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241560KOSPI

Doosan Bobcat

53,200
-1,800 (-3.27%)

Price chart

  • MA5
  • MA20
  • MA60
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 Bobcat Inc. is a holding company established on April 25, 2014. Headquartered in Seongnam, Gyeonggi-do, the company is listed on the KOSPI market and manages subsidiaries across North America, Europe, Africa, Asia, and Latin America.

The company produces and distributes construction equipment and hydraulic components. Its product lines include compact equipment, portable power, and material handling equipment, alongside hydraulic motors and pumps. It supplies these products globally through direct sales, company-owned agencies, and professional dealers.

Business overview as filed

당사는 북미, 유럽, 아프리카, 아시아, 라틴아메리카 지역 내 종속회사를 두고 있는 외국기업지배지주회사로서, 타회사의 주식취득을 통하여 그 회사의 실질적인 지배권을 취득하는 것을 목적으로 하고 있습니다.

당사는 연결기준으로 'Construction Equipment' 및 '유압기기'의 생산 및 판매 사업을 영위하고 있으며 북미, 유럽, 중동, 아프리카, 아시아, 라틴아메리카, 오세아니아 등에 광범위한 글로벌 네트워크를 보유하고 있습니다.

Construction Equipment의 주요 제품군은 건설/농업/조경용 소형장비 제품군 'Compact Equipment', 이동식 전기 및 공압 생산장비 제품군 'Portable Power', 지게차 제품군 'Material Handling'입니다. Compact Equipment의 주요 제품은 Skid-Steer Loader, Compact Track Loader, Mini Excavator, Telescopic Handler, Backhoe Loader 등의 소형 건설기계와 Compact Tractor, Mower 등 농업/조경용 소형 장비가 있습니다. Portable Power는 Portable Air Compressor, Generator, Lighting System 등의 제품이 대표적입니다. Material Handling의 주요 제품은 엔진지게차와 전동지게차이며 핸드파렛트부터 30톤급 지게차까지 Fork로 운반하는 장비류의 Full line-up을 갖추고 있습니다. 유압기기의 주요 제품군은 건설 및 산업기계에 사용하는 주행모터, 선회모터, 메인펌프, 메인 컨트롤 밸브입니다.

당사는 2025년 Compact Equipment 제품 판매를 통해 USD 4,771,049천불의 매출액을(매출 비중 77.2%), Portable Power 제품 판매를 통해 USD 334,489천불의 매출액을(매출 비중 5.4%), Material Handling 제품 판매를 통해 USD 929,074천불의 매출액을(매출 비중 15.0%), 유압기기 제품 판매를 통해 USD 147,194천불의 매출액을(매출 비중 2.4%) 달성했습니다. 당사가 판매하는 제품 가격은 원자재 가격, 인건비, 임대료 등에 따라 변동되며, 상세 내용은 아래 2. 주요 제품 및 서비스, 4. 매출 및 수주상황 항목을 참고하여 주시기 바랍니다.

당사 제품의 주요 원재료는 Hydraulics & Powertrain, Steel & Weldment, Petrochemical 등으로 주요 매입처를 통해 안정적으로 공급받고 있습니다. 당사는 2025년 기준으로 Compact Equipment 제품군에서 가동률 61.2%를, Portable Power 제품군에서 가동률 24.6%를 기록했습니다. Material Handling 제품군은 가동률 50.9%를, 유압기기 제품군은 가동률 36.7%를 기록했습니다. 상세 내용은 아래 3. 원재료 및 생산설비 항목을 참고하여 주시기 바랍니다.

당사의 판매 채널은 직접판매, 당사 소유의 판매 대리점, 그리고 전문 판매 딜러 등 크게 세 가지입니다. 정부, 군대, 대기업 등의 경우에는 직접 판매 및 관리를 하고, 독일, 프랑스 등 유럽의 일부 국가에서는 당사가 소유한 판매 대리점을 활용하고 있습니다. 이 외 대부분의 경우에는 당사가 지역별로 선정한 전문 판매 딜러를 통하여 제품 판매가 이루어지고 있습니다. 판매 조건 및 전략 등 상세 내용은 아래 4. 매출 및 수주상황을 참고하여 주시기 바랍니다.

