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Korean maker of K9 self-propelled howitzers, rocket launchers and aircraft engine components for global defense and aerospace customers.
Korean maker of K9 self-propelled howitzers, rocket launchers and aircraft engine components for global defense and aerospace customers.
Sells defence systems to governments under multi-year contracts, with Korea's own armed forces as the home base and export buyers including Poland; payments come in stages as items are delivered. Aero-engine parts are made under long-term supply contracts for engine makers, a steadier commercial business. The Hanwha Group, led by the Kim family, controls it.
In one line: A Korean General Dynamics, with jet-engine parts manufacturing too..
Moat: narrow (scale, government relationships, IP/patents). Proven, export-ready K9 platform and NATO-interoperable munitions give it an export edge over Western rivals.
Headquarters: Changwon, South Korea · Founded: 1977 · Employees: 8,168
Size Hanwha Aerospace (012450.KS) is a South Korea Industrials company (Aerospace & Defense) with a market value of $25.0B, the 15th largest of 495 South Korea companies the cockpit tracks. Shares closed at ₩660,000 on 6 Nov 2026.
Performance Over six months the shares fell 53.4%, against -6.7% for the median peer and -24.5% for the South Korea market (cap-weighted) — lowest of 21 in its peer set.
Growth Revenue grew 27.9% over the last twelve months (peer median +15.2%); the operating margin is 11.0% (peer median 12.2%).
Valuation It trades at 17.2× forward earnings against a peer median of 33.6× (3rd cheapest of 20).
Price implies For today's price to make sense, revenue must grow about -7% a year for seven years (Req g). Recent delivered growth is +38%, so the hurdle is -45 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 8.3 points above its cost of capital (6.0% WACC).
Credit Hanwha Aerospace has 2 bonds outstanding ($900M), rated A- by the agencies and trading like BBB+ at a weighted spread of 66 bp.
Next results Next results expected around 19 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ₩29.6T | ₩26.7T | ₩11.2T | ₩7.89T | ₩7.06T |
| Revenue growth | — | +138% | +42% | +12% | — |
| Gross profit | n/a | ₩5.08T | ₩2.80T | ₩1.35T | ₩1.43T |
| EBITDA | n/a | ₩3.96T | ₩1.90T | ₩901B | ₩661B |
| Net income | ₩1.49T | ₩1.40T | ₩2.30T | ₩818B | ₩195B |
| Free cash flow | n/a | ₩2.35T | ₩818B | ₩940B | ₩1.34T |
| Capital expenditure | n/a | ₩1.99T | ₩754B | ₩572B | ₩345B |
| Total debt | n/a | ₩12.8T | ₩10.7T | ₩4.17T | ₩3.69T |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Hanwha Aerospace 012450.KS | $25.0B | -53% | +28% | 11% | 17.2× | -7.0% |
| General Dynamics GD | $95.7B | +3% | +10% | 10% | 19.4× | -2.5% |
| Rheinmetall RHM.DE | $42.5B | -29% | -2% | 18% | 22.0× | 6.5% |
| BAE Systems BA..L | $72.6B | -4% | +7% | 9% | 22.0× | 2.8% |
| Korea Aerospace 047810.KS | $7.37B | -39% | +44% | 6% | 45.4× | n/a |
| Hyundai Rotem 064350.KS | $5.75B | -73% | +12% | 15% | 9.7× | -4.0% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 012450.KS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -32.1% | +4.2% | lowest of 21 |
| 6-month return | -53.4% | -6.7% | lowest of 21 |
| Distance from 52-week high | -60.1% | -23.7% | 3rd lowest of 21 |
| Revenue growth (TTM) | +27.9% | +15.2% | 8th highest of 21 |
| Operating margin | 11.0% | 12.2% | 10th lowest of 21 |
| Forward P/E | 17.2× | 33.6× | 3rd cheapest of 20 |
| Growth the price implies (Req g, 7 yrs) | -7.0% | 15.2% | least demanding of 15 |
| Growth delivered (Del g) | +38.1% | +11.5% | highest of 14 |
| Hurdle (Req g minus delivered) | -45.0 pp | +4.3 pp | least demanding of 14 |
| ROIC minus cost of capital | +8.3 pp | +7.4 pp | 10th highest of 20 |
| Bond spread | 66 bp | 93 bp | tightest of 6 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Hanwha Aerospace 012450.KS | South Korea | $25.0B | -53% | +28% | 11% | 17.2× | -7.0% | +38.1% |
| Axon Enterprise AXON | United States | $25.4B | -22% | +35% | 1% | 36.5× | n/a | n/a |
| Dassault Aviation AM.PA | France | $26.0B | +6% | +33% | 9% | 19.6× | 5.2% | +6.2% |
| Singapore Technologies Engineering S63.SI | Singapore | $22.6B | -13% | +11% | 9% | 27.3× | 5.3% | +11.5% |
| Bombardier BBD-B.TO | Canada | $22.5B | +8% | +11% | 11% | 22.1× | 19.0% | +8.9% |
| Arxis ARXS | United States | $21.5B | +42% | +114% | 20% | 54.2× | 58.8% | n/a |
| MTU Aero Engines MTX.DE | Germany | $20.9B | +21% | +12% | 13% | 18.5× | 6.3% | +17.1% |
| AVIC Shenyang Aircraft 600760.SS | China | $20.8B | +4% | -1% | 8% | 45.1× | n/a | n/a |
| Bharat Electronics BEL.NS | India | $30.6B | -10% | +20% | 26% | 41.5× | 38.2% | +14.3% |
| Leonardo LDO.MI | Italy | $31.0B | -4% | +10% | 7% | 20.2× | 14.3% | +7.8% |
| Rocket Lab RKLB | United States | $31.8B | -50% | +53% | -29% | n/a | n/a | n/a |
| Kongsberg Gruppen KOG.OL | Norway | $31.8B | +13% | -28% | 17% | 46.3× | 21.7% | +4.3% |
| Elbit Systems ESLT | United States | $32.0B | -13% | +12% | 9% | 46.5× | 10.1% | +11.5% |
| Saab SAAB-B.ST | Sweden | $33.3B | +19% | +28% | 10% | 40.2× | 6.0% | +17.4% |
| FTAI Aviation FTAI | United States | $18.4B | -33% | +46% | 23% | 16.7× | n/a | n/a |
| Hindustan Aeronautics HAL.NS | India | $35.2B | +4% | +7% | 23% | 33.6× | 42.7% | +7.2% |
| Curtiss-Wright CW | United States | $17.1B | -36% | +11% | 19% | 27.4× | 16.2% | +7.9% |
| HEICO HEI | United States | $39.2B | +14% | +21% | 24% | 47.8× | 24.5% | +20.2% |
| AECC Aviation Power 600893.SS | China | $15.8B | -15% | +18% | 2% | 173.7× | n/a | n/a |
| Rheinmetall RHM.DE | Germany | $42.5B | -29% | -2% | 18% | 22.0× | 6.5% | +12.9% |
| Csg CSG.AS | Netherlands | $14.6B | -20% | +72% | 25% | 11.7× | n/a | n/a |
Hanwha Aerospace has 2 bonds outstanding with $900M face value. The agencies rate it A-; its bonds trade like BBB+. Weighted yield 5.25%, a spread of 66 bp over government bonds.