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Hanwha Aerospace Co.

012450.KS
58
Aerospace & Defense · Industrials
Price
₩891000.00
-81000.00 (-8.33%)
Market Cap
₩45.84T
Exchange
Korea Exchange
Winston Score
58
Winston is curious
A decent business — some strong pillars, some weaker.
Data as of Oct 10, 2026 · filings through Jun 30, 2026

§How the score breaks down

Quality
Mixed
13/30
Growth
Strong
14/20
Cash Flow
Strong
7/10
Stability
Good
5/10
Valuation
Good
6/10
Ownership
Good
10/15
Dividends
Good
3/5

58 of 100 counted points = Winston Score 58.

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Share count rising — dilution

+11.6% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 46.2M (2021) → 51.6M (2025)

§Winston Score History

The full picture

Hanwha Aerospace is a South Korean company that makes aircraft engines, defense systems, and industrial equipment. Its defense products include self-propelled howitzers, turrets, and other weapons systems sold to militaries around the world. The company is one of South Korea's largest defense contractors and has gained significant international attention as global demand for conventional weapons has risen.

Hanwha Aerospace earns revenue primarily through government defense contracts and sales of gas turbine engines for both military and commercial use. It operates mainly out of South Korea but has been expanding exports to Europe, the Middle East, and other regions. The company also holds a major stake in Hanwha Ocean (formerly DSME), giving it exposure to naval shipbuilding. Rising defense budgets globally, especially in Europe, represent a key growth driver, though the business depends heavily on large government contracts that can be lumpy and politically sensitive.

Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+47.3% YoY

YoY Growth Rate

Strong revenue growth

EPS Growth

+191.5% YoY

YoY Growth Rate

Strong earnings growth

R&D Spend

₩295.4B/ year

↑ Rising (+219% vs prior year)

1.1% of revenue

Below sector average (4%)

R&D investment increasing — building for the future

Insider Activity

37.2%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

₩15.3T cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Company generates more cash than it spends — no dilution risk from fundraising

Strong grower

Hanwha Aerospace Co. is growing revenue at 47% year-over-year. The Winston Score penalises unprofitable companies, but revenue at this pace tells a different story — this is a company still in "build mode."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale
Gross Margin
21.0%
Thin — 21.0% gross margin
Profit after running costs
Operating Margin
14.7%
Healthy — 14.7% operating margin
Return on the money invested
ROCE
13.1%
Good — 13.1% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth
Sales YoY
+55.6%
Fast-growing sales (+55.6% YoY)
Profit growth
EPS YoY
-25.7%
Earnings shrinking (-25.7% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

How steady the profit is
EPS Consistency
7/8 quarters
Every recent quarter grew earnings vs last year

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Cash Flow

Profit that turns into cash
Cash Conversion
132%
Turns 132% of profit into real cash
Spare cash per sale
FCF Margin
2.3%
Thin free cash flow (2.3%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

What it owes vs what it owns
Debt / Equity
1.33
Elevated debt (1.33)
Covers its interest
Interest Cover
6.83x
Adequate interest coverage (6.8x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

Price vs profit
P/E Ratio (TTM)
22.8x
Growth-priced — P/E 22.8

P/E above the market average. People are paying up for expected growth.

Cheaper or dearer next year
P/E vs Forward
+5.7
GROWING
Earnings expected to grow meaningfully — cheaper on forward P/E (22.8 → 17.2)

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Dividends

Dividend
Dividend Yield
0.68%
Small dividend — 0.68% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend record
Dividend Growth
+571.6%
Dividend growing fast (571.6% YoY)

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