# Hyundai Heavy Industries Holdings (329180.KO)

Canonical: https://gigainvestors.com/s/329180.KO

Analysis as of: 2026-10-16T07:34:25.148Z. Financial observations: FY2019–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 352,500.00 per share; close as of 2026-10-15.

Estimated value: low KRW 51,200.46 per share, central KRW 51,643.12 per share, high KRW 52,232.38 per share. Buy at or below the central value KRW 51,643.12 per share. Valuation as of 2026-10-16T07:34:25.148Z; 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

- 1 revenue decline in the last 10 years (informational)

- more than 2 net loss years

- operating margin variation exceeds 0.35

- Financial history: 7 years

- Years with declining revenue: 1

- Years with a net loss: 4

- Operating margin variation: 5.34×

Chart: Operating margin; fiscal year observations.

- FY2019: 0.02×

- FY2020: 0.00×

- FY2021: -0.10×

- FY2022: -0.03×

- FY2023: 0.01×

- FY2024: 0.05×

- FY2025: 0.12×

### moat: fail

- ROIC median below threshold

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

- ROIC, median of available years: 1.3%

- ROIC, second-lowest year: -3.2%

- Typical minus recent gross margin: -4.6 pp

- Typical gross margin (annual median): 5.7%

- Recent gross margin (lower of latest and 3-year median): 10.3%

- Years with nonpositive capital: 0

- Capital spending / revenue: 3.1%

- ROIC including acquisitions, ten-year median: -1.3%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2019: 1.3%

- FY2020: 0.3%

- FY2021: -9.3%

- FY2022: -3.2%

- FY2023: 1.8%

- FY2024: 10.0%

- FY2025: 24.8%

### economics: pass

- Owner earnings / net income, 5-yr: 0.96×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: KRW 856B

- Net income, five-year total: KRW 895B

- Return on incremental invested capital: 91.4%

- Working capital / revenue, annual change: -0.6 pp

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.01×

- FY2022: 1.03×

- FY2023: 0.68×

- FY2024: 0.99×

- FY2025: 0.99×

### management: pass

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 0.3% vs 10.0%

- Per-share earnings: -4860.10 to 7001.00 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: 0.3%

- Diluted shares, 5-year annual growth: 0.3%

- Per-share value change: KRW 12K

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

- Per-share value, ending three-year median: KRW 7K

- Buybacks concentrated in cheaper years (correlation): 1.00

- Average buyback yield: 0.0%

- Buyback history: 3 years

- ROIC, first three-year median: 0.3%

- ROIC, last three-year median: 10.0%

Chart: Earnings per share; fiscal year observations.

- FY2019: KRW -1K

- FY2020: KRW -5K

- FY2021: KRW -9K

- FY2022: KRW -4K

- FY2023: KRW 278.00

- FY2024: KRW 7K

- FY2025: KRW 16K

### accounting: pass

- Sloan accruals: -8.0%

- Receivables to sales index (DSRI): 0.85×

- Restructuring years, last five: 0

- Earnings backed by cash: Yes

- Operating cash / earnings: 2.48×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.02×

Chart: Sloan accruals; fiscal year observations.

- FY2019: 3.6%

- FY2020: -1.7%

- FY2021: -10.5%

- FY2022: -2.6%

- FY2023: -0.8%

- FY2024: -11.7%

- FY2025: -8.0%

## Holders

## Price story

Down 49% since May 2026 · sales +21.4%

Story as of 2026-10-16T10:00:00.545Z; price observation 2026-10-15.

Price needs cash profits to grow 63.4% a year for ten years

### Sales · FY2024–2025

sales +21.4%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2019: KRW 5.46T 

- FY2020: KRW 8.31T 

- FY2021: KRW 8.31T 

- FY2022: KRW 9.05T 

- FY2023: KRW 11.96T 

- FY2024: KRW 14.49T 

- FY2025: KRW 17.58T 

### Gross margin · FY2025

gross margin 16.9%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2019: 7.6% 

- FY2020: 5.7% 

- FY2022: 1.8% 

- FY2023: 5.5% 

- FY2024: 10.3% 

- FY2025: 16.9% 

## Owner memo

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

### How it makes money

Operates in aerospace & defense; annual sales are KRW 17.6 trillion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:25.148Z); FY2025: revenue 17580633257000; grossProfit 2964216318000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 329180.KO: HD Hyundai Heavy Industries Co., Ltd., together with its subsidiaries, engages in the shipbuilding business in South Korea, North America, Asia, Europe, and internationally. It operates through four segments: Shipbuilding, Offshore Plants, Engine Machinery, and Others. The company manufactures and sells general merchant ships, including container ships, tankers, ro-pax, ro-ro, and LNG bunkering vessels, as well as LNG, LPG, LEG, bulk, car, and petrochemical product carriers; special merchant ships, such as drillships, semi-submersible drilling rigs, and offshore support vessels; and naval and medium size ships comprising destroyer, frigate, submarine, patrol vessel, minelayer, and landing, combat support, and training ships. It also engages in the manufacturing and installation of fixed and floating offshore equipment, offshore wind power floaters and substation equipment, small modular reactor, and carbon capture and storage. In addition, the company offers marine solutions, which include low and medium-speed HiMSEN engine, HiMSEN propulsion engine, engine components, NOx reduction system, and marine pump, as well as propeller and ship propulsion and rudder system; and energy solutions, such as diesel engine power plant, modular power plant and PPS, emergency generator, emergency generator for nuclear power plants, and combined heat and power and hybrid power plant. Further, it is involved in the operation of leisure sports facilities, performance halls, and other facilities. The company was founded in 1972 and is headquartered in Ulsan, South Korea. HD Hyundai Heavy Industries Co., Ltd. operates as a subsidiary of HD Korea Shipbuilding & Offshore Engineering Co., Ltd.

