hanwha Aerospace (012450)'s return on equity (ROE)?
Hanwha Aerospace (012450)'s ROE is 16.9%.
What is Hanwha Aerospace (012450)'s market capitalization?
Hanwha Aerospace (012450)'s market cap is 54395.4 bn KRW.

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