HVM에이치브이엠

HVM's shares have risen sharply over the past year, but its trailing profit is thin and valuation multiples are very high.

HVM makes advanced metals such as superalloys and high-purity metals for aerospace, defense, automotive, medical and semiconductor customers. Trailing twelve-month revenue to H1 2026 was about ₩89.3B with an operating margin of 8.3% but a net margin of only 0.7%, and free cash flow was negative at about -₩30.5B. The share price is ₩61,500, well below its 52-week high of ₩144,000 but far above its 52-week low of ₩21,950.

What stands out

• Trailing revenue reached ₩89.3B against ₩66.5B for full-year 2025, while 2025 revenue growth was 47.4%.
• The company returned to operating profit in 2025 (₩5.8B) after a loss of ₩6.8B in 2024, but net income for 2025 of ₩12.6B was well above operating income, and trailing net income has shrunk to ₩0.6B.
• Borrowings of ₩98.3B exceed cash of ₩46.3B, and liabilities are about 110% of equity.
• Valuation is extreme: trailing P/E of about 1,250x, P/B of 5.5x and EV/EBITDA of about 61x, with no dividend.
• Foreign ownership fell from 7.3% to 2.5% over about 60 days, while institutions were net buyers over the last 20 days and foreign and retail investors were net sellers.

What to watch

• The next results release, to see whether operating margin holds and whether trailing net income recovers from ₩0.6B.
• Free cash flow and the level of borrowings, given the negative trailing free cash flow and debt above cash.
• Ongoing filings on convertible bond conversions, new facility investments and major contracts, which may affect share count and capacity. The data does not include analyst forecasts or news coverage.