# Hyundai Mobis (012330.KO)

Canonical: https://gigainvestors.com/s/012330.KO

Analysis as of: 2026-10-16T07:34:35.136Z. Financial observations: FY2000–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 337,500.00 per share; close as of 2026-10-15.

Estimated value: low KRW 564,829.87 per share, central KRW 646,830.19 per share, high KRW 732,254.62 per share. Buy at or below the central value KRW 646,830.19 per share. Valuation as of 2026-10-16T07:34:35.136Z; scenarios are not confidence intervals.

Expected annual return: 20.6% at the stated quote. About 20.6% 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: pass

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

- Financial history: 10 years

- Years with declining revenue: 3

- Years with a net loss: 0

- Operating margin variation: 0.14×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.06×

- FY2018: 0.06×

- FY2019: 0.06×

- FY2020: 0.05×

- FY2021: 0.05×

- FY2022: 0.04×

- FY2023: 0.04×

- FY2024: 0.05×

- FY2025: 0.05×

- LTM to Jun 2026: 0.06×

### moat: fail

- ROIC median below threshold

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

- ROIC, median of available years: 5.9%

- ROIC, second-lowest year: 5.3%

- Typical minus recent gross margin: -1.2 pp

- Typical gross margin (annual median): 12.9%

- Recent gross margin (lower of latest and 3-year median): 14.1%

- Years with nonpositive capital: 0

- Capital spending / revenue: 2.3%

- ROIC including acquisitions, ten-year median: 7.0%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 9.3%

- FY2017: 5.8%

- FY2018: 6.9%

- FY2019: 7.1%

- FY2020: 5.4%

- FY2021: 5.5%

- FY2022: 4.8%

- FY2023: 5.3%

- FY2024: 6.2%

- FY2025: 6.0%

### economics: fail

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 0.88×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: KRW 14.08T

- Net income, five-year total: KRW 15.97T

- Return on incremental invested capital: 2.7%

- Working capital / revenue, annual change: 0.5 pp

- Working capital / revenue, change between three-year averages: 3.1 pp

- Working capital / revenue, final three-year average: 16.4%

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

- FY2021: 0.97×

- FY2022: 0.97×

- FY2023: 0.97×

- FY2024: 0.63×

- FY2025: 0.96×

### 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: 6.9% vs 6.0%

- Per-share earnings: 19943.99 to 40861.00 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: -0.7%

- Market cap gain: KRW 8.38T

- Cumulative retained earnings: KRW 17.70T

- Diluted shares, 5-year annual growth: -0.7%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 10.8%

- Per-share value change: KRW 21K

- Per-share value, starting three-year median: KRW 20K

- Per-share value, ending three-year median: KRW 41K

- Buybacks concentrated in cheaper years (correlation): -0.14

- Average buyback yield: 1.3%

- Buyback history: 7 years

- Debt-funded buybacks: No

- Acquisition spending: KRW 452B

- Cumulative net income, 10 years: KRW 26.29T

- ROIC, first three-year median: 6.9%

- ROIC, last three-year median: 6.0%

Chart: Earnings per share; fiscal year observations.

- FY2016: KRW 32K

- FY2017: KRW 17K

- FY2018: KRW 20K

- FY2019: KRW 24K

- FY2020: KRW 17K

- FY2021: KRW 26K

- FY2022: KRW 27K

- FY2023: KRW 38K

- FY2024: KRW 45K

- FY2025: KRW 41K

### accounting: pass

- Sloan accruals: -1.2%

- Receivables to sales index (DSRI): 0.97×

- Restructuring years, last five: 0

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.22×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.03×

Chart: Sloan accruals; fiscal year observations.

- FY2016: 2.4%

- FY2017: -0.9%

- FY2018: 0.6%

- FY2019: -0.8%

- FY2020: -2.0%

- FY2021: -0.5%

- FY2022: 0.6%

- FY2023: -3.3%

- FY2024: -0.3%

- FY2025: -1.2%

## Holders

## Price story

Down 56% since May 2026 · sales +2%

Story as of 2026-10-16T10:00:01.439Z; price observation 2026-10-15.

