# Doosan Heavy Ind. & Const. (034020.KO)

Canonical: https://gigainvestors.com/s/034020.KO

Analysis as of: 2026-10-16T07:34:19.851Z. 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 63,300.00 per share; close as of 2026-10-15.

Estimated value: low KRW 2,430.94 per share, central KRW 2,539.86 per share, high KRW 2,684.84 per share. Buy at or below the central value KRW 2,539.86 per share. Valuation as of 2026-10-16T07:34:19.851Z; scenarios are not confidence intervals.

Expected annual return: 3.1% at the stated quote. About 3.1% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; KR 10-year bond 4.2% + 4 points).

## Checklist

### understandable: fail

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

- more than 2 net loss years

- Financial history: 10 years

- Years with declining revenue: 3

- Years with a net loss: 5

- Operating margin variation: 0.33×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.06×

- FY2018: 0.07×

- FY2019: 0.07×

- FY2020: 0.01×

- FY2021: 0.08×

- FY2022: 0.07×

- FY2023: 0.08×

- FY2024: 0.06×

- FY2025: 0.04×

- LTM to Jun 2026: 0.05×

### moat: fail

- ROIC median below threshold

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

- ROIC, median of available years: 11.0%

- ROIC, second-lowest year: 7.7%

- Typical minus recent gross margin: 0.9 pp

- Typical gross margin (annual median): 17.0%

- Recent gross margin (lower of latest and 3-year median): 16.1%

- Years with nonpositive capital: 0

- Capital spending / revenue: 2.5%

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

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 8.1%

- FY2017: 7.7%

- FY2018: 12.1%

- FY2019: 10.4%

- FY2020: 2.0%

- FY2021: 12.6%

- FY2022: 14.5%

- FY2023: 22.3%

- FY2024: 11.6%

- FY2025: 9.0%

### economics: pass

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: KRW 61B

- Net income, five-year total: KRW -25B

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: -2.4 pp

- Working capital / revenue, change between three-year averages: -17.7 pp

- Working capital / revenue, final three-year average: 6.7%

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

- FY2021: KRW 670B

- FY2022: KRW -744B

- FY2023: KRW 46B

- FY2024: KRW 39B

- FY2025: KRW 50B

### 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: 8.1% vs 11.6%

- Per-share earnings: -3039.77 to 132.00 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: 11.4%

- Market cap gain: KRW 46.14T

- Cumulative retained earnings: KRW 992B

- Diluted shares, 5-year annual growth: 11.4%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value change: KRW 3K

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

- Per-share value, ending three-year median: KRW 132.00

- Buybacks concentrated in cheaper years (correlation): 0.69

- Average buyback yield: 0.2%

- Buyback history: 8 years

- Debt-funded buybacks: No

- Acquisition spending: KRW 3.50T

- Cumulative net income, 10 years: KRW -2.48T

- ROIC, first three-year median: 8.1%

- ROIC, last three-year median: 11.6%

Chart: Earnings per share; fiscal year observations.

- FY2016: KRW -1K

- FY2017: KRW -3K

- FY2018: KRW -4K

- FY2019: KRW -2K

- FY2020: KRW -3K

- FY2021: KRW 912.09

- FY2022: KRW -1K

- FY2023: KRW 87.00

- FY2024: KRW 174.00

- FY2025: KRW 132.00

### accounting: pass

- Sloan accruals: -2.4%

- Receivables to sales index (DSRI): 1.10×

- Restructuring years, last five: 0

- Earnings backed by cash: Yes

- Operating cash / earnings: 8.87×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 1.12×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -4.6%

- FY2017: -2.9%

- FY2018: -6.1%

- FY2019: -3.3%

- FY2020: -5.3%

- FY2021: -2.2%

- FY2022: -6.1%

- FY2023: -8.2%

- FY2024: -0.5%

- FY2025: -2.4%

## Holders

## Price story

Down 50% since Apr 2026 · sales +3.9%

Story as of 2026-10-16T10:00:00.111Z; price observation 2026-10-15.

