PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q3–2026Q2) · Dividend yield is based on ₩200 per share · Prices as of the 2026-10-02 close
Yura Tech, a spark plug and ignition coil supplier for internal combustion engines, swung back to quarterly operating profit in the second quarter of 2026 after three consecutive quarters of operating losses.
Consolidated revenue fell for a third straight year to KRW 197.3 billion in 2025 from KRW 209.7 billion in 2023, with operating profit of only KRW 1.8 billion (0.9% operating margin).
After three consecutive quarters of operating losses from Q3 2025 through Q1 2026, the company returned to operating profit of KRW 1.1 billion in Q2 2026.
The company holds an estimated 69% market share in ignition coils and 13% in spark plugs, supplying Hyundai, Kia, and Hyundai Mobis.
Related-party transactions with holding company Yura and affiliate Yura Corporation account for roughly 18-20% of standalone revenue, reflecting integration into the group's vertical structure.
The debt ratio has stayed stable at around 20% from 2022 (21.2%) to 2025 (20.3%), while equity grew from KRW 118.4 billion to KRW 153.7 billion over the same period.
Yura Tech began as an ignition coil and spark plug manufacturer in 1987 and listed on KOSDAQ in 2001, positioning itself as a specialist automotive ignition parts supplier.
Its core products remain ignition coils and spark plugs for internal combustion engines, which still accounted for 74.1% of total revenue in the first half of 2026. That share, however, declined 2.5 percentage points from a prior level of 76.6%, a shift attributed to the industry's ongoing electrification transition.
Its customer base is centered on the Hyundai Motor Group, including Hyundai, Kia, and Hyundai Mobis, and the company holds an estimated 69% share of the ignition coil market and 13% of the spark plug market.
A second product line is wiring harnesses, which are mainly supplied to affiliate Yura Corporation, an unlisted group company engaged in wiring harnesses and electric-vehicle electronics that participates in the Hyundai-Kia supply chain and posted revenue of KRW 2.578 trillion and operating profit of KRW 51.1 billion last year.
Yura Tech has been developing new EV-oriented parts such as PCB blocks, inlet temperature sensors, and emergency release cables supplied to Yura Corporation, though this segment's revenue contribution remains reported as minor relative to total sales.
Intercompany transactions with holding company Yura and affiliate Yura Corporation make up a meaningful portion of standalone revenue, with sales to Yura Corporation representing 18.4% of standalone revenue in 2024 and 20.2% in the first half of 2026.
The company has built out a global manufacturing footprint with subsidiaries established in China in 2012 and Vietnam in 2019.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩49.1B | ₩1.2B | 2.4% |
| 2025Q3 | ₩50.3B | -₩200M | −0.4% |
| 2025Q4 | ₩47.9B | -₩500M | −1.1% |
| 2026Q1 | ₩48.8B | -₩1.8B | −3.7% |
| 2026Q2 | ₩54.2B | ₩1.1B | 2.0% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩190.1B | -₩400M | ₩900M | −0.2% | 0.7% | 21.2% |
| 2023 | ₩209.7B | ₩6B | ₩17.3B | 2.9% | 12.9% | 23.4% |
| 2024 | ₩201.4B | ₩10.5B | ₩13.4B | 5.2% | 9.2% | 22.5% |
| 2025 | ₩197.3B | ₩1.8B | ₩11B | 0.9% | 7.2% | 20.3% |
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
Annual revenue rose from KRW 190.1 billion in 2022 to KRW 209.7 billion in 2023, then declined for three straight years to KRW 201.4 billion in 2024 and KRW 197.3 billion in 2025.
Operating profit swung from a loss of KRW 0.4 billion in 2022 to gains of KRW 6.0 billion in 2023 and KRW 10.5 billion in 2024, before shrinking sharply back to KRW 1.8 billion in 2025 (a 0.9% operating margin).
Net income attributable to owners rose from KRW 0.9 billion in 2022 to KRW 17.3 billion in 2023, then fell for two consecutive years to KRW 13.4 billion in 2024 and KRW 11.0 billion in 2025.
