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Hyundai Motor (005380) 🔎 In-depth

KOSPI · Price as of 2026-08-06 · Updated 2026-08-09

Compiled and reviewed by Bing Bing · Figures are computed automatically from public filings and market data; the written analysis is drafted automatically and then rule-verified · Methodology · AI Disclosure · Report an error

Hyundai Motor is Korea's flagship automaker, making passenger cars and SUVs such as the Avante and Santa Fe along with the premium Genesis brand, and it also consolidates the installment and lease financing attached to vehicle purchases. Second-quarter 2026 revenue was ₩49.2153 trillion and operating profit ₩2.8509 trillion, up 7.1% and 13.4% respectively from the prior quarter, though July global sales of 318,454 units were 5.1% lower than a year earlier. What stands out right now is that the shares, 47.6% below their June peak, have rebounded since late July to a P/E (how many times one year's earnings the share price represents) of 8.67x and a P/B (how many times net assets the price represents) of 0.68x, and the 35% total shareholder return commitment has been honored — but collective bargaining disruptions and equipment replacement at the Asan plant directly affect third-quarter volumes.

This page organises public market and filing data for information purposes. It is not a recommendation to buy or sell, nor investment advice. Metrics labelled “forward” are our own unverified estimates. Please verify with the original DART filings and decide at your own responsibility.

30-second brief

Earnings trend
still growing, but the pace has slowed.
Financials
financial metrics are around average.
Data as of
prices as of 2026-08-06, financials as of 2026 1분기.

Pulled directly from the computed values below — not a separately written opinion.

What do the SourceComputedEstimateReading tags mean?

Source filings and exchange data · Computed calculated from public data · Estimate our own unverified projection · Reading drafted automatically, then rule-checked. See AI & Automation.

Core valuation metric

P/E (trailing)8.67x

This stock's effective sub-sector is “Finished Automobiles” (Automobiles & Parts), a type typically read first through P/E.

Automakers see results move with unit sales, model mix, and incentives, but earnings genuinely accumulate on the back of high-volume selling. That is why trailing P/E, based on already-earned profit, is the first lens.

P/B (price-to-book)0.68x

Price against earnings alone becomes unstable when earnings swing. Reading it together with price against assets helps gauge the downside.

This note explains how each sector is typically valued and is educational context only, not investment advice.

At-a-glance assessment financial health · growth · profitability · valuation

Financial healthModerate
  • Debt is somewhat higher than equity (debt ratio 210.3%).
GrowthSlowing
  • Revenue rose 6.3% year over year, and the pace is slowing (3-year trend: rising).
  • Most recent quarter (Q1 2026) revenue was 3.5% higher than a year earlier.
ProfitabilityModerate
  • ROE is 7.2% (controlling-interest basis). It is above the sector average.
  • Operating margin is 5.5%.
ValuationFairly valued

Ownership & governance As of 2025-12-31

Largest shareholder Hyundai Mobis 22.36% (individual)

Controlling bloc incl. related parties 30.67%

With the controlling bloc holding 31%, the ownership structure is stable.

🔎 In-depth analysis Reading

🏢Business

Hyundai Motor builds and markets finished vehicles. Its range covers passenger cars such as the Avante, Sonata and Grandeur, SUVs such as the Santa Fe and Palisade, and commercial and van models such as the Porter and Staria, alongside the separately operated Genesis premium brand and the Ioniq electric line. Sales are overwhelmingly international: in July 2026 alone, 270,341 of the 318,454 units delivered worldwide — about 85% — went to overseas markets, with only 48,113 units in Korea. The second pillar is finance. Subsidiaries providing installment and lease financing at the point of purchase are consolidated into group results, which is why revenue, assets and liabilities look far larger than at a pure manufacturer. Keep that structure in mind when reading the debt ratio and cash flow figures that follow. Filings show how much weight the domestic plants carry: on a standalone basis, revenue from all Korean sites including the Ulsan plant was ₩78.7668 trillion in 2025, or 42.3% of consolidated revenue of ₩186.2545 trillion. Vehicle revenue from the Asan plant alone was ₩9.5595 trillion, equal to 5.1% of the consolidated total.

