Hyundai AutoEver (307950) 🔎 In-depth
KOSPI · Price as of 2026-08-06 · Updated 2026-08-09
Hyundai AutoEver is the Hyundai Motor Group's IT services company, earning money across three pillars: building the IT systems of group affiliates (SI), operating them (ITO), and making automotive software (navigation and in-vehicle embedded platforms). 2025 revenue was ₩4,252.1 billion, a record and up 14.5% from the prior year, and Q1 2026 revenue of ₩935.7 billion was also a record for a first quarter, though operating profit fell 20.7% to ₩21.2 billion. What stands out lately is that steady growth backed by group volume and a clear growth axis in the software-defined-vehicle (SDV) transition coexist with a short-term margin held down by front-loaded R&D and some slipped revenue recognition, and with a share price that already reflects much of the growth expectation.
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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 “Software” (Internet, Platforms & Software), a type typically read first through forward P/E.
Software scales cheaply — once a product is built, serving another customer costs little, so profit can grow quickly as revenue climbs. Early on, though, spending on development and marketing runs ahead of earnings, which makes the forward P/E — based on expected earnings — the better starting point.
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 14.5% year over year, and the pace is slowing (3-year trend: rising).
- Most recent quarter (Q1 2026) revenue was 12.3% higher than a year earlier.
- ROE is 10.0% (controlling-interest basis). It is above the sector average.
- Operating margin is 5.7%.
- 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 Hyundai Motor 31.59% (individual)
Controlling bloc incl. related parties 75.29%
With the controlling bloc holding 75%, control is very secure but the free float is thin.
🔎 In-depth analysis Reading
Hyundai AutoEver is the Hyundai Motor Group's dedicated IT company. Revenue comes along three broad lines. First, SI (system integration) is the business of newly building large-scale IT systems for group and external companies. Second, ITO (IT outsourcing) is the business of operating and maintaining already-built systems on the client's behalf for recurring annual fees; it accounts for about 40% of revenue and is stable. Third, vehicle software is the business of supplying navigation software and in-vehicle embedded platforms for automobiles. A large part of its customers are group affiliates such as Hyundai Motor and Kia, so a distinctive feature is steady volume.
The latest close is ₩417,000 and the market capitalization is ₩11.4 trillion. The price sits above its 20-day moving average (₩393,475) and below its 60-day moving average (₩564,133). 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 47.6, a neutral level. The one-month change is -13.4%, the three-month change is -5.4%, and the position relative to the 52-week high is -55.5%. Relative strength versus the KOSPI is 71 (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 71% of all stocks. Over the past three months it outpaced the index by 8.9%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
The valuation metrics are on the high side in absolute terms. The P/E ratio (how many times one year's profit the share price is) is 62.67x and the P/B (how many times book equity) is 6.28x — a level reflecting the premium attached to a growth stock. Profitability is solid. The ROE (how much is earned in a year on equity) is 9.9%, above the sector average. The operating margin is 6.0%. The balance sheet is stable. The debt-to-equity ratio is a not-heavy 93.7%, and the interest-coverage ratio is 21x, so interest burden is small. Net debt is negative — that is, a net-cash position with about ₩102.1 billion more cash than debt. That said, metrics including debt look pricier: EV/EBIT (enterprise value divided by operating profit, a debt-inclusive P/E equivalent) is 54x and EV/EBITDA (enterprise value versus operating cash-generating power) is 32x. The FCF yield (cash actually earned versus market cap) is a not-high 1.3%.
