Hyundai Mobis: Share Price Down Sharply Over 3 Months While Earnings Stay Steady and a Company Split Is Filed

Thesis

The data shows a gap between fundamentals and the share price. Trailing twelve-month revenue of ₩62.3T and operating income of ₩3.5T are slightly above 2025 levels, yet the shares trade well below the 52-week high of ₩822,000 and not far above the low of ₩283,000. The data supports a picture of stable profits with a lower valuation. It does not explain the size of the price move, and the headlines point to concerns about vehicle sales, the exchange rate and Q3 profitability. A company split decision was filed on 2026-09-30 alongside a shareholders' meeting notice and a record date filing. The data gives no details on the split terms, so its effect on value cannot be assessed here. Investor flows, foreign ownership and short balance data are not available.

Business overview

Hyundai Mobis is a KOSPI-listed auto parts company, founded on 1977-07-01 and listed on 1989-09-05. Co-CEOs are listed as 정의선 and 이규석. Market capitalization is ₩32.5T on 91,795,094 listed shares, and enterprise value is ₩28.1T. Revenue grew from ₩41.7T in 2021 to ₩61.1T in 2025. Growth was 24.5% in 2022, 14.2% in 2023, -3.4% in 2024 and 6.8% in 2025. The listed peers in the data are all much smaller by market cap, from ₩1.4T to ₩2.2T: SL, HL Mando, Kumho HT, Samhyun and Hyundai WIA. Many IR events appear in recent filings.

Financial analysis

All figures come from filed financial statements (DART). For the twelve months to H1 2026, revenue was ₩62.3T, operating income ₩3.5T (5.6% margin) and net income ₩3.6T (5.8% margin). Net income is above operating income, so non-operating items appear to contribute; the data does not break them down. ROE is 7.4%. Annual operating margin rose from 3.9% in 2022 and 2023 to 5.4% in 2024 and 5.5% in 2025. Net income was ₩3.7T in 2025, versus ₩4.1T in 2024 and ₩3.4T in 2023. ROE was 7.7% in 2025 and 9.4% in 2024. The balance sheet looks conservative: liabilities to equity is 46.0%, cash is ₩5.4T against borrowings of ₩1.0T, and trailing free cash flow is ₩2.7T.

Valuation

Current P/E is 9.0x, P/B is 0.6x and P/S is 0.5x, with a dividend yield of 1.8%. At the end of 2025, P/E was 9.4x and P/B 0.7x, so the multiples are slightly lower now. Earlier year-end multiples are not available, so a longer own-history comparison cannot be made. EV/EBITDA is not available. Peer P/E and P/B figures are also not available, so a peer valuation comparison cannot be made from this data.

Catalysts

• The company split decision filed on 2026-09-30 comes with a shareholders' meeting notice and a record date filing, so the meeting and its outcome are key events.
• Several IR events, including 2026-10-07, 2026-10-08 and 2026-10-13, may bring more company communication.
• Brokerages cut price targets on 2026-10-13, with Kiwoom citing a Q3 profitability outlook below estimates, so the Q3 results will test those views.
• A news headline discusses securing after-sales parts business rights for a group physical AI new business, though the data gives no further details.
• Weak finished-vehicle sales and an unfavorable exchange rate are cited in headlines, so changes in either could matter for results.

Risks

• The share price fell 27.3% in three months, showing high volatility and weak sentiment.
• Brokerage target cuts and a Q3 profitability outlook below estimates suggest near-term earnings may disappoint.
• Weak finished-vehicle sales and an unfavorable exchange rate are flagged in the news as pressures.
• The terms and effects of the company split are not in the data, leaving uncertainty over the future business structure.
• Net income above operating income suggests non-operating items support profit, and the data does not show whether these will continue; investor flow data is also missing.

Closing view

The filed numbers show a profitable company with a strong balance sheet, margins that improved since 2023 and trailing free cash flow of ₩2.7T. The share price and the headlines show worry about near-term profitability and external conditions, and the pending company split adds uncertainty the data cannot resolve. Multiples of 9.0x earnings and 0.6x book are a little below year-end 2025 levels, but missing peer and flow data limit the comparison. The evidence is mixed: solid reported results alongside a weaker market view and an unclear corporate change.

Model estimate of fair value

The valuation model has no estimate for this company yet (not enough data, or no positive value with the base case).

Report history

1. Oct 13, 2026InitiationHyundai Mobis: Share Price Down Sharply Over 3 Months While Earnings Stay Steady and a Company Split Is Filed