📈Price & chart

The latest close is ₩400,000 and the market capitalization is ₩81.9 trillion. The price sits below its 20-day moving average (₩406,450) and below its 60-day moving average (₩540,183). It is under both its short- and medium-term moving averages, so the trend looks subdued. The RSI (a supplementary indicator that gauges the strength of gains versus losses over the past 14 days on a 0-100 scale) is 41.3, a neutral level. The one-month change is -16.6%, the three-month change is -27.3%, and the position relative to the 52-week high is -46.7%. Relative strength versus the KOSPI is 46 (on a 1-99 scale, converted from returns against the index over the past year with more weight on recent performance; higher means stronger than the market). It is stronger than roughly 46% of all stocks. Over the past three months it lagged the index by 16.8%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.

📊Key metrics

In the auto industry, profit accumulates in step with the number of vehicles delivered, so the first measure to check is the P/E, which sets the share price against earnings already booked. Recalculating it directly: 2025 net profit attributable to controlling shareholders of ₩9.4460 trillion divided by 204,757,766 common shares gives earnings per share of about ₩46,133. Dividing the August 3 close of ₩393,000 by that figure gives a P/E of 8.52x, matching the value shown on the page. On net assets, P/B is 0.71x, meaning the shares change hands at 70% of book value per share of ₩563,820. Assuming net assets grow by this year's earnings, the forward P/B is 0.71x. Profitability is better than the industry average: the 2025 operating margin was 6.16%, the net margin 5.07% and ROE (how much was earned in a year on shareholders' equity) 8.18%, all above the industry medians of a 3% operating margin and 6% ROE. A debt-to-equity ratio of 208.9% looks heavy at first glance, but it is more accurately read as a consequence of consolidating the installment and lease finance business: loans extended to customers sit in assets while the borrowings that funded them sit in liabilities. Interest coverage from operating profit is a comfortable 11.35x and the current ratio is 1.36x. Enterprise value measures (EV, market capitalization plus net debt — what it would cost to take over the whole company) need the same care. Reflecting net debt of ₩158.1544 trillion, EV is ₩256.8476 trillion, giving EV/EBIT of 22.4x, EV/EBITDA of 15.2x and EV/Sales of 1.38x. Free cash flow (operating cash flow less capital expenditure) comes out at negative ₩17.0611 trillion, a free cash flow yield of -17.3%. That minus sign does not mean the company is burning cash; it largely reflects the structure whereby growth in new installment receivables shows up as an outflow from operating cash. In practice, during 2025 the company paid ₩2.6 trillion of dividends and cancelled ₩500 billion of treasury shares. Applying a manufacturer's yardstick unchanged makes the picture look worse than it is. It is also worth looking at the shareholder return measures: on a 2025 dividend of ₩10,000 per share, the dividend yield is 2.54% and the payout ratio 27.7%.

