Pulmuone is a business holding company centered on Pulmuone Foods, the domestic No. 1 in tofu and bean sprouts, and also encompassing yogurt (Pulmuone Danone), bottled water, institutional catering and overseas food operations in the US, China and Japan; because it sells everyday food products daily, revenue comes in steadily. The May 15 quarterly report confirmed a Q1 recovery in revenue and operating profit, and with revenue rising for five straight years and operating profit recovering +68.9%, the forward P/E on this year's earnings has come to 8.7x — actually lower than comparable food peers — while the price has fallen nearly by half from its 52-week high. The point worth watching is that if core-business profit keeps up its recovery flow and margins hold a normal track, the earnings recovery and valuation both read as undervalued — while given the thin-margin nature of fresh food, profit can be pressed if costs rise again.
At-a-glance assessment financial health · growth · profitability · valuation
- Debt far exceeds equity (debt ratio 757.2%).
- Assets that can be turned to cash within a year fall short of near-term liabilities (current ratio 72.1%).
- Revenue rose 5.2% year over year, and the pace is slowing (3-year trend: rising).
- Most recent quarter (Q1 2026) revenue was 7.2% higher than a year earlier.
- ROE is 5.8% (controlling-interest basis). It is above the sector average.
- Operating margin is 2.8%.
- The P/E sits above the sector median, reflecting elevated expectations.
Ownership & governance As of 2025-12-31
Largest shareholder Nam Seung-woo 56.49% (individual)
Controlling bloc incl. related parties 59.87%
With the controlling bloc holding 60%, control is very secure but the free float is thin.
🔎 In-depth analysis
- Pulmuone is a business holding company that, rather than making food directly, controls food subsidiaries.
- The core is Pulmuone Foods, which holds domestic No.
- 1 share in tofu and bean sprouts and also makes fresh processed foods such as fresh noodles, dumplings and chilled noodles, kimchi, and plant-based alternative foods (plant protein and vegan lines).
- Added to this, Pulmuone Danone, a joint venture with France's Danone, handles yogurt; Pulmuone Nokchup handles door-to-door health beverages; Pulmuone Waters handles bottled water; and Pulmuone Food & Culture runs institutional catering and dining.
- Overseas food operations through US, China and Japan entities are also a revenue pillar.
- In short, the earnings structure splits into 'fresh-food manufacturing and distribution (domestic) + yogurt, bottled water and catering + overseas food,' and because it sells everyday food products like tofu and bean sprouts daily, its hallmark is steady incoming revenue.
- The latest close is ₩9,070 and the market cap is ₩345.8 billion.
- The price sits below the 20-day line (₩9,458) and below the 60-day line (₩10,605).
- Trading beneath both the short- and mid-term moving averages, the trend is on the depressed side.
- The RSI (a supplementary gauge comparing upward and downward force over the past 14 days on a 0-100 scale) is 37.2, a neutral level.
- The one-month change is -4.1%, the three-month change is -23.8%, and the position versus the 52-week high is -48.7%.
- Relative strength against the KOSPI is 7 (1-99, computed from the past year's return versus the index with more weight on recent performance; higher means stronger than the market).
- That places it in roughly the top 94% of all stocks by strength.
- Over the past three months it lagged the index by 39.2%.
- Chart reading is best done alongside trading volume and disclosure dates.
- On last year's (2025) confirmed-results basis, the P/E ratio (how many times one year's earnings the share price is) is 19.11x and P/B (how many times net assets the share price is) is 1.11x.
- But this P/E looks high because the denominator — last year's profit — was temporarily depressed.
- 2025 net profit was ₩18.1 billion, down from ₩35.4 billion the prior year, and dividing by a small profit creates the illusion that the trailing (past confirmed-results) P/E looks pricier than the real strength.
- In a company turning through an earnings inflection, the picture based on this year's earnings, rather than the past 12 months' figures, is the real one — and the forward P/E on this year's earnings is 8.7x, below half the trailing.
- That is even lower than comparable food peers such as Nongshim and Ottogi (P/E of about 11.8-17.4x), so factoring in the core-business recovery, it is closer to an undervaluation signal on an earnings basis.
- On profitability, ROE (how much is earned in a year on equity) is 5.8% and operating margin is 2.8%, values reflecting a business with a large weight of thin-margin fresh food like tofu and bean sprouts.
- On the financial side, the debt ratio (debt against equity) is large at 757.2%, but a substantial part reflects the working capital and leases characteristic of fresh-food distribution plus the holding-company consolidation structure, so rather than judging the absolute figure alone as a risk, it is more accurate to view it together with interest coverage (1.38x, the degree to which operating profit covers interest) and the recovering earnings flow.
