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KREDKRED
000880KOSPI

Hanwha

110,100
-7,900 (-6.69%)

Price chart

  • MA5
  • MA20
  • MA60

Adjusted prices rescale past bars with coefficients taken from the base prices the exchange itself published, correcting for corporate actions such as stock splits and reverse splits. Cash dividends are not reflected, and the risk measures on this page never use these adjusted figures.

Market capitalizationKRW 1T

Each day's close multiplied by the listed share count of this share class alone, sampled weekly. It is the figure for this issue only, not a combined total across common and preferred shares.

Overview

Summary

Hanwha was established in 1952 and is headquartered in Seoul. The company is listed on the KOSPI market.

The company and its subsidiaries operate across nine different business segments.

Company overview

가. 연결대상 종속회사 개황

1) 연결대상 종속회사 현황(요약)

2) 연결대상회사의 변동내용

나. 회사의 법적ㆍ상업적 명칭

당사의 명칭은 "주식회사 한화"입니다. 영문으로는 "HANWHA CORPORATION (약호: HWC)" 이라고 표기합니다.

다. 설립일자

당사는 1952년 10월 28일 설립하였으며, 1976년 6월 24일 한국거래소 유가증권시장에 주식을 상장하였습니다.

라. 본사의 주소, 전화번호, 홈페이지 주소

- 주소: 서울특별시 중구 청계천로86(장교동)- 전화번호: 02-729-1114- 홈페이지: http://www.hanwhacorp.co.kr

마. 중소기업 해당 여부

바. 주요 사업의 내용 등

당사 및 당사의 종속회사는 사업부문을 크게 9가지로 구분하고 있으며, 각 부문의 주요 사업 내용은 다음과 같습니다.

1) 연결회사의 각 사업부문 별 주요 사업의 내용

2) 연결회사의 각 사업부문 별 손익 내역

3) 주요 제품 및 서비스 등

사. 신용평가에 관한 사항

당사는 회사채 및 기업어음을 발행할 목적으로 또는 기타 수시평가에 의하여 신용평가 전문기관으로부터 평가를 받고 있으며, NICE신용평가로부터 2026년 2월에 회사채 A+ 등급, 2025년 12월에 기업어음 A2+ 등급을, 한국기업평가로부터 2026년 2월에 회사채 A+ 등급, 2025년 10월에 기업어음 A2+ 등급을, 한국신용평가로부터 2026년 2월에 회사채 A+ 등급, 2025년 12월에 기업어음 A2+ 등급을 받은 바 있습니다. 이러한 내용을 포함한 최근 3년간의 신용평가 내역은 다음과 같습니다.

[회사채]

[기업어음]

신용등급 체계 및 부여 의미

아. 회사의 주권상장여부 및 특례상장에 관한 사항

Transcribed verbatim from the sentences the filer wrote in the fiscal 2025 business report (received 2026.03.31), tables and figures omitted.

  • The summary is written separately from the filed text and is not the filer's wording, so it may phrase things differently from or omit parts of the original, which is shown alongside for checking.
  • The company introduction reproduces the sentences the filer wrote in its business report, with tables, figures and the sentences that point to other sections of the report omitted, and the accuracy of their content has not been separately verified.

The computing conditions are tight here, so this value is less reliable.

VaR

4.83%
[2.75%, 8.35%] · As of 2026-10-02
VaR by window

The headline's measure for each of the three windows on one scale, the dot being the estimate and the bar its interval. The windows are nested and share their observations, so the three readings are not three independent measurements. The selected window is highlighted.

Daily return distribution

The issue's daily returns over the chosen window counted into equal-width bins. The vertical lines mark the VaR and cVaR above on the loss side. The published VaR sample applies exclusion rules for halts and first sessions that this raw daily series does not, so the bars and the marks can differ slightly at the edges.

Drawdown

Deepest drawdown 44.5% (2026-07-29). How far below its previous peak the issue stood each day over the chosen window, a description of the path already travelled.

If these numbers are unfamiliarThere is a guide that walks through VaR, cVaR and annualized volatility in plain language.Read the guide

Characteristic line

0.63
Beta [0.45, 0.81] · KOSPI200 · As of 2026-10-08
Intercept
-0.169%[-0.652%, +0.313%]
R squared
0.24
Observations
234
Trading-time corrected beta
0.73[0.45, 1.02]
252-day rolling beta

A 252-day window rolled one day at a time over the longest daily span of the characteristic line. It shows when the beta against the KOSPI200 and the annualized volatility of the issue's excess return rose and fell, and unlike the headline figures above it carries no interval.

