Hanwha Systems Co Ltd

272210.KO · Industrials · Aerospace & Defense · KRW · Fundamentals
Asset-light

Physical assets are 17.7% of total assets, a light footprint. Capex is 1.78x depreciation and free cash flow yield is negative, so the physical base is expanding and consuming cash. EBITDA after capex covers debt service by 0.03x, which is below 1.

Energy, materials, and industrial names often turn net PP&E at about 1x to 3x. This name is at 3.61x.

Physical asset ratio
17.7%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&EKRW 1,014.07BpropertyPlantAndEquipmentNetInventoryKRW 810.74BinventoryTotal assetsKRW 10,327.27BtotalAssetsResult 17.7%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
3.61xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenueKRW 3,664.15BtotalRevenueNet PP&EKRW 1,014.07BpropertyPlantAndEquipmentNetResult 3.61x
Revenue per dollar of the physical asset base.
Capex / D&A
1.78xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapexKRW 321.16BcapitalExpendituresD&AKRW 180.49BreconciledDepreciationResult 1.78x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
KRW 22.95KTangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsKRW 10,327.27BtotalAssetsGoodwillKRW 470.77BgoodWillIntangiblesKRW 238.99BintangibleAssetsLiabilitiesKRW 5,326.27BtotalLiabTangible bookKRW 4,291.24BShares186,993,261commonStockSharesOutstandingResult KRW 22.95K
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
2.19xPrice / tangible bookPrice / tangible book per sharePriceKRW 50.30KLatest quoteTangible book / shareKRW 22.95K2025-12-31Result 2.19x
Price KRW 50.30K.
Fixed-charge coverage
0.03xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDAKRW 333.49BebitdaCapexKRW 321.16BcapitalExpendituresInterestKRW 38.02BinterestExpenseShort-term debtKRW 401.21BshortLongTermDebtEBITDA − capexKRW 12.33BPrincipal due is the current portion of debt.Result 0.03x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
-2.6%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow-KRW 242.42BfreeCashFlowMarket capKRW 9,405.76BMarketCapitalizationResult -2.6%
Latest free cash flow divided by current market cap (KRW 9,405.76B).
ROIC
2.0%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeKRW 119.90BoperatingIncomeTax expense-KRW 85.74BtaxProvisionPretax incomeKRW 114.98BincomeBeforeTaxTax rate0.0%EquityKRW 4,849.23BtotalStockholderEquityDebtKRW 1,474.44BlongTermDebt + shortLongTermDebtCashKRW 325.48BcashInvested capitalKRW 5,998.18BResult 2.0%
After-tax operating income over equity plus debt minus cash. Operating income / net PP&E is 0.12x.

