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336260KOSPI

Doosan Fuel Cell

45,850
+1,050 (+2.34%)

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 Fuel Cell was established on October 1, 2019, through a spin-off from the fuel cell business division of Doosan. The company is listed on the KOSPI market and is headquartered in Iksan, Jeollabuk-do.

The company provides fuel cell equipment for power generation and long-term maintenance services for fuel cell power plants. Its main customers include public and private power generation operators.

Business overview as filed

당사는 세계적으로 가속화되는 수소경제 전환에 발맞추어 수소 발전 연료전지 시장의 성장 기회를 극대화하고 미래 성장 재원을 적기에 확보하기 위하여 ㈜두산 연료전지 사업을 인적분할하여 2019년 10월 1일 설립되었습니다.당사의 핵심 사업은 발전용 연료전지 사업으로, 발전용 연료전지 기자재 공급 및 연료전지 발전소에 대한 장기유지보수서비스 제공을 주요 사업으로 영위하고 있습니다. 매출 비중은 2025년 사업연도를 기준으로 기자재 공급 79% 및 장기유지보수서비스 21%로 구성되어 있으며, 주요 고객사는 공공 및 민간 발전사업자입니다. 당사가 제작ㆍ공급하는 연료전지는 전기 및 열효율을 포함하는 복합효율이 높고 안정성이 우수하며 분산 발전이 가능한 친환경 발전원으로, 국내 발전용 연료전지 시장 누적점유율 1위를 기록하고 있습니다.한국은 신재생에너지 공급의무화제도(RPS, Renewable Portfolio Standard) 도입, 수소경제 활성화 로드맵 발표 등 정부 정책을 중심으로 발전용 연료전지 시장 및 산업 생태계가 형성되어 왔습니다. 특히 2021년 「수소경제 육성 및 수소 안전관리에 관한 법률」(이하 수소법)의 시행으로 수소경제 로드맵 이행을 위한 법률적 토대가 마련되었으며, 2022년 수소법 개정에 따른 청정수소 발전의무화제도(CHPS, Clean Hydrogen Energy Portfolio Standard) 도입 후 2023년부터 수소발전 입찰시장이 개설됨에 따라 향후 수소경제로의 전환 및 관련 시장의 성장은 더욱 가속화 될 것으로 예상됩니다.당사는 2025년 연결재무제표 기준으로 매출액 4,548억원, 영업이익 -1,057억원의 경영실적을 기록하였으며, 품목별 매출액은 연료전지 주기기 3,590억원(매출비중 79%) 및 장기유지보수서비스 958억원(매출비중 21%)입니다. 당사는 매출액 증대를 위하여 연료전지를 활용할 수 있는 다양한 사업모델을 개발하는 한편, 시장 확대를 위하여 중국 등 수소에너지에 대한 관심이 높아지고 있는 해외 시장에서의 사업기회 확대를 추진하고 있습니다. 또한 발전용 및 선박용 SOFC(고체산화물 연료전지), 친환경 상용차 등 미래 성장을 위한 신규 사업을 추진하고 있습니다.탄소중립을 달성하기 위한 대체에너지로 수소 관련 기술의 중요성이 부각됨에 따라 향후 수소의 생산, 저장ㆍ운송, 활용 등 밸류체인 전 분야에서 다양한 사업기회가 확대될 것으로 예상됩니다. 당사는 적극적인 사업개발, 원가 및 품질 경쟁력 강화를 통해 기존 사업의 경쟁력을 공고히하는 한편, 수소 관련 신사업 추진을 본격화하여 사업 포트폴리오를 확장하고 '수소 경제의 Technical Leader'라는 중장기 비전을 실현해 나가고자 합니다.

Company overview

가. 회사의 법적ㆍ상업적 명칭

당사의 명칭은 '두산퓨얼셀 주식회사'이며, 영문명은 'Doosan Fuel Cell Co., Ltd.'입니다.

나. 설립일자당사는 2019년 10월 1일을 분할기일로 하여 ㈜두산 연료전지 사업부문을 인적분할하여 설립되었습니다.

다. 본사의 주소, 전화번호 및 홈페이지 주소

- 주 소 : 전라북도 익산시 석암로7길 100- 전화번호 : 063-722-2001- 홈페이지 : https://www.doosanfuelcell.com

라. 연결대상 종속회사 개황(1) 연결대상 종속회사 현황(요약)

(2) 연결대상회사의 변동내용

마. 중소기업 등 해당 여부

바. 주요 사업의 내용

당사는 연료전지 전문기업으로, 발전용 연료전지 기자재 공급 및 연료전지 발전소에 대한 장기유지보수서비스 제공을 주요 사업으로 영위하고 있습니다. 매출 비중은 2025년 사업연도를 기준으로 기자재 공급 79% 및 장기유지보수서비스 21%로 구성되어 있으며, 주요 고객사는 공공 및 민간 발전사업자입니다. 당사가 제작ㆍ공급하는 연료전지는 전기 및 열효율을 포함하는 복합효율이 높고 안정성이 우수하며 분산 발전이 가능한 친환경 발전원으로, 국내 발전용 연료전지 시장 누적점유율 1위를 기록하고 있습니다.

사. 신용평가에 관한 사항

당사가 신용평가 전문기관으로부터 최근 3년간 받은 신용평가 등급은 다음과 같습니다.

