# Doosan (000150.KO)

Canonical: https://gigainvestors.com/s/000150.KO

Analysis as of: 2026-10-16T07:35:25.824Z. Financial observations: FY2000–FY2025.

Listing currency: KRW. Reporting currency: KRW.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: KRW 989,000.00 per share; close as of 2026-10-15.

## Checklist

### understandable: fail

- 4 revenue declines in the last 10 years (informational)

- more than 2 net loss years

- Financial history: 10 years

- Years with declining revenue: 4

- Years with a net loss: 5

- Operating margin variation: 0.27×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.06×

- FY2017: 0.07×

- FY2018: 0.07×

- FY2019: 0.07×

- FY2020: 0.02×

- FY2021: 0.07×

- FY2022: 0.07×

- FY2023: 0.08×

- FY2024: 0.06×

- FY2025: 0.05×

### moat: fail

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 15.7%

- ROIC, second-lowest year: 9.7%

- Typical minus recent gross margin: 0.1 pp

- Typical gross margin (annual median): 17.0%

- Recent gross margin (lower of latest and 3-year median): 17.0%

- Years with nonpositive capital: 0

- Capital spending / revenue: 3.8%

- ROIC including acquisitions, ten-year median: 0.4%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 9.7%

- FY2017: 9.8%

- FY2018: 11.3%

- FY2019: 11.3%

- FY2020: 4.2%

- FY2021: 20.0%

- FY2022: 45.3%

- FY2023: >100%

- FY2024: 56.7%

- FY2025: 72.4%

### economics: fail

- owner earnings cash conversion below threshold

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: KRW -1.63T

- Net income, five-year total: KRW -1.02T

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: -2.3 pp

- Working capital / revenue, change between three-year averages: -15.4 pp

- Working capital / revenue, final three-year average: 9.0%

Chart: Owner earnings · five years; fiscal year observations.

- FY2021: KRW 285B

- FY2022: KRW -846B

- FY2023: KRW -550B

- FY2024: KRW -547B

- FY2025: KRW 25B

### management: fail

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 9.8% vs 72.4%

- Per-share earnings: 1911.75 to -16724.66 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: 4.7%

- Market cap gain: KRW 11.97T

- Cumulative retained earnings: KRW -1.49T

- Diluted shares, 5-year annual growth: 4.7%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value change: KRW -19K

- Per-share value, starting three-year median: KRW 2K

- Per-share value, ending three-year median: KRW -17K

- Buybacks concentrated in cheaper years (correlation): 0.39

- Average buyback yield: 3.1%

- Buyback history: 10 years

- Debt-funded buybacks: No

- Acquisition spending: KRW 3.42T

- Cumulative net income, 10 years: KRW -1.04T

- ROIC, first three-year median: 9.8%

- ROIC, last three-year median: 72.4%

Chart: Earnings per share; fiscal year observations.

- FY2016: KRW 11K

- FY2017: KRW 2K

- FY2018: KRW -7K

- FY2019: KRW 22K

- FY2020: KRW -41K

- FY2021: KRW 16K

- FY2022: KRW -51K

- FY2023: KRW -29K

- FY2024: KRW -17K

- FY2025: KRW 4K

### accounting: pass

- Sloan accruals: -2.8%

- Receivables to sales index (DSRI): 1.10×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 13.8%

- Earnings backed by cash: Yes

- Operating cash / earnings: 12.96×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 5.67×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -2.5%

- FY2017: -2.2%

- FY2018: -3.9%

- FY2019: -1.2%

- FY2020: -2.3%

- FY2021: -2.0%

- FY2022: -4.7%

- FY2023: -8.1%

- FY2024: -1.8%

- FY2025: -2.8%

## Holders

## Price story

Down 50% since May 2026 · sales +9.1%

Story as of 2026-10-16T10:00:04.835Z; price observation 2026-10-15.

