F&F Holdings is a holding company that manages subsidiary stakes rather than selling clothing itself; the group's core is listed subsidiary F&F, which makes MLB, Discovery Expedition, and Sergio Tacchini, so consolidated revenue is effectively almost entirely F&F's fashion sales, while the holding company's own income comes mainly from trademark royalties, subsidiary dividends, and logistics revenue. In a value-up plan on June 30 it presented the full cancellation of 44,474 treasury shares (0.11%), a new minimum dividend of ₩500 per share, a separate-basis shareholder-return ratio averaging at least 60% over 2026-2028, and an ROE of at least 8% by 2028, and in April it also made a new business investment. What stands out is that the market value of its stake in the strong listed subsidiary F&F alone far exceeds the holding company's market cap, and with net cash, a commitment to shareholder returns, and profit recovering at double digits, these are strengths; the caution is that most of the value depends on F&F, so if the fashion cycle turns, the stake value and dividend capacity waver together, and with the largest shareholder holding over 90%, the free float is small.
At-a-glance assessment financial health · growth · profitability · valuation
- For financial companies, debt and interest costs are large by the nature of the business, so the debt ratio and interest coverage cannot be read on the same yardstick as an ordinary company.
- Revenue rose 1.9% year over year, and the pace is quickening (3-year trend: mixed).
- Most recent quarter (Q1 2026) revenue was 10.9% higher than a year earlier.
- ROE is 5.4% (controlling-interest basis). It is above the sector average.
- Operating margin is 22.4%.
- The forward P/E sits below the sector median.
Ownership & governance As of 2025-12-31
Largest shareholder Kim Chang-soo 62.84% (individual)
Controlling bloc incl. related parties 91.7%
With the controlling bloc holding 92%, control is very secure but the free float is thin.
🔎 In-depth analysis
- F&F Holdings is a holding company that manages subsidiary stakes rather than selling clothing itself.
- The group's core is listed subsidiary F&F (383220), which makes MLB, famous for its baseball caps, and the outdoor brand Discovery Expedition, and recently added the Italian sports brand Sergio Tacchini.
- Consolidated revenue is effectively almost entirely F&F's fashion sales, while the holding company's own income comes mainly from brand trademark royalties, subsidiary dividends, and logistics and rental revenue.
- In short, this company's results and value depend mostly on how well subsidiary F&F sells clothing.
- The latest close is ₩14,900 and the market cap is ₩582.8 billion.
- The price sits below its 20-day line (₩15,555) and below its 60-day line (₩17,467).
- Trading beneath both the short- and medium-term moving averages, the trend is on the soft side.
- The RSI (a supplementary gauge that measures upward versus downward momentum over the past 14 days on a 0-100 scale) is 37.2, a neutral level.
- The one-month change is -10.8%, the three-month change is -16.1%, and the position versus the 52-week high is -36.6%.
- Relative strength versus the KOSPI is 9 (1-99, computed from returns against the index over the past year with recent performance weighted more heavily; higher means stronger than the market).
- That places it in roughly the top 92% of all stocks by strength.
- Over the past three months it lagged the index by 34.9%.
- Chart reading is best done alongside trading volume and the dates of disclosures.
- The trailing P/E (how many times the past year's earnings the share price is) is 4.64x and the P/B (how many times book net assets) is 0.25x, both very low.
- The dividend yield is 3.2%.
- However, a holding company's book equity carries its subsidiary stakes at old acquisition cost, so the P/B actually looks higher than the real value.
- That is why a holding company is better viewed by the market value of the stakes it holds than by P/E or P/B.
- The balance sheet is strong, in a net-cash position of ₩113.2 billion with cash exceeding total borrowings, and EV/EBIT (a debt-adjusted P/E equivalent) is an extremely low 1.14x.
- The FCF yield (the ratio of actual cash generated to market cap) is above 50%, so cash generation stands out.
- For reference, the debt ratio (debt against equity) looks like 188%, but this is subsidiary F&F's operating liabilities consolidated in, which differs from the holding company's own debt burden.