Operating cash flow dropped from KRW 13.2 billion in 2023 to KRW 4.0 billion in 2024 before rebounding to KRW 16.4 billion in 2025, showing considerable year-to-year volatility.
The quarterly pattern is even more pronounced: the company posted three consecutive quarters of operating losses in Q3 2025 (-KRW 0.2 billion), Q4 2025 (-KRW 0.5 billion), and Q1 2026 (-KRW 1.8 billion), before returning to a KRW 1.1 billion operating profit in Q2 2026.
Notably, net income attributable to owners remained positive in every quarter even when operating losses occurred; for instance, Q1 2026 still recorded net income of KRW 0.5 billion despite an operating loss of KRW 1.8 billion, suggesting non-operating income partially offset weak core operations.
Third-party financial data also shows that for the nine months through Q3 2025, revenue rose 1.5% year-on-year while operating profit fell 69.6% and net income rose 4.2%, reflecting a persistent gap between top-line and profit trends.
Deterioration in profitability has been attributed to declining sales of the core ignition parts business alongside rising cost pressures.
The global spark plug market remains anchored to internal combustion engine demand even amid the EV transition.
As of 2024, EVs accounted for only 14% of new vehicle sales, keeping the market for spark plugs used in hybrids and conventional engines substantial, with aftermarket replacement demand representing a significant share of overall sales.
By region, Asia-Pacific is the largest market, holding roughly 45% of global share on the back of large-scale vehicle production in China, Japan, India, and Korea.
Domestically, 2026 forecasts point to a modest recovery in vehicle sales alongside a shift back to export growth as tariff uncertainty eases and eco-friendly vehicle exports remain strong, which is expected to pull domestic production out of two consecutive years of contraction.
However, a credit rating agency assigned Korean auto parts makers the lowest of three possible 2026 outlook grades—deterioration, maintenance, or improvement—citing Hyundai Motor Group's push to raise its U.S. parts localization rate from 60% in 2025 to 80% by 2030.
This trend suggests that expanded local production, including at the Hyundai Motor Group Metaplant America (HMGMA), could pressure domestic sourcing volumes and exports.
Yura Tech has a supply channel for electrification-related parts through affiliate Yura Corporation, which offers relatively more stable volume access compared to direct OEM order structures, but its core ignition parts business remains a category that structurally shrinks as electrification advances.
Competitively, the company faces numerous domestic and overseas ignition and electronic component makers, while maintaining its position within the Hyundai Motor Group supply chain on the back of its market share leadership.
The company has previously expanded supply of eco-friendly ignition parts, including spark plugs delivered for Kia hybrid models, as part of an effort to grow its share of environmentally friendly vehicle-related sales.
For new EV components, it has developed PCB blocks, inlet temperature sensors, and emergency release cables supplied through affiliate Yura Corporation, though the timing at which such sales become material to overall results remains unclear.
On the OEM side, Hyundai Motor Group continues to operate its Metaplant America (HMGMA) facility and plans further capacity additions through 2028, meaning how related electrification component demand is allocated could influence Yura Tech's medium-term revenue mix.
Domestic vehicle production is forecast by some analyses to exit its multi-year contraction in 2026, which could create a more favorable ordering environment, but the push toward greater parts localization in the U.S. works in the opposite direction.
Whether the Q2 2026 return to operating profit represents a one-off or a sustained improvement will require confirmation through subsequent quarterly results.
No specific company-issued revenue or profit guidance was identified, so tracking near-term direction is best done through observable indicators such as OEM production volumes, raw material costs, and volume allocation to affiliated customers.
Yura Tech's share price trades at a level below its net asset value per share, a pattern sometimes observed among smaller KOSDAQ parts makers with volatile earnings.
The company's profit trajectory has moved through a complex path—from a 2022 loss to a 2023-2024 recovery, a renewed pullback in 2025, and choppy quarterly swings through the first half of 2026—making quarter-by-quarter trend-watching more relevant than a simple directional call.
On the dividend side, the scale of year-end cash dividends has expanded in recent years, though the resulting yield relative to the current price is best checked against live displayed figures.
Given the group's governance structure, the sizable share of intercompany transactions with the holding company and affiliates is sometimes cited by market observers as a factor bearing on how the company's value is assessed.
