KOSPI large-cap · Power equipment · Nuclear & gas-turbine supercycle
Doosan Enerbility
One of few companies worldwide that can forge large reactor vessels and build heavy gas turbines at once, Doosan sits in the middle of an order cycle reversing a decade of drought. FY2025 Enerbility-segment orders hit KRW 14.7tn (+106%) with a KRW 23tn+ backlog, driven by three axes — Czech Dukovany nuclear (KRW 4.93tn main equipment), NuScale SMR forgings and domestic gas turbines for AI datacenters. Consolidated results, however, are dragged to -25% operating profit by subsidiary Doosan Bobcat's construction-equipment downturn, so the market reads the company on its core cycle ex-Bobcat. The questions are how fast this backlog converts to 2028-2030 revenue and profit, and how far the export references in Saudi Arabia and Oman extend Korean gas turbines.
034020.KS Updated Jul 12, 2026 2 AI consumers· 1 recurring
Per the valuechain.wiki graph, Doosan Enerbility is directly linked to 3 companies (0 supply, 2 revenue, 1 investment relationships) and reaches 3 companies within two hops; the links are backed by 15 dated sources, 2 of them primary filings (as of 2026-07-12).
Financials & Segments
- Total revenue · KRW 6.32tn (2024 consolidated)
- Customer concentration · Record KRW 14.7tn 2024 orders; Q1 2026 backlog KRW 24.1tn (+46%). Czech nuclear and AI-datacenter turbines are the twin growth axes.
- Segments · Nuclear (large and SMR) · Gas turbines and services · Subsidiaries incl. Bobcat
Revenue from
- 한국남부발전 (가스터빈 LTSA) High confidence· contract 480,000,000,000원 · 장기 서비스
Long-term gas-turbine service agreements (Andong unit 2 and others) worth ~KRW 480bn; cumulative turbine orders past KRW 1tn.Confirms KO Seoul Economic Daily Published Apr 1, 2026: Doosan: KRW 480bn gas-turbine LTSA with KOSPOConfirms KO Electric Power Journal Published Jul 15, 2025: Doosan wins successive large gas-turbine orders - KEPCO (Saudi Jafurah gas turbines) High confidence
Hard evidence of gas-turbine exports pushed by AI/industrial power demand: via KEPCO, Doosan supplies power main-equipment for Saudi Arabia's Jafurah gas-field area for ~$557M (Jun 2026-Jun 2029). Korean large gas turbines securing an export reference marks a structural break beyond domestic demonstration.Confirms KO FSS DART Published Jun 1, 2026: Doosan Enerbility single supply contract (Saudi Jafurah, KEPCO)Mentions KO Mirae Asset Securities Published May 1, 2026: Mirae Asset — Doosan Enerbility: power-equipment supercycle; Buy, target KRW 105,000 (initiation) - NuScale Power High confidence
A relationship at the physical bottleneck of SMR commercialization: NuScale ordered long-lead forgings, tubing and weld materials for the first 12 upper reactor vessels from Doosan Enerbility, which is both an equity investor and the main-equipment fabricator. Design is American, but few can actually forge large reactor vessels — so as NuScale projects (e.g. TVA's ENTRA1) advance, they flow to Doosan's dedicated Changwon SMR plant (completing 2028, 20 units/yr).Confirms KO Energy Economy Published Sep 3, 2025: Doosan Enerbility named manufacturing partner for NuScale SMR main equipmentConfirms EN World Nuclear News Published May 1, 2025: Doosan starts forging components for NuScale SMR - 한국수력원자력 (체코 두코바니) High confidence
The symbol of a nuclear-export turnaround after a decade of drought: in Team Korea's Czech Dukovany Units 5-6 (KHNP-led), Doosan supplies the NSSS main equipment (~KRW 4.93tn) and turbine/generator, and — via its Czech subsidiary Doosan Škoda Power — localized the steam turbine (~KRW 320bn). A single project lifts backlog by trillions of won and becomes the reference for follow-on new-build (Poland, Middle East).Confirms KO FSS DART / Doosan Enerbility Published Mar 20, 2026: Doosan Enerbility Annual Report FY2025 (DART)Confirms EN Seoul Economic Daily (English) Published Feb 18, 2026: Doosan Enerbility signs $222M steam-turbine deal for Czech Dukovany (via Doosan Škoda Power)Confirms KO ETNews Published Dec 16, 2025: Doosan signs KRW 5.6tn Czech nuclear main-equipment contractConfirms KO Newsis Published Dec 16, 2025: Doosan Czech contract detail (NSSS KRW 4.93tn, turbines KRW 711bn) - 한국중부발전 (보령신복합) High confidence
Domestic 380MW-class gas turbine and steam turbine main equipment for the Boryeong combined-cycle plant (completion 2027).Confirms KO Electric Power Journal Published Jul 15, 2025: Doosan wins successive large gas-turbine orders - 북미 빅테크 데이터센터 (가스터빈) High confidence