당사가 영위하고 있는 Construction Equipment 산업은 기계 산업 전반에 걸친 다양한 기술이 요구되는 첨단 산업입니다. 당사는 신제품 개발, 제품 개선, 기존 제품의 활용도 추가 발굴, 환경규제 대응, IT 기술 응용, 안전성 향상, 성능 및 내구성 향상, 연료 저감, 특정 수요에 대한 전략적 기술 등을 중심으로 지속적인 연구개발을 진행하고 있습니다. 상세 내용은 아래 6. 주요계약 및 연구개발활동을 참고하여 주시기 바랍니다.

Company overview

가. 회사의 법적, 상업적 명칭당사의 명칭은 두산밥캣 주식회사이며 영문명은 Doosan Bobcat Inc. 입니다.

나. 설립일자 및 존속기간당사는 2014년 4월 25일에 두산인프라코어밥캣홀딩스 주식회사로 설립되어2015년 11월에 두산밥캣 주식회사로 사명을 변경하였으며, 2016년 11월에 기업공개를 실시, 유가증권시장에 상장되었습니다.

다. 본사의 주소, 전화번호 및 홈페이지- 주 소 : 경기도 성남시 분당구 정자일로 155 (정자동, 분당두산타워)

- 전화번호 : 031-5179-3300

- 홈페이지 : http://www.doosanbobcat.com

라. 주요 사업의 내용, 신규 사업당사는 지주회사로서 타회사의 주식취득을 통하여 그 회사의 실질적인 지배권을 취득하는 것을 목적으로 하고 있으며, 북미, 유럽, 아프리카, 아시아, 라틴아메리카 지역 내 종속회사를 두고 있는 외국기업지배지주회사 입니다.당사는 연결기준으로 'Construction Equipment' 및 '유압기기'의 생산 및 판매 사업을 영위하고 있으며 북미, 유럽, 중동, 아프리카, 아시아, 라틴아메리카, 오세아니아 등에 광범위한 글로벌 네트워크를 보유하고 있습니다.

마. 연결대상 종속회사 개황

(2) 연결대상회사의 변동내용

바. 중소기업 등 해당 여부

사. 회사의 주권상장(또는 등록ㆍ지정) 및 특례상장에 관한 사항

아. 최근 3사업연도 신용평가

해외 신용평가등급범위 : Moody's (Aaa~C), S&P (AAA~D)

국내 신용평가등급범위 : 한국기업평가 (AAA~D)

Transcribed verbatim from the sentences the filer wrote in the fiscal 2025 business report (received 2026.03.19), 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

3.45%
[1.96%, 6.03%] · 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 30.6% (2026-10-08). 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

0.44
Beta [0.28, 0.60] · KOSPI200 · As of 2026-10-08
Intercept
-0.140%[-0.401%, +0.122%]
R squared
0.26
Observations
252
Trading-time corrected beta
0.37[0.22, 0.52]
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 100M40,40839,49933,89239,70845,09642,82158,16286,2197,475,740,778 USD6,269,305,000 USD6,181,806,000 USD6,335,050,000 USD
Revenue growth%—-2.25-14.2017.1613.57-5.0435.8348.24—-16.14-1.40—
Operating incomeKRW 100M3,8564,1403,9454,5904,7703,9395,95310,7161,064,722,975 USD638,867,000 USD482,437,000 USD535,453,000 USD
Operating income growth%—7.37-4.7116.363.91-17.4351.1580.00—-40.00-24.49—
Net incomeKRW 100M1,4811,8032,7382,6452,7212,4753,8596,441705,892,351 USD413,029,000 USD282,899,000 USD341,274,000 USD
Net income growth%—21.7451.81-3.382.88-9.0655.9466.90—-41.49-31.51—
Attributable to ownersKRW 100M——2,7382,645————705,892,351 USD413,029,000 USD282,899,000 USD341,274,000 USD
Attributable to minoritiesNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicable
Operating margin%9.5410.4811.6411.5610.589.2010.2412.4314.2410.197.808.45
Net margin%3.674.578.086.666.035.786.637.479.446.594.585.39
ROE%——7.997.07————15.288.815.646.69
ROA%2.332.854.434.104.063.564.506.968.785.063.313.87
Debt ratio%103.6588.7380.4272.3868.4970.8698.5784.0774.1774.1970.7772.88
Current ratio%196.47207.07193.42174.75133.40184.04176.60150.11161.17181.89165.03164.68
Quick ratio%102.55112.16132.05110.5662.39118.8299.6369.7185.92101.42103.10100.81
Reserve ratio%5,714,746.357,721.888,131.308,538.218,815.479,146.389,238.4010,254.7511,608.1712,295.9612,323.9912,707.45
Free cash flowKRW 100M——3,2985,4133,5374,4782,4635,3151,124,768,087 USD331,981,000 USD654,012,000 USD—
FCF margin%——9.7313.637.8410.464.246.1715.055.3010.58—
OCF conversion%230.89181.30137.57233.11178.49228.46119.22109.31140.62129.08290.70—
Capex to revenue%——1.381.902.932.743.672.00-1.773.212.72—
Receivable daysdays———37.935.233.024.622.3—23.223.8—
Inventory daysdays—88.386.667.573.879.072.276.7—104.696.0—
Payable daysdays—69.576.076.483.484.471.371.2—97.496.9—
Cash conversion cycledays———29.025.627.625.527.7—30.422.9—
EPSKRW——2,7312,638—2,4663,845—————
PERx——13.1111.94—12.0210.60—————
BPSKRW—33,43534,19037,30339,69240,63743,10550,119————
PBRx—1.071.050.840.870.730.950.69————
Dividend per shareKRW—7008009001,200—1,2001,350————
Payout ratio%——29.3034.11——31.21—————

