# Hyundai Wia (011210.KO)

Canonical: https://gigainvestors.com/s/011210.KO

Analysis as of: 2026-10-16T07:44:15.884Z. Financial observations: FY2011–FY2026.

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 47,350.00 per share; close as of 2026-10-15.

Estimated value: low KRW 142,399.10 per share, central KRW 155,909.11 per share, high KRW 173,893.80 per share. Buy at or below the central value KRW 155,909.11 per share. Valuation as of 2026-10-16T07:44:15.884Z; scenarios are not confidence intervals.

Expected annual return: 305.3% at the stated quote. About 305.3% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; KR 10-year bond 4.2% + 4 points).

## Checklist

### understandable: fail

- 4 revenue declines in the last 10 years (informational)

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 4

- Years with a net loss: 2

- Operating margin variation: 0.57×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.00×

- FY2018: 0.00×

- FY2019: 0.01×

- FY2020: 0.01×

- FY2021: 0.01×

- FY2022: 0.03×

- FY2023: 0.03×

- FY2024: 0.03×

- FY2025: 0.02×

- LTM to Jun 2026: 0.02×

### moat: fail

- ROIC median below threshold

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

- ROIC, median of available years: 3.0%

- ROIC, second-lowest year: 0.3%

- Typical minus recent gross margin: -0.1 pp

- Typical gross margin (annual median): 6.3%

- Recent gross margin (lower of latest and 3-year median): 6.3%

- Years with nonpositive capital: 0

- Capital spending / revenue: 2.7%

- ROIC including acquisitions, ten-year median: 3.2%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 4.6%

- FY2017: 0.3%

- FY2018: 0.1%

- FY2019: 2.6%

- FY2020: 1.1%

- FY2021: 1.6%

- FY2022: 3.5%

- FY2023: 3.9%

- FY2024: 4.0%

- FY2025: 5.8%

### economics: fail

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 2.17×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: KRW 953B

- Net income, five-year total: KRW 439B

- Return on incremental invested capital: 0.0%

- Working capital / revenue, annual change: -0.2 pp

- Working capital / revenue, change between three-year averages: -1.9 pp

- Working capital / revenue, final three-year average: 12.9%

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

- FY2021: 3.65×

- FY2022: 4.17×

- FY2023: 2.43×

- FY2024: 0.95×

- FY2025: 1.18×

### management: pass

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 0.3% vs 4.0%

- Per-share earnings: -2091.78 to 3716.00 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: 0.1%

- Market cap gain: KRW 78B

- Cumulative retained earnings: KRW 235B

- Diluted shares, 5-year annual growth: 0.1%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value change: KRW 6K

- Per-share value, starting three-year median: KRW -2K

- Per-share value, ending three-year median: KRW 4K

- Buybacks concentrated in cheaper years (correlation): -1.00

- Average buyback yield: 0.2%

- Buyback history: 3 years

- Debt-funded buybacks: No

- Acquisition spending: KRW 209B

- Cumulative net income, 10 years: KRW 567B

- ROIC, first three-year median: 0.3%

- ROIC, last three-year median: 4.0%

Chart: Earnings per share; fiscal year observations.

- FY2016: KRW 5K

- FY2017: KRW -2K

- FY2018: KRW -2K

- FY2019: KRW 2K

- FY2020: KRW 2K

- FY2021: KRW 2K

- FY2022: KRW 2K

- FY2023: KRW 3K

- FY2024: KRW 5K

- FY2025: KRW 4K

### accounting: pass

- Sloan accruals: -4.3%

- Receivables to sales index (DSRI): 0.90×

- Restructuring years, last five: 0

- Earnings backed by cash: Yes

- Operating cash / earnings: 4.08×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.04×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -3.2%

- FY2017: -1.9%

- FY2018: 0.8%

- FY2019: -5.7%

- FY2020: -1.7%

- FY2021: -2.9%

- FY2022: -4.8%

- FY2023: -5.5%

- FY2024: -6.7%

- FY2025: -4.3%

## Holders

## Price story

Down 53% since Feb 2026 · sales +3.5%

Story as of 2026-10-16T10:00:12.984Z; price observation 2026-10-15.

