Doosan Enerbility Co., Ltd. (034020.KS)
FY2025 Financial Analysis Report
Source: 63rd Annual Report (Filed Mar 20, 2026) | Consolidated Financial Statements | Unit: KRW millions
Doosan Enerbility posted consolidated revenue of KRW 17.06 trillion in FY2025, up 5.1% year-on-year, driven by a recovery in its energy business. However, operating income declined 25.1% to KRW 763 billion as SG&A expenses surged 28%, and consolidated net income collapsed 48% to KRW 205 billion. Against this backdrop, the company's order backlog stands at KRW 11.3 trillion — including the landmark Czech Dukovany nuclear contract (KRW 4.8 trillion) — providing exceptional revenue visibility for the decade ahead.
1. Company Overview
Business Profile
Doosan Enerbility Co., Ltd. (formerly Doosan Heavy Industries & Construction) is a South Korean industrial conglomerate established in 1962, headquartered in Changwon, South Gyeongsang Province. It is listed on the Korea Exchange (KRX) main board under ticker 034020. The company's core business encompasses the design, manufacture, and construction of energy infrastructure — including nuclear power systems (NSSS), gas turbines, combined-cycle power plants, seawater desalination facilities, and wind power equipment.
The consolidated group includes 63 subsidiaries as of FY2025, most notably Doosan Bobcat Inc. (global construction equipment leader) and Doosan Fuel Cell Co., Ltd. (hydrogen fuel cell specialist). The largest shareholder is Doosan Corporation, holding a 30.40% stake.
Business Segments
Doosan Enerbility (Parent / Energy): Supplies nuclear steam supply systems (NSSS), steam turbines, gas turbines, and desalination plants. The parent entity is a direct beneficiary of the global nuclear renaissance, with accelerating overseas orders from the Czech Republic, Egypt, UAE, Saudi Arabia, and Vietnam.
Doosan Bobcat: The group's largest revenue contributor at 51.5% of consolidated sales, Bobcat is a global top-two player in compact construction equipment (skid-steer loaders, excavators) primarily serving North American and European markets. FY2025 operating income declined 21.3% amid a cooling construction cycle in key markets.
Doosan Fuel Cell: Specializes in phosphoric acid fuel cell (PAFC) power generation systems. Revenue grew 21.4% in FY2025, but the segment posted an operating loss of KRW 106 billion — a significant widening that weighs on consolidated profitability.
Share Information
Total shares outstanding: 640,561,146 common shares (par value KRW 5,000 per share). Treasury shares are minimal at 95,978 shares. No cash dividend was declared for FY2025 or FY2024. The company repurchased and cancelled KRW 146 billion in treasury shares during FY2025.
2. Key Financial Highlights
| Metric | FY2025 | FY2024 | YoY |
|---|---|---|---|
| Revenue | KRW 17.06T | KRW 16.23T | ▲ 5.1% |
| Gross Profit | KRW 2.74T | KRW 2.73T | ▲ 0.5% |
| Operating Income | KRW 763B | KRW 1.02T | ▼ 25.1% |
| Operating Margin | 4.5% | 6.3% | — 1.8%p |
| Net Income (Consolidated) | KRW 205B | KRW 395B | ▼ 48.0% |
| Operating Cash Flow | KRW 752B | KRW 242B | ▲ 210.4% |
| Order Backlog (Consolidated) | KRW 11.30T | — | — |
* Pre-shareholder-approval consolidated financial statements. Prepared under K-IFRS.
3. Revenue and Profitability Analysis
Revenue: Recovering from FY2024 Trough
Consolidated revenue declined from KRW 17.6T (FY2023) to KRW 16.2T (FY2024) before recovering to KRW 17.1T in FY2025. The parent energy business (+6.8%) and Doosan Fuel Cell (+21.4%) led the recovery, with Doosan Bobcat contributing modest growth of 2.8%.
