086280KOSPI

Hyundai Glovis

182,900

-5,100 (-2.71%)

MA5
MA20
MA60

Adjusted prices rescale past bars with coefficients taken from the base prices the exchange itself published, correcting for corporate actions such as stock splits and reverse splits. Cash dividends are not reflected, and the risk measures on this page never use these adjusted figures.

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 Glovis was established on February 22, 2001, to improve logistics efficiency for the Hyundai Motor Group. The company is listed on the KOSPI market and is headquartered in Seoul.

The company operates in integrated logistics, distribution, and shipping. Its services include domestic and overseas freight transport, CKD parts supply, used car auctions, and raw material trading. Shipping operations cover finished vehicles and bulk cargo. Main customers include Hyundai Motor Company and Kia Corporation.

Business overview as filed

당사가 영위하는 사업은 종합물류업과 유통판매업, 해운업입니다. 종합물류업은 고객의 화물에 대한 운송 서비스를 제공하는 사업으로 국내물류와 해외물류로 구분되며, 유통판매업은 CKD부품 공급 사업, 도매형태의 중고차 경매와 수출을 하는 중고차사업, 원자재 수출입을 하는 트레이딩사업으로 구분됩니다. 해운업은 선박을 이용한 화물 운송 사업으로 완성차 운송과 벌크 운송으로 구분됩니다. 2025년말 기준 연결 매출액은 총 29조 5,664억원으로 종합물류업 10조 826억원(34.10%), 유통판매업 14조 824억원(47.63%), 해운업 5조 4,014억원(18.27%)입니다. 당사의 주요 매출처는 현대자동차(주)와 기아(주)입니다.종합물류업은 경제 전반을 구성하는 물적 요소들의 흐름에 관련된 사업으로, 생산지에서부터 소비지까지의 물품과 정보의 흐름 및 저장이 효율적으로 이루어질 수 있도록 계획, 통제, 실행하는 모든 프로세스를 말합니다. 당사는 고객의 화물에 대한 운송, 보관 및 하역, 물류컨설팅 등 물류 관련 업무를 총괄 담당하고 있습니다. 또한 글로벌 물류 네트워크를 기반으로 첨단 물류정보시스템과 전문 인력을 활용한 One Stop Total Logistics Service를 제공하여 고객의 가치를 극대화하고 있습니다. 당사 종합물류업은 발생지역에 따라 국내물류와 해외물류로 구분되며, 품목에 따라 수출입물류, 완성차물류, 부품물류, 벌크물류 등을 수행하고 있습니다.유통판매업 내 CKD사업은 Complete Knock Down 즉, 완제품이 아닌 반제품으로 자동차 부품을 수출하는 사업입니다. 해외공장으로부터 국내외 부품에 대한 주문을 접수하여 발주/집하/포장 후 컨테이너 작업, 해상/항공운송을 통하여 현지공장에 납입하는 것으로, 리드타임의 단축과 적시납입체계, 포장품질 유지와 포장 표준화를 통한 물류비 절감이 전략적으로 중요한 요소입니다. 당사의 CKD사업은 현대자동차/기아를 중심으로 해외 완성차 공장의 조립 생산을 위해 자동차부품을 국내외 협력사로부터 발주/조달하여 포장 후 공장까지 통관, 운송, 판매하는 사업으로 부품발주에서 포장, 운송은 물론 현지 재고관리, 즉시납입을 아우르는 종합 유통서비스를 제공하여 현지 공장의 생산성 향상에 기여하고 있습니다.유통판매업 내 중고차사업은 국내 최대 중고차 경매장 운영과 당사 중고차 거래전문 서비스인 오토벨을 통해 중고차 매입부터 시세 산출, 거래 중개까지 담당하는 사업입니다. 또한, 글로벌 네트워크를 기반으로 중고차 수출 및 해외 중고차 유통까지 사업영역 확장 추진 중에 있습니다. 당사 중고차사업의 주요부문인 경매는 개인/법인들의 신차구입, 렌터카 및 리스 운용 업체들의 자산 매각과 밀접한 연관을 가지고 있으며, 경쟁입찰을 통해 차량을 매각하기 때문에 매도자 입장에서는 매매업체에 개별적으로 매도하는 것보다 경쟁력 있는 가격과 신뢰성 있는 사후 관리를 받을 수 있는 장점이 있습니다. 다년간의 경매장 운영 경험을 바탕으로 중고차 업계와 소비자를 잇는 온라인 거래 중개 플랫폼 오토벨을 통해 중고차 시장의 투명성 확보와 거래 활성화에 이바지하고 있습니다. 유통판매업 내 트레이딩사업은 산업 필수 소재인 알루미늄과 구리 등을 수출입하는 비철금속 트레이딩사업입니다. 당사는 주요 거래선인 중동, 아태 등 신성장 지역에서 원자재를 수입하여 판매하고 있습니다. 또한 기 보유하고 있는 물류 인프라 및 유통 역량을 기반으로 트레이딩사업을 추진하고 있습니다. 해운업은 선박을 이용하여 고객이 원하는 화물을 지정된 장소로 운송하는 서비스 산업이며, 선박 확보를 위한 대규모 자금 투자가 필요한 자본집약적 산업입니다. 당사의 해운사업부문은 자동차선 사업과 벌크선 사업으로 구분됩니다. 자동차선 사업은 PCTC(자동차선, RoRo)를 이용해 승용차, 상용차, 특수차량, 프로젝트 화물(건설중장비, 철도차량) 등을 운송하고 있습니다. 벌크선 사업은 벌크선을 이용한 철광석, 석탄, 곡물 등 Dry Bulk 화물 운송, 탱커선을 이용한 원유, 석유제품, 가스선을 이용한 LNG 등 Wet Bulk 화물 운송을 모두 수행하고 있습니다. 당사의 자동차선 사업은 본사와 해외 네트워크 간의 효율적인 업무협력, 전세계 다양한 항로 개발 및 노선확대를 통해 경쟁력을 지속 강화해오고 있습니다. 이를 바탕으로 현대차그룹 완성차 외에도 글로벌 자동차 제조사(VW, BMW, Daimler, Ford, GM 등) 및 중고차와 프로젝트 중량 화물(현대건설기계, 볼보, 두산 등)을 수송 중입니다. 특히 글로벌 선사 최초로 전기차 해상운송 매뉴얼 제작 및 현장 적용을 통해 전기차 운송시장에서 점유율을 확대해 나가고 있습니다. '22년부터 자동차선 시장은 글로벌 물동량 증가, 항구 체선 심화 등으로 인해, 선복 부족 현상이 심화되고 있습니다. 당사는 이에 대한 해결책으로 37척의 자동차선 신규 확보 계약을 체결 완료하였으며, 본 선박들은 '28년까지 순차적으로 인도될 예정입니다. 37척 모두 LNG 이중연료 추진 선박으로, 당사는 세계 최대의 규모의 저탄소 자동차선 보유선사로 등극할 것으로 기대됩니다. LNG는 기존 벙커유보다 최대 25%까지 탄소배출량이 적은 연료로서, LNG이중연료 선박은 탄소배출 및 황산화물, 미세먼지 저감에 유리합니다. 벌크선 사업은 고객과의 신뢰를 바탕으로 국내/외 우량화주사와 장기계약 위주의 사업전략을 추진하고 있습니다. Dry Bulk는 서부발전, 남동발전, OCP 등 국내/외 화주와 Wet Bulk는 현대오일뱅크, GS Caltex 등 국내 대형 정유사와 장기계약 체결 중입니다. '19년 7월에는 노르웨이 Fredriksen 그룹 Flex LNG와의 계약을 통해 LNG선 시장에 진출했으며, '21년 9월 세계 최대 원자재 트레이딩 업체 중 하나인 트라피구라사와 암모니아 및 LPG 운송이 가능한 초대형 가스 운반선 2척에 대한 장기계약 체결, '22년 4월 호주의 세계적인 에너지 기업인 우드사이드사와 LNG 장기운송계약 체결, '24년 3월 "K" LINE사와 컨소시엄으로 카타르 국영 기업 '카타르에너지'와 LNG 운반선 4척의 장기계약 체결, '25년 11월 일본 종합상사인 이토추 상사와 최대 15년 LNG 운송계약 체결 등, 저탄소에너지 운송사업을 지속 확대 추진 예정입니다.

