# Hyundai Glovis (086280.KO)

Canonical: https://gigainvestors.com/s/086280.KO

Analysis as of: 2026-10-16T07:35:55.627Z. Financial observations: FY2005–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 177,300.00 per share; close as of 2026-10-15.

Estimated value: low KRW 278,753.91 per share, central KRW 373,707.33 per share, high KRW 428,998.87 per share. Buy at or below the central value KRW 373,707.33 per share. Valuation as of 2026-10-16T07:35:55.627Z; scenarios are not confidence intervals.

Expected annual return: 20.4% at the stated quote. About 20.4% 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

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

- Financial history: 10 years

- Years with declining revenue: 2

- Years with a net loss: 0

- Operating margin variation: 0.19×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.04×

- FY2018: 0.04×

- FY2019: 0.05×

- FY2020: 0.04×

- FY2021: 0.05×

- FY2022: 0.07×

- FY2023: 0.06×

- FY2024: 0.06×

- FY2025: 0.07×

- LTM to Jun 2026: 0.07×

### moat: fail

- ROIC median below threshold

- ROIC, median of available years: 13.2%

- ROIC, second-lowest year: 10.4%

- Typical minus recent gross margin: -1.0 pp

- Typical gross margin (annual median): 7.6%

- Recent gross margin (lower of latest and 3-year median): 8.6%

- Years with nonpositive capital: 0

- Capital spending / revenue: 1.3%

- ROIC including acquisitions, ten-year median: 10.2%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 12.3%

- FY2017: 12.2%

- FY2018: 10.4%

- FY2019: 11.5%

- FY2020: 8.9%

- FY2021: 14.1%

- FY2022: 18.6%

- FY2023: 15.9%

- FY2024: 14.8%

- FY2025: 17.4%

### economics: pass

- Owner earnings / net income, 5-yr: 0.85×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: KRW 4.97T

- Net income, five-year total: KRW 5.86T

- Return on incremental invested capital: 98.4%

- Working capital / revenue, annual change: -0.1 pp

- Working capital / revenue, change between three-year averages: -0.6 pp

- Working capital / revenue, final three-year average: 9.7%

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

- FY2021: 0.90×

- FY2022: 0.88×

- FY2023: 1.00×

- FY2024: 0.65×

- FY2025: 0.83×

### 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: 12.2% vs 15.9%

- Per-share earnings: 6741.52 to 14585.00 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: -0.0%

- Market cap gain: KRW 7.75T

- Cumulative retained earnings: KRW 6.59T

- Diluted shares, 5-year annual growth: -0.0%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 11.7%

- Per-share value change: KRW 8K

- Per-share value, starting three-year median: KRW 7K

- Per-share value, ending three-year median: KRW 15K

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

- Average buyback yield: 0.0%

- Buyback history: 2 years

- Debt-funded buybacks: No

- Acquisition spending: KRW 154B

- Cumulative net income, 10 years: KRW 8.59T

- ROIC, first three-year median: 12.2%

- ROIC, last three-year median: 15.9%

Chart: Earnings per share; fiscal year observations.

- FY2016: KRW 7K

- FY2017: KRW 9K

- FY2018: KRW 6K

- FY2019: KRW 7K

- FY2020: KRW 8K

- FY2021: KRW 10K

- FY2022: KRW 16K

- FY2023: KRW 14K

- FY2024: KRW 15K

- FY2025: KRW 23K

### accounting: pass

- Sloan accruals: -4.1%

- Receivables to sales index (DSRI): 1.13×

- Restructuring years, last five: 0

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.44×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.02×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -1.3%

- FY2017: 0.9%

- FY2018: -0.6%

- FY2019: -2.4%

- FY2020: -3.4%

- FY2021: -2.7%

- FY2022: -2.7%

- FY2023: -9.5%

- FY2024: -6.1%

- FY2025: -4.1%

## Holders

## Price story

Down 39% since Feb 2026 · sales +6%

Story as of 2026-10-16T10:00:06.321Z; price observation 2026-10-15.

