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KREDKRED
073240KOSPI

Kumho Tire

6,780
+120 (+1.80%)

Price chart

  • 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

KUMHO TIRE CO., INC. was established on June 30, 2003, through the transfer of assets and liabilities from Kumho Industrial Co., Ltd. The company is listed on the KOSPI market and is headquartered in Gwangju.

The company manufactures and distributes tires globally. It operates eight production plants across South Korea, China, Vietnam, and the United States. Its distribution network consists of eleven overseas subsidiaries and thirteen overseas branches and offices.

Business overview as filed

당사는 한국, 중국, 미국, 베트남에 위치한 8개 타이어 생산공장을 토대로 글로벌 생산체계를 구축하고, 전세계 판매 네트워크를 갖춘 타이어 제조, 판매 기업입니다.국내에는 금호타이어 본사, 타이어 생산을 담당하는 광주/곡성/평택공장을 운영하고 있습니다. 해외에는 남경/천진/장춘 등 중국 3개 공장과 미국, 베트남에 위치한 2개의 공장에서 생산을 담당하고 있습니다.또한, 11개 해외법인과 13개 해외지사/사무소에서 글로벌 타이어 판매를 담당하고 있으며, 한국/중국/미국/독일 5개 지역에 R&D센터를 운영하고 있습니다.

Company overview

가. 연결대상 종속회사 개황

1) 연결대상 종속회사 현황(요약)

2) 연결대상회사의 변동내용

나. 회사의 법적ㆍ상업적 명칭

당사의 명칭은 국문으로 금호타이어 주식회사, 영문으로 KUMHO TIRE CO., INC.라 표기합니다. 단, 약식으로 표기할 경우에는 금호타이어(주)라고 표기합니다.

다. 설립일자 등

당사는 2003년 6월 30일 타이어 제조 및 판매업을 영위하기 위하여 금호산업(주)의 타이어 사업부 자산ㆍ부채의 현물출자 및 영업양수도를 통하여 설립되었습니다.

라. 본사의 주소, 전화번호, 홈페이지

- 주 소 : 광주광역시 광산구 어등대로 658- 전화번호 : 062-940-2114- 홈페이지 : www.kumhotire.com

마. 중소기업 등 해당 여부

바. 주요 사업의 내용

금호타이어는 한국, 중국, 베트남, 미국에 위치한 8개 타이어 생산공장을 토대로 글로벌 생산체계를 구축하고, 11개의 해외법인, 13개 해외지사/사무소를 통해 글로벌 판매 네트워크를 갖춘 타이어 제조, 판매기업입니다.

사. 신용평가에 관한 사항

- 신용등급 정의 (회사채 기준)

아. 회사의 주권상장(또는 등록ㆍ지정) 및 특례상장에 관한 사항

Transcribed verbatim from the sentences the filer wrote in the fiscal 2025 business report (received 2026.03.17), 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

5.66%
[3.39%, 9.99%] · 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 42.8% (2026-06-23). 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

0.49
Beta [0.31, 0.67] · KOSPI200 · As of 2026-10-08
Intercept
+0.036%[-0.489%, +0.561%]
R squared
0.15
Observations
252
Trading-time corrected beta
0.33[0.01, 0.65]
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.