### Sales · FY2024–2025

sales +9.1%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: KRW 16.41T 

- FY2017: KRW 17.59T 

- FY2018: KRW 18.17T 

- FY2019: KRW 18.54T 

- FY2020: KRW 16.97T 

- FY2021: KRW 13.20T 

- FY2022: KRW 17.00T 

- FY2023: KRW 19.13T 

- FY2024: KRW 18.13T 

- FY2025: KRW 19.78T 

### Gross margin · FY2025

gross margin 17.3%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 17.5% 

- FY2017: 17.9% 

- FY2018: 18.3% 

- FY2019: 17.0% 

- FY2020: 14.3% 

- FY2021: 17.0% 

- FY2022: 16.7% 

- FY2023: 17.0% 

- FY2024: 16.3% 

- FY2025: 17.3% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in conglomerates; annual sales are KRW 19.8 trillion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:25.824Z); FY2025: revenue 19784138000000; grossProfit 3413217000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 000150.KO: Doosan Corporation, together with its subsidiaries, engages in the power generation facilities, industrial facilities, construction machinery, engines, and construction businesses in Korea, the United States, Asia, the Middle East, Europe, and internationally. It operates through Electro-Materials BG, Digital Innovation BU, Doosan Enerbility, Doosan Bobcat, Doosan Fuel Cell, and Others segments. The company manufactures and sells copper clad laminates, and casting and forgings; and provides development and maintenance services for information technology systems and other products, as well as professional, scientific, and technical services. It is also involved in the construction of NSSS, BOP, turbines, desalination and water treatment facilities, plant installation works, and roads, etc.; operation of golf club and condominiums; and manufacture and sale of eco-friendly commercial vehicles, industrial robots, hydrogen fuel cell power packs, construction equipment, integrated circuits, oil hydraulic machinery, and small size construction machines and equipment, as well as other machinery. In addition, the company engages in the fuel cell and renewable energy, and other businesses; development and sale of logistics automation facilities; testing and engineering of semiconductor manufacturing; electric power generation and sale; research and development of fuel cells and systems for power generation; manufacture, lease, and sale of forklifts; and financial investment activities, as well as sports, education and training, and wholesale and retail businesses. Further, it offers manufacturing, IT, advertising, marketing, specialized, engineering, and other services, as well as software and systems engineering services. The company was formerly known as OB Beer, Ltd. and changed its name to Doosan Corporation in September 1998. Doosan Corporation was founded in 1896 and is headquartered in Seoul, South Korea.

### Why customers stay

Margins ranged from 16.3% to 17.3% during 2023–25; it earns 15.7% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:25.824Z); FY2023: grossProfit / revenue = 17%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:25.824Z); FY2024: grossProfit / revenue = 16.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:25.824Z); FY2025: grossProfit / revenue = 17.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:25.824Z); 10-year return on capital observations [[2016,0.0973971655406494],[2017,0.09795589970671374],[2018,0.11314493568374419],[2019,0.1129385717332368],[2020,0.041777388462093556],[2021,0.20012610570528297],[2022,0.45312362021678587],[2023,2.096934549344208],[2024,0.566619346540667],[2025,0.7236094744934721]]; median 0.15663552069451359. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 17% gross margin through 2022 cost inflation.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:25.824Z); Gross margin observations: [[2021,0.1698303951004117],[2022,0.16698558934927385],[2023,0.16963130935336038]]; range within 2 percentage points.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back KRW 138.7 billion of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:25.824Z); FY2016: growth capex 0; upkeep 782911923990; owner earnings 54238357400. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:25.824Z); FY2017: growth capex 0; upkeep 396237186692; owner earnings 280784587242. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:25.824Z); FY2018: growth capex 0; upkeep 386102352160; owner earnings 635788642860. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:25.824Z); FY2019: growth capex 0; upkeep 577089307480; owner earnings 473791626002. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:25.824Z); FY2021: growth capex 0; upkeep 400987133770; owner earnings 285264673444. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:25.824Z); FY2025: growth capex 89665000000; upkeep 808698000000; owner earnings 24887122018.66851. Growth capex / owner earnings = 3.602867375855667.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:25.824Z); Dividend observations: [[2016,231897428000],[2017,100425616900],[2018,242420079680],[2019,171613303720],[2020,53645203800],[2021,20815343400],[2022,125032708300],[2023,118779851800],[2024,125133000000],[2025,147028000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:25.824Z); FY2025: cash repurchases 138661000000 KRW.

