# Hanwha Solutions (009830.KO)

Canonical: https://gigainvestors.com/s/009830.KO

Analysis as of: 2026-10-16T07:37:31.359Z. 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 30,150.00 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

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 4

- Years with a net loss: 4

- Operating margin variation: 0.85×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.08×

- FY2017: 0.08×

- FY2018: 0.05×

- FY2019: 0.04×

- FY2020: 0.06×

- FY2021: 0.07×

- FY2022: 0.07×

- FY2023: 0.04×

- FY2024: -0.02×

- FY2025: -0.03×

### moat: fail

- ROIC median below threshold

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

- Recent gross margin fell 8.4pp below the typical margin (limit 4pp)

- ROIC, median of available years: 3.6%

- ROIC, second-lowest year: -1.3%

- Typical minus recent gross margin: 8.4 pp

- Typical gross margin (annual median): 19.6%

- Recent gross margin (lower of latest and 3-year median): 11.2%

- Years with nonpositive capital: 0

- Capital spending / revenue: 8.8%

- ROIC including acquisitions, ten-year median: -0.7%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 7.9%

- FY2017: 6.6%

- FY2018: 2.7%

- FY2019: 2.9%

- FY2020: 4.4%

- FY2021: 4.6%

- FY2022: 5.0%

- FY2023: 2.7%

- FY2024: -1.3%

- FY2025: -1.4%

### economics: fail

- owner earnings cash conversion below threshold

- incremental invested capital return below threshold

- working capital as a share of revenue rose more than 10pp and ends positive

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: KRW -6.60T

- Net income, five-year total: KRW -1.22T

- Return on incremental invested capital: -5.8%

- Working capital / revenue, annual change: 1.6 pp

- Working capital / revenue, change between three-year averages: 11.1 pp

- Working capital / revenue, final three-year average: 30.8%

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

- FY2021: KRW 515B

- FY2022: KRW 256B

- FY2023: KRW -1.92T

- FY2024: KRW -4.16T

- FY2025: KRW -1.29T

### management: fail

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

- potential debt-funded buybacks (informational)

- ROIC first 3 years vs last 3 years: 6.6% vs -1.3%

- Per-share earnings: 4598.66 to -3461.59 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- material buybacks concentrated at lower earnings yields (Spearman rho below threshold)

- acquired goodwill and intangibles (proxy) exceeds half of ten-year net income with low and deteriorating ROIC

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: 2.7%

- Market cap gain: KRW 1.07T

- Cumulative retained earnings: KRW 578B

- Diluted shares, 5-year annual growth: 2.7%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value change: KRW -8K

- Per-share value, starting three-year median: KRW 5K

- Per-share value, ending three-year median: KRW -3K

- Buybacks concentrated in cheaper years (correlation): -0.81

- Average buyback yield: 1.4%

- Buyback history: 8 years

- Debt-funded buybacks: Yes

- Acquisition spending: KRW 1.50T

- Cumulative net income, 10 years: KRW 620B

- ROIC, first three-year median: 6.6%

- ROIC, last three-year median: -1.3%

Chart: Earnings per share; fiscal year observations.

- FY2016: KRW 5K

- FY2017: KRW 5K

- FY2018: KRW 1K

- FY2019: KRW -1K

- FY2020: KRW 2K

- FY2021: KRW 3K

- FY2022: KRW 2K

- FY2023: KRW -700.53

- FY2024: KRW -7K

- FY2025: KRW -3K

### accounting: pass

- Sloan accruals: 0.0%

- Receivables to sales index (DSRI): 0.62×

- Restructuring years, last five: 0

- Earnings backed by cash: Yes

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.20×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -2.9%

- FY2017: -0.7%

- FY2018: -3.5%

- FY2019: -9.2%

- FY2020: -5.0%

- FY2021: -1.9%

- FY2022: 1.0%

- FY2023: -2.7%

- FY2024: -6.8%

- FY2025: 0.0%

## Holders

## Price story

Down 41% since Mar 2023 · sales +7.6%

Story as of 2026-10-16T10:00:09.168Z; price observation 2026-10-15.