🚀Growth

Over a long horizon, revenue has grown steadily while profit has gone backwards for two years running. Revenue rose from ₩117.6106 trillion in 2021 to ₩186.2545 trillion in 2025, an average of 12.2% a year over five years. Over the last three years the climb continued — ₩162.6636 trillion in 2023, ₩175.2312 trillion in 2024 and ₩186.2545 trillion in 2025 — but the growth rate slowed from 7.7% to 6.3%. Operating profit, by contrast, fell for two straight years, from ₩15.1269 trillion in 2023 to ₩14.2396 trillion in 2024 and ₩11.4679 trillion in 2025. Net profit attributable to controlling shareholders also dropped 24.6%, from ₩12.5267 trillion in 2024 to ₩9.4460 trillion in 2025. Rising revenue alongside falling profit means thinner margins per vehicle. The first half of 2026 started from the same place: first-quarter operating profit of ₩2.5147 trillion (-30.8% year on year) was followed by ₩2.8509 trillion in the second quarter (-20.8% year on year), for a first-half total of ₩5.3656 trillion, down 25.8% from a year earlier. The direction, however, is changing. Second-quarter operating profit rose 13.4% from the prior quarter, and the year-on-year decline narrowed from -30.8% in the first quarter to -20.8%. Net profit recovered faster still, at ₩2.8880 trillion in the second quarter, down only 11.2% year on year. With the second half of 2025 — when the US tariff burden was fully reflected — becoming the comparison base, year-on-year figures move into a period of improvement from the second half onward. Full-year profit this year is treated as roughly flat against last year. The reasoning runs as follows. The starting point is confirmed first-half operating profit of ₩5.3656 trillion. The third quarter has room to come in slightly below the second, as the Asan plant equipment replacement (July 25 to August 11), the summer shutdown and production disruption from ongoing collective bargaining overlap. The fourth quarter is supported by the Asan plant's return to normal operation, the year-end peak season and new model effects, but the warranty provisions and performance bonuses booked every fourth quarter cut into profit. The tariff rate coming down from 25% last year to 15% supports profit throughout the second half. Setting the annual profit built up quarter by quarter against market capitalization gives a forward P/E of 8.55x. That multiple is calculated on the July 30 close of ₩351,000 (a market capitalization of ₩71.87 trillion). It sits almost exactly where the trailing P/E of 8.67x calculated at the same close does, which is another way of saying this year's profit is expected to move sideways at a level similar to last year's. The share price then rose about 12% over the two sessions of July 31 and August 3, so aligning the date to the August 3 close pushes the multiple higher. The earnings estimate itself is unchanged. Setting second-half profit conservatively or generously moves the multiple only modestly, so sensitivity to those assumptions is low. Unit sales remain soft. July global sales of 318,454 were 5.1% lower than the same month a year earlier, and the January-July cumulative total of 2,286,554 units was down 4.8%. Korea, at -11.3%, is weaker than overseas markets (-3.5%). With volumes not growing, protecting profit depends more heavily on pricing and model mix.

📰Recent news & filings

Filings over the past two months split into three strands: results and shareholder returns, production disruption, and large investment plans. Results and shareholder returns came through as scheduled. On July 23 the company reported preliminary consolidated second-quarter results (revenue ₩49.2153 trillion, operating profit ₩2.8509 trillion, net profit attributable to controlling shareholders ₩2.5209 trillion) and approved a quarterly dividend of ₩2,500 per share, ₩654.6 billion in total, with an August 31 record date and payment scheduled for September 30. The progress report on the corporate value-up plan filed on May 29 shows the 2025 total shareholder return ratio reached 35.0% as planned, made up of ₩2.6 trillion of annual dividends (a 27.7% payout ratio) plus ₩500 billion of treasury share cancellations and ₩200 billion of treasury share purchases. On August 4 the company disclosed the outcome of a treasury share disposal: 2,892 common shares delivered on July 31 as executive stock compensation, which the company said had limited dilutive effect at about 0.001% of shares outstanding. After the disposal, treasury holdings stand at 2,338,808 common shares (1.1%). Two production items overlapped. On July 13 a partial strike tied to collective bargaining halted production for two hours per shift at all domestic sites, including the Ulsan plant, from July 13 to 15; the filing explicitly notes the possibility of further strikes until a settlement is reached. On July 24 the company disclosed a production suspension at the Asan plant from July 25 to August 11 for replacement of aging equipment, with a restart planned for August 12. Asan's 2025 vehicle revenue of ₩9.5595 trillion equals 5.13% of consolidated revenue. The company stated that this suspension is separate from the halt tied to collective bargaining. The investment plans are still short of final approval. In a follow-up disclosure on July 31 the company said the group's policy of investing ₩42 trillion in the Yeongnam region over ten years has been decided but that the participating companies and the amount for each are not yet fixed, setting October 30 as the date for a further update. In a July 29 filing it said a decision had been made to rebuild Ulsan Plant 1 and Line 2 of Plant 4, but that the scale and timing remain undetermined, with a further disclosure due by January 28, 2027. Once the amounts are fixed, both items will shape future capital spending and the direction of domestic capacity. On August 3 the company disclosed July sales: 318,454 units worldwide, down 5.1% from the same month a year earlier.

