Hyundai Ezwel현대이지웰

Hyundai Ezwel is still profitable on a trailing basis, but the share price has fallen sharply over the past year and the 2025 profit was unusually high.

Hyundai Ezwel runs employee welfare software and e-commerce, with welfare making up about 95.6% of revenue. Trailing twelve-month revenue to H1 2026 was about ₩146.5B, operating income about ₩19.9B and net income about ₩16.6B, with cash of ₩37.0B and no reported borrowings. The share price closed at ₩4,430 on 2026-10-23, down 21.2% over one year and near its 52-week low of ₩4,370.

What stands out

• Trailing operating margin is 13.6%, below the 17.0% reported for full-year 2025, and trailing net income of ₩16.6B is well under the ₩24.0B booked in 2025.
• Full-year 2025 revenue grew 8.8% to about ₩142.6B, and net income rose sharply from ₩11.9B in 2024, though 2023 had a small net loss.
• The data gives a DCF-based fair value model with a base of ₩20,022, bear ₩14,179 and bull ₩29,561, but this is a model output, not a forecast or rating, and it is well above the current price.
• Valuation metrics look low on the data shown: P/E about 6x, P/B 0.9x and a 5% dividend yield, while liabilities are 125.4% of equity.
• Recent filings include the H1 2026 half-year report (Aug 14) and an amended annual report for Dec 2025 (Sep 29). The recent news headlines list is empty, so no press coverage is available in the data.

What to watch

• The next earnings results and whether the trailing margin recovers toward the 2025 level of 17%.
• The amended 2025 annual report, since amendments can change reported figures.
• Investor flows: foreign ownership fell from 18.4% to 16.4% over 60 days, and institutions were net sellers over the last 20 days.