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There is no single winner for every investor. Hyundai Engineering & Construction (Hyundai E&C) offers the largest disclosed construction backlog, GS Engineering & Construction (GS E&C) provides a more concentrated building and new-business exposure, and Samsung C&T adds four-business diversification that can make its share-price drivers less dependent on construction. The practical choice depends on whether you prioritize backlog scale, focused construction upside, or earnings diversification.
At a glance: three different portfolio roles
The companies are often grouped together because each has a major engineering and construction operation. Their investment profiles are not interchangeable, however. Hyundai E&C and GS E&C are primarily construction-led choices, while Samsung C&T combines construction with trading and investment, fashion, and resort operations.
| Company | 2025 new orders | 2025 disclosed backlog | Reported operating profile | Potential portfolio role |
|---|---|---|---|---|
| Hyundai E&C | KRW 33.439 trillion | KRW 95.039 trillion | Largest disclosed backlog; KRW 1.263 trillion operating loss in 2024 after KRW 785 billion operating income in 2023 | Backlog scale and operating leverage, with material execution and earnings risk |
| GS E&C | KRW 19.207 trillion | KRW 70.553 trillion | Construction-focused; KRW 12.450 trillion sales in 2025; building/housing and new business are the largest backlog pools | Concentrated construction and new-business exposure |
| Samsung C&T | Group-level construction order figure is not provided in the cited 2026 results release | Group-level construction backlog figure is not provided in the cited 2026 results release | KRW 40.742 trillion group revenue and KRW 3.293 trillion group operating profit in 2025; E&C contributed KRW 14.148 trillion revenue and KRW 536 billion operating profit | Diversification and a profitable multi-business structure rather than a pure construction bet |
Backlog is a stock of contracted work, not guaranteed future profit. Converting it into cash earnings requires accurate cost estimates, timely execution, customer payments and acceptable working-capital requirements. New orders show the pace at which that pipeline is being replenished; they do not by themselves indicate margins or cash generation.
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Hyundai E&C: the largest backlog, but not the smoothest earnings record
Scale of the order book
Hyundai E&C reported KRW 33.439 trillion of new orders and a KRW 95.039 trillion order backlog for 2025. On a simple reported-figure basis, the backlog is about 2.8 times the year’s new orders. That comparison is a snapshot, not a duration estimate: projects can run for different lengths, and backlog can be cancelled, re-priced or recognized as revenue at different rates.
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The KRW 95.039 trillion figure is the largest disclosed backlog among these three companies. Investors seeking the greatest visible construction pipeline therefore start with Hyundai E&C. The size also creates operating leverage: if projects are delivered at healthy margins, a large volume of work can support significant revenue. The reverse is true when estimates deteriorate, because losses on large projects can overwhelm otherwise strong order intake.
Evidence of earnings volatility
Hyundai E&C’s sustainability report records a KRW 1.263 trillion operating loss in 2024, compared with KRW 785 billion of operating income in 2023. The swing is a reminder that backlog size does not equal profitability. A buyer should examine whether subsequent results show that problematic projects were provisioned, re-priced or completed, rather than assuming the backlog automatically restores earnings.
For a portfolio, Hyundai E&C suits an investor who can tolerate a wide range of outcomes and who specifically wants exposure to a large construction pipeline. The key question is not merely whether new contracts continue, but whether management converts them into cash and sustainable margins without another large loss provision.
GS E&C: focused construction exposure with building and new-business concentration
Orders, backlog and sales
GS E&C reported KRW 19.207 trillion in new orders and KRW 70.553 trillion in backlog for 2025, alongside KRW 12.450 trillion in sales. The backlog is approximately 5.7 times 2025 sales, while new orders were about 1.5 times that year’s sales. These are arithmetic comparisons of reported annual figures; they should not be read as a forecast of how many years of revenue remain.
