PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q3–2026Q2) · Dividend yield is based on ₩290 per share · Prices as of the 2026-10-02 close
TYM has continued to recover operating margins since 2025, driven by expanding mid-to-large tractor sales in North America and improved cost structure.
2025 revenue reached KRW 929.4 billion with operating profit of KRW 64.1 billion, marking a sharp profit increase from the prior year.
Q1 2026 operating profit jumped year-on-year to KRW 35.0 billion, and the company sustained KRW 27.6 billion in Q2 2026.
Most revenue comes from the agricultural machinery segment (tractors, combines, rice transplanters), with the tobacco filter business making up the remainder.
Expanding sales of high-horsepower, mid-to-large tractors in the North American market is cited as the key driver of profitability improvement.
US tariff policy, the won/dollar exchange rate, and the agricultural equipment demand cycle remain key variables for future performance.
TYM operates two core businesses: agricultural machinery and tobacco filters, and has been listed on the KOSPI market since 1973. The majority of revenue comes from the agricultural machinery segment, which supplies tractors, combines, and rice transplanters, with filter sales following behind.
Revenue mix indicates the agricultural machinery segment accounts for roughly 91.6% of sales, while the tobacco filter segment makes up about 8.4%.
In the filter business, TYM is the sole domestic supplier holding an exclusive filter supply relationship with global tobacco company Philip Morris (PM), providing a stable cash-generating unit.
Subsidiaries include TYM North America, TYMICT, Root, GMT, KAM Holdings, and Kukje Jonghap Machinery, with major production and sales bases in North America and China, among others.
The core product lineup spans small to mid-and-large horsepower tractors, with recent growth concentrated in higher-horsepower models such as the T115 and T130.
Competitively, TYM directly competes with domestic industry leader Daedong in the North American market, and in certain recent quarters has reportedly surpassed Daedong in North America revenue.
In Europe, the company is pursuing a shift to direct sales through an integrated Netherlands entity, while also expanding into emerging markets such as the Philippines, Indonesia, and Uzbekistan.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩262.6B | ₩24.2B | 9.2% |
| 2025Q3 | ₩224.2B | ₩15.9B | 7.1% |
| 2025Q4 | ₩216.9B | ₩8.8B | 4.0% |
| 2026Q1 | ₩289.7B | ₩35B | 12.1% |
| 2026Q2 | ₩262.5B | ₩27.6B | 10.5% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩1.2T | ₩122B | ₩98.2B | 10.5% | 29.3% | 133.8% |
| 2023 | ₩836.5B | ₩76.5B | ₩60.4B | 9.1% | 15.7% | 121.9% |
| 2024 | ₩788.8B | ₩16.1B | ₩18.2B | 2.0% | 4.5% | 105.6% |
| 2025 | ₩929.4B | ₩64.1B | ₩40.1B | 6.9% | 9.5% | 102.3% |
Consolidated basis (financial statements including subsidiaries) · Final figures from DART filings · Net income attributable to owners of the parent · Data as of 2026-08-21
TYM's earnings have shown significant volatility over the past four years. In 2022, revenue peaked at KRW 1,166.1 billion with operating profit of KRW 122.0 billion (10.5% operating margin), followed by a revenue decline to roughly KRW 836.5 billion in 2023, though the operating margin held firm at 9.1%.
In 2024, revenue fell to KRW 788.8 billion and operating profit dropped to KRW 16.1 billion, compressing the operating margin sharply to 2.0%. In 2025, revenue recovered to KRW 929.4 billion and operating profit rebounded to KRW 64.1 billion (6.9% margin), marking a clear profit recovery trend.
On a quarterly basis, operating profit was KRW 15.9 billion in Q3 2025 and KRW 8.8 billion in Q4 2025, reflecting seasonal softness, before surging to KRW 289.7 billion in revenue and KRW 35.0 billion in operating profit in Q1 2026, and sustaining KRW 262.5 billion in revenue and KRW 27.6 billion in operating profit in Q2 2026.
