Cosmax NBT코스맥스엔비티

Cosmax NBT's trailing results have turned profitable after several loss-making years, but the share price has fallen sharply over the past month and three months.

Cosmax NBT is a Korean health functional food maker supplying OEM/ODM and own-brand products to about 300 clients in 32 countries, with 63% of 2025 revenue from overseas. Trailing twelve-month revenue to H1 2026 was ₩335B with a net profit of ₩27.9B, after net losses in each year from 2021 to 2025. The balance sheet is leveraged, with liabilities at 262% of equity and borrowings of ₩159B against cash of ₩53B.

What stands out

• Trailing net income of ₩27.9B (8.3% net margin) contrasts with full-year 2025 revenue of ₩287B, down 9.6%, and a net loss of ₩15.0B.
• Operating margin improved to 5.8% on a trailing basis from 1.4% in 2025, though the data does not explain the drivers of this change.
• The share price closed at ₩4,575, down 37.1% over one month and 33.4% over three months, though still up 43.9% over one year and well above its 52-week low of ₩2,860.
• Filings in 2026 include a rights offering decision, a share acquisition, a property sale, and several amended debt guarantee decisions to third parties.
• Valuation metrics show a P/E of 3.4 and P/B of 1.0, but the data does not include analyst ratings or price targets.

What to watch

• The next periodic results and whether trailing profitability holds, since the data does not give a full-year 2026 forecast.
• Details and timing of the rights offering, which could affect the share count and share price.
• Debt levels and the amended third-party debt guarantees, given the high liabilities-to-equity ratio.