Price needs cash profits to shrink 56.7% a year for ten years

### Sales · FY2025–2026

sales +3.5%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: KRW 7.49T 

- FY2018: KRW 7.88T 

- FY2019: KRW 7.31T 

- FY2020: KRW 6.59T 

- FY2021: KRW 7.53T 

- FY2022: KRW 8.21T 

- FY2023: KRW 8.17T 

- FY2024: KRW 8.18T 

- FY2025: KRW 8.48T 

- FY2026: KRW 8.77T 

### Gross margin · FY2025

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

- FY2016: 7.6% 

- FY2017: 3.9% 

- FY2018: 3.8% 

- FY2019: 5.4% 

- FY2020: 5.3% 

- FY2021: 6.6% 

- FY2022: 7.2% 

- FY2023: 6.2% 

- FY2024: 6.6% 

- FY2025: 6.3% 

## Owner memo

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

### How it makes money

Operates in auto parts; annual sales are KRW 8.5 trillion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:44:15.884Z); FY2025: revenue 8481561000000; grossProfit 538522000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 011210.KO: Hyundai Wia Corporation manufactures and retails auto parts for vehicles, machinery, and industrial machinery worldwide. It offers machine tools, such as CNC turning centers and machining centers; smart mobile robot logistics system; remote control weapon system; Howitzer, tank guns, and mortars; naval guns; and military and civilian aircraft landing gear. The company also provides automobile parts, including gasoline, diesel, and turbocharger engines; thermal management module and electrified axle; chassis, axle, and tire modules; power transfer units, active transfer cases, electronic limited slip differentials, and couplings; constant velocity joints, outboard and Inboard joints, and shafts; and nodular and gray cast iron, as well as hot, cold, mixed, and radial forging and machining and assembly services for automobile industry. HYUNDAI WIA Corporation was founded in 1976 and is headquartered in Changwon-Si, South Korea.

### Why customers stay

Margins ranged from 6.2% to 6.6% during 2023–25; it earns 3% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:44:15.884Z); FY2023: grossProfit / revenue = 6.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:44:15.884Z); FY2024: grossProfit / revenue = 6.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:44:15.884Z); FY2025: grossProfit / revenue = 6.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:44:15.884Z); 10-year return on capital observations [[2016,0.04579109982387563],[2017,0.003399641732059684],[2018,0.0009653639079018307],[2019,0.0258644446534603],[2020,0.010953688792073661],[2021,0.016307705098929277],[2022,0.034887907967980504],[2023,0.03943289543332852],[2024,0.039581160070632254],[2025,0.057637276737096156]]; median 0.030376176310720402. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 7% gross margin through 2022 cost inflation.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:44:15.884Z); Gross margin observations: [[2021,0.06602181611238116],[2022,0.07152200383692509],[2023,0.062339471006410935]]; range within 2 percentage points.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back KRW 8.1 billion of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:44:15.884Z); FY2019: growth capex 0; upkeep 178418000000; owner earnings 136173000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:44:15.884Z); FY2020: growth capex 0; upkeep 251631000000; owner earnings 97555800000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:44:15.884Z); FY2021: growth capex 0; upkeep 151582000000; owner earnings 227644600000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:44:15.884Z); FY2022: growth capex 0; upkeep 113150000000; owner earnings 272605800000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:44:15.884Z); FY2023: growth capex 0; upkeep 153022000000; owner earnings 222300200000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:44:15.884Z); FY2024: growth capex 5804659489.307343; upkeep 271778340510.69266; owner earnings 113822659489.30734. Growth capex / owner earnings = 0.05099739819251579.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:44:15.884Z); FY2025: growth capex 0; upkeep 253381000000; owner earnings 116425800000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:44:15.884Z); Dividend observations: [[2016,29217967900],[2017,29217901900],[2018,15937000000],[2019,15937000000],[2020,18593000000],[2021,18593000000],[2022,18593000000],[2023,18652000000],[2024,22649000000],[2025,29311000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:44:15.884Z); FY2025: cash repurchases 8099000000 KRW.

