Hyundai Mobis (012330) 🔎 In-depth
KOSPI · Price as of 2026-08-06 · Updated 2026-08-09
Hyundai Mobis assembles the large structural modules that form a vehicle's backbone and feeds them straight into Hyundai Motor and Kia production lines, and it also supplies replacement parts for cars already on the road. In the second quarter of 2026 revenue was ₩16.3247 trillion and operating profit ₩975.2 billion, lifting the operating margin from 5.46% a year earlier to 5.97%, and in July the company completed a ₩500 billion treasury share acquisition and resolved to retire the entire amount. What stands out right now is that most of the profit comes steadily from the replacement-parts business and the balance sheet is in a net cash position, while a large share of net profit depends on equity-method income tied to the Hyundai Motor and Kia stakes — if that income shrinks, reported earnings can wobble.
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30-second brief
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
This stock's effective sub-sector is “Automobiles & Parts”, a type typically read first through P/E.
Autos and parts live and die by unit sales and volume, but they are a mature industry that generates steady profit on scale. For this kind of business earnings are the heart of the story, so price-to-earnings (P/E) — the price set against net profit — is the first thing to read.
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
- Debt ratio, current ratio and interest burden all look healthy.
- Revenue rose 6.8% year over year, and the pace is quickening (3-year trend: mixed).
- Most recent quarter (Q1 2026) revenue was 5.5% higher than a year earlier.
- ROE is 6.9% (controlling-interest basis). It is above the sector average.
- Operating margin is 5.5%.
- A sector-metric and in-depth research verdict — see “Valuation vs peers” below for the basis.
Ownership & governance As of 2025-12-31
Largest shareholder Kia 18.1% (corporate)
Controlling bloc incl. related parties 32.69%
With the controlling bloc holding 33%, the ownership structure is stable.
🔎 In-depth analysis Reading
Hyundai Mobis earns money in two main ways. The first is module and parts manufacturing: it assembles the three core modules that form a vehicle's backbone — chassis, cockpit and front end — as complete units and feeds them into Hyundai Motor and Kia production lines in build sequence. The second is the after-sales parts business, which supplies replacement parts for cars already on the road. In the first quarter of 2026, module and parts manufacturing accounted for 77.4% of revenue (₩12.0415 trillion) and after-sales parts for 22.6% (₩3.519 trillion), so manufacturing dominates the top line. The profit structure is the exact opposite. In the same quarter, module and parts manufacturing posted an operating loss of ₩143.1 billion while after-sales parts generated ₩946.4 billion of operating profit. In effect, the entire company's profit comes from one place: replacement parts. On top of this, the company makes braking, steering, airbag and lamp components as well as electronics and electrification parts, supplying not only Hyundai Motor and Kia but overseas automakers as well. Hyundai Motor accounts for 37.6% of revenue and Kia 37.1%, so the two together take up about three quarters of the total, and overseas revenue was ₩8.8078 trillion in the first quarter, or 56.6% of the whole. The after-sales division manages 2.77 million line items across 212 vehicle models through 41 logistics hubs at home and abroad, and that scale is itself a barrier that is hard to match.
The latest close is ₩508,000 and the market capitalization is ₩46.1 trillion. The price sits above its 20-day moving average (₩480,225) and below its 60-day moving average (₩557,875). Short-term and medium-term trends are diverging, so the direction is best read separately. The RSI (a supplementary indicator that gauges the strength of gains versus losses over the past 14 days on a 0-100 scale) is 52.8, a neutral level. The one-month change is +2.6%, the three-month change is +17.5%, and the position relative to the 52-week high is -33.9%. Relative strength versus the KOSPI is 69 (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 69% of all stocks. Over the past three months it outpaced the index by 36.9%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
In the auto parts space this company belongs to, the first metric to look at is the P/E ratio (how many times a year's earnings the price is). The current P/E is 12.61x; recalculating from the four most recently confirmed quarters (the second half of 2025 plus the first half of 2026), controlling-interest net profit of ₩3.6324 trillion divided by the share count gives 12.3x, almost identical to the figure shown on screen. The P/B (how many times book net assets the price is) is 0.91x, so the shares change hands below book value. ROE (return on equity — how much was earned in a year on shareholders' money) is 7.44%, which is not high, but it should be read alongside the fact that shareholders' equity of ₩49 trillion includes ₩24.5557 trillion of stakes in affiliates such as Hyundai Motor and Kia (as of the end of March 2026). The share of earnings from those stakes does not appear in operating profit; it flows only into net profit as equity-method income. The financial cushion is thick. Against total liabilities of ₩21.1877 trillion at the end of 2025 and total equity of ₩49.2128 trillion, the debt ratio is about 43%, the current ratio is 232.6% and interest coverage is 9.45x (this differs from the debt ratio shown on screen, which is why it is flagged in the verification items). On an enterprise value basis (EV — market cap less net cash, or plus net debt), net debt is minus ₩1.2543 trillion, meaning the company holds that much more cash than debt, so EV is ₩43.3861 trillion, below market cap. EV/EBIT is 12.92x, EV/EBITDA 9.59x and EV/Sales 0.71x, while free cash flow (FCF — cash generated less capital expenditure) is ₩2.9569 trillion, giving an FCF yield against market cap of 6.62%. EV/EBIT looks higher than the P/E because equity-method income is excluded from operating profit, not because cash generation is weak.
