Hyundai Feed현대사료

Hyundai Feed is a small, thinly profitable feed maker whose shares trade at a high earnings multiple on weak trailing margins.

Hyundai Feed makes compound animal feed, mainly poultry feed, and sells largely to large distributors and livestock farms. Trailing twelve-month revenue to H1 2026 was ₩117.7B, with operating income of ₩2.8B and net income of ₩2.0B, giving a 2.4% operating margin. The share price was ₩994 on 2026-10-15, with a market cap of about ₩187.3B and a trailing P/E of 94.6.

What stands out

• Revenue fell 12% in 2025 to ₩113.0B, after a 20% drop in 2024, though 2025 operating margin improved to 4.4% from 2.1%.
• Net income swung sharply in past years: losses of ₩143.2B in 2023 and ₩306.8B in 2022, then a ₩28.4B profit in 2024 that the data does not explain, and ₩4.4B in 2025.
• Trailing ROE is 2.4% and liabilities are 48% of equity; cash of ₩13.0B compares with borrowings of ₩10.2B.
• Trailing free cash flow is ₩5.6B, well above trailing net income, but the filings in the data do not explain the gap.
• Peer multiples in the data are mostly lower than Hyundai Feed's 94.6 P/E, and the company pays no dividend (0% yield).

What to watch

• Upcoming shareholders' meeting: several amended meeting notices were filed in June, September and October 2026, so the agenda details are worth reading in the filings.
• Lawsuit filed or ruled (filed 2026-08-06): the data does not say what the case concerns or its possible impact.
• Debt guarantee to a third party (amended 2026-07-02) and the CEO change (2026-06-30) could matter for financial risk and management; the data gives no further detail.