PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q3–2026Q2) · Dividend yield is based on ₩200 per share · Prices as of the 2026-10-02 close
Haein, the domestic Caterpillar dealer, saw operating margin and cash flow improve sharply in 2025 despite a revenue decline, but quarter-to-quarter earnings swings remain wide.
2025 revenue declined year-on-year, but operating profit rose to roughly KRW 17.6bn, lifting the operating margin to 7.3%
Operating cash flow swung from a large outflow of about KRW -21.3bn in 2024 to an inflow of KRW 46.1bn in 2025
The debt ratio fell from 122.6% in 2022 to 96.4% in 2025, indicating an improved balance sheet
Quarterly results improved sharply in 2025Q4 and 2026Q2 but were weak in 2025Q3 and 2026Q1, reflecting seasonality and delivery-timing volatility
New Caterpillar products (skid loader, wheel excavator M314) were launched in succession in the first half of 2026, strengthening the product lineup
Haein was founded in 1960 as Haein Sangsa Co., Ltd. and listed on the KOSPI market in 1988, operating as a specialized construction equipment and engine distributor.
Its core business is serving as the official domestic dealer for Caterpillar, importing and selling excavators, skid loaders, wheel loaders and other construction equipment while providing maintenance, parts and rental services.
The company has diversified its revenue base by adding marine and industrial engine and generator distribution, logistics equipment, industrial equipment and renewable energy-related businesses.
Revenue is largely composed of merchandise sales (imports) of construction equipment, engines, generators and logistics equipment, supplemented by parts sales, maintenance income, rental income, construction income, power sales and product sales. The company holds three unlisted subsidiaries, including Haein Resources.
In the first half of 2026, it launched Caterpillar's next-generation skid loader and a new wheel excavator, the M314, tailored for urban job sites, alongside efforts to strengthen smart equipment supply and digital management systems.
Unlike domestic original equipment makers such as HD Hyundai Construction Equipment, Haein competes as a dealer built around the distribution and service network for the global Caterpillar brand.
As a result, its performance is sensitive to external variables such as Caterpillar's global supply strategy, domestic construction and shipbuilding order cycles, and the won-dollar exchange rate.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩65.8B | ₩4.2B | 6.4% |
| 2025Q3 | ₩56.5B | ₩2.1B | 3.7% |
| 2025Q4 | ₩52.6B | ₩10.2B | 19.4% |
| 2026Q1 | ₩40.4B | ₩1.3B | 3.2% |
| 2026Q2 | ₩64.2B | ₩7.1B | 11.1% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩178B | ₩2.7B | -₩2.1B | 1.5% | −1.9% | 122.6% |
| 2023 | ₩276.1B | ₩9.1B | ₩7.4B | 3.3% | 6.4% | 121.2% |
| 2024 | ₩248.8B | ₩14.2B | ₩7.3B | 5.7% | 6.0% | 118.6% |
| 2025 | ₩241.7B | ₩17.6B | ₩14.2B | 7.3% | 11.2% | 96.4% |
Consolidated basis (financial statements including subsidiaries) · Final figures from DART filings · Net income attributable to owners of the parent · Data as of 2026-08-23
Annual revenue peaked at KRW 276.1bn in 2023 before declining for two consecutive years to KRW 248.8bn in 2024 and KRW 241.7bn in 2025. Operating profit, however, rose over the same period from KRW 9.1bn (2023) to KRW 14.2bn (2024) and KRW 17.6bn (2025), lifting the operating margin steadily from 3.3% to 5.7% to 7.3%.
Net income moved from a loss of KRW -2.1bn in 2022 to profits of KRW 7.4bn in 2023, KRW 7.3bn in 2024, and a sharp jump to KRW 14.2bn in 2025. On the cash flow side, operating cash flow swung from a large outflow of KRW -21.3bn in 2024 to an inflow of KRW 46.1bn in 2025.
The balance sheet also improved, with the debt ratio falling from 122.6% (2022) and 121.2% (2023) to 118.6% (2024) and then 96.4% (2025).
Quarterly results show considerable volatility: revenue of KRW 65.8bn and operating profit of KRW 4.2bn in 2025Q2 slowed to KRW 56.5bn and KRW 2.1bn in Q3, before jumping to KRW 52.6bn in revenue with operating profit of KRW 10.2bn in Q4, an operating margin above 19%.
The same pattern recurred in 2026, with a weak Q1 (revenue KRW 40.4bn, operating profit KRW 1.3bn) followed by a strong rebound in Q2 (revenue KRW 64.2bn, operating profit KRW 7.1bn, owner net income KRW 9.6bn).
This quarterly dispersion appears related to the timing of large engine and equipment deliveries or the concentration of certain revenue recognition in specific quarters.
Industry research suggests the global construction equipment market experienced a demand slowdown through 2025 before entering a recovery phase from 2026.
Caterpillar's construction equipment retail sales in North America reportedly rose about 50% in the second quarter of 2026, a figure interpreted as a sign of final-demand recovery rather than mere dealer inventory buildup.
Similar commentary on HD Hyundai Construction Equipment, a domestic OEM, has projected that the global construction machinery market would achieve a soft landing through 2025 followed by a rebound starting in 2026.
As the domestic Caterpillar dealer, Haein's business could be linked to these global brand sales trends, though it is also subject to separate variables such as domestic construction investment cycles and shipbuilding-related marine engine demand.
Competitively, Haein occupies a distribution and service position for an imported brand rather than competing directly with domestic OEMs, which may cause its earnings cycle to diverge from that of finished-equipment manufacturers.
Amid continued strength in shipbuilding orders, demand for marine engines and generators is also cited as a growth driver separate from the construction equipment cycle.
