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Hanwha Systems (272210) KRW

At a glance: strengths & risks
✓Revenue growing (+31%)✗Profit falling (-47%)✗Margins compressing (26%→9%)✗High leverage (3.4x EBITDA)✗Pricier than own history (EV/EBITDA 125.4 vs avg 21.5)

Sector: Defence electronics

KR_272210

Price chart

68 700 KRWDay -2.69%

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
68 700 KRW · -2.69%
Market cap
12846.4 bn KRW

Growth

Δ revenue y/y
45.5%
Δ EBITDA y/y
23.6%

Multiples

P/E (LTM)
159.3x
3y avg: 20.7x
P/B (FY)
2.6x
P/E (ann.)
47.9x
EV/EBITDA (LTM)
—
3y avg: 21.5x
EV/EBITDA (ann.)
24.4x

Cash return

Dividend yield
0.7%
FCF yield (LTM)
-11.6%

Value creation

fundamental value/yr, % of market cap
Value created / year
-7.5%
↓ details

Liquidity

Daily turnover (listing)
10.2 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%
201.9
y/y 11.0%
45.3
y/y 67.4%
202.9
y/y 23.6%
122.1
y/y 64.0%
213.46.011847.3
y/y 47.3%
4571.7
y/y 22.8%
5.6%1669.5Link
2026-03-31Q1 2026 (3M)PARTIAL807.1
y/y 17.0%
-98.2
y/y -392.1%
44.3
y/y 11.3%
-53.9
y/y -173.4%
-55.0
y/y -297.3%
-61.1-80.110820.7
y/y 50.0%
4943.9
y/y 47.2%
-4.5%1360.4—
2025-12-31Q4 2025 (3M)OK1398.1
y/y 49.8%
-86.9
y/y -324.4%
74.7
y/y 116.7%
-12.2
y/y -116.7%
11.8
y/y -96.8%
265.9-100.410327.3
y/y 77.7%
4849.2
y/y 94.7%
5.0%1149.0—
2025-09-30Q3 2025 (3M)OK807.7
y/y 26.4%
-70.9
y/y -61.9%
38.9
y/y 45.8%
61.4
y/y -28.4%
110.8
y/y 1513.2%
-254.1-73.59572.1
y/y 89.2%
4755.3
y/y 116.6%
4.8%704.4—
2025-06-30Q2 2025 (3M)PARTIAL768.2
y/y 11.8%
59.8
y/y 146.9%
27.1
y/y 0.2%
120.5
y/y 85.9%
13.0
y/y 44.6%
57.1-74.98042.9
y/y 60.5%
3721.4
y/y 69.3%
4.6%183.9—
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%
3357.9
y/y 54.9%
3.8%294.9—
2024-12-31Q4 2024 (3M)PARTIAL933.5
y/y 19.4%
38.7
y/y -4.8%
34.5
y/y -18.9%
73.2
y/y -12.0%
364.8
y/y 734.8%
154.3-94.95810.4
y/y 29.6%
2490.1
y/y 16.4%
19.4%129.4—
2024-09-30Q3 2024 (3M)OK639.0
y/y 2.9%
59.2
y/y 49.2%
26.7
y/y 4.3%
85.9
y/y 31.6%
9.4
y/y -78.0%
-29.4-53.75060.4
y/y 15.1%
2195.8
y/y -2.8%
0.6%82.7Link
2024-06-30Q2 2024 (3M)OK687.1
y/y —
37.8
y/y —
27.0
y/y —
64.8
y/y —
28.3
y/y —
158.6-41.45011.2
y/y —
2198.2
y/y —
5.2%65.5Link
2024-03-31Q1 2024 (3M)OK544.2
y/y —
45.5
y/y —
26.0
y/y —
71.4
y/y —
51.8
y/y —
-103.2-49.94731.2
y/y —
2167.8
y/y —
9.6%-114.3Link
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 —
264.7-31.54483.2
y/y —
2139.8
y/y —
15.9%-263.9—
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 —
-114.8-43.24394.8
y/y —
2260.0
y/y —
—-231.2Link

Revenue & EBITDA

RevenueEBITDA

Quarterly values (KRW mln)

-500 0000500 0001 000 0001 500 0002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Year-over-year change

-200%-100%0%100%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%5.5%1.6%
Last twelve months (to 2025-Q3): 0.78x 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.

Fundamental value creation

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

Value created per year: -7.5%

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)
= (148 946 − 120 471) × 0.97
27 581
2. Current EV/EBITDA (LTM)
(Market cap + Net debt) ÷ EBITDA (LTM)
= (12 846 410 + 1 669 474) ÷ 144 268
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
= -1 485 569 + 0 + 0 − 0
-1 485 569
5. Value created per year
(EBITDA growth × Target multiple + Cash flow − Dilution) ÷ Market cap
= (27 581 × 19.0 + -1 485 569) ÷ 12 846 410
-7.5%

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).

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 159.3x (price to trailing 12-month earnings).
What is Hanwha Systems (272210)'s EV/EBITDA?
Hanwha Systems (272210) trades at 125.4x EV/EBITDA.
What is Hanwha Systems (272210)'s P/B ratio?
Hanwha Systems (272210) trades at a P/B of 2.6x.
What is Hanwha Systems (272210)'s dividend yield?
Hanwha Systems (272210)'s trailing 12-month dividend yield is 0.7%.
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 12846.4 bn KRW.

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