PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q3–2026Q2) · Dividend yield is based on ₩0 per share · Prices as of the 2026-10-02 close
SG Global's operating profit climbed back into the low-KRW-2-billion-per-quarter range in the first half of 2026 on a recovery in seat-parts volumes from automakers, even as continued losses in its display business and tightened KOSPI listing-maintenance rules for small-cap stocks weigh on the picture.
2025 consolidated revenue of KRW 93.48bn and operating profit of KRW 4.96bn fell 6.0% and 19.3% year-on-year, respectively, but operating profit recovered clearly to KRW 2.71bn in Q1 2026 and KRW 2.08bn in Q2 2026.
After a temporary operating loss of KRW 0.50bn in Q3 2025, the company returned to profit for three consecutive quarters.
The company carried out a share consolidation raising par value from KRW 500 to KRW 1,000 in April 2026, widely seen as a response to tightened KOSPI listing-maintenance rules.
Persistent operating losses in the display segment continue to offset a large share of the earnings improvement from the seat-parts business.
The combined stake of the major shareholder group (SG Goryeo, SG Segye Mulsan, and KM&I) stands at 58.53%, indicating a relatively stable ownership structure.
SG Global is an automotive parts manufacturer established in 1954 and listed on the KOSPI in 1976, headquartered in Yesan-gun, Chungcheongnam-do. The company was founded in 1954 and listed on the securities market in 1976, with headquarters in Yesan, Chungcheongnam-do.
It changed its corporate name from SG Choongbang to its current name, SG Global, in 2021. The company was established on December 22, 1954, listed on June 29, 1976, and renamed from "SG Choongbang" to "SG Global" on March 25, 2021.
Its core products are automotive Seat Trim Cover and Car Seat units, engaging in the manufacturing and sale of automotive seat trim covers and car seats. The seat business is operated through its Incheon plant, which manufactures and sells car seats.
In addition, the company operates a display-parts business through its Vietnamese subsidiaries C.V.T and SGEV, running seat-parts, seat, and display businesses with local subsidiaries C.V.T and SGEV in Vietnam.
The Vietnamese subsidiary S.G.E.V is understood to be building out manufacturing capability for automotive display parts.
Its core business model centers on developing and producing parts in close cooperation with automakers, focusing on securing core technologies and proprietary capabilities to enhance global competitiveness as it expands overseas local production.
The combined common shares held by the major shareholder group—SG Goryeo, SG Segye Mulsan, and KM&I—total 13,159,866 shares, representing a 58.53% stake.
On the industry side, competition to develop advanced safety technologies and eco-friendly parts in response to electrification and eco-friendly trends is intensifying, with the integration of electric, electronic, and information/communication technologies emerging as a key element of global competitiveness.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩27.5B | ₩2.6B | 9.6% |
| 2025Q3 | ₩15.9B | -₩500M | −3.2% |
| 2025Q4 | ₩27B | ₩900M | 3.4% |
| 2026Q1 | ₩27.8B | ₩2.7B | 9.7% |
| 2026Q2 | ₩29.1B | ₩2.1B | 7.2% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩67.7B | -₩1.4B | -₩2.4B | −2.1% | −2.0% | 53.5% |
| 2023 | ₩96.6B | ₩6.6B | ₩20.2B | 6.8% | 14.3% | 40.5% |
| 2024 | ₩99.4B | ₩6.2B | ₩6.3B | 6.2% | 4.2% | 33.5% |
| 2025 | ₩93.5B | ₩5B | ₩2.8B | 5.3% | 1.8% | 30.6% |
Consolidated basis (financial statements including subsidiaries) · Final figures from DART filings · Net income attributable to owners of the parent · Data as of 2026-08-23
SG Global's 2025 consolidated revenue came to KRW 93.48bn, down 6.0% from KRW 99.43bn a year earlier, while operating profit fell 19.3% to KRW 4.96bn. Net income attributable to owners dropped 55.6% year-on-year to KRW 2.81bn from KRW 6.32bn.
