Nousbo누보

Nousbo's trailing revenue has grown sharply, but profits are thin, the balance sheet is leveraged, and the share price has fallen over the past year.

Nousbo, a KOSDAQ-listed fertilizer and organic farming materials maker, reported trailing twelve-month revenue of ₩131.9B to H1 2026 with a small operating profit of ₩5.4B and a 4.1% operating margin. Liabilities are 170% of equity and borrowings of ₩46.9B exceed cash of ₩20.6B. The shares closed at ₩4,310 on 2026-10-21, down 25.3% over one year, with a market capitalisation of ₩34.2B.

What stands out

• Revenue rose from ₩73.0B in 2022 to ₩104.2B in 2025, after operating losses in 2022 and 2023 turned into a ₩4.1B operating profit in 2025.
• Trailing net income of ₩5.5B is supported by a 16.7% ROE, but 2025 net income of ₩1.0B was much lower than 2024's ₩3.0B.
• Free cash flow was ₩3.9B on a trailing basis, and the filings do not explain how it relates to borrowings.
• Foreign ownership fell from 3.3% to 0% over 60 days, and foreign investors were net sellers over the last 20 days.
• Recent filings include amended half-year report and amended major supply contract disclosures, a trading halt on 2026-09-11 and multiple insider shareholding reports; the data does not give the reasons for these.

What to watch

• Reasons for the amended half-year report and amended supply contract, and the reason for the trading halt, which the data does not explain.
• Debt levels: borrowings of ₩46.9B against cash of ₩20.6B and a liabilities-to-equity ratio of 170.3%.
• Whether the trailing profit improvement holds in the next annual or quarterly results, since 2025 net income was well below 2024.