VT Cosmetics (018290) 🔎 In-depth
KOSDAQ · Price as of 2026-08-06 · Updated 2026-08-09
VT is a consumer company that runs a dermocosmetic (functional skincare focused on specific skin concerns) brand best known as 'Reedle Shot.' Its own-brand skincare products — ampoules and serums built around a micro-needle ingredient story — sit at the center of revenue, and overseas sales in markets such as Japan and China, together with duty-free and reverse-direct-purchase channels, account for a large share. In 2025 the company posted revenue of ₩437.2 billion, operating profit of ₩82.9 billion and net profit of ₩60.9 billion, with earnings down year over year; in Q1 2026 revenue recovered to ₩114.3 billion (+13.8%), but operating profit of ₩17.3 billion (-40.3%) exposed a profitability strain at the same time. What stands out recently is that a high level of profitability — ROE in the mid-20% range and a 19% operating margin — combined with the Reedle Shot brand and an overseas base, gives the shares an edge, with a forward P/E of 5.07x on this year's expected earnings that sits below cosmetics peers (mostly in the 12–24x range); on the other hand, marketing-cost pressure or shifts in overseas channels, the won exchange rate and single-brand trends could delay a recovery in quarterly margins, and that direction will govern how quickly the appeal shows through.
This page organises public market and filing data for information purposes. It is not a recommendation to buy or sell, nor investment advice. Metrics labelled “forward” are our own unverified estimates. Please verify with the original DART filings and decide at your own responsibility.
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 “Cosmetics Brands” (Retail, Consumer Goods & Food · Cosmetics), a type typically read first through forward P/E.
Cosmetics brands are growth-oriented consumer names whose sales and profits can shift quickly with new products, channel expansion, and overseas rollouts. Because future growth explains the price better than past results, forward P/E, based on expected earnings, is the first lens.
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 1.3% year over year, and the pace is slowing (3-year trend: rising).
- Most recent quarter (Q1 2026) revenue was 13.8% higher than a year earlier.
- ROE is 21.4% (controlling-interest basis). It is above the sector average.
- Operating margin is 15.8%.
- 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 Jung Chul 16.96% (individual)
Controlling bloc incl. related parties 39.27%
With the controlling bloc holding 39%, the ownership structure is stable.
🔎 In-depth analysis Reading
VT runs a dermocosmetic (functional skincare focused on specific skin concerns) brand best known as 'Reedle Shot.' Its mainstay is its own-brand cosmetics, with skincare products such as ampoules and serums that foreground a micro-needle (fine-needle) ingredient sitting at the center of revenue. A distinctive feature is the large share of overseas sales in markets such as Japan and China, on top of domestic health-and-beauty stores and online channels, and the business is also affected by duty-free and reverse-direct-purchase channels. Although it is officially classified under chemicals, the substance of how it earns money is the manufacture and sale of cosmetics, so it is better viewed as a consumer (cosmetics) company than a chemical-materials maker.
The latest close is ₩13,500 and the market capitalization is ₩471.7 billion. The price sits above its 20-day moving average (₩11,827) and above its 60-day moving average (₩12,559). 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 63.4, a neutral level. The one-month change is +10.8%, the three-month change is -17.7%, and the position relative to the 52-week high is -65.5%. Relative strength versus the KOSDAQ is 36 (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 36% of all stocks. Over the past three months it outpaced the index by 24.9%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
On last year's confirmed results, the P/E (how many times one year's earnings the share price represents) is 7.74x and the P/B (how many times net assets the share price represents) is 1.80x. ROE (how much is earned in a year on shareholders' equity) is 25.1%, among the highest in the cosmetics peer group, and the operating margin is a solid 19.0%. The debt ratio (debt relative to equity) is 145.8%, but with a current ratio of 226% and interest coverage of 32x there is ample capacity to service debt. More important for valuation is the forward P/E on this year's expected earnings, which at 5.18x is even lower than last year's basis (6.48x). Given that cosmetics peers mostly sit in a 12–24x P/E range, the share price is clearly on the cheap side relative to earnings. A trailing P/E and P/B below peers does not mean a burden; it is closer to the fact to read it as an undervaluation signal, with a low multiple assigned despite high profitability.