Per the company's fiscal 2025 results, consolidated revenue fell 6.0%, operating profit fell 19.3%, and net income fell 55.6% year-on-year, with the seat-parts business affected by lower automaker production volumes and unit-price cuts, while the display business's continued operating losses further weighed on overall results.
The operating margin eased gradually from 6.8% in 2023 to 6.2% in 2024 and 5.3% in 2025. Notably, in 2023 net income attributable to owners (KRW 20.18bn) far exceeded operating profit (KRW 6.61bn), implying a sizeable non-operating gain was recorded that year.
On a quarterly basis, revenue plunged to KRW 15.89bn in Q3 2025, producing an operating loss of KRW 0.50bn and a net loss of KRW 0.38bn, before recovery began in Q4 2025 (revenue KRW 27.02bn, operating profit KRW 0.92bn) and continued into Q1 2026, when revenue reached KRW 27.77bn, operating profit KRW 2.71bn, and net income KRW 2.12bn.
Q2 2026 revenue rose modestly to KRW 29.06bn, but operating profit (KRW 2.08bn) and net income (KRW 1.59bn) came in below the Q1 level.
Over the trailing four quarters (Q3 2025 through Q2 2026), net income attributable to owners totaled KRW 3.64bn, largely offsetting the Q3 2025 loss with profits in the subsequent three quarters, while the debt ratio improved gradually from 53.5% in 2022 to 30.6% in 2025.
The auto parts industry entered a phase in 2026 where simple automaker sales growth alone is no longer sufficient to gauge sector conditions. Amid slower-than-expected recovery in new-car demand in China and Europe, Chinese automakers' overseas expansion has accelerated sharply.
As a result, global automakers such as Volkswagen, Toyota, Nissan, and Stellantis are cutting production capacity and fixed costs while restructuring plants and pursuing contract manufacturing to lift lowered utilization rates.
This directly affects domestic small and mid-sized parts suppliers through the chain linking automaker sales, production volume, utilization, parts order volume, fixed-cost burden, and operating margin.
The global automotive seat market, in which SG Global operates, is estimated at roughly USD 71.4 billion in 2025 with an expected CAGR of about 3.55%, while the automotive display parts market the company is expanding into is projected to grow at a comparatively higher CAGR of about 7.82%.
However, as a small and mid-sized supplier, SG Global faces a structural weakness in fully passing on raw material cost increases to automakers. Its bargaining power relative to larger group-affiliated parts suppliers also remains a potential competitive risk.
In March 2026, the board resolved to consolidate common shares by raising par value from KRW 500 to KRW 1,000, which took effect on April 13, 2026.
SG Goryeo's common shares changed from 15,575,434 to 7,787,717 shares, and following the consolidation, total issued shares stood at 22,482,071 common shares, 55 class shares, and 22,482,126 shares in total.
This move is widely interpreted as a response to tightened KOSPI listing-maintenance rules effective in the second half of 2026.
Under the revised standards, from July 1, 2026, the market-cap threshold for delisting review is KRW 30 billion for KOSPI and KRW 20 billion for KOSDAQ, and a company can be designated for administrative issue review if it stays below this threshold for 30 consecutive trading days.
Among KOSPI companies that disclosed share consolidations under this pressure are Micar, Bohae Brewery, Seoul Food Industry, Kumho HT, Kumho Electric, SG Global, SK Securities, Sangsangin Securities, KR Motors, Sajo Dongah One, and Trinity Air, with SG Global taking similar action amid this trend.
On the business side, the seat-parts segment drove the earnings recovery in the first two quarters of 2026, while the display business continued to post losses, remaining a drag on overall profitability improvement.
Progress in expanding display-parts manufacturing capacity at the Vietnamese subsidiary S.G.E.V is likely to be a key point to watch for a turnaround in that segment's profitability.
No specific company guidance or new order disclosures for the second half of 2026 have been confirmed, so investors should continue to monitor quarterly disclosures and shifts in automakers' production plans.
The share price sits below per-share net asset value, a comparison closer to a discount to book value than a premium. Despite an earnings recovery over the trailing four quarters, the earnings multiple the market assigns tends to move within a wide band shaped by past swings between losses and sharp profit surges.
