064350KOSPI

Hyundai Rotem

105,200

-2,700 (-2.50%)

MA5
MA20
MA60

Market capitalizationKRW 1T

Each day's close multiplied by the listed share count of this share class alone, sampled weekly. It is the figure for this issue only, not a combined total across common and preferred shares.

Overview

Summary

Hyundai Rotem is a comprehensive machinery company established in 1977. The company is headquartered in Changwon, Gyeongsangnam-do, and is listed on the KOSPI market.

The company operates through three segments. The Defense Solution segment provides weapon systems and aerospace technology. The Rail Solution segment supplies railway vehicles and maintenance services. The Eco Plant segment distributes hydrogen infrastructure, industrial robotics, and steel plant equipment.

Business overview as filed

현대로템은 글로벌 종합기계 기업으로 1977년 창립되어 육ㆍ해ㆍ공을 아우르는 종합무기체계와 우주발사체, 미래무인체계 등을 수행하는 디펜스솔루션 사업, 국가 기간산업인 고속철 등 종합철도차량 제조, 철도시스템 솔루션, 철도 운영 및 유지보수 등을 영위하고 있는 레일솔루션 사업, 그리고 수소인프라솔루션, 산업용 로보틱스 및 프레스, 에코 제철설비 등을 제조ㆍ판매하는 에코플랜트 사업으로 구성되어 있습니다.

디펜스솔루션사업본부는 지상무기체계의 연구개발 및 생산을 담당하고 있습니다. 세계적인 수준의 성능을 갖춘 K2전차를 성공적으로 개발 완료하여 K1A1전차 이후 지상군 핵심 전투력 증강을 위한 양산/전력화 사업을 진행하고 있으며, 해외 수출 및 관련 기술지원 사업 또한 진행/추진 중에 있습니다. 또한, 국방개혁 기조에 따라 우리군의 기동성 향상을 위하여 독자 개발을 완료한 차륜형장갑차는 현대차그룹의 차량 관련 기술을 접목하여 지속적인 경쟁 우위를 확보해 나가고 있으며, 운용 목적에 따라 다양한 계열 차량 형태로도 구축이 가능하기에 당사의 핵심 사업제품군으로 자리매김하고 있습니다. 이와 함께 디펜스솔루션사업본부는 기존의 제조 역량을 바탕으로 미래 사업 구조로의 체계 전환을 위한 노력을 기울이고 있으며 특히 로봇, 유무인복합 무기체계(MUM-T), 항공우주 등의 신사업 분야에 전사적 역량을 집중해 나가고 있습니다.레일솔루션사업본부는 국내를 넘어 세계시장에 고속전철, 전동차, 경전철, 트램 등 각종 철도차량을 공급하고 있으며 특히 철도시스템 분야와 차량 운영 및 유지보수 등 철도서비스 분야로 사업영역을 적극 확대해 나가고 있습니다. 미래 시장 수요에 대응하기 위해 동력분산식 고속전철 KTX-이음과 KTX-청룡을 각각 2021년과 2024년에 성공적으로 영업 운행 투입했습니다. 더불어 수소 사회로의 전환에 대비한 수소 모빌리티 차량 라인업 확대를 추진하는 등 신규 차종의 연구개발과 상용화를 통해 세계 철도차량 시장에서의 입지를 공고히 하고 있습니다. 최근에는 AI 핵심 기술을 적용한 유지보수 체계 확립 및 트램 자율주행 기술 개발 등에도 박차를 가하고 있습니다. 에코플랜트사업본부는 오랜 기간 검증된 기술력을 바탕으로 국내ㆍ외 철강 및 자동차 생산 인프라 구축을 성공적으로 수행해 왔습니다. 현재는 스마트팩토리와 스마트물류 분야로 사업 범위를 확장하여 지능형 자율 제조 시대를 선도하는 미래 기술 개발에 앞장서고 있으며, 국내 최초 무인항만로봇 공급 성과를 기점으로 무인소방로봇 등 다목적 무인차량 기반의 피지컬 AI(Physical AI) 시장 개척에 박차를 가하고 있습니다.또한, 글로벌 수소경제 실현을 위해 인프라 구축 역량을 결집하고 있습니다. 의왕연구소 내 H2 설비 조립센터는 연간 20기 이상의 수소추출기 생산 능력을 보유하고 있으며, 지자체 및 수소 SPC와의 파트너십을 통해 수소 인프라를 안정적으로 공급 중입니다. 나아가 수전해 시스템, 수소연료전지 발전, 암모니아 크래커 등 차세대 에너지 기술 확보를 통해 미래 수소 시장을 선점해 나가겠습니다.사업보고서 작성기준일 현재 전체 매출액은 58,390억원이며 디펜스솔루션부문은 32,153억원으로 매출액의 55%, 레일솔루션부문은 20,896억원으로 매출액의 36%, 그리고 에코플랜트부문은 5,341억원으로 매출액의 9% 이며, 수주잔고는 297,735억원을 확보하고 있습니다.사업 현황에 대한 자세한 내용은 "Ⅱ. 사업의 내용"의 "2, 주요 제품 및 서비스"부터 "7. 기타 참고사항"까지의 항목을 참고하여 주시기 바랍니다.

Company overview

가. 회사의 법적, 상업적 명칭당사의 명칭은 현대로템 주식회사라고 표기합니다. 또한 영문으로는 HYUNDAIROTEM COMPANY 라 표기합니다.

나. 설립일자창립일자 : 1977년 7월 1일(개업일자 : 1999년 7월 1일)

다. 본사의 주소 등- 주소 : 경상남도 창원시 성산구 창원대로 488- 전화번호 : 055-273-1341- 홈페이지 : www.hyundai-rotem.co.kr

라. 주요 사업의 내용 및 향후 추진하려는 신규사업

현대로템은 글로벌 종합기계업을 영위하는 회사로 주요제품은 육ㆍ해ㆍ공 종합무기체계, 우주발사체, 미래무인체계 등의 디펜스솔루션부문, 고속철 등 종합철도차량 제조, 철도시스템 솔루션, 철도 운영 및 유지보수 등의 레일솔루션부문, 그리고 수소인프라솔루션, 산업용 로보틱스 및 프레스, 에코 제철설비 등을 제조, 판매하는 에코플랜트부문으로 구성되어 있습니다.