252-day rolling annualized volatility

Each point is one period's index excess return and issue excess return, and the line is the regression fitted to those points. The risk-free rate is the certificate of deposit rate.

Financials

20152016201720182019202020212022202320242025TTM
RevenueKRW 100M413,763471,202504,044487,402504,124509,265528,361622,784531,348556,468747,854889,899
Revenue growth%—13.886.97-3.303.431.023.7517.87-14.684.7334.39—
Operating incomeKRW 100M7,58516,85921,58918,06111,25715,82029,27925,16124,11924,16141,46954,147
Operating income growth%—122.2928.06-16.34-37.6740.5485.07-14.06-4.140.1771.63—
Net incomeKRW 100M1,20512,88713,1097,9932,3117,40521,62122,43316,35516,90419,91638,540
Net income growth%—969.321.73-39.03-71.09220.49191.973.76-27.093.3617.82—
Attributable to ownersKRW 100M-2,8504,9174,0544,6849002,1389,01113,1223,8057,7303,7257,978
Attributable to minoritiesKRW 100M4,0557,9709,0563,3091,4115,26712,6109,31212,5509,17516,19130,563
Operating margin%1.833.584.283.712.233.115.544.044.544.345.556.08
Net margin%0.292.732.601.640.461.454.093.603.083.042.664.33
ROE%——8.9311.192.034.7418.7225.103.537.213.155.94
ROA%0.080.830.820.470.130.391.071.060.780.670.691.26
Debt ratio%967.16988.50903.43900.11898.06932.99861.49911.43531.77537.07497.35458.35
Current ratio%87.7191.0089.8692.2795.2595.54107.08105.9788.42141.51132.69125.15
Quick ratio%63.4170.8469.0566.1870.7869.2575.7074.8858.69118.80112.58106.94
Reserve ratio%824.94748.89799.15849.07834.76873.371,045.631,563.011,829.002,093.442,229.542,343.47
Free cash flowKRW 100M81,58649,54841,70712,1878,11221,94760,1183,350-4,87012,86126,364—
FCF margin%19.7210.528.272.501.614.3111.380.54-0.922.313.53—
OCF conversion%7,982.95473.14391.97343.931,089.75464.95334.3283.50231.94407.05417.76—
Capex to revenue%3.532.421.923.143.392.452.302.478.0610.057.60—
Receivable daysdays—39.136.234.730.427.324.925.535.745.641.5—
Inventory daysdays—24.921.627.030.531.335.938.055.979.082.9—
Payable daysdays—28.528.326.223.523.928.427.135.648.751.8—
Cash conversion cycledays—35.529.535.537.434.732.436.455.975.972.7—
EPSKRW—6,5595,6196,5411,0512,8319,78114,1693,9208,3394,07211,315
PERx—5.347.394.7923.7910.003.211.816.573.2320.048.81
BPSKRW——60,58455,83659,03760,16264,21669,752143,960142,934157,956190,553
PBRx——0.690.560.420.470.490.370.180.190.520.52
Dividend per shareKRW500600600700700700750750750800——
Payout ratio%—9.1510.6810.7066.6024.737.675.2919.139.59——

Consolidated basis

Profit flowKRW 100M

Revenue
747,854
Cost of sales
647,472
Gross profit
100,382
SG&A expenses
58,914
Operating income
41,469
Non-operating expenses
21,363
Profit before tax
20,106
Net income
19,916
Income tax expense
190

This diagram traces where revenue goes at each step on its way to net income, using the filed amounts as they are. The non-operating result is taken as the difference between profit before tax and operating income and is shown as income or expense by its sign, and whatever a step's items leave unexplained is shown separately as other.

Revenue compositionKRW 100M

Margins%

Cash flow by activityKRW 100M

Balance sheet compositionKRW 100M

Debt ratio%

The left bar splits assets into current and non-current and the right bar splits the financing of those assets into liabilities and equity, so the two bars stand at the same height.