### Sales · FY2024–2025

sales +7.6%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: KRW 9.26T 

- FY2017: KRW 9.34T 

- FY2018: KRW 9.05T 

- FY2019: KRW 9.50T 

- FY2020: KRW 9.20T 

- FY2021: KRW 10.73T 

- FY2022: KRW 13.65T 

- FY2023: KRW 13.08T 

- FY2024: KRW 12.39T 

- FY2025: KRW 13.33T 

### Gross margin · FY2025

gross margin 11.2%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 22.1% 

- FY2017: 20.9% 

- FY2018: 17.5% 

- FY2019: 18.6% 

- FY2020: 20.9% 

- FY2021: 20.5% 

- FY2022: 20.5% 

- FY2023: 16.6% 

- FY2024: 11.2% 

- FY2025: 11.2% 

## Owner memo

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

### How it makes money

Operates in solar; annual sales are KRW 13.3 trillion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:31.359Z); FY2025: revenue 13333055000000; grossProfit 1487922000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 009830.KO: Hanwha Solutions Corporation engages in the manufacture and sale of synthetic resins in South Korea, China, Germany, the United States, and internationally. The company operates through Basic Materials, Renewable Energy, Processed Materials, and Other segments. It produces and sells PE, PVC, CA, TDI products, etc.; hydrogenated petroleum resin; specialized products, such as insulator XLPE, high-purity XDI for use in high-refractive lenses and plasticizers; and solar ingots and wafers, as well as cells and modules. The company also distributes solar energy; provides energy solutions and power management software; lightweight composite materials, such as automotive parts materials and industrial materials, and solar materials; and electronic materials. In addition, it engages in real estate development; and planning, developing, operating, maintaining, and financing primarily in renewables and premium development businesses. Further, the company is involved in gunpowder manufacturing, wholesale and retail, chemical manufacturing, shipbuilding, construction, leisure/service, and textiles businesses, as well as industrial explosives/construction/trade, etc. The company was formerly known as Hanwha Chemical Corporation and changed its name to Hanwha Solutions Corporation in January 2020. Hanwha Solutions Corporation was founded in 1965 and is headquartered in Seoul, South Korea.

### Why customers stay

Margins ranged from 11.2% to 16.6% during 2023–25; it earns 3.6% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:31.359Z); FY2023: grossProfit / revenue = 16.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:31.359Z); FY2024: grossProfit / revenue = 11.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:31.359Z); FY2025: grossProfit / revenue = 11.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:31.359Z); 10-year return on capital observations [[2016,0.07868711826712364],[2017,0.06573433508444682],[2018,0.027200878070538413],[2019,0.02864950380927868],[2020,0.04362668314519389],[2021,0.045814072059623664],[2022,0.04965571755754241],[2023,0.026835938387869882],[2024,-0.012522478453487413],[2025,-0.014111210322928341]]; median 0.03613809347723629. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 8 of 10 years; bought back KRW 234 billion of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:31.359Z); FY2016: growth capex 0; upkeep 631226630450; owner earnings 519776980940. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:31.359Z); FY2017: growth capex 0; upkeep 492410650090; owner earnings 423821213180. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:31.359Z); FY2021: growth capex 175445183660; upkeep 648702324000; owner earnings 515251039250. Growth capex / owner earnings = 0.3405042790702144.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:31.359Z); FY2022: growth capex 227437314640; upkeep 675485773000; owner earnings 256104682610. Growth capex / owner earnings = 0.8880638663930441.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:31.359Z); Dividend observations: [[2016,24515683050],[2017,57538132700],[2018,57538132700],[2019,32903013050],[2020,32576792250],[2021,0],[2022,0],[2023,52227036960],[2024,138000263400],[2025,165878000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:31.359Z); FY2025: cash repurchases 233972067429.5325 KRW.

### Are managers owners

Insiders own 36.3% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 009830.KO SharesStats.PercentInsiders = 36.303000000000004 percentage points; cache date 2026-10-16.

### What the price says

The price is 0.4 times annual sales; cash earnings are negative.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:31.359Z); Closing price 30150 KRW; reporting-to-trading FX 1; FY2025 annual sales per share 70957.30762869655; price multiple 0.42490338215435247. FY2025 cash earnings/share -6883.177642543083. Closing-price date 2026-10-15.