Price needs cash profits to shrink 5.7% a year for ten years

### Sales · FY2025–2026

sales +6%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: KRW 16.36T 

- FY2018: KRW 16.87T 

- FY2019: KRW 18.27T 

- FY2020: KRW 16.52T 

- FY2021: KRW 21.78T 

- FY2022: KRW 26.98T 

- FY2023: KRW 25.68T 

- FY2024: KRW 28.41T 

- FY2025: KRW 29.57T 

- FY2026: KRW 31.35T 

### Gross margin · FY2025

gross margin 9.4%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 7.2% 

- FY2017: 6.9% 

- FY2018: 6.8% 

- FY2019: 7.5% 

- FY2020: 7.8% 

- FY2021: 6.8% 

- FY2022: 8.5% 

- FY2023: 8.1% 

- FY2024: 8.6% 

- FY2025: 9.4% 

## Owner memo

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

### How it makes money

Operates in integrated freight & logistics; annual sales are KRW 29.6 trillion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:55.627Z); FY2025: revenue 29566409336610; grossProfit 2769644159460; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 086280.KO: Hyundai Glovis Co., Ltd. operates as logistics and distribution company in South Korea and internationally. It offers in/outbound logistics services comprising export, import, packaging, and storage of products; vehicle transportation, pre-delivery inspection, parking in yard, and port loading/unloading services; parts logistics services; bulk logistics services; general logistics services, including transportation, storage, and unloading for various industries, such as food, distribution, housing, and industrial goods; and special logistics services for defense strategic materials, dangerous goods, and office/equipment transfers. The company also offers knock down services; vehicle/special cargo services transportation, and special cargo on pure car and truck carriers; and dry and wet bulk cargo transportation services. In addition, it engages in the operation of terminals; used car business; and trading of nonferrous metal. The company was formerly known as Glovis Co., Ltd. and changed its name to Hyundai Glovis Co., Ltd. in November 2011. Hyundai Glovis Co., Ltd. was founded in 2001 and is based in Seoul, South Korea.

### Why customers stay

Margins ranged from 8.1% to 9.4% during 2023–25; it earns 13.2% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:55.627Z); FY2023: grossProfit / revenue = 8.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:55.627Z); FY2024: grossProfit / revenue = 8.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:55.627Z); FY2025: grossProfit / revenue = 9.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:55.627Z); 10-year return on capital observations [[2016,0.12348743492562542],[2017,0.12164427488648569],[2018,0.10369764304324154],[2019,0.11458630156805517],[2020,0.08937617805537695],[2021,0.14107890144236993],[2022,0.1864105254615746],[2023,0.1587998552761517],[2024,0.1482078506559827],[2025,0.17352773487582002]]; median 0.13228316818399766. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 9% gross margin through 2022 cost inflation.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:55.627Z); Gross margin observations: [[2021,0.06849183491565342],[2022,0.0852936574363841],[2023,0.08143334772069244]]; range within 2 percentage points.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back KRW 82.3 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:55.627Z); FY2016: growth capex 0; upkeep 395264421080; owner earnings 211033041050. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:55.627Z); FY2017: growth capex 0; upkeep 367476861970; owner earnings 239056570790. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:55.627Z); FY2018: growth capex 0; upkeep 181226739520; owner earnings 308437231430. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:55.627Z); FY2019: growth capex 0; upkeep 196650987480; owner earnings 567396527240. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:55.627Z); FY2020: growth capex 0; upkeep 123409773990; owner earnings 681795864660. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:55.627Z); FY2021: growth capex 0; upkeep 307966747060; owner earnings 705860546950. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:55.627Z); FY2022: growth capex 0; upkeep 340509375960; owner earnings 1052248530550. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:55.627Z); FY2023: growth capex 0; upkeep 261287563370; owner earnings 1062612128080. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:55.627Z); FY2024: growth capex 283569136640; upkeep 674384937000; owner earnings 714600100340. Growth capex / owner earnings = 0.39682213381313614.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:55.627Z); FY2025: growth capex 0; upkeep 623183955230; owner earnings 1430724595850. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:55.627Z); Dividend observations: [[2016,112500000000],[2017,112500000000],[2018,112500000000],[2019,123750000000],[2020,131250000000],[2021,131250000000],[2022,142500000000],[2023,213750000000],[2024,236250000000],[2025,277500000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:55.627Z); FY2025: cash repurchases 82267966.66666666 KRW.

