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Hanwha Ocean (042660) KRW

Hanwha Ocean is a South Korean shipbuilder and offshore contractor that constructs commercial vessels such as LNG carriers, tankers, and container ships, as well as offshore facilities like FPSOs and drilling rigs. It also engages in related engineering and construction projects, including infrastructure and power plants.

At a glance: strengths & risks
✓Revenue growing (+65% y/y, Q2 2026)✓Profit growing (+367% y/y, Q2 2026)✓Margins improving (8%→15%, Q2 2026)✓Cheaper than own history (EV/EBITDA 12.5 vs avg 51.4)✗High leverage (3.9x EBITDA)

Sector: Shipbuilding

KR_042660

Price chart

65 000 KRWDay 4.17%

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
65 000 KRW · 4.17%
Market cap
19913.3 bn KRW

Growth

Δ revenue y/y
65.2%
Δ EBITDA y/y
87.2%

Multiples

P/E (LTM)
9.6x
3y avg: 36.4x
P/B (FY)
3.2x
P/E (ann.)
7.2x
EV/EBITDA (LTM)
12.5x
3y avg: 51.4x
EV/EBITDA (ann.)
7.7x

Cash return

Dividend yield
—
FCF yield (LTM)
4.0%

Value creation

fundamental value/yr, % of market cap
Value created / year
+44.0%
↓ details

Liquidity

Daily turnover (listing)
70 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)OK5.4
y/y 65.2%
0.7
y/y 98.0%
0.1
y/y 18.3%
0.8
y/y 87.2%
0.7
y/y 366.6%
0.8-0.220.1
y/y 10.1%
7.5
y/y 44.1%
38.6%4.7DART
2026-03-31Q1 2026 (3M)OK3.2
y/y 2.1%
0.4
y/y 70.6%
0.1
y/y 33.0%
0.5
y/y 64.4%
0.5
y/y 131.8%
0.2-0.120.8
y/y 14.4%
6.8
y/y 34.1%
30.8%5.2DART
2025-12-31Q4 2025 (3M)OK3.3
y/y 2.1%
0.2
y/y 46.4%
0.1
y/y 26.5%
0.3
y/y 41.7%
0.6
y/y 5.7%
0.8-0.320.1
y/y 12.9%
6.2
y/y 27.0%
21.4%5.0DART
2025-09-30Q3 2025 (3M)OK3.0
y/y 11.8%
0.3
y/y 1032.7%
0.1
y/y 31.8%
0.3
y/y 398.5%
0.3
y/y —
-0.3-0.218.5
y/y 13.2%
5.5
y/y 31.0%
6.7%4.8DART
2025-06-30Q2 2025 (3M)OK3.3
y/y 29.9%
0.4
y/y —
0.1
y/y 40.2%
0.4
y/y 1248.2%
0.1
y/y —
0.6-0.118.3
y/y 12.8%
5.2
y/y 20.5%
11.5%4.1DART
2025-03-31Q1 2025 (3M)OK3.1
y/y 37.6%
0.3
y/y 388.5%
0.1
y/y 20.8%
0.3
y/y 226.6%
0.2
y/y 322.6%
0.2-0.118.2
y/y 22.0%
5.1
y/y 16.6%
17.3%4.6DART
2024-12-31Q4 2024 (3M)OK3.3
y/y 45.8%
0.2
y/y 459.9%
0.1
y/y 28.0%
0.2
y/y 3675.6%
0.6
y/y 102.6%
-0.3-0.117.8
y/y 28.0%
4.9
y/y 12.8%
11.7%4.8DART
2024-09-30Q3 2024 (3M)OK2.7
y/y 41.0%
0.0
y/y -65.5%
0.0
y/y 19.8%
0.1
y/y -37.1%
-0.1
y/y -132.3%
-1.0-0.116.4
y/y 23.3%
4.2
y/y 56.4%
-2.3%3.9DART
2024-06-30Q2 2024 (3M)OK2.5
y/y 39.3%
0.0
y/y —
0.0
y/y —
0.0
y/y —
0.0
y/y —
-0.5-0.116.2
y/y 19.0%
4.3
y/y 86.0%
-2.5%2.5DART
2024-03-31Q1 2024 (3M)OK2.3
y/y 58.6%
0.1
y/y —
0.0
y/y —
0.1
y/y —
0.1
y/y —
-1.2-0.114.9
y/y 20.9%
4.4
y/y 593.6%
4.7%1.8DART
2023-12-31Q4 2023 (3M)OK2.2
y/y —
0.0
y/y —
0.0
y/y —
0.0
y/y —
0.3
y/y —
-0.5-0.113.9
y/y —
4.3
y/y —
4.6%0.4DART
2023-09-30Q3 2023 (3M)OK1.9
y/y —
0.1
y/y —
0.0
y/y —
0.1
y/y —
0.2
y/y —
-0.7-0.113.3
y/y —
2.7
y/y —
12.3%1.4DART
2023-06-30Q2 2023 (3M)OK1.8
y/y —
-0.2
y/y —
—
y/y —
-0.2
y/y —
-0.2
y/y —
0.00.013.6
y/y —
2.3
y/y —
-64.1%0.8DART
2023-03-31Q1 2023 (3M)OK1.4
y/y —
-0.1
y/y —
—
y/y —
-0.1
y/y —
-0.1
y/y —
-0.8—12.3
y/y —
0.6
y/y —
—2.8DART

