Kolmar Korea: Profit Recovery and a Sharp One-Year Share Price Rise Lift Multiples

Thesis

The data supports a clear earnings recovery. Revenue rose from ₩1.59T in 2021 to ₩2.72T in 2025, and net income moved from a ₩22.0B loss in 2022 to ₩125.1B in 2025. Trailing net income of ₩184.9B as of H1 2026 suggests the improvement has continued.

The share price has moved faster than the year-end 2025 multiples. P/E went from 11.7 to 17.0 and P/B from 1.6 to 3.1, so the market is paying more per won of earnings and book value than it did nine months ago. The shares are about 19.6% below the 52-week high of ₩165,900 and well above the low of ₩60,600.

What the data does not show: investor flows, foreign ownership and short balance are not available, so we cannot say who has been buying or selling. Guidance and forecasts are also not in the data. Two news headlines on 2026-10-13 mention strong cosmetics exports and rising earnings expectations, but they give no figures.

Business overview

Kolmar Korea is listed on KOSPI in the cosmetics sector. It was founded on 2012-10-02 and listed on 2012-10-19. The data shows 23,605,077 listed shares and a market capitalisation of about ₩3.15T at a close of ₩133,400 on 2026-10-12. Enterprise value is ₩3.80T.

The data does not describe products, customers or segments. It shows only the size and the history of the reported numbers. Among the listed peers, Kolmar's market cap is below APR (₩13.4T), Amorepacific (₩7.7T), LG H&H (₩4.1T) and Cosmax (₩3.4T), and above d'Alba Global (₩2.1T).

Financial analysis

These figures come from filed financial statements (DART). Revenue grew 17.6% in 2022, 15.5% in 2023, 13.7% in 2024 and 11.0% in 2025, so growth has been positive but slowing each year. Revenue reached ₩2.72T in 2025, and trailing revenue as of H1 2026 is ₩2.93T.

Operating margin rose from 3.9% in 2022 to 6.3% in 2023, 7.9% in 2024 and 8.8% in 2025. It is 10.1% on a trailing basis. Operating income was ₩239.6B in 2025 and is ₩295.4B trailing. Net margin is 6.3% trailing, with net income of ₩184.9B.

Return on equity improved from -3.3% in 2022 and 0.8% in 2023 to 12.5% in 2024, 14.7% in 2025 and 20.6% trailing.

On the balance sheet, liabilities to equity is 104.9%. Borrowings are ₩825.8B against cash of ₩176.8B, so net borrowings are about ₩649.0B. Trailing free cash flow is positive at ₩146.3B.

Valuation

The trailing P/E is 17.0, P/B is 3.1 and P/S is 1.1. The dividend yield is 0.9%. EV/EBITDA is not available. At the end of 2025, P/E was 11.7 and P/B was 1.6, so both multiples are now higher than at that point. Year-end multiples for earlier years are not available.

Among peers with data, Cosmax trades at a P/E of 18.2 and P/B of 5.2, close to Kolmar on earnings and higher on book value. Amorepacific has a P/E of 27.0 and P/B of 1.4. APR has a P/E of 31.0 and P/B of 20.7. LG H&H has a P/B of 0.7 and no P/E. d'Alba Global has no multiples in the data. Kolmar's P/E is below APR and Amorepacific and similar to Cosmax.

Catalysts

• The next financial statement filing will show whether the trailing operating margin of 10.1% is holding.
• A 2026-10-13 Maeil Business Newspaper headline says cosmetics exports were strong in October and that earnings of Cosmax and Korea Kolmar are expected, though no figures are given.
• A 2026-10-13 Financial News headline reports that a target price was raised for Hankook Cosmetics on rising earnings expectations, which points to sector sentiment.
• The company has held frequent investor relations events, including on 2026-10-02 and 2026-09-30, which may bring new disclosure.
• Filings on 2026-10-01 include a decision on guarantee of debt for another party and a related-party transaction, and the details could matter for the balance sheet.

Risks

• The P/E has moved from 11.7 at end-2025 to 17.0, so the valuation depends more on continued earnings growth than it did earlier.
• Revenue growth has slowed each year, from 17.6% in 2022 to 11.0% in 2025.
• Borrowings of ₩825.8B are well above cash of ₩176.8B, and liabilities to equity is 104.9%.
• The shares fell 5.6% in the past month and sit about 19.6% below the 52-week high, which shows price volatility after a 76.7% one-year gain.
• Investor flow, foreign ownership and short balance data are unavailable, and a 2026-09-30 response to a rumour or news report appears in the filings without detail, so some drivers of the share price are not visible.

Closing view

The filed numbers show a company with steadily rising revenue, widening margins and sharply better returns on equity since 2022. The share price and multiples have risen along with that improvement. Kolmar's P/E sits between Cosmax and the higher-rated peers, while its P/B is 3.1.

The data leaves gaps: there is no guidance, no flow or short-interest information, and no detail on the debt guarantee, related-party transaction or rumour response filings. Whether current valuations are supported depends on whether earnings keep growing at the pace shown in the trailing figures, which later filings will help to show.

Model estimate of fair value

The valuation model has no estimate for this company yet (not enough data, or no positive value with the base case).

Report history

1. Oct 13, 2026InitiationKolmar Korea: Profit Recovery and a Sharp One-Year Share Price Rise Lift Multiples