Hyundai Mobis supplies automakers with car "modules" — assemblies that bundle systems such as steering and braking into a single unit — along with core electrification and electronic parts, and it sells genuine aftermarket service parts for the Hyundai and Kia vehicles on the road worldwide. In 2025 both revenue (₩61.1 trillion) and operating profit (₩3.36 trillion) hit record highs, yet net profit actually fell 9.9% to ₩3.66 trillion, as tariff pressure cut the earnings of Hyundai and Kia, in which it holds stakes. What stands out lately is that high-margin service parts keep generating steady cash, and a net-cash balance, a low valuation, and share cancellations make the downside firm — while a large part of results hinges on equity-method earnings from affiliates, so net profit is squeezed whenever Hyundai and Kia are shaken by tariffs.
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 7.4% (controlling-interest basis). It is above the sector average.
- Operating margin is 5.5%.
- The forward P/E sits above the sector median, reflecting elevated expectations.
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
- Hyundai Mobis earns money along two main lines.
- The first is the manufacturing business that supplies finished-vehicle makers.
- It supplies "modules" — several parts such as the cockpit and chassis bundled into a single assembly — along with core electrification and electronic (electric-device) parts to Hyundai, Kia, and others.
- In 2025 the manufacturing segment alone brought in ₩47.8 trillion, about 80% of company revenue.
- The second is the aftermarket (AS) parts business.
- It sells genuine parts used to service vehicles already on the road worldwide; smaller in scale than manufacturing but with far higher margins, it serves as the backbone of company profit.
- In 2025 AS revenue grew by double digits, rising evenly across Europe, the Americas, and other regions.
- The latest close is ₩465,000 and market capitalization is ₩42.2 trillion.
- The price sits below both its 20-day line (₩539,300) and its 60-day line (₩544,975).
- Trading below both the short- and medium-term moving averages, the trend is on the depressed side.
- The RSI (a supplementary gauge that scores the strength of gains versus losses over the past 14 days on a 0-100 scale) is 35.5, a neutral level.
- The one-month change is -18.4%, the three-month change is +19.2%, and the position versus the 52-week high is -39.5%.
- Relative strength versus the KOSPI is 52 (1-99, converting the past year's return versus the index with recent periods weighted more heavily; higher means stronger than the market).
- That places it in roughly the top 48% of all stocks by strength.
- Over the past three months it lagged the index by 8.0%.
- Chart readings are best viewed alongside trading volume and disclosure dates.
- Financial strength is solid.
- It runs a net-cash balance: net debt (total borrowings minus cash) is -₩1.25 trillion, meaning it holds more cash than debt.
- The interest coverage ratio (how many times over operating profit can cover interest) is 9.5x, so interest burden is light.
- The debt-to-equity ratio appears to be 143%, but this largely reflects operating liabilities such as trade payables that arise from supplying parts to automakers, so it differs in nature from actual borrowing risk.
- Profitability is ordinary.
- ROE (how much is earned on equity in a year) is 7.4% and the operating margin is 5.5%.
- The valuation is on the low side.
- The P/E ratio (how many times one year's earnings the price is) is 11.54x, and P/B (how many times net assets the price is) is 0.86x — it trades below its book net assets.
- Metrics that reflect debt also signal undervaluation.
- EV/EBIT (a debt-adjusted equivalent of P/E) is 12.9x and EV/EBITDA is 9.6x.
- In particular, the free-cash-flow yield (actual cash earned relative to market cap) is 6.6%, showing the cash-generation appeal is greater than P/E and P/B alone suggest.
- The top line grows steadily.
- Revenue has risen at a 10.0% average annual rate over five years, reaching a record ₩61.1 trillion in 2025.
- Operating profit also set a new high of ₩3.36 trillion in 2025 (+9.2%), supported by the ramp-up of the North American electrification plant and the expansion of high-value electronic parts.
- Net profit, however, is a different story.
- In 2025 it fell 9.9% to ₩3.66 trillion.
- This decline was not caused by weakness in the core business but largely by a drop in equity-method earnings booked from the Hyundai and Kia stakes due to tariff pressure.
- First-quarter 2026 followed the same pattern.
- Operating profit rose 3.3% to ₩802.6 billion, but net profit fell 14.4% to ₩883.1 billion.
- In other words, the business the company runs directly keeps posting record results, while the finished-vehicle profit from its stakes drags net profit down.
- We expect this year's net profit to stay around the low-to-mid ₩3 trillion range, similar to last year, as tariff pressure at affiliates persists.
- As a result, the earnings-based valuation multiple remains parked at a low level.
- Disclosures can be read along two axes: shareholder returns and investment.
- First, the company decided to cancel treasury shares (April 24).
- This retires shares it already bought back, enlarging the shareholders' portion.
- The company said it will run quarterly dividends and share cancellations together, targeting a total shareholder return of 30% or more this year.
- In 2025 it paid ₩6,500 per share.
- Second, it made a series of decisions to invest in and acquire stakes in other companies, and acquired securities from related parties (April-May) — investment and stake-tidying aimed at business competitiveness.
- Third, in May it filed its quarterly report and held several IR sessions to explain results and strategy directly.
- In June it disclosed its corporate governance report.
- Hyundai Mobis is a "cheap and sturdy but with earnings variables sitting outside" kind of stock.
- The strong conditions are clear.
- Its core module and electronic-parts manufacturing and its AS parts are all posting record results.