Company overview

가. 연결대상 종속회사 개황가-1. 연결대상 종속회사 현황(요약)

가-2. 연결대상회사의 변동내용

나. 회사의 명칭

당사의 명칭은『현대글로비스 주식회사』이고, 영문명은『HYUNDAI GLOVIS Co.,Ltd.』입니다.

다. 설립일자 등

당사는 현대자동차 그룹의 물류 통합에 따른 효율성 추구를 위하여 2001년 2월 22일 설립되었습니다. 이후 자동차 전문 물류기업으로 성장을 거듭하였으며 2005년 12월 26일, 유가증권시장에 상장되었습니다.

라. 본사의 주소 등

주 소 : 서울시 성동구 왕십리로 83-21대표전화 : 02-6191-9114홈페이지 : http://www.glovis.net

마. 중소기업 등 해당 여부

바. 주요사업의 내용

당사가 영위하는 사업은 종합물류업과 유통판매업, 해운업입니다. 종합물류업은 고객의 화물에 대한 운송 서비스를 제공하는 사업으로 국내물류와 해외물류로 구분되며, 유통판매업은 CKD부품 공급 사업, 도매형태의 중고차 경매와 수출을 하는 중고차사업, 원자재 수출입 및 중계무역을 하는 트레이딩사업으로 구분됩니다. 해운업은 선박을 이용한 화물 운송 사업으로 완성차 운송과 벌크 운송으로 구분됩니다. 당기말 연결기업의 매출액 대비 매출비중은 종합물류업 34.10%, 유통판매업 47.63%, 해운업 18.27%이며, 연결기업의 주요 매출처는 현대자동차(주)와 기아(주)입니다.

