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KREDKRED
010140KOSPI

Samsung Heavy Industries

19,960
+240 (+1.22%)

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

Samsung Heavy Industries was established in 1974 and is a public company listed on the KOSPI market. The company operates with nine consolidated subsidiaries.

The company operates in the shipbuilding and offshore business and the construction and civil engineering business. It supplies vessels such as LNG carriers and container ships, as well as offshore platforms, primarily to overseas shipowners. The construction segment performs architectural and civil works for domestic clients.

Business overview as filed

회사는 수익을 창출하는 재화와 용역의 성격, 이익창출단위, 제품 제조공정의 특징, 시장 및 판매방법의 특징, 사업부문 구분의 계속성 등을 고려하여 회사의 실태를적절히 반영할 수 있도록 조선해양부문, 토건부문으로 사업을 구분하고 있습니다.조선해양부문은 초대형컨테이너선, LNG선, 원유운반선 등 선박 및 LNG-FPSO, FPU 등 해양플랫폼을 건조, 판매하고 있으며, 토건부문은 건축 및 토목공사,하이테크 공사를 수행하고 있습니다.

각 사업부문별 자세한 내용은 7. 회사의 연결대상 종속회사는 총 9개사(국내 1사, 해외 8개사)로 선박 건조 및 해양 플랫폼 제작시 필요한 블럭을 제작하는 회사 등 입니다. 주요 종속회사는 총 3개사로 중국에 소재한 1개사는 주로 선박 제작에 필요한 블록을 제작하는 회사이며, 나이지리아에 소재한 2개사는 해양 플랫폼 제작 등을 위한 회사입니다.

회사의 2025년 연결기준 매출액(누계)은 전년 동기 대비 7.5% 증가한 106,500억원으로 각 사업부문별 매출액 및 매출비중은 조선해양부문 102,268억원(96.03%), 토건부문 4,232억원(3.97%)입니다. 조선해양부문은 주로 해외 선주를 대상으로 제품 판매가 이루어지고 있고, 토건부문은 국내 건축업주로부터 매출이 발생하고 있습니다.회사는 매출의 대부분을 차지하고 있는 조선해양부문에서 업계를 선도하기 위한 신제품개발과 기존제품의 세계최고 경쟁력 확보를 위한 성능, 품질 차별화에 연구개발 역량을 집중하고 있습니다.

Company overview

가. 연결대상 종속회사 현황(요약)

2025년 12월 31일 현재 회사의 연결대상 종속회사는 9개사입니다.

나. 연결대상회사의 변동내용

다. 회사의 법적, 상업적 명칭

라. 설립일자 및 존속기간

회사는 1974년 8월 5일 설립되었으며, 1994년 1월 28일자로 한국증권거래소에 주식을 상장한 공개법인입니다.

마. 본사의 주소, 전화번호 및 홈페이지

(1) 주소 : 경기도 성남시 분당구 판교로 227번길 23 (2) 전화번호 : 031-5171-7900 (3) 홈페이지 : http://www.samsungshi.com

바. 중소기업 등 해당 여부

사. 주요사업의 내용

회사와 그 종속회사는 선박 및 해양플랫폼을 건조, 판매하는 조선해양부문과 건축 및 토목공사 등을 수행하는 토건부문을 영위하고 있습니다. 국내에는 거제조선소, 대덕 및 판교 R&D센터를 운영하고 있으며, 해외에서는 8개 종속회사가 선박 및 선박블록 제작, 해양설비 설계 등을 담당하고 있습니다. 또한, 회사의 주요 거래처인 해외선주들과의 네트워크 강화를 위해 5개 해외사무소를 운영하고 있습니다. 각 사업부문별 주요 제품과 매출비중은 다음과 같습니다.

아. 신용평가에 관한 사항

□ 한국기업평가 등급의 정의ㆍ채권 신용등급의 정의

AA부터 B까지는 당해 등급내에서의 상대적 위치에 따라 "+", "-" 의 기호를 부여할 수 있음.

ㆍ전자단기사채, 기업어음 신용등급의 정의

A2부터 B까지는 동일 등급내에서 세분하여 구분할 필요가 있는 경우 "+", "-" 의 기호를 부여할 수 있음.

