# Hyundai Motor (005380.KO)

Canonical: https://gigainvestors.com/s/005380.KO

Analysis as of: 2026-10-16T07:33:49.998Z. Financial observations: FY2000–FY2025.

Listing currency: KRW. Reporting currency: KRW.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: KRW 295,500.00 per share; close as of 2026-10-15.

Estimated value: low KRW 859,388.41 per share, central KRW 1,056,317.32 per share, high KRW 1,182,920.35 per share. Buy at or below the central value KRW 1,056,317.32 per share. Valuation as of 2026-10-16T07:33:49.998Z; scenarios are not confidence intervals.

## Checklist

### understandable: fail

- 1 revenue decline in the last 10 years (informational)

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 1

- Years with a net loss: 0

- Operating margin variation: 0.40×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.06×

- FY2017: 0.05×

- FY2018: 0.03×

- FY2019: 0.03×

- FY2020: 0.02×

- FY2021: 0.06×

- FY2022: 0.07×

- FY2023: 0.09×

- FY2024: 0.08×

- FY2025: 0.06×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 3.4%

- ROIC, second-lowest year: 1.7%

- Typical minus recent gross margin: 0.1 pp

- Typical gross margin (annual median): 18.5%

- Recent gross margin (lower of latest and 3-year median): 18.4%

- Years with nonpositive capital: 0

- Capital spending / revenue: 4.1%

- ROIC including acquisitions, ten-year median: 2.8%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 3.6%

- FY2017: 4.1%

- FY2018: 1.4%

- FY2019: 2.2%

- FY2020: 1.7%

- FY2021: 3.2%

- FY2022: 4.4%

- FY2023: 5.9%

- FY2024: 4.6%

- FY2025: 3.2%

### economics: pass

- Owner earnings / net income, 5-yr: 0.99×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: KRW 45.85T

- Net income, five-year total: KRW 46.24T

- Return on incremental invested capital: 20.4%

- Working capital / revenue, annual change: -0.7 pp

- Working capital / revenue, change between three-year averages: -4.5 pp

- Working capital / revenue, final three-year average: 7.0%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.01×

- FY2022: 1.11×

- FY2023: 0.98×

- FY2024: 0.98×

- FY2025: 0.92×

### management: pass

- Historical market-dollar context (not the management verdict): 2017 to 2025 (8 years)

- potential debt-funded buybacks (informational)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 3.6% vs 4.6%

- Per-share earnings: 11343.97 to 45703.00 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: 5.4%

- Market cap gain: KRW 35.22T

- Cumulative retained earnings: KRW 33.98T

- Diluted shares, 5-year annual growth: 5.4%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 26.1%

- Per-share value change: KRW 34K

- Per-share value, starting three-year median: KRW 11K

- Per-share value, ending three-year median: KRW 46K

- Buybacks concentrated in cheaper years (correlation): -0.61

- Average buyback yield: 0.9%

- Buyback history: 7 years

- Debt-funded buybacks: Yes

- Acquisition spending: KRW 7.99T

- Cumulative net income, 10 years: KRW 61.59T

- ROIC, first three-year median: 3.6%

- ROIC, last three-year median: 4.6%

Chart: Earnings per share; fiscal year observations.

- FY2017: KRW 15K

- FY2018: KRW 6K

- FY2019: KRW 11K

- FY2020: KRW 7K

- FY2021: KRW 19K

- FY2022: KRW 29K

- FY2023: KRW 46K

- FY2024: KRW 48K

- FY2025: KRW 36K

### accounting: fail

- earnings not backed by cash

- Sloan accruals: 4.2%

- Receivables to sales index (DSRI): 1.35×

- Restructuring years, last five: 0

- Earnings backed by cash: No

- Operating cash / earnings: -0.63×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.08×

Chart: Sloan accruals; fiscal year observations.

- FY2016: 2.5%

- FY2017: 0.1%

- FY2018: -1.2%

- FY2019: 1.3%

- FY2020: 0.9%

- FY2021: 2.6%

- FY2022: -1.3%

- FY2023: 5.1%

- FY2024: 5.4%

- FY2025: 4.2%

## Holders

## Price story

Down 59% since May 2026 · sales +6.3%

Story as of 2026-10-16T09:59:57.930Z; price observation 2026-10-15.

