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Hanwha Aerospace (012450) KRW

Hanwha Aerospace develops and produces aircraft engines, space launch vehicles, satellite systems, and defense equipment such as artillery, armored vehicles, and missiles, while also offering maintenance, repair, and overhaul services for military engines and related systems.

At a glance: strengths & risks
✓Revenue growing (+47% y/y, Q2 2026)✓Profit growing (+253% y/y, Q2 2026)✓Margins improving (12%→17%, Q2 2026)

Sector: Defence & aerospace

KR_012450

Price chart

1 081 000 KRWDay 1.31%

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
1 081 000 KRW · 1.31%
Market cap
56377.2 bn KRW

Growth

Δ revenue y/y
47.2%
Δ EBITDA y/y
54.7%

Multiples

P/E (LTM)
23.6x
3y avg: 19.5x
P/B (FY)
3.4x
P/E (ann.)
22.1x
EV/EBITDA (LTM)
13.9x
3y avg: 16.1x
EV/EBITDA (ann.)
10.0x

Cash return

Dividend yield
0.6%
FCF yield (LTM)
-0.1%

Value creation

fundamental value/yr, % of market cap
Value created / year
+7.6%
↓ details

Liquidity

Daily turnover (listing)
121.3 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)OK9.3
y/y 47.2%
1.4
y/y 58.5%
0.2
y/y 36.4%
1.6
y/y 54.7%
0.6
y/y 253.1%
1.3-0.558.7
y/y 31.0%
20.2
y/y 70.6%
13.5%7.9DART
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%
0.6
y/y 392.2%
-1.7-0.356.7
y/y 29.3%
17.4
y/y 72.2%
14.9%9.0DART
2025-12-31Q4 2025 (3M)OK8.4
y/y 74.5%
0.8
y/y -10.2%
0.3
y/y 247.3%
1.1
y/y 11.7%
0.6
y/y -69.7%
4.1-0.954.0
y/y 24.5%
16.8
y/y 47.7%
13.6%5.1DART
2025-09-30Q3 2025 (3M)OK6.5
y/y 146.5%
0.9
y/y 79.5%
0.2
y/y 145.5%
1.1
y/y 89.1%
0.5
y/y 52.8%
-1.1-0.450.0
y/y 139.0%
15.5
y/y 269.5%
4.7%8.2DART
2025-06-30Q2 2025 (3M)OK6.3
y/y 170.3%
0.9
y/y 155.4%
0.2
y/y 112.1%
1.0
y/y 146.8%
0.2
y/y 12.7%
1.2-0.444.8
y/y 102.1%
11.9
y/y 145.7%
6.6%7.8DART
2025-03-31Q1 2025 (3M)OK5.5
y/y 278.4%
0.5
y/y 2886.5%
0.2
y/y 149.3%
0.7
y/y 638.8%
0.1
y/y 4837.7%
-0.2-0.343.8
y/y 113.5%
10.1
y/y 118.8%
4.8%9.7DART
2024-12-31Q4 2024 (3M)OK4.8
y/y 55.8%
0.9
y/y 224.6%
0.1
y/y -14.5%
1.0
y/y 162.1%
2.1
y/y 384.0%
2.5-0.343.3
y/y 121.8%
11.4
y/y 142.6%
32.6%7.7DART
2024-09-30Q3 2024 (3M)OK2.6
y/y 61.9%
0.5
y/y 457.7%
0.1
y/y 0.2%
0.6
y/y 235.0%
0.3
y/y —
-0.7-0.120.9
y/y 9.6%
4.2
y/y -9.7%
9.4%4.7DART
2024-06-30Q2 2024 (3M)OK2.3
y/y 22.4%
0.3
y/y 329.3%
0.1
y/y —
0.4
y/y 436.6%
0.2
y/y -38.6%
0.0-0.222.2
y/y 21.2%
4.8
y/y 4.3%
13.5%3.6DART
2024-03-31Q1 2024 (3M)OK1.4
y/y -28.9%
0.0
y/y -92.0%
0.1
y/y —
0.1
y/y -55.3%
0.0
y/y -99.4%
-0.4-0.220.5
y/y 29.5%
4.6
y/y 6.9%
0.2%3.1DART
2023-12-31Q4 2023 (3M)OK3.1
y/y —
0.3
y/y —
0.1
y/y —
0.4
y/y —
-0.7
y/y —
0.8-0.219.5
y/y —
4.7
y/y —
-1.7%2.4DART
2023-09-30Q3 2023 (3M)OK1.6
y/y —
0.1
y/y —
0.1
y/y —
0.2
y/y —
0.0
y/y —
-0.3-0.219.1
y/y —
4.7
y/y —
-0.4%2.5DART
2023-06-30Q2 2023 (3M)OK1.9
y/y —
0.1
y/y —
—
y/y —
0.1
y/y —
0.3
y/y —
1.6-0.118.3
y/y —
4.6
y/y —
23.3%1.6DART
2023-03-31Q1 2023 (3M)OK2.0
y/y —
0.2
y/y —
—
y/y —
0.2
y/y —
0.4
y/y —
-0.7-0.115.8
y/y —
4.3
y/y —
—1.3DART

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

Short-term debt (incl. ST leases)9 639 927
Long-term debt (incl. LT leases)6 261 294
− Cash & equivalents8 048 210
Net debt7 853 011

Net debt / LTM EBITDA: 1.7x

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

-200%0%200%400%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, 2.10x. Loss years (2023) are left out of the ratio.
year20212022202320242025
cash flow / profit3.92x9.00x—0.55x1.84x
accruals, % of assets—-8.9%-7.5%2.6%-3.4%
Last twelve months (to 2026-06-30): 1.11x of profit came back as operating cash flow.
net debt / EBITDA 1.4x · 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.

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: +7.8%

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 − 1 040 288) × 2.88
409 905
2. Current EV/EBITDA (LTM)
(Market cap + Net debt) ÷ EBITDA (LTM)
= (56 377 233 + 7 853 011) ÷ 4 636 273
13.9x
3. Target multiple
(Current EV/EBITDA + 8) ÷ 2
= (13.9 + 8) ÷ 2
10.9x
4. Cash flow (balance method, LTM)
Net-debt reduction + dividends + buybacks − equity issuance
= -71 461 + 0 + 0 − 0
-71 461
5. Value created per year
(EBITDA growth × Target multiple + Cash flow − Dilution) ÷ Market cap
= (409 905 × 10.9 + -71 461) ÷ 56 377 233
+7.8%

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
  • growth discounted x0.25: EBITDA grew but net profit FELL while net debt rose - debt-funded growth not reaching equity (interest drag)

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 23.6x (price to trailing 12-month earnings).
What is Hanwha Aerospace (012450)'s EV/EBITDA?
Hanwha Aerospace (012450) trades at 13.9x EV/EBITDA.
What is Hanwha Aerospace (012450)'s P/B ratio?
Hanwha Aerospace (012450) trades at a P/B of 3.4x.
What is Hanwha Aerospace (012450)'s dividend yield?
Hanwha Aerospace (012450)'s trailing 12-month dividend yield is 0.6%.
What is Hanwha Aerospace (012450)'s return on equity (ROE)?
Hanwha Aerospace (012450)'s ROE is 13.5%.
What is Hanwha Aerospace (012450)'s market capitalization?
Hanwha Aerospace (012450)'s market cap is 56377.2 bn KRW.

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