Price needs cash profits to shrink 9.5% a year for ten years

### Sales · FY2025–2026

sales +2%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: KRW 35.14T 

- FY2018: KRW 35.15T 

- FY2019: KRW 38.05T 

- FY2020: KRW 36.63T 

- FY2021: KRW 41.70T 

- FY2022: KRW 51.91T 

- FY2023: KRW 59.25T 

- FY2024: KRW 57.24T 

- FY2025: KRW 61.12T 

- FY2026: KRW 62.32T 

### Gross margin · FY2025

gross margin 14.4%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 13.8% 

- FY2017: 12.7% 

- FY2018: 13.0% 

- FY2019: 13.7% 

- FY2020: 12.8% 

- FY2021: 12.6% 

- FY2022: 11.5% 

- FY2023: 11.4% 

- FY2024: 14.1% 

- FY2025: 14.4% 

## Owner memo

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

### How it makes money

Operates in auto parts; annual sales are KRW 61.1 trillion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:35.136Z); FY2025: revenue 61118127000000; grossProfit 8829921000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 012330.KO: Hyundai Mobis Co.,Ltd engages in the auto parts business in Korea, China, the United States, Europe, and internationally. It operates in two segments, Auto Parts and After-Sales Services. The Auto Parts segment sells auto modules and parts for manufacturing vehicles. The After-Sales Services segment engages in sale of after-sales services parts and accessories. It offers autonomous driving solutions, including driving, parking, in-cabin sensing, and electronic control; and lamps, such as headlamps, rear, small, and grille lamps, as well as lamp parts. The company provides electrification products comprising power conversion, drive, battery, and 48V mild hybrid; safety products consisting of airbag modules and control units; IVI systems, which comprise infotainment head unit, CSD, cluster, HUD, and sound; and braking solutions that include integrated Mobis electronic brake, VEB, MEB, and EPB, as well as steering systems. In addition, it offers chassis modules, cockpit modules, front end modules, and bumpers. The company was formerly known as Hyundai Precision Industry Co., Ltd and changed its name to Hyundai Mobis Co.,Ltd in November 2000. Hyundai Mobis Co.,Ltd was founded in 1977 and is headquartered in Seoul, South Korea.

### Why customers stay

Margins ranged from 11.4% to 14.4% during 2023–25; it earns 5.9% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:35.136Z); FY2023: grossProfit / revenue = 11.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:35.136Z); FY2024: grossProfit / revenue = 14.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:35.136Z); FY2025: grossProfit / revenue = 14.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:35.136Z); 10-year return on capital observations [[2016,0.09293553036724377],[2017,0.058272638380066126],[2018,0.06868445334560706],[2019,0.0714418382370831],[2020,0.05407129789648639],[2021,0.05530100205707747],[2022,0.04829353600553469],[2023,0.05273961704296753],[2024,0.06183043196428425],[2025,0.059628499084706715]]; median 0.058950568732386424. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 12% gross margin through 2022 cost inflation.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:35.136Z); Gross margin observations: [[2021,0.12624130189440438],[2022,0.11534543605338952],[2023,0.11412111928774323]]; range within 2 percentage points.

### Where the cash goes

Spends 9.9% of cash earnings on expansion; earns 2.7% on new investment.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:35.136Z); FY2016: growth capex 0; upkeep 1328635000000; owner earnings 689151000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:35.136Z); FY2017: growth capex 0; upkeep 676900000000; owner earnings 1601082000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:35.136Z); FY2018: growth capex 0; upkeep 531439000000; owner earnings 1078689000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:35.136Z); FY2019: growth capex 0; upkeep 789449000000; owner earnings 2270936400000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:35.136Z); FY2020: growth capex 0; upkeep 1095909000000; owner earnings 1229906000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:35.136Z); FY2021: growth capex 84984000000; upkeep 836858000000; owner earnings 2284485800000. Growth capex / owner earnings = 0.03720049387043684.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:35.136Z); FY2022: growth capex 236330000000; upkeep 898065000000; owner earnings 2405456800000. Growth capex / owner earnings = 0.0982474513780501.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:35.136Z); FY2023: growth capex 987169000000; upkeep 926047000000; owner earnings 3318934400000. Growth capex / owner earnings = 0.29743552629422265.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:35.136Z); FY2024: growth capex 0; upkeep 2365059000000; owner earnings 2564073600000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:35.136Z); FY2025: growth capex 347793000000; upkeep 1167864000000; owner earnings 3511288200000. Growth capex / owner earnings = 0.0990499725997997.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:35.136Z); Incremental return on capital 0.02668529483233588, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:35.136Z); Dividend observations: [[2016,331736000000],[2017,332465000000],[2018,332465000000],[2019,475021000000],[2020,282072000000],[2021,463628000000],[2022,368100000000],[2023,367157000000],[2024,406219000000],[2025,583383000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:35.136Z); FY2025: cash repurchases 414529000000 KRW.