주요사업에 대한 상세내용은 'Ⅱ. 사업의 내용'을 참조해 주시기 바랍니다

사. 신용평가에 관한 사항

2025년 12월 31일 현재, 전문기관으로부터 받은 신용평가 내역은 다음과 같습니다.

(1) 신용평가

(2) 신용등급 체계

아. 회사의 주권상장(또는 등록ㆍ지정)여부 및 특례상장에 관한 사항

Transcribed verbatim from the sentences the filer wrote in the fiscal 2025 business report (received 2026.03.18), 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

3.60%

[2.00%, 6.42%] · 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 37.9% (2026-06-26). 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

0.47

Beta [0.32, 0.61] · KOSPI200 · As of 2026-10-08

Intercept: -0.106%[-0.503%, +0.291%]
R squared: 0.23
Observations: 252
Trading-time corrected beta: 0.68[0.41, 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	146,712	153,406	163,583	168,656	182,701	165,199	217,796	269,819	256,832	284,074	295,664	313,451
Revenue growth%	—	4.56	6.63	3.10	8.33	-9.58	31.84	23.89	-4.81	10.61	4.08	—
Operating incomeKRW 100M	6,980	7,288	7,271	7,101	8,765	6,622	11,262	17,985	15,540	17,529	20,730	20,488
Operating income growth%	—	4.41	-0.24	-2.33	23.43	-24.46	70.09	59.69	-13.59	12.79	18.26	—
Net incomeKRW 100M	3,768	5,057	6,805	4,374	5,023	6,061	7,832	11,928	10,701	10,995	17,347	15,433
Net income growth%	—	34.22	34.55	-35.72	14.85	20.67	29.21	52.30	-10.29	2.75	57.77	—
Attributable to ownersKRW 100M	3,770	5,056	—	—	—	—	—	—	10,611	10,939	17,337	15,411
Attributable to minoritiesKRW 100M	-2	1	—	—	—	—	—	—	90	56	10	22
Operating margin%	4.76	4.75	4.44	4.21	4.80	4.01	5.17	6.67	6.05	6.17	7.01	6.54
Net margin%	2.57	3.30	4.16	2.59	2.75	3.67	3.60	4.42	4.17	3.87	5.87	4.92
ROE%	12.17	14.54	—	—	—	—	—	—	13.68	12.47	16.75	14.15
ROA%	5.04	6.35	8.31	5.03	4.96	5.56	6.43	8.60	7.27	6.53	9.33	7.42
Debt ratio%	141.49	129.12	105.18	103.93	116.90	115.12	109.40	101.72	89.17	91.26	78.92	90.32
Current ratio%	143.33	150.34	152.47	154.54	148.07	167.72	176.73	188.36	196.34	185.69	200.43	186.14
Quick ratio%	113.56	123.97	126.46	122.93	117.80	136.28	141.97	154.93	166.17	153.22	166.50	154.95
Reserve ratio%	15,948.88	18,053.23	21,105.96	22,778.49	24,779.52	27,309.02	30,792.34	36,441.84	40,888.50	22,650.24	26,562.54	27,280.71
Free cash flowKRW 100M	—	—	—	—	—	—	—	12,183	19,260	11,834	19,080	—
FCF margin%	—	—	—	—	—	—	—	4.52	7.50	4.17	6.45	—
OCF conversion%	—	—	—	—	—	—	—	130.68	209.54	193.04	144.16	—
Capex to revenue%	2.70	2.54	2.25	1.07	1.08	0.75	1.41	1.26	1.23	3.31	2.00	—
Receivable daysdays	—	43.4	—	—	—	—	—	—	—	—	—	—
Inventory daysdays	—	18.7	16.2	18.3	21.0	25.7	22.4	20.9	21.7	21.6	23.7	—
Payable daysdays	—	27.4	—	—	—	—	—	—	—	—	—	—
Cash conversion cycledays	—	34.8	—	—	—	—	—	—	—	—	—	—
EPSKRW	10,052	13,483	18,147	11,663	13,395	16,165	20,877	31,729	28,297	14,585	23,117	20,548
PERx	—	11.46	7.49	11.06	10.68	11.38	8.05	5.15	6.77	8.10	7.81	8.91
BPSKRW	—	92,725	106,381	113,605	124,541	135,079	154,732	183,094	206,810	116,975	138,016	145,224
PBRx	—	1.67	1.28	1.14	1.15	1.36	1.09	0.89	0.93	1.01	1.31	1.26
Dividend per shareKRW	3,000	3,000	3,000	3,300	3,500	3,500	3,800	5,700	—	6,300	3,700	—
Payout ratio%	29.84	22.25	16.53	28.29	26.13	21.65	18.20	17.96	—	43.20	16.01	—