Footprint and return

Turnover and reinvestment

Year Physical FAT Capex/D&A TBV/sh Coverage FCF ROIC EBIT/PP&E
2018 —Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&E—Not reportedInventoryKRW 377.61BinventoryTotal assetsKRW 1,901.54BtotalAssetsResult — —Fixed asset turnover · 2018-12-31Revenue / net PP&ERevenueKRW 1,128.92BtotalRevenueNet PP&E—Not reportedResult — 0.86xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapexKRW 42.49BcapitalExpendituresD&AKRW 49.38BreconciledDepreciationResult 0.86x KRW 2.01KTangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsKRW 1,901.54BtotalAssetsGoodwillKRW 328.04BgoodWillIntangiblesKRW 187.57BintangibleAssetsLiabilitiesKRW 1,080.57BtotalLiabTangible bookKRW 305.35BShares152,021,566commonStockSharesOutstandingResult KRW 2.01K 0.70xFixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDAKRW 95.30BebitdaCapexKRW 42.49BcapitalExpendituresInterestKRW 3.73BinterestExpenseShort-term debtKRW 72.11BshortLongTermDebtEBITDA − capexKRW 52.82BPrincipal due is the current portion of debt.Result 0.70x KRW 50.26BFree cash flow · 2018-12-31Reported free cash flowOperating cash flowKRW 408.62BtotalCashFromOperatingActivitiesCapexKRW 42.49BcapitalExpendituresFree cash flowKRW 50.26BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result KRW 50.26B 5.9%ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeKRW 44.80BoperatingIncomeTax expenseKRW 961.57MtaxProvisionPretax incomeKRW 42.20BincomeBeforeTaxTax rate2.3%EquityKRW 820.97BtotalStockholderEquityDebtKRW 121.19BlongTermDebt + shortLongTermDebtCashKRW 204.17BcashInvested capitalKRW 737.99BResult 5.9% —EBIT / PP&E · 2018-12-31Operating income / net PP&EOperating incomeKRW 44.80BoperatingIncomeNet PP&E—Not reportedResult —
2019 22.3%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&EKRW 256.31BpropertyPlantAndEquipmentNetInventoryKRW 281.40BinventoryTotal assetsKRW 2,409.24BtotalAssetsResult 22.3% 6.03xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenueKRW 1,545.98BtotalRevenueNet PP&EKRW 256.31BpropertyPlantAndEquipmentNetResult 6.03x 0.48xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapexKRW 42.49BcapitalExpendituresD&AKRW 88.29BreconciledDepreciationResult 0.48x KRW 3.52KTangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsKRW 2,409.24BtotalAssetsGoodwillKRW 324.89BgoodWillIntangiblesKRW 206.78BintangibleAssetsLiabilitiesKRW 1,440.80BtotalLiabTangible bookKRW 436.76BShares124,194,595commonStockSharesOutstandingResult KRW 3.52K 1.77xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDAKRW 175.43BebitdaCapexKRW 42.49BcapitalExpendituresInterestKRW 4.96BinterestExpenseShort-term debtKRW 70.00BshortLongTermDebtEBITDA − capexKRW 132.94BPrincipal due is the current portion of debt.Result 1.77x KRW 319.45BFree cash flow · 2019-12-31Reported free cash flowOperating cash flowKRW 408.62BtotalCashFromOperatingActivitiesCapexKRW 42.49BcapitalExpendituresFree cash flowKRW 319.45BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result KRW 319.45B 14.0%ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeKRW 85.76BoperatingIncomeTax expenseKRW 9.28BincomeTaxExpensePretax incomeKRW 82.17BincomeBeforeTaxTax rate11.3%EquityKRW 968.44BtotalStockholderEquityDebtKRW 139.85BlongTermDebt + shortLongTermDebtCashKRW 564.02BcashInvested capitalKRW 544.28BResult 14.0% 0.33xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating incomeKRW 85.76BoperatingIncomeNet PP&EKRW 256.31BpropertyPlantAndEquipmentNetResult 0.33x
2020 24.8%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&EKRW 304.05BpropertyPlantEquipmentInventoryKRW 363.89BinventoryTotal assetsKRW 2,695.07BtotalAssetsResult 24.8% 5.40xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenueKRW 1,642.85BtotalRevenueNet PP&EKRW 304.05BpropertyPlantEquipmentResult 5.40x 0.46xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapexKRW 45.63BcapitalExpendituresD&AKRW 99.69BreconciledDepreciationResult 0.46x KRW 3.89KTangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsKRW 2,695.07BtotalAssetsGoodwillKRW 324.46BgoodWillIntangiblesKRW 225.97BintangibleAssetsLiabilitiesKRW 1,662.39BtotalLiabTangible bookKRW 482.26BShares124,072,300commonStockSharesOutstandingResult KRW 3.89K 3.01xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDAKRW 185.00BebitdaCapexKRW 45.63BcapitalExpendituresInterestKRW 6.23BinterestExpenseShort-term debtKRW 40.00BshortLongTermDebtEBITDA − capexKRW 139.38BPrincipal due is the current portion of debt.Result 3.01x KRW 82.89BFree cash flow · 2020-12-31Reported free cash flowOperating cash flowKRW 174.79BtotalCashFromOperatingActivitiesCapexKRW 45.63BcapitalExpendituresFree cash flowKRW 82.89BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result KRW 82.89B 15.7%ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeKRW 92.92BoperatingIncomeTax expense-KRW 14.51BincomeTaxExpensePretax incomeKRW 79.08BincomeBeforeTaxTax rate0.0%EquityKRW 1,032.68BtotalStockholderEquityDebtKRW 99.90BlongTermDebt + shortLongTermDebtCashKRW 539.87BcashInvested capitalKRW 592.71BResult 15.7% 0.31xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating incomeKRW 92.92BoperatingIncomeNet PP&EKRW 304.05BpropertyPlantEquipmentResult 0.31x