Quarterly resultsKRW 100M

Year-on-year growth%

Each quarterly bar is that quarter's three months and is never mixed with an annual figure. The growth rate is computed only where the same quarter a year earlier is also shown here, and is left blank when the base was a loss.

Cash conversion cycledays

Free cash flow breakdownKRW 100M

Inventory days and receivable days stack upward, payable days hang downward, and the cash conversion cycle they net to is drawn as the line. Each day count uses the average balance with the prior year, so the oldest year is not drawn. A day count whose line was not filed is left out, and the cycle is shown only for years that carry all three.

Free cash flow is cash from operating activities less spending on property, plant and equipment, and all three bars keep the sign as filed.

Owners' net margin%

Asset turnoverx

Financial leveragex

ROE%

ROE is the product of the owners' net margin, asset turnover and financial leverage. All three use period-end balances as denominators, and profit and equity are on the owners' basis, so the product matches the ROE in the table.

Financial statements

Balance sheet

20152016201720182019202020212022202320242025
1,456,2171,548,7101,601,9501,695,4861,822,8621,911,7832,023,664*2,111,753*2,097,3812,520,370*2,893,294
1,319,7601,406,4311,442,3021,525,9551,640,2221,726,711*1,813,191*1,902,965*1,765,3942,124,752*2,408,941
136,457142,279159,647169,530182,640185,072*210,473*208,788331,987395,618*484,353

Income statement

20152016201720182019202020212022202320242025
413,763471,202504,044487,402504,124509,265528,361622,784*531,348556,468747,854
7,58516,85921,58918,06111,25715,820*29,27925,161*24,11924,16141,469
1,75416,71919,95112,9982,53311,038*30,707*22,760*22,46620,68020,106
1,20512,88713,1097,9932,3117,405*21,621*22,433*16,35516,90419,916
Basic earnings per shareKRWNot applicableNot applicable5,6196,5411,0512,831*9,781*14,169*3,920*8,3394,072
Diluted earnings per shareKRWNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicable3,872*8,3324,069
2,3353,4939,9824,25911,6375,107*12,212*-30,195*12,8242,782*30,704

Cash flow statement

20152016201720182019202020212022202320242025
Net incomefrom the income statement1,20512,88713,1097,9932,3117,40521,62122,43316,35516,90419,916
Total adjustments to operating cash flowcomputed95,00148,08638,27619,49922,86927,02450,661-3,70221,57951,90563,286
96,207*60,97351,38527,49225,17934,42972,28118,731*37,93468,81083,202
-89,582*-58,573-56,658-26,322-39,876-18,865-83,482-37,908*-66,682-140,492-127,998
99*12,947-3,04919,9139,917-5,48724,83942,338*17,98671,789103,298
Cash at beginning of periodKRW 100M15,703*22,44237,69028,94650,58745,74955,33168,959*95,96285,28788,443
22,44237,69028,94650,58745,74955,33168,95992,157*85,28788,443146,846
Net change in cash and cash equivalentsKRW 100MNot applicableNot applicable-8,32221,083-4,77910,07713,63823,161Not applicableNot applicableNot applicable

In the latest fiscal year operating and financing activities brought cash in while investing activities spent it.

A year whose own filing is absent is filled from the restated comparative in the following filing, and is marked as such. Operating indicators outside the statements, such as order backlogs, and audit opinions are not covered here, and per-share figures follow the filed values without retroactive adjustment for share splits.

Transcribed verbatim from the sentences the filer wrote in the fiscal {year} business report (received {date}), with tables, figures and cross-references to other sections omitted.

The newest annual filing shown was received on 2026.03.31.

Audit opinion

Fiscal yearOpinionAuditorFiscal year end
2025적정의견Term 74한영회계법인2025-12-31
2024적정의견Term 73한영회계법인2025-12-31
2023적정의견Term 72한영회계법인2025-12-31
2022적정의견Term 71삼일회계법인2022-12-31
2021적정의견Term 70삼일회계법인2022-12-31
2020적정의견Term 69삼일회계법인2022-12-31
2019적정의견Term 68삼일회계법인2019-12-31
2018적정의견Term 67안진회계법인2019-12-31
2017적정의견Term 66안진회계법인2019-12-31
2016적정의견Term 65안진회계법인2016-12-31
2015적정의견Term 64삼일회계법인2016-12-31
2014적정의견Term 63삼일회계법인2016-12-31

The auditor's name and the opinion are transcribed verbatim from the filed audit report, and the wording follows the filer. A fiscal year shown twice means the filing carried two entries that the source does not distinguish.