Price needs cash profits to grow 60.2% a year for ten years

### Sales · FY2025–2026

sales +3.9%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: KRW 14.52T 

- FY2018: KRW 14.76T 

- FY2019: KRW 15.66T 

- FY2020: KRW 15.13T 

- FY2021: KRW 11.28T 

- FY2022: KRW 15.42T 

- FY2023: KRW 17.59T 

- FY2024: KRW 16.23T 

- FY2025: KRW 17.06T 

- FY2026: KRW 17.73T 

### Gross margin · FY2025

gross margin 16.1%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 17.4% 

- FY2017: 17.2% 

- FY2018: 17.4% 

- FY2019: 17.1% 

- FY2020: 13.6% 

- FY2021: 16.5% 

- FY2022: 16.6% 

- FY2023: 17.2% 

- FY2024: 16.8% 

- FY2025: 16.1% 

## Owner memo

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

### How it makes money

Operates in specialty industrial machinery; annual sales are KRW 17.1 trillion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:19.851Z); FY2025: revenue 17057876000000; grossProfit 2743310000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 034020.KO: Doosan Enerbility Co., Ltd. operates as an energy company in South Korea, the Americas, Asia, the Middle East, Europe, and internationally. The company offers new energy solutions, including wind power solutions, gas turbines for power generation, small modular reactors, hydrogen energy, and energy storage systems. It also engages in the manufacture of power generation equipment, including boilers, turbines, and generators; engineering, procurement, and construction of thermal power plants; general construction; seawater desalination; 3D printing technology; and castings and forgings for power plants, marine vessels, steelworks, molds and tool steel, and other various industrial facilities. In addition, it is involved in construction works, including roads, railways, bridges, industrial complexes and ports, multipurpose buildings, apartments, business facilities, educational and research facilities, and thermal and combined cycle power plants. Further, the company provides professional and financial investment services, software and system engineering, and construction equipment; produces and sells fuel cells; and operates resort and golf clubs. Doosan Enerbility Co., Ltd. was incorporated in 1962 and is headquartered in Changwon-si, South Korea.

### Why customers stay

Margins ranged from 16.1% to 17.2% during 2023–25; it earns 11% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:19.851Z); FY2023: grossProfit / revenue = 17.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:19.851Z); FY2024: grossProfit / revenue = 16.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:19.851Z); FY2025: grossProfit / revenue = 16.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:19.851Z); 10-year return on capital observations [[2016,0.08149524681024213],[2017,0.07676001797978967],[2018,0.12065135674421118],[2019,0.10426043657348089],[2020,0.01988615006771088],[2021,0.12612884665444576],[2022,0.14504761701829372],[2023,0.2234730808290619],[2024,0.11590162029918473],[2025,0.0896523837786089]]; median 0.1100810284363328. 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 2026-10-16T07:34:19.851Z); Gross margin observations: [[2021,0.16527618588097742],[2022,0.1657394276220468],[2023,0.17151905685812213]]; 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 2026-10-16T07:34:19.851Z); FY2017: growth capex 0; upkeep 277268881060; owner earnings 152055903650. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:19.851Z); FY2018: growth capex 0; upkeep 231413553610; owner earnings 758146545330. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:19.851Z); FY2021: growth capex 0; upkeep 285510466150; owner earnings 670497127824. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:19.851Z); FY2023: growth capex 136528302660; upkeep 466665000000; owner earnings 45835352185.52968. Growth capex / owner earnings = 2.9786681273303772.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:19.851Z); FY2024: growth capex 0; upkeep 653648000000; owner earnings 38876412643.879105. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:19.851Z); FY2025: growth capex 140784000000; upkeep 557327000000; owner earnings 49607767887.972. Growth capex / owner earnings = 2.837942644747271.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:19.851Z); Dividend observations: [[2016,147807777000],[2017,115667896310],[2018,65635621880],[2019,76256110030],[2020,30163749600],[2021,720000000],[2022,88311378600],[2023,79960990050],[2024,86314000000],[2025,108117000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:19.851Z); FY2025: cash repurchases 138661000000 KRW.

### Are managers owners

Insiders own 30.9% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 034020.KO SharesStats.PercentInsiders = 30.889 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 60.2% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:19.851Z); Ten-year compound average after fade. Initial solved rate 0.8953871550387016. Price 63300; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03.  Closing-price date 2026-10-15.

