PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q3–2026Q2) · Dividend yield is based on ₩180 per share · Prices as of the 2026-10-02 close
Infac Corporation posted a sharp year-on-year recovery in 2025 consolidated net profit, but quarterly results have shown volatility, including an operating loss in Q4 2025 and a net loss in Q1 2026.
2025 revenue reached KRW 586.4bn, up for a fourth straight year, while net profit attributable to owners jumped from KRW 2.3bn to KRW 12.0bn
Operating margin eased from 4.1% in 2022 to 3.4% in 2025
Recent quarters showed swings, including an operating loss of about KRW 4.6bn in Q4 2025 and a net loss of about KRW 1.0bn in Q1 2026
As a supplier heavily tied to Hyundai Motor and Kia, US localization by these automakers is a key variable
Capital increases at North American and Polish subsidiaries point to continued overseas production footprint expansion
Infac Corporation was founded in 1969 as Sam Young Cable Co. and listed on the KOSPI in 2004, specializing in automotive control cables, actuators, and solenoid valves.
The company mainly produces automotive actuators, solenoid valves, and mechanical cables, and has been expanding its product lineup in response to growing demand for eco-friendly vehicles.
It also supplies mechatronics products such as electronic parking brake (EPB) cables and electronically controlled suspension components, while focusing on next-generation electrification parts development and expanding its supply chain to well-known domestic and overseas automotive OEMs and module makers.
Its main customers include Hyundai Motor and Kia, and it also supplies cables to major overseas automakers and parts companies.
Beyond its domestic base, the company operates overseas subsidiaries in China, Poland, North America, and Mexico, with recent capital increases at INFAC NORTH AMERICA INC and INFAC POLAND to fund facilities and working capital.
As a KOSPI-listed auto parts company under the FICS classification, its revenue is closely linked to Hyundai Motor Group's production volumes, a common structural feature of the domestic parts industry. Battery module components have also been added to the portfolio as a new eco-friendly vehicle item.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩148.5B | ₩10.8B | 7.3% |
| 2025Q3 | ₩148.6B | ₩6.4B | 4.3% |
| 2025Q4 | ₩143.3B | -₩4.6B | −3.2% |
| 2026Q1 | ₩158.1B | ₩2B | 1.3% |
| 2026Q2 | ₩192.1B | ₩8.5B | 4.4% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩512.2B | ₩20.8B | ₩13.2B | 4.1% | 11.6% | 198.7% |
| 2023 | ₩542.9B | ₩23.5B | ₩11.1B | 4.3% | 9.2% | 216.9% |
| 2024 | ₩563.9B | ₩20B | ₩2.3B | 3.6% | 1.9% | 241.3% |
| 2025 | ₩586.4B | ₩19.8B | ₩12B | 3.4% | 9.0% | 281.3% |
Consolidated basis (financial statements including subsidiaries) · Final figures from DART filings · Net income attributable to owners of the parent · Data as of 2026-08-23
Infac's consolidated revenue rose for four consecutive years, from KRW 512.2bn in 2022 to KRW 542.9bn in 2023, KRW 563.9bn in 2024, and KRW 586.4bn in 2025. Operating margin, however, edged up slightly from 4.1% in 2022 to 4.3% in 2023 before gradually declining to 3.6% in 2024 and 3.4% in 2025.
Net profit showed sharper swings: net profit attributable to owners fell from KRW 13.2bn in 2022 and KRW 11.1bn in 2023 to just KRW 2.3bn in 2024, before rebounding to KRW 12.0bn in 2025.
For fiscal 2025, consolidated revenue grew 4.0% year on year, operating profit declined 1.2%, and net profit surged 414.1%, as expanded supply of battery module components and electronic parking brakes lifted sales volume, though one-off cost increases limited profitability.
On a quarterly basis, revenue of KRW 148.5bn and operating profit of KRW 10.8bn in Q2 2025 were solid, but Q3 2025 saw operating profit fall to KRW 6.4bn on similar revenue of KRW 148.6bn, and Q4 2025 turned to an operating loss of about KRW 4.6bn on revenue of KRW 143.3bn.