Korean audit opinions come in four kinds, where an unqualified opinion (적정) finds the statements fairly presented, a qualified opinion (한정) does so except for a stated matter, an adverse opinion (부적정) finds them not fairly presented, and a disclaimer of opinion (의견거절) means the auditor could not obtain enough evidence to form a view.

Valuation

Valuation multiplesx

PER and PBR divide each period's closing price by the per-share figure filed for that same period, and a loss period is left blank. The quarterly view is a multiple of quarterly EPS.

Dividend historyKRW

The dividend-per-share bars are restated onto the current share basis for splits and par-value changes. The payout ratio and the dividend yield divide figures filed for the same period and are left unadjusted.

Payout ratio and dividend yield%

PER bandKRW

The price is the adjusted close and each band line multiplies the EPS of the latest completed fiscal year by a fixed multiple. The previous year's EPS stays in force until the next fiscal year ends, and the multiples divide the range between the lowest and highest annual PER on record into equal steps.

Valuation models

Five models priced under one set of assumptions, set beside the current price, with how each has moved by fiscal year.

Assumptions

Risk-free rate10-year treasury yield · 2026-10-084.40%
BetaDaily 5Y0.73
%
%
Cost of equity8.05%
Weighted average cost of capital5.32%
Initial growth3.1%
Effective tax rate0.9%
Base fiscal year2025
Current priceKRW110,100

The risk premium and the terminal growth rate are adjustable assumptions, and the rest follow from the data and the formulas.

ModelModel priceKRWVersus current price
Gordon growth modelNo dividend
Dividend discount model DDMNo dividend
Discounted cash flow FCFF1,364,112+1,139.0%
Discounted cash flow FCFE1,680,371+1,426.2%
Residual income model RIM24,834-77.4%
The table prices the newest fiscal year's accounts at today's treasury yield and the current price.

Dividend and residual income familyKRW

Discounted cash flow familyKRW

Each fiscal year's figures use that year's accounts and the treasury yield at its period end, with beta held at its current value, and splits or par changes are restated to the current share basis.

How the figures are calculated

Each model's formula is shown in symbols and then with this issue's own numbers substituted, step by step. Changing a value in the assumptions panel changes the numbers here too. Firm-level amounts are in hundred million won and per-share values in won.

Cost of equity

r=rf+β×ERPr = r_f + \beta \times \mathit{ERP}

r = 4.40% + 0.73 × 5.00% = 8.05%

Initial growth

g1=max⁡{ROE×(1−payout), 0},gt=g1+(gT−g1) t−1N−1g_1 = \max\{\mathit{ROE} \times (1 - \text{payout}),\,0\},\qquad g_t = g_1 + (g_T - g_1)\,\frac{t-1}{N-1}

g_1 = max(3.15% × (1 − 0.00%), 0) = 3.15%

Growth starts at this value in the first year and falls by equal steps each year to reach the terminal rate in the fifth

Residual income model RIM

P0=B0+∑t=1NRIt(1+r)t+RIN(1+gT)(r−gT) (1+r)N,RIt=(ROE−r) Bt−1P_0 = B_0 + \sum_{t=1}^{N} \frac{\mathit{RI}_t}{(1+r)^t} + \frac{\mathit{RI}_N (1+g_T)}{(r - g_T)\,(1+r)^N},\qquad \mathit{RI}_t = (\mathit{ROE} - r)\,B_{t-1}

B_0 = 157,956 KRW, ROE = 3.15%, payout ratio = 0.00%, r = 8.05%, g_T = 2.00%

YearOpening book valueEarningsEquity chargeResidual incomeDiscount factorPresent value
1157,9564,96912,719-7,7500.9255-7,172
2162,9255,12513,119-7,9930.8565-6,846
3168,0515,28713,531-8,2450.7927-6,536
4173,3385,45313,957-8,5040.7336-6,239
5178,7915,62514,396-8,7720.6789-5,956
Terminal value-147,8370.6789-100,374

