Hyundai Green Food is a food company that runs corporate catering — cooking meals for workplaces, factories and hospitals — together with food-material distribution and the health-and-care food brand 'Greating.' In the first quarter of 2026 revenue rose 8.9% year on year to ₩621.5 billion, operating profit rose 43.9% to ₩46.4 billion and net profit rose 36.8% to ₩36.2 billion, a marked improvement in earnings. What stands out lately is that on top of a stable core catering business, easing cost pressure and a growing care-food line are lifting margins, and the company is expanding shareholder returns through dividends and share cancellation, giving it clear strengths; the point to weigh alongside is that top-line growth itself is gradual, so the pace of earnings improvement could slow from some point on.
At-a-glance assessment financial health · growth · profitability · valuation
- Debt ratio, current ratio and interest burden all look healthy.
- Revenue rose 2.6% year over year, and the pace is slowing (3-year trend: rising).
- Most recent quarter (Q1 2026) revenue was 8.9% higher than a year earlier.
- ROE is 11.9% (controlling-interest basis). It is above the sector average.
- Operating margin is 4.6%.
- The P/E sits below the sector median.
Ownership & governance As of 2025-12-31
Largest shareholder Hyundai GF Holdings 39.3% (corporate)
Controlling bloc incl. related parties 52.2%
With the controlling bloc holding 52%, control is very secure but the free float is thin.
🔎 In-depth analysis
- Hyundai Green Food is not a store-based retailer but a food company that earns money from meals and food materials.
- Its largest pillar is corporate catering, running the cafeterias of companies, factories, hospitals and training centers under contract.
- Added to this are food-material distribution — buying food materials in bulk and supplying them to cafeterias and restaurant operators — and, through the health-food and care-food (including softened-texture food) brand 'Greating,' a consumer- and patient-oriented food business.
- By the company's disclosed business mix, the food-service segment including catering accounts for about half of revenue, food materials about a quarter, and distribution and other the rest.
- In other words, 'how many people eat how much' and 'how well it buys and sells food materials' drive its results.
- The stock is at ₩17,900, a little above its 20-day and 60-day moving averages (around ₩17,100).
- Judging by the gap with the 120-day line (₩16,400), the medium-term trend is a gentle uptrend.
- It has risen steadily, up 15% over three months and 16% over six months.
- It is 7% below its 52-week high, a level that has recovered close to the high.
- The RSI is 59, a neutral zone that is neither overheated nor oversold.
- Valuation metrics are generally on the low side.
- The P/E (how many times one year's earnings the price represents) is 6.7x and the P/B (how many times book equity the price represents) is 0.8x.
- Profitability is sound: ROE (how much is earned in a year on equity) is 11.9%, generating good profit relative to the capital deployed.
- The balance sheet is stable.
- The debt ratio (debt to equity) is 141%, but with interest coverage of 42x there is no strain in servicing interest, and in fact cash exceeds debt, so net debt (total borrowings less cash) is negative — a net-cash position.
- Reflecting debt, the valuation looks even cheaper: EV/EBIT (enterprise value divided by operating profit, a debt-adjusted P/E equivalent) is just 5.3x.
- The FCF yield (the ratio of cash actually earned to market cap) is 9.0%, a signal that the price is cheap relative to the cash it generates.
- The dividend yield is a high 3.8%.
- Growth can be summed up as 'gradual on revenue, fast on earnings.' Revenue grew from ₩1.8 trillion in 2023 to ₩2.3 trillion in 2025, but the growth rate fell from +24% in 2024 to +2.6% in 2025.
- Earnings, by contrast, are far steeper.
- Operating profit jumped from ₩64.8 billion in 2023 to ₩106.8 billion in 2025, and net profit from ₩39.3 billion to ₩87.2 billion over two years.
- With costs settling and margins rising, earnings improved faster than revenue.
- This trend continued into the first quarter of 2026: revenue was +8.9% while operating profit was +43.9% and net profit +36.8%, the pace of earnings growth far outrunning revenue.
- Projecting this earnings-improvement trajectory across the rest of the year, 2026 net profit could grow about 20% from last year to the mid-₩100 billion range.