자. 회사의 주권상장(또는 등록ㆍ지정) 및 특례상장에 관한 사항

Transcribed verbatim from the sentences the filer wrote in the fiscal 2025 business report (received 2026.03.12), 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.

VaR

4.71%
[2.69%, 8.48%] · As of 2026-09-29
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 43.8% (2026-09-29). 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

0.50
Beta [0.35, 0.65] · KOSPI200 · As of 2026-10-02
Intercept
-0.171%[-0.542%, +0.200%]
R squared
0.24
Observations
252
Trading-time corrected beta
0.56[0.35, 0.78]
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 100M97,144104,14279,01252,65173,49768,60366,22059,44780,09499,031106,500116,057
Revenue growth%—7.20-24.13-33.3639.59-6.66-3.47-10.2334.7323.647.54—
Operating incomeKRW 100M-15,019-1,472-5,242-4,093-6,166-10,541-13,120-8,5442,3335,0278,62211,325
Operating income growth%—————————115.4371.52—
Net incomeKRW 100M-12,121-1,388-3,407-3,882-13,154-14,927-14,521-6,274-1,5565395,3585,562
Net income growth%——————————894.40—
Attributable to ownersKRW 100M-12,054-1,212-3,388-3,879-13,108-14,824-14,451-6,194-1,4836395,4555,653
Attributable to minoritiesKRW 100M-67-175-20-3-45-103-70-80-73-100-98-91
Operating margin%-15.46-1.41-6.63-7.77-8.39-15.37-19.81-14.372.915.088.109.76
Net margin%-12.48-1.33-4.31-7.37-17.90-21.76-21.93-10.55-1.940.545.034.79
ROE%——-5.85-5.76-24.99-39.81-35.15-17.23-4.311.6813.1511.85
ROA%-7.01-0.81-2.47-2.72-9.67-11.55-11.96-4.33-1.000.313.583.10
Debt ratio%305.59174.37138.35111.72159.10247.54196.26305.71357.39358.59265.05281.27
Current ratio%105.65110.0194.89118.1697.7588.9079.2591.2782.3177.8978.6187.76
Quick ratio%90.5096.4577.8694.5264.7564.7458.1774.2066.9274.1373.4283.25
Reserve ratio%347.26218.99202.53118.8477.6430.9269.831.23-22.61-18.9041.6978.72
Free cash flowKRW 100M121-17,6184,321965-7,584-3,4188,056-17,554-6,6994,81113,466—
FCF margin%0.12-16.925.471.83-10.32-4.9812.17-29.53-8.364.8612.64—
OCF conversion%—————————1,214.84291.71—
Capex to revenue%6.261.991.371.311.051.430.601.051.921.752.03—
Inventory daysdays—49.155.493.595.7103.681.787.281.844.318.5—
EPSKRW-5,879-485-869-616-2,081-2,353-1,642-704-16873639642
PERx—————————155.6837.7236.27
BPSKRW——14,84510,6968,3265,9114,6724,0853,9084,3124,7155,422
PBRx——0.490.690.871.191.211.251.982.625.114.30
Dividend per shareNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicable

Consolidated basis

Profit flowKRW 100M

Revenue
106,500
Cost of sales
92,757
Gross profit
13,743
Operating income
8,622
Other
5,121
Profit before tax
6,505
Non-operating expenses
2,117
Net income
5,358
Income tax expense
1,147

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
173,016172,175138,181142,829136,001129,222121,386144,917155,934171,946149,489
130,358109,42280,20775,36683,51292,03980,413109,198121,842134,452108,538
42,65762,75357,97567,46352,48937,18240,97335,71934,09237,49540,950

Income statement

20152016201720182019202020212022202320242025
97,144104,14279,01252,65173,49768,60366,22059,44780,09499,031106,500
-15,019-1,472-5,242-4,093-6,166-10,541-13,120-8,5442,3335,0278,622
-14,618-689-4,639-4,976-11,392-14,750-13,498-5,547-2,957-3,1556,505
-12,121-1,388-3,407-3,882-13,154-14,927-14,521-6,274-1,5565395,358
Basic earnings per shareKRW-5,879-485Not applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicable639
Diluted earnings per shareKRW-5,879-485Not applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicable
Not applicableNot applicable-4,779-4,138-14,974-15,307-8,961-5,253-1,6273,4023,455