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

- 2016-10: KRW 16,090.18 per share

- 2016-11: KRW 15,844.53 per share

- 2016-12: KRW 16,704.31 per share

- 2017-01: KRW 16,857.84 per share

- 2017-02: KRW 15,076.86 per share

- 2017-03: KRW 14,708.39 per share

- 2017-04: KRW 14,278.50 per share

- 2017-05: KRW 14,002.14 per share

- 2017-06: KRW 12,866.00 per share

- 2017-07: KRW 12,651.06 per share

- 2017-08: KRW 11,054.32 per share

- 2017-09: KRW 10,501.60 per share

- 2017-10: KRW 10,747.26 per share

- 2017-11: KRW 10,071.71 per share

- 2017-12: KRW 9,426.88 per share

- 2018-01: KRW 10,440.19 per share

- 2018-02: KRW 9,181.23 per share

- 2018-03: KRW 9,764.65 per share

- 2018-04: KRW 10,992.91 per share

- 2018-05: KRW 11,729.86 per share

- 2018-06: KRW 9,611.12 per share

- 2018-07: KRW 9,242.64 per share

- 2018-08: KRW 8,689.92 per share

- 2018-09: KRW 9,150.52 per share

- 2018-10: KRW 6,724.71 per share

- 2018-11: KRW 7,001.07 per share

- 2018-12: KRW 5,975.47 per share

- 2019-01: KRW 6,970.36 per share

- 2019-02: KRW 5,084.99 per share

- 2019-03: KRW 4,668.27 per share

- 2019-04: KRW 4,877.61 per share

- 2019-05: KRW 4,361.24 per share

- 2019-06: KRW 4,326.35 per share

- 2019-07: KRW 4,249.59 per share

- 2019-08: KRW 4,172.83 per share

- 2019-09: KRW 4,745.03 per share

- 2019-10: KRW 4,284.48 per share

- 2019-11: KRW 3,809.98 per share

- 2019-12: KRW 3,991.41 per share

- 2020-01: KRW 3,816.96 per share

- 2020-02: KRW 3,495.97 per share

- 2020-03: KRW 2,382.98 per share

- 2020-04: KRW 2,787.70 per share

- 2020-05: KRW 2,986.58 per share

- 2020-06: KRW 3,373.86 per share

- 2020-07: KRW 7,326.88 per share

- 2020-08: KRW 11,234.55 per share

- 2020-09: KRW 9,280.72 per share

- 2020-10: KRW 10,318.19 per share

- 2020-11: KRW 12,569.43 per share

- 2020-12: KRW 10,130.58 per share

- 2021-01: KRW 8,817.36 per share

- 2021-02: KRW 7,954.38 per share

- 2021-03: KRW 9,755.38 per share

- 2021-04: KRW 10,468.27 per share

- 2021-05: KRW 14,933.23 per share

- 2021-06: KRW 17,897.37 per share

- 2021-07: KRW 16,321.50 per share

- 2021-08: KRW 15,683.64 per share

- 2021-09: KRW 15,421.00 per share

- 2021-10: KRW 18,310.09 per share

- 2021-11: KRW 14,257.86 per share

- 2021-12: KRW 15,950.58 per share

- 2022-01: KRW 13,839.47 per share

- 2022-02: KRW 16,263.33 per share

- 2022-03: KRW 15,989.67 per share

- 2022-04: KRW 16,106.95 per share

- 2022-05: KRW 16,224.24 per share

- 2022-06: KRW 15,168.69 per share

- 2022-07: KRW 14,660.46 per share

- 2022-08: KRW 15,911.48 per share

- 2022-09: KRW 11,141.95 per share

- 2022-10: KRW 10,360.06 per share

- 2022-11: KRW 13,096.67 per share

- 2022-12: KRW 12,041.12 per share

- 2023-01: KRW 13,057.58 per share

- 2023-02: KRW 12,713.55 per share

- 2023-03: KRW 13,292.15 per share

- 2023-04: KRW 13,049.76 per share

- 2023-05: KRW 12,572.81 per share

- 2023-06: KRW 14,160.05 per share

- 2023-07: KRW 13,675.27 per share

- 2023-08: KRW 14,246.05 per share

- 2023-09: KRW 12,846.47 per share

- 2023-10: KRW 10,492.98 per share

- 2023-11: KRW 12,353.88 per share

- 2023-12: KRW 12,432.07 per share

- 2024-01: KRW 12,072.40 per share

- 2024-02: KRW 12,697.91 per share

- 2024-03: KRW 13,464.16 per share

- 2024-04: KRW 13,135.77 per share

- 2024-05: KRW 16,263.33 per share

- 2024-06: KRW 15,716.01 per share

- 2024-07: KRW 14,723.01 per share

- 2024-08: KRW 14,152.23 per share

- 2024-09: KRW 14,003.67 per share

- 2024-10: KRW 17,729.13 per share

- 2024-11: KRW 18,701.80 per share

- 2024-12: KRW 15,518.52 per share

- 2025-01: KRW 23,900.00 per share

- 2025-02: KRW 25,400.00 per share

- 2025-03: KRW 23,450.00 per share

- 2025-04: KRW 28,950.00 per share

- 2025-05: KRW 40,350.00 per share

- 2025-06: KRW 68,400.00 per share

- 2025-07: KRW 65,600.00 per share

- 2025-08: KRW 61,700.00 per share

- 2025-09: KRW 62,700.00 per share

- 2025-10: KRW 88,700.00 per share

- 2025-11: KRW 76,400.00 per share

- 2025-12: KRW 75,300.00 per share

- 2026-01: KRW 90,600.00 per share

- 2026-02: KRW 106,300.00 per share

- 2026-03: KRW 91,800.00 per share

- 2026-04: KRW 127,100.00 per share

- 2026-05: KRW 105,600.00 per share

- 2026-06: KRW 86,800.00 per share

- 2026-07: KRW 67,100.00 per share

- 2026-08: KRW 82,500.00 per share

- 2026-09: KRW 81,600.00 per share

- 2026-10: KRW 70,200.00 per share

## Annual estimated value (KRW per share)

- FY2018: low KRW 24,611.75 per share, central KRW 25,573.20 per share, high KRW 26,853.08 per share

- FY2021: low KRW 6,796.45 per share, central KRW 7,124.32 per share, high KRW 7,560.78 per share

- FY2024: low KRW 1,861.81 per share, central KRW 1,953.35 per share, high KRW 2,075.21 per share

- FY2025: low KRW 2,588.79 per share, central KRW 2,693.11 per share, high KRW 2,831.98 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 2026-10-15T06:40:00.972Z 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.

## Reported holder observations