- In that case the P/E on this year's earnings falls to the low 5x range, below the 6.7x on last year's earnings.
- That said, because top-line growth itself is gradual, once the cost-stabilization effect works through a full cycle, the pace of earnings improvement could gradually slow.
- The core of recent disclosures is shareholder returns.
- In May 2026 the company disclosed the progress of its 'corporate value-up plan,' setting targets of 11% ROE and a 40% total shareholder return in 2027 and a P/B of 1x in 2028, and stated it would buy back and cancel about 3.59 million treasury shares by 2028.
- Actual 2025 ROE was 12.5%, exceeding the target, and it paid ₩22.0 billion in dividends combining year-end and interim payouts, meeting the requirements for separate dividend-income taxation.
- On the same day it disclosed preliminary first-quarter results of ₩36.2 billion in net profit (+36.8% year on year), and decided to additionally buy back and cancel about ₩5.2 billion of treasury stock (roughly 320,000-plus shares).
- Consistently, it is enlarging the share returned to shareholders by expanding both dividends and share cancellation.
- The strengths are clear.
- On top of a catering core that is less cyclical, margins are rising, and with a net-cash position and a 9% FCF yield, cash generation is strong.
- Added to this are shareholder returns — a 3.8% dividend and share cancellation — backed by the company's formalized plan.
- The valuation sits low on any measure, whether P/E, P/B or EV/EBIT, and gets cheaper still on this year's earnings.
- On the other side, the caution is the limit to revenue growth.
- Catering and food materials are not explosively growing markets, so the recent surge in earnings leans heavily on cost stabilization and margin recovery.
- Once that effect is spent, the earnings growth rate could turn gradual.
- In short, in a phase where costs and margins hold stable and care food grows, the strengths of low valuation and a high dividend come to the fore; conversely, if catering volume stagnates or food-material costs rise again, the room for earnings improvement narrows.
🔎 Valuation vs peers Undervalued
Because the core business is catering, food materials and food manufacturing rather than store retail, it is appropriate to compare with the same food and catering companies.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| CJ Freshway | 5.27x | 0.58x | 11.00% |
| Shinsegae Food | 1.96x | 0.42x | 21.60% |
| Pulmuone | 19.11x | 1.11x | 5.80% |
Compared with CJ Freshway (P/E 5.3x, P/B 0.6x, ROE 11%), which does the same catering and food-material business, Hyundai Green Food (P/E 6.7x, P/B 0.8x, ROE 11.9%) sits at a spot where profitability is similar or better while valuation is not much different. It is clearly cheaper than Pulmuone (P/E 19x, P/B 1.1x), which is centered on food manufacturing. The P/E of 6.7x on last year's earnings is already low, but with first-quarter earnings growing far faster than revenue, on this year's earnings it falls to the low 5x range. Factoring in net cash, a high dividend and share cancellation, it is judged to be at a low valuation on any yardstick — earnings, assets or cash. That said, top-line growth itself is gradual, so whether the earnings improvement continues is the key to a re-valuation.
Price history Close · MA20 · MA60
The latest close is ₩17,900 and the market capitalization is ₩581.2 billion. The price sits above its 20-day moving average (₩17,096) and above its 60-day moving average (₩17,128). It holds above both its short- and medium-term moving averages, so the trend looks healthy. The RSI (a supplementary indicator that gauges the strength of gains versus losses over the past 14 days on a 0-100 scale) is 58.8, a neutral level. The one-month change is +4.0%, the three-month change is +15.3%, and the position relative to the 52-week high is -7.2%. Relative strength versus the KOSPI is 39 (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 39% of all stocks. Over the past three months it lagged the index by 8.5%. 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 -8.47% / 6M -27.11% / 12M -56.51%
Key metrics vs sector median
Valuation
The P/E of 6.67x is below the sector median (16.77x). The P/B of 0.80x 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 8.6%, initial growth 10.0%→terminal 2.0%, 10-yr forecast, free-cash-flow basis, forward earnings power normalized 1.235x. A reference range that shifts materially with assumptions.
