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
CTR Mobility has posted four consecutive years of operating profit improvement from 2022 through 2025, but net income attributable to owners remained in the red for three straight years from 2023 to 2025, and the debt ratio still sits well above 200%.
Operating profit improved for four consecutive years, moving from a loss of roughly KRW 0.7 billion in 2022 to about KRW 5.8 billion in 2025.
2025 revenue reached about KRW 461.5 billion, the highest level in the 2022-2025 window.
Net income attributable to owners posted large losses of about KRW -16.9 billion in 2023 and KRW -16.6 billion in 2024, narrowing to about KRW -3.2 billion in 2025 but still negative.
The debt ratio peaked at 314.1% in 2024 and eased to 283.6% in 2025, but remains at an elevated level.
Owner net losses continued in every one of the last four quarters (2025Q3-2026Q2), while operating profit slid to about KRW 0.32 billion in 2026Q1 before recovering to about KRW 1.25 billion in 2026Q2.
CTR Mobility traces its roots to Samjin Jeonggi, an auto parts specialist founded in 1994, and changed its name to CTR Mobility in April 2023 after operating as Central Motek.
Its core product lineup includes axle modules, control arms, ball joints, stabilizer links, tie rods, inner races, and propeller shafts, covering steering, suspension, driving, and engine parts for automobiles.
The company listed on the KOSPI in November 2019, spun off its aluminum forging business into CTR Eco Forging in January 2022, and merged with Central DTS, centered on driving-system components, in April 2022 to restructure its operations.
To adapt to electrification, the company has pursued new businesses including battery pack case components such as frames and side cover panels, along with refrigerant manifolds used in automotive thermal management systems (TMS).
The company has stated it is securing the technology to handle refrigerant manifold housing production domestically, from raw material processing through finished products, for the first time in Korea.
It is also pursuing entry into battery reuse and remanufacturing, using retired EV batteries for ESS, small EVs, golf carts, and automated guided robots (AGVs). The company has branded this transition strategy 'BEYOND 3015,' targeting KRW 1 trillion in revenue and a 5% operating margin by 2030.
On the KOSPI, it is classified under transport equipment and parts, and more specifically under the auto parts industry.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩123.4B | ₩2.1B | 1.7% |
| 2025Q3 | ₩114.6B | ₩1.4B | 1.2% |
| 2025Q4 | ₩108B | ₩1.3B | 1.2% |
| 2026Q1 | ₩109.5B | ₩300M | 0.3% |
| 2026Q2 | ₩114.2B | ₩1.2B | 1.1% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩423.1B | -₩700M | ₩1.1B | −0.2% | 1.1% | 186.3% |
| 2023 | ₩444.2B | ₩500M | -₩16.9B | 0.1% | −19.9% | 250.3% |
| 2024 | ₩432.3B | ₩3.9B | -₩16.6B | 0.9% | −23.2% | 314.1% |
| 2025 | ₩461.5B | ₩5.8B | -₩3.2B | 1.3% | −3.7% | 283.6% |
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
Revenue rose from about KRW 423.1 billion in 2022 to KRW 444.2 billion in 2023, dipped slightly to KRW 432.3 billion in 2024, and climbed back to KRW 461.5 billion in 2025, the highest level in this four-year span.
Operating profit improved for four straight years, moving from a loss of about KRW 0.7 billion in 2022 to about KRW 0.5 billion in 2023, KRW 3.9 billion in 2024, and KRW 5.8 billion in 2025, with operating margin gradually rising from -0.2% to 1.3%.
Net income attributable to owners, however, swung from a profit of about KRW 1.1 billion in 2022 to large losses of about KRW -16.9 billion in 2023 and KRW -16.6 billion in 2024, narrowing to about KRW -3.2 billion in 2025 but still negative.
The coexistence of improving operating profit with continued net losses suggests a meaningful drag from non-operating items such as financial costs.
