Hyundai Elevator (017800·KRX)
Fact Summary
Hyundai Elevator recorded consolidated H1 2026 (cumulative) revenue of KRW 1,238.69 billion, operating profit of KRW 124.97 billion, and net income of KRW 193.98 billion (DART filing no. 20260814003691, disclosed 2026-08-14). Per its 2025 annual business report, consolidated revenue was KRW 2,467.378 billion, down 14.48% year-on-year, while the operating margin improved to 8.48%. The company's domestic elevator market share stood at 32.60% (as of 2025-12, WiseReport), and as of 2026-05-15, the largest shareholder Hyundai Holdings Company and related parties held a combined 24.82% stake.
Change Context Note
Domestic construction orders fell 21.7% year-on-year in 2026-06 (private-sector orders -41.5%), weighing on demand for new elevator installations. At the same time, the number of elevators aged 15 years or older has grown to 258,744 units (as of 2024, 30% of the total), with modernization (MOD) replacement demand partly offsetting the decline. The debt-to-equity ratio rose to 191.19% at end-H1 2026 from 157.79% at end-2025, which appears related to a decrease in total equity (approx. KRW 267.3 billion) following the 2025 year-end dividend (total KRW 505.8 billion, including a special dividend funded by a reduction of capital reserves).
Business Overview
Revenue share by business segment · As of 2026-03 · Source: WiseReport (secondary, not cross-checked against primary disclosure)
5-Year Financial Trend
| Period | Revenue Growth | Operating Margin | Net Margin | Debt Ratio |
|---|---|---|---|---|
| 2021 | — | 6.54% | 5.69% | 162.93% |
| 2022 | +7.90% | 2.02% | 3.67% | 158.37% |
| 2023 | +22.20% | 3.18% | 11.91% | 157.77% |
| 2024 | +10.88% | 7.82% | 6.72% | 166.24% |
| 2025 | -14.48% | 8.48% | 10.92% | 157.79% |
| H1 2026 | — | 10.09% | 15.66% | 191.19% |
As of each fiscal year-end / H1 2026 cumulative · Source: DART annual/semi-annual report (A)
Peer Comparison
| Company | Revenue | Operating Margin | Base Year |
|---|---|---|---|
| Hyundai Elevator | KRW 2,467.378 billion | 8.48% | 2025 (A) |
| TK Elevator Korea | KRW 846.876 billion | 4.2% | 2025 (secondary) |
| Otis Elevator Korea | KRW 933.6 billion | 6.62% (calculated) | 2023 (secondary) |
| Mitsubishi Elevator Korea | Not obtained | Not obtained | — |
The domestic elevator market is dominated by a 'big four' — Hyundai, TK, Otis, and Mitsubishi (combined maintenance-market share of 55%, Elec Times, date unspecified). Reports indicate TK's new-installation market share expanded from 24.5% to 29% while Hyundai's declined from 43.1% to 38%, but the exact comparison period was not obtained
Valuation (Factual Multiples)
EV/EBITDA could not be calculated due to unavailable depreciation and net debt details · Closing price as of 2026-08-19: KRW 74,200 · Source: DART, Yahoo Finance
Supply & Demand (Trading Flows)
Trading volume surged from 372,000 to 607,000 shares between 8/18 and 8/19 · Source: alphasquare (secondary; not cross-checked against primary KRX data as pykrx was not installed)
Macro Environment
Copper (LME) at USD 6.47/lb (2026-08-18, +46.34% YoY) is a cost pressure factor for components such as motors and wiring · Source: Bank of Korea, Businesskorea, MTN, CERIK, Korea Elevator Safety Agency, tradingeconomics
Governance & Capital Structure
As of: Hyundai Holdings Company and related parties 2026-05-15; National Pension Service 2026-03-17; Schindler 2025-08-28 (point of falling below the 5% reporting threshold; no more recent figure obtained) · Source: Digital Today, Datatuja, c-journal
| Date | Event |
|---|---|
| 2025-08-28 | Schindler Holding stake falls to 4.25% — drops below the 5% reporting (large shareholding disclosure) threshold |
| 2025-11-04 | Hyundai Network merged into Hyundai Holdings Company; largest shareholder's stake rises to 20.13% |
| 2026-03-17 | National Pension Service stake decreases from 10.68% to 9.98% (-0.70pp) |
| 2026-04-24 to 04-30 | Chung Ji-yee (Managing Director, Hyundai Movex) continues open-market share purchases |
| 2026-05-14 | Quarterly dividend declared (KRW 1,000 per common share) |
| 2026-05-15 | Largest shareholder and related parties' combined stake expands to 24.82% |
| 2026-07-06 to 07-13 | CEO and roughly 30 executives purchase approx. 14,500 own shares on the open market (for accountable management and value-up purposes) |
| 2026-08-14 | Semi-annual report disclosed (filing no. 20260814003691) |
Hyundai Elevator functions as the de facto holding company of the Hyun Jeong-eun-affiliated group; Hyundai Holdings Company (held by Hyun Jeong-eun and Chung Ji-yee) holds an approximately 48.87% stake in Hyundai Movex (KOSDAQ: 319400) through Hyundai Elevator. The 2025-11-04 merger of Hyundai Network into Hyundai Holdings Company simplified the governance structure around a single corporate axis, and in 2026-05 Hyundai Holdings Company settled (repaid the investment of) its relationship with private equity firm H&Q.
Risk Factors
Domestic construction orders plunged -21.7% YoY (private sector -41.5%) in 2026-06, confirming a channel of weakening demand for new installations (Korea Economic Daily, CERIK).
Reports indicate TK Elevator Korea's new-installation market share expanded from 24.5% to 29% while Hyundai Elevator's declined from 43.1% to 38%, but the exact comparison period was not obtained (Elec Times).
A Supreme Court ruling was issued on 2023-03-30 (Case No. 2019Da280481) in litigation over a derivatives contract related to former Hyundai Merchant Marine signed in 2011, but the final confirmation status and compensation execution have not been obtained.
The debt-to-equity ratio rose to 191.19% at end-H1 2026 from 157.79% at end-2025 (DART filing 20260814003691).
Third-generation owner-family member Chung Ji-yee (Managing Director, Hyundai Movex) continued expanding her stake from around 0.4% to around 3% between March and May 2026, amid ongoing shareholding shifts (Digital Today).
The timing of any recovery of the SpaceX investment and whether a special dividend will be implemented have not been confirmed in the company's official disclosures (undetermined).
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Fact Highlights
This is not investment advice. FomoLog provides factual summaries and post-hoc price-change context only. Investment decisions and their outcomes are solely the responsibility of the investor.
Source: Generated by FomoLog Agent · Data sources: Korea Exchange (KRX), NASDAQ, DART, SEC EDGAR