### Are managers owners

Insiders own 41.2% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 000150.KO SharesStats.PercentInsiders = 41.242000000000004 percentage points; cache date 2026-10-16.

### What could break it

US import tariffs could raise product costs.

- Source: https://dart.fss.or.kr/report/viewer.do?rcpNo=20260323000945&dcmNo=11164655&eleId=9&offset=194270&length=404037&dtd=dart4.xsd (filed 2026-03-23); CKEL (원/KG당)
국내
21,969
21,511
30,480

해외
-
-
-

두산밥캣㈜
Hydraulics & Powertrain (USD/개)
해외
1,031
1,217
1,142

Steel & Weldment (USD/개)
해외
685
695
700

Petrochemical (USD/개)
해외
1,279
1,038
1,087

두산로보틱스㈜
구동부품 (천원)
1,851
1,809
2,726

전자부품 (천원)
6,332
5,852
5,437

기계부품 (천원)
2,384
2,655
2,654

기타 (천원)
158
158
169

【㈜두산 전자BG】

(1) 산출기준 : 총구입액/총구입수량

(2) 주요 가격변동 원인 : 수요 증가로 인한 단가상승

【㈜두산 디지털이노베이션BU】

고객사의 요구에 따라 개별적으로 특화된 IT 시스템 개발 및 운영/관리를 수행하고 있으므로 그에 따른 특정한 용역,상품 가격을 일정하게 산정/비교하기 어렵습니다.

【두산에너빌리티㈜】

(1) 산출기준

상기 재료의 단순평균 구입가격 혹은 공시가격 인상률을 반영한 조정가격 기준으로 산출합니다.

(2) 주요 가격변동원인

2025년에는 미국 트럼프 대통령 취임 후 관세정책과 AI수요 증가에 따라 희소금속은 강세를 보였으나 전통 철강산업(조선,건설 등)은 전년에 이어 경기둔화 국면이 지속되며 약세를 보였습니다.

- 철판 : 전년에 이어 전방산업 수요둔화 지속에 따른 철강 수요 감소로 약세를 보였 습니다.

- 봉/형강류 : 전년에 이은 국내 건설경기 침체 및 중국 경기부진 지속과 중국산 저가 물량 유입에 따라 약세를 보였습니다.

- PIPE/TUBE : 전년에 이어 Global 경기둔화 지속에 의한 수요감소로 약세를 보였 습니다.

- 알루미늄 : 미국 정부의 품목 별 관세 대상에 포함되고 AI 전력인프라 수요 증가 로 전년 대비 강세를 보였습니다.

- 고철 : 경기회복 지연에 따른 철근판매가 약세로 고철가격 상승은 제한적이였으나 , 전년대비 재고량 부족이 심화되어 소폭 상승하는 모습을 보였습니다.

- Fe-Mo : 글로벌 공급제한, 무역구조변화, 전략적 비축 및 시장심리로 인해 전년도 대비 다소 상승하는 모습을 보였습니다.

- Fe-V : 재고, 물류, 지역별 수급 차이로 인해 전년도 대비 약세를 보였습니다.

- Nickel : 인니 등 주요 생산국의 생산 변동성으로 전년도 대비 소폭 상승하였습니 다.

