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HD Hyundai Heavy Industries (329180) KRW

HD Hyundai Heavy Industries builds and sells commercial and naval ships, offshore plants, and marine engines, and also provides related services such as ship propulsion systems and energy solutions.

At a glance: strengths & risks
✓Revenue growing (+53% y/y, Q2 2026)✓Profit growing (+290% y/y, Q2 2026)✓Margins improving (9%→18%, Q2 2026)✓Net cash balance sheet✓Cheaper than own history (EV/EBITDA 9.5 vs avg 25.7)

Sector: Shipbuilding

KR_329180

Price chart

351 500 KRWDay -0.28%

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
351 500 KRW · -0.28%
Market cap
36883.9 bn KRW

Growth

Δ revenue y/y
52.7%
Δ EBITDA y/y
107.5%

Multiples

P/E (LTM)
14.7x
3y avg: 42.8x
P/B (FY)
3.9x
P/E (ann.)
11.2x
EV/EBITDA (LTM)
9.5x
3y avg: 25.7x
EV/EBITDA (ann.)
7.2x

Cash return

Dividend yield
2.9%
FCF yield (LTM)
6.7%

Value creation

fundamental value/yr, % of market cap
Value created / year
+49.3%
↓ details

Liquidity

Daily turnover (listing)
87.9 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 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)OK6.3
y/y 52.7%
1.0
y/y 120.6%
0.1
y/y 29.5%
1.1
y/y 107.5%
0.8
y/y 289.8%
1.8-0.129.4
y/y 48.8%
10.5
y/y 70.5%
32.5%-4.0DART
2026-03-31Q1 2026 (3M)OK5.9
y/y 54.8%
0.9
y/y 108.7%
0.1
y/y 27.9%
1.0
y/y 96.3%
0.8
y/y 172.2%
0.9-0.127.6
y/y 31.9%
9.7
y/y 67.3%
32.5%-2.3DART
2025-12-31Q4 2025 (3M)OK5.2
y/y 29.6%
0.6
y/y 103.8%
0.1
y/y 13.8%
0.7
y/y 83.7%
0.5
y/y 33.5%
-0.3-0.126.2
y/y 34.9%
9.3
y/y 63.8%
17.9%-1.2DART
2025-09-30Q3 2025 (3M)OK4.4
y/y 22.4%
0.6
y/y 170.3%
0.1
y/y 6.6%
0.6
y/y 125.3%
0.4
y/y 496.7%
1.6-0.120.8
y/y 23.4%
6.5
y/y 18.4%
9.1%-1.6DART
2025-06-30Q2 2025 (3M)OK4.1
y/y 6.8%
0.5
y/y 141.0%
0.1
y/y 5.6%
0.6
y/y 103.5%
0.2
y/y 36.9%
0.5-0.119.7
y/y 11.5%
6.2
y/y 14.9%
14.1%-1.5DART
2025-03-31Q1 2025 (3M)OK3.8
y/y 27.9%
0.4
y/y 1939.8%
0.1
y/y 9.8%
0.5
y/y 451.3%
0.3
y/y 893.0%
1.7-0.220.9
y/y 20.0%
5.8
y/y 11.0%
19.8%-1.6DART
2024-12-31Q4 2024 (3M)OK4.0
y/y 17.4%
0.3
y/y 103.5%
0.1
y/y 10.6%
0.4
y/y 71.4%
0.4
y/y 1082.5%
1.5-0.119.4
y/y 13.2%
5.7
y/y 9.5%
11.1%-0.1DART
2024-09-30Q3 2024 (3M)OK3.6
y/y 26.5%
0.2
y/y 1497.1%
0.1
y/y 9.8%
0.3
y/y 238.1%
0.1
y/y —
0.0-0.116.9
y/y -6.1%
5.5
y/y 3.5%
1.8%1.2DART
2024-06-30Q2 2024 (3M)OK3.9
y/y 26.7%
0.2
y/y 185.4%
0.1
y/y —
0.3
y/y 294.9%
0.2
y/y 540.4%
1.1-0.117.7
y/y 2.7%
5.4
y/y 1.8%
11.6%1.2DART
2024-03-31Q1 2024 (3M)OK3.0
y/y 13.5%
0.0
y/y —
0.1
y/y —
0.1
y/y —
0.0
y/y —
0.3-0.117.4
y/y 2.6%
5.2
y/y -0.6%
2.2%2.1DART
2023-12-31Q4 2023 (3M)OK3.4
y/y —
0.1
y/y —
0.1
y/y —
0.2
y/y —
0.0
y/y —
0.2-0.117.1
y/y —
5.2
y/y —
0.5%2.2DART
2023-09-30Q3 2023 (3M)OK2.9
y/y —
0.0
y/y —
0.1
y/y —
0.1
y/y —
0.0
y/y —
0.3-0.118.0
y/y —
5.3
y/y —
-0.2%2.4DART
2023-06-30Q2 2023 (3M)OK3.1
y/y —
0.1
y/y —
—
y/y —
0.1
y/y —
0.0
y/y —
-0.4-0.117.2
y/y —
5.3
y/y —
1.8%2.5DART
2023-03-31Q1 2023 (3M)OK2.6
y/y —
0.0
y/y —
—
y/y —
0.0
y/y —
0.0
y/y —
0.1-0.117.0
y/y —
5.3
y/y —
—2.0DART

