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Korean defense electronics maker of naval combat systems, radar and sensors, now also building satellites for a broadband constellation.
Korean defense electronics maker of naval combat systems, radar and sensors, now also building satellites for a broadband constellation.
Paid through multi-year defence programmes awarded by the Korean state, with revenue following delivery milestones on each warship, radar or sensor system. A Hanwha group member, it also sells IT services to group affiliates. Its push into satellite communications, including its own antenna technology, is a new direction beyond defence.
In one line: Korea's L3Harris — combat electronics plus a new satellite venture..
Moat: narrow (government relationships, IP/patents, installed base). Incumbent combat-system integrator on Korean Navy ships; the new satellite business is unproven.
Headquarters: Seongnam, South Korea · Employees: 4,855
Size Hanwha Systems (272210.KS) is a South Korea Industrials company (Aerospace & Defense) with a market value of $6.93B, the 59th largest of 495 South Korea companies the cockpit tracks. Shares closed at ₩50,300 on 6 Nov 2026.
Performance Over six months the shares fell 57.1%, against -14.8% for the median peer and -24.5% for the South Korea market (cap-weighted) — 2nd lowest of 21 in its peer set.
Growth Revenue grew 29.9% over the last twelve months (peer median +20.6%); the operating margin is 5.8% (peer median 8.9%).
Valuation It trades at 82.5× forward earnings against a peer median of 36.4× (2nd most expensive of 18).
Capital Return on invested capital runs 4.3 points below its cost of capital (7.9% WACC).
Next results Next results expected around 17 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ₩4.15T | ₩3.66T | ₩2.80T | ₩2.45T | ₩2.19T |
| Revenue growth | — | +31% | +14% | +12% | — |
| Gross profit | n/a | ₩1.07T | ₩965B | ₩738B | ₩548B |
| EBITDA | n/a | ₩300B | ₩290B | ₩237B | ₩144B |
| Net income | ₩27.8B | ₩242B | ₩454B | ₩349B | -₩76.6B |
| Free cash flow | n/a | -₩194B | -₩107B | -₩48.9B | ₩220B |
| Capital expenditure | n/a | ₩321B | ₩273B | ₩159B | ₩80.8B |
| Total debt | n/a | ₩1.61T | ₩473B | ₩330B | ₩209B |
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 Systems 272210.KS | $6.93B | -57% | +30% | 6% | 82.5× | n/a |
| LIG Defense&Aerospace 079550.KS | $5.24B | -65% | +26% | 8% | 20.0× | n/a |
| Leonardo LDO.MI | $31.0B | -4% | +10% | 7% | 20.2× | 14.3% |
| Thales HO.PA | $51.1B | -1% | +7% | 11% | 20.6× | -2.8% |
| L3Harris LHX | $48.4B | -13% | +7% | 12% | 20.1× | 7.0% |
| Korea Aerospace 047810.KS | $7.37B | -39% | +44% | 6% | 45.4× | 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 | 272210.KS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -35.2% | -0.8% | 2nd lowest of 21 |
| 6-month return | -57.1% | -14.8% | 2nd lowest of 21 |
| Distance from 52-week high | -72.6% | -34.3% | 2nd lowest of 21 |
| Revenue growth (TTM) | +29.9% | +20.6% | 7th highest of 21 |
| Operating margin | 5.8% | 8.9% | 10th lowest of 21 |
| Forward P/E | 82.5× | 36.4× | 2nd most expensive of 18 |
| ROIC minus cost of capital | -4.3 pp | -0.6 pp | 5th lowest of 20 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Hanwha Systems 272210.KS | South Korea | $6.93B | -57% | +30% | 6% | 82.5× | n/a | n/a |
| Loar LOAR | United States | $7.05B | +26% | +30% | 25% | 52.2× | 29.1% | +27.5% |
| Kratos Defense & Security Solutions KTOS | United States | $6.59B | -39% | +26% | 2% | 36.4× | n/a | n/a |
| Korea Aerospace 047810.KS | South Korea | $7.37B | -39% | +44% | 6% | 45.4× | n/a | n/a |
| China Aerospace Times Electronics 600879.SS | China | $6.43B | -46% | -13% | 1% | 130.0× | n/a | n/a |
| BETA Technologies BETA | United States | $6.37B | +45% | +136% | -1,033% | n/a | n/a | n/a |
| Melrose Industries MRO.L | United Kingdom | $7.80B | -4% | +9% | 11% | 13.4× | 15.3% | -12.8% |
| Hexcel HXL | United States | $6.09B | -16% | +8% | 11% | 29.6× | 23.0% | +4.5% |
| Karman KRMN | United States | $6.04B | -25% | +50% | 19% | 57.5× | n/a | n/a |
| Joby Aviation JOBY | United States | $5.89B | -45% | +118,568% | -754% | n/a | n/a | n/a |
| AVIC Airborne Systems 600372.SS | China | $8.36B | -11% | -2% | 5% | 48.1× | n/a | n/a |
| AeroVironment AVAV | United States | $5.73B | -33% | +84% | 1% | 33.5× | n/a | n/a |
| Raytron Technology 688002.SS | China | $8.64B | -15% | +84% | 29% | 26.4× | 20.1% | +32.1% |
| Glarun Technology 600562.SS | China | $5.43B | +6% | -8% | 21% | 51.7× | n/a | n/a |
| Leonardo DRS DRS | United States | $9.08B | -18% | +9% | 11% | 23.1× | 4.6% | +5.6% |
| LIG Defense&Aerospace 079550.KS | South Korea | $5.24B | -65% | +26% | 8% | 20.0× | n/a | n/a |
| Amentum AMTM | United States | $5.20B | -13% | +11% | 4% | 8.4× | 1.7% | +23.3% |
| Nanchang Sanrui Intelligence Technology 301696.SZ | China | $4.87B | -14% | +29% | 45% | n/a | 36.1% | +43.7% |
| AVIC Xi'an Aircraft Industry 000768.SZ | China | $9.92B | +1% | -34% | 3% | 55.7× | n/a | n/a |
| Hensoldt HAG.DE | Germany | $10.0B | +2% | +15% | 10% | 41.3× | 12.2% | +15.3% |
| Moog MOG-A | United States | $10.3B | +3% | +16% | 12% | 27.8× | 15.1% | +6.0% |