Segment Revenue Breakdown
| Segment | FY2025 Revenue (KRW M) | Share | FY2024 Revenue (KRW M) | YoY |
|---|---|---|---|---|
| Doosan Enerbility (Parent) | 7,788,916 | 45.7% | 7,292,841 | ▲ 6.8% |
| Doosan Bobcat | 8,791,773 | 51.5% | 8,550,978 | ▲ 2.8% |
| Doosan Fuel Cell | 418,124 | 2.5% | 344,341 | ▲ 21.4% |
| Other | 59,063 | 0.3% | 44,895 | ▲ 31.6% |
| Consolidated Total | 17,057,876 | 100% | 16,233,055 | ▲ 5.1% |
Segment Operating Income Breakdown
| Segment | FY2025 Op. Income (KRW M) | FY2024 Op. Income (KRW M) | YoY |
|---|---|---|---|
| Doosan Enerbility (Parent) | 302,308 | 243,618 | ▲ 24.1% |
| Doosan Bobcat | 686,132 | 871,402 | ▼ 21.3% |
| Doosan Fuel Cell | (105,673) | (1,729) | Loss Widening |
| Other | (2,948) | 3,200 | Turned to Loss |
| Consolidated Total | 762,712 | 1,017,600 | ▼ 25.1% |
Doosan Bobcat remains the primary profit engine of the consolidated group, but its FY2025 operating income declined 21.3% due to construction market softness in North America and Europe. The parent energy segment is recovering (+24.1%) but remains small in absolute terms. Doosan Fuel Cell's widening operating loss (KRW 106B) acts as a meaningful drag on consolidated earnings.
3-Year Income Statement Comparison
| Item | FY2023 (61st) | FY2024 (62nd) | FY2025 (63rd) |
|---|---|---|---|
| Revenue | 17,589,888 | 16,233,055 | 17,057,876 |
| Cost of Revenue | 14,572,887 | 13,503,336 | 14,314,566 |
| Gross Profit | 3,017,001 | 2,729,719 | 2,743,310 |
| Gross Margin | 17.2% | 16.8% | 16.1% |
| Operating Income | 1,467,318 | 1,017,600 | 762,712 |
| Operating Margin | 8.3% | 6.3% | 4.5% |
| Net Income (Consolidated) | 517,522 | 394,689 | 205,163 |
| Net Income (Parent Shareholders) | 55,598 | 111,365 | 84,762 |
* Unit: KRW millions
Operating income has declined for three consecutive years. Gross profit was nearly flat (+0.5%), yet operating income fell 25.1% — the gap fully explained by SG&A rising from KRW 1.55T (FY2023) to KRW 1.98T (FY2025), a 28% increase. Net income was further compressed by elevated financial costs (interest expenses), with only KRW 85B of the consolidated KRW 205B net income attributable to parent shareholders — the remainder flows to non-controlling interests, primarily Doosan Bobcat minority shareholders.
4. Balance Sheet Analysis
Key Asset Items
| Item | FY2023 (61st) | FY2024 (62nd) | FY2025 (63rd) |
|---|---|---|---|
| Cash & Cash Equivalents | 2,620,187 | 2,898,298 | 3,080,997 |
| Trade Receivables | 1,333,420 | 1,290,275 | 1,616,728 |
| Inventories | 2,539,004 | 2,733,933 | 2,544,025 |
| Property, Plant & Equipment | 5,225,149 | 5,703,049 | 5,776,625 |
| Intangible Assets | 7,892,982 | 8,397,290 | 8,723,585 |
| Total Assets | 24,640,834 | 26,314,835 | 27,513,223 |
| Total Liabilities | 13,799,325 | 14,653,743 | 15,503,853 |
| Total Equity | 10,841,509 | 11,661,092 | 12,009,370 |
* Unit: KRW millions
Intangible assets of KRW 8.7T represent 31.7% of total assets (KRW 27.5T) — the defining characteristic of Doosan Enerbility's balance sheet. This reflects goodwill, technology licenses, and development costs concentrated in the nuclear and energy sectors. Cash has grown for three consecutive years, supporting a stable liquidity position. Trade receivables jumped 25.3% in FY2025, signaling expanded order execution, though receivables turnover should be monitored in parallel.