마. 연결대상 종속회사 개황1) 연결대상 종속회사 현황(요약)

2) 연결대상회사의 변동내용

바. 중소기업 등 해당 여부

사. 회사의 주권상장(또는 등록ㆍ지정) 및 특례상장에 관한 사항

아. 신용평가에 관한 사항

1) 최근 3년간 신용평가에 관한 내용

2) 신용등급 체계

Transcribed verbatim from the sentences the filer wrote in the fiscal 2025 business report (received 2026.03.19), tables and figures omitted.

The summary is written separately from the filed text and is not the filer's wording, so it may phrase things differently from or omit parts of the original, which is shown alongside for checking.
The company introduction reproduces the sentences the filer wrote in its business report, with tables, figures and the sentences that point to other sections of the report omitted, and the accuracy of their content has not been separately verified.

VaR

4.35%

[2.92%, 6.65%] · As of 2026-10-02

VaR by window

The headline's measure for each of the three windows on one scale, the dot being the estimate and the bar its interval. The windows are nested and share their observations, so the three readings are not three independent measurements. The selected window is highlighted.

Daily return distribution

The issue's daily returns over the chosen window counted into equal-width bins. The vertical lines mark the VaR and cVaR above on the loss side. The published VaR sample applies exclusion rules for halts and first sessions that this raw daily series does not, so the bars and the marks can differ slightly at the edges.

Drawdown

Deepest drawdown 60.9% (2026-10-08). How far below its previous peak the issue stood each day over the chosen window, a description of the path already travelled.

If these numbers are unfamiliarThere is a guide that walks through VaR, cVaR and annualized volatility in plain language.Read the guide

Characteristic line

0.54

Beta [0.39, 0.68] · KOSPI200 · As of 2026-10-08

Intercept: -0.406%[-0.863%, +0.050%]
R squared: 0.20
Observations: 252
Trading-time corrected beta: 0.54[0.13, 0.95]

252-day rolling beta

A 252-day window rolled one day at a time over the longest daily span of the characteristic line. It shows when the beta against the KOSPI200 and the annualized volatility of the issue's excess return rose and fell, and unlike the headline figures above it carries no interval.

252-day rolling annualized volatility

Each point is one period's index excess return and issue excess return, and the line is the regression fitted to those points. The risk-free rate is the certificate of deposit rate.

Beta summarizes by regression how far the issue's return moved together with the KOSPI200 or KOSDAQ150 index return, and the index is only a stand-in for the whole market.
The intercept is the average excess return the index does not explain, and when the interval shown beside it contains zero it cannot be told apart from zero.
Beta and the intercept are computed from the sample of the chosen window and frequency and are not values for the period ahead.
At the daily frequency a beta corrected for differences in trading times is shown alongside, and the gap between the two shows how much later than the index the issue's trades are reflected.

Financials

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	TTM
RevenueKRW 100M	33,091	29,848	27,257	24,119	24,593	27,853	28,725	31,633	35,874	43,766	58,390	63,088
Revenue growth%	—	-9.80	-8.68	-11.51	1.97	13.25	3.13	10.12	13.40	22.00	33.41	—
Operating incomeKRW 100M	-1,929	1,062	454	-1,962	-2,799	821	802	1,475	2,100	4,566	10,056	10,018
Operating income growth%	—	—	-57.24	-531.85	—	—	-2.25	83.86	42.42	117.36	120.26	—
Net incomeKRW 100M	-3,045	231	-463	-3,080	-3,557	224	514	1,945	1,568	4,053	7,705	8,127
Net income growth%	—	—	-299.88	—	—	—	129.42	278.39	-19.41	158.49	90.12	—
Attributable to ownersKRW 100M	-3,062	218	-474	-3,008	-3,543	310	665	1,978	1,610	4,069	7,699	8,076
Attributable to minoritiesKRW 100M	17	13	11	-72	-14	-86	-151	-33	-42	-16	5	51
Operating margin%	-5.83	3.56	1.67	-8.13	-11.38	2.95	2.79	4.66	5.86	10.43	17.22	15.88
Net margin%	-9.20	0.78	-1.70	-12.77	-14.46	0.80	1.79	6.15	4.37	9.26	13.20	12.88
ROE%	-22.54	1.57	-3.53	-28.82	-43.00	2.28	5.14	13.01	9.59	19.90	25.01	23.71
ROA%	-6.04	0.52	-1.13	-7.70	-8.71	0.53	1.25	4.03	2.99	7.67	8.27	8.96
Debt ratio%	250.84	204.88	187.94	261.21	362.61	211.81	223.85	223.43	218.25	163.07	206.39	169.14
Current ratio%	171.36	177.29	195.25	148.78	118.20	124.57	128.18	128.99	115.15	122.07	124.01	131.47
Quick ratio%	160.59	163.78	180.72	136.73	106.66	113.32	115.64	119.84	106.77	111.62	115.30	121.36
Reserve ratio%	220.31	227.66	216.78	146.59	94.69	100.83	86.41	125.99	153.38	221.45	358.08	416.93
Free cash flowKRW 100M	-6,194	5,912	1,913	-442	-2,196	259	-1,069	6,838	6,795	615	7,751	—
FCF margin%	-18.72	19.81	7.02	-1.83	-8.93	0.93	-3.72	21.62	18.94	1.40	13.27	—
OCF conversion%	—	2,640.36	—	—	—	251.78	-121.98	368.18	468.30	35.15	117.37	—
Capex to revenue%	1.66	0.67	1.03	1.24	0.76	1.10	1.54	1.03	1.52	1.85	2.21	—
Receivable daysdays	—	61.4	—	—	—	5.7	3.3	3.0	—	—	—	—
Inventory daysdays	—	29.5	29.9	30.3	33.8	37.0	35.7	32.5	29.5	30.1	33.6	—
Payable daysdays	—	25.3	24.7	—	—	—	—	—	—	—	—	—
Cash conversion cycledays	—	65.5	—	—	—	—	—	—	—	—	—	—
EPSKRW	—	257	-557	-3,539	-4,168	326	609	1,812	1,475	3,728	7,055	7,400
PERx	—	70.66	—	—	—	52.76	34.15	15.67	18.03	13.33	26.63	23.38
BPSKRW	—	16,376	15,811	12,282	9,695	12,493	11,847	13,930	15,391	18,737	28,211	31,211
PBRx	—	1.11	1.19	2.27	1.61	1.38	1.76	2.04	1.73	2.65	6.66	5.54
Dividend per shareKRW	—	—	—	—	—	—	—	—	100	—	200	—
Payout ratio%	—	—	—	—	—	—	—	—	6.78	—	2.83	—

Consolidated basis

Profit flowKRW 100M

This diagram traces where revenue goes at each step on its way to net income, using the filed amounts as they are. The non-operating result is taken as the difference between profit before tax and operating income and is shown as income or expense by its sign, and whatever a step's items leave unexplained is shown separately as other.