On a quarterly basis, revenue of about KRW 123.4 billion and operating profit of about KRW 2.1 billion in 2025Q2 were followed by a slowdown to KRW 114.6 billion and KRW 1.4 billion in Q3, and KRW 108.0 billion and KRW 1.3 billion in Q4.
In 2026Q1, revenue was about KRW 109.5 billion while operating profit fell sharply to roughly KRW 0.32 billion, and the net loss widened to about KRW -1.9 billion, the largest among the five quarters shown. 2026Q2 saw a recovery to about KRW 114.2 billion in revenue and KRW 1.25 billion in operating profit, though a net loss of about KRW -0.87 billion persisted.
Operating cash flow remained positive in all four years — about KRW 1.9 billion, KRW 4.3 billion, KRW 13.2 billion, and KRW 4.5 billion from 2022 through 2025 — indicating that cash generation held up even as net income stayed negative.
CTR Mobility is classified under the auto parts subsector within KOSPI's transport equipment and parts industry, operating within the steering, suspension, and driving-component supply chain for automakers.
The downstream automotive market is still in the midst of a transition from internal combustion engines to electric vehicles, and existing parts suppliers are being asked to expand their portfolios toward EV-specific components.
Korea's auto parts industry features a mix of large affiliated suppliers and smaller independent players, where automakers' volume allocation and cost-reduction pressure directly affect supplier profitability.
CTR Mobility is attempting a positioning shift by expanding beyond its traditional steering, suspension, and driving parts into EV-specific components such as battery pack case parts and automotive HVAC refrigerant manifolds.
That said, the pace of EV demand growth and changes in automakers' production plans are variables that can directly affect order volumes and utilization rates for suppliers.
The battery reuse and remanufacturing market remains at an early stage, with business models and profitability still being validated across the broader automotive and parts industry.
According to targets the company disclosed in a past interview, battery pack case components are expected to reach an annual output of up to 20 million units and around KRW 180 billion in revenue once fully ramped.
The refrigerant manifold business, following its first order win in the first half of 2023, is targeted to expand its supply chain to overseas automakers and reach KRW 76 billion in annual revenue and KRW 270 billion cumulatively by 2030, the company explained.
The battery reuse business is being pursued through a company-in-company (CIC) unit called 'CTR ENERGY,' according to the company.
These figures represent the company's business plan as stated at the time of disclosure, and the actual pace of order intake, mass production ramp-up, and goal attainment will need to be confirmed through future filings and results.
Under its 'BEYOND 3015' strategy, the company has set a medium- to long-term target of KRW 1 trillion in revenue and a 5% operating margin by 2030.
With 2025 revenue of about KRW 461.5 billion and an operating margin of 1.3%, there remains a substantial gap to that target, making the revenue contribution from new businesses and the pace of margin improvement key variables for future results.
On a self-calculated basis, the price-to-book ratio sits well below 1x, indicating the shares trade at a discount to net asset value.
However, with the debt ratio ranging from the high-200% to low-300% range, the balance sheet carries considerable leverage, so a discount to net assets does not by itself translate into a value judgment.
Net losses attributable to owners have continued through the most recent four quarters as well, meaning per-share metrics are currently better interpreted through an asset lens than an earnings lens.
The company has not paid dividends during the confirmed financial periods covered here, so shareholder returns are not a factor currently reflected in market pricing.
Because operating profit improvement and net losses are occurring simultaneously, how the valuation is read going forward may hinge on whether net income turns positive and whether the debt ratio eases further.
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 improved for four consecutive years, moving from a loss in 2022 to about KRW 5.8 billion in 2025, with operating margin gradually rising from -0.2% to 1.3%. Although operating profit fell sharply for one quarter in 2026Q1, it recovered again in Q2.
The simultaneous expansion of revenue and margin recovery can be read as a sign of improving operational efficiency.
2025 revenue reached about KRW 461.5 billion, the highest level within the 2022-2025 window. Beyond its traditional steering, suspension, and driving parts, the company is expanding its portfolio into EV-related new businesses such as battery pack cases, refrigerant manifolds, and battery reuse. If these new businesses scale up, revenue diversification benefits could follow.