Cumulative attributable net profit over the trailing four quarters (Q3 2025 through Q2 2026) reached approximately KRW 74.0 billion, underscoring the ongoing profit recovery.
This trajectory appears to reflect a combination of expanded North American export volumes, a rising share of high-horsepower, mid-to-large tractor sales, and improved export profitability amid a strong won/dollar exchange rate.
However, since the 2024 trough was driven by demand softness tied to high North American interest rates and elevated promotional spending, whether the current profit improvement represents a structural shift or a temporary effect of currency and product mix requires further confirmation.
North America is the world's largest agricultural machinery market, and reports indicate that persistent high interest rates and softening farm income have kept overall demand in a contraction phase in recent years.
Citing data from the US Association of Equipment Manufacturers (AEM), one report noted that total US agricultural machinery sales fell by a double-digit percentage year-on-year, with further demand declines also projected.
Despite this industry softness, TYM appears to have continued gaining share for Korean-made tractors, benefiting from the post-pandemic shift toward small-and-mid-sized tractors in North America.
In Q1 2026, reports indicated that TYM's North American revenue surpassed that of domestic industry leader Daedong, with its focus on high-horsepower, higher-value-added products cited as a differentiating factor versus competitors.
Daedong, meanwhile, showed relatively weaker results amid increased promotional spending, logistics cost burdens, and new business investment.
Domestic manufacturers are increasingly diversifying sales networks toward Europe and Southeast Asia to reduce North American concentration, and TYM has similarly secured supply contracts in emerging markets including the Philippines, Indonesia, and Uzbekistan.
However, industry observers have raised concerns that TYM's earnings improvement relies on currency effects and a high-margin product mix without corresponding capacity expansion, potentially leaving it vulnerable to external variables.
TYM continues to pursue a localization strategy in North America, expanding its mid-to-large tractor lineup, dealer network, and production footprint, while also reportedly building out a dedicated Canada supply system.
In Europe, the company has formalized a shift from dealer-centric distribution to direct sales through a newly established integrated entity in the Netherlands, aiming to expand market share.
In the Philippines, TYM continues to secure tractor orders as a partner in the government's agricultural mechanization policy, and it has signed a five-year supply agreement with Indonesia.
On the technology front, the company is advancing commercialization of telematics-equipped tractors incorporating autonomous driving features, with a stated goal of developing fully unmanned, Level 5-equivalent autonomous technology.
More recently, TYM signed an agreement with Samsung C&T's resort division to develop autonomous lawn-mowing robots for golf courses, extending its agricultural machinery technology into non-agricultural applications.
Reflecting improved first-half results, the company substantially raised its interim cash dividend versus the prior year, signaling an intent to strengthen shareholder returns.
That said, the sustainability of future earnings is likely to hinge on shifts in US tariff policy, exchange rate trends, and whether the global agricultural equipment demand cycle turns.
TYM's profit level has shown a clear recovery trajectory since bottoming in 2024, extending through 2025 and the first half of 2026, indicating an improving earnings base that underlies valuation multiple interpretation.
Compared to periods of weaker past performance, the valuation level during this recent profit recovery phase may warrant a different interpretive context. The stock has traded at a discount to net asset value in recent periods, which can serve as a reference point for gauging its relative standing within the industry.
On the dividend front, the company has a history of consistently paying both interim and year-end dividends annually, and its recent signal of expanded shareholder returns amid improved first-half results points to the direction of its capital return policy.
That said, it should be noted that these valuation metrics could shift again if performance is disrupted by future variables such as tariffs, exchange rates, or the demand cycle.
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 2026-08-21
The rising sales mix of high-horsepower, mid-to-large tractors such as the T115 and T130 is improving per-unit profitability. Since the pandemic, small-and-mid-sized tractor demand has become entrenched in North America, and the cost competitiveness of Korean-made tractors has translated into expanding market share. Reports that TYM's North American revenue surpassed the industry leader in Q1 2026 support this trend.