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

Short-term debt (incl. ST leases)3 428 199
Long-term debt (incl. LT leases)2 759 259
− Cash & equivalents1 446 204
Net debt4 741 255

Net debt / LTM EBITDA: 2.4x

Revenue & EBITDA

RevenueEBITDA

Quarterly values (KRW mln)

02 000 0004 000 0006 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)

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

Net debt / cash (KRW mln)

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

Profit and cash

Profit runs ahead of cash
In a typical year of 2021–2025 operating cash flow came to -5.50x of reported net profit; after capex, -6.22x. Loss years (2021, 2022) are left out of the ratio.
year2022202320242025
cash flow / profit—-12.13x-5.50x1.05x
accruals, % of assets-5.5%15.0%19.2%-0.3%
Last twelve months (to 2026-06-30): 0.73x of profit came back as operating cash flow.
net debt / EBITDA 3.9x · capex 1.8x of depreciation
● In a typical year operating cash flow covered -550% of reported profit (3 profitable years).
● Net debt / EBITDA 3.9x at the last full year.
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: +44.0%

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)
= (805 066 − 429 969) × 2.45
920 036
2. Current EV/EBITDA (LTM)
(Market cap + Net debt) ÷ EBITDA (LTM)
= (19 913 257 + 4 741 255) ÷ 1 974 661
12.5x
3. Target multiple
(Current EV/EBITDA + 8) ÷ 2
= (12.5 + 8) ÷ 2
10.2x
4. Cash flow (balance method, LTM)
Net-debt reduction + dividends + buybacks − equity issuance
= -653 046 + 0 + 0 − 0
-653 046
5. Value created per year
(EBITDA growth × Target multiple + Cash flow − Dilution) ÷ Market cap
= (920 036 × 10.2 + -653 046) ÷ 19 913 257
+44.0%

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 +19% vs +45% the year before — a -26.8 pp move. 3-year CAGR +38%.
revenue growth by year: 2023 +52% · 2024 +45% · 2025 +19%
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 RotemKorea7.97.7x
HD Hyundai Heavy IndustriesKorea27.49.5x
HMMKorea16.510.4x
Samsung Heavy IndustriesKorea11.711.5x
Hanwha AerospaceKorea34.411.7x
Hanwha SystemsKorea11.044.5x
Group median11.0x
Group average15.9x
This companyKorea14.812.5x

Group median 11.0x; this company 12.5x — a 14% premium.

Group average 15.9x; against the average this company is at a 21% discount. The average sits 45% above the median: Hanwha Systems (44.5x) skews the group.

At the adjusted group median the market cap would be -15% 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 21.9x, Russia 4.0x, South Africa 5.1x, Kazakhstan 6.4x, India 18.7x, Indonesia 4.6x); 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 Hanwha Ocean (042660) — from primary filings.

Frequently asked questions

What is Hanwha Ocean (042660)'s P/E ratio?
Hanwha Ocean (042660) trades at a P/E of 9.6x (price to trailing 12-month earnings).
What is Hanwha Ocean (042660)'s EV/EBITDA?
Hanwha Ocean (042660) trades at 12.5x EV/EBITDA.
What is Hanwha Ocean (042660)'s P/B ratio?
Hanwha Ocean (042660) trades at a P/B of 3.2x.
What is Hanwha Ocean (042660)'s return on equity (ROE)?
Hanwha Ocean (042660)'s ROE is 38.6%.
What is Hanwha Ocean (042660)'s market capitalization?
Hanwha Ocean (042660)'s market cap is 19913.3 bn KRW.

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