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
	74,785	79,675	81,857	86,878	101,297	108,987	121,709	138,778	147,250	168,491	185,872
	37,176	39,358	38,720	44,581	50,543	59,501	69,682	81,819	87,715	98,614	103,387
Cash and cash equivalentsKRW 100M	6,761	5,952	5,293	6,414	6,898	14,011	16,453	20,598	22,908	32,765	26,446
InventoriesKRW 100M	7,719	6,903	6,607	9,119	10,331	11,153	13,704	14,523	13,476	17,243	17,503
Trade and other receivablesKRW 100M	16,723	19,799	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable
	37,609	40,316	43,137	42,298	50,754	49,486	52,027	56,959	59,535	69,877	82,485
Property, plant and equipmentKRW 100M	28,821	31,089	33,560	32,474	38,249	37,471	38,651	44,700	47,259	57,169	64,407
Intangible assetsKRW 100M	724	701	716	1,267	1,144	1,035	1,021	1,042	Not applicable	Not applicable	Not applicable
Investments in associatesKRW 100M	3,972	4,372	4,656	4,786	4,959	5,082	6,592	6,740	6,757	6,742	9,031
	43,817	44,900	41,961	44,277	54,595	58,323	63,585	69,982	69,411	80,398	81,988
	25,938	26,179	25,394	28,848	34,135	35,477	39,430	43,438	44,676	53,106	51,582
Trade and other payablesKRW 100M	9,932	11,459	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable
Short-term borrowingsKRW 100M	10,514	10,136	8,635	10,993	12,035	13,130	11,168	11,760	—	—	—
	17,880	18,721	16,567	15,429	20,460	22,846	24,156	26,544	24,735	27,292	30,405
Bonds issuedKRW 100M	—	—	—	—	—	2,991	2,992	2,994	2,996	1,099	4,091
Long-term borrowingsKRW 100M	7,652	8,252	7,079	6,556	6,341	6,422	7,104	6,592	5,594	5,838	1,897
	30,968	34,774	39,895	42,602	46,703	50,664	58,124	68,796	77,839	88,094	103,885
	30,966	34,772	39,893	42,602	46,703	50,654	58,025	68,660	77,554	87,732	103,512
Issued capitalKRW 100M	188	188	188	188	188	188	188	188	188	375	375
Capital surplusKRW 100M	1,536	1,536	1,536	1,536	1,536	1,536	1,536	1,536	1,536	1,347	1,347
Retained earningsKRW 100M	28,368	32,314	38,037	41,173	44,925	49,668	56,199	66,792	75,130	83,592	98,263
Accumulated other comprehensive incomeKRW 100M	884	744	141	-286	63	-728	-44	-1	617	2,340	3,453
Other equityKRW 100M	-9	-9	-9	-9	-9	-9	145	145	83	78	75
Non-controlling interestsKRW 100M	1	3	2	-0	-0	9	100	136	286	362	372

충당자산As filed	250	265	292	329	350	373	388	450	373	406	457
계약자산As filed	—	—	—	—	—	1,021	1,984	2,029	1,762	2,767	1,850
기타유동금융자산As filed	4,167	5,040	4,828	6,787	8,685	9,433	8,757	10,572	17,399	11,387	17,733
당기법인세자산As filed	—	—	—	—	—	—	45	79	35	12	158
매출채권As filed	—	—	19,885	19,926	22,006	21,652	25,792	31,019	28,676	30,700	36,257
기타수취채권As filed	262	450	968	871	1,295	950	1,295	1,381	1,720	1,909	1,742
매각예정비유동자산As filed	—	—	—	—	—	—	331	—	—	1	0
기타유동자산As filed	1,293	950	846	1,135	977	908	932	1,167	1,365	1,423	1,241
기타비유동수취채권As filed	116	149	185	207	166	242	236	253	245	258	269
기타비유동금융자산As filed	27	169	61	2,220	4,871	4,257	4,153	2,225	2,236	2,382	4,935
매도가능금융자산As filed	2,971	2,637	2,591	—	—	—	—	—	—	—	—
이연법인세자산As filed	56	127	95	65	43	52	87	97	152	231	311
기타비유동자산As filed	22	22	42	32	29	25	10	563	512	250	361
기타지급채무As filed	2,371	2,140	2,965	1,625	2,346	3,109	3,753	5,144	6,460	5,864	6,661
기타유동금융부채As filed	728	466	444	1,008	3,545	1,981	2,517	3,222	5,090	5,573	5,833
당기법인세부채As filed	1,089	438	921	631	1,092	304	1,354	2,440	924	2,259	1,212
무형자산As filed	—	—	—	—	—	—	—	—	1,361	1,717	1,898
충당부채As filed	371	383	438	524	434	472	519	731	526	922	—
기타유동부채As filed	933	1,158	1,393	1,150	1,205	365	582	333	445	652	737
기타비유동금융부채As filed	7,416	7,261	6,130	5,421	10,626	9,589	10,196	13,014	12,365	16,550	19,527
이연법인세부채As filed	1,753	1,993	1,991	2,036	2,020	2,327	2,373	2,415	2,515	2,320	3,108
퇴직급여부채As filed	50	32	20	25	24	26	24	—	—	—	—
기타비유동부채As filed	15	36	37	66	74	96	99	94	140	217	290
매입채무As filed	—	—	10,598	12,917	13,478	15,353	19,024	18,422	17,912	21,814	23,090
비지배지분As filed	1	3	2	-0	-0	9	100	136	—	—	—
부채 및 자본의 총계As filed	74,785	79,675	81,857	86,878	101,297	108,987	121,709	138,778	—	—	—
자본과부채총계As filed	—	—	—	—	—	—	—	—	147,250	168,491	185,872
유동성회사채As filed	—	—	—	—	—	—	—	—	—	1,900	—
계약부채As filed	—	—	—	—	—	763	511	1,387	1,576	1,125	5,252
단기차입금As filed	—	—	—	—	—	—	—	—	11,742	12,997	8,007
확정급여부채As filed	—	—	—	—	—	—	—	21	30	46	63
기타유동충당부채As filed	—	—	—	—	—	—	—	—	—	—	790
기타비유동충당부채As filed	—	—	—	—	—	—	—	—	—	—	1,429