Revenue compositionKRW 100M

Margins%

Cash flow by activityKRW 100M

Balance sheet compositionKRW 100M

Debt ratio%

The left bar splits assets into current and non-current and the right bar splits the financing of those assets into liabilities and equity, so the two bars stand at the same height.

Quarterly resultsKRW 100M

Year-on-year growth%

Each quarterly bar is that quarter's three months and is never mixed with an annual figure. The growth rate is computed only where the same quarter a year earlier is also shown here, and is left blank when the base was a loss.

Cash conversion cycledays

Free cash flow breakdownKRW 100M

Inventory days and receivable days stack upward, payable days hang downward, and the cash conversion cycle they net to is drawn as the line. Each day count uses the average balance with the prior year, so the oldest year is not drawn. A day count whose line was not filed is left out, and the cycle is shown only for years that carry all three.

Free cash flow is cash from operating activities less spending on property, plant and equipment, and all three bars keep the sign as filed.

Owners' net margin%

Asset turnoverx

Financial leveragex

ROE%

ROE is the product of the owners' net margin, asset turnover and financial leverage. All three use period-end balances as denominators, and profit and equity are on the owners' basis, so the product matches the ROE in the table.

Financial statements

Balance sheet

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
	50,439	44,732	40,839	40,021	40,843	41,974	41,072	48,239	52,415	52,854	93,180
	34,058	29,097	26,199	25,732	27,092	27,783	26,798	33,186	36,902	36,863	71,630
Cash and cash equivalentsKRW 100M	2,533	5,802	4,358	3,679	3,825	3,387	3,197	5,060	3,961	4,723	9,084
Short-term financial instrumentsKRW 100M	—	—	650	536*	430	2,079	173	4,048	—	—	—
InventoriesKRW 100M	2,139	2,217	1,949	2,085	2,644	2,510	2,621	2,355	2,687	3,156	5,030
Trade and other receivablesKRW 100M	5,982	4,053	Not applicable	Not applicable	473	399	124	397	Not applicable	Not applicable	Not applicable
	16,381	15,635	14,640	14,290	13,751	14,191	14,274	15,053	15,513	15,991	21,550
Property, plant and equipmentKRW 100M	13,538	12,415	11,604	11,144	10,749	11,615	11,861	12,003	12,344	12,920	18,199
Intangible assetsKRW 100M	1,589	1,444	1,397	1,177	930	829	787	786	921	1,041	1,110
Investments in associatesKRW 100M	9	15	12	11	88	100	99	99	5	12	12
	36,063	30,060	26,656	28,942	32,014	28,512	28,389	33,324	35,945	32,763	62,768
	19,875	16,412	13,418	17,295	22,920	22,303	20,907	25,727	32,047	30,199	57,764
Trade and other payablesKRW 100M	1,882	1,859	1,579	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable
Short-term borrowingsKRW 100M	5,739	2,299	987	1,096	3,642	4,013	3,622	1,990	826	604	491
Current portion of long-term borrowingsKRW 100M	2,126	4,700	2,189	3,560	4,623	4,053	3,345	5,017	2,525	2,619	0
Current lease liabilitiesKRW 100M	—	—	—	—	49	23	27	22	34	63	68
	16,187	13,648	13,238	11,647	9,094	6,209	7,483	7,597	3,898	2,565	5,004
Bonds issuedKRW 100M	—	—	8,832	6,988	5,688	3,545	4,123	1,876	—	0	497
Long-term borrowingsKRW 100M	3,351	1,903	2,062	2,277	861	—	1,244	2,604	1,315	—	—
Non-current lease liabilitiesKRW 100M	—	—	—	—	179	58	39	44	101	198	157
	14,377	14,672	14,183	11,080	8,829	13,462	12,682	14,915	16,470	20,091	30,412
	13,587	13,920	13,440	10,440	8,240	13,635	12,931	15,203	16,799	20,450	30,790
Issued capitalKRW 100M	4,250	4,250	4,250	4,250	4,250	5,457	5,457	5,457	5,457	5,457	5,457
Capital surplusKRW 100M	4,084	4,084	4,084	4,084	5,590	6,702	5,198	5,198	5,198	5,198	5,198
Retained earningsKRW 100M	5,279	5,592	5,129	2,146	-1,566	-1,199	-483	1,677	3,172	6,886	14,342
Accumulated other comprehensive incomeKRW 100M	-26	-6	—	—	—	—	—	—	—	—	—
Other equityKRW 100M	-26	-6	-24	-41	-34	2,675	2,758	2,871	2,971	2,908	5,792
Non-controlling interestsKRW 100M	789	752	743	640	588	-173	-248	-289	-329	-359	-378