Over five years revenue grew from ₩226.8 billion in 2021 to ₩437.2 billion in 2025 (a five-year CAGR of 17.8%), and operating profit grew from ₩26.4 billion to ₩82.9 billion. In 2024 revenue jumped +46%, operating profit +143% and net profit +260%, and in 2025 the pace paused with revenue +1.3%, operating profit -25.3% and net profit -37.8%. Then in Q1 2026 revenue reached ₩114.3 billion (+13.8%), with top-line growth resuming. That is why the P/E on this year's expected earnings, at 5.18x, comes out below last year's. If the top line grows again in double digits while high ROE (25%) and operating margin (19%) hold, this year's earnings have room to hold at or above last year's level, supported by demand in overseas channels such as Japan and China and a recovery in Reedle Shot brand sales. That said, Q1 operating profit was -40.3%, so on the profitability side marketing-cost and channel-mix pressure remains, and how far a top-line recovery carries through to margin improvement is this year's key point to watch. Meanwhile there is no evidence that earnings next year and beyond will fall below this year's, so there is no signal to declare the current phase a 'cycle top.'
Recent disclosures center on periodic reports and shareholding changes. On March 19, 2026 the annual business report confirmed 2025 results of ₩437.2 billion in revenue, ₩82.9 billion in operating profit and ₩60.9 billion in net profit, and on March 12 of the same month a disclosure on 'a change of 30% or more in revenue or profit structure' confirmed via company materials that earnings had fallen year over year. In the Q1 report on May 15, revenue of ₩114.3 billion (+13.8%) showed a top-line recovery while operating profit of ₩17.3 billion (-40.3%) exposed profitability pressure, making it a document that shows both trends together. In addition, several 'large-holdings reports' were filed from March through May, so it is worth also examining shareholding changes among 5%-plus holders.
The strengths are clear: high capital efficiency with ROE in the mid-20% range, a 19% operating margin, ample liquidity, a recognizable own-brand in Reedle Shot, and an overseas revenue base including Japan. On top of that, a forward P/E of 5.07x on this year's expected earnings sits below cosmetics peers (mostly 12–24x), so it reads as an undervalued zone where the share price is cheap despite high profitability. The condition under which the stock works strongly is one where top-line growth continues while the margins that were pressed in Q1 recover, at which point the high ROE and low multiple come into focus together. The condition under which it weakens is one where marketing-cost pressure lingers or a recovery in quarterly margins is delayed by conditions in specific overseas or duty-free channels, the exchange rate, or single-brand trends. In short, the financials and profitability are solid and the valuation is on the attractive side, and the direction of the quarterly margin governs the speed at which that appeal is actually realized.
🔎 Valuation vs peers Inconclusive
Although the sector code is chemicals, the actual business is cosmetics, so the peer set is cosmetics (skincare / ODM) names rather than chemical materials; the peers' P/E, P/B and ROE are the site's own calculated values (at current prices).
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Clio | 14.88x | 0.82x | 7.15% |
| Cosmax | 18.63x | 3.92x | 26.68% |
| AmorePacific | 34.20x | 1.47x | 4.20% |
| LG H&H | — | 0.87x | -2.06% |
(a) Position versus peers: profitability (ROE and operating margin) is among the highest in the cosmetics peer group, while the P/E and P/B are on the lower side. (b) Premium/discount: even though capital efficiency is the highest, the multiple is low, so on the surface it looks like a discount. (c) Limitation: however, the decisive point is that this low P/E is a trailing figure using peak 2024 earnings as the denominator. In an earnings-inflection phase, with 2025 net profit down -37.8% and Q1 2026 operating profit down -40.3%, a multiple based on last year's confirmed figures overstates current strength. On a forward basis, a DART seasonality approximation puts this year's operating profit at around ₩89.7 billion (not a company forecast and unverified), but until it is confirmed whether the Q1 earnings slowdown continues it is hard to declare the stock cheap or expensive. So while the profitability advantage is acknowledged, we leave it Inconclusive pending confirmation of the earnings direction.