2021 19.6%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&EKRW 357.97BpropertyPlantAndEquipmentNetInventoryKRW 406.05BinventoryTotal assetsKRW 3,894.30BtotalAssetsResult 19.6% 5.84xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenueKRW 2,089.50BtotalRevenueNet PP&EKRW 357.97BpropertyPlantAndEquipmentNetResult 5.84x 0.84xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapexKRW 80.12BcapitalExpendituresD&AKRW 95.93BreconciledDepreciationResult 0.84x KRW 8.97KTangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsKRW 3,894.30BtotalAssetsGoodwillKRW 324.46BgoodWillIntangiblesKRW 237.70BintangibleAssetsLiabilitiesKRW 1,654.54BtotalLiabTangible bookKRW 1,677.60BShares186,993,261commonStockSharesOutstandingResult KRW 8.97K 4.33xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDAKRW 228.18BebitdaCapexKRW 80.12BcapitalExpendituresInterestKRW 4.20BinterestExpenseShort-term debtKRW 29.99BshortLongTermDebtEBITDA − capexKRW 148.06BPrincipal due is the current portion of debt.Result 4.33x KRW 196.53BFree cash flow · 2021-12-31Reported free cash flowOperating cash flowKRW 316.51BtotalCashFromOperatingActivitiesCapexKRW 80.12BcapitalExpendituresFree cash flowKRW 196.53BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result KRW 196.53B 13.3%ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeKRW 112.05BoperatingIncomeTax expenseKRW 30.18BincomeTaxExpensePretax incomeKRW 128.05BincomeBeforeTaxTax rate23.6%EquityKRW 2,222.50BtotalStockholderEquityDebtKRW 59.95BlongTermDebt + shortLongTermDebtCashKRW 1,636.83BcashInvested capitalKRW 645.61BResult 13.3% 0.31xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating incomeKRW 112.05BoperatingIncomeNet PP&EKRW 357.97BpropertyPlantAndEquipmentNetResult 0.31x
2022 19.0%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&EKRW 375.01BpropertyPlantEquipmentInventoryKRW 372.96BinventoryTotal assetsKRW 3,945.63BtotalAssetsResult 19.0% 5.83xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenueKRW 2,188.00BtotalRevenueNet PP&EKRW 375.01BpropertyPlantEquipmentResult 5.83x 0.46xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapexKRW 48.30BcapitalExpendituresD&AKRW 104.95BreconciledDepreciationResult 0.46x KRW 7.81KTangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsKRW 3,945.63BtotalAssetsGoodwillKRW 324.40BgoodWillIntangiblesKRW 233.44BintangibleAssetsLiabilitiesKRW 1,926.68BtotalLiabTangible bookKRW 1,461.12BShares186,993,261commonStockSharesOutstandingResult KRW 7.81K 0.06xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDAKRW 53.78BebitdaCapexKRW 48.30BcapitalExpendituresInterestKRW 5.85BinterestExpenseShort-term debtKRW 80.00BshortLongTermDebtEBITDA − capexKRW 5.48BPrincipal due is the current portion of debt.Result 0.06x KRW 187.83BFree cash flow · 2022-12-31Reported free cash flowOperating cash flowKRW 268.59BtotalCashFromOperatingActivitiesCapexKRW 48.30BcapitalExpendituresFree cash flowKRW 187.83BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result KRW 187.83B —ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeKRW 24.12BoperatingIncomeTax expenseKRW 23.74BincomeTaxExpensePretax income-KRW 57.02BincomeBeforeTaxTax rate—EquityKRW 2,000.34BtotalStockholderEquityDebtKRW 109.98BlongTermDebt + shortLongTermDebtCashKRW 1,228.22BcashInvested capitalKRW 882.10BROIC needs a positive pretax income so an effective tax rate can be calculated.Result — 0.06xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating incomeKRW 24.12BoperatingIncomeNet PP&EKRW 375.01BpropertyPlantEquipmentResult 0.06x
2023 21.6%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&EKRW 465.43BpropertyPlantAndEquipmentNetInventoryKRW 501.09BinventoryTotal assetsKRW 4,483.21BtotalAssetsResult 21.6% 5.27xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenueKRW 2,452.49BtotalRevenueNet PP&EKRW 465.43BpropertyPlantAndEquipmentNetResult 5.27x 1.31xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapexKRW 159.30BcapitalExpendituresD&AKRW 121.89BreconciledDepreciationResult 1.31x KRW 8.53KTangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsKRW 4,483.21BtotalAssetsGoodwillKRW 324.40BgoodWillIntangiblesKRW 234.52BintangibleAssetsLiabilitiesKRW 2,329.08BtotalLiabTangible bookKRW 1,595.20BShares186,993,261commonStockSharesOutstandingResult KRW 8.53K 2.38xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDAKRW 579.74BebitdaCapexKRW 159.30BcapitalExpendituresInterestKRW 14.00BinterestExpenseShort-term debtKRW 