The growth trajectory is clear. Revenue rose from ₩2.0 trillion in 2021 to ₩4,252.1 billion in 2025, growth of about 20% a year over five years. Net profit also grew over the same period from ₩69.8 billion to ₩182.5 billion. For 2025 alone, revenue was +14.5%, operating profit +13.8% and net profit +6.9% — still growing. Q1 2026, however, had a different tone. Revenue rose +12.3% to ₩935.7 billion, a record for a first quarter, but operating profit was -20.7% at ₩21.2 billion. The reason profit fell is closer to a timing issue than a structural weakness. In SI, about ₩20 billion of build and operating revenue slipped into the second quarter, and front-loaded R&D costs for the software-defined-vehicle (SDV) transition were recognized ahead. Q1 is also the company's seasonally slow quarter. The slipped revenue has not disappeared but is recognized in later quarters, so there is room for profit to recover as the year moves toward the second half. This year's profit is estimated to be similar to or slightly above last year's, as revenue growth and recognition of the deferred portion offset the first-half burden. In that case, the current share price still corresponds to a high multiple even on this year's expected earnings.
The flow confirmed by disclosures is as follows. In January 2026 the company decided on a year-end cash dividend of ₩1,900 per share. That is 6.7% higher than the prior year's ₩1,780, for a total of about ₩52.1 billion. In April it filed the business report with the confirmed 2025 annual results, and in May the Q1 2026 quarterly report. A late-April preliminary-results disclosure confirmed record Q1 revenue and a decline in operating profit. It held investor briefings (IR) several times over April and May to explain results and strategy. In June it disclosed a corporate-governance report. No separate large order or acquisition disclosures stood out during this period; growth comes structurally from group volume and the balanced expansion of the three business units.
In sum, this is a growth-type IT services company with a clear character. There are three strengths. First, revenue has grown steadily backed by group-affiliate volume. Second, the balance sheet is solid, with net cash and low debt. Third, it holds the software-defined-vehicle (SDV) transition as a long-term growth axis. The cautions are just as clear. First, with an ROE of about 10% and a 6% operating margin, profitability itself is not especially high, yet the P/E sits around 64.02x, so the premise of continued growth is already heavily embedded in the price. Second, as in Q1, quarterly profit can wobble if revenue-recognition timing slips or front-loaded investment costs rise. In conclusion, it is strong if revenue growth and the SDV transition proceed smoothly and the slipped revenue is recognized in the second half, whereas the high valuation can act as a burden if growth slows or the investment burden becomes protracted.
🔎 Valuation vs peers Fairly valued
Large domestic IT services companies with a similar makeup of group-affiliate IT services, system integration (SI) and automotive software.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Samsung SDS | 23.69x | 1.81x | 6.39% |
| LG CNS | 15.95x | 2.39x | 15.78% |
| POSCO DX | 60.13x | 5.62x | 6.18% |
The P/E of 64x and P/B of 6.3x are far higher than Samsung SDS (P/E about 20x) and LG CNS (about 15x). But whereas revenue growth at those two is around 1%, Hyundai AutoEver's revenue has grown at double digits every year. The difference in growth pace is the basis for the premium. Versus POSCO DX it sits in a similar growth-stock premium band on P/E and P/B. The trailing 64x P/E is high in absolute terms, but the Q1 profit decline is largely temporary — due to revenue deferral and front-loaded investment — so judging on last year's earnings alone may be excessively conservative. Even on this year's expected earnings the multiple stays high at around 60x. Ultimately this valuation stands on the premise that growth continues. With the share price having corrected about 40% over the past month, part of the expectation has already been shaved off. We see it in a 'fair' zone — justified if growth continues, a burden if growth slows.
Price history Close · MA20 · MA60
The latest close is ₩417,000 and the market capitalization is ₩11.4 trillion. The price sits above its 20-day moving average (₩393,475) and below its 60-day moving average (₩564,133). 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 47.6, a neutral level. The one-month change is -13.4%, the three-month change is -5.4%, and the position relative to the 52-week high is -55.5%. Relative strength versus the KOSPI is 71 (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 71% of all stocks. Over the past three months it outpaced the index by 8.9%. 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 +8.90% / 6M -23.77% / 12M +37.90%
Key metrics Computed vs sector median
Valuation
The P/E of 62.67x is above the sector median (12.01x). The P/B of 6.28x is above the sector median (0.81x).