Income statement

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
	146,712	153,406	163,583	168,656	182,701	165,199	217,796	269,819	256,832	284,074	295,664
Cost of salesKRW 100M	135,552	142,349	152,262	157,147	169,036	152,294	202,879	246,805	235,917	259,572	267,968
Gross profitKRW 100M	11,160	11,058	11,321	11,508	13,665	12,905	14,917	23,014	20,915	24,502	27,696
SG&A expensesKRW 100M	4,180	3,770	4,050	4,407	4,899	6,283	3,655	5,029	5,374	6,973	6,966
	6,980	7,288	7,271	7,101	8,765	6,622	11,262	17,985	15,540	17,529	20,730
Finance incomeKRW 100M	198	206	215	220	373	342	348	820	1,716	1,863	1,844
Finance costsKRW 100M	498	589	632	756	1,035	848	714	1,193	1,942	1,892	1,718
Other incomeKRW 100M	4,284	4,604	5,444	2,982	3,502	6,725	4,422	13,127	9,390	11,376	8,479
Other expensesKRW 100M	5,506	5,008	3,852	3,679	4,749	5,471	5,675	14,673	10,096	12,207	7,473
Share of profit of associatesKRW 100M	467	537	—	—	—	—	—	-93	—	-1,221	-294
	5,926	7,039	8,893	6,263	7,273	7,665	9,852	15,974	14,534	15,447	21,568
Income tax expenseKRW 100M	2,158	1,982	2,089	1,889	2,250	1,604	2,020	4,046	3,833	4,453	4,221
	3,768	5,057	6,805	4,374	5,023	6,061	7,832	11,928	10,701	10,995	17,347
Attributable to ownersKRW 100M	3,770	5,056	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	10,611	10,939	17,337
Attributable to minoritiesKRW 100M	-2	1	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	90	56	10
Basic earnings per shareKRW	10,052	13,483	18,147	11,663	13,395	16,165	20,877	31,729	28,297*	14,585	23,117
Diluted earnings per shareKRW	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable
	4,004	4,932	6,246	3,894	5,339	5,263	8,533	12,091	11,187	12,624	18,569
Other comprehensive incomeKRW 100M	236	-125	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	163	486	1,629	1,222