### Are managers owners

Insiders own 50.4% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 086280.KO SharesStats.PercentInsiders = 50.361 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits shrink 5.7% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:55.627Z); Ten-year compound average after fade. Initial solved rate -0.09263607753298592. Price 177300; 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 86,750.00 per share

- 2016-11: KRW 79,500.00 per share

- 2016-12: KRW 77,250.00 per share

- 2017-01: KRW 77,750.00 per share

- 2017-02: KRW 76,750.00 per share

- 2017-03: KRW 73,500.00 per share

- 2017-04: KRW 72,500.00 per share

- 2017-05: KRW 79,750.00 per share

- 2017-06: KRW 78,500.00 per share

- 2017-07: KRW 78,500.00 per share

- 2017-08: KRW 77,500.00 per share

- 2017-09: KRW 74,000.00 per share

- 2017-10: KRW 75,500.00 per share

- 2017-11: KRW 73,250.00 per share

- 2017-12: KRW 68,000.00 per share

- 2018-01: KRW 69,750.00 per share

- 2018-02: KRW 71,250.00 per share

- 2018-03: KRW 84,500.00 per share

- 2018-04: KRW 84,250.00 per share

- 2018-05: KRW 67,250.00 per share

- 2018-06: KRW 57,750.00 per share

- 2018-07: KRW 68,500.00 per share

- 2018-08: KRW 60,500.00 per share

- 2018-09: KRW 65,000.00 per share

- 2018-10: KRW 57,000.00 per share

- 2018-11: KRW 61,750.00 per share

- 2018-12: KRW 64,500.00 per share

- 2019-01: KRW 71,000.00 per share

- 2019-02: KRW 69,750.00 per share

- 2019-03: KRW 64,250.00 per share

- 2019-04: KRW 79,750.00 per share

- 2019-05: KRW 81,250.00 per share

- 2019-06: KRW 80,500.00 per share

- 2019-07: KRW 77,000.00 per share

- 2019-08: KRW 80,000.00 per share

- 2019-09: KRW 78,000.00 per share

- 2019-10: KRW 75,500.00 per share

- 2019-11: KRW 75,250.00 per share

- 2019-12: KRW 71,500.00 per share

- 2020-01: KRW 73,500.00 per share

- 2020-02: KRW 61,500.00 per share

- 2020-03: KRW 45,300.00 per share

- 2020-04: KRW 50,750.00 per share

- 2020-05: KRW 113,000.00 per share

- 2020-06: KRW 50,750.00 per share

- 2020-07: KRW 55,750.00 per share

- 2020-08: KRW 72,750.00 per share

- 2020-09: KRW 72,000.00 per share

- 2020-10: KRW 83,750.00 per share

- 2020-11: KRW 89,000.00 per share

- 2020-12: KRW 92,000.00 per share

- 2021-01: KRW 190,000.00 per share

- 2021-02: KRW 96,500.00 per share

- 2021-03: KRW 93,750.00 per share

- 2021-04: KRW 96,000.00 per share

- 2021-05: KRW 94,500.00 per share

- 2021-06: KRW 104,500.00 per share

- 2021-07: KRW 97,250.00 per share

- 2021-08: KRW 97,000.00 per share

- 2021-09: KRW 83,250.00 per share

- 2021-10: KRW 83,750.00 per share

- 2021-11: KRW 72,750.00 per share

- 2021-12: KRW 84,000.00 per share

- 2022-01: KRW 81,250.00 per share

- 2022-02: KRW 87,250.00 per share

- 2022-03: KRW 96,250.00 per share

- 2022-04: KRW 104,500.00 per share

- 2022-05: KRW 106,000.00 per share

- 2022-06: KRW 89,750.00 per share

- 2022-07: KRW 91,000.00 per share

- 2022-08: KRW 88,250.00 per share

- 2022-09: KRW 81,250.00 per share

