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
Yoosung T&S, built on logistics contracts with steel makers such as POSCO and Hyundai Steel, has seen revenue shrink for four straight years after losing a highway rest-area concession and amid softer steel volumes, yet net income has stayed relatively resilient thanks to non-operating items.
Consolidated revenue fell sharply from KRW 276.8bn in 2022 to KRW 67.0bn in 2025, mainly due to the termination of a highway rest-area lease and softer steel demand.
The operating margin slipped back from 3.2% in 2024 to 1.8% in 2025, and the company posted an operating loss in the fourth quarter of 2025.
Owner net income held in the KRW 55.0–70.9bn range from 2022 to 2024 despite the revenue slide, then jumped to KRW 56.7bn in a single quarter (2Q26), underscoring high quarterly volatility.
Total equity grew from KRW 381.1bn in 2022 to KRW 553.5bn in 2025, while the debt ratio fell from 45.2% to 17.4%, marking a clear improvement in the balance sheet.
A government overhaul of highway rest-area operating structures announced in July 2026 remains a variable that could affect any future re-entry into the distribution segment.
Founded in 1977, Yoosung T&S grew into a comprehensive steel-focused logistics company after signing a road transport contract with POSCO in 1986.
The company handles road transport, cargo handling, rail transport, forwarding and consulting, and operates around 400 owned and managed vehicles, giving it the number one position domestically in rail transport of steel products.
Its main clients are large domestic steelmakers including POSCO and Hyundai Steel, with multi-year logistics contracts underpinning stable business relationships.
Its business is divided into transport (heavy-cargo transport and logistics consulting), steel trading (sale of steel products), and distribution (formerly highway rest area and gas station operation), with the transport segment accounting for the majority of standalone revenue per the 2025 annual report.
The company had long operated numerous rest facilities leased from Korea Expressway Corporation, but the termination of that lease sharply shrank the distribution segment's revenue base.
Consolidated subsidiaries include Apple D&I (50.82% stake), which runs the "LOGIN" convenience store chain, Yoosung Steel (100%), which handles steel product distribution, and Donghwa Industrial (100%), which conducts port cargo handling.
The largest shareholder is Hanil Asset Management & Investment, affiliated with Seohee Construction, placing the company within the Seohee corporate group. Competitively, the trend of large shippers building in-house logistics networks has intensified competition for third-party logistics providers like Yoosung T&S.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩16B | ₩900M | 5.4% |
| 2025Q3 | ₩15B | ₩300M | 1.7% |
| 2025Q4 | ₩13.3B | -₩200M | −1.4% |
| 2026Q1 | ₩13.2B | ₩900M | 7.0% |
| 2026Q2 | ₩13.6B | ₩900M | 6.3% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩276.8B | ₩2.7B | ₩55.5B | 1.0% | 15.8% | 45.2% |
| 2023 | ₩237.3B | ₩2.1B | ₩69.5B | 0.9% | 16.5% | 36.0% |
| 2024 | ₩152.9B | ₩4.9B | ₩70.9B | 3.2% | 14.9% | 23.7% |
| 2025 | ₩67B | ₩1.2B | ₩54.8B | 1.8% | 10.3% | 17.4% |
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
Consolidated revenue fell for four consecutive years, from KRW 276.7bn in 2022 to KRW 237.3bn in 2023, KRW 152.9bn in 2024 and KRW 67.0bn in 2025, a 56.1% year-on-year drop in 2025.
Operating profit also plunged 75.1% from KRW 4.9bn in 2024 to KRW 1.2bn in 2025, reflecting both the termination of the highway rest-area lease in the distribution segment and softer steel demand combined with intensifying competition.
Owner net income, however, actually rose despite the revenue contraction — from KRW 55.5bn in 2022 to KRW 69.5bn in 2023 and KRW 70.9bn in 2024 — and held at KRW 54.8bn in 2025, creating a notable divergence between operating results and the bottom line.
On a quarterly basis, revenue and operating profit slid from KRW 16.0bn/KRW 0.86bn in 2Q25 to KRW 15.0bn/KRW 0.26bn in 3Q25 and KRW 13.3bn/an operating loss of KRW 0.18bn in 4Q25.