Profitability & financials
Return on equity (ROE) is 11.9%, above the sector average (3.0%). The operating margin is 4.6%. The debt ratio is 141.1%, so the financial structure is moderate.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $1.2B | $1.5B | $1.5B | +2.61% ↓ slower |
| Operating profit | $43.0M | $64.1M | $70.8M | +10.47% ↓ slower |
| Net profit | $26.0M | $49.1M | $57.8M | +17.74% ↓ slower |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | — | — | $1.2B | $1.5B | $1.5B |
| Operating profit | — | — | $43.0M | $64.1M | $70.8M |
| Net profit | — | — | $26.0M | $49.1M | $57.8M |
| Revenue CAGR | 2-yr avg 12.92% | ||||
Revenue rose 2.6% year over year (2023 ₩1.8 trillion → 2024 ₩2.3 trillion → 2025 ₩2.3 trillion), and the three-year trend is 'rising'. That said, the pace of growth slowed from the prior year. Operating profit rose 10.5% year over year. The pace of that profit growth is gradually easing. Over the 3 years on record, revenue compound annual growth (CAGR) is 12.9%. The two-year revenue CAGR is 12.9%. In the most recent quarter (Q1 2026), revenue was 8.9% higher than the same period a year earlier.
Latest quarterly results Q1 2026 · vs year-ago
Technical indicators
What stands out
- P/E and P/B are both low versus peers, so the price looks inexpensive relative to earnings and assets.
- The dividend yield, at 3.8%, is on the high side.
- ROE of 11.9% points to solid profitability.
- The balance sheet is stable in terms of debt and liquidity.
Points to watch
- Revenue rose 2.6% year over year, and the pace is slowing (3-year trend: rising).
Recent news & events searched · sourced
- 2026-05-06IRDisclosure of the 2025 progress of the corporate value-up plan. Targets of 11% ROE and a 40% total shareholder return in 2027 and a P/B of 1x in 2028, reaffirming a plan to buy back and cancel about 3.59 million treasury shares by 2028. 2025 ROE was 12.5%, exceeding the target, with ₩22.0 billion in dividends paid.As mid-term earnings and shareholder-return targets stated directly by the company, it forms the basis for the direction of earnings and the return policy. Share cancellation is favorable to per-share value. Source
- 2026-05-06EarningsFirst-quarter 2026 consolidated preliminary results: revenue ₩621.5 billion (+8.9%), operating profit ₩46.4 billion (+43.9%), net profit ₩36.2 billion (+36.8%). A swing to profit from an operating loss (-₩0.8 billion) in the prior quarter.Earnings ran well ahead of revenue, confirming margin recovery. A starting point for this year's earnings improvement. Source
- 2026-05-06UpdateTreasury stock acquisition decision: 321,100 common shares, about ₩5.25 billion (reference acquisition price ₩16,350), acquisition period 2026-05-07 to 08-06. The purpose is to enhance shareholder value through acquisition and cancellation.A direct return that raises per-share earnings and assets by reducing the share count. Partial execution of the mid-term cancellation plan. Source
- 2026-04-01DividendAmended disclosure of a cash and in-kind dividend decision. Part of a policy of introducing an interim dividend from fiscal 2025 and paying at least ₩20.0 billion in annual cash dividends (at least ₩10.0 billion each for year-end and interim).Increases the stability and predictability of dividends by raising the number of dividend payments to twice a year. Source
Figure cross-check computed ↔ external
Recent filings
- 2026-06-08Disclosure
- 2026-05-29Corporate governance report
- 2026-05-29Large-business-group status disclosure
- 2026-05-15PeriodicQuarterly report
- 2026-05-06TreasuryMaterial-fact report
- 2026-05-06Disclosure
- 2026-05-06EarningsFair-disclosure notice
- 2026-04-30EarningsEarnings disclosure
- 2026-04-30TreasuryTreasury-stock acquisition decision (amended)
- 2026-04-30TreasuryTreasury-stock acquisition decision
- 2026-04-01DividendCash/stock dividend decision (amended)
- 2026-03-24Amended filing
📖 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.