Iljin Hysolus makes 'Type 4' hydrogen storage vessels wrapped in carbon fiber and sells them as fuel tanks for hydrogen vehicles and as 450-bar hydrogen tube trailers, with an emissions-reduction environmental parts business also attached, so its results are directly linked to the pace of hydrogen-vehicle adoption and infrastructure investment. A revised single supply contract on March 30 to deliver a 450-bar hydrogen tube trailer for ₩9.1 billion (11.6% of last year's revenue) showed that real demand is being booked as revenue; first-quarter revenue rose sharply, and with light debt and abundant liquidity the company has room to weather a loss-making phase. What stands out recently is that in a phase where hydrogen demand widens and supply contracts pile up to lift utilization and margins, a P/B of 1.09x is not heavy; on the other hand, annual operating results are still in the red, and results are heavily swayed by external variables such as the pace of hydrogen-vehicle and refueling-infrastructure adoption.
At-a-glance assessment financial health · growth · profitability · valuation
- The most recent full-year net result was a loss.
- Revenue rose 2.9% year over year, and the pace is quickening (3-year trend: rising).
- Most recent quarter (Q1 2026) revenue was 148.7% higher than a year earlier.
- ROE is -0.6% (controlling-interest basis). It is below the sector average.
- Operating margin is -13.7%.
- P/E is hard to compute here, so this is read on P/B.
Ownership & governance As of 2025-12-31
Largest shareholder Iljin Diamond 59.56% (corporate)
Controlling bloc incl. related parties 70%
With the controlling bloc holding 70%, control is very secure but the free float is thin.
🔎 In-depth analysis
- Iljin Hysolus makes its money by producing equipment that stores and transports hydrogen safely.
- Its mainstay is the 'Type 4' hydrogen storage vessel wrapped in carbon fiber, split between high-pressure fuel tanks that go into hydrogen vehicles (fuel-cell vehicles) and 450-bar tube trailers that carry hydrogen by road.
- In other words, the main branch of its revenue is hydrogen-mobility and infrastructure components, alongside which sits an environmental (emissions-reduction) parts business that reduces exhaust from diesel vehicles.
- Its results therefore move in direct connection with the pace of hydrogen-vehicle adoption and investment in hydrogen refueling and transport infrastructure.
- The latest close is ₩10,360 and the market cap is ₩376.2 billion.
- The price sits below the 20-day line (₩10,952) and below the 60-day line (₩14,226).
- Trading beneath both its short- and mid-term moving averages, the trend is on the subdued side.
- The RSI (a supplementary gauge that measures the balance of upward and downward force over the past 14 days on a 0-100 scale) is 40.5, a neutral level.
- The one-month change is -20.2%, the three-month change is -34.5%, and the position versus the 52-week high is -49.8%.
- Relative strength versus the KOSPI is 6 (on a 1-99 scale, converted from returns against the index over the past year with recent performance weighted more heavily; higher means stronger than the market).
- That places it in roughly the top 95% by strength among all stocks.
- Over the past three months it lagged the index by 47.4%.
- Chart reading is best done alongside trading volume and the dates on which disclosures occurred.
- Because last year's (FY2025) confirmed results carried a net loss, the P/E ratio (how many times one year's earnings the share price represents) is not calculable, and the P/B (how many times net assets the share price represents) is 1.19x.
- This P/B is not heavy relative to asset value, and set against the point that comparable hydrogen peers command far higher P/Bs, it is rather less burdensome.
- The financial footing is also solid.
- The debt-to-equity ratio (debt relative to equity) is 110.4%, not excessive, and the current ratio (assets readily usable against debt due within a year) reaches 1,108%, so the short-term funding position is very comfortable.
- ROE (how much is earned in a year on shareholders' equity) is -0.6% and the operating margin is -13.7%, so the core business is still at a loss-making stage, but with little debt and ample cash it has the strength to endure the loss phase and wait for recovery.
- Because last year's confirmed metrics fall in a loss-making stretch, they have limits as a yardstick for gauging the company's present value, and in a phase where earnings turn around, the forward-looking flow matters more.
