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Korea's largest shipbuilder; builds commercial vessels (LNG carriers, tankers), naval ships and marine engines.
Korea's largest shipbuilder; builds commercial vessels (LNG carriers, tankers), naval ships and marine engines.
Builds ships to order under contracts signed up to a few years before delivery, with payments in instalments and revenue recognised as construction progresses, so the order book sets earnings years ahead. It sits under the shipbuilding holding company HD Korea Shipbuilding & Offshore Engineering in the HD Hyundai group.
In one line: Korea's General Dynamics Marine Systems + a Maersk-scale shipyard.
Moat: narrow (scale, installed base, process know-how). Large dock capacity and decades of build experience; global shipbuilding is still cyclical and competitive.
Headquarters: Ulsan, South Korea · Founded: 1972 · Employees: 18,880
Size Hd Hyundai Heavy Industries (329180.KS) is a South Korea Industrials company (Trucks/Construction/Farm Machinery) with a market value of $20.3B, the 19th largest of 495 South Korea companies the cockpit tracks. Shares closed at ₩262,500 on 6 Nov 2026.
Performance Over six months the shares fell 61.7%, against -10.8% for the median peer and -24.5% for the South Korea market (cap-weighted) — 3rd lowest of 21 in its peer set.
Growth Revenue grew 41.5% over the last twelve months (peer median +12.9%); the operating margin is 14.7% (peer median 13.2%).
Valuation It trades at 9.5× forward earnings against a peer median of 13.3× (6th cheapest of 21).
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 +16%, so the hurdle is -23 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 19.3 points above its cost of capital (7.7% WACC).
Credit Hd Hyundai Heavy Industries has 1 bond outstanding ($300M).
Next results Next results expected around 10 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ₩23.2T | ₩17.6T | ₩14.5T | ₩12.0T | ₩9.05T |
| Revenue growth | — | +21% | +21% | +32% | — |
| Gross profit | n/a | ₩2.92T | ₩1.46T | ₩627B | ₩138B |
| EBITDA | n/a | ₩2.37T | ₩1.00T | ₩496B | -₩47.0B |
| Net income | ₩2.44T | ₩1.42T | ₩622B | ₩24.7B | -₩352B |
| Free cash flow | n/a | ₩3.00T | ₩2.42T | -₩309B | -₩413B |
| Capital expenditure | n/a | ₩541B | ₩511B | ₩514B | ₩514B |
| Total debt | n/a | ₩682B | ₩1.18T | ₩3.17T | ₩2.65T |
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 |
|---|---|---|---|---|---|---|
| Hd Hyundai Heavy Industries 329180.KS | $20.3B | -62% | +41% | 15% | 9.5× | -7.0% |
| Hanwha Ocean 042660.KS | $10.7B | -64% | +18% | 13% | 8.7× | -12.4% |
| 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% |
| Mitsubishi Heavy Industries 7011.T | $62.1B | -37% | -3% | 10% | 22.3× | 9.0% |
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 | 329180.KS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -34.4% | -5.3% | 3rd lowest of 21 |
| 6-month return | -61.7% | -10.8% | 3rd lowest of 21 |
| Distance from 52-week high | -65.7% | -21.0% | 3rd lowest of 21 |
| Revenue growth (TTM) | +41.5% | +12.9% | 2nd highest of 21 |
| Operating margin | 14.7% | 13.2% | 9th highest of 21 |
| Forward P/E | 9.5× | 13.3× | 6th cheapest of 21 |
| Growth the price implies (Req g, 7 yrs) | -7.0% | 6.4% | 5th least demanding of 19 |
| Growth delivered (Del g) | +16.2% | +9.0% | 2nd highest of 19 |
| Hurdle (Req g minus delivered) | -23.1 pp | -2.0 pp | 4th least demanding of 19 |
| ROIC minus cost of capital | +19.3 pp | +5.8 pp | 7th highest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Hd Hyundai Heavy Industries 329180.KS | South Korea | $20.3B | -62% | +41% | 15% | 9.5× | -7.0% | +16.2% |
| Doosan Enerbility 034020.KS | South Korea | $21.1B | -65% | +9% | 5% | 82.3× | 22.7% | +13.2% |
| Kubota 6326.T | Japan | $18.2B | 0% | +13% | 11% | 10.0× | 7.5% | +10.3% |
| Wartsila Oyj Abp WRT1V.HE | Finland | $17.1B | -25% | -2% | 13% | 23.5× | 7.2% | +8.5% |
| Sany Heavy Industry 6031.HK | Hong Kong | $24.2B | -27% | +25% | 11% | 12.9× | -1.1% | -2.9% |
| Metso METSO.HE | Finland | $15.8B | +14% | +8% | 15% | 23.6× | 15.3% | +9.6% |
| CRRC 1766.HK | Hong Kong | $26.4B | +4% | +7% | 6% | 9.2× | -2.4% | +3.1% |
| Epiroc EPI-A.ST | Sweden | $28.6B | -10% | +1% | 19% | 29.3× | 16.5% | +11.4% |
| CNH Industrial CNH | United States | $14.3B | +5% | +1% | 13% | 21.1× | 7.4% | -7.0% |
| Yangzijiang Shipbuilding (Holdings) BS6.SI | Singapore | $13.5B | +11% | +26% | 32% | 8.2× | -10.1% | +11.8% |
| Komatsu 6301.T | Japan | $32.2B | -12% | +9% | 13% | 13.1× | 9.5% | +13.6% |
| XCMG Construction Machinery 000425.SZ | China | $12.6B | -28% | +8% | 8% | 11.0× | -3.2% | +6.4% |
| Hdksoe 009540.KS | South Korea | $12.5B | -48% | +23% | 23% | 4.4× | n/a | n/a |
| Sinotruk Hong Kong 3808.HK | Hong Kong | $12.3B | -12% | +38% | 7% | 9.4× | -3.2% | +1.5% |
| Ashok Leyland ASHOKLEY.NS | India | $10.7B | +1% | +16% | 17% | 24.8× | n/a | n/a |
| Hanwha Ocean 042660.KS | South Korea | $10.7B | -64% | +18% | 13% | 8.7× | -12.4% | +13.2% |
| China CSSC 600150.SS | China | $39.7B | -16% | +80% | 8% | 13.3× | -7.8% | +22.4% |
| 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% |
| Sandvik SAND.ST | Sweden | $45.8B | -1% | +14% | 20% | 21.0× | 13.3% | +6.9% |
| Wabtec WAB | United States | $47.6B | +7% | +13% | 18% | 23.8× | 17.0% | +8.1% |
Hd Hyundai Heavy Industries has 1 bond outstanding with $300M face value.