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Hyundai group maker of railway trains, K2 battle tanks and defense/industrial equipment.
Hyundai group maker of railway trains, K2 battle tanks and defense/industrial equipment.
Books revenue as work progresses on multi-year contracts, so the order backlog from a few large customers drives results. Defense, led by K2 tanks for the Korean army and Poland under a 2022 framework deal, has grown to rival rail. Hyundai Motor Group is the controlling shareholder.
In one line: A mix of Alstom and General Dynamics Land Systems.
Moat: narrow (regulatory licence, scale, installed base). Sole domestic maker of Korean rolling stock and main battle tanks, with export contracts.
Headquarters: Uiwang, South Korea · Founded: 1999 · Employees: 4,541
Size Hyundai Rotem (064350.KS) is a South Korea Industrials company (Trucks/Construction/Farm Machinery) with a market value of $5.75B, the 70th largest of 495 South Korea companies the cockpit tracks. Shares closed at ₩71,500 on 6 Nov 2026.
Performance Over six months the shares fell 73.4%, against -8.8% for the median peer and -24.5% for the South Korea market (cap-weighted) — lowest of 21 in its peer set.
Growth Revenue grew 11.6% over the last twelve months (peer median +7.7%); the operating margin is 15.4% (peer median 7.0%).
Valuation It trades at 9.7× forward earnings against a peer median of 17.1× (2nd cheapest of 20).
Price implies For today's price to make sense, revenue must grow about -4% a year for seven years (Req g). Recent delivered growth is +16%, so the hurdle is -20 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 14.8 points above its cost of capital (8.7% WACC).
Next results Next results expected around 4 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ₩6.31T | ₩5.84T | ₩4.38T | ₩3.59T | ₩3.16T |
| Revenue growth | — | +33% | +22% | +13% | — |
| Gross profit | n/a | ₩1.50T | ₩960B | ₩542B | ₩433B |
| EBITDA | n/a | ₩1.07T | ₩504B | ₩250B | ₩186B |
| Net income | ₩787B | ₩770B | ₩407B | ₩161B | ₩198B |
| Free cash flow | n/a | ₩775B | ₩61.5B | ₩680B | ₩684B |
| Capital expenditure | n/a | ₩156B | ₩115B | ₩80.9B | ₩48.0B |
| Total debt | n/a | ₩132B | ₩351B | ₩595B | ₩1.16T |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Hyundai Rotem 064350.KS | $5.75B | -73% | +12% | 15% | 9.7× | -4.0% |
| Alstom ALO.PA | $5.56B | -40% | +4% | 4% | n/a | 2.7% |
| CRRC 601766.SS | $27.0B | +10% | +2% | 6% | 13.0× | -6.4% |
| Hanwha Aerospace 012450.KS | $25.0B | -53% | +28% | 11% | 17.2× | -7.0% |
| Rheinmetall RHM.DE | $42.5B | -29% | -2% | 18% | 22.0× | 6.5% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 064350.KS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -33.7% | -6.0% | 2nd lowest of 21 |
| 6-month return | -73.4% | -8.8% | lowest of 21 |
| Distance from 52-week high | -74.7% | -29.1% | lowest of 21 |
| Revenue growth (TTM) | +11.6% | +7.7% | 6th highest of 21 |
| Operating margin | 15.4% | 7.0% | 5th highest of 21 |
| Forward P/E | 9.7× | 17.1× | 2nd cheapest of 20 |
| Growth the price implies (Req g, 7 yrs) | -4.0% | 3.1% | 2nd least demanding of 19 |
| Growth delivered (Del g) | +16.0% | +11.6% | 4th highest of 19 |
| Hurdle (Req g minus delivered) | -19.9 pp | -6.5 pp | 4th least demanding of 19 |
| ROIC minus cost of capital | +14.8 pp | +0.2 pp | 4th highest of 19 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Hyundai Rotem 064350.KS | South Korea | $5.75B | -73% | +12% | 15% | 9.7× | -4.0% | +16.0% |
| TKMS AG & Co. KGaA TKMS.DE | Germany | $5.57B | +8% | +15% | 5% | 39.8× | n/a | n/a |
| Alstom ALO.PA | France | $5.56B | -40% | +4% | 4% | n/a | 2.7% | +16.9% |
| Kongsberg Maritime KMAR.OL | Norway | $5.43B | -1% | +6% | 13% | 21.8× | 0.9% | +6.3% |
| Terex TEX | United States | $6.18B | -14% | +40% | 7% | 9.9× | 12.1% | +12.0% |
| Hitachi Construction Machinery 6305.T | Japan | $6.36B | -12% | +7% | 10% | 11.2× | 3.9% | +11.6% |
| Babcock International BAB.L | United Kingdom | $6.60B | 0% | +7% | 6% | 15.4× | 13.2% | +5.5% |
| Fincantieri FCT.MI | Italy | $4.98B | +3% | -1% | 0% | 21.5× | 1.2% | +9.1% |
| Seatrium 5E2.SI | Singapore | $4.77B | -19% | +11% | 4% | 13.0× | 4.0% | +50.0% |
| Doosan 000150.KS | South Korea | $7.10B | -60% | +11% | 6% | 16.1× | 15.0% | +11.6% |
| Zhejiang Dingli Machinery 603338.SS | China | $4.57B | +9% | +29% | 22% | 14.8× | 1.6% | +23.7% |
| Accelleron Industries ACLN.SW | Switzerland | $7.29B | -25% | +13% | 25% | 25.1× | 3.5% | +12.1% |
| Konecranes KCR.HE | Finland | $7.47B | +5% | -1% | 13% | 15.9× | 9.1% | +5.7% |
| Gaztransport & Technigaz GTT.PA | France | $7.50B | -13% | +9% | 64% | 16.1× | -3.1% | +15.2% |
| AGCO AGCO | United States | $7.61B | -6% | +1% | 6% | 17.1× | 10.5% | +2.0% |
| Mazagon Dock Shipbuilders MAZDOCK.NS | India | $7.87B | -31% | +8% | 15% | 30.5× | n/a | n/a |
| CSSC Offshore & Marine Engineering (Group) 600685.SS | China | $4.16B | -19% | +5% | 1% | 23.9× | 1.1% | +12.1% |
| Weir WEIR.L | United Kingdom | $8.18B | -3% | +6% | 18% | 18.1× | 19.3% | +5.5% |
| Bucher Industries BUCN.SW | Switzerland | $3.93B | +4% | -4% | 7% | 19.1× | -2.9% | +1.2% |
| Stadler Rail SRAIL.SW | Switzerland | $3.84B | +38% | +26% | 5% | 19.8× | 0.2% | +3.6% |
| Doosan Bobcat 241560.KS | South Korea | $3.64B | -28% | +11% | 9% | 9.0× | -13.3% | +15.5% |