GS E&C’s order book is smaller than Hyundai E&C’s in absolute terms, but the company offers a more concentrated way to express a view on construction execution, housing demand and selected new businesses. Building/housing and new business are identified as its largest backlog pools. That concentration can amplify upside when those markets and projects perform well, while increasing sensitivity to cost inflation, sales velocity, approvals and project-level surprises.
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What concentration means for shareholders
A focused construction company makes it easier to connect operating news with the investment thesis. An improvement in housing activity, infrastructure awards or new-business contracts can have a visible effect on the group. The trade-off is that fewer unrelated businesses are available to offset a weak construction cycle. Before buying, an investor should separate backlog that is already contracted from opportunities still under negotiation and check how much of the backlog sits in building/housing versus infrastructure, plant and new business.
GS E&C can fit a portfolio that wants meaningful construction upside without choosing the largest backlog company. It is less suitable for an investor whose primary objective is earnings diversification across unrelated industries.
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The group structure changes the stock’s behavior
Samsung C&T Newsroom describes the company this way: “Samsung C&T consists of four independent business groups – Engineering & Construction, Trading & Investment, Fashion, and Resort.” That structure matters because the stock reflects the combined results of all four groups, not only construction contracts.
For 2025, Samsung C&T reported KRW 40.742 trillion of group revenue and KRW 3.293 trillion of group operating profit. The Engineering & Construction group contributed KRW 14.148 trillion of revenue and KRW 536 billion of operating profit. E&C therefore represented roughly 35% of group revenue and 16% of group operating profit on these reported figures. The percentages are calculated from the published totals and rounded; they are not a forecast or a measure of economic value by division.
The different profit mix is the central portfolio distinction. A construction slowdown may be partly cushioned by trading and investment, fashion or resort performance, while a construction upturn may have less impact on the total company than it would at a construction-focused peer. Diversification can reduce dependence on one cycle, but it also makes the stock a less direct way to express a pure construction view.
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Why Samsung’s backlog is not directly comparable here
The cited 2026 release reporting Samsung C&T’s 2025 results supplies group revenue and operating profit, plus E&C revenue and operating profit, but it does not provide a group-level construction order or backlog figure in the available material. It would be misleading to rank Samsung C&T on backlog using a number that is not reported on the same basis as the GS E&C and Hyundai E&C figures.
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Choose Samsung C&T when the desired exposure is a profitable, diversified conglomerate with a substantial construction business, rather than a single-industry construction tracker. Its results require monitoring four operating groups and their separate margins, capital needs and cycles.
Backlog is useful only when you test its quality
Comparing KRW 95.039 trillion with KRW 70.553 trillion establishes scale, but it does not establish which company will earn more. Use the following checks for either construction-focused stock:
- Margin at award: determine the expected profitability when work was booked and whether later cost estimates have reduced it.
- Execution stage: an early-stage project carries different risk from work near completion. Completion timing affects when backlog becomes revenue and cash.
- Customer and contract terms: fixed-price work, escalation clauses, advance payments and retention provisions change downside exposure.
- Geographic mix: domestic and overseas projects can face different currencies, regulations, labor markets and political risks.
- Cancellation and change-order history: a headline backlog can shrink if customers defer, cancel or renegotiate projects.
- Working capital: revenue recognition can precede cash collection. Check receivables, contract assets, deposits and guarantees rather than relying on backlog alone.
New orders should be read alongside backlog conversion. A company can report strong intake while recognizing losses on older work, or report lower intake while earning attractive margins on a high-quality existing book. The combination of order quality, execution and cash conversion is more informative than any single headline number.
Earnings stability and diversification: the main trade-off
Hyundai E&C and GS E&C
Both Hyundai E&C and GS E&C give shareholders substantial construction sensitivity. That can be attractive when infrastructure, housing or plant investment is expanding, but it exposes the portfolio to common risks such as materials costs, labor availability, financing conditions, permitting and project delays. Hyundai’s documented move from KRW 785 billion of operating income in 2023 to a KRW 1.263 trillion operating loss in 2024 demonstrates how quickly reported earnings can change when project estimates worsen.