기타유동채권As filed	—	—	—	—	—	—	—	—	—	558	459
매출채권As filed	—	—	4,676	3,521	3,877	3,390	2,666	2,681	3,392	—	—
기타채권As filed	583	1,266	—	—	—	—	—	—	629	—	—
계약자산As filed	—	—	—	—	—	12,521	14,211	14,139	11,911	8,021	10,129
미청구공사As filed	18,373	12,206	10,249	11,113	11,710	—	—	—	—	—	—
기타금융자산As filed	708	558	548	444	—	—	—	—	6,122	2,982	3,686
당기법인세자산As filed	47	20	15	13	15	12	10	13	46	11	14
기타유동자산As filed	—	2,975	—	4,225	4,118	3,484	3,795	4,426	8,153	8,318	9,308
기타자산As filed	3,694	—	3,637	—	—	—	—	—	—	—	—
매각예정비유동자산As filed	—	—	116	116	—	—	—	67	—	—	—
유동매출채권As filed	—	—	—	—	—	—	—	—	—	9,094	33,919
장기매출채권As filed	—	1,214	1,095	1,229	1,070	955	786	723	622	—	—
장기성매출채권As filed	510	—	—	—	—	—	—	—	—	—	—
장기기타채권As filed	—	158	148	227	211	156	154	134	142	166	168
매각예정 비유동자산As filed	—	—	—	—	—	—	—	—	—	0	—
장기기타금융자산As filed	—	—	237	287	273	326	336	416	540	539	756
순확정급여자산As filed	—	—	—	—	—	—	—	384	332	—	—
이연법인세자산As filed	17	18	16	86	76	2	3	52	2	27	9
투자부동산As filed	127	117	117	117	117	117	100	33	100	100	291
사용권자산As filed	—	—	—	—	228	83	144	134	139	261	221
기타비유동자산As filed	—	16	13	11	9	7	5	290	367	186	196
비유동 순확정급여자산As filed	—	—	—	—	—	—	—	—	—	145	292
비유동매출채권As filed	—	—	—	—	—	—	—	—	—	592	295
매입채무As filed	4,656	3,531	3,527	3,400	3,400	3,771	3,058	3,431	4,651	4,320	—
미지급금As filed	859	828	770	602	541	394	459	442	626	931	1,046
초과청구공사As filed	4,609	3,183	4,361	5,437	—	—	—	—	—	—	—
계약부채As filed	—	—	—	—	7,705	8,469	9,002	12,161	16,248	17,942	39,720
당기법인세부채As filed	6	13	5	10	—	—	—	—	6	352	1,443
충당부채As filed	567	1,280	875	1,925	1,374	1,006	828	1,199	637	806	920
미지급법인세As filed	—	—	—	—	15	5	9	99	—	—	—
공사손실충당부채As filed	—	—	—	—	1,789	535	464	384	—	—	—
기타유동부채As filed	—	—	—	1,265	1,155	1,040	921	2,181	6,492	2,561	7,182
사채As filed	10,221	9,226	—	—	—	—	—	—	1,147	—	—
순확정급여부채As filed	793	387	338	344	321	391	165	—	—	—	—
부채와자본총계As filed	—	—	—	—	40,843	41,974	41,072	48,239	52,415	52,854	93,180
기타부채As filed	799	—	684	—	—	—	—	—	—	—	—
기타비유동부채As filed	—	390	—	727	334	117	133	1,872	178	201	346
이연법인세부채As filed	457	461	447	340	338	1,092	950	1	102	580	1,658
납입자본As filed	8,334	8,334	—	—	—	—	—	—	—	—	—
보통주자본금As filed	4,250	4,250	—	—	—	—	—	—	—	—	—
이익준비금As filed	16	—	—	—	—	—	—	—	—	—	—
임의적립금As filed	2,000	—	—	—	—	—	—	—	—	—	—
자본과부채총계As filed	50,439	44,732	40,839	40,021	—	—	—	—	—	—	—
미처분이익잉여금(미처리결손금)As filed	3,264	—	—	—	—	—	—	—	—	—	—
유동매입채무As filed	—	—	—	—	—	—	—	—	—	—	6,893
장기차입금As filed	—	—	—	—	—	—	—	—	—	26	110
비유동 순확정급여부채As filed	—	—	—	—	—	—	—	—	—	2	0

Income statement

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
	33,091	29,848	27,257	24,119	24,593	27,853	28,725	31,633	35,874	43,766	58,390
Cost of salesKRW 100M	33,211	26,971	25,434	24,276	25,532	25,408	26,197	27,979	31,230	35,476	44,470
Gross profitKRW 100M	-120	2,877	1,822	-157	-938	2,445	2,528	3,654	4,644	8,290	13,920
SG&A expensesKRW 100M	1,809	1,815	1,368	1,805	1,861	1,624	1,726	2,179	2,544	3,725	3,864
	-1,929	1,062	454	-1,962	-2,799	821	802	1,475	2,100	4,566	10,056
Finance incomeKRW 100M	128	324	346	271	164	169	146	285	476	752	945
Finance costsKRW 100M	943	1,095	783	811	582	630	597	766	472	519	574
Other incomeKRW 100M	971	1,329	1,377	1,045	968	1,272	1,140	992	823	1,141	1,181
Other expensesKRW 100M	1,203	1,395	1,879	1,792	1,254	1,479	1,136	946	1,117	843	1,565
Share of profit of associatesKRW 100M	6	5	6	7	—	—	—	—	—	—	-1
	-2,970	231	-479	-3,241	-3,494	150	353	1,039	1,808	5,096	10,043
Income tax expenseKRW 100M	75	-1	-16	-161	-63	-74	-161	-907	241	1,043	2,338
	-3,045	231	-463	-3,080	-3,557	224	514	1,945	1,568	4,053	7,705
Attributable to ownersKRW 100M	-3,062	218	-474	-3,008	-3,543	310	665	1,978	1,610	4,069	7,699
Attributable to minoritiesKRW 100M	17	13	11	-72	-14	-86	-151	-33	-42	-16	5
Basic earnings per shareKRW	Not applicable	Not applicable	-557	-3,539	-4,168	326	609	1,812	1,475	3,728	7,055
Diluted earnings per shareKRW	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	326	609	Not applicable	Not applicable	Not applicable	Not applicable
	-3,008	345	-467	-3,029	-3,712	3,096	799	2,232	1,555	3,730	10,747
Other comprehensive incomeKRW 100M	37	113	-5	52	-155	2,872	285	287	-13	-322	3,042