Profitability, which fell to a 2.0% operating margin in 2024, recovered to 6.9% in 2025 and remained near double digits through the first half of 2026.
This appears to reflect a combination of inventory normalization, cost reduction, and operating leverage effects, suggesting that further revenue growth could accelerate profit expansion.
The shift to direct sales in Europe and new supply contracts in emerging markets such as the Philippines and Indonesia offer potential to gradually reduce North American concentration. The company is also pursuing expansion into non-agricultural applications, such as autonomous golf course mowing robots. These efforts could contribute to revenue source diversification over the medium to long term.
Industry observers point out that TYM's recent earnings improvement relies heavily on currency effects and a high-margin product mix without corresponding capacity expansion.
Concerns have been raised that the pace of profit improvement could slow if the strong-dollar trend reverses or demand for high-horsepower products softens. Some view further production capacity expansion and global diversification as necessary to support medium-to-long-term growth.
According to data from the US Association of Equipment Manufacturers (AEM), total US agricultural equipment sales fell sharply, with further demand softness also projected. If high interest rates and weak farm income persist, the recovery of tractor replacement demand could be delayed. Even as TYM gains market share, an overall contracting market could act as a limiting factor on growth.
Changes in US tariff policy are cited as a variable that could directly affect tractor purchase and replacement demand as well as cost structure. If the won/dollar exchange rate reverses from its current strong trend, the export profitability effect that has supported recent earnings improvement could weaken.
Earnings volatility could also increase depending on external variables such as interest rates and subsidy policy.
US tariff policy variables can directly affect tractor export profitability and local demand. TYM has stated that its US-based service and logistics infrastructure has partially cushioned tariff burdens, but the effectiveness of this buffer may be limited depending on the severity of policy changes. Trade environment uncertainty remains a factor that requires ongoing monitoring.
Given the business's heavy exposure to North American exports, fluctuations in the won/dollar exchange rate have a significant impact on earnings. Analysis suggests part of the recent earnings improvement has been aided by the strong-dollar trend, meaning a reversal in the exchange rate could pressure profitability. Hedging policy and the degree of currency exposure management could affect the stability of future earnings.
Global agricultural equipment demand is a cyclical industry heavily influenced by commodity prices, farm income, and interest rate levels. If the broader downturn in the US agricultural equipment market persists, it could offset the benefits of TYM's market share gains.
While the company is expanding into emerging markets, their revenue contribution remains relatively small compared to North America, which is also worth considering.
Check updates from major North American agricultural equipment trade shows (such as Sunbelt AG EXPO and GIE+EXPO) on new products and dealer network expansion to gauge progress on the localization strategy.
Check the Q3 preliminary earnings disclosure to see whether North American revenue growth and operating margin trends remain consistent with first-half levels.
Continuously monitor changes in US tariff policy and the won/dollar exchange rate trend to assess the impact on export profitability.
The 2026 full-year confirmed earnings and year-end dividend announcement will provide confirmation on the sustainability of the annual profit recovery and the direction of shareholder return policy.
TYM has shown a clear earnings recovery since bottoming out in 2024, extending through 2025 and the first half of 2026, with expanding North American mid-to-large tractor sales serving as the core driver of this recovery.
However, some observers note that this improvement relies substantially on currency effects and product mix rather than capacity expansion, warranting attention to sensitivity to external variables.
TYM's ability to gain market share amid an overall demand slowdown in the US agricultural equipment market is a positive sign, though a further contraction in the broader market could constrain growth.
The shift to direct sales in Europe and expanding supply contracts in emerging markets are viewed as factors that could contribute to medium-to-long-term revenue diversification.
Tariff policy, exchange rates, and US interest rate and farm income conditions remain key variables for gauging the sustainability of future earnings. Investors should continue monitoring upcoming quarterly results and North American market trends to form their own judgment.
Report written 2026-09-05 · Data as of 2026-09-04
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