- Revenue fell sharply from ₩117.7 billion in 2021 to ₩109.1 billion in 2022 and ₩78.7 billion in 2023, then recovered for two straight years to ₩79.3 billion in 2024 and ₩81.6 billion in 2025 (+2.9% year on year).
- The pace of recovery is also gradually quickening.
- Above all, first-quarter 2026 revenue was ₩27.1 billion, a sharp +148.7% versus the same period a year earlier, the result of hydrogen-transport-equipment supply contracts being booked as actual revenue as order volumes began to be recognized in earnest.
- It means that in a phase where hydrogen-vehicle adoption and investment in refueling and transport infrastructure are rising, demand for the company's core products, high-pressure hydrogen storage vessels and tube trailers, is reviving together.
- Over the same span, operating results swung from a ₩9.8 billion profit in 2021 to a ₩11.2 billion loss in 2025, but the first-quarter 2026 operating loss narrowed to ₩2.0 billion, showing an early sign that the revenue recovery is feeding through to improving results.
- The crux is whether this revenue recovery, together with rising utilization, connects to a swing back into profit.
- The heart of the recent disclosures is the March 30, 2026 revised single sale and supply contract, covering delivery of a 450-bar hydrogen tube trailer for ₩9.1 billion (11.6% of last year's revenue).
- The counterparty's name was withheld for reasons of business confidentiality, and the contract term was revised to run from November 29, 2024 to March 30, 2026.
- This is a signal that real demand on the hydrogen-transport-equipment side is being booked as actual revenue.
- Separately, confirmed results were disclosed via the May 15, 2026 quarterly report and the March 11, 2026 business report, and at the March 19, 2026 annual general meeting a change of representative director and appointment of an outside director were decided together.
- The strengths are clear.
- The company has a distinct business area in hydrogen storage and transport equipment; supply contracts are actually being signed and first-quarter revenue rose sharply; and with light debt and abundant liquidity it has the financial strength to weather the loss phase.
- A P/B of 1.09x is not heavy relative to asset value, and even against comparable hydrogen peers, less growth expectation is priced in.
- The cautions are that annual operating results are still in the red, whether the revenue recovery leads to profit remains to be seen, and results are heavily swayed by external variables such as the pace of hydrogen-vehicle and refueling-infrastructure adoption.
- In sum, in a phase where hydrogen demand widens and supply contracts steadily accumulate to lift utilization and margins it is strong, while in a phase where hydrogen adoption is slow and losses drag on it is a weak structure.
🔎 Valuation vs peers Fairly valued
Because the base sector (shipbuilding and transport equipment) diverges from the business substance, we compared it against names in the hydrogen and eco-friendly mobility value chain for which data can be confirmed; on-site figures were verified with tools/peers.py.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Iljin Hysolus | — | 1.19x | -0.63% |
| Doosan Fuel Cell | — | 7.64x | -36.14% |
| CS Wind | 47.64x | 1.43x | 3.01% |
| PI Advanced Materials | 17.17x | 1.47x | 8.56% |
(a) Position versus the true peer group: its P/B is far lower than a hydrogen-theme peer (Doosan Fuel Cell), but this also means the growth premium that peer carries is less attached to Iljin Hysolus. (b) Premium/discount: set against profitable eco-friendly parts names (PI Advanced Materials, CS Wind), the loss-making ROE is a large discount factor. (c) The limit of trailing and the forward basis: because last year's confirmed results were a loss, a P/E is not produced, and forward-looking figures are possible only via a seasonality approximation of DART-confirmed quarters, as there is no official company forecast (unverified). Accordingly, while it is not heavy relative to asset value (P/B), we view it as 'fairly valued' since a profitability recovery has not yet been confirmed.
Earnings outlook company-stated · verified
| Type | Period | Revenue | Operating profit | Net profit |
|---|---|---|---|---|
| Next quarter | Q2 2026 | approx. ₩32.0 billion | — | — |
Price history Close · MA20 · MA60
The latest close is ₩10,360 and the market capitalization is ₩376.2 billion. The price sits below its 20-day moving average (₩10,952) and below its 60-day moving average (₩14,226). 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 40.5, a neutral level. The one-month change is -20.2%, the three-month change is -34.5%, and the position relative to the 52-week high is -49.8%. Relative strength versus the KOSPI is 6 (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 5% of all stocks. Over the past three months it lagged the index by 47.4%. 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 -47.36% / 6M -53.91% / 12M -73.68%
Key metrics vs whole-market median
Valuation
A net loss makes the P/E an unreliable valuation gauge. The P/B of 1.19x is in line with the whole-market median (1.15x).