지분법이익(손실)As filed	—	—	—	—	—	—	—	—	—	-1	—
지분법손실As filed	—	—	—	—	—	—	—	—	-2	—	—
비지배주주지분As filed	15	12	—	—	-7	-48	-75	-41	-40	-30	-19
지분법이익As filed	—	—	—	—	10	-2	-1	-1	—	—	—
지배기업소유주지분As filed	-3,022	332	—	—	-3,705	3,144	874	2,273	1,595	3,760	10,766
후속적으로 당기손익으로 재분류되지 않는 항목As filed	59	94	12	—	—	—	—	—	-113	—	—
확정급여제도의 재측정요소As filed	60	93	12	59	-169	124	126	182	-116	—	—
지분법이익잉여금As filed	-0	1	—	—	—	—	—	—	—	—	—
후속적으로 당기손익으로 재분류될수 있는 항목As filed	-22	19	—	—	—	—	—	—	—	—	—
당기손익으로 재분류되지 않는항목(세후기타포괄손익)As filed	—	—	—	30	-169	2,715	118	226	—	-248	3,057
매도가능금융자산As filed	-2	—	—	—	—	—	—	—	—	—	—
외화환산외환차이As filed	-20	19	—	—	—	—	—	—	—	—	—
매도가능금융자산 처분으로 인한 재분류As filed	2	—	—	—	—	—	—	—	—	—	—
해외사업환산손익As filed	-20	19	—	22	—	—	—	—	—	—	—
공정가치 금융자산 평가As filed	—	—	—	-29	1	-1	-9	6	—	—	—
기본주당순이익As filed	-0	0	—	—	—	—	—	—	—	—	—
당기손익으로 재분류될 수 있는 항목(세후기타포괄손익)As filed	—	—	-16	—	14	157	167	61	—	-74	-15
후속적으로 당기손익으로 재분류될 수 있는 항목As filed	—	—	—	22	—	—	—	—	100	—	—
지분법 이익잉여금As filed	—	—	-0	-0	—	—	—	—	—	—	—
지분법평가As filed	—	—	—	—	-1	-0	—	—	—	—	—
토지의 재평가이익(세후기타포괄손익)As filed	—	—	—	—	—	2,592	—	38	—	—	—
해외사업장환산외환차이(세후기타포괄손익)As filed	—	—	-16	—	—	—	—	—	—	-74	-15
해외사업장환산손익As filed	—	—	—	—	14	157	180	48	100	—	—
현금흐름위험회피손익(세후기타포괄손익)As filed	—	—	—	—	—	—	-13	13	—	—	—
세후기타포괄손익, 지분상품에 대한 투자자산As filed	—	—	—	—	—	—	—	—	—	0	1
세후파생상품평가이익(기타포괄손익)As filed	—	—	—	—	—	—	—	—	—	0	—
기타포괄손익 공정가치 측정 금융자산 평가손익As filed	—	—	—	—	—	—	—	—	3	—	—
지배기업의 소유주 지분As filed	—	—	-480	-2,967	—	—	—	—	—	—	—
확정급여제도의 재측정손익(세후기타포괄손익)As filed	—	—	—	—	—	—	—	—	—	-248	-25
자산재평가손익As filed	—	—	—	—	—	—	—	—	—	0	3,081
비지배지분As filed	—	—	13	-62	—	—	—	—	—	—	—

Cash flow statement

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Net incomefrom the income statement	-3,045	231	-463	-3,080	-3,557	224	514	1,945	1,568	4,053	7,705
Total adjustments to operating cash flowcomputed	-2,600	5,879	2,655	2,938	1,548	340	-1,141	5,217	5,774	-2,628	1,338
	-5,645	6,111	2,192	-142	-2,009	564	-627	7,162	7,342	1,425	9,043
Interest receivedKRW 100M	35	47	54	46	50	23	30	77	264	299	315
Interest paidKRW 100M	567	619	447	421	465	336	300	395	272	171	82
Income taxes paidKRW 100M	110	23	3	31	3	-4	7	32	150	168	1,383
	-553	556	312	-381	-136	-751	1,461	-4,290	-2,704	2,326	-2,318
Purchase of property, plant and equipmentKRW 100M	550	199	280	300	186	305	442	325	547	810	1,292
Proceeds from sale of property, plant and equipmentKRW 100M	29	295	1	12	11	7	2	10	4	1	3
Purchase of intangible assetsKRW 100M	168	101	153	100	93	145	86	155	262	340	272
	7,642	-3,435	-3,918	-195	2,308	-216	-996	-971	-5,763	-2,997	-2,371
Dividends paidKRW 100M	2	50	21	41	38	37	—	—	—	109	218
Issue of sharesKRW 100M	—	0	—	—	—	—	—	—	—	—	—
Cash at beginning of periodKRW 100M	1,157	2,533	5,802	4,358*	3,679	3,825	3,387	3,197	5,060	3,961	4,723
	2,533	5,802	4,358	3,679	3,825	3,387	3,197	5,060	3,961	4,723	9,084
Effect of exchange rate changesKRW 100M	-68	37	-31	39	-17	-35	-28	-38	26	7	7
Net change in cash and cash equivalentsKRW 100M	Not applicable	Not applicable	Not applicable	Not applicable	146	-438	-190	1,863	Not applicable	Not applicable	Not applicable