In 2026, Q1 revenue rose to KRW 158.1bn but operating profit was only KRW 2.0bn with a net loss of about KRW 1.0bn, while Q2 revenue expanded to KRW 192.1bn with operating profit recovering to KRW 8.5bn and net profit of about KRW 3.1bn.
Across the most recent five quarters (Q2 2025 through Q2 2026), revenue trended upward while operating and net profit fluctuated considerably, suggesting one-off items and cost structure changes played a role.
Cumulative net profit attributable to owners over the latest four quarters (Q3 2025 through Q2 2026) totaled roughly KRW 5.6bn.
The domestic auto parts industry is characterized by close linkage to automakers, and parts suppliers' sales show a high correlation with Hyundai Motor Group, which produces about 80% of Korea's finished vehicles.
As of 2024, OEM sales accounted for 68.5% of parts suppliers' revenue, far exceeding the 26.7% export share, meaning industry performance is heavily tied to automakers' production strategies.
NICE Investors Service rated the 2026 earnings outlook for domestic auto parts makers at the lowest of three tiers—decline, maintain, or improve—citing that the burden from US tariff policy and the shift to electrification is expected to erode profits.
Hyundai Motor Group is operating roughly 700,000 units of existing US production capacity plus 300,000 units at the Hyundai Motor Group Metaplant America (HMGMA), with plans to add 200,000 units of capacity by 2028, and such expanded US localization could weigh on domestic parts suppliers.
Separately, the Korea Automobile Industries Cooperative Association projected total finished vehicle exports would reach 2.75 million units in 2026, up 1.1% year on year, though export volumes shipped from Korea remain under downward pressure as Hyundai Motor and Kia expand US local production and local parts procurement.
On the electrification front, despite a slowdown in EV growth, initial utilization rates at electrification facilities remain low, meaning individual suppliers' profitability is expected to diverge based on electrification readiness, overseas footprint, and utilization recovery.
The government plans to maintain more than KRW 15 trillion in policy financing in 2026 as part of a goal to convert 70% of internal-combustion parts makers into future-mobility parts suppliers, suggesting continued policy support during the transition.
Infac operates in an environment where, despite a slowdown in EV market growth, ongoing battery safety technology development and continued new model launches are expected to sustain the broader electrification transition.
The company is focusing on next-generation electrification parts development while expanding its supply chain to well-known domestic and overseas OEMs and module makers, positioning battery module components and electronic parking brakes as potential growth drivers.
On the overseas production front, continued capital increases at its North American and Polish subsidiaries for facilities and working capital suggest gradual expansion of overseas manufacturing capacity.
However, industry-wide structural variables—including US tariff policy, Hyundai Motor Group's expanding US localization, and low initial utilization at electrification facilities—remain in place and could affect the company's future earnings trajectory.
The improvement in Q2 2026 revenue and operating profit versus the prior quarter could signal a move past a temporary trough, though the operating and net losses seen in preceding quarters suggest quarterly results could remain volatile.
How the automotive industry's adjustment of hybrid-versus-EV production mix and broader policy financing support for the transition materialize will be key factors shaping the medium-term earnings path.
Infac's share price relative to net asset value has traded in a range below its own five-year average, and this relationship has not shifted dramatically even after net profit swung from loss to profit.
Given the volatility in recent quarterly earnings, it is worth examining where within its historical trading-multiple band the market is currently pricing the stock.
On dividends, the payout ratio based on the most recent fiscal year sits in the low double digits, suggesting that a meaningful portion of the profit recovery is being retained internally rather than distributed.
Some data providers show the company's trading multiples running below the sector average, though this comparison should be treated with caution given differences in business mix and margins among industry peers.
Overall, the relationship between the share price and financial metrics appears to reflect a combination of earnings volatility, investment burden from overseas subsidiaries, and broader concerns about a softening industry earnings outlook.
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
Net profit attributable to owners rose sharply to KRW 12.0bn in 2025 from KRW 2.3bn in 2024, with the company's own disclosure showing net profit up 414.1% year on year. Expanded supply of eco-friendly vehicle components such as battery modules and electronic parking brakes contributed to higher sales volume. Q2 2026 also showed improved operating and net profit versus the prior quarter, extending the recovery trend.