The company refreshed its product portfolio in the first half of 2026 by successively launching the Caterpillar next-generation skid loader and the new M314 wheel excavator designed for urban job sites.
It is also pursuing smart equipment supply and enhanced digital management systems, suggesting a sales strategy centered on equipment operating efficiency going forward. However, no disclosure or report has been confirmed indicating that the company has issued specific revenue or profit guidance.
Whether the sharp operating profit gains seen in 2025Q4 and 2026Q2 will recur, or whether weaker periods similar to 2025Q3 and 2026Q1 will resurface, appears to depend on the quarterly timing of equipment and engine deliveries.
As industry observers note a rebound phase for the global construction equipment market beginning in 2026, there is room for expanded Caterpillar brand sales volume to positively affect results.
Conversely, continued weakness in domestic construction investment or fluctuations in raw material costs and exchange rates could pressure the cost-of-goods ratio for merchandise sales.
On dividends, a cash dividend of KRW 200 per share was disclosed for fiscal year 2025, making the continuation of dividend payouts in line with future earnings trends a point worth monitoring.
The current share price trades at a discount to net asset value, with the price-to-book ratio sitting below 1x.
In terms of earnings multiples, the five-year historical average was elevated due to distortions from loss years and the early stages of earnings recovery, whereas the multiple based on the most recent four quarters of results sits at a notably lower level.
This can be interpreted as reflecting the shift from a net loss in 2022 to a sharp increase in net income by 2025 being incorporated into the multiple structure.
On the dividend side, cash dividends continued based on fiscal year 2025 results, though the dividend yield level itself does not appear to stand out as particularly high within the sector.
The steady annual growth in shareholders' equity alongside a declining debt ratio is a notable change from a financial stability standpoint.
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 2026-08-23
The operating margin rose steadily from 1.5% in 2022 to 7.3% in 2025, and operating cash flow swung from a large outflow in 2024 to an inflow of KRW 46.1bn in 2025, underpinning improved financial soundness. The debt ratio also fell to 96.4%, indicating a more stable balance sheet than in prior years. This can be viewed positively given profitability and cash generation improved even as revenue declined.
As Caterpillar's domestic dealer, Haein has rights to introduce new products, and it successively launched a skid loader and the new M314 wheel excavator in the first half of 2026.
It maintains a distinct position in the domestic construction equipment market based on the global brand's product strength and service network. Should the recovery in Caterpillar's North American retail sales continue, there is a possibility of positive spillover to domestic sales.
Beyond construction equipment, revenue is diversified across marine and industrial engines, generators, logistics equipment, and renewable energy, a structure that can cushion the impact of weakness in any single segment on overall results.
Should shipbuilding order strength continue, demand in the engine and generator segment is also a factor worth monitoring.
Revenue peaked at KRW 276.1bn in 2023 and has declined for two consecutive years in 2024 and 2025. While improving operating margin has offset the revenue decline, the lack of a clear growth driver in merchandise sales volume itself is a factor to watch.
Operating profit slowed sharply to about KRW 2.1bn and KRW 1.3bn in 2025Q3 and 2026Q1, respectively, before surging again in Q4 and Q2, a recurring pattern.
This swing appears linked to concentrated revenue recognition tied to the timing of large equipment and engine deliveries, making it difficult to extrapolate the annual trend from any single quarter's results.
As a dealer that imports and sells construction equipment and engines, Haein is directly exposed to won-dollar exchange rate movements affecting the cost-of-goods ratio. Continued won depreciation could increase the burden on merchandise cost of sales, potentially constraining the trend of improving operating margin.
A contraction in domestic construction investment or a slowdown in shipbuilding orders could simultaneously affect sales in both the construction equipment and engine/generator segments.
Whether the projected rebound in the global construction equipment market will apply equally to the domestic market requires separate confirmation.
According to available data, the treasury share ratio stood at 22.9% as of the most recent quarter-end, which may limit the number of freely tradable shares. Given the characteristics of a small-cap stock, thinner trading volume could also increase price volatility, a factor worth considering.
Haein holds three unlisted affiliates, including Haein Resources, whose individual performance fluctuations can be reflected in consolidated results. Investors should also note that access to the individual financial information of unlisted subsidiaries is relatively limited.
Check whether 2026Q3 results repeat the weak pattern seen in 2025Q3 (operating profit KRW 2.1bn) and 2026Q1 (KRW 1.3bn), or show improvement instead.
Monitor how sales of the Caterpillar new products (skid loader, M314 wheel excavator) launched in the first half of 2026 are reflected in merchandise revenue.
Check whether the recovery trend in Caterpillar's North American retail sales continues, and whether this global demand recovery translates into domestic dealer sales.
Check how the dividend policy for fiscal year 2026 is determined compared to the fiscal year 2025 dividend (KRW 200 per share).
Haein saw its financial strength notably improve in 2025, with the operating margin rising to 7.3% and operating cash flow swinging to an inflow of KRW 46.1bn, even as revenue declined. The debt ratio also fell to 96.4%, giving the company a more stable structure than in prior years.
However, clear volatility persists at the quarterly level, with weak results in 2025Q3 and 2026Q1 followed by sharp surges in Q4 and Q2.
Given its business as a Caterpillar dealer, the company's performance is simultaneously influenced by signs of a global construction equipment recovery and by domestic construction and shipbuilding order cycles.
Key points to watch are how the new products launched in the first half of 2026 translate into future sales, and what pattern the next quarter's results follow. Investment judgments should be made by readers themselves after comprehensively weighing this earnings volatility and industry variables.
Report written 2026-09-05 · Data as of 2026-09-04
This content is AI analysis of market data and web search results, provided for information only. It is not a solicitation or recommendation to invest. Investment decisions and their consequences are the investor's own responsibility. Data may be delayed or contain errors.