- Over five years, revenue rose steadily from ₩2.5 trillion in 2021 to ₩3.4 trillion in 2025 (about 7.6% annually), and operating profit climbed from a ₩26.3 billion bottom in 2022 to ₩91.8 billion in 2024 and ₩93.2 billion in 2025.
- The top line is on a steady growth flow.
- In 2025 net profit temporarily fell and the quality of earnings briefly wobbled, but in Q1 2026 core-business profit came back sharply with revenue of ₩850.4 billion (+7.2%) and operating profit of ₩19.0 billion (+68.9%).
- This recovery is precisely why the forward P/E on this year's earnings falls to 8.7x.
- With steady sales of core fresh foods such as tofu and bean sprouts, a wave of cost pressure passing and margins returning to a normal track, and plant-based alternative foods and overseas entities supporting the top line, a picture of this year's profit recovering clearly from last year is naturally drawn.
- Pulmuone inherently has a seasonality where profit is thicker in the third quarter, so there is room for the recovery that began in Q1 to carry through the year.
- Viewing the multi-year trend and quarterly flow together, this is a stock with gentle revenue growth that has entered an earnings-recovery phase.
- Recent disclosures center on results and governance reporting.
- The May 15, 2026 quarterly report (2026.03) confirmed the Q1 recovery in revenue and operating profit, and the March 23 [amended entry] business report (2025.12) tidied up the confirmed full-year 2025 results.
- There was the March 31 regular shareholders' meeting outcome and an outside-director appointment filing, and a corporate governance report was disclosed on May 29.
- In June, a largest-shareholder ownership-change report, a large-holding report (general) and an ownership report on specified securities by executives and major shareholders appeared in succession; these are filings that major shareholders' and executives' stakes moved, closer to routine and ad hoc ownership-structure reporting than changes in the business itself.
- More than one-off events such as large orders or major investments, the most important thing at this point is confirming, via periodic reports, whether the earnings recovery that began in Q1 carries through the quarters and the year.
- The strengths are clear.
- On the back of No.
- 1 tofu and bean-sprout brands, revenue rose for five straight years, and in Q1 2026 operating profit recovered +68.9%, reviving core-business strength.
- As a result, the forward P/E on this year's earnings is 8.7x — unlike the pricey impression from last year's trailing figures, actually lower than comparable food peers.
- The price has also fallen nearly by half from its 52-week high, so viewing the earnings recovery and valuation together, it reads toward undervaluation.
- Points to watch: given the thin-margin nature of fresh food, profit can be pressed if costs rise again, and financial metrics such as the debt ratio and current ratio look tight.
- That said, these financial figures largely reflect the holding-company consolidation and fresh-distribution structure, so they should not be judged as risk outright.
- In sum, it is strong under conditions where core-business profit keeps up its recovery flow and margins hold a normal track, and weak under conditions where costs spike again or the recovery stalls.
🔎 Valuation vs peers Overvalued
The comparison is against domestic food makers of fresh and processed foods whose business mix and consumer-goods character are similar and for which site data is verifiable; CJ CheilJedang was excluded from direct comparison because its ROE is negative owing to losses in its bio division.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Nongshim | 12.50x | 0.75x | 6.01% |
| Ottogi | 19.19x | 0.64x | 3.34% |
| Lotte Wellfood | 12.97x | 0.43x | 3.30% |
| Orion | 14.00x | 1.41x | 10.05% |
Against the peer set, Pulmuone is among the highest on P/B while its ROE and operating margin are among the lowest, so against net assets and profitability it sits on the pricey side. However, last year's confirmed (trailing) P/E of 20.71x is the result of a depressed denominator, with 2025 net profit down 48.9%, so it is hard to take at face value. As a forward basis, using a DART quarterly-results seasonality approximation, this year's operating profit could recover to about ₩116.6 billion, so the earnings-based burden is lighter than last year's figure. In sum, on a net-asset and profitability basis it sits in an overvalued zone, but if the earnings recovery is confirmed, that gap narrows.
