Samyang Foods makes and sells instant noodles and snacks. Its core product, the spicy stir-fried Buldak ("Fire Noodle") line, now sells far more abroad than at home, with overseas sales reaching about 82% of revenue in the first quarter of 2026, and an export-dedicated Miryang plant handling the volume. Its U.S. and China sales units each grew more than 30% year on year, and it is widening its European distribution network around a Netherlands hub. Its 2025 annual dividend was ₩4,800 per share, up from ₩3,300 the prior year and a record high. What stands out most is a globally popular product, an 82% overseas mix, and profits growing 30-40% a year on a 31% ROE and operating margins in the low 20s, weighed against the caution that the high overseas mix leaves results exposed to exchange rates and local consumption, and that exports are concentrated in Buldak, making product diversification and management of capacity investment the key questions.
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 31.0% (controlling-interest basis). It is above the sector average.
- Operating margin is 22.3%.
- P/B is high versus peers, a stretch on an asset 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
- Samyang Foods makes and sells instant noodles and snacks.
- Its core revenue comes from the spicy stir-fried Buldak ("Fire Noodle") line, which now sells far more abroad than at home.
- As of the first quarter of 2026, overseas sales reach about 82% of revenue, and within the noodle and snack segment, Buldak-line exports account for most of it.
- Its local U.S. and China sales units each grew more than 30% year on year, and in Europe it has set up a Netherlands logistics and sales hub and is widening its distribution network into the UK, Germany, and elsewhere.
- In short, it has a "K-noodle" structure of making in Korea and exporting worldwide, with the export-dedicated Miryang plant handling the actual volume.
- The latest closing price is ₩1,103,000 and the market cap is ₩8.3 trillion.
- The price sits below its 20-day line (₩1,129,200) and below its 60-day line (₩1,232,500).
- Being below both the short- and medium-term moving averages, the trend looks subdued.
- The RSI (a supplementary gauge that measures upward versus downward momentum over the past 14 days on a 0-100 scale) is 45.0, a neutral level.
- The one-month change is -2.9%, the three-month change is -5.2%, and the position versus the 52-week high is -32.3%.
- Relative strength versus the KOSPI is 17 (on a 1-99 scale, converting the past year's return versus the index with more recent periods weighted more heavily; higher means stronger than the market).
- That places it in roughly the top 84% of all stocks by strength.
- Over the past three months it lagged the index by 24.1%.
- It is best to read the chart alongside trading volume and disclosure dates.
- This is a highly profitable company.
- ROE (the return earned on equity over one year) is 31.0%, well above peer food makers (typically single digits), and with an operating margin of 22.3% and a net margin of 16.6%, its earning power is strong.
- The debt ratio (debt versus equity) is 175%, which looks high in absolute terms, but with an interest coverage ratio of about 29x and a current ratio of 157%, it comfortably handles interest and short-term payment burdens.
- The current P/E (how many times one year's profit the share price is) of 21.34x and P/B (how many times book equity the share price is) of 6.62x are based on confirmed 2025 earnings.
- However, because this company is in a growth phase where profits rise sharply every year, multiples calculated on last year's profit alone have the limitation of looking more expensive than they really are.
- The growth trend is clear.
- Revenue over the past three years went ₩1.19 trillion to ₩1.73 trillion to ₩2.35 trillion; 2025 revenue rose 36.1% from the prior year, operating profit rose 52.1%, and net profit rose 43.2%.
- The five-year revenue CAGR is about 38%, so growth has held up even after scale increased.
- In the first quarter of 2026 it again posted record quarterly results, with revenue of ₩714.4 billion (+35.0%), operating profit of ₩177.1 billion (+32.2%), and net profit of ₩144.5 billion (+46.0%).
- What matters going forward is that the utilization of the export-dedicated Miryang No.
- 2 plant rose from 54.6% at the end of last year to 82.3% in the first quarter, meaning it is in a "whatever it makes, it sells" state.
- As the Miryang lines enter full operation from the second quarter and U.S. and European volumes rise, this year's profit is on a trajectory to move up another notch from last year.
- Reflecting this profit growth, the share multiple on this year's expected earnings drops noticeably below the multiple on last year's basis.
- A series of real events underpinning profit growth followed.
- In May 2026, the quarterly report officially confirmed record first-quarter results, and in the same month a disclosure of an IR (investor relations) event had the company explain its results and strategy directly.
- Effective June 1, Vice Chairman Kim Jung-soo was promoted to Chairman, putting global expansion and accountable management front and center.
- On shareholder returns, the 2025 annual dividend was ₩4,800 per share (an interim ₩2,200 plus a year-end ₩2,600), sharply up from ₩3,300 the prior year and a record high.
- On the export-base side, the Miryang No.