Capital Structure
| Item | FY2023 (61st) | FY2024 (62nd) | FY2025 (63rd) |
|---|---|---|---|
| Paid-in Capital | 3,267,327 | 3,267,327 | 3,267,327 |
| Capital Surplus | 1,712,764 | 1,572,095 | 1,441,574 |
| Paid-in Capital + Capital Surplus | 4,980,091 | 4,839,422 | 4,708,901 |
| Retained Earnings | 1,184,532 | 1,394,448 | 1,696,327 |
* Unit: KRW millions
Paid-in capital has remained unchanged at KRW 3.27T for three years (no equity issuance). Capital surplus has declined steadily — likely reflecting treasury share cancellations — while retained earnings grew 43% over the same period. The capital base is increasingly funded by internally generated earnings rather than external capital.
5. Cash Flow Analysis
| Item | FY2023 (61st) | FY2024 (62nd) | FY2025 (63rd) |
|---|---|---|---|
| Operating CF | 2,070,634 | 242,204 | 751,801 |
| Interest Received | 54,208 | 90,662 | 87,856 |
| Interest Paid | (350,143) | (383,030) | (372,309) |
| Income Tax Paid | (349,078) | (316,956) | (214,078) |
| Investing CF | (816,628) | (821,399) | (310,571) |
| Capex (PP&E) | (395,596) | (461,497) | (403,095) |
| Intangible Asset Purchases | (207,597) | (192,151) | (295,016) |
| Proceeds from Subsidiary Disposal | 5,000 | 10,446 | 395,089 |
| Financing CF | (52,939) | 608,422 | (287,945) |
| Long-term Borrowings | 646,066 | 1,338,509 | 527,257 |
| Repayment of Long-term Debt | (390,812) | (465,233) | (533,972) |
| Net Change in Cash | 1,224,349 | 278,111 | 182,699 |
* Unit: KRW millions
Operating cash flow collapsed from KRW 2.07T (FY2023) to just KRW 242B in FY2024 before partially recovering to KRW 752B in FY2025. The FY2024 trough was driven by working capital absorption — rapidly expanding receivables and contract assets consumed cash faster than earnings could generate it.
Investing outflows narrowed significantly in FY2025, aided by KRW 395B in proceeds from subsidiary stake disposals. Financing activities swung back to net outflow as the company shifted from aggressive borrowing (FY2024: KRW 608B net inflow) to debt repayment mode, reflecting a deliberate effort to reduce leverage. Cash at year-end has grown for three straight years, but quality of that growth — driven by asset sales and borrowings rather than operations — warrants attention.
6. Order Backlog — The Foundation of Long-Term Growth
Key Consolidated Contract Status (as of Dec 31, 2025)
| Project | Client | Backlog (KRW M) | Progress | Due Date |
|---|---|---|---|---|
| Czech Dukovany 5 & 6 NSSS | KHNP | 4,802,526 | 0.1% | Apr 2038 |
| Shin Hanul 3 & 4 Reactor Systems | KHNP | 1,589,720 | 32.1% | Oct 2033 |
| El-Dabaa NPP (Egypt) | KHNP | 1,301,780 | 29.5% | Apr 2029 |
| Shin Hanul 3 & 4 Main Equipment | KHNP | 924,022 | 9.4% | Oct 2033 |
| O Mon 4 TPP (Vietnam) | PetroVietnam | 772,777 | 14.9% | Dec 2028 |
| Nairyah 1 Power Plant (Saudi Arabia) | Naseem Energy | 437,828 | 60.1% | May 2028 |
| Rumah 1 Power Plant (Saudi Arabia) | Remal Energy | 433,111 | 60.7% | May 2028 |
| Other Projects (Combined) | — | 1,041,316 | — | — |
| Consolidated Total | — | 11,303,080 | — | — |
* Unit: KRW millions. Backlog = Total Contract Value minus Amount Already Recognized.