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GS E&C’s 2025 sales of KRW 12.450 trillion provide a scale reference for its KRW 70.553 trillion backlog. The company is not diversified across four unrelated groups in the way Samsung C&T is, so an investor should expect the share price and earnings narrative to remain closely tied to construction and new-business developments.
Samsung C&T
Samsung C&T’s KRW 3.293 trillion group operating profit on KRW 40.742 trillion revenue equates to an approximate 8.1% group operating margin. Its E&C business generated about a 3.8% operating margin from KRW 536 billion profit on KRW 14.148 trillion revenue. These ratios are simple calculations from 2025 reported figures and should not be compared as if the businesses had identical accounting, capital intensity or risk.
The gap between group and E&C margins illustrates why Samsung C&T is not a pure construction proxy. Group-level results can remain resilient even if E&C margins move, but investors also have to understand the performance of trading and investment, fashion and resort. Diversification changes the source of returns; it does not eliminate business risk.
Geography and execution: questions to ask before choosing
The available comparison identifies domestic and overseas backlog as part of Hyundai E&C’s construction and engineering profile, while GS E&C’s business mix includes building/housing, infrastructure, plant and new business. Those labels are a starting point, not a complete geographic risk map. A disciplined review should identify the countries, currencies, customers and contract structures behind each major project.
- Domestic concentration: assess exposure to local housing demand, interest rates, government infrastructure budgets and regulatory changes.
- Overseas exposure: examine currency translation, repatriation, local partners, sanctions, political stability and the enforceability of contracts.
- Plant and industrial work: check technology, commissioning and performance-guarantee obligations, where delays can be expensive.
- Housing: distinguish presold projects from speculative development and review cancellations, unsold inventory and financing arrangements.
- New businesses: establish whether a backlog item is a mature recurring operation or a newer activity with limited operating history.
Samsung C&T requires the same project-level review for E&C, plus a separate assessment of the other three groups. A diversified company can spread risk, but complexity can make it harder to identify which segment is creating or destroying value.
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Which stock fits each investor objective?
Choose Hyundai E&C for maximum disclosed construction pipeline
Hyundai E&C is the logical candidate when backlog scale is the dominant objective. Its KRW 95.039 trillion backlog and KRW 33.439 trillion of 2025 new orders are the largest disclosed figures in this comparison. Accept the possibility that the same operating leverage can magnify losses, as shown by the KRW 1.263 trillion operating loss in 2024.
Choose GS E&C for focused construction and new-business exposure
GS E&C fits an investor who wants a concentrated construction position with significant building/housing and new-business backlog. Its KRW 70.553 trillion backlog and KRW 19.207 trillion of new orders offer substantial scale, but less than Hyundai E&C’s disclosed totals. The portfolio must be able to absorb greater concentration in construction-related outcomes.
Choose Samsung C&T for diversified group earnings
Samsung C&T is the better structural fit when diversification matters more than pure construction sensitivity. Its four independent business groups produced KRW 40.742 trillion revenue and KRW 3.293 trillion operating profit in 2025. The trade-off is that construction-specific news may have a smaller effect on the total company, and a group-level construction backlog comparison is not available in the cited results release.
A practical decision process
- Define the exposure you actually want. Write down whether the goal is construction-cycle upside, a large contracted pipeline, or a diversified industrial holding. If the objective is unclear, backlog rankings cannot resolve the choice.
- Set a volatility limit. Hyundai E&C’s 2023-to-2024 operating swing provides a concrete warning that construction earnings can change rapidly. Decide how much drawdown and earnings uncertainty the portfolio can tolerate.
- Compare backlog quality, not only size. Break each backlog into project type, geography, contract terms, completion stage and expected margin. Treat the headline totals as starting points.
- Test conversion into cash. Review receivables, contract assets, advances, guarantees and operating cash flow. A growing backlog that consumes cash may require additional financing.