Financials

20152016201720182019202020212022202320242025TTM
RevenueKRW 100M30,40429,47228,76425,58723,69221,70726,01235,59240,41445,32247,01347,744
Revenue growth%—-3.06-2.40-11.05-7.41-8.3819.8336.8313.5512.143.73—
Operating incomeKRW 100M1,3601,201-1,642-982574-45-4152314,1105,8865,7595,834
Operating income growth%—-11.70-236.82——-107.79——1,676.5243.21-2.16—
Net incomeKRW 100M-675-379-1,123-1,919-434-829-719-7751,7183,5163,7685,094
Net income growth%—————————104.617.15—
Attributable to ownersKRW 100M-694-360-1,258-1,837-434-829-711-7901,5783,2493,4744,766
Attributable to minoritiesKRW 100M19-18135-82——-715141267294329
Operating margin%4.474.07-5.71-3.842.42-0.21-1.600.6510.1712.9912.2512.22
Net margin%-2.22-1.29-3.91-7.50-1.83-3.82-2.76-2.184.257.768.0110.67
ROE%-6.07-3.27-14.05-13.69-3.36-7.10-6.07-7.0112.4818.8817.1219.67
ROA%-1.29-0.74-2.47-4.55-1.10-2.16-1.65-1.653.566.566.808.00
Debt ratio%314.02321.85389.06214.62203.99229.41238.82277.24245.30181.54147.44138.84
Current ratio%66.1466.7261.39107.89114.51121.52103.5075.33106.14103.41114.20126.37
Quick ratio%44.1243.2038.9270.3369.6478.7564.3140.5667.8860.4974.0583.23
Reserve ratio%——14.68-6.18-10.35-17.91-23.55-27.11-17.502.6424.1739.90
Free cash flowKRW 100M————————3,1302,7246,029—
FCF margin%————————7.756.0112.82—
OCF conversion%————————293.96147.86242.93—
Capex to revenue%————————4.755.466.64—
Receivable daysdays—75.3——————————
Inventory daysdays—90.582.683.887.488.984.986.695.798.0105.5—
Payable daysdays—60.8——————————
Cash conversion cycledays—105.0——————————
EPSKRW-439-228-796-640-151-289-248-2755491,1311,2091,659
PERx————————9.824.224.852.94
BPSKRW—6,9765,6674,6714,5004,0654,0833,9204,4015,9907,0658,433
PBRx—1.220.781.140.930.931.130.711.220.800.830.58
Dividend per shareNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicable

Consolidated basis

Profit flowKRW 100M

Revenue
47,013
Cost of sales
32,483
Gross profit
14,530
SG&A expenses
8,772
Operating income
5,759
Profit before tax
4,600
Non-operating expenses
1,158
Net income
3,768
Income tax expense
832

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

20152016201720182019202020212022202320242025
52,20051,217*45,43642,21439,29538,46243,42246,95048,31053,62855,395
39,59239,076*36,14628,79726,36826,78630,60634,50434,31934,58033,008
12,60812,141*9,29013,41712,92611,67612,81612,44613,99119,04822,387

Income statement

20152016201720182019202020212022202320242025
30,40429,47228,76425,58723,69221,70726,01235,59240,41445,32247,013
1,3601,201*-1,642-982574-45-4152314,1105,8865,759
-655-378*-1,323-1,937-390-869-752-8402,2714,3334,600
-675-379*-1,123-1,919-434-829-719-7751,7183,5163,768
Basic earnings per shareKRW-439-228*-796Not applicable-151-289-248-2755491,1311,209
Diluted earnings per shareKRW-439-228*-796Not applicable-151-289-248-2755491,1311,209
-638-428*-1,326-1,654-479-1,18672-3701,4935,0583,339

Cash flow statement

20152016201720182019202020212022202320242025
Net incomefrom the income statement-675-379-1,123-1,919-434-829-719-7751,7183,5163,768
Total adjustments to operating cash flowcomputed2,9252,2621,6382,8521,8993,0721,523-1,0263,3331,6835,385
2,2501,883*5149321,4652,243804-1,8005,0525,1999,153
-5,817-2,649-837-1,672-982-765-1,067-3,324-2,010-1,577-1,961
3,90756*2471,924-2,136-1,0061,6113,757-2,219-4,288-3,608
Cash at beginning of periodKRW 100M1,9712,4391,6351,5202,7181,0951,5573,0101,7322,5852,078
2,4391,6351,5202,7181,0951,5573,0101,7322,5852,0785,748
Net change in cash and cash equivalentsKRW 100M432-795-88*1,198-1,623462Not applicable-1,367Not applicableNot applicableNot applicable

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 2026.03.17.

Audit opinion

Fiscal yearOpinionAuditorFiscal year end
2025적정의견Term 23안진회계법인2025-12-31
2024적정의견Term 22안진회계법인2025-12-31
2023적정의견Term 21한영회계법인2025-12-31
20222022년 12월 31일 현재의 재무상태, 동일로 종료되는 양 보고기간의 재무성과 및 현금흐름을 한국채택국제회계기준에 따라 중요성의 관점에서 공정하게 표시하고 있음Term 20한영회계법인2022-12-31
2021한국채택국제회계기준에 위배되어 작성되었다는 점이 발견되지 아니함Term 19한영회계법인2022-12-31
20202020년 12월 31일 현재의 재무상태, 동일로 종료되는 양 보고기간의 재무성과 및 현금흐름을 한국채택국제회계기준에 따라 중요성의 관점에서 공정하게 표시하고 있음Term 18안진회계법인2022-12-31
2019연결재무상태와 동일로 종료되는 보고기간의 연결재무성과 및 연결현금흐름을 한국채택국제회계기준에 따라, 중요성의 관점에서 공정하게 표시하고 있습니 다.Term 17삼정회계법인2019-12-31
2018한국채택국제회계기준에 위배되어 작성되었다는 점이 발견되지 아니함Term 16삼일회계법인2019-12-31
2017한국채택국제회계기준에 위배되어 작성되었다는 점이 발견되지 아니함Term 15한영회계법인2019-12-31

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.