당기순이익As filed	—	—	6,805	—	—	—	7,832	11,928	10,701	10,995	—
당기순이익(손실)As filed	3,768	5,057	—	4,374	5,023	6,061	—	—	—	—	17,347
비지배지분As filed	-2	1	-0	0	0	-1	5	30	96	77	10
지배기업의 소유주지분As filed	—	—	—	—	—	5,264	8,528	12,061	11,091	12,547	18,558
후속적으로 당기손익으로 재분류되는 항목As filed	256	-140	-603	7	123	-682	700	369	465	1,687	343
매도가능금융자산평가손익As filed	270	-263	-125	0	0	—	—	—	—	—	—
지분법손실As filed	—	—	—	—	—	—	—	—	-74	—	—
지분법자본변동As filed	-26	28	15	8	-73	-11	56	91	38	150	-29
해외사업환산이익(손실)As filed	11	96	—	—	—	—	—	—	—	—	—
당기손익으로 재분류되지 않는 세후기타포괄손익As filed	-19	15	—	—	—	—	—	—	—	—	—
K-IFRS 제 1029호 재작성에 의한 효과As filed	—	—	—	—	—	—	—	—	—	103	-46
지분법이익잉여금As filed	1	2	15	-70	-10	5	-0	14	-22	-39	18
해외사업환산손익As filed	—	—	—	—	196	-671	644	278	427	1,434	418
확정급여제도의 재측정요소As filed	-19	14	13	-51	-24	-11	15	105	-116	-75	—
기타As filed	-1	-1	16	0	0	—	—	—	—	—	—
해외사업환산이익As filed	—	—	-492	-1	—	—	—	—	—	—	—
후속적으로 당기손익으로 재분류되지 않는 항목As filed	—	—	—	-487	192	-116	2	-206	21	-58	879
당기손익으로 재분류되지 않는항목As filed	—	—	44	—	—	—	—	—	—	—	—
지배기업의 소유주As filed	4,006	4,931	6,246	4,374	5,023	—	—	—	—	—	—
기타포괄손익-공정가치 측정 금융자산평가손익As filed	—	—	—	-366	226	-109	-13	-326	—	—	—
기타포괄손익-공정가치측정지분상품평가손익As filed	—	—	—	—	—	—	—	—	160	56	770
지분법이익As filed	—	—	448	395	417	296	209	—	—	—	—
기타포괄손익 계As filed	—	—	-559	-480	315	-798	701	—	—	—	—
확정급여제도의재측정요소As filed	—	—	—	—	—	—	—	—	—	—	91

Cash flow statement

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Net incomefrom the income statement	3,768	5,057	6,805	4,374	5,023	6,061	7,832	11,928	10,701	10,995	17,347
Total adjustments to operating cash flowcomputed	—	—	—	—	—	—	—	3,660	11,722	10,229	7,661
	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	15,588	22,423	21,224	25,008
Interest receivedKRW 100M	138	177	185	179	274	314	195	411	835	1,761	2,060
Interest paidKRW 100M	502	579	626	763	1,016	841	696	1,046	1,573	1,870	1,850
Income taxes paidKRW 100M	1,354	2,436	1,552	1,923	1,775	2,045	473	1,941	2,843	2,636	4,900
	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	-5,266	-10,072	-4,890	-15,435
Purchase of property, plant and equipmentKRW 100M	3,959	3,891	3,675	1,812	1,967	1,234	3,080	3,405	3,163	9,390	5,927
Proceeds from sale of property, plant and equipmentKRW 100M	41	51	113	114	143	107	18	25	31	456	1,224
Purchase of intangible assetsKRW 100M	70	61	55	147	53	78	111	36	49	189	304
	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	-4,380	-7,009	-7,035	-16,251
Dividends paidKRW 100M	750	1,125	1,125	1,125	1,238	1,313	1,313	1,425	2,138	2,363	2,775
Issue of sharesKRW 100M	—	—	—	—	—	—	—	—	—	-2	—
Cash at beginning of periodKRW 100M	7,539	6,761	5,952	5,293	6,414	6,898	14,011	16,453	20,598	22,908	32,765
	6,761	5,952	5,293	6,414	6,898	14,011	16,453	20,598	22,908	32,765	26,446
Effect of exchange rate changesKRW 100M	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	-3,031	558	359
Net change in cash and cash equivalentsKRW 100M	-685	-964	-361	1,077	342	7,470	1,943	5,942	Not applicable	Not applicable	Not applicable

