PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q3–2026Q2) · Dividend yield is based on ₩600 per share · Prices as of the 2026-10-02 close
Hanjin returned to owner net profit in Q2 2026, but structural pressure from Coupang Logistics' expanding market share and falling parcel delivery rates persists.
Q2 2026 owner net profit turned positive at KRW 1.18 billion, breaking a three-quarter losing streak
2025 consolidated revenue reached KRW 3.06 trillion and operating profit KRW 112.2 billion, both improved year on year, though net profit remained minimal
Coupang Logistics has risen to the top spot in parcel volume share, intensifying competition among the traditional top-three carriers
Following stabilization of the Daejeon Smart Mega-Hub, the company is pursuing new growth drivers such as seller partnerships and specialized energy logistics
The debt ratio rose from 166.8% in 2022 to 183.4% in 2025, reflecting continued infrastructure investment burden
Hanjin is a diversified logistics company operating across three segments: parcel delivery, logistics (land transport, stevedoring, shipping), and global (freight forwarding, overseas inland logistics).
The parcel delivery segment is the core business, accounting for more than half of total revenue, with industry analysis putting its share at 56.8% at the end of last year and rising to about 59% in the first quarter of this year.
The logistics segment maintains long-standing contracts with large shippers such as POSCO and Emart, and the stevedoring business is regarded as maintaining relatively solid profitability.
The global segment is expanding overseas operations through fulfillment centers in the United States and Europe and by scaling up capacity at the Incheon Global Distribution Center.
The domestic parcel market's competitive landscape has shifted substantially in recent years; according to Meritz Securities research center data as of the end of 2024, volume-based market share stood at Coupang Logistics 37.6%, CJ Logistics 27.6%, Lotte Global Logistics 10.3%, and Hanjin 9.7%, making Hanjin the lowest-share player among the major carriers.
As Coupang leverages its proprietary logistics network to gain market leadership, the traditional top-three carriers—CJ Logistics, Lotte Global Logistics, and Hanjin—have engaged in price competition and service differentiation to secure volume.
Against this backdrop, Hanjin has strengthened a partnership strategy of identifying high-growth e-commerce sellers such as APR and supporting them from domestic delivery through overseas expansion.
The company is also diversifying its portfolio into specialized energy logistics, leveraging its CEIV Lithium air transport certification and dedicated vessels for radioactive waste and heavy cargo.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩740.8B | ₩37B | 5.0% |
| 2025Q3 | ₩799.3B | ₩30.8B | 3.9% |
| 2025Q4 | ₩795.7B | ₩17.1B | 2.1% |
| 2026Q1 | ₩779B | ₩19.8B | 2.5% |
| 2026Q2 | ₩864.1B | ₩29.8B | 3.5% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩2.8T | ₩114.5B | ₩47.6B | 4.0% | 3.4% | 166.8% |
| 2023 | ₩2.8T | ₩122.5B | ₩26.1B | 4.4% | 1.9% | 172.9% |
| 2024 | ₩3T | ₩100.1B | -₩400M | 3.3% | 0.0% | 174.9% |
| 2025 | ₩3.1T | ₩112.2B | ₩1B | 3.7% | 0.1% | 183.4% |
Consolidated basis (financial statements including subsidiaries) · Final figures from DART filings · Net income attributable to owners of the parent · Data as of 2026-08-21
Hanjin's consolidated revenue slipped slightly from KRW 2.85 trillion in 2022 to KRW 2.81 trillion in 2023, before rising again to KRW 3.02 trillion in 2024 and KRW 3.06 trillion in 2025.
Operating profit increased from KRW 114.5 billion in 2022 to KRW 122.5 billion in 2023, then fell to KRW 100.1 billion in 2024 before recovering to KRW 112.2 billion in 2025. The operating margin declined from 4.4% in 2023 to 3.3% in 2024 before partially recovering to 3.7% in 2025.
Owner net profit fell from KRW 47.6 billion in 2022 to KRW 26.1 billion in 2023, turned negative at KRW –365 million in 2024, and returned to a modest profit of KRW 985 million in 2025.
Looking at recent quarters, owner net profit was KRW 7.71 billion in Q2 2025 but swung negative for three consecutive quarters—KRW –1.98 billion in Q3 2025, KRW –5.24 billion in Q4 2025, and KRW –2.27 billion in Q1 2026—before turning positive again at KRW 1.18 billion in Q2 2026.