### Are managers owners

Insiders own 40.8% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 011210.KO SharesStats.PercentInsiders = 40.760000000000005 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits shrink 56.7% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:44:15.884Z); Ten-year compound average after fade. Initial solved rate -0.7297596017163588. Price 47350; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03.  Closing-price date 2026-10-15.

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

- 2016-10: KRW 78,700.00 per share

- 2016-11: KRW 68,800.00 per share

- 2016-12: KRW 73,000.00 per share

- 2017-01: KRW 64,600.00 per share

- 2017-02: KRW 66,900.00 per share

- 2017-03: KRW 67,900.00 per share

- 2017-04: KRW 64,900.00 per share

- 2017-05: KRW 69,000.00 per share

- 2017-06: KRW 69,800.00 per share

- 2017-07: KRW 69,000.00 per share

- 2017-08: KRW 70,000.00 per share

- 2017-09: KRW 65,300.00 per share

- 2017-10: KRW 64,500.00 per share

- 2017-11: KRW 67,700.00 per share

- 2017-12: KRW 65,000.00 per share

- 2018-01: KRW 61,900.00 per share

- 2018-02: KRW 58,100.00 per share

- 2018-03: KRW 55,300.00 per share

- 2018-04: KRW 53,700.00 per share

- 2018-05: KRW 50,500.00 per share

- 2018-06: KRW 40,750.00 per share

- 2018-07: KRW 47,100.00 per share

- 2018-08: KRW 42,650.00 per share

- 2018-09: KRW 42,350.00 per share

- 2018-10: KRW 29,600.00 per share

- 2018-11: KRW 32,650.00 per share

- 2018-12: KRW 36,250.00 per share

- 2019-01: KRW 43,650.00 per share

- 2019-02: KRW 43,450.00 per share

- 2019-03: KRW 40,500.00 per share

- 2019-04: KRW 49,900.00 per share

- 2019-05: KRW 39,200.00 per share

- 2019-06: KRW 48,650.00 per share

- 2019-07: KRW 43,400.00 per share

- 2019-08: KRW 43,150.00 per share

- 2019-09: KRW 51,000.00 per share

- 2019-10: KRW 51,200.00 per share

- 2019-11: KRW 53,200.00 per share

- 2019-12: KRW 50,200.00 per share

- 2020-01: KRW 42,850.00 per share

- 2020-02: KRW 38,450.00 per share

- 2020-03: KRW 26,800.00 per share

- 2020-04: KRW 32,850.00 per share

- 2020-05: KRW 37,400.00 per share

- 2020-06: KRW 34,550.00 per share

- 2020-07: KRW 38,000.00 per share

- 2020-08: KRW 41,650.00 per share

- 2020-09: KRW 40,500.00 per share

- 2020-10: KRW 41,750.00 per share

- 2020-11: KRW 47,100.00 per share

- 2020-12: KRW 53,500.00 per share

- 2021-01: KRW 90,800.00 per share

- 2021-02: KRW 77,100.00 per share

- 2021-03: KRW 77,100.00 per share

- 2021-04: KRW 69,600.00 per share

- 2021-05: KRW 84,400.00 per share

- 2021-06: KRW 101,500.00 per share

- 2021-07: KRW 98,000.00 per share

- 2021-08: KRW 91,500.00 per share

- 2021-09: KRW 78,800.00 per share

- 2021-10: KRW 84,100.00 per share

- 2021-11: KRW 71,600.00 per share

- 2021-12: KRW 79,900.00 per share

- 2022-01: KRW 67,100.00 per share

- 2022-02: KRW 61,000.00 per share

- 2022-03: KRW 64,300.00 per share