- 2022-10: KRW 87,000.00 per share

- 2022-11: KRW 88,250.00 per share

- 2022-12: KRW 81,750.00 per share

- 2023-01: KRW 83,250.00 per share

- 2023-02: KRW 79,300.00 per share

- 2023-03: KRW 79,250.00 per share

- 2023-04: KRW 81,850.00 per share

- 2023-05: KRW 84,500.00 per share

- 2023-06: KRW 98,850.00 per share

- 2023-07: KRW 87,150.00 per share

- 2023-08: KRW 86,250.00 per share

- 2023-09: KRW 92,200.00 per share

- 2023-10: KRW 85,550.00 per share

- 2023-11: KRW 86,850.00 per share

- 2023-12: KRW 95,750.00 per share

- 2024-01: KRW 87,450.00 per share

- 2024-02: KRW 95,250.00 per share

- 2024-03: KRW 87,050.00 per share

- 2024-04: KRW 91,000.00 per share

- 2024-05: KRW 89,750.00 per share

- 2024-06: KRW 109,500.00 per share

- 2024-07: KRW 121,500.00 per share

- 2024-08: KRW 112,000.00 per share

- 2024-09: KRW 122,100.00 per share

- 2024-10: KRW 122,100.00 per share

- 2024-11: KRW 123,000.00 per share

- 2024-12: KRW 118,100.00 per share

- 2025-01: KRW 149,400.00 per share

- 2025-02: KRW 130,100.00 per share

- 2025-03: KRW 112,400.00 per share

- 2025-04: KRW 114,000.00 per share

- 2025-05: KRW 113,400.00 per share

- 2025-06: KRW 134,800.00 per share

- 2025-07: KRW 147,500.00 per share

- 2025-08: KRW 184,400.00 per share

- 2025-09: KRW 165,400.00 per share

- 2025-10: KRW 188,800.00 per share

- 2025-11: KRW 164,400.00 per share

- 2025-12: KRW 180,600.00 per share

- 2026-01: KRW 242,000.00 per share

- 2026-02: KRW 289,500.00 per share

- 2026-03: KRW 207,500.00 per share

- 2026-04: KRW 227,000.00 per share

- 2026-05: KRW 242,500.00 per share

- 2026-06: KRW 183,100.00 per share

- 2026-07: KRW 200,000.00 per share

- 2026-08: KRW 207,500.00 per share

- 2026-09: KRW 196,800.00 per share

- 2026-10: KRW 180,600.00 per share

## Annual estimated value (KRW per share)

- FY2016: low KRW 30,552.31 per share, central KRW 33,314.56 per share, high KRW 36,991.70 per share

- FY2017: low KRW 41,787.49 per share, central KRW 46,309.63 per share, high KRW 52,329.56 per share

- FY2018: low KRW 48,910.28 per share, central KRW 53,862.81 per share, high KRW 60,455.69 per share

- FY2019: low KRW 64,498.79 per share, central KRW 71,212.61 per share, high KRW 80,150.13 per share

- FY2020: low KRW 70,359.41 per share, central KRW 76,430.09 per share, high KRW 84,511.44 per share

- FY2021: low KRW 125,904.44 per share, central KRW 139,495.73 per share, high KRW 157,588.62 per share

- FY2022: low KRW 192,478.67 per share, central KRW 260,405.55 per share, high KRW 299,959.50 per share

- FY2023: low KRW 228,100.86 per share, central KRW 305,900.17 per share, high KRW 351,202.84 per share

- FY2024: low KRW 251,942.70 per share, central KRW 337,997.93 per share, high KRW 388,108.05 per share

- FY2025: low KRW 259,863.27 per share, central KRW 349,430.26 per share, high KRW 401,585.28 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 2026-10-15T06:41:36.554Z 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