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Hyundai Rotem (064350) KRW

Hyundai Rotem manufactures and sells railway vehicles (including high-speed trains, metros, and trams), defense systems (such as tanks and armored vehicles), and industrial plants and machinery, including logistics automation and steel plant equipment. It also provides related services like signaling, maintenance, and hydrogen infrastructure solutions.

At a glance: strengths & risks
✓Revenue growing (+13% y/y, Q2 2026)✓Net cash balance sheet✓Cheaper than own history (EV/EBITDA 10.5 vs avg 16.2)✗Margins compressing (19%→15%, Q2 2026)

Sector: Defence & rolling stock

KR_064350

Price chart

124 100 KRWDay 0.16%

Key metrics

Net debt (table and EV/EBITDA): |short-term borrowings| + |long-term borrowings| + |other financial liabilities| when extracted + |non-controlling interest| when extracted − |cash and equivalents|; amounts in millions of the reporting currency.

Market

Price
124 100 KRW · 0.16%
Market cap
13544.5 bn KRW

Growth

Δ revenue y/y
13.3%
Δ EBITDA y/y
-8.4%

Multiples

P/E (LTM)
16.8x
3y avg: 22.6x
P/B (FY)
4.5x
P/E (ann.)
18.3x
EV/EBITDA (LTM)
10.5x
3y avg: 16.2x
EV/EBITDA (ann.)
11.2x

Cash return

Dividend yield
0.5%
FCF yield (LTM)
14.0%

Value creation

fundamental value/yr, % of market cap
Value created / year
+6.8%
↓ details

Liquidity

Daily turnover (listing)
32.8 bln KRW

Shares: connector/market_inputs

Amounts: USD (converted) · As reported
Converted modes use NBK / ECB-linked rates: balance sheet date for BS items, period average for P&L and cash flow (see filing row evidence). As reported keeps each row in its filing currency.

Financial results

Monetary columns are in B KRW, one decimal; scale (K/M/B/T) keeps values readable. For the period (default) shows P&L and cash flow for that row’s reporting window: quarterly amounts when the feed uses quarter-duration facts (typical US 10-Q revenue and income), quarterly cash flows after stripping YTD where only cumulative tags exist, and an implied Q4 on 31 Dec FY rows (P&L: FY minus Q1–Q3; operating / investing cash flow: FY 12m minus 9M YTD to 30 Sep when sourced from SEC builder evidence) so they match 10-Q scale. Some issuers still use cumulative YTD minus the prior row in the same calendar year. As reported shows values stored on each row (e.g. full-year on FY). Balance sheet is always as reported. Source JSON may use millions etc.; conversion uses amounts_unit per row.

