PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q3–2026Q2) · Dividend yield is based on ₩70 per share · Prices as of the 2026-10-02 close
Revenue has contracted for four straight years, but net profit over the most recent four quarters shows signs of recovery on the back of a large Iraqi fire-equipment contract.
2025 revenue fell to KRW 289.6 billion from KRW 355.1 billion a year earlier, and the operating margin slipped to 1.9%.
In August 2025 the company signed roughly KRW 135.3 billion fire-equipment supply contract with Iraq's Ministry of Interior, with deliveries continuing sequentially through the second half of 2026.
Since new CEO Yoo Jae-gi took office in January 2026, strengthening export competitiveness and upgrading the business portfolio have been set as key management tasks.
Net profit attributable to controlling shareholders over the most recent four quarters (2025Q3-2026Q2) reached about KRW 9.78 billion, indicating a recovery trend relative to full-year 2025.
The debt ratio has gradually improved, declining from 63.4% in 2022 to 53.9% in 2025.
Hyundai Everdigm, founded in 1994, is a construction and specialty-equipment manufacturer that became part of the Hyundai Department Store Group in 2015. Its core products span hydraulic breakers and crushers along with concrete pump trucks, tower cranes, and specialty fire trucks.
According to recently disclosed business composition data, the hydraulic breaker/crusher line accounts for roughly 58% of revenue while concrete pump trucks and fire trucks account for about 41%.
The company has built a global sales network spanning overseas subsidiaries in China, the Middle East, Mongolia, Europe, and North America, supported by roughly 120 dealers across 70 countries.
In August 2025 the company signed a fire-equipment supply contract worth about KRW 135.3 billion with Iraq's Ministry of Interior covering aerial ladder trucks, pump trucks, water tankers, and rescue vehicles, described as its largest export contract to date.
Earlier, in 2024, it also formed a partnership with MGX Equipment Services, a subsidiary of US-based heavy-equipment maker Manitowoc, to supply concrete pump trucks into the North American market.
The competitive landscape mixes large construction-equipment makers such as HD Hyundai Infracore, HD Construction Equipment, and Volvo Group Korea with specialty-equipment players like Jinsung T.E.C. and Jeonjin Construction Robot, and Hyundai Everdigm has carved out a position in niche categories such as attachments, pump trucks, and specialty fire vehicles.
The company has also been restructuring its portfolio, having spun off its construction subsidiary in 2021 and sold it in 2023 to refocus on heavy-equipment and specialty-vehicle manufacturing.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩85.3B | ₩2.8B | 3.3% |
| 2025Q3 | ₩64.7B | ₩500M | 0.8% |
| 2025Q4 | ₩77.5B | ₩3.2B | 4.1% |
| 2026Q1 | ₩82B | ₩600M | 0.7% |
| 2026Q2 | ₩79.7B | ₩3.2B | 4.0% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩374.4B | ₩15.7B | ₩10.7B | 4.2% | 6.0% | 63.4% |
| 2023 | ₩358.1B | ₩12B | ₩6.4B | 3.3% | 3.5% | 62.9% |
| 2024 | ₩355.1B | ₩9.9B | ₩6.6B | 2.8% | 3.5% | 57.5% |
| 2025 | ₩289.6B | ₩5.4B | ₩4.6B | 1.9% | 2.4% | 53.9% |
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 results peaked in 2022 and have since slowed for four consecutive years.
Revenue declined from KRW 374.4 billion in 2022 to KRW 358.1 billion in 2023, KRW 355.1 billion in 2024, and KRW 289.6 billion in 2025, while operating profit fell from KRW 15.7 billion (a 4.2% margin) in 2022 to KRW 5.4 billion (1.9%) in 2025.
Net profit attributable to controlling shareholders also shrank from KRW 10.7 billion in 2022 to KRW 4.6 billion in 2025. Quarterly patterns, however, show early signs of recovery.
After bottoming in the third quarter of 2025 with revenue of KRW 64.7 billion and operating profit of just KRW 0.5 billion, the fourth quarter improved markedly to revenue of KRW 77.5 billion, operating profit of KRW 3.2 billion, and controlling-shareholder net profit of KRW 3.6 billion.