당기순이익As filed	3,768	5,057	6,805	4,374	5,023	6,061	7,832	11,928	10,701	10,995	—
영업으로부터 창출된 현금흐름As filed	—	—	—	—	—	—	—	18,025	25,869	23,462	29,587
기타유동금융부채의 증가(감소)As filed	—	—	—	—	—	—	—	—	—	—	0
리스부채의 상환As filed	—	—	—	—	—	—	-2,342	2,621	3,372	4,416	5,602
비현금조정As filed	4,856	3,992	2,309	4,495	6,884	—	—	—	—	—	—
비현금항목의 조정As filed	—	—	—	—	—	5,205	7,667	—	—	—	—
기타비유동금융부채의 증가(감소)As filed	-9	—	—	—	—	—	—	—	—	—	0
연결자본거래로 인한 현금유입As filed	—	—	—	—	—	—	240	6	6	—	0
운전자본 조정As filed	731	-319	-1,252	-1,654	-2,181	880	-3,674	—	—	—	—
장기차입금의 증가As filed	314	875	1,963	—	1,846	1,946	1,642	1,149	201	2,966	—
조정As filed	—	—	—	—	—	—	—	13,338	13,059	15,759	11,786
영업활동으로 인한 자산ㆍ부채의 변동As filed	—	—	—	—	—	—	—	-7,241	—	—	—
기타유동금융부채의 감소As filed	-211	-308	-304	-316	-3,033	3,814	-230	—	-11	—	—
배당금의 수취As filed	194	170	197	189	201	195	203	139	135	508	111
유동성장기차입금의 감소As filed	—	—	—	—	—	—	-1,271	-2,292	-1,674	-2,434	3,593
회사채의 발행As filed	—	—	—	—	—	2,989	—	—	—	—	3,000
기타비유동금융부채의 감소As filed	—	-2	—	—	—	—	—	29	-9	—	—
유동성장기미지급금의 상환As filed	—	—	—	—	—	—	—	289	-287	-415	266
영업활동으로 인한 순현금흐름As filed	7,831	6,063	6,065	4,897	7,410	9,769	11,055	—	—	—	—
장기미지급금의 상환As filed	—	—	—	—	—	—	—	—	—	-46	0
회사채의 상환As filed	—	—	—	—	—	—	—	—	—	—	1,900
기타유동금융자산의 감소(증가)As filed	—	—	58	-1,981	-1,616	—	-716	-1,656	—	—	—
기타유동금융자산의 증가As filed	—	-1,087	—	—	—	690	—	—	16,840	406	16,371
단기차입금의 순증가As filed	—	—	—	—	—	—	—	—	275	—	—
단기차입금의 순증감As filed	—	—	—	—	—	—	—	—	—	-325	—
장기차입금의 상환As filed	—	—	—	—	—	—	—	—	—	—	1,685
기타비유동금융자산의 증가As filed	—	-146	—	—	—	—	—	46	131	147	1,548
기타비유동금융자산의 감소(증가)As filed	—	—	147	-75	8	—	—	—	—	—	—
기타수취채권의 증가As filed	—	—	—	—	—	—	—	24	—	—	—
관계기업에 대한 투자자산의 처분As filed	—	—	—	—	—	—	—	—	61	428	—
기타비유동수취채권의 감소(증가)As filed	—	—	—	—	29	-137	-5	—	—	—	—
기타비유동수취채권의 증가As filed	—	—	—	23	—	—	—	24	33	45	61
기타장기수취채권의 증가(감소)As filed	—	—	30	—	—	—	—	—	—	—	—
관계기업투자주식의 취득As filed	201	—	13	—	46	48	1,104	449	254	1,949	—
기타비유동수취채권의 감소As filed	—	—	—	—	—	—	—	—	40	16	51
관계기업투자주식의 처분As filed	18	26	27	29	23	47	60	60	—	—	—
기타유동금융자산의 감소As filed	-3,853	—	—	—	—	—	—	—	10,281	6,297	10,048
유동차입금의 증가(감소)As filed	—	—	—	—	—	—	—	—	—	—	-3,430
종속기업투자주식의 취득As filed	—	—	—	—	—	14	—	—	—	—	—
기타비유동금융자산의 감소As filed	—	—	—	—	—	—	—	—	1	3	7
연결범위의 변동As filed	—	—	—	—	—	—	—	51	—	—	—
기타유동수취채권의 감소As filed	—	—	—	—	—	—	—	—	12	8	43
매각예정비유동자산의 처분As filed	—	—	—	—	—	—	—	319	—	—	—
무형자산의 처분As filed	—	—	—	0	52	62	—	2	4	31	5
정부보조금의 수령As filed	—	0	—	—	—	—	12	20	7	17	42
종속기업의 취득As filed	465	—	-22	—	—	—	—	—	—	—	—
투자활동으로 인한 순현금흐름As filed	-8,478	-5,175	-3,449	-3,895	-3,426	-1,984	-3,494	—	—	—	—
기타장기수취채권의 감소(증가)As filed	10	-67	—	—	—	—	—	—	—	—	—
기타유동수취채권의 증가As filed	—	—	—	—	—	—	—	—	15	18	30
단기차입금의 증가As filed	616	—	—	—	—	2,021	—	—	—	—	—
단기차입금의 감소As filed	—	—	1,573	—	—	—	—	—	—	—	—
단기차입금의 증가(감소)As filed	—	-1,293	—	2,483	1,119	—	-2,345	—	—	—	—
유동성장기차입금의 상환As filed	—	—	-1,939	-2,300	-2,336	-2,145	—	—	—	—	—
연결범위 변동에 의한 현금유출As filed	—	—	—	—	—	—	—	—	-44	—	0
연결범위 변동에 의한 현금유입As filed	—	—	—	—	—	—	—	—	21	—	0
단기차입금의 순증가(감소)As filed	—	—	—	—	—	—	—	1,121	—	—	—
장기차입금의 증가(감소)As filed	—	—	—	1,334	—	—	—	—	—	—	—
기타지급채무의 증가(감소)As filed	3	—	—	—	—	—	—	—	—	—	—
영업활동으로 인한 자산 부채의 변동As filed	—	—	—	—	—	—	—	—	2,109	-3,293	454
재무활동으로 인한 순현금흐름As filed	-37	-1,852	-2,977	76	-3,641	-315	-5,618	—	—	—	—
지분법적용 투자지분의 취득As filed	—	—	—	—	—	—	—	—	—	—	2,613
현금및현금성자산의 환율 변동효과As filed	-93	155	—	—	—	—	—	—	—	—	—
현금및현금성자산의 환율변동효과As filed	—	—	-298	43	142	—	498	-1,798	—	—	—
현금및현성자산의 환율변동효과As filed	—	—	—	—	—	-356	—	—	—	—	—
당기순이익(손실)As filed	—	—	—	—	—	—	—	—	—	—	17,347
현금및현금성자산의 증가As filed	—	—	—	—	—	—	—	—	5,342	9,300	-6,678

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 2026.03.18.

