Hyundai Mobis: profit grows faster than revenue, but the key question is whether the company can sustain its margin

25 августа Hyundai Mobis раскрыла результаты за второй квартал 2026 года: выручка выросла на 2,4% год к году, до 16,3 трлн вон, а чистая прибыль – на 13,5%, до 1,06 трлн вон. EBITDA-маржа расширилась с 7,2% до 8,0%, что помогло акциям выглядеть привлекательно на текущем уровне: при P/E 10,1 и EV/EBITDA 7,1 против среднего за три года 6,1, потенциал роста по модели портала составляет +13%.

Key takeaways

— Revenue grew 2.4% in Q2, but momentum is slowing

— EBITDA margin expanded to 8.0% on cost control

— Net profit rose 13.5% on operational efficiency

— Net debt remains negative: net debt is minus 2.8 trillion won

— Dividend yield of 1.6% is below market average, but payouts are stable

— Valuation: EV/EBITDA above 3-year average, but portal model implies +13% upside

Attractiveness

Key figures, KRW bn

Revenue grew 2.4% in Q2, but momentum is slowing

In Q2 2026, Hyundai Mobis revenue reached 16.3 trillion won, up 2.4% year-over-year. This is a noticeable slowdown from the start of the year: Q1 growth was 5.5%, and Q2 2025 was 8.7%.

The main driver remains demand for automotive components, but it is gradually cooling. Over the trailing twelve months, revenue reached 62.3 trillion won, reflecting business resilience, yet the quarterly momentum suggests the peak of growth is behind.

EBITDA margin expanded to 8.0% on cost control

EBITDA in Q2 grew 12.6% year-over-year to 1.30 trillion won, with margin expanding from 7.2% to 8.0%. This came despite slowing revenue, pointing to effective cost control.

Over the trailing twelve months, EBITDA reached 4.73 trillion won, providing a stable base for valuation. However, sustaining this margin will be challenging if revenue continues to decelerate.

Net profit rose 13.5% on operational efficiency

Net profit in Q2 reached 1.06 trillion won, up 13.5% year-over-year. Net margin increased from 5.9% to 6.5%.

Over the trailing twelve months, net profit reached 3.63 trillion won, implying a P/E of 10.1. This is a moderate valuation for an auto parts maker, but it does not account for potential market deterioration.

Net debt remains negative: net debt is minus 2.8 trillion won

At the end of Q2, net debt stood at minus 2.83 trillion won, meaning cash exceeds debt. Over the quarter, this improved by 134.7 billion won, and over the past twelve months by 541.3 billion won.

Net debt to EBITDA for the trailing twelve months is minus 0.6, indicating financial stability. This allows the company to sustain investments and dividends without raising debt.

Dividend yield of 1.6% is below market average, but payouts are stable

Over the trailing twelve months, Hyundai Mobis paid dividends with a yield of 1.6% at the current price. This is modest, especially compared to the key rate, but it is backed by negative net debt and stable cash flow.

Operating cash flow over the trailing twelve months reached 4.47 trillion won, comfortably covering capital expenditures of 1.55 trillion won (sum of quarterly values). This leaves room to sustain dividends, though next year's payout will depend on profitability and policy.

Valuation: EV/EBITDA above 3-year average, but portal model implies +13% upside

Current EV/EBITDA is 7.1, above the three-year average of 6.1. P/E of 10.1 also does not look cheap given slowing revenue growth.

Nevertheless, on the portal's model, which considers EBITDA growth and target multiple, the upside is +13% from the current price. This makes the stock rather attractive despite trading above its own history.

Valuation on the latest reported figures

Bottom line

Hyundai Mobis reported Q2 with moderate revenue growth but strong profit dynamics: net profit rose 13.5% on margin expansion. The company maintains negative net debt and generates sufficient cash flow to cover capex and dividends. However, slowing revenue and valuation above its own history make the stock rather attractive than clearly undervalued. The +13% upside on the portal's model justifies the current level, but a more confident view requires stabilisation of growth rates.