Doosan Fuel Cell

두산퓨얼셀 · 336260

Industrials Electrical Equipment · KOSPI

Large-cap

Market cap US$3.9B (₩5.4T)

Overview

Doosan Fuel Cell makes fuel-cell power systems, equipment that converts hydrogen into electricity and heat, for use in stationary power plants.

Its customers are public and private power generators in South Korea. Listed on KOSPI, Korea's main stock exchange, the company earns the large majority of its revenue from supplying core fuel-cell equipment, with the remainder coming from long-term maintenance services on installed plants.

Summary is AI-generated and may contain errors · figures from DART filings

Financials

Source: DART · FY ending Dec · latest FY2025

Revenue · FY2025

US$329.6M

▲ +10.5% YoY

Operating profit · FY2025

−US$76.6M

Loss widened

Net income · FY2025

−US$96.2M

Loss widened

Revenue, operating profit and net income by fiscal year (USD; KRW in parentheses).
Metric	FY2023	FY2024	FY2025
Revenue	US$189M(₩260.9B)	US$298.4M(₩411.8B)	US$329.6M(₩454.8B)
Operating profit	US$1.2M(₩1.6B)	−US$1.3M(−₩1.7B)	−US$76.6M(−₩105.7B)
Net income	−US$6.2M(−₩8.5B)	−US$7.6M(−₩10.5B)	−US$96.2M(−₩132.8B)

Revenue

FY2023US$189M
FY2024US$298.4M
FY2025US$329.6M

Operating profit

FY2023US$1.2M
FY2024−US$1.3M
FY2025−US$76.6M

Net income

FY2023−US$6.2M
FY2024−US$7.6M
FY2025−US$96.2M

Key ratios (FY2025)

ROE

-36.1%

Debt/Eq

226.1%

Op. margin

-23.2%

Net margin

-29.2%

Rev. YoY

▲ +10.5%

Why it matters

The company was created by spinning off the fuel-cell business of 두산 (Doosan), and Korea's government-mandated clean-hydrogen power quota system shapes the domestic market it operates in.

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