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
Guyoung Tech is showing revenue growth and four consecutive quarters of improving operating profit, while its acquisition of CAR TECH in the U.S. expanded its North American production base, but the debt ratio has also risen.
FY2025 consolidated revenue rose to KRW 426.2bn year over year, but operating margin fell to 5.7%
Operating profit rose for four consecutive quarters from 2025Q3 to 2026Q2, signaling margin recovery
Stake in Alabama-based CAR TECH was raised to 81.6% in October 2025 and to 100% in April 2026
Debt ratio jumped to 361.5% in 2025 from 194.6% the prior year amid rising overseas subsidiary loan guarantees
Product lineup is expanding into higher value-added EV/hybrid battery case components
Founded in 1989 and listed on KOSDAQ in 2002, Guyoung Tech is an auto parts specialist headquartered at its main production site in the Daegu national industrial complex.
The company manufactures and sells seat parts, body parts, and drivetrain parts, maintaining quality assurance across its full process line from stamping to welding, electrodeposition coating, and assembly.
As of the cumulative third quarter of 2024, revenue mix consisted of brackets at 44.1%, seat parts at 29.8%, hinges at 5.1%, roller arms at 4.4%, oil pans at 4.6%, and others at 12.0%. Its main customers are Hyundai and Kia, and as a Tier 1 supplier its supply structure is tied to their vehicle production schedules.
More recently, the company has been expanding production of higher value-added products such as upper cases and module case end plates and assemblies for EV and hybrid batteries.
Domestically it operates plants in Daegu and Yeongcheon, while overseas it has built production and sales operations in China and the United States through Guyoung Tech USA.
In addition, in October 2025 it acquired an 81.6% stake in Alabama-based auto parts maker CAR TECH, LLC to become its largest shareholder, and in April 2026 it acquired the remaining stake to raise ownership to 100%, strengthening its North American production footprint.
The company has pursued business diversification in response to the shift toward eco-friendly vehicles, including a roughly KRW 87.3bn investment in an EV parts plant that included the completion of its Guji No. 2 plant within the Daegu complex in 2023.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩103.3B | ₩5B | 4.8% |
| 2025Q3 | ₩96.9B | ₩3.9B | 4.0% |
| 2025Q4 | ₩122.7B | ₩7.9B | 6.4% |
| 2026Q1 | ₩147.6B | ₩8.4B | 5.7% |
| 2026Q2 | ₩141.3B | ₩9.2B | 6.5% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩274.2B | ₩7.7B | ₩4B | 2.8% | 4.8% | 187.8% |
| 2023 | ₩357.4B | ₩29B | ₩18.6B | 8.1% | 17.5% | 197.5% |
| 2024 | ₩377.4B | ₩28.9B | ₩18.2B | 7.6% | 14.0% | 194.6% |
| 2025 | ₩426.2B | ₩24.3B | ₩22.6B | 5.7% | 14.7% | 361.5% |
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
FY2025 consolidated revenue reached KRW 426.2bn, up about 12.9% from KRW 377.4bn in 2024, continuing its growth trend. However, operating profit fell to KRW 24.3bn from KRW 28.9bn in 2024, and operating margin declined to 5.7% from 7.6% the prior year.
This reverses part of the margin improvement seen from 2.8% in 2022 to 8.1% in 2023, which then eased again in 2024-2025. In contrast, owners' net income rose to KRW 22.6bn from KRW 18.2bn in 2024, a divergence from the operating profit decline.
On a quarterly basis, revenue fell from KRW 103.3bn in 2025Q2 to KRW 96.9bn in Q3, before rising again to KRW 122.7bn in Q4, KRW 147.6bn in 2026Q1, and KRW 141.3bn in 2026Q2.
Operating profit dipped to KRW 3.9bn in 2025Q3 before improving for four straight quarters to KRW 7.9bn in Q4, KRW 8.4bn in 2026Q1, and KRW 9.2bn in 2026Q2, pointing to a margin recovery.
Notably, in 2025Q3 owners' net income of KRW 7.8bn was more than double operating profit of KRW 3.9bn, suggesting a possible non-operating one-off item that quarter. Summed over the trailing four quarters (2025Q3-2026Q2), owners' net income totaled KRW 28.8bn.
Meanwhile, operating cash flow fell to KRW 26.4bn in 2025 from KRW 33.4bn in 2024 and KRW 46.0bn in 2023, while the debt ratio jumped to 361.5% from 194.6% in 2024, marking a notable shift in the balance sheet alongside top-line growth.
Korea's auto parts industry is directly tied to Hyundai and Kia's vehicle production volumes, with the shift to EVs and hybrids driving key changes in parts specifications.
Metal stamping parts makers like Guyoung Tech are expanding their portfolios into EV-specific components such as battery module and pack cases, even as demand for internal-combustion-related brackets and body parts persists.
The company's average operating margin of just 2.3% from 2018 to 2022, followed by improvement to 8.1% in 2023, illustrates both the operating leverage from revenue growth and the influence of external variables such as currency and logistics costs.
Uncertainty around U.S. tariff policy and eco-friendly vehicle subsidy programs including the Inflation Reduction Act has repeatedly been flagged as an ongoing risk for parts suppliers with U.S.-facing operations.
Guyoung Tech has secured overseas production bases in China and the United States, giving it relatively stronger global supply chain positioning compared with some domestic peers.
Nonetheless, prices for pressing steel sheet, freight costs, and currency volatility remain variables that directly affect its cost structure.
