# Samsung Heavy Industries (010140.KO)

Canonical: https://gigainvestors.com/s/010140.KO

Analysis as of: 2026-10-16T07:35:35.104Z. Financial observations: FY2000–FY2026.

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 18,170.00 per share; close as of 2026-10-15.

## Checklist

### understandable: fail

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

- more than 2 net loss years

- negative average operating margin

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 5

- Years with a net loss: 7

- Operating margin variation: 2.14×

Chart: Operating margin; fiscal year observations.

- FY2017: -0.07×

- FY2018: -0.08×

- FY2019: -0.08×

- FY2020: -0.15×

- FY2021: -0.20×

- FY2022: -0.14×

- FY2023: 0.03×

- FY2024: 0.05×

- FY2025: 0.08×

- LTM to Jun 2026: 0.10×

### moat: fail

- ROIC median below threshold

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

- ROIC, median of available years: -4.3%

- ROIC, second-lowest year: -12.0%

- Typical minus recent gross margin: -8.9 pp

- Typical gross margin (annual median): 0.4%

- Recent gross margin (lower of latest and 3-year median): 9.3%

- Years with nonpositive capital: 0

- Capital spending / revenue: 1.4%

- ROIC including acquisitions, ten-year median: -5.3%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: -1.2%

- FY2017: -4.7%

- FY2018: -3.9%

- FY2019: -6.0%

- FY2020: -11.9%

- FY2021: -20.2%

- FY2022: -12.0%

- FY2023: 2.9%

- FY2024: 6.3%

- FY2025: 13.4%

### economics: fail

- owner earnings cash conversion below threshold

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: KRW -1.20T

- Net income, five-year total: KRW -1.60T

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: -4.5 pp

- Working capital / revenue, change between three-year averages: -32.0 pp

- Working capital / revenue, final three-year average: 12.0%

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

- FY2021: KRW -1.29T

- FY2022: KRW -494B

- FY2023: KRW -87B

- FY2024: KRW 115B

- FY2025: KRW 552B

### management: pass

- 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: -3.9% vs 6.3%

- Per-share earnings: -641.98 to 75.00 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: 7.2%

- Market cap gain: KRW 18.00T

- Cumulative retained earnings: KRW -5.12T

- Diluted shares, 5-year annual growth: 7.2%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value change: KRW 716.98

- Per-share value, starting three-year median: KRW -641.98

- Per-share value, ending three-year median: KRW 75.00

- Buybacks concentrated in cheaper years (correlation): 0.50

- Average buyback yield: 0.1%

- Buyback history: 3 years

- Debt-funded buybacks: No

- Acquisition spending: KRW 7.6B

- Cumulative net income, 10 years: KRW -5.24T

- ROIC, first three-year median: -3.9%

- ROIC, last three-year median: 6.3%

Chart: Earnings per share; fiscal year observations.

- FY2016: KRW -434.78

- FY2017: KRW -1K

- FY2018: KRW -641.98

- FY2019: KRW -2K

- FY2020: KRW -2K

- FY2021: KRW -2K

- FY2022: KRW -725.00

- FY2023: KRW -174.00

- FY2024: KRW 75.00

- FY2025: KRW 639.00

### accounting: pass

- Sloan accruals: -6.8%

- Receivables to sales index (DSRI): 1.18×

- Restructuring years, last five: 0

- Earnings backed by cash: Yes

- Operating cash / earnings: 2.86×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.01×

Chart: Sloan accruals; fiscal year observations.

- FY2016: 8.3%

- FY2017: -6.4%

- FY2018: -3.9%

- FY2019: -4.6%

- FY2020: -9.6%

- FY2021: -18.9%

- FY2022: 7.4%

- FY2023: 2.4%

- FY2024: -3.4%

- FY2025: -6.8%

## Holders

## Price story

Down 44% since Apr 2026 · sales +9%

Story as of 2026-10-16T10:00:05.605Z; price observation 2026-10-15.