당기순이익(손실)As filed	—	—	-463	-3,080	-3,557	224	514	1,945	—	—	—
영업으로부터 창출된 현금흐름As filed	-5,007	6,704	—	—	—	—	—	—	7,500	—	—
리스부채의 상환As filed	—	—	—	—	48	—	—	—	—	54	75
리스부채의 지급As filed	—	—	—	—	—	34	117	42	40	—	—
연결당기순이익As filed	-3,045	231	—	—	—	—	—	—	1,568	4,053	7,705
조정As filed	2,332	2,214	2,376	3,268	3,238	528	1,174	592	1,558	2,822	3,691
사채의 증가As filed	—	—	—	—	—	—	—	—	—	0	497
영업활동으로 인한 자산/부채의 변동As filed	-4,295	4,259	—	—	—	—	—	—	—	—	—
영업활동으로인한자산ㆍ부채의변동As filed	—	—	661	76	-1,285	120	-2,046	4,974	—	—	—
단기차입금의 증가As filed	—	5,670	2,811	3,095	6,452	9,921	7,541	4,952	641	208	234
사채의 발행As filed	5,229	995	1,195	995	1,992	1,498	3,720	1,794	448	—	—
배당금의 수취As filed	5	1	15	1	14	0	8	1	1	2	2
장기차입금의 증가As filed	—	4,757	624	1,400	1,126	—	1,490	2,261	—	0	—
단기차입금의 감소As filed	—	9,168	3,767	2,982	—	9,460	7,994	6,581	2,098	464	311
단기금융상품의 감소As filed	260	182	114	103	252	105	3,005	222	87	3,287	106
자산관련정부보조금 증가As filed	—	—	5	—	—	—	—	—	—	—	—
단기대여금의 감소As filed	—	14	13	13	9	54	38	67	138	38	49
재무활동으로 인한 현금유입액As filed	—	—	—	—	—	—	—	—	1,125	231	791
기타재무활동으로 인한 현금유입액As filed	—	—	—	—	—	—	3	—	36	23	59
단기보증금의 감소As filed	—	0	0	—	—	0	—	0	0	1	3
장기대여금의 감소As filed	—	—	0	0	0	0	0	0	0	0	0
기타재무활동으로 인한 현금유출액As filed	—	—	—	—	—	—	—	—	—	0	1
장기보증금의 감소As filed	34	235	13	9	42	25	3	12	13	4	28
장기보증예치금의 감소As filed	15	20	10	15	17	10	47	39	4	10	18
재무활동으로 인한 현금유출액As filed	—	—	—	—	—	—	—	—	-6,888	3,228	3,162
유동성장기부채의 감소As filed	—	3,956	4,711	2,161	—	4,342	4,061	3,354	4,750	2,600	2,557
파생상품자산의 처분As filed	—	—	—	—	—	—	—	—	—	232	338
당기손익-공정가치 금융자산의 처분As filed	—	—	—	—	0	—	—	8	1	8	19
기타포괄손익-공정가치 금융자산의 처분As filed	—	—	—	—	0	15	2	—	16	—	—
당기손익-공정가치 측정 금융자산의 처분As filed	—	—	—	11	—	—	—	—	—	—	—
자산관련정부보조금의 증가As filed	30	17	—	—	—	16	15	35	74	33	55
기타포괄손익-공정가치측정금융자산의처분As filed	—	—	—	—	—	—	—	—	—	0	0
단기대여금의 대여As filed	—	—	—	—	—	—	—	—	—	0	—
무형자산의 처분As filed	—	8	—	0	9	—	5	4	1	42	0
매각예정자산의 처분As filed	—	—	714	—	139	878	—	—	—	—	—
자산관련 정부보조금의 증가As filed	—	—	—	—	0	—	—	—	—	—	—
매도가능금융자산의 처분As filed	93	29	5	—	—	—	—	—	—	—	—
장기금융상품의 처분As filed	—	—	—	—	—	—	—	—	—	0	0
투자부동산의 처분As filed	—	9	—	—	—	—	20	—	—	—	—
기타투자활동으로인한현금유입액As filed	—	—	—	—	—	—	8	17	—	0	—
단기금융상품의 증가As filed	216	34	72	1	—	2,026	1,073	4,035	2,128	63	1,065
단기대여금의 회수As filed	28	—	—	—	—	—	—	—	—	—	—
단기대여금의 증가As filed	—	—	23	4	—	30	57	127	57	—	0
단기보증금의 회수As filed	0	—	—	—	—	—	—	—	—	—	—
종속기업투자 주식의 처분As filed	—	—	—	—	—	761	—	—	—	—	—
매도가능금융자산의 취득As filed	43	40	6	—	1	—	—	—	—	—	—
장기대여금의 회수As filed	0	—	—	—	—	—	—	—	—	—	—
지분법적용 투자지분의 처분As filed	—	—	—	—	14	—	—	—	—	—	—
장기대여금의 증가As filed	—	5	10	10	7	8	10	32	17	—	—
단기금융상품의 취득As filed	—	—	—	—	228	—	—	—	—	—	—
당기손익-공정가치 금융자산의 취득As filed	—	—	—	—	—	77	2	2	68	23	45
매각예정비유동자산의 처분As filed	—	252	—	—	—	—	—	—	—	—	—
관계기업투자주식의취득As filed	—	—	—	—	—	—	—	—	4	—	—
장기보증금의 증가As filed	33	39	14	6	24	8	9	12	21	19	31
관계기업 투자주식의 취득As filed	—	—	—	—	—	14	—	1	—	—	—
장기금융상품의 증가As filed	—	—	—	—	—	—	—	—	0	0	164
장기보증예치금의 증가As filed	22	32	4	113	17	7	4	14	8	17	18
관계기업투자주식의 취득As filed	—	—	—	—	—	—	—	—	—	9	0
종속회사의 취득으로 인한 현금흐름As filed	—	—	—	-21	—	—	—	—	—	—	—
장기대여금의 대여As filed	10	—	—	—	—	—	—	—	—	47	45
당기손익-공정가치 측정 금융자산의 취득As filed	—	—	—	16	—	—	—	—	—	—	—
종속기업의 처분As filed	—	—	-0	—	—	—	—	—	—	—	—
지분법적용 투자주식 취득As filed	—	—	—	—	73	—	—	—	—	—	—
기타포괄손익-공정가치 측정As filed	—	—	—	-17	—	—	—	—	—	—	—
기타포괄손익-공정가치 금융자산의 취득As filed	—	—	—	—	—	0	—	—	—	—	—
단기보증금의 증가As filed	—	—	—	—	—	—	1	1	0	1	5
자산관련정부보조금의 감소As filed	—	56	—	—	—	—	—	—	—	—	—
투자활동으로 인한 현금유입액As filed	—	—	—	—	—	—	—	—	408	—	—
자산관련 정부보조금의 감소As filed	—	—	—	—	—	0	—	—	—	—	—
투자활동으로 인한 현금유출액As filed	—	—	—	—	—	—	—	—	-3,112	—	—
기타 투자활동으로인한 현금 유출액As filed	—	—	—	—	—	—	—	—	—	0	0
파생상품의 처분As filed	—	—	—	—	—	—	—	—	69	—	—
장기차입금의 감소As filed	—	1,683	50	500	—	—	—	—	—	—	—
전환사채의 발행As filed	—	—	—	—	—	2,359	—	—	—	—	—
투자활동으로부터의 현금유입As filed	—	—	—	—	—	—	—	—	—	3,657	618
현금및성금성자산의 증가As filed	—	—	-1,413	-718	—	—	—	—	—	—	—
신종자본증권의 발행As filed	—	—	—	—	1,503	—	—	—	—	—	—
단기차입금의 상환As filed	7,367	—	—	—	3,900	—	—	—	—	—	—
단기차입금의 차입As filed	12,058	—	—	—	—	—	—	—	—	—	—
투자활동으로부터의 현금유출As filed	—	—	—	—	—	—	—	—	—	1,331	2,936
유동성장기부채의 상환As filed	3,281	—	—	—	3,780	—	—	—	—	—	—
장기차입금의 차입As filed	1,004	—	—	—	—	—	—	—	—	—	—
장기차입금의 상환As filed	—	—	—	—	1,000	—	—	—	—	—	—
신종자본증권의 상환As filed	—	—	—	—	—	—	1,510	—	—	—	—
영업활동으로 인한 자산 부채의 변동As filed	—	—	—	—	—	—	—	—	4,374	-5,411	-1,204
현금및현금성자산의 증가(감소)As filed	1,444	3,232	—	—	163	-403	-162	1,901	-1,125	754	4,354
기타투자활동으로 인한 현금유출액As filed	—	—	—	—	—	—	—	0	—	—	—
신종자본증권의 배당As filed	—	—	—	—	—	68	68	—	—	—	—
전환사채의 상환As filed	—	—	—	—	—	45	—	—	—	—	—
주식전환관련비용의 지급As filed	—	—	—	—	—	8	—	—	—	—	—
영업에서 창출된 현금흐름As filed	—	—	—	—	—	—	—	—	—	1,463	10,192