Over a long horizon growth is gradual but pointing up. Revenue rose from ₩41.7022 trillion in 2021 to ₩61.1181 trillion in 2025, a 10.0% compound annual increase over five years. Operating profit also rose for three straight years, from ₩2.2953 trillion in 2023 to ₩3.0735 trillion in 2024 and ₩3.3575 trillion in 2025. Net profit, however, fell 9.9% in 2025, from ₩4.0556 trillion to ₩3.6558 trillion. That was not because the core business deteriorated but because non-operating items such as equity-method income from Hyundai Motor and Kia shrank. The same contrast continues in 2026. First-half revenue was ₩31.8852 trillion (+3.9%) and operating profit ₩1.7778 trillion (+8.0%), so the core business improved, but non-operating income of ₩869.0 billion was 25.7% below ₩1.1698 trillion a year earlier, leaving controlling-interest net profit at ₩1.9401 trillion (-1.2%). Taking the second quarter alone, revenue was ₩16.3247 trillion and operating profit ₩975.2 billion, lifting the operating margin from 5.46% a year earlier to 5.97%. That is the backbone of this year's picture. On top of the confirmed first-half operating profit of ₩1.7778 trillion, the third quarter is a seasonal lull and should come in below the second quarter while still above the same quarter last year, and the fourth quarter is the peak — after-sales parts demand and year-end vehicle production overlap, making it the largest quarter of the year. Layering that on, full-year operating profit grows at a high single-digit rate over the ₩3.3575 trillion of 2025, with the operating margin moving into the mid-to-high 5% range. That is consistent with the 5-6% operating margin path for 2027 the company disclosed in August 2025. Net profit, by contrast, grows only at a low single-digit rate because the decline in equity-method income offsets the gain. The forward P/E calculated that way is 11.87x, below the current 12.61x. The result captures the structure directly: core margins are rising while pressure on equity-method income trims the increase in net profit.
Disclosures over the past six months fall into two strands: results and shareholder returns. On July 24, alongside preliminary second-quarter results, the company set a quarterly dividend of ₩1,500 per share (₩132.4 billion in total, record date August 10, payment August 31). On April 24 it resolved to acquire ₩500 billion of treasury shares and stated it would retire the entire amount; the acquisition closed on July 21 at ₩499,999,910,000 for 911,998 shares, which are due to be retired on August 3. Once the retirement is complete the share count falls from 90,732,583 to 89,820,585, a decline of about 1.0%. This follows the shareholder value policy disclosed on January 28, 2026 (continuing the 2025 stance and operating flexibly within a total shareholder return of 30% or more) and the future business and management plan disclosure of August 27, 2025 (8% average annual revenue growth over 2024-2027, a 5-6% operating margin in 2027, and total shareholder return of 30% or more over 2025-2027). For reference, the company states in its quarterly report that it does not disclose an order backlog because module and parts manufacturing volumes are not fixed in advance, and over the past six months there have been no single-supply contract disclosures, no funding disclosures such as rights offerings or convertible bonds, and no litigation or sanction disclosures.
Start with what is worth observing. After-sales parts, just 22.6% of total revenue, generate effectively all of the company's operating profit. That demand keeps arising as long as cars already sold are on the road, so it is less exposed to swings in new vehicle sales. Add net cash of ₩1.2543 trillion, an FCF yield of 6.62%, and a company policy of holding total shareholder return at 30% or more by combining dividends with treasury share retirement. The forward P/E of 12.21x is below the current 12.61x, so the multiple falls as earnings rise. The cautions are equally clear. First, the price already reflects much of what is good here. Against a forward P/E median of 7.09x and a P/B median of 0.46x for Korea's auto parts sector, Hyundai Mobis carries a clear premium, so there is room for a pullback if results do not follow expectations. Second, 74.7% of revenue comes from a single group, Hyundai Motor and Kia. If those two cut output, it passes straight through. Third, equity-method income, which makes up a large share of net profit, already fell 25.7% in the first half and is driven by variables the company cannot control, such as tariffs and exchange rates. Fourth, module and parts manufacturing, 77.4% of revenue, was still at an operating loss as of the first quarter, so improvement in core margins depends on how far that loss narrows. Fifth, planned capital expenditure for the rest of this year is a substantial ₩1.965 trillion, which can reduce free cash by that much. Finally, with the treasury share acquisition completed on July 21, one steady absorber of shares in the market for nearly four months has disappeared for the time being.