### Sales · FY2024–2025

sales +6.3%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: KRW 93.65T 

- FY2017: KRW 96.38T 

- FY2018: KRW 96.81T 

- FY2019: KRW 105.75T 

- FY2020: KRW 104.00T 

- FY2021: KRW 117.61T 

- FY2022: KRW 142.53T 

- FY2023: KRW 162.66T 

- FY2024: KRW 175.23T 

- FY2025: KRW 186.25T 

### Gross margin · FY2025

gross margin 18.4%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 18.9% 

- FY2017: 18.2% 

- FY2018: 15.6% 

- FY2019: 16.7% 

- FY2020: 17.8% 

- FY2021: 18.6% 

- FY2022: 19.9% 

- FY2023: 20.6% 

- FY2024: 20.4% 

- FY2025: 18.4% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in auto manufacturers; annual sales are KRW 186.3 trillion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:49.998Z); FY2025: revenue 186254472000000; grossProfit 34216836000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 005380.KO: Hyundai Motor Company, together with its subsidiaries, manufactures and distributes motor vehicles and parts. The company operates through Vehicle, Finance, and Others segments. It offers cars under the ELANTRA, SONATA, AZERA, i30, ACCENT, i20, and i10 names; eco vehicles under the IONIQ 9, NEXO, PALISADE Hybrid, IONIQ 6, INSTER, IONIQ 5, ELANTRA Hybrid, KONA Hybrid, KONA Electric, TUCSON Hybrid, SANTA FE Hybrid, SONATA Hybrid, AZERA Hybrid, i30 Hybrid, and STARIA Hybrid names; SUVs under the PALISADE, TUCSON, SANTA FE, KONA, and VENUE names; MPVs under the STARIA name; and commercial vehicles under the STARIA, H-1, and H-100 names, as well as N series and N Line series vehicles under various names. The company also provides trucks and vans; vehicle financing, credit card processing, and other financing activities; train manufacturing services and other activities; and marketing, engineering, mobility, logistics, and insurance services, as well as operates a football club. Further, it is involved in research and development, investment, racing team, and real estate development activities. Hyundai Motor Company was incorporated in 1967 and is headquartered in Seoul, South Korea.

### Why customers stay

Margins ranged from 18.4% to 20.6% during 2023–25; it earns 3.4% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:49.998Z); FY2023: grossProfit / revenue = 20.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:49.998Z); FY2024: grossProfit / revenue = 20.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:49.998Z); FY2025: grossProfit / revenue = 18.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:49.998Z); 10-year return on capital observations [[2016,0.03609277852824941],[2017,0.041041913186527106],[2018,0.01379183875623741],[2019,0.021794497022982248],[2020,0.016749234228593476],[2021,0.03157011827405652],[2022,0.04397094473987854],[2023,0.059140310077472245],[2024,0.04600697936785634],[2025,0.03242425840381939]]; median 0.0342585184660344. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 20% gross margin through 2022 cost inflation.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:49.998Z); Gross margin observations: [[2021,0.18646695239935207],[2022,0.19868478045312438],[2023,0.20585060408636405]]; range within 2 percentage points.

### Where the cash goes

Spends 63.4% of cash earnings on expansion; earns 20.4% on new investment.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:49.998Z); FY2017: growth capex 0; upkeep 3055023000000; owner earnings 867398000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:49.998Z); FY2018: growth capex 0; upkeep 3226486000000; owner earnings 537779000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:49.998Z); FY2019: growth capex 0; upkeep 3586716000000; owner earnings 3071608200000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:49.998Z); FY2020: growth capex 0; upkeep 4687842000000; owner earnings 770558200000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:49.998Z); FY2021: growth capex 0; upkeep 4304334000000; owner earnings 5003644600000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:49.998Z); FY2022: growth capex 0; upkeep 4014969000000; owner earnings 8174856200000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:49.998Z); FY2023: growth capex 3904686000000; upkeep 4946495000000; owner earnings 11750036600000. Growth capex / owner earnings = 0.33231266700905426.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:49.998Z); FY2024: growth capex 6080449000000; upkeep 4287006000000; owner earnings 12274270000000. Growth capex / owner earnings = 0.49538172127548113.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:49.998Z); FY2025: growth capex 5475525718897.518; upkeep 5594330281102.482; owner earnings 8643124718897.518. Growth capex / owner earnings = 0.6335122883192589.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:49.998Z); Incremental return on capital 0.2041348662862134, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:49.998Z); Dividend observations: [[2016,1084546000000],[2017,1138661000000],[2018,1127452000000],[2019,1121820000000],[2020,893769000000],[2021,1186800000000],[2022,1354996000000],[2023,2499050000000],[2024,3913280000000],[2025,3688866000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:49.998Z); FY2025: cash repurchases 705120000000 KRW.