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

Short-term debt (incl. ST leases)538 878
Long-term debt (incl. LT leases)18 919
− Cash & equivalents4 550 913
Net debt-3 993 116

Net debt / LTM EBITDA: -1.2x

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

0%200%400%2024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Cash flow

FCF (KRW mln)

-500 0000500 0001 000 0001 500 0002 000 0002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Net debt / cash (KRW mln)

-4 000 000-2 000 00002 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 4.64x of reported net profit; after capex, 2.10x. Loss years (2021, 2022) are left out of the ratio.
year2022202320242025
cash flow / profit—6.84x4.64x2.48x
accruals, % of assets-2.6%-0.8%-11.7%-8.0%
Last twelve months (to 2026-06-30): 1.60x of profit came back as operating cash flow.
net debt / EBITDA -0.5x · capex 1.6x 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: +49.3%

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)
= (1 142 447 − 550 642) × 3.03
1 790 432
2. Current EV/EBITDA (LTM)
(Market cap + Net debt) ÷ EBITDA (LTM)
= (36 883 872 + -3 993 116) ÷ 3 456 331
9.5x
3. Target multiple
(Current EV/EBITDA + 8) ÷ 2
= (9.5 + 8) ÷ 2
8.8x
4. Cash flow (balance method, LTM)
Net-debt reduction + dividends + buybacks − equity issuance
= 2 486 615 + 0 + 0 − 0
2 486 615
5. Value created per year
(EBITDA growth × Target multiple + Cash flow − Dilution) ÷ Market cap
= (1 790 432 × 8.8 + 2 486 615) ÷ 36 883 872
+49.3%

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 steady →
Last-year revenue growth +21% vs +21% the year before — a +0.3 pp move. 3-year CAGR +25%.
revenue growth by year: 2023 +32% · 2024 +21% · 2025 +21%
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
HMMKorea16.510.4x
Samsung Heavy IndustriesKorea11.711.5x
Hanwha AerospaceKorea34.411.7x
Hanwha OceanKorea14.812.5x
Hanwha SystemsKorea11.044.5x
Group median11.6x
Group average16.4x
This companyKorea27.49.5x

Group median 11.6x; this company 9.5x — a 18% discount.

Group average 16.4x; against the average this company is at a 42% discount. The average sits 41% above the median: Hanwha Systems (44.5x) skews the group.

At the adjusted group median the market cap would be +21% 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

Paid (completed)

DatePer shareDetailsStatusSource
2026-08-126 090 KRWEx-dividend: 6 090 KRW per sharePaidYahoo Finance (ex-div)
2026-02-263 990 KRWEx-dividend: 3 990 KRW per sharePaidYahoo Finance (ex-div)
2025-06-271 671 KRWEx-dividend: 1 671 KRW per sharePaidYahoo Finance (ex-div)
2025-02-272 090 KRWEx-dividend: 2 090 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 HD Hyundai Heavy Industries (329180) — from primary filings.

Frequently asked questions

What is HD Hyundai Heavy Industries (329180)'s P/E ratio?
HD Hyundai Heavy Industries (329180) trades at a P/E of 14.7x (price to trailing 12-month earnings).
What is HD Hyundai Heavy Industries (329180)'s EV/EBITDA?
HD Hyundai Heavy Industries (329180) trades at 9.5x EV/EBITDA.
What is HD Hyundai Heavy Industries (329180)'s P/B ratio?
HD Hyundai Heavy Industries (329180) trades at a P/B of 3.9x.
What is HD Hyundai Heavy Industries (329180)'s dividend yield?
HD Hyundai Heavy Industries (329180)'s trailing 12-month dividend yield is 2.9%.
What is HD Hyundai Heavy Industries (329180)'s return on equity (ROE)?
HD Hyundai Heavy Industries (329180)'s ROE is 32.5%.
What is HD Hyundai Heavy Industries (329180)'s market capitalization?
HD Hyundai Heavy Industries (329180)'s market cap is 36883.9 bn KRW.

See also: The Cheapest Stocks in the World (2026): What Value Investing Says About Buying Cheap · global valuation map