🧭Bottom line

Start with the supporting points. First, the share price is low relative to net assets. A P/B of 0.70x is below Kia's 0.83x and Hyundai Mobis's 0.91x. After falling nearly by half from the June peak, the stock has rebounded over two sessions, but the 60-day and 120-day lines still sit well above the current price. Second, the shareholder return commitment has not stayed on paper. The plan for a total shareholder return ratio of at least 35% and a minimum dividend of ₩10,000 per share for 2025-2027 was actually met in 2025, and this year the ₩2,500 quarterly dividend continues. Dividends and treasury share activity together return more than a third of profit. Third, the direction of earnings looks like a base forming. Second-quarter operating profit rose 13.4% from the prior quarter and the year-on-year decline narrowed; the drop in net profit shrank to 11.2%. The tariff rate falling from 25% to 15% lowers the comparison base for the second half. The cautions are equally clear. First, unit sales are shrinking: -5.1% in July and -4.8% for January-July, so volumes are not growing, with Korea (-11.3%) especially weak. Second, collective bargaining is still under way and the filing leaves open the possibility of further strikes; on top of that, the Asan equipment replacement shutdown directly affects third-quarter volumes. Third, large capital spending has been signaled. The ₩42 trillion Yeongnam program and the Ulsan plant rebuild have no confirmed amounts yet, but once fixed they could weigh on cash flow and net debt for several years. Fourth, relative to earnings the shares are not cheap against comparable companies: a trailing P/E of 8.52x is above Kia's 6.69x and Hankook Tire & Technology's 7.60x. ROE of 8.18%, short of Kia's 12.36%, belongs in the same picture. Finally, US tariff rates and the exchange rate are variables the company cannot control, and both can swing second-half profit substantially.

🔎 Valuation vs peers Fairly valued

Compared against four Korean companies — the other listed automaker plus leading auto parts and tire makers — whose demand cycle and cost structure genuinely overlap with Hyundai Motor's.

PeerP/EP/BROE
Kia6.90x0.85x11.35%
Hyundai Mobis12.61x0.91x6.93%
Hankook Tire & Technology8.02x0.69x9.04%
Hyundai Wia17.25x0.47x0.89%

Start with where the shares sit inside the peer group. A trailing P/E of 8.52x is above Kia's 6.69x and Hankook Tire & Technology's 7.60x, and below the parts makers Hyundai Mobis at 12.25x and Hyundai Wia at 16.34x. Among automakers alone, Hyundai Motor carries a higher multiple than Kia. Relative to earnings, it is not on the cheap side of the group. Premium and discount factors point in different directions. A P/B of 0.70x is below Kia's 0.83x and Hyundai Mobis's 0.91x and close to Hankook Tire & Technology's 0.68x, so on net assets the shares lean toward a discount. That said, ROE of 8.18% falls short of Kia's 12.36%, which explains much of the discount through the profitability gap. Consolidating installment and lease finance, which inflates equity and assets, also depresses ROE and muddies the P/B comparison. The trailing P/E is hard to draw a conclusion from on its own, because the denominator is 2025 profit already carrying the tariff burden. Building on confirmed first-half results and adding third-quarter production disruption and fourth-quarter normalization gives a forward P/E of 8.55x. That figure is based on the July 30 close while the peer multiples use the August 3 close, so the dates differ. Since the trailing P/E calculated at the same July 30 close was also 8.67x, the accurate reading is that this year's profit is expected to move sideways at a level similar to last year's. Aligning the date to August 3 lifts both multiples by the same amount. On balance, the shares are not below the peer group on earnings and are somewhat discounted on net assets, which leaves them in 'fairly valued' territory without tilting clearly either way.

