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Hanwha Ocean (042660) KRW

At a glance: strengths & risks
✓Revenue growing (+19%)✓Profit growing (+136%)✓Margins improving (5%→10%)✓Cheaper than own history (EV/EBITDA 20.8 vs avg 51.0)✗High leverage (3.8x EBITDA)

Sector: Shipbuilding

KR_042660

Price chart

85 200 KRWDay -3.07%

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
85 200 KRW · -3.07%
Market cap
26101.7 bn KRW

Growth

Δ revenue y/y
65.2%
Δ EBITDA y/y
207.7%

Multiples

P/E (LTM)
12.6x
3y avg: 36.4x
P/B (FY)
4.2x
P/E (ann.)
9.4x
EV/EBITDA (LTM)
20.8x
3y avg: 51.0x
EV/EBITDA (ann.)
9.4x

Cash return

Dividend yield
—
FCF yield (LTM)
-1.3%

Value creation

fundamental value/yr, % of market cap
Value created / year
+59.2%
↓ details

Liquidity

Daily turnover (listing)
24.7 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)OK2.2
y/y 65.2%
0.3
y/y 262.0%
0.1
y/y 18.3%
0.3
y/y 207.7%
0.7
y/y 366.6%
0.6-0.120.1
y/y 10.1%
7.5
y/y 44.2%
38.6%4.3Link
2026-03-31Q1 2026 (3M)OK3.2
y/y 2.1%
0.4
y/y 59.8%
0.1
y/y 33.0%
0.5
y/y 55.7%
0.5
y/y 131.8%
0.2-0.120.8
y/y 14.4%
6.8
y/y 34.2%
30.8%5.1—
2025-12-31Q4 2025 (3M)OK3.3
y/y 2.1%
0.2
y/y 42.9%
0.1
y/y 26.5%
0.3
y/y 39.0%
0.6
y/y 5.7%
0.8-0.320.1
y/y 12.9%
6.2
y/y 27.0%
21.4%4.9—
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 30.9%
6.7%4.7—
2025-06-30Q2 2025 (3M)PARTIAL3.3
y/y 29.9%
0.2
y/y —
0.1
y/y 40.2%
0.3
y/y 720.3%
0.1
y/y —
0.6-0.118.3
y/y 12.8%
5.2
y/y 20.4%
11.5%4.0—
2025-03-31Q1 2025 (3M)OK3.1
y/y 37.6%
0.3
y/y 425.8%
0.1
y/y 20.8%
0.3
y/y 247.4%
0.2
y/y 322.6%
0.2-0.118.2
y/y 22.0%
5.1
y/y 16.5%
17.4%4.5—
2024-12-31Q4 2024 (3M)OK3.3
y/y 45.8%
0.2
y/y 461.5%
0.1
y/y 28.0%
0.2
y/y 3687.5%
0.6
y/y 102.6%
-0.3-0.117.8
y/y 28.0%
4.9
y/y 12.8%
11.7%4.7—
2024-09-30Q3 2024 (3M)OK2.7
y/y 41.0%
0.0
y/y -77.3%
0.0
y/y 19.8%
0.1
y/y -53.4%
-0.1
y/y -132.3%
-1.0-0.116.4
y/y 23.3%
4.2
y/y 56.4%
-2.3%3.8Link
2024-06-30Q2 2024 (3M)PARTIAL2.5
y/y —
0.0
y/y —
0.0
y/y —
0.0
y/y —
0.0
y/y —
-0.5-0.116.2
y/y —
4.3
y/y —
-2.5%2.4Link
2024-03-31Q1 2024 (3M)PARTIAL2.3
y/y —
0.1
y/y —
0.0
y/y —
0.1
y/y —
0.1
y/y —
-1.2-0.114.9
y/y —
4.4
y/y —
4.7%1.7Link
2023-12-31Q4 2023 (3M)PARTIAL2.2
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%0.4—
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 —
—1.3Link

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): 0.62x of profit came back as operating cash flow.
net debt / EBITDA 3.8x · capex 1.8x of depreciation
● In a typical year operating cash flow covered -550% of reported profit (3 profitable years).
● Net debt / EBITDA 3.8x 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.

Fundamental value creation

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

Value created per year: +58.5%

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)
= (805 066 − 261 615) × 2.45
1 332 015
2. Current EV/EBITDA (LTM)
(Market cap + Net debt) ÷ EBITDA (LTM)
= (26 101 685 + 4 325 671) ÷ 1 973 242
15.4x
3. Target multiple
(Current EV/EBITDA + 8) ÷ 2
= (15.4 + 8) ÷ 2
11.7x
4. Cash flow (balance method, LTM)
Net-debt reduction + dividends + buybacks − equity issuance
= -335 103 + 0 + 0 − 0
-335 103
5. Value created per year
(EBITDA growth × Target multiple + Cash flow − Dilution) ÷ Market cap
= (1 332 015 × 11.7 + -335 103) ÷ 26 101 685
+58.5%

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 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).

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 12.6x (price to trailing 12-month earnings).
What is Hanwha Ocean (042660)'s EV/EBITDA?
Hanwha Ocean (042660) trades at 20.8x EV/EBITDA.
What is Hanwha Ocean (042660)'s P/B ratio?
Hanwha Ocean (042660) trades at a P/B of 4.2x.
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 26101.7 bn KRW.

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