Overall, evaluating valuation here requires weighing quarterly revenue and operating profit volatility, the related-party transaction structure, and the share price's relationship to net asset value together.
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
After three consecutive quarters of operating losses from Q3 2025 through Q1 2026, the company returned to an operating profit of KRW 1.1 billion in Q2 2026.
Revenue also rose to KRW 54.2 billion from the prior quarter, which beyond seasonal factors could be read as an early sign of margin improvement, though whether the trend continues into subsequent quarters remains to be seen.
The company maintains its position in the Hyundai Motor Group supply chain on the back of a 69% share in ignition coils and 13% in spark plugs. 2025 operating cash flow of KRW 16.4 billion exceeded net income of KRW 11.0 billion, indicating cash generation outpaced accounting profit, while the debt ratio remained low at 20.3%.
The company has already established a supply channel for new EV-oriented parts—PCB blocks, inlet temperature sensors, and emergency release cables—to affiliate Yura Corporation.
Since Yura Corporation is a trillion-won-revenue electrification parts maker, expanded volumes there could function as a stable sales channel going forward.
Consolidated revenue has declined for three consecutive years, from KRW 209.7 billion in 2023 to KRW 201.4 billion in 2024 and KRW 197.3 billion in 2025. As core ignition parts sales have slowed alongside rising cost pressures, the operating margin fell sharply from 5.2% in 2024 to 0.9% in 2025.
The revenue share of core ignition coil and spark plug products fell from 76.6% to 74.1%, and this trend could continue structurally as EV adoption progresses.
New electrification-related parts revenue is reportedly still minor relative to the total, meaning it will take time before an alternative growth pillar is established.
Hyundai Motor Group's plan to raise its parts localization rate from 60% in 2025 to 80% by 2030 could affect domestic suppliers' sourcing volumes and exports, according to a credit rating agency analysis, which assigned Korean auto parts makers the lowest of three possible 2026 outlook grades, deterioration.
Revenue is concentrated among Hyundai, Kia, Hyundai Mobis, and group affiliates Yura and Yura Corporation, making results sensitive to changes in their ordering policies.
Sales to affiliates representing 18-20% of standalone revenue is also a factor worth considering from an independent business diversification standpoint.
The core internal combustion engine ignition parts business is structurally exposed to demand erosion as EV penetration rises. The time lag before new electrification-related parts grow enough to offset this could weigh on results.
U.S. tariff policy and Hyundai Motor Group's push for greater U.S. localization could reduce domestic production and export volumes. As OEM production bases shift toward the United States, the domestic parts ordering structure could change accordingly.
The Q3 2026 quarterly report filing should be checked to see whether Q2's return to operating profit continues into the third quarter.
Trends in Hyundai Motor Group's domestic production volume and HMGMA utilization rates warrant monitoring for their impact on parts orders.
The annual general meeting is expected to determine the fiscal 2026 year-end dividend, and the annual business report will confirm full-year results and any change in related-party transaction scale.
It is worth tracking when and to what extent supply volumes of new electrification parts such as PCB blocks and inlet temperature sensors to affiliates begin showing up in actual revenue.
Yura Tech holds a stable market share and solid cash generation in internal combustion engine ignition parts, but earnings volatility has been pronounced, with revenue declining for three straight years since 2023 and the operating margin dropping sharply in 2025.
The return to operating profit in Q2 2026 is a positive development, but its durability needs confirmation through subsequent quarters. The industry's electrification transition acts as both a structural headwind to the core business and, through new component supply to affiliates, a potential opportunity.
Hyundai Motor Group's push for greater U.S. localization is cited as a broad pressure point for domestic parts makers, and Yura Tech is not exempt from this.
The high share of intercompany transactions with the group holding company and affiliates contributes to earnings stability while also being a factor to weigh when assessing the company's independent business structure.
Overall, the stock sits at a juncture where the durability of the earnings recovery, the timing of new electrification parts becoming revenue-relevant, and the impact of OEM production base realignment all warrant continued observation.
Report written 2026-09-05 · Data as of 2026-09-04
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