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

- 2016-10: KRW 24,819.04 per share

- 2016-11: KRW 21,332.45 per share

- 2016-12: KRW 22,662.86 per share

- 2017-01: KRW 23,947.40 per share

- 2017-02: KRW 23,259.25 per share

- 2017-03: KRW 24,222.65 per share

- 2017-04: KRW 23,075.75 per share

- 2017-05: KRW 27,342.24 per share

- 2017-06: KRW 27,709.25 per share

- 2017-07: KRW 30,920.58 per share

- 2017-08: KRW 32,434.50 per share

- 2017-09: KRW 29,773.68 per share

- 2017-10: KRW 27,938.63 per share

- 2017-11: KRW 26,837.60 per share

- 2017-12: KRW 28,993.78 per share

- 2018-01: KRW 32,296.87 per share

- 2018-02: KRW 30,461.82 per share

- 2018-03: KRW 27,342.24 per share

- 2018-04: KRW 26,562.34 per share

- 2018-05: KRW 23,718.01 per share

- 2018-06: KRW 20,047.92 per share

- 2018-07: KRW 19,405.65 per share

- 2018-08: KRW 18,579.88 per share

- 2018-09: KRW 17,708.23 per share

- 2018-10: KRW 14,818.02 per share

- 2018-11: KRW 17,341.22 per share

- 2018-12: KRW 18,534.00 per share

- 2019-01: KRW 20,598.43 per share

- 2019-02: KRW 21,470.08 per share

- 2019-03: KRW 19,176.27 per share

- 2019-04: KRW 18,901.01 per share

- 2019-05: KRW 18,946.89 per share

- 2019-06: KRW 20,827.81 per share

- 2019-07: KRW 17,157.71 per share

- 2019-08: KRW 15,873.18 per share

- 2019-09: KRW 16,469.57 per share

- 2019-10: KRW 15,001.53 per share

- 2019-11: KRW 16,102.56 per share

- 2019-12: KRW 17,295.34 per share

- 2020-01: KRW 15,460.29 per share

- 2020-02: KRW 16,377.82 per share

- 2020-03: KRW 12,294.83 per share

- 2020-04: KRW 13,349.99 per share

- 2020-05: KRW 14,818.02 per share

- 2020-06: KRW 17,662.35 per share

- 2020-07: KRW 23,396.88 per share

- 2020-08: KRW 36,655.11 per share

- 2020-09: KRW 35,278.83 per share

- 2020-10: KRW 40,095.83 per share

- 2020-11: KRW 43,811.81 per share

- 2020-12: KRW 43,949.44 per share

- 2021-01: KRW 47,137.69 per share

- 2021-02: KRW 42,641.63 per share

- 2021-03: KRW 47,421.65 per share

- 2021-04: KRW 43,588.17 per share

- 2021-05: KRW 42,594.30 per share

- 2021-06: KRW 42,168.36 per share

- 2021-07: KRW 37,009.71 per share

- 2021-08: KRW 38,571.50 per share

- 2021-09: KRW 42,404.99 per share

- 2021-10: KRW 38,666.16 per share

- 2021-11: KRW 31,235.82 per share

- 2021-12: KRW 33,602.17 per share

- 2022-01: KRW 30,525.91 per share

- 2022-02: KRW 32,040.38 per share

- 2022-03: KRW 34,028.11 per share

- 2022-04: KRW 30,289.28 per share

- 2022-05: KRW 36,962.39 per share

- 2022-06: KRW 35,873.87 per share

- 2022-07: KRW 41,458.45 per share

- 2022-08: KRW 49,788.00 per share

- 2022-09: KRW 44,676.69 per share

- 2022-10: KRW 44,676.69 per share

- 2022-11: KRW 48,557.50 per share

- 2022-12: KRW 40,701.22 per share

- 2023-01: KRW 42,925.59 per share

- 2023-02: KRW 39,376.06 per share

- 2023-03: KRW 51,088.09 per share

- 2023-04: KRW 45,617.76 per share

- 2023-05: KRW 42,573.40 per share

- 2023-06: KRW 40,242.57 per share

- 2023-07: KRW 36,009.01 per share

- 2023-08: KRW 34,677.11 per share

- 2023-09: KRW 28,302.99 per share

- 2023-10: KRW 27,256.49 per share

- 2023-11: KRW 31,775.46 per share

- 2023-12: KRW 37,578.76 per share

- 2024-01: KRW 31,727.89 per share

- 2024-02: KRW 26,400.27 per share

- 2024-03: KRW 26,971.08 per share

- 2024-04: KRW 24,354.84 per share

- 2024-05: KRW 29,920.30 per share

- 2024-06: KRW 26,257.56 per share

- 2024-07: KRW 23,546.18 per share

- 2024-08: KRW 24,545.11 per share

- 2024-09: KRW 24,592.68 per share

- 2024-10: KRW 20,406.69 per share

- 2024-11: KRW 15,431.08 per share

- 2024-12: KRW 15,335.94 per share

- 2025-01: KRW 18,808.41 per share

- 2025-02: KRW 20,454.26 per share

- 2025-03: KRW 17,514.56 per share

- 2025-04: KRW 28,445.69 per share

- 2025-05: KRW 28,350.56 per share

- 2025-06: KRW 30,063.01 per share

- 2025-07: KRW 29,206.78 per share

- 2025-08: KRW 26,971.08 per share

- 2025-09: KRW 27,161.36 per share

- 2025-10: KRW 29,111.65 per share

- 2025-11: KRW 26,590.54 per share

- 2025-12: KRW 25,496.47 per share

- 2026-01: KRW 26,305.13 per share

- 2026-02: KRW 50,422.13 per share

- 2026-03: KRW 35,343.06 per share

- 2026-04: KRW 48,234.00 per share

- 2026-05: KRW 39,814.46 per share

- 2026-06: KRW 33,950.00 per share

- 2026-07: KRW 25,500.00 per share

- 2026-08: KRW 33,850.00 per share

- 2026-09: KRW 33,900.00 per share

- 2026-10: KRW 32,750.00 per share

## Annual estimated value (KRW 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.

## Reported holder observations