🔎 Valuation vs peers Fairly valued
The comparison group was narrowed to large listed Korean auto parts companies that either supply automakers directly or provide vehicle components and tires. Hyundai Wia is a parts affiliate within the same Hyundai Motor Group, HL Mando makes braking and steering components, Hanon Systems makes thermal management parts, and Hankook Tire & Technology makes tires, so each overlaps with or sits adjacent to this business.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Hankook Tire & Technology | 8.02x | 0.69x | 9.04% |
| Hyundai Wia | 17.25x | 0.47x | 0.89% |
| HL Mando | 24.03x | 0.85x | 4.19% |
| Hanon Systems | — | 0.93x | -5.27% |
First, where it sits within the peer group. The current P/E of 12.61x is above Hankook Tire & Technology at 7.60x but below Hyundai Wia at 16.34x and HL Mando at 22.01x, placing it in the middle. The P/B of 0.91x is similar to Hanon Systems at 0.89x and above Wia at 0.45x. That said, ROE of 7.44% is more than double Wia's 2.74% and Mando's 3.69%, and Hanon Systems is loss-making, so at similar multiples the earning power here is ahead. Second, the premium and discount factors. A structure that reliably takes volume from Hyundai Motor and Kia, the high-margin after-sales parts business that produces most of the profit, net cash of ₩1.2543 trillion, and the policy of total shareholder return of 30% or more are all grounds for a premium. On the other side, 74.7% of revenue is tied to two customers and a substantial part of net profit is equity-method income the company cannot directly control, which are discount factors. Third, the limits of the current multiple and the basis for the forward figure. The P/E of 12.25x reflects 2025 results, when equity-method income fell sharply, so it does not capture the improvement underway in the core business this year. Reflecting the confirmed first-half operating profit of ₩1.7778 trillion and the usual second-half seasonality, the forward P/E comes down to 12.21x, and once the August 3 retirement is reflected the share count falls 1.0% and the multiple drops a little further. Because the multiple is falling as earnings rise, today's price does not look stretched. Widen the lens beyond large caps, though, and the story changes. For the Korean auto parts sector as a whole the forward P/E median is 7.09x, the P/E median 6.09x and the P/B median 0.46x, so Hyundai Mobis carries a clear premium to its sector. Much of that premium is explained by ROE of 7.44% against a sector median above 5%, net cash of ₩1.2543 trillion, and the dividends and share retirements repeated each year. This looks like a zone that is neither cheap nor expensive, where earnings quality supports the premium, so the assessment is fairly valued. That assessment assumes equity-method income does not fall much further from here.
Price history Close · MA20 · MA60
The latest close is ₩508,000 and the market capitalization is ₩46.1 trillion. The price sits above its 20-day moving average (₩480,225) and below its 60-day moving average (₩557,875). Short-term and medium-term trends are diverging, so the direction is best read separately. The RSI (a supplementary indicator that gauges the strength of gains versus losses over the past 14 days on a 0-100 scale) is 52.8, a neutral level. The one-month change is +2.6%, the three-month change is +17.5%, and the position relative to the 52-week high is -33.9%. Relative strength versus the KOSPI is 69 (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 69% of all stocks. Over the past three months it outpaced the index by 36.9%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
Relative performance stock vs index · start = 100
Excess return vs index · 3M +36.88% / 6M -8.41% / 12M -14.33%
Key metrics Computed vs sector median
Valuation
The P/E of 12.61x is above the sector median (6.24x). The P/B of 0.91x is above the sector median (0.46x).
Enterprise value (EV)
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.
DCF (discounted cash flow) estimate — discount rate 9.8%, initial growth 3.3%→terminal 2.0%, 10-yr forecast, free-cash-flow basis, forward earnings power normalized 1.033x. A reference range that shifts materially with assumptions.
