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034020KOSPI

Doosan Enerbility

78,000
-2,500 (-3.11%)

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

Doosan Enerbility is a KOSPI listed company established in 1962. Headquartered in Changwon, Gyeongsangnam-do, it is a member of the Doosan Group.

The company provides power plant equipment and EPC services, specializing in nuclear and combined cycle power plants. It supplies core components like reactors and turbines, and distributes offshore wind and hydrogen energy equipment. Its subsidiaries include Doosan Bobcat for construction equipment and Doosan Fuel Cell for fuel cell power plants.

Business overview as filed

당사는 주조/단조를 기반으로 한 기초 소재 생산부터 원자력, 복합화력 등의 발전설비의 설계·제작 및 서비스 사업, 발전플랜트 EPC(Engineering, Procurement, Construction)를 영위하고 있으며, 해상풍력발전기 등 신재생에너지 관련 기자재를 제작하여 국내외 플랜트 시장에 공급하는 대표적인 발전설비 제작 및 시공 전문 기업입니다.

사업별로 살펴보면, 우수한 주조 및 단조 설비와 기술 역량을 바탕으로 원전의 핵심 설비인 원자로, 증기발생기, 냉각펌프를 비롯해 핵연료 취급 설비, 핵연료 운반 용기(Cask), 원자로 계통 보조기기 등 대부분의 주요 설비와 국내외 복합화력발전소에 가스 터빈, 스팀 터빈 등 핵심 주기기를 제작·공급하고 있습니다. 이와 함께 플랜트의 설계부터 기자재 제작 및 구매, 설치, 시공, 시운전에 이르는 전 과정을 일괄 수행하는 EPC 사업을 수행하고 있으며, 대형 가스터빈 기자재 공급 이후 장기유지보수 서비스 업무도 영위하고 있습니다. 더불어 해상풍력 터빈의 제작·설치 및 운영 사업과 수소 등 친환경에너지 사업으로 사업 영역을 지속적으로 확대하고 있습니다.

당사는 두산밥캣, 두산퓨얼셀 등을 연결대상 종속회사로 포함하고 있고, 두산밥캣은 연결기준으로 'Construction Equipment' 및 '유압기기'의 생산 및 판매 사업을 영위하고 있으며, 두산퓨얼셀은 발전용 연료전지 기자재 공급 및 연료전지 발전소에 대한 장기유지보수서비스 제공을 주요 사업으로 영위하고 있습니다. '25년 두산에너빌리티 부문 매출액은 7,788,916백만원, 연결대상 종속기업을 포함한 재무연결 기준 매출액은 17,057,876백만원을 기록하였습니다.

Company overview

가. 회사의 법적ㆍ상업적 명칭당사의 명칭은 두산에너빌리티주식회사(이하 "당사" 또는 "지배기업")이고, 영문명은 Doosan Enerbility Co., Ltd. 입니다.

나. 설립일자 및 존속기간당사는 1962년 9월 20일에 현대양행으로 설립되었으며 1980년 10월 중화학공업 구조조정의 일환으로 정부에 귀속되어 공기업인 한국중공업주식회사로 변경되었습니다. 정부의 민영화 방침에 따라 두산그룹에 인수되어 2001년 3월 23일 상호를 한국중공업주식회사에서 두산중공업주식회사로 변경하였습니다. 이후 2022년 3월 29일 정기주주총회 의결을 통해 상호를 두산에너빌리티주식회사로 변경하였습니다.

다. 본사의 주소, 전화번호, 홈페이지 주소- 주소 : 경상남도 창원시 성산구 두산볼보로 22 (귀곡동)- 전화번호 : 055) 278-6114, 7114 (대표)

- 홈페이지 주소 : https://www.doosanenerbility.com

라. 연결대상 종속회사 개황

(1) 연결대상 종속회사 현황(요약)

(2) 연결대상회사의 변동내용

마. 중소기업 등 해당 여부

바. 주요 사업의 내용 및 신규사업

당사는 발전설비 및 담수설비, 주단조품, 건설(두산에너빌리티 부문), 건설기계 및Portable Power 장비(두산밥캣 부문), 연료전지 주기기(두산퓨얼셀 부문), 기타 등의 사업을 영위하고 있습니다.

사. 신용평가

당 기말 현재 당사는 NICE신용평가 등으로부터 BBB+ 등급을 받고 있습니다.최근 3개 사업연도의 신용평가 내역은 아래와 같습니다.