- 2 plant, completed in June 2025, is expanding operations as a forward base for volumes to the Americas and Europe, and the company is widening its European distribution network around its Netherlands sales unit.
- The points to watch are clear.
- Its strengths are (1) a globally popular product in Buldak and an overseas sales mix reaching 82%, (2) a high 31% ROE and operating margins in the low 20s, and (3) real volume growth flowing through from rising Miryang-plant utilization.
- Its P/E on confirmed last-year earnings is clearly higher than domestic peer food makers, but as a growth company whose profits rise 30-40% a year, the multiple burden eases considerably when viewed on this year's expected earnings.
- The cautions are (1) the high overseas mix, which leaves results exposed to exchange rates and local consumption trends, (2) exports concentrated in a specific product (Buldak), making the pace of product diversification important, and (3) the ongoing challenge of managing investment and debt tied to plant expansion and overseas growth.
- In short, it is strong when global demand and production utilization hold up, and relatively weaker in phases of sharp currency swings or an export slowdown.
🔎 Valuation vs peers Fairly valued
Among domestically listed instant-noodle and general-food makers, those whose business substance is comparable.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Nongshim | 12.50x | 0.75x | 6.01% |
| Lotte Wellfood | 12.97x | 0.43x | 3.30% |
| CJ CheilJedang | 0.00x | 0.41x | -8.10% |
Whereas domestic peer food makers (Nongshim, Lotte Wellfood) trade at a P/E of around 12x, Samyang Foods carries a clear premium at a P/E of 21.65x on confirmed last-year earnings. However, (a) its ROE of 31% is several times that of peers, and (b) as a growth company whose revenue and profit rise 30-40% a year, it is hard to compare on the same multiple as mature, low-growth firms. (c) Being in an earnings inflection, the P/E on last year's profit looks more expensive than it really is; viewed on this year's expected earnings, which reflect rising Miryang-plant utilization and overseas expansion, the multiple burden eases considerably. Given the high growth and profitability, the premium is hard to call excessive, so the verdict is Fairly valued.
Price history Close · MA20 · MA60
The latest close is ₩1,103,000 and the market capitalization is ₩8.3 trillion. The price sits below its 20-day moving average (₩1,129,200) and below its 60-day moving average (₩1,232,500). It is under both its short- and medium-term moving averages, so the trend looks subdued. The RSI (a supplementary indicator that gauges the strength of gains versus losses over the past 14 days on a 0-100 scale) is 45.0, a neutral level. The one-month change is -2.9%, the three-month change is -5.2%, and the position relative to the 52-week high is -32.3%. Relative strength versus the KOSPI is 17 (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 16% of all stocks. Over the past three months it lagged the index by 24.1%. 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 -24.14% / 6M -45.76% / 12M -64.56%
Key metrics vs whole-market median
Valuation
The P/E of 21.34x is above the whole-market median (13.81x). The P/B of 6.62x is above the whole-market median (1.15x).
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)
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 31.0%, above the whole-market average (5.0%). The operating margin is 22.3%. The debt ratio is 175.0%, so the financial structure is moderate.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $790.6M | $1.1B | $1.6B | +36.10% ↓ slower |
| Operating profit | $97.8M | $228.4M | $347.4M | +52.13% ↓ slower |
| Net profit | $83.7M | $180.3M | $258.1M | +43.18% ↓ slower |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $425.5M | $602.5M | $790.6M | $1.1B | $1.6B |
| Operating profit | $43.3M | $59.9M | $97.8M | $228.4M | $347.4M |
| Net profit | $37.3M | $52.9M | $83.7M | $180.3M | $258.1M |
| 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 Q1 2026 · vs year-ago
Technical indicators
What stands out
- ROE of 31.0% 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
- 2026-05-13EarningsDisclosed its first-quarter 2026 quarterly report. Record quarterly results with consolidated revenue of ₩714.4 billion (+35.0%), operating profit of ₩177.1 billion (+32.2%), and net profit of ₩144.5 billion (+46.0%).Confirms continued profit growth in the short term. Rising Miryang-plant utilization and expanding overseas exports flow through into results. Source
- 2026-05-15IRDisclosure announcing an IR (investor relations) event. A setting for the company to explain its first-quarter results and overseas strategy directly.A short-term event that strengthens communication with investors. A channel for confirming the company's official strategic direction. Source
- 2026-05-29FilingDisclosed its corporate governance report. Officially reports the status of governance, including board operations and shareholder returns.Over the medium term, reference material on accountable management and governance transparency. Source
- 2026-04-24FilingDisclosed a securities-issuance results report and a prospectus. Official reporting of securities-issuance procedures related to fundraising.Over the medium term, a financial event linked to securing funds for plant expansion and overseas-expansion investment. Source
Figure cross-check computed ↔ external
Recent filings
- 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.