Results recovered somewhat in 1Q26 (revenue KRW 13.2bn, operating profit KRW 0.93bn) and stayed similar in 2Q26 (revenue KRW 13.6bn, operating profit KRW 0.86bn).
Yet owner net income for 2Q26 surged to KRW 56.7bn, far above the prior quarter's KRW 7.1bn and vastly out of proportion with the roughly KRW 0.86bn operating profit for the same quarter, pointing to a substantial non-operating contribution.
As a result, trailing four-quarter owner net income for 3Q25–2Q26 totaled roughly KRW 93.3bn, illustrating just how wide the quarter-to-quarter swings can be. Overall, the revenue base has structurally contracted, while net income has been comparatively cushioned by non-operating items.
Yoosung T&S's core steel logistics business is heavily dependent on the production and volume cycles of domestic steelmakers such as POSCO and Hyundai Steel.
Softer steel demand and intensified competition have been cited as the primary drivers of recent earnings deterioration, consistent with the company's own disclosed explanations.
Across the broader logistics industry, the spread of in-house logistics operations by major shippers continues to squeeze independent third-party logistics providers.
On the distribution side, the Ministry of Land, Infrastructure and Transport announced in July 2026 a plan to shift highway rest-area operations from the existing multi-tier contract structure to direct contracts managed by a public management company, to be phased in as existing leases expire, with up to 90% of the roughly 200 nationwide rest areas targeted for conversion by 2030.
The reform is designed to lower the rental burden on tenant operators, but since Yoosung T&S's own rest-area lease has already ended, the direct impact on its existing business may be limited.
Still, if the company were to seek re-entry into future rest-area concessions, this policy shift could become a variable affecting entry barriers or the profit structure.
Land- and rail-based logistics tend to be less volatile than sea or air logistics because they track domestic economic activity rather than global trade flows, but that defensive characteristic has not been fully evident in recent results.
The company has stated a strategy of expanding volume through dedicated rail wagons and new logistics hubs, strengthening its position in eco-friendly logistics, and broadening its handled items into chemicals and grains to supplement its steel logistics competitiveness.
This can be read as an attempt to reduce reliance on a single commodity and diversify the revenue base.
In the distribution segment, with its prior highway rest-area lease already terminated, whether the company participates in new concession opportunities as the Ministry of Land, Infrastructure and Transport shifts rest areas to direct public-company contracts will be a variable in any future business restructuring.
On the earnings front, operating profit showed a modest recovery to roughly KRW 0.9bn in both the first and second quarters of 2026, but the absolute scale remains well below historical levels, making it necessary to track subsequent quarters for further improvement.
Whether the large non-operating net income recorded in the second quarter of 2026 is a recurring item or a one-time factor has not yet been clearly established and will require confirmation through future disclosures.
On the balance sheet, the steadily declining debt ratio and growing equity base can be viewed as supporting stability through the ongoing business restructuring.
Overall, the company's strategy can be summarized as maintaining its core steel logistics competitiveness while seeking a recovery in scale through diversification of handled items and business areas.
The share price appears to trade at a discount to net asset value, a relationship that stands in contrast to the steady increase in shareholders' equity over recent years.
On the earnings side, while annual net income has been comparatively resilient despite revenue contraction, the gap between quarterly operating profit and net income has been wide, making it difficult to assess the quality and sustainability of earnings.
On dividends, no cash distribution has been confirmed for the most recent fiscal year, suggesting a priority on balance-sheet repair and business restructuring over shareholder returns for now.
Compared with historical trading patterns, the current scale of profit and capital reflects several structural shifts — the end of the rest-area lease, softer steel demand, and swings in non-operating items — so recent quarterly trends should be weighed alongside any simple multi-year averages.
Overall, any valuation assessment needs to weigh both the structural contraction in the revenue base and the bottom line's dependence on non-operating factors.
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 debt ratio steadily fell from 45.2% in 2022 to 17.4% in 2025, while equity grew from KRW 381.1bn to KRW 553.5bn over the same period. This shows financial stability actually strengthened even as revenue contracted. This capital build-up can serve as a foundation supporting future business restructuring or new investment.