### Sales · FY2025–2026

sales +9%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: KRW 7.90T 

- FY2018: KRW 5.27T 

- FY2019: KRW 7.35T 

- FY2020: KRW 6.86T 

- FY2021: KRW 6.62T 

- FY2022: KRW 5.94T 

- FY2023: KRW 8.01T 

- FY2024: KRW 9.90T 

- FY2025: KRW 10.65T 

- FY2026: KRW 11.61T 

### Gross margin · FY2025

gross margin 12.9%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 4.6% 

- FY2019: 0.8% 

- FY2023: 8.1% 

- FY2024: 9.3% 

- FY2025: 12.9% 

## Owner memo

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

### How it makes money

Operates in aerospace & defense; annual sales are KRW 10.7 trillion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:35.104Z); FY2025: revenue 10650010702810; grossProfit 1374326131500; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 010140.KO: Samsung Heavy Industries Co., Ltd. engages in shipbuilding, offshore, and energy and infra businesses worldwide. The company offers shipbuilding products, including LNG carriers, LNG-FSRU, small LNG carriers/LNG bunkering vessels, VLEC ethane carriers, VLAC ammonia carriers, LCO2, container ships, crude oil tankers, shuttle tankers, arctic shuttle tankers, petroleum carriers/chemical carriers, and wind turbine installation vessels. Its offshore projects include products and services, such as FLNG; floating production, storage, and offloading facility; floating production units (FPU) and TLP; drillships; semi-submersible; jack-up rigs; and fixed offshore platforms. In addition, the company offers digital solutions, including smartship, autonomous operation and ship, and virtual reality technology solutions; smart yard solutions comprising engineering, robotic welding, pipe welding, cargo containment, cable laying, and robotic process automation solutions; design engineering and market research services; and green solutions, such as alternative fuel and CCS technologies, and energy saving devices. Samsung Heavy Industries Co., Ltd. was incorporated in 1974 and is based in Seongnam-si, South Korea.

### Why customers stay

Margins ranged from 8.1% to 12.9% during 2023–25; it lost 4.3% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:35.104Z); FY2023: grossProfit / revenue = 8.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:35.104Z); FY2024: grossProfit / revenue = 9.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:35.104Z); FY2025: grossProfit / revenue = 12.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:35.104Z); 10-year return on capital observations [[2016,-0.011943865344646516],[2017,-0.04684920557374892],[2018,-0.03935317302908062],[2019,-0.05953439380142537],[2020,-0.1190962728872051],[2021,-0.20168217675878444],[2022,-0.1203053912725515],[2023,0.02920405040141797],[2024,0.06330266481351945],[2025,0.1337941321390184]]; median -0.043101189301414766. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 1 of 8 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:35.104Z); FY2024: growth capex 0; upkeep 173414820740; owner earnings 114583797104. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:35.104Z); FY2025: growth capex 0; upkeep 225615771760; owner earnings 552178736258. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:35.104Z); Dividend observations: [[2016,0],[2017,0],[2018,0],[2019,0],[2020,0],[2021,0],[2022,0],[2025,1083416190]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 18.1% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 010140.KO SharesStats.PercentInsiders = 18.065 percentage points; cache date 2026-10-16.

### What the price says

The price is 1.5 times annual sales.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:35.104Z); Closing price 18170 KRW; reporting-to-trading FX 1; FY2025 annual sales per share 12474.542299207124; price multiple 1.4565664666634603. FY2025 cash earnings/share 646.776533318949. Closing-price date 2026-10-15.