Operating profit similarly declined from KRW 37.0 billion in Q2 2025 to KRW 30.8 billion in Q3, then KRW 17.1 billion in Q4 2025, before improving sequentially to KRW 19.8 billion in Q1 2026 and KRW 29.8 billion in Q2 2026.
Revenue expanded from KRW 740.8 billion in Q2 2025 to KRW 864.1 billion in Q2 2026, showing renewed quarterly top-line growth.
Operating cash flow fell from KRW 304.4 billion in 2024 to KRW 243.8 billion in 2025, while the debt ratio rose steadily from 166.8% in 2022 to 183.4% in 2025, reflecting the impact of ongoing infrastructure investment on the balance sheet.
Domestic parcel delivery volume continues to grow on the back of e-commerce expansion, but most of that growth has been absorbed by Coupang, creating a paradox in which rising volume has not translated into improved profitability for the traditional top-three carriers.
According to a Hankyung report, domestic parcel volume surged from 2.79 billion boxes in 2019 to 6.42 billion boxes last year, yet first-half operating profit this year fell 3.4% at CJ Logistics, 11.2% at Lotte Global Logistics, and 22.7% at Hanjin. iM Securities estimated that CJ Logistics and Hanjin's parcel unit prices fell about 3% year over year in 2025, and assessed that price promotions aimed at raising utilization of expanded capacity are likely to continue for some time.
Some analysis also suggests that free cash flow at the top-three carriers could improve now that major infrastructure investment cycles have largely concluded.
In terms of competitive positioning, Coupang Logistics has already taken the top spot in volume share, with the gap over second-place CJ Logistics widening, while Hanjin maintains the lowest market share among the major carriers.
In response, all three traditional carriers are pursuing new growth drivers with differing strategies: Lotte Global Logistics is expanding overseas logistics territory, CJ Logistics is focusing on a middle-mile platform, and Hanjin is cultivating e-commerce seller partnerships and specialized energy logistics.
Hanjin invested more than KRW 500 billion over five years starting in 2021 to build the Daejeon Smart Mega-Hub terminal, which began full operation in early 2024 and secured processing capacity of up to 1.2 million boxes per day, bringing combined daily capacity with existing infrastructure to 2.88 million boxes.
The company is also planning to upgrade the Dongseoul Hub Terminal to mega-hub scale and continues to introduce automation equipment at sub-terminals.
On the growth front, Hanjin is strengthening partnerships to identify high-growth e-commerce sellers such as APR and support them from domestic delivery through overseas expansion, while diversifying into specialized energy logistics through its CEIV Lithium air transport certification and dedicated vessels for radioactive waste and heavy cargo.
On the credit side, NICE Investors Service and Korea Ratings have assigned Hanjin's unsecured bonds a BBB+ rating with a positive outlook, citing solid stevedoring performance and room for margin improvement in the parcel segment.
Korea Investment & Securities noted in a December 2025 report that Hanjin could post record operating profit in 2026 on overseas expansion and cost efficiency gains, but maintained a neutral rating without offering a price target, arguing that net profit normalization needs to occur first.
The merger between Korean Air and Asiana Airlines is scheduled to take legal effect on December 16, 2026, and the resulting shift in group-level financial and credit profile could indirectly affect Hanjin's position within the conglomerate.
Hanjin's net profit swung negative in three of the last five quarters before turning positive again in Q2 2026, though the magnitude remains small. In a period of such profit volatility, valuation metrics that link share price to earnings also tend to show large year-to-year swings.
The price-to-book ratio trades well below 1x, indicating the company is valued at a discount to its net asset base.
Korea Investment & Securities noted in a December 2025 report that the price-to-earnings ratio based on 2026 expected results was not low relative to the broader market, arguing that net profit normalization needed to be confirmed first.
Dividends have been paid at a fairly consistent level each year, but because net profit has fluctuated significantly, the payout ratio relative to earnings has also varied widely from year to year.
Taken together, the stock currently sits at the intersection of an early-stage earnings recovery and a valuation that reflects a discount to book value.