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.
Profitability & financials
Return on equity (ROE) is -0.6%, below the whole-market average (5.0%). The operating margin is -13.7%. The debt ratio is 110.4%, so the financial structure is moderate.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $52.2M | $52.6M | $54.1M | +2.89% ↑ faster |
| Operating profit | -$6.5M | -$6.3M | -$7.4M | — |
| Net profit | $934,139 | $1.2M | -$1.3M | -210.05% ↓ slower |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $78.0M | $72.3M | $52.2M | $52.6M | $54.1M |
| Operating profit | $6.5M | $1.8M | -$6.5M | -$6.3M | -$7.4M |
| Net profit | $5.9M | $4.7M | $934,139 | $1.2M | -$1.3M |
| Revenue CAGR | 4-yr avg -8.75% | ||||
Revenue rose 2.9% year over year (2023 ₩78.7 billion → 2024 ₩79.3 billion → 2025 ₩81.6 billion), and the three-year trend is 'rising'. The pace of growth also quickened from the prior year. Operating results are in the red, so a swing back to profit matters more than the growth rate here. Over the 5 years on record, revenue compound annual growth (CAGR) is -8.8%. The two-year revenue CAGR is 1.8%. In the most recent quarter (Q1 2026), revenue was 148.7% higher than the same period a year earlier.
Latest quarterly results Q1 2026 · vs year-ago
Technical indicators
What stands out
- —
Points to watch
- The most recent full year was a loss, so it is worth checking whether profitability recovers.
Recent news & events searched · sourced
- 2026-03-30UpdateRevision of a ₩9.1 billion supply contract for a 450-bar hydrogen tube trailer (11.56% of recent revenue). Counterparty undisclosed; contract term November 29, 2024 to March 30, 2026.Short term: grounds that hydrogen-transport-equipment revenue is actually being booked. Medium term: the contract size and timing of recognition can amplify quarterly revenue volatility, so it should be checked together with the flow of additional orders. Source
- 2026-05-15EarningsFirst-quarter 2026 quarterly report. Cumulative revenue of ₩27.1 billion (+148.7% year on year), operating result of -₩2.0 billion.Short term: revenue rose sharply, but the operating line is still in the red. Medium term: whether the revenue recovery feeds through to profit is the crux of the swing back into the black. Source
- 2026-03-11Earnings2025 business report (consolidated). Annual revenue of ₩81.6 billion, operating result of -₩11.2 billion, net result of -₩2.0 billion.Short term: confirmation of the FY2025 loss. Medium term: the size of the loss and the path of the profitability recovery become the starting point for future valuation judgment. Source
- 2026-03-19FilingResults of the annual general meeting. Handling of the agenda for a change of representative director (representative executive officer) and the appointment of an outside director.Short term: the possibility of a strategy shift accompanying the management change. Medium term: how much the new management prioritizes and invests in the hydrogen business should be confirmed in follow-up disclosures. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| Supply contract amount and proportion | ₩9.1 billion / revenue 11.56% | ₩9,100,000,000 / 11.56% | Confirmed | link |
| 2025 annual revenue | ₩81.6 billion | ₩81,586,396,146 | Confirmed | link |
| First-quarter 2026 cumulative revenue | ₩27.1 billion(+148.7%) | ₩27,121,473,076 | Confirmed | link |
| 2026 annual revenue (approximation) | ₩142.8 billion | — | Unverified | link |
Recent filings
- 2026-05-29Corporate governance report
- 2026-05-15PeriodicQuarterly report
- 2026-03-30Single supply/sales contract (amended)
- 2026-03-19Disclosure
- 2026-03-19Disclosure
- 2026-03-19Shareholders' meeting notice
- 2026-03-11PeriodicAnnual business report
- 2026-03-11Audit report
- 2026-03-04Disclosure
- 2026-03-04Shareholders' meeting notice
- 2026-03-04Shareholders' meeting notice
📖 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.