PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q3–2026Q2) · Dividend yield is based on ₩20 per share · Prices as of the 2026-10-02 close
YM is a KOSDAQ-listed cold-forging specialist producing fasteners for automotive, electronics and construction applications; revenue has grown for four straight years, but operating margin and net income have swung sharply quarter to quarter amid raw material, labor cost and foreign-exchange volatility.
2025 revenue rose year over year to KRW 177.1 billion, but operating margin fell to 2.3% from 3.5% a year earlier
Net loss was recorded in three of the five quarters from 2025Q2 to 2026Q2, while operating profit remained positive every quarter
New fastener development is underway for EV powertrain applications including motors, inverters, reducers and batteries
The company is expanding orders from module specialists such as Hyundai Mobis alongside direct supply to Hyundai and Kia
The CEO expanded his stake to roughly 21% through open-market purchases in early 2025
YM was founded in 1971 and listed on KOSDAQ in 1994 as a specialist manufacturer of fasteners including bolts, screws, rivets and forged components.
Products are made using cold-forging technology, and automotive fasteners require complex supporting technologies such as material science, mold design, heat treatment and surface treatment to ensure safety and reliability.
Product sales account for roughly 95.9% of total revenue, and raw materials are sourced domestically from suppliers such as SeAH Special Steel and Hyundai Steel's specialty steel unit.
Major customers include Hyundai, Kia, GM Korea and Renault Korea among domestic automakers, and the company has recently focused on expanding orders from global tier-1/tier-2 module specialists such as Hyundai Mobis as automakers shift toward modular, standardized production.
Production and sales follow a made-to-order, multi-product small-batch pattern, and the business carries the characteristics of a capital-intensive industry requiring large equipment investment with long payback periods.
In response to the EV transition, the company is developing new fasteners for electrified powertrain modules such as motors, inverters, reducers and batteries, and according to recruiting information a dedicated EV-fastener production line is reportedly being pursued.
The fastener industry features competition among numerous small and mid-sized players, but automotive-grade products face safety certification and quality-reliability barriers that make existing supplier relationships an important competitive factor.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩46B | ₩500M | 1.2% |
| 2025Q3 | ₩44.5B | ₩1.9B | 4.4% |
| 2025Q4 | ₩43B | ₩500M | 1.2% |
| 2026Q1 | ₩42.7B | ₩1.4B | 3.4% |
| 2026Q2 | ₩45.8B | ₩300M | 0.6% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩146.3B | ₩4.6B | ₩2.5B | 3.2% | 5.8% | 236.6% |
| 2023 | ₩166.3B | ₩4.2B | ₩900M | 2.5% | 2.2% | 214.3% |
| 2024 | ₩172.2B | ₩6.1B | ₩5.2B | 3.5% | 9.3% | 178.9% |
| 2025 | ₩177.1B | ₩4B | ₩2.5B | 2.3% | 4.7% | 182.1% |
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
Annual revenue rose for four consecutive years, from KRW 146.3 billion in 2022 to KRW 166.3 billion in 2023, KRW 172.2 billion in 2024 and KRW 177.1 billion in 2025.
Operating profit, however, moved less smoothly: it fell from KRW 4.63 billion (3.2% margin) in 2022 to KRW 4.16 billion (2.5%) in 2023, recovered to KRW 6.11 billion (3.5%) in 2024, then declined again to KRW 3.99 billion (2.3%) in 2025, showing that revenue growth and margin recovery did not move in tandem.
Net income attributable to owners fell sharply from KRW 2.49 billion in 2022 to KRW 0.95 billion in 2023, rebounded strongly to KRW 5.19 billion in 2024, then dropped back to KRW 2.50 billion in 2025.
According to a DART disclosure, the 2025 earnings swing was primarily attributed to rising labor costs and foreign-exchange movements that weighed on profitability and foreign-currency translation results.
Looking at the most recent five quarters, operating profit stayed positive every quarter but fluctuated widely: KRW 0.53 billion (1.2% margin) in 2025Q2, KRW 1.94 billion (4.4%) in Q3, KRW 0.52 billion (1.2%) in Q4, KRW 1.44 billion (3.4%) in 2026Q1, and KRW 0.28 billion (0.6%) in Q2.
Net income attributable to owners, by contrast, alternated between profit and loss across the same period, KRW -0.45 billion, +2.39 billion, -0.11 billion, +1.14 billion and -0.53 billion respectively, suggesting that non-operating items such as foreign-currency translation gains and losses are driving the direction of net income more than core operations.
Summed over the trailing four quarters (2025Q3 through 2026Q2), owners' net income totals roughly KRW 2.9 billion, putting the recent window back in profit territory.
On a cash-flow basis, operating cash flow was nearly depleted at KRW -0.03 billion in 2023 but improved to KRW 10.51 billion in 2024 and KRW 4.85 billion in 2025, indicating that cash generation has been relatively steadier than reported earnings.
The automotive fastener industry that YM operates in is directly linked to production cycles across the vehicle and parts supply chain.
Market commentary on the company has pointed to improved semiconductor supply, which normalized auto production and resolved pent-up demand, as a driver of the recent revenue recovery, while rising raw material and utility costs were cited as a limiting factor on profitability.
As automakers shift toward modular, standardized production, a structural change is also underway in which demand from module specialists such as Hyundai Mobis is growing relative to direct demand from automakers.
The EV transition presents fastener makers with a dual challenge of declining demand for legacy internal-combustion parts alongside rising demand for new electrified components, and the industry, including YM, is responding by developing new products for motors, inverters, reducers and batteries.
Market commentary has also flagged the possibility of reduced new demand amid global economic weakness and tighter monetary policy.
The fastener sector features competition among numerous small and mid-sized cold-forging producers, where quality certification and long-standing customer relationships serve as barriers to entry.