Profitability & financials
Return on equity (ROE) is 6.9%, above the sector average (5.0%). The operating margin is 5.5%. The debt ratio is 46.0%, so the financial structure is stable.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $41.6B | $40.2B | $42.9B | +6.78% ↑ faster |
| Operating profit | $1.6B | $2.2B | $2.4B | +9.24% ↓ slower |
| Net profit | $2.4B | $2.8B | $2.6B | -9.86% ↓ slower |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $29.3B | $36.5B | $41.6B | $40.2B | $42.9B |
| Operating profit | $1.4B | $1.4B | $1.6B | $2.2B | $2.4B |
| Net profit | $1.7B | $1.7B | $2.4B | $2.8B | $2.6B |
| Revenue CAGR | 4-yr avg 10.03% | ||||
Revenue rose 6.8% year over year (2023 ₩59.3 trillion → 2024 ₩57.2 trillion → 2025 ₩61.1 trillion), and the three-year trend is 'mixed'. The pace of growth also quickened from the prior year. Operating profit rose 9.2% year over year. The pace of that profit growth is gradually easing. Over the 5 years on record, revenue compound annual growth (CAGR) is 10.0%. The two-year revenue CAGR is 1.6%. In the most recent quarter (Q1 2026), revenue was 5.5% higher than the same period a year earlier.
Latest quarterly results Source Q1 2026 · vs year-ago
Technical indicators Computed
What stands out
- The balance sheet is stable in terms of debt and liquidity.
Points to watch
- The price is high versus peers, so expectations already appear priced in.
Recent news & events searched · sourced
- 2026-07-24EarningsFair disclosure of preliminary consolidated results for Q2 2026 — revenue ₩16.3247 trillion (+2.4% year on year), operating profit ₩975.2 billion (+12.1%), controlling-interest net profit ₩1.0586 trillion (+13.5%)The operating margin rose from 5.46% a year earlier to 5.97%, confirming better profitability in the core business. At the same time, cumulative first-half pre-tax profit fell 6.0% to ₩2.6468 trillion, showing that non-operating items such as equity-method income are under pressure. Source
- 2026-07-24DividendQuarterly cash dividend declared — ₩1,500 per share, ₩132.4 billion in total, record date 2026-08-10, payment date 2026-08-31The quarterly dividend was held at the same level as 2025. The total was calculated on the share count excluding the 911,998 shares due for retirement in August and the treasury shares held. Source
- 2026-07-21FilingCorrection to the completion of the treasury share acquisition and the retirement decision — ₩499,999,910,000 (911,998 shares) acquired on the open market between April 27 and July 21, with the full amount to be retired on 2026-08-03Once the retirement is complete the share count falls from 90,732,583 to 89,820,585, about 1.0% lower. With fewer shares outstanding, the same profit translates into a larger amount per share. Source
- 2026-04-24FilingMaterial fact report (treasury share acquisition decision) — ₩500 billion in size, with the entire amount to be retiredThis put into practice the medium- to long-term shareholder return plan disclosed in November 2024 and the shareholder value policy of January 2026. Throughout the acquisition period the company absorbed its own shares, acting as a supply-and-demand factor in the market. Source
- 2026-01-28FilingFair disclosure of the shareholder value policy — 2025 cash dividends of ₩579.8 billion in total (+7.4% year on year), retirement completed for 1.56 million treasury shares (₩414.5 billion) and 700,000 previously held shares (₩207.2 billion), with 2026 to be run flexibly within a total shareholder return of 30% or moreThe company spelled out that it will manage the combined size of dividends and retirements on an annual basis. The final 2026 figure will be fixed in early 2027 once the year is closed. Source
- 2025-08-27IRFair disclosure of future business and management plans (2025 CEO Investor Day) — 8% average annual revenue growth over 2024-2027, a 5-6% operating margin in 2027, and total shareholder return of 30% or more over 2025-2027This is the medium-term financial path the company set out itself. The cumulative first-half 2026 operating margin of 5.6% is consistent with moving into that range. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| Precise recalculation of the P/E ratio (the primary metric for the auto parts space) | 12.25x | 12.3x | Confirmed | link |
| First-half 2026 operating profit | base 1 ₩802.6 billion | 1 ₩777.8 billion | Confirmed | link |
| Debt ratio | 143.2% | 43.1% | Mismatch | link |
| Shares outstanding | 90,732,583 | 89,820,585 (2026-08-03) | Confirmed | link |
| 2025 dividend per share | ₩6,500 | ₩6,500 | Confirmed | link |
| 2026 forward P/E | 10.7x (self-estimate) | — | Unverified | link |
Recent filings Source
- 2026-06-01Corporate governance report
- 2026-05-29Large-business-group status disclosure
- 2026-05-27Disclosure
- 2026-05-22Disclosure
- 2026-05-21Amended filing
- 2026-05-21Disclosure
- 2026-05-18Disclosure
- 2026-05-15PeriodicQuarterly report
- 2026-05-11Disclosure
- 2026-04-24Disclosure
- 2026-04-24Disclosure
- 2026-04-24Disclosure
📖 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.