₩400,000 -1.11%
Market cap $57.5B

Price history Close · MA20 · MA60

Close MA20MA60

The latest close is ₩400,000 and the market capitalization is ₩81.9 trillion. The price sits below its 20-day moving average (₩406,450) and below its 60-day moving average (₩540,183). It is under both its short- and medium-term moving averages, so the trend looks subdued. The RSI (a supplementary indicator that gauges the strength of gains versus losses over the past 14 days on a 0-100 scale) is 41.3, a neutral level. The one-month change is -16.6%, the three-month change is -27.3%, and the position relative to the 52-week high is -46.7%. Relative strength versus the KOSPI is 46 (on a 1-99 scale, converted from returns against the index over the past year with more weight on recent performance; higher means stronger than the market). It is stronger than roughly 46% of all stocks. Over the past three months it lagged the index by 16.8%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.

Relative performance stock vs index · start = 100

46Relative strength vs KOSPI1–99 · last 12 months’ return vs the index, recency-weighted · higher = stronger than the marketTop 54% strength

Excess return vs index · 3M -16.81% / 6M -34.22% / 12M -7.29%

StockKOSPI

Key metrics Computed vs sector median

Valuation

P/E (trailing)8.67x
Forward P/E8.55x
P/B0.68x
Forward P/B0.65x
P/S0.45x
EPS₩46,132
BPS (book value/share)₩584,166
Dividend yield2.50%
DPS₩10,000

The P/E of 8.67x is above the sector median (6.90x). The P/B of 0.68x is above the sector median (0.50x).

Enterprise value (EV)

Net debt$111.1B
EV (enterprise value)$168.6B
EV/EBIT23.20x
EV/EBITDA14.21x
EV/Sales1.28x
FCF (free cash flow)-$12.0B
FCF yield-20.83%

EV = market cap + net debt. It reflects cash and debt, so it captures the real cost of the whole business that market cap alone misses; lower multiples are cheaper relative to earnings or sales.

Intrinsic value (DCF estimate) Estimate

Model output — not a price target. This is what the formula returns under the assumptions below, not a view on where the share price should go.

Bear case₩441,200
Base case₩611,800
Bull case₩989,900

DCF (discounted cash flow) estimate — discount rate 9.8%, initial growth 2.0%→terminal 2.0%, 10-yr forecast, earnings-based. A reference range that shifts materially with assumptions.

Confidence: Low (bull–bear span 90% of the base case) · Most sensitive assumption: discount rate — a 1%p change moves the base case by roughly 10–20% · Financial basis: FY2025 statements

Profitability & financials

ROE7.23%
Operating margin5.51%
Net margin4.61%
Debt ratio210.35%
Payout ratio27.70%

Return on equity (ROE) is 7.2%, in line with the sector average (7.0%). The operating margin is 5.5%. The debt ratio is 210.3%, so the financial structure is somewhat high.

Growth FY2025 · annual report (consolidated)

Item202320242025YoY
Revenue$114.3B$123.1B$130.8B+6.29% ↓ slower
Operating profit$10.6B$10.0B$8.1B-19.47% ↓ slower
Net profit$8.4B$8.8B$6.6B-24.59% ↓ slower
5-year20212022202320242025
Revenue$82.6B$100.1B$114.3B$123.1B$130.8B
Operating profit$4.7B$6.9B$10.6B$10.0B$8.1B
Net profit$3.5B$5.2B$8.4B$8.8B$6.6B
Revenue CAGR4-yr avg 12.18%

Revenue rose 6.3% year over year (2023 ₩162.7 trillion → 2024 ₩175.2 trillion → 2025 ₩186.3 trillion), and the three-year trend is 'rising'. That said, the pace of growth slowed from the prior year. Operating profit fell 19.5% year over year. The decline widened. Over the 5 years on record, revenue compound annual growth (CAGR) is 12.2%. The two-year revenue CAGR is 7.0%. In the most recent quarter (Q1 2026), revenue was 3.5% higher than the same period a year earlier.

