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World's largest maker of steel towers for wind turbines, supplying onshore and offshore wind projects globally.
World's largest maker of steel towers for wind turbines, supplying onshore and offshore wind projects globally.
Fabricates towers to turbine makers' orders, mostly under multi-year supply arrangements, with steel cost passed through to buyers, and has plants in places such as China, Vietnam, Turkey and the US to sit near wind markets. Offshore foundations, a heavier, higher-value product, are a growth focus.
Moat: narrow (scale, customer qualification). Largest global wind-tower capacity, qualified across the major turbine OEMs.
Headquarters: Busan, South Korea · Founded: 1978 · Employees: 98
Size Cswind (112610.KS) is a South Korea Industrials company (Electrical Products) with a market value of $1.52B, the 166th largest of 495 South Korea companies the cockpit tracks. Shares closed at ₩49,100 on 6 Nov 2026.
Performance Over six months the shares fell 31.4%, against -38.9% for the median peer and -24.5% for the South Korea market (cap-weighted) — 4th highest of 18 in its peer set.
Growth Revenue fell 8.5% over the last twelve months (peer median +24.2%); the operating margin is 6.8% (peer median 8.6%).
Valuation It trades at 11.6× forward earnings against a peer median of 21.3× (4th cheapest of 16).
Price implies For today's price to make sense, revenue must grow about 0% a year for seven years (Req g). Recent delivered growth is +24%, so the hurdle is -24 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 0.6 points above its cost of capital (5.5% WACC).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ₩2.66T | ₩2.82T | ₩2.96T | ₩1.44T | ₩1.37T |
| Revenue growth | — | -5% | +106% | +5% | — |
| Gross profit | ₩307B | ₩323B | ₩249B | ₩99.0B | ₩115B |
| EBITDA | ₩333B | ₩375B | ₩310B | ₩97.4B | ₩108B |
| Net income | ₩4.33B | ₩34.7B | ₩142B | ₩19.4B | ₩1.91B |
| Free cash flow | ₩274B | ₩435B | -₩151B | -₩81.5B | ₩52.4B |
| Capital expenditure | ₩61.9B | ₩93.2B | ₩202B | ₩193B | ₩101B |
| Total debt | ₩1.23T | ₩1.23T | ₩1.44T | ₩955B | ₩478B |
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 |
|---|---|---|---|---|---|---|
| Cswind 112610.KS | $1.52B | -31% | -8% | 7% | 11.6× | -0.5% |
| Vestas Wind Systems A/S VWS.CO | $31.0B | +8% | +10% | 7% | 21.3× | 0.5% |
| Titan Wind Energy (Suzhou) 002531.SZ | $2.05B | -37% | -1% | 5% | 29.4× | n/a |
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 | 112610.KS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -14.2% | -16.4% | 8th highest of 21 |
| 6-month return | -31.4% | -38.9% | 4th highest of 18 |
| Distance from 52-week high | -38.2% | -60.5% | 2nd highest of 21 |
| Revenue growth (TTM) | -8.5% | +24.2% | 2nd lowest of 21 |
| Operating margin | 6.8% | 8.6% | 9th lowest of 21 |
| Forward P/E | 11.6× | 21.3× | 4th cheapest of 16 |
| Growth the price implies (Req g, 7 yrs) | -0.5% | 14.6% | least demanding of 10 |
| Growth delivered (Del g) | +23.8% | +13.9% | 4th highest of 10 |
| Hurdle (Req g minus delivered) | -24.3 pp | -13.4 pp | 4th least demanding of 10 |
| ROIC minus cost of capital | +0.6 pp | -6.0 pp | 8th highest of 20 |
| EV / EBITDA | 8.8× | 14.6× | cheapest of 8 |
| Net debt / EBITDA | 2.4× | 0.2× | most indebted of 8 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Cswind 112610.KS | South Korea | $1.52B | -31% | -8% | 7% | 11.6× | -0.5% | +23.8% |
| Iljin Electric 103590.KS | South Korea | $1.52B | -65% | +24% | 9% | 11.2× | n/a | n/a |
| Shenzhen Hopewind Electric 603063.SS | China | $1.52B | -50% | -5% | 9% | 24.6× | 14.6% | +12.3% |
| Beijing Victory Electric 001393.SZ | China | $1.53B | n/a | +31% | 11% | n/a | n/a | n/a |
| Shandong Hi-tech Spring Material Technology 301292.SZ | China | $1.54B | -46% | +46% | 11% | 31.8× | n/a | n/a |
| Shenzhen SDG Information 000070.SZ | China | $1.55B | -33% | +27% | -1% | n/a | 28.4% | -1.3% |
| Up-Shine Lighting 301362.SZ | China | $1.50B | -39% | +15% | 7% | 29.5× | n/a | n/a |
| Shanghai Electric Wind Power 688660.SS | China | $1.50B | -39% | +69% | -6% | n/a | n/a | n/a |
| Long Young Electronic (Kunshan) 301389.SZ | China | $1.55B | -41% | +103% | 17% | 55.4× | 46.5% | +3.3% |
| Hainan Drinda New Energy Technology 002865.SZ | China | $1.49B | -45% | -4% | -13% | n/a | 19.3% | +54.9% |
| Zhejiang Zhaolong Interconnect Technology Co. Limited 300913.SZ | China | $1.49B | -45% | +29% | 12% | 44.1× | n/a | n/a |
| Sinfonia Technology 6507.T | Japan | $1.56B | -39% | +9% | 15% | 14.2× | 15.4% | +8.0% |
| Hangzhou Gold Electronic Equipment 301669.SZ | China | $1.56B | n/a | +37% | 9% | n/a | n/a | n/a |
| Inox Wind INOXWIND.NS | India | $1.49B | -39% | +17% | 15% | 15.4× | n/a | n/a |
| ERock EROC | United States | $1.56B | n/a | +43% | -19% | 35.8× | 12.5% | +42.5% |
| Aerospace Intelligent Manufacturing Technology 300446.SZ | China | $1.48B | -38% | -14% | 5% | 21.3× | 2.1% | +133.1% |
| Guodian Nanjing Automation 600268.SS | China | $1.48B | -35% | -5% | 9% | 15.2× | -0.1% | +13.9% |
| Yangtze Optical Electronic 688143.SS | China | $1.59B | +56% | +25% | 2% | 296.7× | n/a | n/a |
| Hammond Power Solutions HPS-A.TO | Canada | $1.60B | -41% | +51% | 11% | 13.7× | 9.4% | +22.8% |
| Daihen 6622.T | Japan | $1.43B | +5% | +5% | 8% | 11.4× | n/a | n/a |
| East 300376.SZ | China | $1.43B | -30% | +9% | 3% | 9.3× | n/a | n/a |