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 5Y0.61
%
%
Cost of equity7.46%
Weighted average cost of capital6.37%
Initial growth17.1%
Effective tax rate18.1%
Base fiscal year2025
Current priceKRW6,780

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

ModelModel priceKRWVersus current price
Gordon growth modelNo dividend
Dividend discount model DDMNo dividend
Discounted cash flow FCFF74,109+993.1%
Discounted cash flow FCFE19,889+193.3%
Residual income model RIM27,570+306.6%
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=rf+β×ERPr = r_f + \beta \times \mathit{ERP}

r = 4.40% + 0.61 × 5.00% = 7.46%

Initial growth

g1=max⁡{ROE×(1−payout), 0},gt=g1+(gT−g1) t−1N−1g_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(17.12% × (1 − 0.00%), 0) = 17.12%

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

Residual income model RIM

P0=B0+∑t=1NRIt(1+r)t+RIN(1+gT)(r−gT) (1+r)N,RIt=(ROE−r) Bt−1P_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 = 7,065 KRW, ROE = 17.12%, payout ratio = 0.00%, r = 7.46%, g_T = 2.00%

YearOpening book valueEarningsEquity chargeResidual incomeDiscount factorPresent value
17,0651,2095276820.9305635
28,2741,4166187990.8659692
39,6901,6597239350.8057754
411,3491,9438471,0960.7498821
513,2922,2759921,2830.6977895
Terminal value23,9480.697716,709

P_0 = 7,065 + 3,797 + 16,709 = 27,570 KRW

Discounted cash flow FCFF

FCFF0=CFO−CapEx+Int (1−τ),WACC=ED+E r+DD+E kd (1−τ)\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 = 9,153.0 − 3,123.8 + 944.0 × (1 − 18.10%) = 6,802.3 KRW hundred million

Weighted average cost of capital

E = 19,476.2, D = 15,482.3 KRW hundred million; equity weight = 55.71%, debt weight = 44.29%; cost of debt k_d = 6.10%

WACC = 55.71% × 7.46% + 44.29% × 6.10% × (1 − 18.10%) = 6.37%

Vfirm=∑t=1NFCFFt(1+WACC)t+FCFFN(1+gT)(WACC−gT) (1+WACC)N,FCFFt=FCFFt−1(1+gt),P0=Vfirm−D+CashSharesV_{\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}}
YearGrowthCash flow KRW hundred millionDiscount factorPresent value KRW hundred million
117.12%7,966.70.94017,489.6
213.34%9,029.40.88387,980.2
39.56%9,892.50.83098,219.4
45.78%10,464.20.78118,173.8
52.00%10,673.50.73437,837.9
Terminal value2.00%249,098.10.7343182,920.8
Total222,621.7

Firm value = 222,621.7; less borrowings 15,482.3; plus cash 5,747.6 → 212,887.0 KRW hundred million

P_0 = 212,887.0 KRW hundred million ÷ 287,260,287 (shares) = 74,109 KRW

Discounted cash flow FCFE

FCFE0=CFO−CapEx+ΔD,P0=1Shares[∑t=1NFCFEt(1+r)t+FCFEN(1+gT)(r−gT) (1+r)N],FCFEt=FCFEt−1(1+gt)\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 = 9,153.0 − 3,123.8 + -3,839.5 (net borrowing) = 2,189.7 KRW hundred million

YearGrowthCash flow KRW hundred millionDiscount factorPresent value KRW hundred million
117.12%2,564.50.93052,386.4
213.34%2,906.60.86592,516.8
39.56%3,184.40.80572,565.8
45.78%3,368.50.74982,525.6
52.00%3,435.80.69772,397.2
Terminal value2.00%64,127.80.697744,741.7
Total57,133.4

P_0 = 57,133.4 KRW hundred million ÷ 287,260,287 (shares) = 19,889 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.

Other issues on the same market

Neighbours in the market capitalisation order.

See the full KOSPI list