### Are managers owners

Insiders own 35.5% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 012330.KO SharesStats.PercentInsiders = 35.482 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits shrink 9.5% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:35.136Z); Ten-year compound average after fade. Initial solved rate -0.14502027803347534. Price 337500; 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 274,000.00 per share

- 2016-11: KRW 249,000.00 per share

- 2016-12: KRW 264,000.00 per share

- 2017-01: KRW 242,000.00 per share

- 2017-02: KRW 255,000.00 per share

- 2017-03: KRW 240,500.00 per share

- 2017-04: KRW 222,000.00 per share

- 2017-05: KRW 274,500.00 per share

- 2017-06: KRW 250,000.00 per share

- 2017-07: KRW 246,000.00 per share

- 2017-08: KRW 236,000.00 per share

- 2017-09: KRW 240,000.00 per share

- 2017-10: KRW 266,500.00 per share

- 2017-11: KRW 273,500.00 per share

- 2017-12: KRW 263,000.00 per share

- 2018-01: KRW 247,500.00 per share

- 2018-02: KRW 228,000.00 per share

- 2018-03: KRW 239,500.00 per share

- 2018-04: KRW 248,000.00 per share

- 2018-05: KRW 218,000.00 per share

- 2018-06: KRW 212,000.00 per share

- 2018-07: KRW 228,000.00 per share

- 2018-08: KRW 224,000.00 per share

- 2018-09: KRW 228,000.00 per share

- 2018-10: KRW 190,000.00 per share

- 2018-11: KRW 180,500.00 per share

- 2018-12: KRW 190,000.00 per share

- 2019-01: KRW 225,000.00 per share

- 2019-02: KRW 220,500.00 per share

- 2019-03: KRW 208,500.00 per share

- 2019-04: KRW 232,500.00 per share

- 2019-05: KRW 217,000.00 per share

- 2019-06: KRW 235,500.00 per share

- 2019-07: KRW 241,000.00 per share

- 2019-08: KRW 248,500.00 per share

- 2019-09: KRW 252,000.00 per share

- 2019-10: KRW 238,000.00 per share

- 2019-11: KRW 245,000.00 per share

- 2019-12: KRW 256,000.00 per share

- 2020-01: KRW 229,500.00 per share

- 2020-02: KRW 210,000.00 per share

- 2020-03: KRW 169,500.00 per share

- 2020-04: KRW 172,000.00 per share

- 2020-05: KRW 198,000.00 per share

- 2020-06: KRW 192,000.00 per share

- 2020-07: KRW 205,500.00 per share

- 2020-08: KRW 224,000.00 per share

- 2020-09: KRW 230,000.00 per share

- 2020-10: KRW 225,500.00 per share

- 2020-11: KRW 244,000.00 per share

- 2020-12: KRW 255,500.00 per share

- 2021-01: KRW 317,500.00 per share

- 2021-02: KRW 303,000.00 per share

- 2021-03: KRW 292,000.00 per share

- 2021-04: KRW 270,000.00 per share

- 2021-05: KRW 280,000.00 per share

- 2021-06: KRW 292,000.00 per share

- 2021-07: KRW 266,500.00 per share

- 2021-08: KRW 277,500.00 per share

- 2021-09: KRW 253,000.00 per share

- 2021-10: KRW 252,000.00 per share

- 2021-11: KRW 220,500.00 per share

- 2021-12: KRW 254,500.00 per share

- 2022-01: KRW 232,000.00 per share

- 2022-02: KRW 224,000.00 per share

- 2022-03: KRW 215,000.00 per share

- 2022-04: KRW 207,500.00 per share

- 2022-05: KRW 218,500.00 per share

- 2022-06: KRW 199,000.00 per share

- 2022-07: KRW 228,500.00 per share

- 2022-08: KRW 215,000.00 per share