【두산밥캣㈜】

(1) 산출기준

미국 기준이며, 원재료 별 대표 부품 품목에 대한 가격입니다. 부품별 대표 매입처 구매계약가격 기준으로 산출하였습니다. 다음은 주요 원재료 별 대표 부품 품목입니다.

- Hydraulics & Powertrain : Motor Drive

- Steel & Weldment : Flat Coil 0.5000" NOM/60.0"/MS254

- Petrochemical : Track Rubber 450x60

【두산퓨얼셀㈜】



### What the price says

The price is 0.9 times annual sales.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:25.824Z); Closing price 989000 KRW; reporting-to-trading FX 1; FY2025 annual sales per share 1161236.478137076; price multiple 0.8516783778499726. FY2025 cash earnings/share 1460.7578012206698. Closing-price date 2026-10-15.

## Monthly share-price history (KRW per share)

- 2016-10: KRW 73,153.56 per share

- 2016-11: KRW 78,863.10 per share

- 2016-12: KRW 74,937.79 per share

- 2017-01: KRW 74,937.79 per share

- 2017-02: KRW 68,300.44 per share

- 2017-03: KRW 67,586.75 per share

- 2017-04: KRW 69,442.35 per share

- 2017-05: KRW 83,858.96 per share

- 2017-06: KRW 84,929.50 per share

- 2017-07: KRW 84,215.80 per share

- 2017-08: KRW 91,352.73 per share

- 2017-09: KRW 101,344.44 per share

- 2017-10: KRW 95,634.89 per share

- 2017-11: KRW 89,925.35 per share

- 2017-12: KRW 80,647.34 per share

- 2018-01: KRW 84,572.65 per share

- 2018-02: KRW 71,369.32 per share

- 2018-03: KRW 76,008.33 per share

- 2018-04: KRW 86,356.88 per share

- 2018-05: KRW 74,580.94 per share

- 2018-06: KRW 74,224.10 per share

- 2018-07: KRW 74,224.10 per share

- 2018-08: KRW 83,502.11 per share

- 2018-09: KRW 97,419.13 per share

- 2018-10: KRW 85,286.34 per share

- 2018-11: KRW 86,713.73 per share

- 2018-12: KRW 79,576.80 per share

- 2019-01: KRW 83,858.96 per share

- 2019-02: KRW 69,370.98 per share

- 2019-03: KRW 66,087.99 per share

- 2019-04: KRW 73,153.56 per share

- 2019-05: KRW 66,944.43 per share

- 2019-06: KRW 71,726.17 per share

- 2019-07: KRW 74,937.79 per share

- 2019-08: KRW 71,726.17 per share

- 2019-09: KRW 75,651.48 per share

- 2019-10: KRW 77,800.00 per share

- 2019-11: KRW 68,200.00 per share

- 2019-12: KRW 70,300.00 per share

- 2020-01: KRW 62,700.00 per share

- 2020-02: KRW 55,800.00 per share

- 2020-03: KRW 33,400.00 per share

- 2020-04: KRW 40,350.00 per share

- 2020-05: KRW 37,600.00 per share

- 2020-06: KRW 38,000.00 per share

- 2020-07: KRW 47,500.00 per share

- 2020-08: KRW 46,450.00 per share

- 2020-09: KRW 46,850.00 per share

- 2020-10: KRW 46,600.00 per share

- 2020-11: KRW 55,300.00 per share

- 2020-12: KRW 52,400.00 per share

- 2021-01: KRW 51,400.00 per share

- 2021-02: KRW 46,650.00 per share

- 2021-03: KRW 49,950.00 per share

- 2021-04: KRW 63,200.00 per share

- 2021-05: KRW 87,400.00 per share

- 2021-06: KRW 95,700.00 per share

- 2021-07: KRW 96,700.00 per share

- 2021-08: KRW 89,500.00 per share

- 2021-09: KRW 99,600.00 per share

- 2021-10: KRW 103,000.00 per share

- 2021-11: KRW 108,500.00 per share

- 2021-12: KRW 118,000.00 per share

- 2022-01: KRW 96,600.00 per share