Consolidated basis

Periods filed in a currency other than the won are shown as filed with the code beside the figure, and the per-share rows and multiples are not computed for those periods.

Profit flowKRW 100M

Revenue
86,219
Cost of sales
66,734
Gross profit
19,485
Operating income
10,716
SG&A expenses
8,769
Profit before tax
8,863
Non-operating expenses
1,853
Net income
6,441
Income tax expense
2,422

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.

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
63,64963,26161,83864,46367,04269,60685,80992,4848,043,860,515 USD*8,169,804,000 USD8,558,454,000 USD
32,39529,74227,56327,06727,252*28,86842,59642,2403,425,578,716 USD*3,479,665,000 USD3,546,871,000 USD
31,25533,51834,27537,39639,791*40,73843,21350,2444,618,281,799 USD*4,690,139,000 USD5,011,583,000 USD

Income statement

20152016201720182019202020212022202320242025
40,40839,499*33,89239,70845,09642,82158,16286,2197,475,740,778 USD*6,269,305,000 USD6,181,806,000 USD
3,8564,140*3,9454,5904,7703,9395,95310,7161,064,722,975 USD*638,867,000 USD482,437,000 USD
2,9252,855*3,1484,0374,0493,5585,2108,863963,115,105 USD*585,375,000 USD405,214,000 USD
1,4811,8032,7382,6452,7212,4753,8596,441705,892,351 USD*413,029,000 USD282,899,000 USD
Basic earnings per shareKRWNot applicableNot applicableNot applicableNot applicableNot applicable2,4663,845Not applicable———
Diluted earnings per shareKRWNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicable———
-6151,2485,5242,8272,1854,1862,8026,008774,914,227 USD*232,502,000 USD554,801,000 USD

Cash flow statement

20152016201720182019202020212022202320242025
Net incomefrom the income statement1,4811,8032,7382,6452,7212,4753,8596,441705,892,351 USD413,029,000 USD282,899,000 USD
Total adjustments to operating cash flowcomputed1,9391,4661,0283,5212,1363,179742599286,750,924 USD120,115,000 USD539,495,000 USD
3,4203,2693,7666,1664,8575,6534,6007,040992,643,275 USD*533,144,000 USD822,394,000 USD
-632-901-1,147-679-3,459-2,389-8,621-1,226-192,904,230 USD*-423,700,000 USD-238,590,000 USD
-120-3,028-1,790-4,219-4,9312,4245,242-8,750-269,082,908 USD*111,542,000 USD-489,185,000 USD
Cash at beginning of periodKRW 100M1,8074,3353,2244,3505,6671,9968,52310,174551,570,225 USD*1,085,801,000 USD1,263,123,000 USD
4,2043,6364,1685,4732,1247,8229,5186,9901,085,800,576 USD*1,263,123,000 USD1,389,744,000 USD
Net change in cash and cash equivalentsKRW 100M2,397-6999441,123-3,5435,826995-3,184534,230,351 USD*177,322,000 USD126,621,000 USD

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

Periods filed in a currency other than the won are shown as filed with the code beside the figure, and the per-share rows and multiples are not computed for those periods.

