Mcnulty Korea한국맥널티

Mcnulty Korea is loss-making on a trailing basis, and its shares have fallen sharply over the past year despite steady revenue.

The coffee and beverage company generated about ₩97.3B of trailing twelve-month revenue to H1 2026 but posted a small operating loss of about ₩1.2B and a net loss of about ₩416M. Its shares closed at ₩1,761 on 2026-10-19, down 51% over one year, and the market value is about ₩19.4B. The company is diversifying into pharmaceuticals and health functional foods through affiliates.

What stands out

• Revenue has grown from ₩53.4B in 2021 to ₩96.3B in 2025, but operating profit turned negative again in 2025 after a small profit in 2024.
• Debt is meaningful relative to equity: liabilities are 123.6% of equity and borrowings are about ₩38.6B against cash of about ₩6.3B.
• Trailing free cash flow is positive at about ₩8.1B even though the company reports losses.
• The stock trades at 0.5 times book value, 0.2 times sales, and has no reported P/E because earnings are negative; dividend yield is 0%.
• Filings in July and August 2026 were mainly insider shareholding reports, a 5%+ holding report, a half-year report, and a decision on acquiring tangible assets; no news headlines were in the data.
• Foreign ownership fell from 2.1% to 1.5% over about 60 days, and the 20-day flow data shows net foreign selling.

What to watch

• The next periodic results and the full-year 2026 outcome, given the recent operating losses.
• Details of the tangible asset acquisition decision and how it is funded, given the debt level.
• Progress of the pharmaceutical and health food affiliates, which the data does not quantify.