Consolidated revenue grew for four straight years, from KRW 512.2bn in 2022 to KRW 586.4bn in 2025.
The company has been expanding its supply chain to well-known domestic and overseas OEMs and module makers, while ongoing capital increases at its North American and Polish subsidiaries point to expanding overseas production capacity, which could help diversify exposure to domestic production swings.
Despite a slowdown in EV market growth, ongoing battery safety technology development and continued new model launches suggest the electrification transition will persist.
The company is focused on developing next-generation electrification components, leaving room for new-item sales to grow alongside automakers' electrified new model launches.
Q4 2025 saw revenue of KRW 143.3bn but an operating loss of about KRW 4.6bn, and Q1 2026 operating profit fell to about KRW 2.0bn with a net loss of roughly KRW 1.0bn. This shows that, separate from revenue growth, cost structure or one-off items can have a significant impact on profit.
Operating margin declined for three straight years, from 4.3% in 2023 to 3.6% in 2024 and 3.4% in 2025. Revenue growth has not fully translated into operating profit growth, suggesting cost pressures or initial expenses from new product lines have had an impact.
NICE Investors Service rated the 2026 earnings outlook for domestic auto parts makers at the lowest of three tiers, citing that the burden from US tariff policy and the shift to electrification is expected to erode profits.
Because parts suppliers' sales are closely tied to Hyundai Motor Group, the group's expanding US localization could weigh on domestic parts suppliers broadly.
Parts suppliers' sales show a high correlation with Hyundai Motor Group, which produces about 80% of Korea's finished vehicles, and as of 2024 OEM sales accounted for 68.5% of parts suppliers' revenue, far exceeding the export share. Changes in a single automaker group's production strategy can directly affect results.
Hyundai Motor Group continues to expand US production capacity and strengthen its strategy of minimizing costs through duty drawback benefits, which could reduce the share of domestically sourced parts.
Changes in US tariff policy and currency fluctuations are direct variables affecting the profitability of export-exposed parts suppliers.
Amid a slowdown in EV market growth, initial utilization rates at electrification facilities remain low, constraining the recovery of profit-generating capacity.
Individual suppliers' profitability is expected to diverge based on electrification readiness, overseas footprint, and utilization recovery, making the pace of revenue realization relative to new investment a key factor.
Around the statutory filing deadline for the Q3 report, confirmed Q3 2026 results are expected to be disclosed, warranting a check on whether the Q2 recovery trend continues.
It will be important to continue monitoring whether the 15% US tariff rate on Korean autos holds and how Hyundai Motor Group's US local production and sourcing ratios evolve.
This is a period to check how the capital injected into the North American and Polish subsidiaries affects overseas plant utilization and revenue contribution.
Production data related to Hyundai Motor and Kia's hybrid-versus-EV production mix adjustments (including HMGMA's shift to mixed production) can help gauge changes in demand for electrification components.
Infac Corporation posted four consecutive years of revenue growth from 2022 to 2025, with net profit attributable to owners recovering sharply in 2025, signaling an improvement in profitability.
However, operating margin gradually declined over the same period, and recent quarters showed volatility, including an operating loss in Q4 2025 and a net loss in Q1 2026.
Q2 2026 saw revenue, operating profit, and net profit all improve from the prior quarter, hinting at a possible move into a recovery phase, though additional quarters of data are needed to confirm the trend given the swings seen previously.
On an industry level, domestic parts suppliers broadly face structural variables including heavy revenue dependence on Hyundai Motor Group, expanding US tariffs and localization, and low initial utilization at electrification facilities, all of which could affect individual companies' earnings paths.
The company is simultaneously expanding new electrification items such as battery module components and electronic parking brakes while building out overseas production bases in North America and Poland, making how these investments translate into future results a key point to watch.
Investors will want to monitor upcoming quarterly results alongside industry-wide tariff and electrification policy developments.
Report written 2026-09-05 · Data as of 2026-09-04
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