아. 회사의 주권상장(또는 등록ㆍ지정) 및 특례상장에 관한 사항

Transcribed verbatim from the sentences the filer wrote in the fiscal 2025 business report (received 2026.03.20), 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

5.13%
[3.49%, 7.84%] · 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 55.9% (2026-07-30). 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

0.72
Beta [0.59, 0.86] · KOSPI200 · As of 2026-10-08
Intercept
-0.096%[-0.500%, +0.308%]
R squared
0.38
Observations
252
Trading-time corrected beta
0.84[0.63, 1.06]
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 100M162,043138,927145,188147,436155,704152,438112,836154,211175,899162,331170,579177,262
Revenue growth%—-14.274.511.555.61-2.10-25.9836.6714.06-7.715.08—
Operating incomeKRW 100M6217,9128,30210,0069,1844,0928,77911,06114,67310,1767,6278,969
Operating income growth%—1,174.734.9420.52-8.22-55.44114.5226.0032.65-30.65-25.05—
Net incomeKRW 100M-17,509-2,155-1,980-4,301-2,236-6,2266,458-4,5315,1753,9472,0523,151
Net income growth%———————-170.17—-23.73-48.02—
Attributable to ownersKRW 100M-10,385-1,708-3,803-5,321-5,146-8,5384,953-7,7255561,1148481,811
Attributable to minoritiesKRW 100M-7,124-4481,8241,0212,9092,3121,5053,1934,6192,8331,2041,340
Operating margin%0.385.695.726.795.902.687.787.178.346.274.475.06
Net margin%-10.81-1.55-1.36-2.92-1.44-4.085.72-2.942.942.431.201.78
ROE%—-4.91-11.53-19.65-21.93-26.788.13-10.860.781.491.092.22
ROA%-6.42-0.87-0.79-1.73-0.90-2.432.72-1.972.101.500.751.05
Debt ratio%287.98263.96284.86305.27313.86259.77169.32128.66127.28125.66129.10136.43
Current ratio%86.1078.0177.8884.8667.1276.1083.13100.49100.47112.33106.58103.27
Quick ratio%68.4763.0763.1668.4451.2561.1265.4769.9874.0181.7781.4177.22
Reserve ratio%431.80394.99338.07220.4453.2531.7798.6189.9588.6790.7996.04101.46
Free cash flowKRW 100M-4,6316,7671,5217,5815633237,4302,76416,750-2,1933,487—
FCF margin%-2.864.871.055.140.360.216.581.799.52-1.352.04—
OCF conversion%——————159.13—400.1161.37366.44—
Capex to revenue%2.402.091.911.572.421.722.522.262.252.842.36—
Receivable daysdays—60.3——————————
Inventory daysdays—62.452.354.457.258.772.660.362.671.367.3—
Payable daysdays—74.946.016.312.26.2——————
Cash conversion cycledays—47.8——————————
EPSKRW-10,631-1,777-3,737-4,881-3,320-3,4151,090-1,24987174132283
PERx——————18.72—182.76100.86570.45307.06
BPSKRW—32,74030,98323,11811,6078,51111,69411,14411,11111,70312,15512,738
PBRx—0.830.500.420.491.591.741.381.431.506.206.81
Dividend per shareKRW850550——————————

Consolidated basis

Profit flowKRW 100M

Revenue
170,579
Cost of sales
143,146
Gross profit
27,433
SG&A expenses
19,806
Operating income
7,627
Non-operating expenses
4,359
Profit before tax
3,268
Net income
2,052
Income tax expense
1,216

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
272,601248,326249,298248,102247,742255,672237,205230,498246,408*263,148275,132
202,340180,097184,521186,884187,881184,607149,129129,695137,993*146,537155,039
70,26168,22864,77761,21859,86171,06588,076100,803108,415*116,611120,094

Income statement

20152016201720182019202020212022202320242025
162,043*138,927*145,188*147,436155,704152,438112,836*154,211175,899*162,331170,579
621*7,912*8,302*10,006*9,1844,0928,779*11,06114,673*10,1767,627
-15,579*-2,461*224*-1,063*-633-6,0885,702*-1,8657,385*6,5783,268
-17,509-2,155-1,980-4,301-2,236-6,2266,458-4,5315,175*3,9472,052
Basic earnings per shareKRW-10,631-1,777-3,737-4,881-3,320-3,4151,090-1,24987174132
Diluted earnings per shareKRW-10,631-1,777-3,737-4,881-3,320-3,4151,070-1,24987174132
-14,309-2,440-372-2,715-1,364-7,69312,393-1,1895,373*9,7305,274