The company has not paid a separate cash dividend in recent years, suggesting shareholder returns depend more on earnings recovery and balance-sheet improvement than on dividends.
Given that 2025 consolidated net income fell sharply from the prior year, market valuation could remain sensitive to whether the direction of earnings—loss-to-profit or the durability of any recovery—continues to shift.
With the number of shares outstanding reduced following the share consolidation, changes in trading volume and liquidity also warrant attention.
PER, EPS, PBR and BPS are all calculated in-house (the same method as Naver and Toss) · Dividend yield = cash dividend per share from DART filings (supplemented by KRX) ÷ current price · As of 2026-08-23
The company posted operating profit in the low-KRW-2-billion range for two consecutive quarters in early 2026, moving past the temporary loss recorded in Q3 2025. This appears to reflect a combination of normalizing automaker production and a recovery in parts orders. If this trend continues into the second half, it could signal that annual earnings have passed a trough.
The debt ratio declined from 53.5% in 2022 to 30.6% in 2025, and operating cash flow has remained positive every year in the data set. This reduces reliance on external financing and supports greater financial stability.
Both the automotive seat market and the newer automotive display parts business are projected to grow, with the display market forecast at a comparatively higher rate. If profitability in the display segment improves, it could positively affect the company's overall revenue mix.
Continued operating losses in the display business offset a large share of the earnings improvement from the seat-parts segment. Uncertainty over when this segment might turn profitable limits the pace of overall margin recovery.
As a small and mid-sized supplier, SG Global has a structural weakness in passing raw material cost increases on to automakers. Behind the earnings slowdown in 2025 were both lower automaker production and declining unit prices.
As global automakers restructure production, earnings sensitivity to shifts in parts order volume also remains elevated.
Under tightened KOSPI listing-maintenance rules effective July 2026, a market cap below KRW 30 billion for 30 consecutive trading days can trigger administrative-issue designation risk.
SG Global has already carried out a share consolidation in response, but as a small-cap stock it remains sensitive to market supply-demand shifts and further regulatory changes.
Because parts order volume is directly tied to automaker production and utilization, any slowdown in end-market demand can immediately affect results. Delayed recovery in new-car demand in China and Europe is an additional burden.
Continued losses in the display business persistently erode overall margins. Volatility from non-operating items, such as the large gap between operating profit and net income seen in 2023, also adds to the difficulty of financial forecasting.
Tightened listing-maintenance requirements for small-cap KOSPI stocks have increased market attention on market capitalization and share price levels.
Even after the recent share consolidation, trading volume changes from the reduced share count and the possibility of administrative-issue designation warrant continued monitoring.
The Q3 2026 earnings release will show whether the operating profit recovery from Q1-Q2 continued into Q3, and whether a seasonal loss similar to Q3 2025 recurred.
As market capitalization sits near the KOSPI administrative-issue threshold of KRW 30 billion, exchange disclosures on whether the 30-consecutive-trading-day criterion is met should be monitored.
Progress on capacity expansion for display parts at the Vietnamese subsidiary S.G.E.V and any improvement in that segment's profitability should be checked.
The full-year 2026 results (including Q4) and audit report will provide final confirmation of the annual operating margin and debt-ratio trend.
SG Global saw both revenue and profit decline in 2025, but operating profit rose into the low-KRW-2-billion range for two consecutive quarters in early 2026, moving past the temporary loss recorded in Q3 2025.
This recovery appears largely driven by normalizing automaker volumes in the seat-parts business, while continued losses in the display business remain a constraint on overall profit improvement. On the financial side, the debt ratio has shown a clear multi-year improving trend.
However, the share consolidation carried out in April 2026 and the backdrop of tightened KOSPI listing-maintenance requirements indicate the company faces a separate challenge in managing market capitalization and liquidity beyond its operating results.
Industry variables such as automaker production restructuring and delayed new-car demand recovery in China and Europe also warrant attention. Investors may find it useful to track quarterly earnings releases alongside any turnaround in the display business and disclosures related to listing-maintenance requirements.
Report written 2026-09-05 · Data as of 2026-09-04
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