162.33BshortLongTermDebtEBITDA − capexKRW 420.44BPrincipal due is the current portion of debt.Result 2.38x -KRW 75.94BFree cash flow · 2023-12-31Reported free cash flowOperating cash flowKRW 83.36BtotalCashFromOperatingActivitiesCapexKRW 159.30BcapitalExpendituresFree cash flow-KRW 75.94BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -KRW 75.94B 5.7%ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeKRW 122.58BoperatingIncomeTax expenseKRW 57.41BtaxProvisionPretax incomeKRW 443.86BincomeBeforeTaxTax rate12.9%EquityKRW 2,139.82BtotalStockholderEquityDebtKRW 212.23BlongTermDebt + shortLongTermDebtCashKRW 476.09BcashInvested capitalKRW 1,875.96BResult 5.7% 0.26xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating incomeKRW 122.58BoperatingIncomeNet PP&EKRW 465.43BpropertyPlantAndEquipmentNetResult 0.26x
2024 23.3%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&EKRW 724.17BpropertyPlantAndEquipmentNetInventoryKRW 610.10BinventoryTotal assetsKRW 5,724.01BtotalAssetsResult 23.3% 3.87xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenueKRW 2,803.69BtotalRevenueNet PP&EKRW 724.17BpropertyPlantAndEquipmentNetResult 3.87x 2.39xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapexKRW 272.91BcapitalExpendituresD&AKRW 114.12BreconciledDepreciationResult 2.39x KRW 8.85KTangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsKRW 5,724.01BtotalAssetsGoodwillKRW 533.42BgoodWillIntangiblesKRW 228.77BintangibleAssetsLiabilitiesKRW 3,307.59BtotalLiabTangible bookKRW 1,654.23BShares186,993,261commonStockSharesOutstandingResult KRW 8.85K 4.35xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDAKRW 717.87BebitdaCapexKRW 272.91BcapitalExpendituresInterestKRW 22.34BinterestExpenseShort-term debtKRW 79.96BshortLongTermDebtEBITDA − capexKRW 444.96BPrincipal due is the current portion of debt.Result 4.35x -KRW 140.29BFree cash flow · 2024-12-31Reported free cash flowOperating cash flowKRW 132.62BtotalCashFromOperatingActivitiesCapexKRW 272.91BcapitalExpendituresFree cash flow-KRW 140.29BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -KRW 140.29B 6.9%ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeKRW 219.54BoperatingIncomeTax expenseKRW 104.26BtaxProvisionPretax incomeKRW 581.41BincomeBeforeTaxTax rate17.9%EquityKRW 2,490.05BtotalStockholderEquityDebtKRW 329.23BlongTermDebt + shortLongTermDebtCashKRW 199.84BcashInvested capitalKRW 2,619.44BResult 6.9% 0.30xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating incomeKRW 219.54BoperatingIncomeNet PP&EKRW 724.17BpropertyPlantAndEquipmentNetResult 0.30x
2025 17.7%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&EKRW 1,014.07BpropertyPlantAndEquipmentNetInventoryKRW 810.74BinventoryTotal assetsKRW 10,327.27BtotalAssetsResult 17.7% 3.61xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenueKRW 3,664.15BtotalRevenueNet PP&EKRW 1,014.07BpropertyPlantAndEquipmentNetResult 3.61x 1.78xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapexKRW 321.16BcapitalExpendituresD&AKRW 180.49BreconciledDepreciationResult 1.78x KRW 22.95KTangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsKRW 10,327.27BtotalAssetsGoodwillKRW 470.77BgoodWillIntangiblesKRW 238.99BintangibleAssetsLiabilitiesKRW 5,326.27BtotalLiabTangible bookKRW 4,291.24BShares186,993,261commonStockSharesOutstandingResult KRW 22.95K 0.03xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDAKRW 333.49BebitdaCapexKRW 321.16BcapitalExpendituresInterestKRW 38.02BinterestExpenseShort-term debtKRW 401.21BshortLongTermDebtEBITDA − capexKRW 12.33BPrincipal due is the current portion of debt.Result 0.03x -KRW 242.42BFree cash flow · 2025-12-31Reported free cash flowOperating cash flowKRW 78.74BtotalCashFromOperatingActivitiesCapexKRW 321.16BcapitalExpendituresFree cash flow-KRW 242.42BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -KRW 242.42B 2.0%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeKRW 119.90BoperatingIncomeTax expense-KRW 85.74BtaxProvisionPretax incomeKRW 114.98BincomeBeforeTaxTax rate0.0%EquityKRW 4,849.23BtotalStockholderEquityDebtKRW 1,474.44BlongTermDebt + shortLongTermDebtCashKRW 325.48BcashInvested capitalKRW 5,998.18BResult 2.0% 0.12xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating incomeKRW 119.90BoperatingIncomeNet PP&EKRW 1,014.07BpropertyPlantAndEquipmentNetResult 0.12x
  • Principal due is the current portion of debt.
Latest year inputs (2025)
Net PP&E: KRW 1,014.07B
Inventory: KRW 810.74B
Total assets: KRW 10,327.27B
Goodwill: KRW 470.77B
Intangibles: KRW 238.99B
Liabilities: KRW 5,326.27B
Tangible book: KRW 4,291.24B
Shares: 186,993,261
Revenue: KRW 3,664.15B
Capex: KRW 321.16B
D&A: KRW 180.49B
EBITDA: KRW 333.49B
Interest: KRW 38.02B
Short-term debt: KRW 401.21B
Free cash flow: -KRW 242.42B
Operating income: KRW 119.90B
Invested capital: KRW 5,998.18B
Tax rate: 0.0%