P_0 = 157,956 + -32,748 + -100,374 = 24,834 KRW

Discounted cash flow FCFF

FCFF0=CFO−CapEx+Int (1−τ),WACC=ED+E r+DD+E kd (1−τ)\mathit{FCFF}_0 = \mathit{CFO} - \mathit{CapEx} + \mathit{Int}\,(1-\tau),\qquad \mathit{WACC} = \frac{E}{D+E}\,r + \frac{D}{D+E}\,k_d\,(1-\tau)

Base-year cash flow FCFF

FCFF_0 = 83,202.0 − 56,838.1 + 8,849.5 × (1 − 0.94%) = 35,129.9 KRW hundred million

Weighted average cost of capital

E = 82,529.6, D = 234,233.1 KRW hundred million; equity weight = 26.05%, debt weight = 73.95%; cost of debt k_d = 4.40%

WACC = 26.05% × 8.05% + 73.95% × 4.40% × (1 − 0.94%) = 5.32%

Vfirm=∑t=1NFCFFt(1+WACC)t+FCFFN(1+gT)(WACC−gT) (1+WACC)N,FCFFt=FCFFt−1(1+gt),P0=Vfirm−D+CashSharesV_{\text{firm}} = \sum_{t=1}^{N} \frac{\mathit{FCFF}_t}{(1+\mathit{WACC})^t} + \frac{\mathit{FCFF}_N (1+g_T)}{(\mathit{WACC} - g_T)\,(1+\mathit{WACC})^N},\qquad \mathit{FCFF}_t = \mathit{FCFF}_{t-1}(1+g_t),\qquad P_0 = \frac{V_{\text{firm}} - D + \text{Cash}}{\text{Shares}}
YearGrowthCash flow KRW hundred millionDiscount factorPresent value KRW hundred million
13.15%36,235.00.949534,405.6
22.86%37,271.10.901633,602.7
32.57%38,230.10.856132,727.2
42.29%39,104.20.812831,785.4
52.00%39,886.30.771830,784.3
Terminal value2.00%1,226,486.50.7718946,603.1
Total1,109,908.3

Firm value = 1,109,908.3; less borrowings 234,233.1; plus cash 146,845.8 → 1,022,521.1 KRW hundred million

P_0 = 1,022,521.1 KRW hundred million ÷ 74,958,735 (shares) = 1,364,112 KRW

Discounted cash flow FCFE

FCFE0=CFO−CapEx+ΔD,P0=1Shares[∑t=1NFCFEt(1+r)t+FCFEN(1+gT)(r−gT) (1+r)N],FCFEt=FCFEt−1(1+gt)\mathit{FCFE}_0 = \mathit{CFO} - \mathit{CapEx} + \Delta D,\qquad P_0 = \frac{1}{\text{Shares}}\left[\sum_{t=1}^{N} \frac{\mathit{FCFE}_t}{(1+r)^t} + \frac{\mathit{FCFE}_N (1+g_T)}{(r - g_T)\,(1+r)^N}\right],\qquad \mathit{FCFE}_t = \mathit{FCFE}_{t-1}(1+g_t)

Base-year cash flow FCFE

FCFE_0 = 83,202.0 − 56,838.1 + 46,420.8 (net borrowing) = 72,784.7 KRW hundred million

YearGrowthCash flow KRW hundred millionDiscount factorPresent value KRW hundred million
13.15%75,074.50.925569,479.9
22.86%77,221.10.856566,140.9
32.57%79,208.00.792762,787.1
42.29%81,019.10.733659,436.8
52.00%82,639.40.678956,107.7
Terminal value2.00%1,392,794.00.6789945,632.4
Total1,259,584.9

P_0 = 1,259,584.9 KRW hundred million ÷ 74,958,735 (shares) = 1,680,371 KRW

The cost of equity is the risk-free rate plus beta times the equity risk premium. Initial growth is the newest fiscal year's return on equity times its retention ratio, floored at zero, and falls by equal steps from that value in the first year to the terminal rate in the fifth. Only the Gordon model grows at the terminal rate from the start. Discounted cash flow starts from operating cash flow less capital expenditure, where FCFF adds after-tax interest paid and discounts at the weighted average cost of capital, and FCFE adds net borrowing and discounts at the cost of equity. The residual income model adds to book value per share the present value of earnings above the equity charge.

Other issues on the same market

Neighbours in the market capitalisation order.

See the full KOSPI list