- 2025 consolidated revenue was ₩1.9338 trillion (+1.9% YoY), operating profit ₩434.2 billion (+4.3%), and net profit ₩125.7 billion (+17.6%).
- Results that had stalled for several years turned to recovery from net profit in 2025.
- In the first quarter of 2026 the recovery became clear, with revenue of ₩560.9 billion (+10.9%) and operating profit of ₩145.7 billion (+26.1%), double-digit growth.
- MLB's China business and brand diversification are driving the growth.
- If this operating trend continues, this year's profit grows markedly from last year.
- Rather than the P/E looking low on last year's basis, on this year's larger profit the valuation drops further.
- On June 30, 2026 the company voluntarily disclosed a value-up plan.
- It will cancel all 44,474 treasury shares it holds (0.11%), introduce a minimum dividend of ₩500 per share as policy, and lift the separate-basis shareholder-return ratio to an average of at least 60% over 2026-2028.
- It also set an ROE of at least 8% by 2028 as a target.
- In April it moved to expand the business at the group level with a new business investment (a ₩67.2 billion contribution to an investment partnership to acquire Ssukssuk Company).
- One point to note is that with the largest-shareholder side holding over 90%, the free float is small.
- The strengths are clear.
- It controls the strong listed subsidiary F&F, and the market value of that stake alone far exceeds the holding company's entire market cap.
- Add net cash, high cash generation, and a commitment to shareholder returns through treasury-share cancellation and stronger dividends.
- Profit is also recovering at double digits into 2026.
- There are cautions too.
- Most of the value depends on subsidiary F&F, so if fashion demand such as MLB China turns, the stake value and dividend capacity waver together.
- With the largest shareholder's stake very high, the small free float is another characteristic to factor in.
- In short, the undervaluation appeal comes to the fore while the fashion subsidiary is growing, but the stake value weakens if consumer and fashion conditions slow.
🔎 Valuation vs peers Undervalued
A net-asset-value peer set as a holding company (controlling a listed subsidiary), together with the controlled fashion subsidiary F&F for reference.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| F&F | 7.55x | 1.60x | 21.21% |
| Hyosung | 7.44x | 1.01x | 13.50% |
| CJ Corporation | 27.91x | 0.77x | 2.75% |
Because a holding company's book equity carries subsidiary stakes at acquisition cost, making the P/B look higher than reality, it is hard to declare undervaluation on P/E or P/B alone. Instead the picture is clear when viewed by the market value of the stakes it holds (NAV). The market value of the roughly 34% stake in listed subsidiary F&F alone exceeds the holding company's entire market cap, with net cash, brand trademark income, logistics, and the value of numerous affiliates layered on top. This large holding-company discount to net asset value is the core basis for judging it undervalued. The trailing P/E of 4.85x looks low, but a holding company's net profit is uneven due to subsidiary consolidation and non-controlling-interest effects, so it is hard to fix the valuation on that alone; considering the 2026 recovery, the earnings-based valuation drops further.
Price history Close · MA20 · MA60
The latest close is ₩14,900 and the market capitalization is ₩582.8 billion. The price sits below its 20-day moving average (₩15,555) and below its 60-day moving average (₩17,467). 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 37.2, a neutral level. The one-month change is -10.8%, the three-month change is -16.1%, and the position relative to the 52-week high is -36.6%. Relative strength versus the KOSPI is 9 (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 8% of all stocks. Over the past three months it lagged the index by 34.9%. 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 -34.86% / 6M -51.99% / 12M -69.89%
Key metrics vs sector median
Valuation
The P/E of 4.64x is below the sector median (6.67x). The P/B of 0.25x is below the sector median (0.49x). Both metrics are low versus peers, so the price is not expensive relative to earnings and assets. That said, this P/E is based on last year's (trailing) results. With recent quarterly earnings up sharply, the trailing P/E can look higher than it really is, so a precise read is best done on this year's expected (forward) earnings.
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.