In 2026 the first quarter saw operating profit dip again to KRW 0.6 billion, before the second quarter rebounded to revenue of KRW 79.7 billion, operating profit of KRW 3.2 billion, and net profit of KRW 3.0 billion.
As a result, combined controlling-shareholder net profit over the most recent four quarters (Q3 2025 through Q2 2026) reached about KRW 9.8 billion, already exceeding full-year 2025 net profit of KRW 4.6 billion.
The pronounced quarterly volatility appears to reflect the concentrated timing of large export-contract deliveries and revenue recognition in specific quarters.
On the cash-flow side, operating cash flow was a negative KRW 5.0 billion in 2025, underperforming net profit, whereas 2024 posted a positive KRW 8.0 billion and 2023 a positive KRW 37.6 billion, showing significant year-to-year variability.
The debt ratio has gradually improved from 63.4% in 2022 to 53.9% in 2025, indicating strengthening balance-sheet stability.
Korea's construction-equipment industry has maintained modest export growth despite trade-environment uncertainty.
According to the Korea Institute of Machinery and Materials, construction-equipment exports rose 3.5% year-on-year to $5.33 billion in 2025, and are projected to grow another 3-4% in 2026, driven by expanding exports to Europe, emerging markets, and the Middle East.
India's large-scale Gati Shakti infrastructure program gaining full momentum is also cited as a positive factor for construction-equipment exports.
Meanwhile, the North American construction-equipment market is being read as showing signs of final-demand recovery, with global leader Caterpillar's North American retail sales of construction equipment reportedly rising about 50% in the second quarter.
On the other hand, US tariff issues and broader trade-policy uncertainty remain a downside risk across the machinery sector.
The attachment, concrete-pump-truck, tower-crane, and specialty-fire-vehicle segments in which Hyundai Everdigm operates overlap with large players such as HD Hyundai Infracore and Volvo Group Korea as well as niche specialists like Jinsung T.E.C. and Jeonjin Construction Robot.
The Middle East has been a region where delays and downsizing of national projects such as NEOM City weighed on results, but it is also a region where large, country-specific special demand—such as the Iraq contract—can emerge.
The most concrete near-term earnings driver is execution of the fire-equipment contract with Iraq's Ministry of Interior.
Under the agreement, the company is to sequentially deliver 16 aerial ladder trucks, 100 pump trucks, 100 water tankers, and 100 rescue vehicles through the second half of 2026, a volume equal to roughly 40% of full-year 2024 revenue, and is expected to continue feeding into quarterly results.
CEO Yoo Jae-gi, who took office in January 2026, is credited with closing the Iraq deal and has since outlined expanding global markets, strengthening export competitiveness, and upgrading the business portfolio as core priorities.
In North America, the company is pursuing expanded concrete-pump-truck supply through its partnership with MGX Equipment Services, a subsidiary of Manitowoc, with discussion of broader cooperation including serving as a production base and joint marketing as the partner expands into Asian markets.
On the industry side, expanding exports to Europe, emerging markets, and the Middle East along with signs of North American demand recovery are cited as favorable backdrops, though US tariff policy and broader trade uncertainty remain variables.
In the Middle East, whether large national projects such as NEOM City resume could provide additional order momentum, while continued delays could push back the region's revenue recovery further.
The current share price trades at a discount to net asset value, sitting below a price-to-book ratio of 1x.
Because profit levels have shrunk since 2022, the earnings base underlying price-to-earnings calculations is itself lower than in the company's peak years, a point worth weighing alongside any multiple comparison.
On dividends, the company has continued paying cash dividends, but the absolute amount remains modest, placing it apart from stocks known for notable dividend appeal.
The recent four-quarter net profit surpassing full-year 2025 net profit is a notable directional development for the earnings base, but this recovery depends considerably on the delivery schedule of specific large contracts such as the Iraq deal.
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 Iraq Ministry of Interior fire equipment contract, worth approximately KRW 135.3 billion, represents about 40% of 2024 annual revenue, with sequential deliveries scheduled through the second half of 2026.
