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Hanwha Systems (272210) KRW

Hanwha Systems develops and supplies defense electronics, including sensors, avionics, military communication systems, radars, and naval combat systems, as well as satellite payloads and space surveillance technology. It also provides IT and system integration services for commercial sectors such as manufacturing, finance, and construction.

At a glance: strengths & risks
✓Revenue growing (+45% y/y, Q2 2026)✓Profit growing (+66% y/y, Q2 2026)✓Margins improving (8%→13%, Q2 2026)✗High leverage (3.4x EBITDA)✗Pricier than own history (EV/EBITDA 44.5 vs avg 21.5)

Sector: Defence electronics

KR_272210

Price chart

79 000 KRWDay 5.19%

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
79 000 KRW · 5.19%
Market cap
14772.4 bn KRW

Growth

Δ revenue y/y
45.5%
Δ EBITDA y/y
150.0%

Multiples

P/E (LTM)
84.1x
3y avg: 20.7x
P/B (FY)
3.0x
P/E (ann.)
55.1x
EV/EBITDA (LTM)
44.5x
3y avg: 21.5x
EV/EBITDA (ann.)
27.6x

Cash return

Dividend yield
0.6%
FCF yield (LTM)
-9.0%

Value creation

fundamental value/yr, % of market cap
Value created / year
+19.5%
↓ details

Liquidity

Daily turnover (listing)
111.5 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 B 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.

DatePeriodStatusRevenueB KRWOperating profitB KRWD&AB KRWEBITDAB KRWNet profitB KRWOperating CFB KRWCapex + M&AB KRWAssetsB KRWEquityB KRWROE (annualized)Net debtB KRWSource
2026-06-30Q2 2026 (3M)OK1117.6
y/y 45.5%
103.7
y/y 218.8%
45.3
y/y 67.4%
148.9
y/y 150.0%
67.1
y/y 65.5%
152.3-74.011847.3
y/y 47.3%
4571.7
y/y 20.1%
5.6%1669.5DART
2026-03-31Q1 2026 (3M)OK807.1
y/y 17.0%
34.3
y/y 1.9%
44.3
y/y 11.3%
78.6
y/y 7.0%
-55.0
y/y -297.3%
-61.1-80.110820.7
y/y 50.0%
5042.8
y/y 47.7%
-4.4%1360.4DART
2025-12-31Q4 2025 (3M)OK1398.1
y/y 49.9%
5.8
y/y -86.7%
74.7
y/y 116.7%
80.4
y/y 3.5%
11.8
y/y -96.8%
265.9-97.610327.3
y/y 80.4%
5001.0
y/y 107.0%
4.9%1149.0DART
2025-09-30Q3 2025 (3M)OK807.7
y/y 26.4%
22.5
y/y -62.7%
38.9
y/y 45.8%
61.4
y/y -29.4%
151.7
y/y 1513.2%
-212.7-73.59572.1
y/y 89.2%
4859.8
y/y 121.3%
4.7%704.4DART
2025-06-30Q2 2025 (3M)OK768.2
y/y 11.8%
32.5
y/y -61.5%
27.1
y/y 0.2%
59.6
y/y -46.5%
40.5
y/y 43.2%
41.4-74.98042.9
y/y 60.5%
3805.8
y/y 73.1%
4.5%333.7DART
2025-03-31Q1 2025 (3M)OK690.1
y/y 26.8%
33.6
y/y -26.0%
39.8
y/y 53.3%
73.4
y/y 2.8%
27.9
y/y -46.2%
-15.8-72.37212.6
y/y 52.4%
3413.1
y/y 57.4%
3.8%294.9DART
2024-12-31Q4 2024 (3M)OK932.8
y/y 19.4%
43.2
y/y 6.3%
34.5
y/y -18.9%
77.7
y/y -6.5%
364.8
y/y 734.8%
154.3-100.45724.0
y/y 27.7%
2416.4
y/y 12.2%
19.7%129.4DART
2024-09-30Q3 2024 (3M)OK639.0
y/y 2.9%
60.3
y/y 52.1%
26.7
y/y 4.3%
87.0
y/y 33.4%
9.4
y/y -78.0%
26.0-58.85060.4
y/y 15.1%
2195.8
y/y -2.8%
0.6%132.6DART
2024-06-30Q2 2024 (3M)OK687.1
y/y 12.5%
84.4
y/y 182.3%
27.0
y/y —
111.4
y/y —
28.3
y/y -62.9%
55.4-57.15011.2
y/y 20.2%
2198.2
y/y -0.8%
5.2%95.5DART
2024-03-31Q1 2024 (3M)OK544.2
y/y 23.8%
45.5
y/y 268.5%
26.0
y/y —
71.4
y/y —
51.8
y/y -72.2%
-103.2-56.64731.2
y/y 17.0%
2167.8
y/y 0.9%
9.6%-84.3DART
2023-12-31Q4 2023 (3M)OK781.5
y/y —
40.7
y/y —
42.5
y/y —
83.2
y/y —
43.7
y/y —
264.7-38.44483.2
y/y —
2154.1
y/y —
15.8%-263.9DART
2023-09-30Q3 2023 (3M)OK620.8
y/y —
39.7
y/y —
25.6
y/y —
65.2
y/y —
42.8
y/y —
-114.8-48.84394.8
y/y —
2260.0
y/y —
2.6%-201.2DART
2023-06-30Q2 2023 (3M)OK610.7
y/y —
29.9
y/y —
—
y/y —
—
y/y —
76.3
y/y —
116.3-21.64167.8
y/y —
2216.5
y/y —
14.0%-404.9DART
2023-03-31Q1 2023 (3M)OK439.5
y/y —
12.3
y/y —
—
y/y —
—
y/y —
186.4
y/y —
-182.9-50.44044.7
y/y —
2148.1
y/y —
—-881.7DART