The competitive landscape consists of numerous Tier 1 metal stamping and body parts suppliers to Hyundai and Kia, where cost competitiveness, quality assurance systems, and long-term customer relationships are the key differentiators.
The company completed its acquisition of Alabama-based CAR TECH, securing a North American production base to strengthen its responsiveness to local automakers and expand its share of overseas revenue.
CAR TECH's borrowings from the Export-Import Bank of Korea, totaling about KRW 43.3bn, are guaranteed by Guyoung Tech, leaving the future funding structure and financial burden of the combined entity as a point to monitor.
Domestically, the Guji No. 2 plant completed in 2023 expanded production capacity for EV and hybrid battery case-related parts, and utilization rates at this line remain a variable that could affect future performance.
Korea Investment & Securities noted in a November 2024 report that while margins had temporarily declined due to hiring tied to new order growth and higher export-related costs, gradual earnings improvement was expected once the effects of the capacity expansion took hold.
Indeed, operating profit improved for four consecutive quarters from 2025Q3 through 2026Q2, tracking in line with that earlier view.
However, no formal revenue or profit guidance, nor any large new order disclosures, have been confirmed recently from the company, so whether the recovery trend continues will need to be verified through upcoming quarterly filings.
With owners' net income improving quarter over quarter over the trailing four quarters, how this earnings recovery is reflected in market pricing has become a point of observation. The stock trades at a level below its per-share net asset value, placing it in a discounted range relative to book value on an asset basis.
Given that operating margin has historically swung from the low-single digits to around 8%, where the current margin level sits between past highs and lows can serve as a starting point for valuation discussion.
The company has maintained a consistent cash dividend policy in recent years, and this policy stance appears to continue. The sharp rise in the 2025 debt ratio remains a variable to weigh alongside any assessment of the share price against net assets.
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
Operating profit, which had fallen to KRW 3.9bn in 2025Q3, improved consecutively to KRW 7.9bn in Q4, KRW 8.4bn in 2026Q1, and KRW 9.2bn in 2026Q2. Revenue also stayed above roughly KRW 120bn for three straight quarters since 2025Q4, supported by top-line growth. This pattern can be read as an early signal of margin recovery.
After acquiring an 81.6% stake in CAR TECH in October 2025, the company raised its ownership to 100% by acquiring the remaining shares in April 2026. Its Alabama-based facility carries strategic value in meeting automakers' localization demands and addressing tariff considerations. This provides a foundation for expanding the share of overseas revenue.
The company is expanding production of higher value-added items such as upper cases and module case end plates and assemblies for EV and hybrid batteries. Related production capacity was also expanded with the completion of the Guji No. 2 plant in 2023. This offers room for margin improvement compared with legacy internal-combustion-related parts.
Operating margin fell to 5.7% in 2025, down from 8.1% in 2023 and 7.6% in 2024. New hiring, export-related costs, and expenses tied to new plant investment are cited as factors that can pressure margins.
Given that average operating margin was only 2.3% from 2018 to 2022, margin volatility itself may be a structural characteristic of the business.
The 2025 debt ratio surged to 361.5% from 194.6% in 2024 and 197.5% in 2023. Guarantee amounts extended to U.S. subsidiaries CAR TECH and Guyoung Tech USA have also expanded. This is a variable that could affect future interest expense and financial flexibility.
Its main customers are Hyundai and Kia, meaning performance is closely tied to their production schedules and sales cycles. Production adjustments or slowing sales of specific vehicle models at these automakers could directly affect revenue. The degree of customer diversification remains a point to watch for medium- to long-term risk management.
As U.S. operations expand, exposure to dollar-denominated assets and liabilities has grown, and changes in U.S. tariff policy or eco-friendly vehicle subsidy programs could affect U.S.-facing revenue and costs. Loan guarantees related to the CAR TECH acquisition also carry currency translation risk.
The debt ratio jumped to 361.5% in 2025, and multiple loan guarantees to overseas subsidiaries remain outstanding. Increased borrowing could lead to higher interest expense and changes in credit standing that add to future financial burden.
A slowdown in automaker production volumes, volatility in raw material prices such as pressing steel, or a deceleration in EV demand growth could extend the payback period on new facility investments. These are variables that directly affect cost ratios and investment efficiency.
Check the 2026Q3 earnings disclosure to see whether the four-quarter streak of operating profit improvement continues.
Review disclosures for changes in overseas revenue share and margin contribution following the integration of CAR TECH.
Monitor U.S. tariff and trade policy developments and utilization trends at the CAR TECH Alabama plant.
Check the FY2026 annual earnings and dividend disclosures to see whether balance sheet metrics such as the debt ratio stabilize.
Guyoung Tech continued its revenue growth trend to KRW 426.2bn in 2025, though operating margin declined to 5.7% from the prior year, and the trailing four quarters (2025Q3-2026Q2) showed a consecutive improvement in operating profit.
Through the acquisition of CAR TECH, the company secured a wholly-owned North American production base, continuing its diversification into EV and hybrid parts, but this also came with a significant rise in the debt ratio to 361.5% in 2025.
Customer concentration in Hyundai and Kia, raw material and currency volatility, and uncertainty around U.S. trade policy remain relevant risk factors. Upcoming quarterly results, the progress of CAR TECH integration, and whether the balance sheet stabilizes remain the key points to watch going forward. This report is intended for informational purposes and does not include a buy or sell recommendation.
Report written 2026-09-05 · Data as of 2026-09-04
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