Profitability & financials
Return on equity (ROE) is 5.4%, in line with the sector average (5.0%). The operating margin is 22.4%. The debt ratio is 187.9%, but for financial firms deposits and insurance liabilities count as debt, so it cannot be read on the same yardstick as an ordinary company.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $1.3B | $1.3B | $1.3B | +1.87% ↑ faster |
| Operating profit | $340.9M | $276.0M | $287.8M | +4.28% ↑ faster |
| Net profit | $81.1M | $70.9M | $83.3M | +17.55% ↑ faster |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $481.9M | $1.2B | $1.3B | $1.3B | $1.3B |
| Operating profit | $138.6M | $322.3M | $340.9M | $276.0M | $287.8M |
| Net profit | $1.3B | $87.6M | $81.1M | $70.9M | $83.3M |
| Revenue CAGR | 4-yr avg 27.70% | ||||
Revenue rose 1.9% year over year (2023 ₩2.0 trillion → 2024 ₩1.9 trillion → 2025 ₩1.9 trillion), and the three-year trend is 'mixed'. The pace of growth also quickened from the prior year. Operating profit rose 4.3% year over year. Profit is growing at an accelerating pace. Over the 5 years on record, revenue compound annual growth (CAGR) is 27.7%. The two-year revenue CAGR is -1.3%. In the most recent quarter (Q1 2026), revenue was 10.9% higher than the same period a year earlier.
Latest quarterly results Q1 2026 · vs year-ago
Technical indicators
What stands out
- P/E and P/B are both low versus peers, so the price looks inexpensive relative to earnings and assets.
- The dividend yield, at 3.4%, is on the high side.
Points to watch
- The figures shown are based on the last annual report as of the writing date, so it is best to review the latest quarterly results and filings alongside them.
Recent news & events searched · sourced
- 2026-06-30FilingVoluntary disclosure of a value-up plan — full cancellation of 44,474 treasury shares (0.11%), introduction of a ₩500 minimum dividend, a separate-basis shareholder-return ratio averaging at least 60% over 2026-2028, and an ROE target of at least 8% by 2028The company formalizes a direction of expanded medium-term shareholder returns. Combined with the undervalued, net-cash structure, a signal of improved capital allocation. Source
- 2026-05-15EarningsFirst-quarter 2026 consolidated results — revenue ₩560.9 billion (+10.9%), operating profit ₩145.7 billion (+26.1%), double-digit growthA quarter where recovery became clear after a stall. Subsidiary F&F's fashion growth drives the holding company's results. Source
- 2026-04-13FilingNew group business investment — a ₩67.2 billion contribution to an investment partnership to acquire Ssukssuk Company (including call/put options)An attempt to expand into a new business beyond the core. The capital is a scale manageable with net cash. Source
- 2026-03-18FilingFiling of the 2025 business report — consolidated revenue ₩1.9338 trillion, operating profit ₩434.2 billion, net profit ₩125.7 billion (+17.6%)Confirms a turn to earnings recovery on a net-profit basis. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| 2025 consolidated net profit | ₩125.7 billion (net_income 125,724,901,800) | (2025.12) | Confirmed | link |
| First-quarter 2026 consolidated revenue and operating-profit growth rates | revenue +10.9%, operating profit +26.1% | (2026.03) revenue 5,609·operating profit 1,457 | Confirmed | link |
| Shareholder-return policy (minimum DPS ₩500, treasury-share cancellation, 60% shareholder-return ratio) | base DPS ₩500· 3.2% | (2026.06.30) — DPS ₩500, 44,474 , 3 60% | Confirmed | link |
Recent filings
- 2026-06-01Corporate governance report
- 2026-05-15PeriodicQuarterly report
- 2026-04-13Disclosure
- 2026-03-26Shareholders' meeting notice
- 2026-03-18PeriodicAnnual business report
- 2026-03-18Audit report
- 2026-03-18Audit report
- 2026-02-24Disclosure
- 2026-02-24Shareholders' meeting notice
- 2026-02-24Disclosure
- 2026-02-24Shareholders' meeting notice
- 2026-02-24DividendCash/stock dividend decision
📖 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.