FarmStory팜스토리

FarmStory posted a thin but positive first-half 2026 profit on steady sales, while its share price trades near the low end of its 52-week range.

FarmStory is a Korean food company with feed, meat processing and poultry businesses. Trailing results to H1 2026 show revenue of about ₩1.44T, operating income of about ₩42B and net income of about ₩17B, with high leverage (liabilities at 188.8% of equity). The shares closed at ₩1,163, well below the 52-week high of ₩1,656.

What stands out

• Revenue has been roughly flat for several years, at about ₩1.43T to ₩1.50T in each year from 2022 to 2025, with 2025 growth of 0.1%.
• Margins are thin: trailing operating margin is 2.9% and net margin is 1.2%, and 2025 net income (about ₩30B) was well above operating income, so one-off or non-operating items may matter.
• Net income swung sharply, from a loss of about ₩4.8B in 2022 to about ₩30B in 2025, so earnings are volatile year to year.
• Valuation metrics are low (P/E 7.7, P/B 0.5) and the filing-based DCF model gives a base value of ₩4,686, but the data gives no analyst ratings or price targets, and the model's bear and bull values (₩1,175 and ₩11,066) span a very wide range.
• The company bought an extra 10.01% stake in Maniker F&G in October 2026 and filed a share cancellation decision on 12 October 2026. Foreign ownership rose from 1.5% to 2.1% over 60 days, while retail investors sold about ₩1.5B over 20 days.

What to watch

• Next quarterly results and any further amendments to the half-year report, which was already amended on 2 October 2026.
• Details and timing of the share cancellation and the effect of the Maniker F&G stake purchase on the balance sheet, which the data does not describe in full.
• Leverage and cash: the data shows ₩81B in cash against ₩23B in borrowings, but total liabilities are high relative to equity, and the EV/EBITDA figure is not available.