Cash flow statement

20152016201720182019202020212022202320242025
Net incomefrom the income statement-17,509-2,155-1,980-4,301-2,236-6,2266,458-4,5315,1753,9472,052
Total adjustments to operating cash flowcomputed16,76511,8316,27314,1966,5739,1783,81910,78215,531-1,5255,466
-7449,6764,2939,8964,3372,95210,2776,25120,706*2,4227,518
-3,7978,048-4,571-7,930-5,797-5,260-12,657-711-8,166*-8,214-3,106
10,586-22,5167,036-1,101-5,30512,262-3,084-11,325-529*6,084-2,879
Cash at beginning of periodKRW 100M12,97618,93013,72519,70120,75314,41323,36819,08613,958*26,20228,983
18,93013,695*19,70120,75314,41323,36819,08613,95826,202*28,98330,810
Net change in cash and cash equivalentsKRW 100M5,954-5,235*5,9761,052-6,3408,955-4,282-5,12812,243*2,7811,827

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 2026.03.20.

Audit opinion

Fiscal yearOpinionAuditorFiscal year end
2025적정의견Term 63삼일회계법인2025-12-31
2024적정의견Term 62삼정회계법인2025-12-31
2023적정의견Term 61삼정회계법인2025-12-31
2022적정Term 60삼정회계법인2022-12-31
적정Term 59삼정회계법인2022-12-31
적정Term 58삼정회계법인2022-12-31
2019적정Term 57삼정회계법인2019-12-31
적정Term 56삼정회계법인2019-12-31
적정Term 55삼정회계법인2019-12-31

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.

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 5Y0.86
%
%
Cost of equity8.68%
Weighted average cost of capital8.22%
Initial growth1.1%
Effective tax rate35.0%
Base fiscal year2025
Current priceKRW78,000

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 FCFF10,644-86.4%
Discounted cash flow FCFE5,056-93.5%
Residual income model RIM-1,241-101.6%
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% + 0.86 × 5.00% = 8.68%

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(1.09% × (1 − 0.00%), 0) = 1.09%

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 = 12,155 KRW, ROE = 1.09%, payout ratio = 0.00%, r = 8.68%, g_T = 2.00%

YearOpening book valueEarningsEquity chargeResidual incomeDiscount factorPresent value
112,1551321,055-9230.9201-849
212,2871341,067-9330.8466-790
312,4211351,078-9430.7790-735
412,5561371,090-9530.7168-683
512,6931381,102-9640.6595-636
Terminal value-14,7130.6595-9,704

P_0 = 12,155 + -3,692 + -9,704 = -1,241 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 = 7,518.0 − 4,031.0 + 3,723.1 × (1 − 35.00%) = 5,907.1 KRW hundred million

Weighted average cost of capital

E = 499,637.7, D = 57,486.9 KRW hundred million; equity weight = 89.68%, debt weight = 10.32%; cost of debt k_d = 6.48%

WACC = 89.68% × 8.68% + 10.32% × 6.48% × (1 − 35.00%) = 8.22%

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
11.09%5,971.40.92415,517.9
21.32%6,050.00.85395,165.9
31.54%6,143.40.78904,847.3
41.77%6,252.30.72914,558.5
52.00%6,377.30.67374,296.6
Terminal value2.00%104,597.10.673770,469.6
Total94,855.8

Firm value = 94,855.8; less borrowings 57,486.9; plus cash 30,810.0 → 68,178.9 KRW hundred million

P_0 = 68,178.9 KRW hundred million ÷ 640,561,146 (shares) = 10,644 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 = 7,518.0 − 4,031.0 + -1,320.8 (net borrowing) = 2,166.2 KRW hundred million

YearGrowthCash flow KRW hundred millionDiscount factorPresent value KRW hundred million
11.09%2,189.80.92012,014.9
21.32%2,218.60.84661,878.4
31.54%2,252.90.77901,755.0
41.77%2,292.80.71681,643.5
52.00%2,338.70.65951,542.5
Terminal value2.00%35,708.70.659523,551.6
Total32,385.9

P_0 = 32,385.9 KRW hundred million ÷ 640,561,146 (shares) = 5,056 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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