[신용평가 등급체계 및 의미]

AA등급부터 B등급까지는 동일 등급내에서 세분하여 구분할 필요가 있는 경우 "＋" 또는 "－"의 기호를 부여하고 있습니다.

아. 회사의 주권상장(또는 등록ㆍ지정) 및 특례상장에 관한 사항

Transcribed verbatim from the sentences the filer wrote in the fiscal 2025 business report (received 2026.03.18), 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

9.27%
[5.58%, 16.49%] · 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 81.4% (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

1.01
Beta [0.77, 1.26] · KOSPI200 · As of 2026-10-02
Intercept
-0.028%[-0.792%, +0.736%]
R squared
0.27
Observations
252
Trading-time corrected beta
1.59[0.91, 2.27]
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

2019Separate basis2020Separate basis2021Separate basis2022Separate basis2023Separate basis2024Consolidated basis2025Consolidated basisTTMConsolidated basis
RevenueKRW 100M2,2124,6183,8143,1212,6094,1184,5484,157
Revenue growth%—108.82-17.41-18.16-16.42—10.45—
Operating incomeKRW 100M—————-17-1,057-1,444
Net incomeKRW 100M1191428739-85-105-1,328-1,889
Net income growth%—19.54-38.72-55.57-320.01———
Attributable to ownersKRW 100M—————-105-1,328-1,889
Attributable to minoritiesKRW 100M—————000
Operating margin%—————-0.42-23.24-34.74
Net margin%5.373.072.281.24-3.26-2.54-29.20-45.44
ROE%—————-2.10-36.14-63.04
ROA%2.391.801.240.38-0.79-0.89-11.08-14.14
Debt ratio%197.2754.1734.8796.33108.88136.45226.12345.88
Current ratio%181.25246.43641.94216.11225.52180.51122.99104.09
Quick ratio%146.78204.00372.6478.3665.4276.5642.4236.99
Reserve ratio%2,215.156,157.086,223.916,290.096,156.325,988.704,383.613,542.96
Free cash flowKRW 100M—————328-908—
FCF margin%—————7.97-19.96—
OCF conversion%1,025.51-535.80-1,610.74-6,668.95————
Capex to revenue%—————16.587.53—
Inventory daysdays—84.3176.0436.5734.5—265.9—
Payable daysdays————202.7———
EPSKRW—————-128-1,623-2,884
PERNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicable
BPSKRW—————7,6175,6114,575
PBRx—————2.105.1412.24
Dividend per shareNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicable

Profit flowKRW 100M

This fiscal year shows a loss at gross profit, operating income, profit before tax or net income, so it is left to the table rather than drawn as a flow.

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

2019202020212022202320242025
4,9587,9026,98910,26910,70811,79711,984
3,2902,7761,8075,0395,5826,8088,309
1,6685,1255,1825,2315,1274,9893,675

Income statement

2019202020212022202320242025
2,2124,6183,8143,1212,6094,1184,548
Not applicableNot applicableNot applicableNot applicableNot applicable-17-1,057
16018318643-125-102-1,240
1191428739-85-105-1,328
Basic earnings per shareKRWNot applicableNot applicableNot applicableNot applicableNot applicable-128-1,623
Diluted earnings per shareKRWNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicable
1071397551-105-123-1,314

Cash flow statement

2019202020212022202320242025
Net incomefrom the income statement1191428739-85-105-1,328
Total adjustments to operating cash flowcomputed1,099-902-1,488-2,6151631,115763
1,217*-760-1,401-2,577781,011-565
-228-2,555421927-957-827-1,025
4*3,306-2831,9081,053691863
Cash at beginning of periodKRW 100M3401,3331,324603195021,376
1,3331,324603195021,376648
Net change in cash and cash equivalentsKRW 100M993*-9-1,264258183874-728

In the latest fiscal year operations and investing consumed cash raised through financing activities.

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 2026.03.18.

Audit opinion

Fiscal yearOpinionAuditorFiscal year end
2025적정의견Term 7한영회계법인2025-12-31
2024적정의견Term 6한영회계법인2025-12-31
2023적정의견Term 5한영회계법인2025-12-31
2022적정Term 4한영회계법인2022-12-31
2021적정Term 3한영회계법인2022-12-31
2020적정Term 2한영회계법인2022-12-31
2019적정Term 1한영회계법인2019-12-31

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 · 2026-10-024.37%
BetaDaily 5Y1.08
%
%
Cost of equity9.78%
Weighted average cost of capital—
Initial growth0.0%
Effective tax rate0.0%
Base fiscal year2025
Current priceKRW45,850

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 FCFFBase-year cash flow not positive
Discounted cash flow FCFEBase-year cash flow not positive
Residual income model RIM-3,148-106.9%
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% + 1.08 × 5.00% = 9.78%

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(-36.14% × (1 − 0.00%), 0) = 0.00%

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 = 5,611 KRW, ROE = -36.14%, payout ratio = 0.00%, r = 9.78%, g_T = 2.00%

YearOpening book valueEarningsEquity chargeResidual incomeDiscount factorPresent value
15,611-2,028549-2,5770.9109-2,347
23,583-1,295351-1,6450.8297-1,365
32,288-827224-1,0510.7558-794
41,461-528143-6710.6884-462
5933-33791-4290.6271-269
Terminal value-5,6160.6271-3,522

P_0 = 5,611 + -5,237 + -3,522 = -3,148 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