Kolmar Korea한국콜마

Korea Kolmar's profits have recovered strongly over the past year, though the share price has pulled back about 20% in the last month.

Korea Kolmar is a Korean cosmetics manufacturer (ODM) that makes products for domestic and overseas brands, plus packaging and some pharmaceutical and health products. On trailing twelve-month figures to H1 2026 it reports revenue of about ₩2.93T, operating income of ₩295B and net income of ₩185B, well above 2023 and 2022 levels. Debt is high relative to equity, at about 105% liabilities to equity.

What stands out

• Net income rose from ₩5B in 2023 to ₩125B in 2025, and trailing net income to H1 2026 is ₩185B.
• Operating margin improved from 3.9% in 2022 to 8.8% in 2025 and 10.1% on a trailing basis, while net margin is 6.3%.
• Borrowings of about ₩1.18T are large against cash of ₩177B, though trailing free cash flow is positive at ₩146B.
• The share price is ₩117,400, up 56% over one year but down 20% over one month, and sits between a 52-week low of ₩60,600 and high of ₩165,900.
• Foreign ownership rose to 42.2% from 40.1% over 60 days, while institutions were net sellers over the last 20 trading days.
• Recent headlines focus on K-Beauty growth, an Amazon partnership and a government visit, and brokers cited the US subsidiary's recovery as a challenge; the data contains no formal analyst ratings or price targets.

What to watch

• Upcoming results and whether the margin improvement holds, since the data only covers filings through H1 2026.
• Debt levels and the recent debt guarantee for another party and related-party transaction filings from October 2026.
• Recovery of the US subsidiary, which one brokerage flagged as an ongoing challenge.