Latest quarterly results Source Q1 2026 · vs year-ago

Revenue$32.3B
Revenue YoY+3.45%
Operating profit$1.8B
Op. profit YoY-30.79%
Net profit$1.8B
Net profit YoY-23.57%

Technical indicators Computed

RSI (14)41.3
MA20₩406,450
MA60₩540,183
1-month-16.58%
3-month-27.27%
vs 52-wk high-46.67%

What stands out

Points to watch

  • Revenue rose 6.3% year over year, and the pace is slowing (3-year trend: rising).

Recent news & events searched · sourced

Figure cross-check computed ↔ external

MetricComputedExternalStatusSource
Recalculation of the P/E on reported earnings — the first metric to check for an automaker8.52x8.52xConfirmedlink
Q2 2026 consolidated operating profit2026 128,5088,800Confirmedlink
Dividend per share12026 2 ₩2,500, 6,5458,519Confirmedlink
Total shareholder return ratio for 202535.0%Confirmedlink
Scale of the Asan plant production suspension95,5952,500Confirmedlink
Full-year 2026 earnings and the forward P/EPER 7.5xUnverifiedlink
How to read free cash flow and net debt-17₩61.1 billion, -17.3%, 158₩154.4 billionUnverifiedlink

Recent filings Source

📖 Plain-language glossary — expand if you are new to this
P/E
How many times a year's net profit the price is worth (lower is cheaper relative to earnings). The P/E here is on trailing (last full-year) results; for companies whose earnings swing fast (memory chips and other cyclicals/high-growth), a forward P/E on this year's expected earnings is more accurate.
P/B
Price relative to net assets (equity). Around 1x means it trades near book value; below 1x means below book.
P/S
Price relative to a year's revenue — useful for growth companies with thin earnings.
Net debt / EV
Net debt = interest-bearing debt − cash. Negative means more cash than debt (net cash). EV (enterprise value) = market cap + net debt, closer to what it would cost to buy the whole business.
EV/EBIT · EV/EBITDA · EV/Sales
Enterprise value against operating profit (EBIT), EBITDA, or revenue. Unlike P/E these reflect debt and cash; lower is cheaper relative to earnings power or sales.
FCF / FCF yield
Free cash flow = operating cash − capex, the cash actually left over. FCF yield = FCF ÷ market cap; higher means more cash generated per unit of market value.
Intrinsic value (DCF)
Future free cash flow (or, for some capex-heavy but profitable names, forecast earnings) discounted to today to estimate per-share value. Because it shifts a lot with the discount-rate and growth assumptions, it is shown as a bear/base/bull range, and the basis and assumptions are disclosed in one line beneath it.
ROE
How much profit the company earns in a year on its equity (%). Higher means better returns on capital.
EPS / BPS
Earnings per share / net assets (book value) per share.
Operating / net margin
Profit left from the core business / final profit after tax and interest, per unit of revenue.
Debt ratio
Debt relative to equity (%). Higher means more reliance on borrowing (norms vary by sector).
Current ratio
Assets convertible to cash within a year against debt due within a year. Above 100% leaves some short-term headroom.
Interest coverage
How many times operating profit covers the interest owed. Below 1x means operating profit alone struggles to cover interest.
Dividend yield / payout ratio
The year's dividend as a % of today's price / the share of earnings paid out as dividends.
Revenue CAGR
Multi-year growth expressed as a single yearly average (compound annual growth rate).
RSI (short-term signal)
Whether recent price action is overheated or beaten down. Above 70 is overbought, below 30 oversold.
MA20 / MA60 (moving averages)
The 20- and 60-day average price. Price above them signals a firmer short-term trend.
vs 52-week high
How far below the past year's peak the price sits now (%).

All figures are for reference only; how they read varies by sector and over time.

Sources: Korea FSC market-price API (data.go.kr), OpenDART, KRX/KIND — public data only.

Bong Stocks presents public-data-based information for reference only. It is not investment advice and contains no target prices, ratings, or buy/sell recommendations. Verify independently before making any decision.