NFC엔에프씨

NFC has returned to solid profit on a strong 2025 and first-half 2026, but the shares are well off their 52-week high.

NFC is a Korean cosmetics company that sells stabilized cosmetic base ingredients and makes finished products on an ODM and OEM basis. Trailing twelve-month revenue is about ₩92.6B with operating income of about ₩17.1B and net income of about ₩11.1B, after a loss-making 2024. The shares closed at ₩6,670 on 23 October 2026, about 32% below the 52-week high of ₩9,850.

What stands out

• Profitability has recovered sharply: 2025 revenue was ₩71.6B, up 78.1%, with operating income of ₩12.5B against a ₩7.1B operating loss in 2024.
• Trailing operating margin is 18.4% and net margin is 12%, with a reported ROE of 17.5%.
• The balance sheet looks moderate: liabilities are 32.3% of equity, cash is ₩16.6B and borrowings are ₩13.4B.
• Valuation metrics are mixed: trailing P/E is 10.8 and P/B is 1.7, and the shares are up 25.8% over three months but down 10.5% over one month.
• Foreign ownership fell from 4.2% to 2.8% over 60 days, and foreign investors were net sellers over the last 20 days, while retail investors were net buyers.

What to watch

• The next quarterly results and any update on whether margins hold after the strong 2025 and first half of 2026.
• The company says it is pursuing North American, European and Southeast Asian customers; the data does not give progress on these wins.
• The data includes a DCF fair value range of ₩6,681 to ₩18,616 (base ₩11,141), but the model's assumptions are not provided, so treat it with caution.