The consolidated order backlog totals KRW 11.3T — approximately 6.6x FY2025 revenue. The Czech Dukovany 5 & 6 nuclear contract (signed December 2025), at KRW 4.8T, accounts for 42.5% of total backlog and carries only 0.1% completion, meaning revenue recognition will unfold over more than a decade. Egypt's El-Dabaa NPP (KRW 1.3T), South Korea's Shin Hanul 3 & 4 units (combined KRW 2.5T), and multiple projects in Vietnam and Saudi Arabia make up the remainder.
This backlog profile presents a sharp divergence from near-term earnings: while current profitability is under pressure, the revenue pipeline for the next 5-10 years is exceptionally well-defined. The backlog-to-revenue ratio of 6.6x is unusually high for a capital goods manufacturer and provides a rare degree of forward earnings certainty.
7. Key Financial Ratios
| Ratio | FY2023 (61st) | FY2024 (62nd) | FY2025 (63rd) |
|---|---|---|---|
| ROE | 0.78% | 1.49% | 1.09% |
| ROA | 2.10% | 1.50% | 0.75% |
| EBITDA (Est., KRW M) | ~1,787,000 | ~1,368,000 | ~1,150,000 |
| EBITDA Margin | ~10.2% | ~8.4% | ~6.7% |
| EPS (KRW) | 87 | 174 | 132 |
| BPS (KRW) | 11,111 | 11,703 | 12,154 |
| Debt-to-Equity Ratio | 127.3% | 125.7% | 129.1% |
* ROE = Net Income attributable to parent / Parent equity. ROA = Consolidated net income / Total assets. EBITDA = Operating income + Depreciation (tangible assets, estimated). EPS/BPS based on 640,561,146 shares outstanding.
ROE of approximately 1% appears extremely low in isolation, but the distortion stems from structural factors: consolidated earnings are heavily absorbed by non-controlling interests (primarily Doosan Bobcat), leaving parent shareholders with only KRW 85B of the KRW 205B consolidated net income. Meanwhile, parent equity stands at KRW 7.79T. The ratio understates the underlying earnings power of the business.
EBITDA and EBITDA margin have declined for three consecutive years, confirming that the deterioration in profitability is operational in nature and not merely an accounting artifact. BPS has trended upward consistently, reflecting steady book value accumulation. The debt-to-equity ratio has remained stable in the 125-130% range, but the sharp increase in current portion of long-term debt (KRW 1.03T in FY2025) represents a near-term refinancing pressure point.
8. Summary and Outlook
Doosan Enerbility's FY2025 results present a textbook case of strategic divergence between near-term earnings and long-term positioning. Revenue and backlog are growing, but consolidated profitability is being compressed by three concurrent headwinds: Doosan Bobcat's cyclical downturn, Doosan Fuel Cell's accelerating losses, and rising SG&A costs across the group.
Three watchpoints will determine the investment thesis. First, Doosan Bobcat's earnings recovery: as the group's largest profit contributor, any rebound in North American construction activity flows directly to consolidated operating income. Second, Doosan Fuel Cell's path to breakeven: annual operating losses exceeding KRW 100B are structurally unsustainable and may necessitate restructuring or strategic repositioning. Third, the revenue recognition ramp on Czech and other major nuclear projects: as completion percentages rise on the KRW 4.8T Dukovany contract and others, the parent segment's revenue and operating income will inflect meaningfully upward.
In sum, Doosan Enerbility's current market valuation is driven not by today's earnings (EPS: KRW 132) but by the duration and scale of its nuclear order backlog (KRW 11.3T) and the structural tailwinds of global energy security investment. PBR-based valuation and backlog-to-revenue multiples are the most relevant frameworks for assessing fair value at this stage of the cycle.
This report is based on Doosan Enerbility's 63rd Annual Report (filed March 20, 2026, DART) and publicly available disclosures.
This material is for informational purposes only and does not constitute investment advice or a solicitation to buy or sell securities.
