May 2026
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Largest Defense Systems Public Companies in South Korea
Benchmark revenue and EBITDA valuation multiples for public comps like
Hanwha Aerospace, Hanwha Systems, Korea Aerospace Industries, Hanwha and MNC Solutions.
 | Hanwha Aerospace Co Ltd is engaged in the manufacturing and technology businesses spanning aerospace, aviation, defense, industrial equipment, IT services, marine operations, and security solutions. Its Aerospace segment handles satellite system manufacturing; the Aviation segment covers aircraft engines and parts; the Defense industry segment produces self-propelled howitzers and armored vehicles; the Industrial equipment segment focuses on SMT machinery; the IT service segment provides consulting, SI, ITO, and logistics services; the Security department manufactures CCTVs and related peripherals; and the Marine segment includes merchant marine activities, marine and special vessel manufacturing, as well as plant and wind power operations. | $834 | +53% | $43B | $48B | 2.6x | 17.9x | ||
| Hanwha Systems Co Ltd is a South Korean-based company engaged in the areas of avionics and space, security and safety, and information systems services. The company operates through three segments: Defense, Information and Communications Technology (ICT), and Other. The Defense segment focuses on the manufacturing and sales of military equipment. The ICT segment provides services such as IT outsourcing. The Other segment includes manufacturing activities, new business engineering, data processing, and applied software services. It generates the majority of its revenue from the Defense segment. | $72 | +137% | $14B | $14B | 5.8x | 65.7x | ||
| Korea Aerospace Industries Ltd is engaged in the manufacture and sale of aircraft in Korea. The company builds military aircraft for national defense and civil aircraft parts. The company operates through four segments: Airframe, Fixed Wing, Rotary Wing, and Others. The Airframe sector produces airframe structures for prominent aircraft manufacturers such as Boeing and Airbus. The Fixed Wing sector focuses on mass-produced aircraft, including the T-50 series exported overseas, and the development of the KF-21 Korean fighter. The Rotary Wing sector is centered on helicopter programs such as the KUH and LAH series. The Others sector covers satellites, UAVs, training systems, and related aerospace solutions. It generates the majority of its revenue from the Fixed wing segment. | $111 | +98% | $11B | $12B | 4.9x | 46.6x | ||
| Hanwha Corp is a global manufacturing and trading company. The company operates in four business areas - Explosives, Defense, Trading, and Machinery. Explosives Division offers a wide range of explosives products and services via three business units: chemical unit, cladding unit, and the fireworks promotion unit. Trading Division engages in trading various products ranging from raw materials to consumer goods, wood pallet manufacturing, landfill gas generation, solar power systems, and other new and renewable energy businesses. Machinery Division offers machine tools, factory automation and plant and machinery. Under its Defense Division, it offers precision-guided munitions, advanced ammunition, and unmanned systems and underwater surveillance equipment. | $80 | +85% | $7B | $7B | 0.1x | 1.6x | ||
| MNC Solution Co Ltd is engaged in the development of domestically produced electric drive devices, hydraulic devices, and hydraulic systems for the ground, guidance, sea, aviation, and space sectors. The group has been contributing to the modernization of weapons systems and the enhancement of defense capabilities. Its product solutions are Gun/Turret Driving systems, Missile Steering, Naval Systems, Aircraft, and Others. | $58 | -34% | $528M | $471M | 1.8x | 11.2x | ||
| Hancom Lifecare Inc is engaged in Personal Protective Equipment. The company manufacture and sell personal safety equipment, including respirators, clothing, helmets, boots, and gloves, specifically designed to protect workers in extreme disaster situations, such as work environments exposed to toxic gases or confined spaces lacking oxygen, or fire scenes. | $2 | -23% | $42M | $8M | 0.1x | 3.0x | ||
| Median | $76 | +69% | $9B | $10B | 2.2x | 14.6x |
Financial data powered by FactSet and Morningstar. Valuation multiples as of current fiscal year. For more data, start your free trial here.
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