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Korean shipbuilder (formerly Daewoo Shipbuilding) now owned by Hanwha Group; builds LNG carriers, submarines and naval ships.
Korean shipbuilder (formerly Daewoo Shipbuilding) now owned by Hanwha Group; builds LNG carriers, submarines and naval ships.
Customers pay in stages as a ship is built, with orders taken years before delivery, so the order book, mostly LNG carriers, shapes later results. Hanwha Group bought Daewoo Shipbuilding in 2023 after years of control by the state-owned Korea Development Bank, and bought the Philly Shipyard in Pennsylvania in 2024 as a US base.
In one line: Korea's Huntington Ingalls Industries, under a conglomerate parent.
Moat: narrow (scale, process know-how, regulatory licence). Qualified naval/submarine builder with LNG-carrier expertise; shipbuilding remains cyclical/competitive.
Headquarters: Geoje, South Korea · Founded: 1973 · Employees: 11,178
Size Hanwha Ocean (042660.KS) is a South Korea Industrials company (Trucks/Construction/Farm Machinery) with a market value of $10.7B, the 41st largest of 495 South Korea companies the cockpit tracks. Shares closed at ₩47,350 on 6 Nov 2026.
Performance Over six months the shares fell 64.1%, against -8.8% for the median peer and -24.5% for the South Korea market (cap-weighted) — lowest of 21 in its peer set.
Growth Revenue grew 18.4% over the last twelve months (peer median +8.4%); the operating margin is 13.2% (peer median 13.2%).
Valuation It trades at 8.7× forward earnings against a peer median of 16.1× (3rd cheapest of 21).
Price implies For today's price to make sense, revenue must grow about -12% a year for seven years (Req g). Recent delivered growth is +13%, so the hurdle is -26 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 32.9 points above its cost of capital (6.2% WACC).
Next results Next results expected around 16 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ₩15.5T | ₩13.0T | ₩11.2T | ₩7.76T | ₩5.08T |
| Revenue growth | — | +17% | +44% | +53% | — |
| Gross profit | n/a | ₩2.06T | ₩1.04T | ₩442B | -₩1.13T |
| EBITDA | n/a | ₩1.68T | ₩802B | ₩463B | -₩1.25T |
| Net income | ₩1.94T | ₩1.23T | ₩505B | ₩136B | -₩1.77T |
| Free cash flow | n/a | ₩585B | -₩3.27T | -₩1.99T | -₩1.18T |
| Capital expenditure | n/a | ₩717B | ₩379B | ₩134B | ₩122B |
| Total debt | n/a | ₩8.11T | ₩7.73T | ₩4.60T | ₩5.09T |
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 Ocean 042660.KS | $10.7B | -64% | +18% | 13% | 8.7× | -12.4% |
| Hd Hyundai Heavy Industries 329180.KS | $20.3B | -62% | +41% | 15% | 9.5× | -7.0% |
| SamsungHvyInd 010140.KS | $10.2B | -50% | +30% | 27% | 13.3× | -20.3% |
| China CSSC 600150.SS | $39.7B | -16% | +80% | 8% | 13.3× | -7.8% |
| Fincantieri FCT.MI | $4.98B | +3% | -1% | 0% | 21.5× | 1.2% |
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 | 042660.KS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -36.1% | -7.1% | 2nd lowest of 21 |
| 6-month return | -64.1% | -8.8% | lowest of 21 |
| Distance from 52-week high | -69.4% | -28.8% | 2nd lowest of 21 |
| Revenue growth (TTM) | +18.4% | +8.4% | 5th highest of 21 |
| Operating margin | 13.2% | 13.2% | 11th highest of 21 |
| Forward P/E | 8.7× | 16.1× | 3rd cheapest of 21 |
| Growth the price implies (Req g, 7 yrs) | -12.4% | 7.2% | 2nd least demanding of 18 |
| Growth delivered (Del g) | +13.2% | +8.5% | 2nd highest of 18 |
| Hurdle (Req g minus delivered) | -25.6 pp | -1.3 pp | 2nd least demanding of 18 |
| ROIC minus cost of capital | +32.9 pp | +9.5 pp | 5th highest of 20 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Hanwha Ocean 042660.KS | South Korea | $10.7B | -64% | +18% | 13% | 8.7× | -12.4% | +13.2% |
| Ashok Leyland ASHOKLEY.NS | India | $10.7B | +1% | +16% | 17% | 24.8× | n/a | n/a |
| SamsungHvyInd 010140.KS | South Korea | $10.2B | -50% | +30% | 27% | 13.3× | -20.3% | +11.4% |
| Toro TTC | United States | $9.92B | +10% | +5% | 11% | 21.2× | 5.6% | +6.0% |
| Sinotruk Hong Kong 3808.HK | Hong Kong | $12.3B | -12% | +38% | 7% | 9.4× | -3.2% | +1.5% |
| Hdksoe 009540.KS | South Korea | $12.5B | -48% | +23% | 23% | 4.4× | n/a | n/a |
| XCMG Construction Machinery 000425.SZ | China | $12.6B | -28% | +8% | 8% | 11.0× | -3.2% | +6.4% |
| Yangzijiang Shipbuilding (Holdings) BS6.SI | Singapore | $13.5B | +11% | +26% | 32% | 8.2× | -10.1% | +11.8% |
| Weir WEIR.L | United Kingdom | $8.18B | -3% | +6% | 18% | 18.1× | 19.3% | +5.5% |
| CNH Industrial CNH | United States | $14.3B | +5% | +1% | 13% | 21.1× | 7.4% | -7.0% |
| Mazagon Dock Shipbuilders MAZDOCK.NS | India | $7.87B | -31% | +8% | 15% | 30.5× | n/a | n/a |
| AGCO AGCO | United States | $7.61B | -6% | +1% | 6% | 17.1× | 10.5% | +2.0% |
| Gaztransport & Technigaz GTT.PA | France | $7.50B | -13% | +9% | 64% | 16.1× | -3.1% | +15.2% |
| Konecranes KCR.HE | Finland | $7.47B | +5% | -1% | 13% | 15.9× | 9.1% | +5.7% |
| Accelleron Industries ACLN.SW | Switzerland | $7.29B | -25% | +13% | 25% | 25.1× | 3.5% | +12.1% |
| Metso METSO.HE | Finland | $15.8B | +14% | +8% | 15% | 23.6× | 15.3% | +9.6% |
| Doosan 000150.KS | South Korea | $7.10B | -60% | +11% | 6% | 16.1× | 15.0% | +11.6% |
| Wartsila Oyj Abp WRT1V.HE | Finland | $17.1B | -25% | -2% | 13% | 23.5× | 7.2% | +8.5% |
| Babcock International BAB.L | United Kingdom | $6.60B | 0% | +7% | 6% | 15.4× | 13.2% | +5.5% |
| Hitachi Construction Machinery 6305.T | Japan | $6.36B | -12% | +7% | 10% | 11.2× | 3.9% | +11.6% |
| Kubota 6326.T | Japan | $18.2B | 0% | +13% | 11% | 10.0× | 7.5% | +10.3% |