The Korean version of the datacenter-power cycle seen at MHI and Howmet: Doosan booked seven domestic 380MW-class heavy gas turbines (~KRW 1tn) for North American big-tech datacenters plus three at home. A decade of localization meets AI power scarcity, converting into export volume at the front of the cycle.Confirms KO Financial News Published Jun 17, 2026: Doosan: ~KRW 1tn deal for seven gas turbines with a US companyConfirms KO News1 Published May 27, 2026: AI effect: Doosan backlog KRW 24tn; seven North American turbinesConfirms KO Straight News Published Apr 15, 2026: Doosan Enerbility power backlog tops KRW 23tn; earnings inflection expected by 2030 - Coastal Power SAOC (Oman Duqm power) High confidence
Another axis of export diversification: Doosan supplies power main-equipment to a Duqm-region project in Oman for USD 157M + EUR 163M (Jun 2026-Apr 2029). Middle-East power demand is opening new markets for Korean generation equipment.Confirms KO FSS DART Published Jun 1, 2026: Doosan Enerbility single supply contract (Saudi Jafurah, KEPCO) - X-energy Medium confidence
Core-equipment supply agreement (2023) with HTGR SMR developer X-energy.Confirms KO Doosan Enerbility Published Jun 1, 2023: Doosan Enerbility SMR business (NuScale, X-energy)
Pays to
- Special steel, large forgings & materials (raw materials) Medium confidence
The material axis that governs reactor-vessel and turbine-rotor properties: Doosan has in-house large-forging capacity at Changwon, but the price and quality of the special-steel ingots, nickel alloys and cast/forged inputs feeding it drive nuclear/turbine cost and delivery. Large-forging capacity is itself the entry barrier, so this material-process integration is Doosan's moat.Confirms KO FSS DART / Doosan Enerbility Published Mar 20, 2026: Doosan Enerbility Annual Report FY2025 (DART) - EPC subcontractors & outsourced equipment (supply chain) Medium confidence
For large EPC and combined-cycle projects, subcontracting is a major cost axis, and project cost ratios and execution risk turn on it. In a surging-order phase, subcontractor capacity and material procurement become the bottleneck to realizing margin.Confirms KO FSS DART / Doosan Enerbility Published Mar 20, 2026: Doosan Enerbility Annual Report FY2025 (DART)
Investments
- Doosan Bobcat (consolidated subsidiary) High confidence
An axis you must separate to read the consolidated numbers: Doosan Bobcat is a consolidated subsidiary that makes Doosan Enerbility's FY2025 consolidated revenue KRW 17.06tn, but Bobcat's (construction-equipment) downturn dragged consolidated operating profit to -25% (KRW 762.7bn). The core Enerbility business is in an up-cycle (orders +106%, KRW 14.7tn), so the market reads the nuclear/gas-turbine cycle on a 'managed-consolidated' (ex-Bobcat) basis. A 2024 plan to separate Bobcat was withdrawn after shareholder pushback.Mentions KO Mirae Asset Securities Published May 1, 2026: Mirae Asset — Doosan Enerbility: power-equipment supercycle; Buy, target KRW 105,000 (initiation)Confirms KO Straight News Published Apr 15, 2026: Doosan Enerbility power backlog tops KRW 23tn; earnings inflection expected by 2030Confirms KO FSS DART / Doosan Enerbility Published Mar 20, 2026: Doosan Enerbility Annual Report FY2025 (DART)
Value-chain ripple (2 tiers)
Following node-to-node links up to 2 tiers; each firm is shown once, at its nearest tier.
| Company | Chain | '21 | '22 | '23 | '24 | '25 | YTD |
|---|---|---|---|---|---|---|---|
| NuScale Power | lead1 | · | · | -67.9 | +445 | -21 | -36.2 |
| Korea Electric Power | lead1 | -9.8 | -3.7 | -0.4 | +7.6 | +186.1 | -37.9 |
| Doosan Enerbility | node | +57 | -5.6 | -7.5 | +54.8 | +279.1 | -13.8 |
| Doosan Bobcat | benef1 | +25.7 | -2.3 | +48.5 | -1 | +25.1 | +8.5 |
YTD as of 2026-07-10 · source: Yahoo Finance
Doosan Enerbility's thesis: in long-cycle power equipment where backlog pre-books revenue, a cycle reversing a decade of drought has begun. Large reactor forging and heavy gas turbines are hard-to-replicate capacity moats, so the nuclear renaissance (Czech Dukovany KRW 4.93tn, Shin-Hanul, SMR) and AI-datacenter gas-turbine demand flow straight into Doosan's orders — evidenced by FY2025 Enerbility orders +106% and a KRW 23tn+ backlog. The key asymmetry is that consolidated results (OP -25%) are masked by subsidiary Doosan Bobcat's construction-equipment downturn, so houses like Mirae Asset argue a 'power-equipment supercycle' Buy on an ex-Bobcat basis. Risks are (1) the lag from orders to revenue (2028-2030), (2) large-EPC cost ratios and execution, and (3) a prolonged Bobcat downturn. Graph propagation: cpid links to NuScale (main equipment and equity) and KEPCO (Saudi gas turbines) tie it to the SMR and Middle-East export cycles, while Czech Dukovany is a national project shared with Team Korea (KHNP, Daewoo E&C).
Analysis generated from returns as of 2026-04-29