Cash flow statement

20152016201720182019202020212022202320242025
Net incomefrom the income statement-12,121-1,388-3,407-3,882-13,154-14,927-14,521-6,274-1,5565395,358
Total adjustments to operating cash flowcomputed18,324-14,1608,8085,5376,34112,48822,971-10,656-3,6096,00610,271
6,203-15,5485,4011,655-6,812-2,4398,450-16,930-5,1656,54515,628
-10,8071,295-7443,693-1,177-1,66899811,021-1,9473,105-4,804
11,03713,917-9,5675043,65710,114-13,6919,4683,760-5,992-12,665
Cash at beginning of periodKRW 100M3,4089,8359,8413,5359,4603,8439,8725,7129,1925,8389,560
9,8359,8413,5359,4603,8439,8725,7129,1925,8389,5607,726
Net change in cash and cash equivalentsKRW 100MNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicable3,658-1,840

In the latest fiscal year cash generated by operations covered both investing outflows and financing outflows.

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 2026.03.12.

Audit opinion

Fiscal yearOpinionAuditorFiscal year end
2025적정의견Term 52삼일회계법인2025-12-31
2024적정의견Term 51삼일회계법인2025-12-31
2023적정의견Term 50삼일회계법인2025-12-31
2022적정Term 49삼정회계법인2022-12-31
2021적정Term 48삼정회계법인2022-12-31
2020적정Term 47삼정회계법인2022-12-31
2019적정Term 46삼일회계법인2019-12-31
2018적정Term 45삼일회계법인2019-12-31
2017적정Term 44삼일회계법인2019-12-31
2016적정Term 43삼일회계법인2016-12-31
적정Term 42삼일회계법인2016-12-31
적정Term 41삼일회계법인2016-12-31

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.

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 · 2026-10-064.37%
BetaDaily 5Y0.59
%
%
Cost of equity7.31%
Weighted average cost of capital7.18%
Initial growth13.1%
Effective tax rate17.6%
Base fiscal year2025
Current priceKRW19,960

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 FCFF41,329+107.1%
Discounted cash flow FCFE4,939-75.3%
Residual income model RIM12,233-38.7%
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 = 4.37% + 0.59 × 5.00% = 7.31%

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(13.15% × (1 − 0.00%), 0) = 13.15%

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 = 4,715 KRW, ROE = 13.15%, payout ratio = 0.00%, r = 7.31%, g_T = 2.00%

YearOpening book valueEarningsEquity chargeResidual incomeDiscount factorPresent value
14,7156203452750.9319256
25,3357013903110.8684270
36,0367944413520.8092285
46,8308984993990.7541301
57,7281,0165654510.7027317
Terminal value8,6650.70276,089

P_0 = 4,715 + 1,430 + 6,089 = 12,233 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 = 15,628.5 − 2,162.5 + 1,699.7 × (1 − 17.64%) = 14,865.8 KRW hundred million

Weighted average cost of capital

E = 175,648.0, D = 20,477.9 KRW hundred million; equity weight = 89.56%, debt weight = 10.44%; cost of debt k_d = 7.31%

WACC = 89.56% × 7.31% + 10.44% × 7.31% × (1 − 17.64%) = 7.18%

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
113.15%16,820.50.933015,694.3
210.36%18,563.40.870616,160.7
37.57%19,969.50.812316,220.8
44.79%20,925.50.757915,859.2
52.00%21,344.00.707115,093.2
Terminal value2.00%420,588.90.7071297,416.0
Total376,444.2

Firm value = 376,444.2; less borrowings 20,477.9; plus cash 7,726.1 → 363,692.4 KRW hundred million

P_0 = 363,692.4 KRW hundred million ÷ 880,000,000 (shares) = 41,329 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 = 15,628.5 − 2,162.5 + -11,704.5 (net borrowing) = 1,761.4 KRW hundred million

YearGrowthCash flow KRW hundred millionDiscount factorPresent value KRW hundred million
113.15%1,993.10.93191,857.3
210.36%2,199.60.86841,910.1
37.57%2,366.20.80921,914.8
44.79%2,479.50.75411,869.7
52.00%2,529.00.70271,777.2
Terminal value2.00%48,572.10.702734,132.5
Total43,461.5

P_0 = 43,461.5 KRW hundred million ÷ 880,000,000 (shares) = 4,939 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.

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