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

- 2016-10: KRW 9,750.00 per share

- 2016-11: KRW 8,300.00 per share

- 2016-12: KRW 9,250.00 per share

- 2017-01: KRW 10,400.00 per share

- 2017-02: KRW 11,200.00 per share

- 2017-03: KRW 11,200.00 per share

- 2017-04: KRW 10,800.00 per share

- 2017-05: KRW 12,300.00 per share

- 2017-06: KRW 12,450.00 per share

- 2017-07: KRW 11,200.00 per share

- 2017-08: KRW 10,700.00 per share

- 2017-09: KRW 11,200.00 per share

- 2017-10: KRW 11,800.00 per share

- 2017-11: KRW 11,950.00 per share

- 2017-12: KRW 7,330.00 per share

- 2018-01: KRW 9,190.00 per share

- 2018-02: KRW 8,550.00 per share

- 2018-03: KRW 7,719.99 per share

- 2018-04: KRW 7,349.99 per share

- 2018-05: KRW 7,489.99 per share

- 2018-06: KRW 7,140.00 per share

- 2018-07: KRW 6,470.00 per share

- 2018-08: KRW 7,080.00 per share

- 2018-09: KRW 8,079.99 per share

- 2018-10: KRW 6,960.00 per share

- 2018-11: KRW 7,419.99 per share

- 2018-12: KRW 7,409.99 per share

- 2019-01: KRW 9,099.99 per share

- 2019-02: KRW 9,159.99 per share

- 2019-03: KRW 8,259.99 per share

- 2019-04: KRW 8,219.99 per share

- 2019-05: KRW 7,849.99 per share

- 2019-06: KRW 8,159.99 per share

- 2019-07: KRW 7,070.00 per share

- 2019-08: KRW 7,749.99 per share

- 2019-09: KRW 7,879.99 per share

- 2019-10: KRW 7,249.99 per share

- 2019-11: KRW 6,960.00 per share

- 2019-12: KRW 7,269.99 per share

- 2020-01: KRW 6,650.00 per share

- 2020-02: KRW 5,830.00 per share

- 2020-03: KRW 3,900.00 per share

- 2020-04: KRW 4,285.00 per share

- 2020-05: KRW 4,815.00 per share

- 2020-06: KRW 5,950.00 per share

- 2020-07: KRW 5,720.00 per share

- 2020-08: KRW 5,160.00 per share

- 2020-09: KRW 5,330.00 per share

- 2020-10: KRW 5,050.00 per share

- 2020-11: KRW 6,830.00 per share

- 2020-12: KRW 7,040.00 per share

- 2021-01: KRW 6,210.00 per share

- 2021-02: KRW 6,560.00 per share

- 2021-03: KRW 7,769.99 per share

- 2021-04: KRW 7,499.99 per share

- 2021-05: KRW 6,050.00 per share

- 2021-06: KRW 6,710.00 per share

- 2021-07: KRW 6,540.00 per share

- 2021-08: KRW 6,300.00 per share

- 2021-09: KRW 6,200.00 per share

- 2021-10: KRW 6,380.00 per share

- 2021-11: KRW 5,070.00 per share

- 2021-12: KRW 5,670.00 per share

- 2022-01: KRW 5,180.00 per share

- 2022-02: KRW 5,820.00 per share

- 2022-03: KRW 5,680.00 per share

- 2022-04: KRW 6,060.00 per share

- 2022-05: KRW 5,930.00 per share

- 2022-06: KRW 6,070.00 per share

- 2022-07: KRW 5,620.00 per share

- 2022-08: KRW 5,970.00 per share

- 2022-09: KRW 5,310.00 per share

- 2022-10: KRW 5,150.00 per share

- 2022-11: KRW 5,210.00 per share

- 2022-12: KRW 5,110.00 per share

- 2023-01: KRW 5,790.00 per share

- 2023-02: KRW 5,500.00 per share

- 2023-03: KRW 5,170.00 per share

- 2023-04: KRW 5,680.00 per share

- 2023-05: KRW 6,120.00 per share

- 2023-06: KRW 6,670.00 per share

- 2023-07: KRW 9,030.00 per share

- 2023-08: KRW 8,810.00 per share

- 2023-09: KRW 7,840.00 per share

- 2023-10: KRW 6,820.00 per share

- 2023-11: KRW 7,980.00 per share

- 2023-12: KRW 7,750.00 per share

- 2024-01: KRW 7,310.00 per share

- 2024-02: KRW 7,900.00 per share

- 2024-03: KRW 8,560.00 per share

- 2024-04: KRW 9,450.00 per share

- 2024-05: KRW 9,160.00 per share

- 2024-06: KRW 9,350.00 per share

- 2024-07: KRW 11,710.00 per share

- 2024-08: KRW 10,490.00 per share

- 2024-09: KRW 10,030.00 per share

- 2024-10: KRW 9,590.00 per share

- 2024-11: KRW 11,620.00 per share

- 2024-12: KRW 11,300.00 per share

- 2025-01: KRW 13,010.00 per share

- 2025-02: KRW 13,950.00 per share

- 2025-03: KRW 13,480.00 per share

- 2025-04: KRW 14,570.00 per share

- 2025-05: KRW 16,900.00 per share

- 2025-06: KRW 16,760.00 per share

- 2025-07: KRW 19,040.00 per share

- 2025-08: KRW 21,300.00 per share

- 2025-09: KRW 21,900.00 per share

- 2025-10: KRW 29,550.00 per share

- 2025-11: KRW 24,600.00 per share

- 2025-12: KRW 24,100.00 per share

- 2026-01: KRW 29,450.00 per share

- 2026-02: KRW 28,950.00 per share

- 2026-03: KRW 24,450.00 per share

- 2026-04: KRW 32,350.00 per share

- 2026-05: KRW 27,950.00 per share

- 2026-06: KRW 23,300.00 per share

- 2026-07: KRW 21,350.00 per share

- 2026-08: KRW 20,900.00 per share

- 2026-09: KRW 19,700.00 per share

- 2026-10: KRW 18,360.00 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

Prior published observations retained from 2026-10-15T06:41:23.609Z where newer inputs omit a numeric field or fiscal period.

## 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.