Audit opinion

Fiscal year	Opinion	Auditor	Fiscal year end
2025	적정의견Term 25	삼일회계법인	2025-12-31
2024	적정의견Term 24	삼정회계법인	2025-12-31
2023	적정의견Term 23	삼정회계법인	2025-12-31
2022	적정Term 22	삼정회계법인	2022-12-31
2021	적정Term 21	한영회계법인	2022-12-31
2020	적정Term 20	한영회계법인	2022-12-31
2019	적정Term 19	한영회계법인	2019-12-31
2018	적정Term 18	한영회계법인	2019-12-31
2017	적정Term 17	한영회계법인	2019-12-31

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 5Y0.54

Equity risk premium%

Terminal growth%

Cost of equity7.10%

Weighted average cost of capital7.04%

Initial growth14.1%

Effective tax rate19.6%

Base fiscal year2025

Current priceKRW182,900

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	74,068	-59.5%
Dividend discount model DDM	97,112	-46.9%
Discounted cash flow FCFF	755,465	+313.0%
Discounted cash flow FCFE	634,531	+246.9%
Residual income model RIM	529,392	+189.4%

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% + 0.54 × 5.00% = 7.10%

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(16.75% × (1 − 16.01%), 0) = 14.07%

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 = 3,700 × (1 + 2.00%) / (7.10% − 2.00%) = 3,774 / 0.0510 = 74,068 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 = 3,700, g_1 = 14.07%, g_T = 2.00%, r = 7.10%

Year	Growth	Dividend KRW	Discount factor	Present value KRW
1	14.07%	4,221	0.9337	3,941
2	11.05%	4,687	0.8719	4,086
3	8.03%	5,064	0.8141	4,122
4	5.02%	5,318	0.7602	4,042
5	2.00%	5,424	0.7098	3,850
Terminal value	2.00%	108,577	0.7098	77,070
Total				97,112

P_0 = 97,112 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 = 138,016 KRW, ROE = 16.75%, payout ratio = 16.01%, r = 7.10%, g_T = 2.00%

Year	Opening book value	Earnings	Equity charge	Residual income	Discount factor	Present value
1	138,016	23,117	9,793	13,324	0.9337	12,441
2	157,433	26,369	11,170	15,198	0.8719	13,251
3	179,581	30,078	12,742	17,336	0.8141	14,114
4	204,845	34,310	14,534	19,775	0.7602	15,033
5	233,663	39,137	16,579	22,557	0.7098	16,012
Terminal value				451,560	0.7098	320,525

P_0 = 138,016 + 70,851 + 320,525 = 529,392 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 = 25,007.6 − 5,927.4 + 1,850.1 × (1 − 19.57%) = 20,568.2 KRW hundred million

Weighted average cost of capital

E = 137,175.0, D = 5,988.2 KRW hundred million; equity weight = 95.82%, debt weight = 4.18%; cost of debt k_d = 7.10%

WACC = 95.82% × 7.10% + 4.18% × 7.10% × (1 − 19.57%) = 7.04%

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	14.07%	23,461.8	0.9343	21,919.2
2	11.05%	26,054.6	0.8728	22,741.2
3	8.03%	28,147.8	0.8154	22,953.0
4	5.02%	29,560.1	0.7618	22,519.8
5	2.00%	30,151.3	0.7117	21,460.0
Terminal value	2.00%	610,536.2	0.7117	434,546.8
Total				546,140.2

Firm value = 546,140.2; less borrowings 5,988.2; plus cash 26,446.4 → 566,598.5 KRW hundred million

P_0 = 566,598.5 KRW hundred million ÷ 75,000,000 (shares) = 755,465 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 = 25,007.6 − 5,927.4 + -948.3 (net borrowing) = 18,131.9 KRW hundred million

Year	Growth	Cash flow KRW hundred million	Discount factor	Present value KRW hundred million
1	14.07%	20,682.7	0.9337	19,312.5
2	11.05%	22,968.4	0.8719	20,025.8
3	8.03%	24,813.8	0.8141	20,201.4
4	5.02%	26,058.7	0.7602	19,809.4
5	2.00%	26,579.9	0.7098	18,866.9
Terminal value	2.00%	532,083.4	0.7098	377,682.4
Total				475,898.3

P_0 = 475,898.3 KRW hundred million ÷ 75,000,000 (shares) = 634,531 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