- High-margin AS parts steadily generate cash.
- A net-cash balance, a 6.6% free-cash-flow yield, and a 0.90x P/B make the downside value firm.
- Shareholder returns are also being strengthened through share cancellations and dividends.
- The cautions are just as distinct.
- A large part of net profit comes from equity-method earnings at Hyundai and Kia.
- So even if the core business is good, net profit is squeezed whenever the finished-vehicle makers are shaken by U.S. tariffs.
- The recent pattern — operating profit rising while net profit falls — shows exactly this.
- In sum, the undervaluation appeal stands out if finished-vehicle tariff pressure eases and electrification volumes grow, but the net-profit recovery could be delayed if tariffs and weaker finished-vehicle earnings drag on.
🔎 Valuation vs peers Fairly valued
A valuation comparison within Hyundai Motor Group's finished-vehicle and auto-parts affiliates.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Kia | 7.48x | 0.92x | 12.36% |
| Hyundai Motor | 9.66x | 0.79x | 8.18% |
| Hyundai Wia | 16.31x | 0.45x | 2.74% |
| HL Mando | 22.70x | 0.84x | 3.69% |
Hyundai Mobis at a P/E of 12.1x and P/B of 0.90x is lower than pure parts makers Hyundai Wia (16.6x) and HL Mando (22.9x), and somewhat higher than finished-vehicle makers Kia (8.1x) and Hyundai Motor (10.0x). That said, last year's trailing P/E is based on a net profit that fell 9.9% on lower equity-method earnings from affiliates, so it understates the strength of the core business. Operating profit set a record high, and the net-cash balance, 6.6% free-cash-flow yield, and 0.90x P/B all point toward undervaluation. On the other hand, the net-profit recovery hinges on how Hyundai and Kia handle tariffs, making it hard to call it flatly undervalued. Asset value and cash generation are attractive, but the earnings variable is highly external, so on balance we view it as fairly valued.
Price history Close · MA20 · MA60
The latest close is ₩465,000 and the market capitalization is ₩42.2 trillion. The price sits below its 20-day moving average (₩539,300) and below its 60-day moving average (₩544,975). 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 35.5, a neutral level. The one-month change is -18.4%, the three-month change is +19.2%, and the position relative to the 52-week high is -39.5%. Relative strength versus the KOSPI is 52 (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 52% of all stocks. Over the past three months it lagged the index by 8.0%. 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 -7.99% / 6M -21.15% / 12M -33.65%
Key metrics vs sector median
Valuation
The P/E of 11.54x is above the sector median (7.76x). The P/B of 0.86x is above the sector median (0.56x).
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)
DCF (discounted cash flow) estimate — discount rate 9.8%, initial growth 2.0%→terminal 2.0%, 10-yr forecast, free-cash-flow basis, forward earnings power normalized 0.933x. A reference range that shifts materially with assumptions.
Profitability & financials
Return on equity (ROE) is 7.4%, in line with the sector average (7.0%). The operating margin is 5.5%. The debt ratio is 143.2%, so the financial structure is moderate.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $39.3B | $37.9B | $40.5B | +6.78% ↑ faster |
| Operating profit | $1.5B | $2.0B | $2.2B | +9.24% ↓ slower |
| Net profit | $2.3B | $2.7B | $2.4B | -9.86% ↓ slower |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $27.6B | $34.4B | $39.3B | $37.9B | $40.5B |
| Operating profit | $1.4B | $1.3B | $1.5B | $2.0B | $2.2B |
| Net profit | $1.6B | $1.6B | $2.3B | $2.7B | $2.4B |
| 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 Q1 2026 · vs year-ago
Technical indicators
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
- 2026-04-24UpdateDecided to cancel treasury shares. Retiring held treasury stock to enlarge the shareholders' portion (per-share value).Strengthens shareholder returns. A lower share count is favorable for per-share value. Source
- 2026-04-24FilingDecided to acquire shares and equity securities of another company (voluntary disclosure). A stake investment aimed at strengthening business competitiveness.A medium-term investment in the business portfolio. Scale and target were supplemented by a correcting disclosure. Source
- 2026-05-15EarningsFiled the first-quarter 2026 quarterly report. Revenue ₩15.56 trillion (+5.5%), operating profit ₩802.6 billion (+3.3%), net profit ₩883.1 billion (-14.4%).The core business (operating profit) grew, while net profit fell on lower equity-method earnings from affiliates. Confirms the split in results. Source
- 2026-05-21FilingAcquired other securities from a related party. A transaction to tidy up stakes and assets within the group.Limited short-term impact. Part of the flow of governance and stake tidying. Source
- 2026-06-01FilingDisclosed the corporate governance report. A periodic public update on board and shareholder-return governance matters.A periodic disclosure on governance transparency. Linked to value-up policy. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| 2025 revenue and operating profit | revenue ₩61.12 trillion / operating profit ₩3.36 trillion | revenue 61₩118.1 billion / operating profit 3₩357.5 billion | Confirmed | link |
| First-quarter 2026 results | revenue ₩15.56 trillion / operating profit ₩0.80 trillion / net profit ₩0.88 trillion | (2026.03) | Confirmed | link |
| Dividend per share (2025) | DPS ₩6,500 / 1.33% | 2025 · ₩6,500 | Confirmed | link |
| 2026 net profit outlook | approx. ₩3.4 trillion(self-estimate) | — | Unverified | link |
Recent filings
- 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.