- 2022-09: KRW 191,000.00 per share

- 2022-10: KRW 219,000.00 per share

- 2022-11: KRW 213,000.00 per share

- 2022-12: KRW 200,500.00 per share

- 2023-01: KRW 205,500.00 per share

- 2023-02: KRW 212,500.00 per share

- 2023-03: KRW 216,000.00 per share

- 2023-04: KRW 217,500.00 per share

- 2023-05: KRW 223,000.00 per share

- 2023-06: KRW 232,500.00 per share

- 2023-07: KRW 233,000.00 per share

- 2023-08: KRW 231,000.00 per share

- 2023-09: KRW 240,500.00 per share

- 2023-10: KRW 208,500.00 per share

- 2023-11: KRW 229,000.00 per share

- 2023-12: KRW 237,000.00 per share

- 2024-01: KRW 210,000.00 per share

- 2024-02: KRW 242,500.00 per share

- 2024-03: KRW 255,000.00 per share

- 2024-04: KRW 228,500.00 per share

- 2024-05: KRW 214,500.00 per share

- 2024-06: KRW 251,500.00 per share

- 2024-07: KRW 220,500.00 per share

- 2024-08: KRW 217,500.00 per share

- 2024-09: KRW 217,500.00 per share

- 2024-10: KRW 249,500.00 per share

- 2024-11: KRW 239,500.00 per share

- 2024-12: KRW 236,500.00 per share

- 2025-01: KRW 263,500.00 per share

- 2025-02: KRW 245,500.00 per share

- 2025-03: KRW 260,500.00 per share

- 2025-04: KRW 267,500.00 per share

- 2025-05: KRW 253,000.00 per share

- 2025-06: KRW 287,000.00 per share

- 2025-07: KRW 294,500.00 per share

- 2025-08: KRW 318,500.00 per share

- 2025-09: KRW 298,500.00 per share

- 2025-10: KRW 316,000.00 per share

- 2025-11: KRW 309,500.00 per share

- 2025-12: KRW 373,000.00 per share

- 2026-01: KRW 449,000.00 per share

- 2026-02: KRW 517,000.00 per share

- 2026-03: KRW 378,000.00 per share

- 2026-04: KRW 425,000.00 per share

- 2026-05: KRW 768,000.00 per share

- 2026-06: KRW 500,000.00 per share

- 2026-07: KRW 476,000.00 per share

- 2026-08: KRW 453,500.00 per share

- 2026-09: KRW 367,000.00 per share

- 2026-10: KRW 348,500.00 per share

## Annual estimated value (KRW per share)

- FY2016: low KRW 155,699.30 per share, central KRW 166,668.17 per share, high KRW 181,270.06 per share

- FY2017: low KRW 162,069.48 per share, central KRW 172,142.52 per share, high KRW 185,551.87 per share

- FY2018: low KRW 173,313.05 per share, central KRW 183,387.38 per share, high KRW 196,798.44 per share

- FY2019: low KRW 245,922.75 per share, central KRW 264,641.05 per share, high KRW 289,559.09 per share

- FY2020: low KRW 261,658.37 per share, central KRW 281,691.65 per share, high KRW 308,360.18 per share

- FY2021: low KRW 337,156.67 per share, central KRW 368,526.66 per share, high KRW 410,286.78 per share

- FY2022: low KRW 382,380.55 per share, central KRW 422,001.96 per share, high KRW 474,746.47 per share

- FY2023: low KRW 478,346.69 per share, central KRW 532,143.35 per share, high KRW 603,758.12 per share

- FY2024: low KRW 431,480.52 per share, central KRW 482,574.85 per share, high KRW 543,839.04 per share

- FY2025: low KRW 544,089.43 per share, central KRW 623,612.76 per share, high KRW 706,456.77 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 2026-10-15T06:40:20.564Z 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.