Samyang Foods (003230) 🔎 In-depth
KOSPI · Price as of 2026-08-06 · Updated 2026-08-09
Samyang Foods is a ramen maker and exporter led by its Buldak (fire chicken) noodles, and more than 80% of its total revenue now comes from overseas. In Q1 2026 it again set a quarterly record with revenue of ₩714.4 billion and operating profit of ₩177.1 billion, holding an operating margin of 24.8% for a fifth straight quarter in the 20% range. What stands out lately is that as exports to the US, Europe and China grow together and the new Miryang plant lifts production capacity, the high profitability continues, though with such a large overseas revenue share, a swing in the exchange rate or in demand in a particular country can widen the earnings swings just as much.
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30-second brief
Pulled directly from the computed values below — not a separately written opinion.
What do the SourceComputedEstimateReading tags mean?
Source filings and exchange data · Computed calculated from public data · Estimate our own unverified projection · Reading drafted automatically, then rule-checked. See AI & Automation.
Core valuation metric
This stock's effective sub-sector is “Food & Beverage” (Retail, Consumer Goods & Food), a type typically read first through P/E.
Food and beverage sits close to daily necessities, so demand is fairly steady and earnings tend to be stable. The less a business's profits fluctuate, the more directly you can weigh them against the price, which makes trailing P/E — based on earnings already realized — the first metric.
Price against earnings alone becomes unstable when earnings swing. Reading it together with price against assets helps gauge the downside.
This note explains how each sector is typically valued and is educational context only, not investment advice.
At-a-glance assessment financial health · growth · profitability · valuation
- Debt ratio, current ratio and interest burden all look healthy.
- Revenue rose 36.1% year over year, and the pace is slowing (3-year trend: rising).
- Most recent quarter (Q1 2026) revenue was 35.0% higher than a year earlier.
- ROE is 31.3% (controlling-interest basis). It is above the sector average.
- Operating margin is 22.4%.
- A sector-metric and in-depth research verdict — see “Valuation vs peers” below for the basis.
Ownership & governance As of 2025-12-31
Largest shareholder Samyang Roundsquare 35.48% (corporate)
Controlling bloc incl. related parties 44.96%
With the controlling bloc holding 45%, the ownership structure is stable.
🔎 In-depth analysis Reading
Samyang Foods is a food company that makes and sells ramen. Its core product is the Buldak (fire chicken) line, spicy stir-fried noodles that have been a big success overseas. More than 80% of total revenue now comes from exports. By region, the US and China are the largest markets, and Europe has been growing quickly of late. Unlike domestic ramen makers whose growth has stalled around the home market, Samyang has effectively transformed into a company that makes its money from exports.
The latest close is ₩1,233,000 and the market capitalization is ₩9.3 trillion. The price sits above its 20-day moving average (₩1,148,450) and above its 60-day moving average (₩1,178,117). It holds above both its short- and medium-term moving averages, so the trend looks healthy. The RSI (a supplementary indicator that gauges the strength of gains versus losses over the past 14 days on a 0-100 scale) is 57.6, a neutral level. The one-month change is +0.9%, the three-month change is -4.7%, and the position relative to the 52-week high is -24.4%. Relative strength versus the KOSPI is 35 (on a 1-99 scale, converted from returns against the index over the past year with more weight on recent performance; higher means stronger than the market). It is stronger than roughly 34% of all stocks. Over the past three months it outpaced the index by 16.0%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
Profitability is this company's biggest strength. ROE (how much it earns on equity in a year) is 31.0%, unusually high for the food industry. The operating margin is 22.3% and the net margin is 16.6%. That is a wide gap versus domestic peers, whose operating margins are generally in the 3-5% range. The P/E ratio (how many times one year's profit the price represents) is 23.85x and the P/B (price relative to net asset value) is 6.69x, so the multiples themselves look high. But these are based on last year's (2025) confirmed profit, so in the current phase of rapidly rising profit they make the stock look more expensive than it is. The debt-to-equity ratio is somewhat high at 175%, but with an interest-coverage ratio of 29x (how many times operating profit covers interest), the interest burden is comfortably manageable. EV/EBIT (enterprise value divided by operating profit, a debt-inclusive P/E) is 17.0x, and net debt (total borrowings minus cash) is about ₩169.8 billion, not large. That means the financial burden is not excessive even after accounting for debt.
