Nongshim농심

Nongshim's trailing profits are steady but modest, with shares near the middle of their 52-week range.

Nongshim, the instant noodle and snack maker behind Shin Ramyun, reported trailing-twelve-month revenue of ₩3.6T and operating income of ₩214B to H1 2026, a 5.9% operating margin. Revenue grew 2.2% in 2025, and the company is leaning on overseas expansion as its domestic market slows. At ₩393,000 the shares trade about 18% below their 52-week high of ₩480,500 and above the low of ₩319,000.

What stands out

• Trailing operating margin of 5.9% is up from 5.2% in 2025, and net income of ₩197B is above the ₩170B reported for 2025.
• Revenue growth has slowed, from 17.5% in 2022 to 0.8% in 2024 and 2.2% in 2025.
• The balance sheet looks conservative: liabilities are 36.9% of equity, cash of ₩219B exceeds borrowings of ₩141B, and trailing free cash flow is ₩197B.
• The data's DCF base value is ₩535,891 against the ₩393,000 close, while the bear and bull cases are ₩304,374 and ₩943,439. These are model outputs, not forecasts.
• Recent news centres on the Shin Ramyun 40th anniversary marketing push in Los Angeles and a smaller 'Nurungji Pop' snack launch; foreign ownership rose to 24.1% from 23.3% over 60 days.

What to watch

• The next results release and whether margins hold near the trailing 5.9% level, given the slow revenue growth.
• Recent filings include a treasury share sale and a corporate value-up plan (July 2026), and several 5%+ holding reports in late September and early October; the data does not explain their details.
• Over the past 20 days, foreign and retail investors were net sellers of about ₩24.6B each, while institutions were net buyers of about ₩49.9B.