### Why customers stay

Margins ranged from 5.5% to 16.9% during 2023–25; it earns 1.3% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:25.148Z); FY2023: grossProfit / revenue = 5.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:25.148Z); FY2024: grossProfit / revenue = 10.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:25.148Z); FY2025: grossProfit / revenue = 16.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:25.148Z); 7-year return on capital observations [[2019,0.012839323828090377],[2020,0.003188824769999272],[2021,-0.0931027398659956],[2022,-0.0315613471435881],[2023,0.01757235504938992],[2024,0.09950573904230435],[2025,0.2484424695521716]]; median 0.012839323828090377. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Spends 14.8% of cash earnings on expansion; earns 91.4% on new investment.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:25.148Z); FY2023: growth capex 235835524000; upkeep 278070000000; owner earnings 16868760000. Growth capex / owner earnings = 13.980608177483111.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:25.148Z); FY2024: growth capex 190783600000; upkeep 305815000000; owner earnings 614844566600. Growth capex / owner earnings = 0.3102956590394955.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:25.148Z); FY2025: growth capex 208080838000; upkeep 333409000000; owner earnings 1408136025800. Growth capex / owner earnings = 0.14777041009357295.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:25.148Z); Incremental return on capital 0.9141795982128986, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:25.148Z); Dividend observations: [[2021,0],[2025,333875689000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:25.148Z); FY2025: cash repurchases 15496949000 KRW.

### Are managers owners

Insiders own 69.3% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 329180.KO SharesStats.PercentInsiders = 69.316 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 63.4% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:25.148Z); Ten-year compound average after fade. Initial solved rate 0.946919960366774. Price 352500; 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)

- 2021-09: KRW 115,500.00 per share

- 2021-10: KRW 117,000.00 per share

- 2021-11: KRW 106,500.00 per share

- 2021-12: KRW 95,200.00 per share

- 2022-01: KRW 99,300.00 per share

- 2022-02: KRW 109,500.00 per share

- 2022-03: KRW 119,500.00 per share

- 2022-04: KRW 140,000.00 per share

- 2022-05: KRW 119,000.00 per share

- 2022-06: KRW 143,000.00 per share

- 2022-07: KRW 125,000.00 per share

- 2022-08: KRW 143,500.00 per share

- 2022-09: KRW 115,000.00 per share

- 2022-10: KRW 109,000.00 per share

- 2022-11: KRW 118,500.00 per share

- 2022-12: KRW 116,000.00 per share

- 2023-01: KRW 110,800.00 per share

- 2023-02: KRW 106,400.00 per share

- 2023-03: KRW 100,000.00 per share

- 2023-04: KRW 109,600.00 per share

- 2023-05: KRW 116,100.00 per share

- 2023-06: KRW 131,700.00 per share

- 2023-07: KRW 139,700.00 per share

- 2023-08: KRW 130,800.00 per share

- 2023-09: KRW 121,200.00 per share

- 2023-10: KRW 102,100.00 per share

- 2023-11: KRW 125,200.00 per share

- 2023-12: KRW 129,000.00 per share

- 2024-01: KRW 114,100.00 per share

- 2024-02: KRW 117,900.00 per share

- 2024-03: KRW 118,000.00 per share

- 2024-04: KRW 137,700.00 per share

- 2024-05: KRW 128,700.00 per share

- 2024-06: KRW 155,700.00 per share

- 2024-07: KRW 211,000.00 per share

- 2024-08: KRW 193,800.00 per share

- 2024-09: KRW 184,600.00 per share

- 2024-10: KRW 182,600.00 per share

- 2024-11: KRW 220,000.00 per share

- 2024-12: KRW 287,500.00 per share

- 2025-01: KRW 311,000.00 per share

- 2025-02: KRW 296,000.00 per share

- 2025-03: KRW 279,000.00 per share

- 2025-04: KRW 402,000.00 per share

- 2025-05: KRW 405,500.00 per share

- 2025-06: KRW 428,500.00 per share

- 2025-07: KRW 490,500.00 per share

- 2025-08: KRW 520,000.00 per share

- 2025-09: KRW 515,000.00 per share

- 2025-10: KRW 600,000.00 per share

- 2025-11: KRW 535,000.00 per share

- 2025-12: KRW 509,000.00 per share

- 2026-01: KRW 575,000.00 per share

- 2026-02: KRW 603,000.00 per share

- 2026-03: KRW 465,000.00 per share

- 2026-04: KRW 685,000.00 per share

- 2026-05: KRW 696,000.00 per share

- 2026-06: KRW 592,000.00 per share

- 2026-07: KRW 481,000.00 per share

- 2026-08: KRW 449,500.00 per share

- 2026-09: KRW 433,500.00 per share

- 2026-10: KRW 352,500.00 per share

## Annual estimated value (KRW per share)

- FY2025: low KRW 38,734.00 per share, central KRW 39,148.40 per share, high KRW 39,700.05 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.