Growth is very strong. Revenue rose 3.7x in four years, from ₩642.0 billion in 2021 to ₩2.3518 trillion in 2025 (about 38% annual average growth). In 2025 revenue grew 36.1%, operating profit 52.1% and net profit 43.2%. In Q1 2026 growth continued, with revenue up 35.0% and net profit up 46.0% year on year. The drivers are clear. First, exports spread beyond the US and China into Europe (Q1 European revenue rose 215% year on year). Second, the second Miryang plant went into full operation from the second half of 2025, increasing the sheer volume it can make. With capacity still expanding, 2026 looks less like a cycle peak and more like a year in which the top line steps up another notch. Reflecting this pace of profit growth, the price multiple on this year's expected profit falls markedly below last year's basis (20.7x).
Q1 2026 results again set a record. The company presented them at a May investor briefing (IR) and also filed a corporate-governance report in May. In June there were disclosures on trades and holdings of specific securities by executives and major shareholders and on large-holding status. These relate to changes in major-shareholder stakes and are governance and ownership matters separate from the earnings trend. The dividend is ₩4,800 per share, a dividend yield of about 0.45%, on the low side. With a payout ratio of just 9.2%, the company shows it prioritizes growth investment over dividends with the money it earns.
Samyang Foods is a rare food stock where export growth and high profitability appear together. The strengths are clear. Profitability of 31% ROE and a 22%-range operating margin far outpaces domestic rivals. Exports are widening to Europe on top of the US and China, and capacity is expanding. The P/E on last year's basis looks high, but on this year's expected profit the multiple falls, so the burden is not large relative to the pace of growth. There are cautions too. With more than 80% of revenue from overseas, exchange-rate moves directly affect profit. Concentration in a specific product (the Buldak line) is high, so a fading of popularity or demand in any one overseas region could make a slowdown in growth clearly visible. In sum, the company is strong while export demand and new capacity turn in sync, and weaker when the exchange rate or demand in a specific market wobbles.
🔎 Valuation vs peers Fairly valued
Compared against domestic listed ramen and general-food companies of comparable scale or business similarity, though Samyang's export-driven, high-growth structure makes it quite different in character even within the peer set.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Nongshim | 13.94x | 0.81x | 6.11% |
| Ottogi | 19.37x | 0.64x | 3.39% |
| Lotte Wellfood | 13.24x | 0.43x | 2.99% |
On headline multiples alone (P/E 20.7x, P/B 6.4x), the stock looks much higher than peers. But the comparison names, Nongshim, Ottogi and Lotte Wellfood, are domestic, stagnating companies with ROE of 3-6% and operating margins in the 2-5% range, while Samyang is a high-growth exporter with 31% ROE and a 22%-range operating margin, so the valuation multiples cannot be the same. The high-looking P/E on last year's basis is a limitation of a phase of surging profit; on this year's expected profit the multiple falls clearly. Considering the pace of growth (revenue +36%) and profitability (31% ROE) together, much of the premium is explained by results. We therefore see it as fairly valued, while noting that with high dependence on exports and the exchange rate, the multiple burden could resurface if growth slows.