The company maintains the number one domestic position in steel rail transport based on roughly 400 owned and managed vehicles, and continues multi-year logistics contracts with POSCO and Hyundai Steel.
These long-standing relationships and infrastructure can act as an entry barrier that is not easily replicated in the short term.
The company has stated a direction of developing dedicated rail wagons and logistics hubs while broadening handled items into chemicals and grains. If this attempt to reduce reliance on a single commodity, steel, succeeds, it could become a factor that improves the stability of the revenue base.
Consolidated revenue plunged for four straight years, from KRW 276.8bn in 2022 to KRW 67.0bn in 2025, reflecting both the one-off termination of the highway rest-area lease and the structural factor of softer steel demand.
Having lost much of its previous scale, the company risks a permanent contraction in business size if it fails to secure a new growth driver.
The operating margin slipped back from 3.2% in 2024 to 1.8% in 2025, and the company posted an operating loss in the fourth quarter of 2025.
While there was a modest recovery in the first two quarters of 2026, the absolute scale remains small, making it premature to conclude that a stable profit structure has been established.
Owner net income of KRW 56.7bn in the second quarter of 2026 diverged sharply from operating profit of roughly KRW 0.9bn in the same quarter. As reliance on such non-operating factors grows, it becomes harder to gauge the sustainable level of profit generated purely from operating activities.
The core steel logistics business is heavily dependent on the production and volumes of a small number of large customers such as POSCO and Hyundai Steel, and if softer steel demand overlaps with the continued spread of in-house logistics adoption by shippers, volume declines could persist. This is consistent with the causes of recent earnings weakness cited by the company itself.
Recent quarterly results show a wide gap between operating profit and net income, with large non-operating swings such as the one seen in the second quarter of 2026, making future results difficult to forecast.
Without clarity on whether such items will recur and their exact nature, assessing the quality of earnings remains constrained.
The highway rest-area lease that once formed the core of the distribution segment has already ended, and in July 2026 the Ministry of Land, Infrastructure and Transport announced a plan to shift rest-area operations to direct contracts with a public management company.
If the company seeks to re-enter new concession opportunities in the future, entry conditions or the profit structure could differ from the past, introducing uncertainty into this process.
The third-quarter 2026 quarterly report is expected around this time, and it will be important to check whether the operating margin recovers and whether the large non-operating net income seen in 2Q26 recurs.
The FY2026 annual business and audit reports are due around this time, allowing confirmation of segment revenue composition, dividend policy, and progress on expanding into chemicals and grains.
It is worth tracking the progress of the Ministry of Land, Infrastructure and Transport's shift of about 100 highway rest areas to direct public-company contracts in its first phase, along with any disclosures or news on whether the company re-enters new concession bids.
Industry news on steel production and volume trends at major customers such as POSCO and Hyundai Steel should be monitored to check whether demand recovers in the core transport segment.
Yoosung T&S has maintained its long-standing core competitiveness in steel logistics, but has passed through a phase of structural revenue contraction for four consecutive years due to the termination of a highway rest-area lease and softer steel demand.
The operating margin slipped back from 3.2% in 2024 to 1.8% in 2025, with an outright operating loss in one quarter, yet owner net income was comparatively cushioned by non-operating items.
Notably, in the second quarter of 2026 the company recorded net income of KRW 56.7bn that diverged sharply from operating profit of roughly KRW 0.9bn, warranting further confirmation regarding earnings quality and sustainability.
On the balance sheet, the steadily declining debt ratio and growing equity base are positive developments that have strengthened stability.
The company has outlined a strategy to diversify its revenue base through dedicated rail wagons, hub development, and expansion into chemicals and grains, while the government's overhaul of highway rest-area operating structures could also become a variable for any future re-entry into the distribution segment.
For investors, it appears important to monitor whether the recovery in operating profitability continues and whether the non-operating items seen recently prove recurring in upcoming quarterly results.
Report written 2026-09-05 · Data as of 2026-09-04
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