### Are managers owners

Insiders own 33.9% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 005380.KO SharesStats.PercentInsiders = 33.885 percentage points; cache date 2026-10-16.

### What the price says

The price is 0.4 times annual sales.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:49.998Z); Closing price 295500 KRW; reporting-to-trading FX 1; FY2025 annual sales per share 715547.0302729788; price multiple 0.41297075873163464. FY2025 cash earnings/share 33204.90594655946. Closing-price date 2026-10-15.

## Monthly share-price history (KRW per share)

- 2016-10: KRW 140,000.00 per share

- 2016-11: KRW 133,000.00 per share

- 2016-12: KRW 146,000.00 per share

- 2017-01: KRW 139,500.00 per share

- 2017-02: KRW 149,500.00 per share

- 2017-03: KRW 157,500.00 per share

- 2017-04: KRW 144,000.00 per share

- 2017-05: KRW 163,000.00 per share

- 2017-06: KRW 159,500.00 per share

- 2017-07: KRW 145,000.00 per share

- 2017-08: KRW 140,500.00 per share

- 2017-09: KRW 150,500.00 per share

- 2017-10: KRW 161,000.00 per share

- 2017-11: KRW 164,500.00 per share

- 2017-12: KRW 156,000.00 per share

- 2018-01: KRW 162,000.00 per share

- 2018-02: KRW 161,500.00 per share

- 2018-03: KRW 143,500.00 per share

- 2018-04: KRW 160,000.00 per share

- 2018-05: KRW 139,000.00 per share

- 2018-06: KRW 125,500.00 per share

- 2018-07: KRW 129,500.00 per share

- 2018-08: KRW 125,000.00 per share

- 2018-09: KRW 129,500.00 per share

- 2018-10: KRW 106,500.00 per share

- 2018-11: KRW 107,000.00 per share

- 2018-12: KRW 118,500.00 per share

- 2019-01: KRW 129,500.00 per share

- 2019-02: KRW 126,500.00 per share

- 2019-03: KRW 119,500.00 per share

- 2019-04: KRW 138,500.00 per share

- 2019-05: KRW 134,500.00 per share

- 2019-06: KRW 140,000.00 per share

- 2019-07: KRW 126,500.00 per share

- 2019-08: KRW 128,500.00 per share

- 2019-09: KRW 134,000.00 per share

- 2019-10: KRW 122,000.00 per share

- 2019-11: KRW 121,000.00 per share

- 2019-12: KRW 120,500.00 per share

- 2020-01: KRW 125,000.00 per share

- 2020-02: KRW 115,000.00 per share

- 2020-03: KRW 88,700.00 per share

- 2020-04: KRW 93,600.00 per share

- 2020-05: KRW 98,000.00 per share

- 2020-06: KRW 97,700.00 per share

- 2020-07: KRW 126,500.00 per share

- 2020-08: KRW 176,500.00 per share

- 2020-09: KRW 178,500.00 per share

- 2020-10: KRW 164,500.00 per share

- 2020-11: KRW 181,500.00 per share

- 2020-12: KRW 192,000.00 per share

- 2021-01: KRW 229,000.00 per share

- 2021-02: KRW 237,000.00 per share

- 2021-03: KRW 218,000.00 per share

- 2021-04: KRW 212,000.00 per share

- 2021-05: KRW 235,000.00 per share

- 2021-06: KRW 239,500.00 per share

- 2021-07: KRW 218,000.00 per share

- 2021-08: KRW 212,500.00 per share

- 2021-09: KRW 200,000.00 per share

- 2021-10: KRW 208,000.00 per share

- 2021-11: KRW 195,500.00 per share

- 2021-12: KRW 209,000.00 per share

- 2022-01: KRW 189,500.00 per share

- 2022-02: KRW 175,000.00 per share

- 2022-03: KRW 180,500.00 per share