Earnings outlook Estimate company-stated · verified
| Type | Period | Revenue | Operating profit | Net profit |
|---|---|---|---|---|
| Next quarter | Q2 2026 | ₩140.3 billion | ₩25.5 billion | ₩22.8 billion |
Price history Close · MA20 · MA60
The latest close is ₩13,500 and the market capitalization is ₩471.7 billion. The price sits above its 20-day moving average (₩11,827) and above its 60-day moving average (₩12,559). 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 63.4, a neutral level. The one-month change is +10.8%, the three-month change is -17.7%, and the position relative to the 52-week high is -65.5%. Relative strength versus the KOSDAQ is 36 (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 36% of all stocks. Over the past three months it outpaced the index by 24.9%. 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 +24.89% / 6M -6.68% / 12M -64.05%
Key metrics Computed vs sector median
Valuation
The P/E of 7.74x is below the sector median (14.15x). The P/B of 1.80x is above the sector median (0.90x).
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 21.4%, above the sector average (4.0%). The operating margin is 15.8%. The debt ratio is 36.9%, so the financial structure is stable.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $207.6M | $303.3M | $307.1M | +1.27% ↓ slower |
| Operating profit | $32.0M | $77.9M | $58.2M | -25.27% ↓ slower |
| Net profit | $19.2M | $68.9M | $42.8M | -37.85% ↓ slower |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $159.3M | $168.8M | $207.6M | $303.3M | $307.1M |
| Operating profit | $18.5M | $16.5M | $32.0M | $77.9M | $58.2M |
| Net profit | $10.5M | $7.8M | $19.2M | $68.9M | $42.8M |
| Revenue CAGR | 4-yr avg 17.83% | ||||
Revenue rose 1.3% year over year (2023 ₩295.5 billion → 2024 ₩431.7 billion → 2025 ₩437.2 billion), and the three-year trend is 'rising'. That said, the pace of growth slowed from the prior year. Operating profit fell 25.3% year over year. The decline widened. Over the 5 years on record, revenue compound annual growth (CAGR) is 17.8%. The two-year revenue CAGR is 21.6%. In the most recent quarter (Q1 2026), revenue was 13.8% higher than the same period a year earlier.
Latest quarterly results Source Q1 2026 · vs year-ago
Technical indicators Computed
What stands out
- P/E and P/B are both low versus peers, so the price looks inexpensive relative to earnings and assets.
- ROE of 21.4% points to solid profitability.
- The balance sheet is stable in terms of debt and liquidity.
Points to watch
- Revenue rose 1.3% year over year, and the pace is slowing (3-year trend: rising).
Recent news & events searched · sourced
- 2026-03-12EarningsDisclosure of a 30%-or-greater change in 2025 revenue/profit structure (corrected filing). The company officially confirmed a large year-over-year decline in earnings.The starting point of the 2025 earnings slowdown from the 2024 peak. As the backdrop for subsequent quarterly earnings pressure and the share-price correction, whether earnings recover is the key variable. Source
- 2026-03-19Filing2025 annual business report filed. Full-year results confirmed at ₩437.2 billion in revenue, ₩82.9 billion in operating profit and ₩60.9 billion in net profit.The basis for trailing (last-year confirmed) valuation. As the source of core metrics such as a 7.1x P/E and 25.1% ROE, it confirms these figures rest on last year's peak earnings. Source
- 2026-05-15FilingQ1 2026 quarterly report filed. Revenue ₩114.3 billion (+13.8%), operating profit ₩17.3 billion (-40.3%), confirming a top-line recovery alongside an earnings slowdown.A signal that the top line grew again but profitability pressure continues. The most recent confirmed data for gauging the margin direction from Q2 onward. Source
- 2026-05-29UpdateLarge-holdings report (general) filed. A change in major-shareholder stakes occurred.Changes such as increases or decreases in 5%-plus holders' stakes can affect future supply and demand, so this warrants review alongside the reports repeated from March through May. Source
Figure cross-check computed ↔ external
Recent filings Source
- 2026-05-29OwnershipOwnership-change filing
- 2026-05-15PeriodicQuarterly report
- 2026-04-03OwnershipOwnership-change filing
- 2026-03-27OwnershipOwnership-change filing
- 2026-03-27Disclosure
- 2026-03-27Shareholders' meeting notice
- 2026-03-19PeriodicAnnual business report
- 2026-03-19Audit report
- 2026-03-12Shareholders' meeting notice
- 2026-03-12Shareholders' meeting notice
- 2026-03-12Shareholders' meeting notice
- 2026-03-12EarningsAmended filing
📖 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.