Doosan Corp

Doosan Corp maintains a highly leveraged capital structure, evidenced by a debt-to-equity ratio of 6.49 and total liabilities of 31.37 trillion KRW against total equity of 1.56 trillion KRW. The company holds 4.92 trillion KRW in cash and equivalents, but this is insufficient to cover its 10.13 trillion KRW in long-term debt, resulting in a negative net cash position. Liquidity is assessed as medium, supported by a current ratio of 1.03, which indicates minimal buffer for short-term obligations. The balance sheet reflects a heavy reliance on debt financing, with total assets standing at 32.93 trillion KRW.

Profitability metrics reveal thin returns relative to the company's asset base and equity. Return on equity stands at 5.85%, while return on assets is a marginal 0.28%. The company generated 75.79 billion KRW in net income on 19.78 trillion KRW in revenue, resulting in a net margin of approximately 0.38%. Operating income was 995.95 billion KRW, suggesting that non-operating expenses or interest costs significantly erode bottom-line profitability. The high leverage likely contributes to these compressed returns, as interest expenses consume a large portion of operating cash flow.

Revenue concentration and segment details are not explicitly provided in the available data, but the classification indicates a primary focus on Oil & Gas Exploration & Production within the broader Industrial Conglomerate framework. The company's activity is centered on exploration and production, implying exposure to commodity price volatility and capital-intensive project cycles. Without specific geographic or segment breakdowns, the revenue mix is assumed to be driven by its core energy and industrial operations as per its classification.

Growth trajectory analysis is limited by the absence of historical period data in the input. The current revenue figure of 19.78 trillion KRW serves as the baseline for performance evaluation. The lack of multi-year trend data prevents a definitive assessment of revenue growth or contraction, necessitating reliance on current period performance and analyst expectations for forward-looking insights.

Risk factors include medium liquidity risk and low dilution risk. The key flag notes that net cash is negative after subtracting total debt, highlighting refinancing risk and sensitivity to interest rate changes. The high debt-to-equity ratio of 6.49 amplifies financial risk, particularly in a rising rate environment or if operating cash flows decline. The current ratio of 1.03 offers little cushion against unexpected cash outflows, requiring careful management of working capital.

Recent observations indicate strong analyst sentiment, with a mean recommendation of 1.64 (strong buy) and a mean price target of 2,281,429 KRW, implying significant upside from the current market price of 1,404,000 KRW. The high price target of 2,800,000 KRW and low of 1,950,000 KRW suggest a consensus view of undervaluation. There are no recent filing, news, or transcript observations provided, but the analyst estimates reflect confidence in the company's future performance despite its current leverage profile.

Analysts project 98.6% upside to a mean price target of 2.28 million KRW, signaling strong market confidence.

Revenue grew at an 11.4% CAGR over four years, demonstrating consistent top-line expansion despite volatility.

The company ranks best-in-class for cash conversion at 10.76, significantly outperforming the cohort median of 1.22.

Net income surged 133.5% year-over-year to 75.8 billion KRW, marking a return to profitability.

Operating income increased 33.2% year-over-year to 996 billion KRW, indicating improving core operational efficiency.

The debt-to-equity ratio stands at 6.49, placing it in the bottom quartile and signaling extreme leverage risk.

High credit risk is flagged, compounded by long-term debt rising to 10.1 trillion KRW in the latest period.

Revenue KRW 5.06T, +17,7% YoY; Operating income +71,2% YoY.

• ▍Revenue KRW 5.06T, +17,7% YoY
• ▍Operating income +71,2% YoY
• ▍Net income +65,5% YoY
• ▍Free cash flow +77,8% YoY
• ▍Net margin 0.8%

Revenue KRW 5.69T, +9,4% YoY; Operating income +762,3% YoY.

• ▍Revenue KRW 5.69T, +9,4% YoY
• ▍Operating income +762,3% YoY
• ▍Net income +9,7% YoY
• ▍Free cash flow −92,3% YoY
• ▍Net margin -2.6%

Revenue KRW 4.45T, +14,8% YoY; Operating income +125,0% YoY.

• ▍Revenue KRW 4.45T, +14,8% YoY
• ▍Operating income +125,0% YoY
• ▍Net income +237,1% YoY
• ▍Free cash flow +96,3% YoY
• ▍Net margin 2.7%

Revenue KRW 5.35T, +16,4% YoY; Operating income −2,9% YoY.

• ▍Revenue KRW 5.35T, +16,4% YoY
• ▍Operating income −2,9% YoY
• ▍Net income +281,2% YoY
• ▍Free cash flow +142,3% YoY
• ▍Net margin 1.5%

Revenue KRW 4.30T; Operating income KRW 198.53B.

• ▍Revenue KRW 4.30T
• ▍Operating income KRW 198.53B
• ▍Net margin 0.6%

Revenue KRW 5.20T; Operating income -KRW 36.90B.

• ▍Revenue KRW 5.20T
• ▍Operating income -KRW 36.90B
• ▍Net margin -3.1%

Revenue KRW 3.88T; Operating income KRW 100.69B.

• ▍Revenue KRW 3.88T
• ▍Operating income KRW 100.69B
• ▍Net margin -2.3%

Revenue KRW 4.59T; Operating income KRW 336.31B.

• ▍Revenue KRW 4.59T
• ▍Operating income KRW 336.31B
• ▍Net margin 0.4%

Revenue KRW 19.78T, +9,1% YoY; Operating income +33,2% YoY.

• ▍Revenue KRW 19.78T, +9,1% YoY
• ▍Operating income +33,2% YoY
• ▍Net income +133,5% YoY
• ▍Free cash flow −12,9% YoY
• ▍Net margin 0.4%

Revenue KRW 18.13T, −5,2% YoY; Operating income −39,8% YoY.

• ▍Revenue KRW 18.13T, −5,2% YoY
• ▍Operating income −39,8% YoY
• ▍Net income +41,8% YoY
• ▍Free cash flow −87,5% YoY
• ▍Net margin -1.2%

Revenue KRW 19.13T, +12,6% YoY; Operating income +92,3% YoY.

• ▍Revenue KRW 19.13T, +12,6% YoY
• ▍Operating income +92,3% YoY
• ▍Net income +44,2% YoY
• ▍Free cash flow +112,4% YoY
• ▍Net margin -2.0%

Revenue KRW 17.00T, +32,2% YoY; Operating income −27,0% YoY.

• ▍Revenue KRW 17.00T, +32,2% YoY
• ▍Operating income −27,0% YoY
• ▍Net income −441,5% YoY
• ▍Free cash flow −392,9% YoY
• ▍Net margin -4.1%