DatePeriodStatusRevenueB KRWOperating profitB KRWD&AB KRWEBITDAB KRWNet profitB KRWOperating CFB KRWCapex + M&AB KRWAssetsB KRWEquityB KRWROE (annualized)Net debtB KRWSource
2026-06-30Q2 2026 (3M)OK1606.1
y/y 13.3%
232.4
y/y -9.8%
16.5
y/y 16.1%
248.8
y/y -8.4%
185.3
y/y -2.8%
-611.6-34.49069.6
y/y 45.9%
3369.8
y/y 26.6%
22.6%-2370.8DART
2026-03-31Q1 2026 (3M)OK1457.5
y/y 23.9%
224.2
y/y 10.5%
16.2
y/y 19.0%
240.4
y/y 11.1%
201.4
y/y 27.1%
2156.1-15.59175.5
y/y 75.0%
3182.4
y/y 48.2%
25.9%-2549.6DART
2025-12-31Q4 2025 (3M)OK1625.6
y/y 12.8%
267.5
y/y 65.4%
16.9
y/y 26.3%
284.3
y/y 62.4%
222.4
y/y 53.2%
245.7-36.69318.0
y/y 76.3%
3041.2
y/y 51.4%
26.1%-776.0DART
2025-09-30Q3 2025 (3M)OK1619.6
y/y 48.1%
277.7
y/y 102.1%
14.9
y/y 25.5%
292.6
y/y 96.0%
198.5
y/y 90.5%
-29.3-40.56489.7
y/y 41.2%
2848.3
y/y 50.6%
9.6%-591.0DART
2025-06-30Q2 2025 (3M)OK1417.6
y/y 29.5%
257.6
y/y 128.4%
14.2
y/y 28.1%
271.8
y/y 119.5%
190.6
y/y 88.1%
543.6-41.26218.3
y/y 25.3%
2662.3
y/y 48.8%
31.7%-474.0DART
2025-03-31Q1 2025 (3M)OK1176.1
y/y 57.3%
202.9
y/y 354.0%
13.7
y/y 27.3%
216.5
y/y 290.8%
158.4
y/y 181.6%
144.4-38.15244.4
y/y 2.8%
2147.3
y/y 26.9%
30.5%-233.0DART
2024-12-31Q4 2024 (3M)OK1440.8
y/y 45.7%
161.7
y/y 131.7%
13.4
y/y 24.7%
175.0
y/y 117.5%
145.2
y/y 209.4%
240.4-56.45285.4
y/y 0.8%
2009.1
y/y 22.0%
20.9%-121.2DART
2024-09-30Q3 2024 (3M)OK1093.5
y/y 18.0%
137.4
y/y 234.3%
11.9
y/y 19.5%
149.3
y/y 192.5%
104.2
y/y 153.0%
-195.0-16.34595.2
y/y -7.6%
1891.9
y/y 17.4%
7.5%-7.1DART
2024-06-30Q2 2024 (3M)OK1094.5
y/y 10.9%
112.8
y/y 67.7%
11.1
y/y —
123.8
y/y 84.2%
101.3
y/y 87.5%
272.2-28.34964.2
y/y -0.4%
1788.9
y/y 13.9%
23.3%-64.6DART
2024-03-31Q1 2024 (3M)OK747.8
y/y 9.3%
44.7
y/y 40.0%
10.7
y/y —
55.4
y/y 73.6%
56.2
y/y 197.7%
-175.1-14.15101.3
y/y 10.6%
1692.1
y/y 12.0%
13.5%161.6DART
2023-12-31Q4 2023 (3M)OK989.2
y/y —
69.8
y/y —
10.7
y/y —
80.5
y/y —
46.9
y/y —
326.7-28.75241.5
y/y —
1647.0
y/y —
9.9%198.8DART
2023-09-30Q3 2023 (3M)OK927.0
y/y —
41.1
y/y —
9.9
y/y —
51.0
y/y —
41.2
y/y —
-270.1-19.94970.6
y/y —
1611.3
y/y —
3.5%-477.5DART
2023-06-30Q2 2023 (3M)OK986.8
y/y —
67.2
y/y —
—
y/y —
67.2
y/y —
54.0
y/y —
853.6-19.84984.7
y/y —
1570.3
y/y —
14.0%90.8DART
2023-03-31Q1 2023 (3M)OK684.4
y/y —
31.9
y/y —
—
y/y —
31.9
y/y —
18.9
y/y —
-176.0-12.54610.6
y/y —
1511.0
y/y —
—467.1DART

Net debt structure (leases included, IFRS 16) 2026-06-30

Short-term debt (incl. ST leases)81 149
Long-term debt (incl. LT leases)75 439
− Cash & equivalents2 527 345
Net debt-2 370 758

Net debt / LTM EBITDA: -2.2x

Revenue & EBITDA

RevenueEBITDA

Quarterly values (KRW mln)

0500 0001 000 0001 500 0002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Year-over-year change

-100%0%100%200%300%2024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Cash flow

FCF (KRW mln)

-500 0000500 0001 000 0001 500 0002 000 0002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Net debt / cash (KRW mln)

-3 000 000-2 000 000-1 000 00002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Profit and cash

Profit is cash-backed
In a typical year of 2021–2025 operating cash flow came to 1.18x of reported net profit; after capex, 0.97x.
year20212022202320242025
cash flow / profit-0.94x3.62x4.56x0.35x1.18x
accruals, % of assets—-10.8%-10.9%5.0%-1.4%
Last twelve months (to 2026-06-30): 2.18x of profit came back as operating cash flow.
net debt / EBITDA -0.7x · capex 2.0x of depreciation
Read from the reported annual statements: cash flow / profit is the median of the yearly operating cash flow over net profit for the years shown; accruals are (profit − operating cash flow) / assets, the classic gap between what was booked and what was collected. A gap can be growth in working capital, capitalised costs, revaluations or profit from associates — the panel points at it, the statements explain it. Not investment advice.