Operating cash flow remained positive in every year from 2022 to 2025, jumping notably to about KRW 13.2 billion in 2024. Cash generation held up even in years when net income was negative.
This suggests that, alongside the effect of non-cash charges such as depreciation, the underlying operational cash flow has been relatively resilient.
Net income attributable to owners posted large losses of about KRW -16.9 billion in 2023 and KRW -16.6 billion in 2024, narrowing to about KRW -3.2 billion in 2025 but remaining negative. Unlike the improving operating profit, the persistence of net losses suggests a heavy burden from non-operating expenses. All five of the most recent quarters shown posted net losses, indicating the loss trend has continued.
The debt ratio surged from 186.3% in 2022 to 314.1% in 2024 before easing to 283.6% in 2025, though it remains elevated. Total equity fell from about KRW 103.8 billion in 2022 to about KRW 71.6 billion in 2024, before partially recovering to about KRW 87.2 billion in 2025.
High leverage could constrain the financial buffer available if interest rate conditions change or further losses occur.
Operating profit swung sharply from about KRW 2.1 billion in 2025Q2 down to roughly KRW 0.32 billion in 2026Q1, before recovering to about KRW 1.25 billion in Q2, showing significant quarter-to-quarter volatility. The net loss also widened to about KRW -1.9 billion in 2026Q1, the largest of the five quarters shown. This volatility makes it difficult to read each quarter's results as a simple continuing trend.
The debt ratio has ranged from the high-200% to low-300% range, indicating elevated leverage. Total equity contracted between 2022 and 2024, so further net losses could again weaken the balance sheet. Sensitivity to changes in interest rates or funding conditions is also relatively high.
New businesses such as battery pack cases, refrigerant manifolds, and battery reuse are still at an early stage relative to the company's stated medium- to long-term targets.
The timing of achieving those targets could be delayed depending on variables such as actual order intake, production yield, and customer qualification. The balance of investment allocation and profitability between existing and new businesses also warrants continued observation.
Changes in the pace of EV demand growth or automakers' production plans could directly affect order volumes for both existing steering/suspension/driving parts and new EV components. Cost-reduction pressure from automakers could also continue to weigh on supplier margins.
The battery reuse market remains at an early stage where business models and profitability are still being validated across the industry.
The Q3 2026 quarterly report is due to be filed, offering a chance to confirm whether the operating profit improvement trend continues and whether the net loss narrows further.
This is a period to check whether the order intake and production ramp-up of new businesses such as battery pack cases and refrigerant manifolds, and their revenue contribution, are tracking toward the targets the company has stated.
The FY2026 annual and audit reports are expected to be filed, allowing a check on whether the annual debt ratio and equity trends continue to improve.
It is worth continuously monitoring disclosures and news regarding the progress of facility and infrastructure buildout at 'CTR ENERGY,' the company-in-company unit handling the battery reuse business.
CTR Mobility posted four consecutive years of operating profit improvement from 2022 to 2025, with 2025 revenue reaching a four-year high of about KRW 461.5 billion, yet net income attributable to owners remained negative for three straight years from 2023 through 2025.
The debt ratio peaked at 314.1% in 2024 and eased to 283.6% in 2025, but remains elevated, and net losses have continued in every one of the last four quarters, meaning earnings stability has not yet been established.
The company has layered EV-related new businesses — battery pack cases, refrigerant manifolds, and battery reuse — on top of its existing steering, suspension, and driving-parts business, targeting KRW 1 trillion in revenue and a 5% operating margin by 2030 under its 'BEYOND 3015' strategy, though 2025 results still show a substantial gap to that target.
Operating cash flow staying positive across all four years is a favorable sign, but this contrasts with the persistent net losses and warrants careful interpretation.
Going forward, the key points to watch are the progress of new-business order intake and production ramp-up, whether net income turns positive, and whether the debt ratio eases further. Readers should weigh these bullish and bearish factors together in forming their own judgment.
Report written 2026-09-05 · Data as of 2026-09-04
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