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 2026.03.19.

Audit opinion

Fiscal yearOpinionAuditorFiscal year end
2025적정의견Term 12한영회계법인2025-12-31
2024적정의견Term 11한영회계법인2025-12-31
2023적정의견Term 10삼일회계법인2025-12-31
2022적정Term 9삼일회계법인2022-12-31
적정Term 8삼일회계법인2022-12-31
적정Term 7삼일회계법인2022-12-31
2019적정Term 6삼일회계법인2019-12-31
적정Term 5삼일회계법인2019-12-31
적정Term 4삼일회계법인2019-12-31

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 5Y0.58
%
%
Cost of equity7.30%
Weighted average cost of capital6.75%
Initial growth2.0%
Effective tax rate27.3%
Base fiscal year2022
Current priceKRW53,200

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 model25,982-51.2%
Dividend discount model DDM25,982-51.2%
Discounted cash flow FCFF120,271+126.1%
Discounted cash flow FCFE9,910-81.4%
Residual income model RIMNo book value or return on equity
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% + 0.58 × 5.00% = 7.30%

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 = g_T = 2.00%

Gordon growth model

P0=D0 (1+gT)r−gTP_0 = \frac{D_0\,(1 + g_T)}{r - g_T}

P_0 = 1,350 × (1 + 2.00%) / (7.30% − 2.00%) = 1,377 / 0.0530 = 25,982 KRW

Dividend discount model DDM

P0=∑t=1NDt(1+r)t+DN(1+gT)(r−gT) (1+r)N,Dt=Dt−1(1+gt)P_0 = \sum_{t=1}^{N} \frac{D_t}{(1+r)^t} + \frac{D_N (1+g_T)}{(r - g_T)\,(1+r)^N},\qquad D_t = D_{t-1}(1+g_t)

D_0 = 1,350, g_1 = 2.00%, g_T = 2.00%, r = 7.30%

YearGrowthDividend KRWDiscount factorPresent value KRW
12.00%1,3770.93201,283
22.00%1,4050.86861,220
32.00%1,4330.80951,160
42.00%1,4610.75441,102
52.00%1,4910.70311,048
Terminal value2.00%28,6860.703120,169
Total25,982

P_0 = 25,982 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 = 7,040.0 − 1,724.5 + 795.6 × (1 − 27.33%) = 5,893.6 KRW hundred million

Weighted average cost of capital

E = 53,332.6, D = 12,869.7 KRW hundred million; equity weight = 80.56%, debt weight = 19.44%; cost of debt k_d = 6.18%

WACC = 80.56% × 7.30% + 19.44% × 6.18% × (1 − 27.33%) = 6.75%

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
12.00%6,011.50.93675,631.2
22.00%6,131.70.87755,380.4
32.00%6,254.30.82205,140.8
42.00%6,379.40.77004,911.9
52.00%6,507.00.72124,693.1
Terminal value2.00%139,611.80.7212100,693.4
Total126,450.7

Firm value = 126,450.7; less borrowings 12,869.7; plus cash 6,990.0 → 120,571.1 KRW hundred million

P_0 = 120,571.1 KRW hundred million ÷ 100,249,166 (shares) = 120,271 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 = 7,040.0 − 1,724.5 + -4,799.3 (net borrowing) = 516.2 KRW hundred million

YearGrowthCash flow KRW hundred millionDiscount factorPresent value KRW hundred million
12.00%526.50.9320490.7
22.00%537.10.8686466.5
32.00%547.80.8095443.4
42.00%558.80.7544421.5
52.00%569.90.7031400.7
Terminal value2.00%10,969.20.70317,712.3
Total9,935.2

P_0 = 9,935.2 KRW hundred million ÷ 100,249,166 (shares) = 9,910 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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