Price history Close · MA20 · MA60
The latest close is ₩1,233,000 and the market capitalization is ₩9.3 trillion. The price sits above its 20-day moving average (₩1,148,450) and above its 60-day moving average (₩1,178,117). It holds above both its short- and medium-term moving averages, so the trend looks healthy. The RSI (a supplementary indicator that gauges the strength of gains versus losses over the past 14 days on a 0-100 scale) is 57.6, a neutral level. The one-month change is +0.9%, the three-month change is -4.7%, and the position relative to the 52-week high is -24.4%. Relative strength versus the KOSPI is 35 (on a 1-99 scale, converted from returns against the index over the past year with more weight on recent performance; higher means stronger than the market). It is stronger than roughly 34% of all stocks. Over the past three months it outpaced the index by 16.0%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
Relative performance stock vs index · start = 100
Excess return vs index · 3M +16.04% / 6M -11.88% / 12M -53.21%
Key metrics Computed vs whole-market median
Valuation
The P/E of 23.85x is above the whole-market median (12.97x). The P/B of 6.69x is above the whole-market median (0.84x).
Enterprise value (EV)
EV = market cap + net debt. It reflects cash and debt, so it captures the real cost of the whole business that market cap alone misses; lower multiples are cheaper relative to earnings or sales.
Intrinsic value (DCF estimate) Estimate
Model output — not a price target. This is what the formula returns under the assumptions below, not a view on where the share price should go.
DCF (discounted cash flow) estimate — discount rate 7.4%, initial growth 10.0%→terminal 2.0%, 10-yr forecast, earnings-based. A reference range that shifts materially with assumptions.
Profitability & financials
Return on equity (ROE) is 31.3%, above the whole-market average (3.0%). The operating margin is 22.4%. The debt ratio is 70.7%, so the financial structure is stable.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $838.0M | $1.2B | $1.7B | +36.10% ↓ slower |
| Operating profit | $103.6M | $242.1M | $368.2M | +52.13% ↓ slower |
| Net profit | $88.7M | $191.1M | $273.6M | +43.18% ↓ slower |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $451.0M | $638.6M | $838.0M | $1.2B | $1.7B |
| Operating profit | $45.9M | $63.5M | $103.6M | $242.1M | $368.2M |
| Net profit | $39.6M | $56.1M | $88.7M | $191.1M | $273.6M |
| Revenue CAGR | 4-yr avg 38.34% | ||||
Revenue rose 36.1% year over year (2023 ₩1.2 trillion → 2024 ₩1.7 trillion → 2025 ₩2.4 trillion), and the three-year trend is 'rising'. That said, the pace of growth slowed from the prior year. Operating profit rose 52.1% year over year. The pace of that profit growth is gradually easing. Over the 5 years on record, revenue compound annual growth (CAGR) is 38.3%. The two-year revenue CAGR is 40.4%. In the most recent quarter (Q1 2026), revenue was 35.0% higher than the same period a year earlier.
Latest quarterly results Source Q1 2026 · vs year-ago
Technical indicators Computed
What stands out
- ROE of 31.3% points to solid profitability.
- Revenue grew 36.1% year over year, a sign of growth.
- The balance sheet is stable in terms of debt and liquidity.
Points to watch
- The price is high versus peers, so expectations already appear priced in.