In the latest fiscal year cash generated by operations covered both investing outflows and financing outflows.

A year whose own filing is absent is filled from the restated comparative in the following filing, and is marked as such. Operating indicators outside the statements, such as order backlogs, and audit opinions are not covered here, and per-share figures follow the filed values without retroactive adjustment for share splits.

Transcribed verbatim from the sentences the filer wrote in the fiscal {year} business report (received {date}), with tables, figures and cross-references to other sections omitted.

The newest annual filing shown was received on 2026.03.19.

Audit opinion

Fiscal year	Opinion	Auditor	Fiscal year end
2025	적정의견Term 27	삼정회계법인	2025-12-31
2024	적정의견Term 26	삼정회계법인	2025-12-31
2023	적정의견Term 25	삼정회계법인	2025-12-31
2022	적정Term 22	신한회계법인	2022-12-31
2019	적정Term 21	삼일회계법인	2019-12-31
2018	적정Term 20	삼일회계법인	2019-12-31
2017	적정Term 19	삼일회계법인	2019-12-31
2016	적정Term 18	삼일회계법인	2016-12-31
	적정Term 17	삼일회계법인	2016-12-31
	적정Term 16	삼일회계법인	2016-12-31

The auditor's name and the opinion are transcribed verbatim from the filed audit report, and the wording follows the filer. A fiscal year shown twice means the filing carried two entries that the source does not distinguish.

Korean audit opinions come in four kinds, where an unqualified opinion (적정) finds the statements fairly presented, a qualified opinion (한정) does so except for a stated matter, an adverse opinion (부적정) finds them not fairly presented, and a disclaimer of opinion (의견거절) means the auditor could not obtain enough evidence to form a view.

Valuation

Valuation multiplesx

PER and PBR divide each period's closing price by the per-share figure filed for that same period, and a loss period is left blank. The quarterly view is a multiple of quarterly EPS.

Dividend historyKRW

The dividend-per-share bars are restated onto the current share basis for splits and par-value changes. The payout ratio and the dividend yield divide figures filed for the same period and are left unadjusted.

Payout ratio and dividend yield%

PER bandKRW

The price is the adjusted close and each band line multiplies the EPS of the latest completed fiscal year by a fixed multiple. The previous year's EPS stays in force until the next fiscal year ends, and the multiples divide the range between the lowest and highest annual PER on record into equal steps.

Valuation models

Five models priced under one set of assumptions, set beside the current price, with how each has moved by fiscal year.

Assumptions

Risk-free rate10-year treasury yield · 2026-10-084.40%

BetaDaily 5Y0.60

Equity risk premium%

Terminal growth%

Cost of equity7.42%

Weighted average cost of capital7.40%

Initial growth24.3%

Effective tax rate23.3%

Base fiscal year2025

Current priceKRW105,200

The risk premium and the terminal growth rate are adjustable assumptions, and the rest follow from the data and the formulas.

Model	Model priceKRW	Versus current price
Gordon growth model	3,767	-96.4%
Dividend discount model DDM	6,110	-94.2%
Discounted cash flow FCFF	226,724	+115.5%
Discounted cash flow FCFE	154,391	+46.8%
Residual income model RIM	215,847	+105.2%

The table prices the newest fiscal year's accounts at today's treasury yield and the current price.

Dividend and residual income familyKRW

Discounted cash flow familyKRW

Each fiscal year's figures use that year's accounts and the treasury yield at its period end, with beta held at its current value, and splits or par changes are restated to the current share basis.

How the figures are calculated

Each model's formula is shown in symbols and then with this issue's own numbers substituted, step by step. Changing a value in the assumptions panel changes the numbers here too. Firm-level amounts are in hundred million won and per-share values in won.