The company has stated a policy of strengthening supply relationships with existing customers while expanding orders from global module specialists.
Development of new fasteners for EV-related motors, inverters, reducers and batteries is underway, and according to recruiting information a dedicated EV-fastener production setup is reportedly being pursued, though the timing, investment scale and revenue contribution of any new line would need to be confirmed through separate disclosures or IR materials.
Looking at the recent five-quarter earnings pattern, operating profit has stayed consistently positive but its magnitude has varied widely quarter to quarter, suggesting that the key watch point going forward is less about whether revenue growth continues and more about whether operating margin stabilizes and volatility in non-operating items such as foreign-currency translation narrows.
Prices for specialty steel raw materials and the won/dollar exchange rate remain key variables affecting both cost of goods sold and net income.
If the recovery in automaker production continues, modest revenue-based growth could persist, though the possibility of softer new demand tied to global economic and interest-rate conditions also exists.
The shares trade at a discount to net asset value, with the price-to-book ratio sitting below 1x, which is one factual indication that the market has not fully priced in the company's asset base.
Earnings-based multiples have historically swung widely, from single digits to the high teens, given the large year-to-year swings in net income, making it difficult to characterize any single-point multiple as representative.
Dividends have been paid annually, but the yield itself is not large, and the structure appears to be one where earnings trends and cash generation matter more to valuation than dividend policy.
Given that net income has alternated between profit and loss on a quarterly basis recently, valuation metrics could continue to adjust depending on the stability of earnings over the coming quarters.
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 is developing new fasteners for electrified powertrain modules including motors, inverters, reducers and batteries. This can be read as an attempt to broaden its product lineup beyond a legacy internal-combustion-centric revenue base toward electrified components.
Recruiting information also references a dedicated EV-fastener production setup, making further formal disclosure on its specifics a point to watch.
Revenue has increased for four consecutive years from 2022 through 2025, and the company is expanding orders from module specialists such as Hyundai Mobis in line with automakers' shift toward modular production.
Improved semiconductor supply, which normalized automaker production, has been cited as a factor behind the recent revenue recovery. If relationships with existing customers continue to strengthen, modest revenue-based growth could continue.
CEO Sun Ji-young was disclosed to have purchased 118,029 shares through open-market transactions between January 15 and March 21, 2025, raising his stake to 21.25%.
A controlling shareholder increasing his holdings with personal capital can be read as a factual signal of management's confidence in the company, though this reflects a specific point in time and any subsequent changes would need separate verification.
The 2025 full-year operating margin fell to 2.3% from 3.5% in 2024, and the margin over the most recent five quarters ranged between 0.6% and 4.4%. Despite revenue growth, margins have repeatedly failed to expand steadily. Without an accompanying improvement in the cost structure, this volatility could persist.
Owners' net income was negative in 2025Q2, 2025Q4 and 2026Q2. Since operating profit was positive in each of those quarters, the direction of net income appears heavily influenced by swings in non-operating items such as foreign-currency translation.
Should exchange rates or other non-operating factors deteriorate again, recurring net losses remain a possibility.
According to a DART disclosure, the 2025 earnings swing was primarily attributed to rising labor costs and foreign-exchange movements that weighed on profitability and translation results.
Rising prices for specialty steel raw materials sourced from suppliers such as SeAH Special Steel could also remain a persistent burden on cost of goods sold. If these cost pressures continue, revenue growth may not fully convert into earnings growth.
Fluctuations in raw material prices such as specialty steel and in the won/dollar exchange rate affect both cost of goods sold and foreign-currency translation results. Rising labor costs and FX movements were jointly cited as a main cause of the 2025 earnings deterioration in a disclosure. These external variables are difficult for the company to control directly.
Market commentary has flagged the possibility of reduced new demand amid global economic weakness and tighter monetary policy. Given that revenue is directly tied to the automaker production cycle, a slowdown in vehicle demand could immediately affect sales and utilization rates.
The possibility that demand for legacy internal-combustion parts declines faster than expected during the EV transition cannot be ruled out either.
As a small-cap KOSDAQ stock, trading liquidity can be limited. With the controlling shareholder's stake concentrated above 20%, governance-related decisions can be heavily influenced by a small number of holders. This structure is a factor minority shareholders would need to weigh separately.
The 2026 Q3 quarterly report disclosure should be checked to see revenue and operating margin trends and whether labor and raw material cost pressures have eased.
The audit report and business report for fiscal year 2026 should be checked to confirm the direction of annual operating margin and whether net income remains in profit.
Any concrete disclosure on the EV-dedicated fastener production line, including investment size, start-up timing and new customer acquisition, should be checked.
It is worth continuously monitoring whether operating profit remains positive while net income swings back into loss due to non-operating items such as foreign-currency translation.
YM is a cold-forging specialist producing fasteners for automotive, electronics and construction applications, and its revenue rose for four consecutive years from 2022 through 2025, appearing to benefit from a recovery in downstream demand.
Operating margin, however, failed to expand steadily, rebounding from 2.5% in 2023 to 3.5% in 2024 before falling back to 2.3% in 2025.
Over the most recent five quarters, operating profit stayed positive every quarter while owners' net income turned negative in three of them, indicating that earnings direction has been heavily shaped by non-operating factors.
The company has laid out growth strategies centered on developing new fasteners for EV powertrains and expanding orders from module specialists, and is reportedly pursuing a dedicated EV-fastener production setup as well.
Raw material costs, labor costs and exchange-rate movements remain key variables affecting profitability. For investors, tracking whether operating margin stabilizes and whether volatility in non-operating items narrows may be as important as watching the revenue growth trend itself.
Report written 2026-09-05 · Data as of 2026-09-04
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