- Model the group structure. For GS E&C and Hyundai E&C, focus on construction and related businesses. For Samsung C&T, model E&C, trading and investment, fashion and resort separately before combining them.
- Only then assess price. Compare the current share price with normalized earnings, book value, cash flow and balance-sheet risk after completing the operating analysis.
Valuation information still needed before a buy decision
No current share prices, valuation multiples, dividend yields or analyst-consensus targets are provided for this comparison. Consequently, the operating facts above cannot establish which stock is cheapest or expected to deliver the highest return. Before investing, obtain current market data for the same date and exchange basis, then examine:
- price-to-earnings based on normalized rather than one-off project results;
- price-to-book and return on equity, adjusted for unusual provisions or asset gains;
- enterprise value relative to operating cash flow or EBITDA where appropriate;
- net debt, guarantees, liquidity and off-balance-sheet project commitments;
- dividend policy and whether distributions are covered by recurring cash generation;
- consensus estimates, while checking the assumptions behind backlog margins and completion timing.
Valuation should be compared with the risk you identified. A low multiple may reflect expected losses, weak cash conversion or governance concerns; a higher multiple may reflect diversified earnings and a stronger balance sheet. The numbers are useful only when the denominator represents sustainable earnings.
Common mistakes when comparing the three stocks
- Declaring a winner from backlog alone: backlog is contractual volume, not profit. Hyundai E&C’s 2024 loss shows the distinction.
- Comparing Samsung’s group revenue with a construction peer’s sales without adjustment: Samsung includes trading and investment, fashion and resort, while GS E&C and Hyundai E&C are being considered primarily through their construction operations.
- Treating new orders as immediate revenue: contracts may take years to execute and can require substantial upfront spending.
- Ignoring accounting periods: the Samsung figures come from a 2026 release reporting 2025 results, while the Hyundai loss is for 2024 and the GS figures are for 2025. Align periods before calculating growth.
- Assuming diversification removes risk: Samsung spreads exposure across four groups, but each group has its own cycle and execution requirements.
- Using a peer’s valuation multiple without normalizing earnings: a year containing large provisions is not a reliable proxy for long-term profitability.
What to monitor after buying
Use a quarterly or annual checklist rather than relying on headlines:
- new orders versus the prior target and the quality of newly booked work;
- backlog movement after revenue recognition, cancellations and currency effects;
- gross and operating margins by project type or business group;
- cost-to-complete revisions and provisions on loss-making contracts;
- operating cash flow, receivables, contract assets and customer advances;
- net debt, guarantees and any change in liquidity requirements;
- for Samsung C&T, separate revenue and profit trends in E&C, trading and investment, fashion and resort;
- for GS E&C, the balance between building/housing, infrastructure, plant and new business;
- for Hyundai E&C, evidence that the 2024 loss was contained and that new work is being won at acceptable margins.
Bottom line
Hyundai E&C is the backlog-scale choice: its KRW 95.039 trillion 2025 backlog and KRW 33.439 trillion of new orders lead the disclosed construction figures, but its KRW 1.263 trillion 2024 operating loss demonstrates substantial execution risk. GS E&C is the focused construction and new-business choice, with KRW 70.553 trillion backlog, KRW 19.207 trillion new orders and KRW 12.450 trillion sales in 2025. Samsung C&T is the diversification choice, combining E&C with trading and investment, fashion and resort to produce KRW 40.742 trillion group revenue and KRW 3.293 trillion operating profit in 2025.
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Outbyte Driver Updater FREEFix the driver behind crashes, sound loss and screen glitchesFind Drivers →Outbyte PC Repair FREEClear out junk files and repair common Windows errorsFree Scan →Use Hyundai E&C when pipeline scale matters most, GS E&C when concentrated construction upside is the objective, and Samsung C&T when a multi-business earnings mix better fits the portfolio. None of those roles substitutes for a current valuation, balance-sheet review and assessment of project-level cash conversion.
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