Recent news & events searched · sourced
- 2026-05-13EarningsFiled the Q1 2026 quarterly report. Revenue ₩714.4 billion (+35.0%), operating profit ₩177.1 billion (+32.2%), net profit ₩144.5 billion (+46.0%), a new quarterly record.Confirms that export-led growth continues and that the 20%-range operating margin is holding. Positive for the mid-term profit trajectory. Source
- 2026-05-15IRNotice of an investor briefing (IR), explaining Q1 results and business conditions to investors.Official communication on results and strategy. A short-term information event. Source
- 2026-05-29FilingCorporate-governance report, the regular reporting of governance matters such as the board and shareholder rights.A regular disclosure on governance transparency. A governance matter separate from results. Source
- 2026-06-04FilingLarge-holding status reports by major shareholders and trading-plan disclosures on specific securities by executives and major shareholders, relating to changes in major-shareholder stakes.A change in ownership and governance. An equity event not directly linked to business results. Source
- 2026-05-13DividendDividend per share of ₩4,800 for fiscal 2025, with a payout ratio of 9.2%, a low share of profit paid out as dividends.A policy that allocates earnings to growth investment ahead of dividends. The dividend yield is low at about 0.45%. Source
Figure cross-check computed ↔ external
Recent filings Source
- 2026-06-04OwnershipOfficers'/major-shareholders' holdings report
- 2026-06-04OwnershipOfficers'/major-shareholders' holdings report
- 2026-06-04OwnershipOwnership-change filing
- 2026-06-01OwnershipOfficers'/major-shareholders' holdings report
- 2026-06-01OwnershipOwnership-change filing
- 2026-05-29Corporate governance report
- 2026-05-15Disclosure
- 2026-05-15OwnershipOwnership-change filing
- 2026-05-13PeriodicQuarterly report
- 2026-05-06OwnershipOfficers'/major-shareholders' holdings report
- 2026-04-24Earnings disclosure
- 2026-04-24Disclosure
📖 Plain-language glossary — expand if you are new to this
- P/E
- How many times a year's net profit the price is worth (lower is cheaper relative to earnings). The P/E here is on trailing (last full-year) results; for companies whose earnings swing fast (memory chips and other cyclicals/high-growth), a forward P/E on this year's expected earnings is more accurate.
- P/B
- Price relative to net assets (equity). Around 1x means it trades near book value; below 1x means below book.
- P/S
- Price relative to a year's revenue — useful for growth companies with thin earnings.
- Net debt / EV
- Net debt = interest-bearing debt − cash. Negative means more cash than debt (net cash). EV (enterprise value) = market cap + net debt, closer to what it would cost to buy the whole business.
- EV/EBIT · EV/EBITDA · EV/Sales
- Enterprise value against operating profit (EBIT), EBITDA, or revenue. Unlike P/E these reflect debt and cash; lower is cheaper relative to earnings power or sales.
- FCF / FCF yield
- Free cash flow = operating cash − capex, the cash actually left over. FCF yield = FCF ÷ market cap; higher means more cash generated per unit of market value.
- Intrinsic value (DCF)
- Future free cash flow (or, for some capex-heavy but profitable names, forecast earnings) discounted to today to estimate per-share value. Because it shifts a lot with the discount-rate and growth assumptions, it is shown as a bear/base/bull range, and the basis and assumptions are disclosed in one line beneath it.
- ROE
- How much profit the company earns in a year on its equity (%). Higher means better returns on capital.
- EPS / BPS
- Earnings per share / net assets (book value) per share.
- Operating / net margin
- Profit left from the core business / final profit after tax and interest, per unit of revenue.
- Debt ratio
- Debt relative to equity (%). Higher means more reliance on borrowing (norms vary by sector).
- Current ratio
- Assets convertible to cash within a year against debt due within a year. Above 100% leaves some short-term headroom.
- Interest coverage
- How many times operating profit covers the interest owed. Below 1x means operating profit alone struggles to cover interest.
- Dividend yield / payout ratio
- The year's dividend as a % of today's price / the share of earnings paid out as dividends.
- Revenue CAGR
- Multi-year growth expressed as a single yearly average (compound annual growth rate).
- RSI (short-term signal)
- Whether recent price action is overheated or beaten down. Above 70 is overbought, below 30 oversold.
- MA20 / MA60 (moving averages)
- The 20- and 60-day average price. Price above them signals a firmer short-term trend.
- vs 52-week high
- How far below the past year's peak the price sits now (%).
All figures are for reference only; how they read varies by sector and over time.
Sources: Korea FSC market-price API (data.go.kr), OpenDART, KRX/KIND — public data only.
Bong Stocks presents public-data-based information for reference only. It is not investment advice and contains no target prices, ratings, or buy/sell recommendations. Verify independently before making any decision.