- 2022-02: KRW 113,500.00 per share

- 2022-03: KRW 104,000.00 per share

- 2022-04: KRW 89,800.00 per share

- 2022-05: KRW 84,700.00 per share

- 2022-06: KRW 70,000.00 per share

- 2022-07: KRW 69,900.00 per share

- 2022-08: KRW 82,800.00 per share

- 2022-09: KRW 81,100.00 per share

- 2022-10: KRW 77,400.00 per share

- 2022-11: KRW 97,300.00 per share

- 2022-12: KRW 83,100.00 per share

- 2023-01: KRW 92,600.00 per share

- 2023-02: KRW 101,000.00 per share

- 2023-03: KRW 97,900.00 per share

- 2023-04: KRW 93,200.00 per share

- 2023-05: KRW 97,300.00 per share

- 2023-06: KRW 90,600.00 per share

- 2023-07: KRW 106,500.00 per share

- 2023-08: KRW 117,600.00 per share

- 2023-09: KRW 113,300.00 per share

- 2023-10: KRW 74,400.00 per share

- 2023-11: KRW 92,100.00 per share

- 2023-12: KRW 93,900.00 per share

- 2024-01: KRW 90,200.00 per share

- 2024-02: KRW 91,000.00 per share

- 2024-03: KRW 155,500.00 per share

- 2024-04: KRW 152,300.00 per share

- 2024-05: KRW 206,000.00 per share

- 2024-06: KRW 217,000.00 per share

- 2024-07: KRW 175,000.00 per share

- 2024-08: KRW 149,500.00 per share

- 2024-09: KRW 169,500.00 per share

- 2024-10: KRW 200,500.00 per share

- 2024-11: KRW 193,000.00 per share

- 2024-12: KRW 255,000.00 per share

- 2025-01: KRW 284,000.00 per share

- 2025-02: KRW 322,500.00 per share

- 2025-03: KRW 292,500.00 per share

- 2025-04: KRW 303,500.00 per share

- 2025-05: KRW 488,000.00 per share

- 2025-06: KRW 656,000.00 per share

- 2025-07: KRW 601,000.00 per share

- 2025-08: KRW 560,000.00 per share

- 2025-09: KRW 541,000.00 per share

- 2025-10: KRW 949,000.00 per share

- 2025-11: KRW 876,000.00 per share

- 2025-12: KRW 781,000.00 per share

- 2026-01: KRW 851,000.00 per share

- 2026-02: KRW 1,278,000.00 per share

- 2026-03: KRW 1,026,000.00 per share

- 2026-04: KRW 1,596,000.00 per share

- 2026-05: KRW 1,972,000.00 per share

- 2026-06: KRW 1,487,000.00 per share

- 2026-07: KRW 1,170,000.00 per share

- 2026-08: KRW 1,263,000.00 per share

- 2026-09: KRW 1,368,000.00 per share

- 2026-10: KRW 1,162,000.00 per share

## Annual estimated value (KRW per share)

- FY2016: low KRW 160,517.31 per share, central KRW 165,107.66 per share, high KRW 171,218.39 per share

- FY2017: low KRW 146,489.27 per share, central KRW 150,616.90 per share, high KRW 156,111.65 per share

- FY2018: low KRW 244,663.80 per share, central KRW 257,661.66 per share, high KRW 274,964.57 per share

- FY2019: low KRW 273,222.54 per share, central KRW 296,561.42 per share, high KRW 327,630.42 per share

- FY2020: low KRW 471,564.45 per share, central KRW 501,760.07 per share, high KRW 541,956.84 per share

- FY2021: low KRW 469,562.21 per share, central KRW 501,353.01 per share, high KRW 543,673.30 per share

- FY2022: low KRW 321,580.32 per share, central KRW 362,499.92 per share, high KRW 416,972.60 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.