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 10.0%, above the sector average (6.0%). The operating margin is 5.7%. The debt ratio is 87.5%, so the financial structure is stable.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $2.2B | $2.6B | $3.0B | +14.50% ↓ slower |
| Operating profit | $127.4M | $157.7M | $179.4M | +13.75% ↓ slower |
| Net profit | $96.8M | $120.0M | $128.2M | +6.85% ↓ slower |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $1.5B | $1.9B | $2.2B | $2.6B | $3.0B |
| Operating profit | $67.5M | $100.0M | $127.4M | $157.7M | $179.4M |
| Net profit | $49.0M | $80.0M | $96.8M | $120.0M | $128.2M |
| Revenue CAGR | 4-yr avg 19.71% | ||||
Revenue rose 14.5% year over year (2023 ₩3.1 trillion → 2024 ₩3.7 trillion → 2025 ₩4.3 trillion), and the three-year trend is 'rising'. That said, the pace of growth slowed from the prior year. Operating profit rose 13.8% year over year. The pace of that profit growth is gradually easing. Over the 5 years on record, revenue compound annual growth (CAGR) is 19.7%. The two-year revenue CAGR is 17.8%. In the most recent quarter (Q1 2026), revenue was 12.3% higher than the same period a year earlier.
Latest quarterly results Source Q1 2026 · vs year-ago
Technical indicators Computed
What stands out
- Revenue grew 14.5% year over year, a sign of growth.
- 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
- 2026-04-30EarningsQ1 2026 preliminary-results disclosure — revenue ₩935.7 billion (+12.3%), a record for a first quarter, with operating profit ₩21.2 billion (-20.7%).Revenue growth continued, but the short-term margin was held down by SI revenue deferral and front-loaded SDV investment. Whether the slipped revenue is recognized in the second half is the point to watch. Source
- 2026-05-15FilingQ1 2026 quarterly report submitted — revenue makeup of the three business units (SI, ITO, vehicle SW) and financial details confirmed.The unit-by-unit detail of the quarterly results is confirmed and disclosed. A source for checking the recurring-revenue ITO share and the SI and vehicle-SW trends. Source
- 2026-05-18IRNotice of an investor-briefing (IR) — explanation of Q1 results and business strategy.A venue where the company directly explains the background to the profit decline and the second-half direction. The recovery of deferred revenue and progress on the SDV transition are the key topics. Source
- 2026-03-31DividendYear-end dividend record date (2026-03-31) — ₩1,900 per share (+6.7% vs. the prior year's ₩1,780), total of about ₩52.1 billion.Continues the shareholder-return stance by modestly raising the dividend. But with a dividend yield in the 0.4% range, the investment appeal lies in growth rather than the dividend. Source
- 2026-06-01FilingCorporate-governance report disclosed — governance status such as the board and shareholder returns made public.A routine disclosure on governance transparency. Direct impact on results is limited. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| 2025 year-end dividend (per share) | DPS ₩1900 | ₩1900, approx. ₩52.1 billion | Confirmed | link |
| Q1 2026 revenue and operating profit | revenue ₩935.7 billion(+12.3%), operating profit ₩21.2 billion(-20.7%) | revenue ₩935.7 billion, operating profit ₩21.2 billion(-20.7%) | Confirmed | link |
| 2025 annual revenue | 4₩252.1 billion(+14.5%) | — | Unverified | link |
| 2026 net profit estimate | approx. ₩190.0 billion(self-estimate) | — | Unverified | — |
Recent filings Source
- 2026-06-01Corporate governance report
- 2026-05-29Large-business-group status disclosure
- 2026-05-18Disclosure
- 2026-05-15PeriodicQuarterly report
- 2026-04-30Disclosure
- 2026-04-30EarningsFair-disclosure notice
- 2026-04-20Disclosure
- 2026-04-20EarningsEarnings disclosure
- 2026-03-31OwnershipOwnership-change filing
- 2026-03-27OwnershipLargest-shareholder ownership change report
- 2026-03-26Disclosure
- 2026-03-26Shareholders' 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.