Research & reviews

Our earnings breakdowns and investment notes on this issuer.

All research →

Fundamental value creation

Value the company creates per year, as a % of market cap

Value created per year: +7.3%

How this was calculated
1. EBITDA growth (latest quarter YoY, annualised)
[EBITDA latest qtr − EBITDA year-ago qtr] × annualisation X (2026-06-30 vs 2025-06-30)
= (248 848 − 271 767) × 4.28
-98 203
2. Current EV/EBITDA (LTM)
(Market cap + Net debt) ÷ EBITDA (LTM)
= (13 544 522 + -2 370 758) ÷ 1 066 247
10.5x
3. Target multiple
(Current EV/EBITDA + 8) ÷ 2
= (10.5 + 8) ÷ 2
9.2x
4. Cash flow (balance method, LTM)
Net-debt reduction + dividends + buybacks − equity issuance
= 1 896 742 + 0 + 0 − 0
1 896 742
5. Value created per year
(EBITDA growth × Target multiple + Cash flow − Dilution) ÷ Market cap
= (-98 203 × 9.2 + 1 896 742) ÷ 13 544 522
+7.3%

Amounts in millions of the reporting currency. EBITDA growth is the latest quarter vs the same quarter a year ago, annualised.

Caveats:

  • dividends/buybacks not in data - balance cash flow uses net-debt change only

Revenue growth & acceleration

Growth accelerating ▲
Last-year revenue growth +33% vs +22% the year before — a +11.4 pp move. 3-year CAGR +23%.
revenue growth by year: 2023 +13% · 2024 +22% · 2025 +33%
The growth-acceleration signal behind the GARP+acceleration strategy — it favours companies whose revenue growth is speeding up and flags those slowing down (the second derivative of growth).

Dividends

Paid (completed)

DatePer shareDetailsStatusSource
2026-03-30600 KRWEx-dividend: 600 KRW per sharePaidYahoo Finance (ex-div)
2025-03-28200 KRWEx-dividend: 200 KRW per sharePaidYahoo Finance (ex-div)
2023-12-27100 KRWEx-dividend: 100 KRW per sharePaidYahoo Finance (ex-div)

KASE: status follows wording in the news headline (paid vs intends to pay). Yahoo: amounts are cash dividends per share on ex-dividend dates (UTC calendar date). stockscope.uz (UZ): amounts are per share in UZS by publication date (not necessarily ex-div).

Reporting forms detected in loaded periods: ✓ ✓ ✓ (Balance sheet / Profit or loss (P&L) / Cash flows)

Financial results, valuation multiples (P/E, P/B, EV/EBITDA), profitability and dividend yield of Hyundai Rotem (064350) — from primary filings.

Frequently asked questions

What is Hyundai Rotem (064350)'s P/E ratio?
Hyundai Rotem (064350) trades at a P/E of 16.8x (price to trailing 12-month earnings).
What is Hyundai Rotem (064350)'s EV/EBITDA?
Hyundai Rotem (064350) trades at 10.5x EV/EBITDA.
What is Hyundai Rotem (064350)'s P/B ratio?
Hyundai Rotem (064350) trades at a P/B of 4.5x.
What is Hyundai Rotem (064350)'s dividend yield?
Hyundai Rotem (064350)'s trailing 12-month dividend yield is 0.5%.
What is Hyundai Rotem (064350)'s return on equity (ROE)?
Hyundai Rotem (064350)'s ROE is 22.6%.
What is Hyundai Rotem (064350)'s market capitalization?
Hyundai Rotem (064350)'s market cap is 13544.5 bn KRW.

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