The improvement in operating profit and net income in Q4 2025 and Q2 2026 is interpreted as reflecting the progress of this contract. Additional revenue and profit recognition is expected as the remaining volume is delivered going forward.
The debt-to-equity ratio has declined for four consecutive years, from 63.4% in 2022 to 53.9% in 2025, showing a trend of improving financial stability. Shareholders' equity has also steadily increased from KRW 178.9 billion in 2022 to KRW 191.7 billion in 2025. This demonstrates that capital soundness has been maintained even amid a phase of shrinking profits.
The company operates a global sales network with approximately 120 dealers across 70 countries, and in the North American market, it is seeking to expand supply of concrete pump trucks through collaboration with Manitowoc's subsidiary MGX Equipment Services.
This partnership is also cited as a potential foothold for future entry into third-country markets such as Asia.
Revenue declined from KRW 374.4 billion in 2022 to KRW 289.6 billion in 2025, while the operating margin fell from 4.2% to 1.9% over the same period. This is interpreted as the result of external factors, such as delays and reductions in Middle East national infrastructure projects, continuing to weigh on performance. Without structural expansion of the revenue base, the sustainability of profit recovery could be limited.
Quarterly volatility has been significant, with operating profit falling to KRW 500 million in Q3 2025 before surging to KRW 3.2 billion in Q4. This illustrates a business structure in which performance is heavily influenced by the timing of delivery and revenue recognition for large export contracts.
If new large-scale orders are not confirmed to fill the revenue gap after the completion of the Iraq contract deliveries, concerns remain about a renewed slowdown in performance.
Operating cash flow has fluctuated significantly in both sign and magnitude by year: -KRW 16.9 billion in 2022, +KRW 37.6 billion in 2023, +KRW 8.0 billion in 2024, and -KRW 5.0 billion in 2025.
The recurring divergence between net income and cash flow suggests volatility in fund management driven by factors such as inventory and order contract terms.
Uncertainty in the trade environment, including U.S. tariff policy, is cited as a variable that could negatively affect exports across the machinery industry as a whole.
As the company pursues expanded exports to North America, an intensification of tariff and trade issues could delay the planned pace of export expansion.
Delays and reductions in Middle East national infrastructure projects such as NEOM City have previously been cited as a major cause of past earnings declines.
Even with individual large-scale orders such as the Iraq contract, the likelihood of follow-on orders can vary significantly depending on the region's overall policy and fiscal conditions.
The Iraq fire equipment contract requires sequential delivery of large volumes through the second half of 2026, and if delivery schedules are delayed due to production or logistics disruptions or changes in local conditions, the expected timing of revenue and profit recognition could also be pushed back accordingly.
Watch the third-quarter 2026 earnings disclosure for the scale of revenue recognized from the Iraq contract and the operating-margin trend.
Check whether delivery of fire equipment (aerial ladder trucks, pump trucks, water tankers, rescue vehicles) to Iraq's Ministry of Interior is completed and how remaining volumes are progressing.
The 2026 annual business and audit report disclosure will show how the revenue base and profitability hold up after the Iraq contract winds down.
Monitor whether concrete-pump-truck exports to North America expand through the Manitowoc/MGX Equipment Services partnership and whether new contracts are disclosed.
Hyundai Everdigm has seen revenue and operating margin contract for four consecutive years since 2022, but a large fire-equipment contract with Iraq's Ministry of Interior, signed in August 2025, contributed to improved results in the fourth quarter of 2025 and second quarter of 2026, with net profit over the most recent four quarters surpassing full-year 2025 net profit—a sign of recovery.
The debt ratio has declined for four straight years, confirming gradual improvement in balance-sheet health. That said, quarterly results remain highly volatile, and much of this depends on the delivery schedule of large special contracts.
A history of delays and downsizing in Middle East national projects, uncertainty in the trade and tariff environment, and large year-to-year swings in operating cash flow are factors that should be weighed alongside the earnings picture.
Expansion of the North American partnership and whether new orders can be secured after the Iraq contract winds down will likely be key variables shaping the earnings trajectory going forward.
Report written 2026-09-05 · Data as of 2026-09-04
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