- 2022-04: KRW 186,000.00 per share

- 2022-05: KRW 189,500.00 per share

- 2022-06: KRW 180,500.00 per share

- 2022-07: KRW 196,000.00 per share

- 2022-08: KRW 196,000.00 per share

- 2022-09: KRW 176,500.00 per share

- 2022-10: KRW 164,500.00 per share

- 2022-11: KRW 169,000.00 per share

- 2022-12: KRW 151,000.00 per share

- 2023-01: KRW 167,000.00 per share

- 2023-02: KRW 176,300.00 per share

- 2023-03: KRW 184,500.00 per share

- 2023-04: KRW 197,500.00 per share

- 2023-05: KRW 200,000.00 per share

- 2023-06: KRW 206,500.00 per share

- 2023-07: KRW 196,000.00 per share

- 2023-08: KRW 189,100.00 per share

- 2023-09: KRW 191,100.00 per share

- 2023-10: KRW 169,700.00 per share

- 2023-11: KRW 184,300.00 per share

- 2023-12: KRW 203,500.00 per share

- 2024-01: KRW 194,600.00 per share

- 2024-02: KRW 250,500.00 per share

- 2024-03: KRW 233,000.00 per share

- 2024-04: KRW 251,000.00 per share

- 2024-05: KRW 253,000.00 per share

- 2024-06: KRW 295,000.00 per share

- 2024-07: KRW 249,000.00 per share

- 2024-08: KRW 255,500.00 per share

- 2024-09: KRW 244,000.00 per share

- 2024-10: KRW 215,000.00 per share

- 2024-11: KRW 218,500.00 per share

- 2024-12: KRW 212,000.00 per share

- 2025-01: KRW 206,000.00 per share

- 2025-02: KRW 193,000.00 per share

- 2025-03: KRW 197,200.00 per share

- 2025-04: KRW 190,600.00 per share

- 2025-05: KRW 185,300.00 per share

- 2025-06: KRW 203,500.00 per share

- 2025-07: KRW 213,000.00 per share

- 2025-08: KRW 220,000.00 per share

- 2025-09: KRW 215,000.00 per share

- 2025-10: KRW 290,000.00 per share

- 2025-11: KRW 261,500.00 per share

- 2025-12: KRW 296,500.00 per share

- 2026-01: KRW 500,000.00 per share

- 2026-02: KRW 674,000.00 per share

- 2026-03: KRW 445,500.00 per share

- 2026-04: KRW 531,000.00 per share

- 2026-05: KRW 723,000.00 per share

- 2026-06: KRW 495,000.00 per share

- 2026-07: KRW 388,000.00 per share

- 2026-08: KRW 403,500.00 per share

- 2026-09: KRW 345,000.00 per share

- 2026-10: KRW 315,000.00 per share

## Annual estimated value (KRW per share)

- FY2019: low KRW 112,981.26 per share, central KRW 116,351.06 per share, high KRW 120,836.98 per share

- FY2020: low KRW 180,459.86 per share, central KRW 186,249.48 per share, high KRW 193,956.70 per share

- FY2021: low KRW 158,426.25 per share, central KRW 164,552.01 per share, high KRW 172,706.71 per share

- FY2022: low KRW 288,519.59 per share, central KRW 312,682.75 per share, high KRW 344,849.05 per share

- FY2023: low KRW 457,804.68 per share, central KRW 611,845.86 per share, high KRW 701,544.31 per share

- FY2024: low KRW 621,184.91 per share, central KRW 843,749.21 per share, high KRW 973,348.80 per share

- FY2025: low KRW 621,308.75 per share, central KRW 816,818.82 per share, high KRW 942,509.70 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:39:37.773Z where newer inputs omit a numeric field or fiscal period.

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

## Reported holder observations