Cost of equity

r = r_f + \beta \times \mathit{ERP}

r = 4.40% + 0.60 × 5.00% = 7.42%

Initial growth

g_1 = \max\{\mathit{ROE} \times (1 - \text{payout}),\,0\},\qquad g_t = g_1 + (g_T - g_1)\,\frac{t-1}{N-1}

g_1 = max(25.01% × (1 − 2.83%), 0) = 24.30%

Growth starts at this value in the first year and falls by equal steps each year to reach the terminal rate in the fifth

Gordon growth model

P_0 = \frac{D_0\,(1 + g_T)}{r - g_T}

P_0 = 200 × (1 + 2.00%) / (7.42% − 2.00%) = 204 / 0.0542 = 3,767 KRW

Dividend discount model DDM

P_0 = \sum_{t=1}^{N} \frac{D_t}{(1+r)^t} + \frac{D_N (1+g_T)}{(r - g_T)\,(1+r)^N},\qquad D_t = D_{t-1}(1+g_t)

D_0 = 200, g_1 = 24.30%, g_T = 2.00%, r = 7.42%

Year	Growth	Dividend KRW	Discount factor	Present value KRW
1	24.30%	249	0.9310	231
2	18.72%	295	0.8667	256
3	13.15%	334	0.8069	269
4	7.57%	359	0.7512	270
5	2.00%	366	0.6993	256
Terminal value	2.00%	6,902	0.6993	4,827
Total				6,110

P_0 = 6,110 KRW

Residual income model RIM

P_0 = B_0 + \sum_{t=1}^{N} \frac{\mathit{RI}_t}{(1+r)^t} + \frac{\mathit{RI}_N (1+g_T)}{(r - g_T)\,(1+r)^N},\qquad \mathit{RI}_t = (\mathit{ROE} - r)\,B_{t-1}

B_0 = 28,211 KRW, ROE = 25.01%, payout ratio = 2.83%, r = 7.42%, g_T = 2.00%

Year	Opening book value	Earnings	Equity charge	Residual income	Discount factor	Present value
1	28,211	7,055	2,092	4,963	0.9310	4,620
2	35,066	8,769	2,600	6,168	0.8667	5,346
3	43,586	10,899	3,232	7,667	0.8069	6,186
4	54,176	13,547	4,017	9,530	0.7512	7,159
5	67,339	16,839	4,993	11,846	0.6993	8,284
Terminal value				223,132	0.6993	156,041

P_0 = 28,211 + 31,596 + 156,041 = 215,847 KRW

Discounted cash flow FCFF

\mathit{FCFF}_0 = \mathit{CFO} - \mathit{CapEx} + \mathit{Int}\,(1-\tau),\qquad \mathit{WACC} = \frac{E}{D+E}\,r + \frac{D}{D+E}\,k_d\,(1-\tau)

Base-year cash flow FCFF

FCFF_0 = 9,043.1 − 1,292.5 + 82.1 × (1 − 23.28%) = 7,813.7 KRW hundred million

Weighted average cost of capital

E = 114,817.7, D = 988.8 KRW hundred million; equity weight = 99.15%, debt weight = 0.85%; cost of debt k_d = 7.42%

WACC = 99.15% × 7.42% + 0.85% × 7.42% × (1 − 23.28%) = 7.40%

V_{\text{firm}} = \sum_{t=1}^{N} \frac{\mathit{FCFF}_t}{(1+\mathit{WACC})^t} + \frac{\mathit{FCFF}_N (1+g_T)}{(\mathit{WACC} - g_T)\,(1+\mathit{WACC})^N},\qquad \mathit{FCFF}_t = \mathit{FCFF}_{t-1}(1+g_t),\qquad P_0 = \frac{V_{\text{firm}} - D + \text{Cash}}{\text{Shares}}

Year	Growth	Cash flow KRW hundred million	Discount factor	Present value KRW hundred million
1	24.30%	9,712.2	0.9311	9,043.0
2	18.72%	11,530.6	0.8669	9,996.3
3	13.15%	13,046.7	0.8072	10,531.4
4	7.57%	14,034.9	0.7516	10,548.4
5	2.00%	14,315.6	0.6998	10,018.0
Terminal value	2.00%	270,391.8	0.6998	189,219.7
Total				239,356.9

Firm value = 239,356.9; less borrowings 988.8; plus cash 9,084.1 → 247,452.2 KRW hundred million

P_0 = 247,452.2 KRW hundred million ÷ 109,142,293 (shares) = 226,724 KRW

Discounted cash flow FCFE

\mathit{FCFE}_0 = \mathit{CFO} - \mathit{CapEx} + \Delta D,\qquad P_0 = \frac{1}{\text{Shares}}\left[\sum_{t=1}^{N} \frac{\mathit{FCFE}_t}{(1+r)^t} + \frac{\mathit{FCFE}_N (1+g_T)}{(r - g_T)\,(1+r)^N}\right],\qquad \mathit{FCFE}_t = \mathit{FCFE}_{t-1}(1+g_t)

Base-year cash flow FCFE

FCFE_0 = 9,043.1 − 1,292.5 + -2,234.6 (net borrowing) = 5,516.1 KRW hundred million

Year	Growth	Cash flow KRW hundred million	Discount factor	Present value KRW hundred million
1	24.30%	6,856.4	0.9310	6,383.1
2	18.72%	8,140.1	0.8667	7,055.1
3	13.15%	9,210.4	0.8069	7,431.6
4	7.57%	9,908.1	0.7512	7,442.7
5	2.00%	10,106.2	0.6993	7,067.5
Terminal value	2.00%	190,365.9	0.6993	133,126.3
Total				168,506.3

P_0 = 168,506.3 KRW hundred million ÷ 109,142,293 (shares) = 154,391 KRW

The cost of equity is the risk-free rate plus beta times the equity risk premium. Initial growth is the newest fiscal year's return on equity times its retention ratio, floored at zero, and falls by equal steps from that value in the first year to the terminal rate in the fifth. Only the Gordon model grows at the terminal rate from the start. Discounted cash flow starts from operating cash flow less capital expenditure, where FCFF adds after-tax interest paid and discounts at the weighted average cost of capital, and FCFE adds net borrowing and discounts at the cost of equity. The residual income model adds to book value per share the present value of earnings above the equity charge.

A model price is the arithmetic outcome of the stated assumptions, and is neither a target price nor a basis for an investment decision.
The cost of equity is the risk-free rate plus beta times the equity risk premium, and the risk premium and the terminal growth rate are assumptions the reader may change.
The cash flow models take borrowings and cash only from years in which the filer itemized those lines, and a year without them yields no figure.
Every model assumes the newest fiscal year's figures grow at a rate that converges in equal steps from the first year's rate to the terminal rate by the fifth year, and paths outside that assumption are not represented.

Price chart