- 2022-04: KRW 65,500.00 per share

- 2022-05: KRW 66,400.00 per share

- 2022-06: KRW 55,800.00 per share

- 2022-07: KRW 68,100.00 per share

- 2022-08: KRW 76,000.00 per share

- 2022-09: KRW 60,100.00 per share

- 2022-10: KRW 61,100.00 per share

- 2022-11: KRW 59,800.00 per share

- 2022-12: KRW 49,450.00 per share

- 2023-01: KRW 53,500.00 per share

- 2023-02: KRW 55,900.00 per share

- 2023-03: KRW 56,000.00 per share

- 2023-04: KRW 56,000.00 per share

- 2023-05: KRW 61,400.00 per share

- 2023-06: KRW 67,000.00 per share

- 2023-07: KRW 63,100.00 per share

- 2023-08: KRW 57,600.00 per share

- 2023-09: KRW 63,700.00 per share

- 2023-10: KRW 56,000.00 per share

- 2023-11: KRW 59,600.00 per share

- 2023-12: KRW 65,100.00 per share

- 2024-01: KRW 58,300.00 per share

- 2024-02: KRW 60,100.00 per share

- 2024-03: KRW 56,700.00 per share

- 2024-04: KRW 58,100.00 per share

- 2024-05: KRW 55,600.00 per share

- 2024-06: KRW 57,900.00 per share

- 2024-07: KRW 52,600.00 per share

- 2024-08: KRW 51,200.00 per share

- 2024-09: KRW 51,500.00 per share

- 2024-10: KRW 41,700.00 per share

- 2024-11: KRW 40,750.00 per share

- 2024-12: KRW 37,800.00 per share

- 2025-01: KRW 38,950.00 per share

- 2025-02: KRW 40,850.00 per share

- 2025-03: KRW 44,200.00 per share

- 2025-04: KRW 42,800.00 per share

- 2025-05: KRW 42,700.00 per share

- 2025-06: KRW 45,800.00 per share

- 2025-07: KRW 49,850.00 per share

- 2025-08: KRW 50,300.00 per share

- 2025-09: KRW 48,400.00 per share

- 2025-10: KRW 58,600.00 per share

- 2025-11: KRW 62,200.00 per share

- 2025-12: KRW 75,700.00 per share

- 2026-01: KRW 85,700.00 per share

- 2026-02: KRW 101,300.00 per share

- 2026-03: KRW 77,100.00 per share

- 2026-04: KRW 82,700.00 per share

- 2026-05: KRW 91,000.00 per share

- 2026-06: KRW 63,900.00 per share

- 2026-07: KRW 58,200.00 per share

- 2026-08: KRW 60,000.00 per share

- 2026-09: KRW 52,100.00 per share

- 2026-10: KRW 48,700.00 per share

## Annual estimated value (KRW per share)

- FY2016: low KRW 115,274.29 per share, central KRW 124,217.83 per share, high KRW 136,123.59 per share

- FY2017: low KRW 70,854.81 per share, central KRW 73,573.85 per share, high KRW 77,193.47 per share

- FY2021: low KRW 102,188.38 per share, central KRW 108,508.91 per share, high KRW 116,922.88 per share

- FY2022: low KRW 110,579.38 per share, central KRW 119,249.43 per share, high KRW 130,791.11 per share

- FY2023: low KRW 126,764.92 per share, central KRW 139,336.12 per share, high KRW 156,071.05 per share

- FY2024: low KRW 127,355.28 per share, central KRW 139,952.19 per share, high KRW 156,721.36 per share

- FY2025: low KRW 145,355.96 per share, central KRW 158,415.26 per share, high KRW 175,799.96 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 2026-10-15T06:49:55.050Z 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.