PER, EPS, PBR and BPS are all calculated in-house (the same method as Naver and Toss) · Dividend yield = cash dividend per share from DART filings (supplemented by KRX) ÷ current price · As of 2026-08-21
Q2 2026 owner net profit turned positive at KRW 1.18 billion, breaking a three-quarter losing streak. Operating profit for the same quarter improved to KRW 29.8 billion versus the prior quarter, while revenue reached a quarterly high of KRW 864.1 billion. Stabilization of the Daejeon Mega-Hub's operations is also cited as easing fixed-cost pressure.
The more than KRW 500 billion infrastructure investment program conducted over five years since 2021 has largely reached completion with the operation of the Daejeon Smart Mega-Hub.
Industry analysis suggests free cash flow at the top-three carriers could improve now that the major investment cycle has largely concluded, which may ease the burden of further large-scale capital expenditure.
Hanjin is broadening its business portfolio through partnerships with high-growth e-commerce sellers such as APR and through specialized energy logistics involving lithium batteries and radioactive waste. Such high-value project-based logistics is generally known to carry higher margins than standard parcel delivery.
Global business strengthening is also underway through expansion of fulfillment centers in the United States and Europe.
With Coupang Logistics having risen to the top of the market in volume share, Hanjin maintains the lowest share among the major carriers. Analysts also suggest price promotions aimed at raising utilization of expanded capacity are likely to continue for some time. This creates structural pressure that limits profitability gains even as volume grows.
Despite improvement in the consolidated operating margin, standalone-basis profitability in the parcel segment is assessed to remain at a low level. Revenue in the core parcel business is also seen as failing to sustain clear growth on a standalone basis.
This suggests that improvement in the core business's underlying structure is progressing more slowly than overall group-level top-line growth.
The debt ratio rose steadily from 166.8% in 2022 to 183.4% in 2025. Operating cash flow also declined from KRW 304.4 billion in 2024 to KRW 243.8 billion in 2025. The combination of continued infrastructure investment and borrowing burden warrants ongoing attention to financial capacity.
Coupang's expanding proprietary logistics network and price competition among the traditional top-three carriers are simultaneously squeezing industry-wide margins. iM Securities estimated that parcel unit prices fell about 3% year over year in 2025. Analysts suggest competitive intensity is unlikely to ease in the near term.
The debt ratio has risen for four consecutive years, and the Q2 earnings release cited increased borrowing burden as a factor expanding costs. Continued infrastructure and automation investment is necessary for medium- to long-term competitiveness but weighs on the financial structure in the near term. The trajectory of operating cash flow also warrants continued monitoring.
The stevedoring segment is exposed to cargo volume volatility stemming from global supply chain disruptions. Shifts in international conditions leading to higher oil prices and exchange rates could increase logistics cost burdens.
Initial fixed-cost burdens arising from preemptive global infrastructure buildout are also a factor behind profitability fluctuations.
Expected timing of the Q3 preliminary earnings disclosure; worth checking whether parcel pricing and overseas margin trends sustain the recent profit turnaround.
The legal effective date of the Korean Air-Asiana Airlines merger; worth monitoring any indirect impact on Hanjin from resulting changes in the Hanjin Kal group's financial and credit profile.
Timing of the annual 2026 earnings and dividend-related disclosure; worth confirming whether the profit turnaround holds on a full-year basis and reviewing dividend policy.
A period to check progress on upgrading the Dongseoul Hub Terminal to mega-hub scale and any disclosures regarding new large seller partnerships or specialized energy logistics contracts.
Hanjin returned to positive owner net profit in Q2 2026, ending a three-quarter losing streak, and operating profit also showed a sequential recovery on a quarterly basis. On an annual basis, both revenue and operating profit rose in 2025 compared to the prior year, though net profit remains small in absolute terms.
On the industry side, Coupang Logistics' expanding volume share and the resulting price competition act as structural pressure, and Hanjin maintains the lowest market share among the major parcel carriers.
Stabilization of the Daejeon Smart Mega-Hub's operations and the pursuit of new growth drivers such as seller partnerships and specialized energy logistics are cited as positive factors, while the rising debt ratio and declining operating cash flow are financial variables worth monitoring.
Credit rating agencies have maintained positive outlooks, citing solid stevedoring performance and room for margin improvement in the parcel segment. On balance, the stock sits at a point where an early-stage earnings recovery coexists with structural competitive pressure across the industry.
Report written 2026-09-05 · Data as of 2026-09-04
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