Hankook Tire & Technology: Revenue Step-Up in 2025, Low Multiples, Shares Down 10.6% Over Three Months

Thesis

The data supports a profitable company trading at low multiples relative to its own earnings and book value, with a 10.1% trailing operating margin and a 9.9% ROE. The share price is 20.5% below its 52-week high of ₩78,400 and well above the low of ₩38,250. The data does not explain why revenue more than doubled in 2025 (up 125.3%); a change in reporting scope is possible, but no filing text or news is provided to confirm this. Investor flow, foreign ownership and short-selling data are not available, so market positioning cannot be assessed. No news headlines were provided.

Business overview

The company is listed on KOSPI in the rubber and plastics sector and was founded on 2012-09-01 and listed on 2012-10-04. It has 123,875,069 listed shares and is led by co-CEOs 안종선 and 이상훈. Annual revenue rose from ₩7.1T in 2021 to ₩9.4T in 2024, then jumped to ₩21.2T in 2025. Trailing revenue as of H1 2026 is ₩21.9T. The data lists five peers by market cap, the largest being Kumho Tire CO at ₩2.0T, well below Hankook's ₩7.7T.

Financial analysis

Figures come from filed financial statements (DART). Revenue grew 7.1T to 9.4T over 2021–2024 with growth of 17.5%, 6.5% and 5.3% in 2022–2024, then reached ₩21.2T in 2025. Operating income was ₩1.84T in 2025 versus ₩1.76T in 2024, so the operating margin fell from 18.7% to 8.7%, which is consistent with a larger revenue base rather than weaker profit. Net income was ₩1.09T in 2025 versus ₩1.11T in 2024. Trailing figures as of H1 2026: operating income ₩2.2T (10.1% margin), net income ₩1.2T (5.5% margin), ROE 9.9%. Liabilities to equity is 84.7%. Cash is ₩2.8T and free cash flow is ₩481.6B. Borrowings are not available in the data.

Valuation

The stock trades at a P/E of 6.4x, P/B of 0.6x and P/S of 0.4x, with a dividend yield of 1.3%. Year-end 2025 P/E was 6.6x and P/B 0.6x, so current multiples are close to those levels. Earlier year-end multiples are not available. Enterprise value is ₩4.9T; EV/EBITDA is not available. Peer P/E and P/B figures are not available, so a peer comparison of multiples cannot be made.

Catalysts

• The half-year report for June 2026 was filed on 2026-08-14 and was followed by an amended version, which investors may want to review for the details.
• Preliminary consolidated earnings were filed on 2026-08-11, showing the latest earnings base of the trailing figures.
• A cash dividend decision and a shareholder register closing date were filed on 2026-08-10, relevant to the 1.3% dividend yield.
• An investor relations event was held on 2026-07-20.
• A 5%+ holding report was filed on 2026-09-11, which points to a change in a significant shareholding, though details are not in the data.

Risks

• The 125.3% revenue jump in 2025 makes year-over-year comparisons difficult and the cause is not explained in the data.
• The share price fell 10.6% over three months and sits 20.5% below the 52-week high.
• The operating margin was 8.7% in 2025 and 10.1% on a trailing basis, below the 14.9% to 18.7% seen in 2023 and 2024.
• Net margin is 5.5% and ROE is 9.9%, modest relative to the revenue scale.
• Investor flows, foreign ownership, short balance and borrowings are not available, which limits visibility on positioning and debt.

Closing view

The filed numbers show a large, profitable company with low earnings and book multiples and solid cash of ₩2.8T. Against that, margins are lower than in 2023–2024, the 2025 revenue jump is unexplained in the data, and key market-positioning and debt data are missing. The evidence is mixed and incomplete rather than conclusive in either direction.

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, 2026InitiationHankook Tire & Technology: Revenue Step-Up in 2025, Low Multiples, Shares Down 10.6% Over Three Months