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

Short-term debt (incl. ST leases)2 163 872
Long-term debt (incl. LT leases)1 096 911
− Cash & equivalents1 591 309
Net debt1 669 474

Net debt / LTM EBITDA: 4.5x

Revenue & EBITDA

RevenueEBITDA

Quarterly values (KRW mln)

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

Year-over-year change

-50%0%50%100%150%2024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Cash flow

FCF (KRW mln)

-750 000-500 000-250 0000250 0002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Net debt / cash (KRW mln)

-500 0000500 0001 000 0001 500 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 0.31x of reported net profit; after capex, -0.26x. Loss years (2022) are left out of the ratio.
year20212022202320242025
cash flow / profit3.22x—0.24x0.29x0.33x
accruals, % of assets—-8.8%5.9%5.6%1.6%
Last twelve months (to 2026-06-30): 0.82x of profit came back as operating cash flow.
net debt / EBITDA 3.5x · capex 1.5x of depreciation
● In a typical year operating cash flow covered 31% of reported profit (4 profitable years).
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: +19.5%

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)
= (148 948 − 59 574) × 2.48
221 679
2. Current EV/EBITDA (LTM)
(Market cap + Net debt) ÷ EBITDA (LTM)
= (14 772 437 + 1 669 474) ÷ 369 444
30.0x — capped at 30x
3. Target multiple
(Current EV/EBITDA + 8) ÷ 2
= (30.0 + 8) ÷ 2
19.0x
4. Cash flow (balance method, LTM)
Net-debt reduction + dividends + buybacks − equity issuance
= -1 335 761 + 0 + 0 − 0
-1 335 761
5. Value created per year
(EBITDA growth × Target multiple + Cash flow − Dilution) ÷ Market cap
= (221 679 × 19.0 + -1 335 761) ÷ 14 772 437
+19.5%

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 +31% vs +14% the year before — a +16.4 pp move. 3-year CAGR +19%.
revenue growth by year: 2023 +12% · 2024 +14% · 2025 +31%
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 IndustriesKorea27.79.5x
HMMKorea16.610.4x
Samsung Heavy IndustriesKorea11.811.5x
Hanwha AerospaceKorea34.811.7x
Hanwha OceanKorea14.912.5x
Group median11.0x
Group average10.6x
This companyKorea11.144.5x

Group median 11.0x; this company 44.5x — a 306% premium.

Group average 10.6x; against the average this company is at a 322% premium.

At the adjusted group median the market cap would be -81% 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 21.3x, 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 2026-10-17; the company's own is live.

Dividends

Paid (completed)

DatePer shareDetailsStatusSource
2026-03-26500 KRWEx-dividend: 500 KRW per sharePaidYahoo Finance (ex-div)
2024-12-27350 KRWEx-dividend: 350 KRW per sharePaidYahoo Finance (ex-div)
2023-12-27280 KRWEx-dividend: 280 KRW per sharePaidYahoo Finance (ex-div)
2022-12-28250 KRWEx-dividend: 250 KRW per sharePaidYahoo Finance (ex-div)
2021-12-29160 KRWEx-dividend: 160 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 Systems (272210) — from primary filings.

Frequently asked questions

What is Hanwha Systems (272210)'s P/E ratio?
Hanwha Systems (272210) trades at a P/E of 84.1x (price to trailing 12-month earnings).
What is Hanwha Systems (272210)'s EV/EBITDA?
Hanwha Systems (272210) trades at 44.5x EV/EBITDA.
What is Hanwha Systems (272210)'s P/B ratio?
Hanwha Systems (272210) trades at a P/B of 3.0x.
What is Hanwha Systems (272210)'s dividend yield?
Hanwha Systems (272210)'s trailing 12-month dividend yield is 0.6%.
What is Hanwha Systems (272210)'s return on equity (ROE)?
Hanwha Systems (272210)'s ROE is 5.6%.
What is Hanwha Systems (272210)'s market capitalization?
Hanwha Systems (272210)'s market cap is 14772.4 bn KRW.

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