Pulmuone Corporate풀무원

Pulmuone's earnings have recovered from 2022's loss, but the shares are down sharply over the past year and leverage remains high.

Pulmuone is a Korean food company with tofu, noodles, bean sprouts, food service and health products, plus overseas operations. On trailing twelve-month figures to H1 2026 it reported revenue of ₩3.49T, operating income of ₩106B and net income of ₩44B, with a 3% operating margin. The share price closed at ₩8,440 on 2026-10-15, about 40% below its year earlier, and the data shows debt well above equity.

What stands out

• Net income for 2025 was ₩18B, down from ₩35B in 2024, while trailing net income to H1 2026 is ₩44B.
• Liabilities are 274.2% of equity and borrowings are ₩143B against cash of ₩112B.
• The model's DCF base value is ₩83,477, well above the ₩8,440 close, but the bear case is ₩39,767 and the bull case ₩159,554; these are model outputs, not forecasts.
• Valuation multiples are low versus some peers: P/E 7.4 and P/B 1.0, with a 1.2% dividend yield, though the data gives no reason for the discount.
• Filings in the last few months include a rights offering decision, a value-up plan, and debt securities recognised as equity, which may affect share count and capital structure.

What to watch

• The full-year 2026 results and any update on the rights offering, which the filings list but the data does not detail.
• Debt levels and interest costs, given the high liabilities-to-equity ratio and the amended debt-securities filing.
• Whether the value-up plan and recent shareholder filings lead to further changes; the data does not give investor flow or short-interest figures.