Earnings outlook company-stated · verified
| Type | Period | Revenue | Operating profit | Net profit |
|---|---|---|---|---|
| Next quarter | Q2 2026 | ₩885.1 billion | ₩25.8 billion | ₩13.9 billion |
Price history Close · MA20 · MA60
The latest close is ₩9,070 and the market capitalization is ₩345.8 billion. The price sits below its 20-day moving average (₩9,458) and below its 60-day moving average (₩10,605). 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 -4.1%, the three-month change is -23.8%, and the position relative to the 52-week high is -48.7%. Relative strength versus the KOSPI is 7 (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 6% of all stocks. Over the past three months it lagged the index by 39.2%. 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 -39.18% / 6M -57.10% / 12M -68.69%
Key metrics vs sector median
Valuation
The P/E of 19.11x is above the sector median (8.80x). The P/B of 1.11x is above the sector median (0.51x). 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 5.8%, above the sector average (4.0%). The operating margin is 2.8%. The debt ratio is 757.2%, so the financial structure is somewhat high.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $2.0B | $2.1B | $2.2B | +5.18% ↓ slower |
| Operating profit | $41.1M | $60.9M | $61.8M | +1.46% ↓ slower |
| Net profit | $12.9M | $23.5M | $12.0M | -48.89% ↓ slower |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $1.7B | $1.9B | $2.0B | $2.1B | $2.2B |
| Operating profit | $25.5M | $17.5M | $41.1M | $60.9M | $61.8M |
| Net profit | $8.9M | -$12.3M | $12.9M | $23.5M | $12.0M |
| Revenue CAGR | 4-yr avg 7.63% | ||||
Revenue rose 5.2% year over year (2023 ₩3.0 trillion → 2024 ₩3.2 trillion → 2025 ₩3.4 trillion), and the three-year trend is 'rising'. That said, the pace of growth slowed from the prior year. Operating profit rose 1.5% year over year. The pace of that profit growth is gradually easing. Over the 5 years on record, revenue compound annual growth (CAGR) is 7.6%. The two-year revenue CAGR is 6.3%. In the most recent quarter (Q1 2026), revenue was 7.2% higher than the same period a year earlier.
Latest quarterly results Q1 2026 · vs year-ago
Technical indicators
What stands out
- —
Points to watch
- Debt far exceeds equity (debt ratio 757.2%).
- Assets that can be turned to cash within a year fall short of near-term liabilities (current ratio 72.1%).
- Revenue rose 5.2% year over year, and the pace is slowing (3-year trend: rising).
- The price is high versus peers, so expectations already appear priced in.
Recent news & events searched · sourced
- 2026-05-15EarningsQ1 2026 quarterly report filed. Revenue ₩850.4 billion (+7.2%), operating profit ₩19.0 billion (+68.9%), with core-business profit recovering sharply year on year.Near term: a recovery signal that eases the burden of a P/E that looked high on last year's basis. Medium term: the key is whether this operating-profit recovery carries through to the full year and to net profit. Source
- 2026-03-23Earnings[Amended entry] 2025 business report filed. Full-year revenue ₩3.38 trillion (+5.2%), operating profit ₩93.2 billion (+1.5%), net profit ₩18.1 billion (-48.9%) — the top line grew but net profit fell.Near term: the drop in net profit made the trailing P/E look high. Medium term: the key is whether the quality of earnings recovers relative to top-line growth. Source
- 2026-03-31FilingRegular shareholders' meeting outcome and outside-director appointment filing. Governance items such as the board and audit were handled.Near term: weak direct link to business results. Medium term: a reference for management transparency alongside the governance report. Source
- 2026-06-10FilingLargest-shareholder ownership-change report, large-holding report (general) and ownership report on specified securities by executives filed simultaneously. Filings of stake changes by major shareholders and executives.Near term: an ownership-structure-change filing, separate from business fundamentals. Medium term: whether the shift in stake structure persists needs tracking. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| 2025 annual operating profit | ₩93.2 billion(+1.5% YoY) | ₩93.2 billion | Confirmed | link |
| Q1 2026 operating profit | ₩19.0 billion(+68.9% YoY) | ₩19.0 billion | Confirmed | link |
| Latest closing price | ₩9,070 | — | Unverified | link |
| Seasonality-approximation annual operating profit | approx. ₩116.6 billion | — | Unverified | link |
Recent filings
- 2026-06-10OwnershipLargest-shareholder ownership change report
- 2026-06-10OwnershipOwnership-change filing
- 2026-06-10OwnershipOfficers'/major-shareholders' holdings report
- 2026-05-29Corporate governance report
- 2026-05-29OwnershipLargest-shareholder ownership change report
- 2026-05-29OwnershipOwnership-change filing
- 2026-05-29OwnershipOfficers'/major-shareholders' holdings report
- 2026-05-15PeriodicQuarterly report
- 2026-03-31Shareholders' meeting notice
- 2026-03-31Disclosure
- 2026-03-23Audit report
- 2026-03-23PeriodicAnnual business report (amended)
📖 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.