AmorePacific (090430) 🔎 In-depth
KOSPI · Price as of 2026-08-06 · Updated 2026-08-09
AmorePacific makes and sells its own cosmetics brands such as Sulwhasoo, Laneige and Innisfree, and lately it has been growing overseas revenue led by the U.S. brand COSRX and the derma brand AESTURA. Full-year 2025 revenue was ₩4,252.8 billion (+9%) and operating profit ₩335.8 billion (+52%), the largest operating profit in six years, with overseas operating profit doubling to lead the recovery. What stands out lately is a balance: earnings flow well when domestic profitability improves and brands sell well in North America and Japan, but on a net-profit basis high expectations are already priced into the stock, so if Greater China weakness or expanded overseas marketing spending persist, the market's bar for the pace of growth could wobble.
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 9.5% year over year, and the pace is quickening (3-year trend: rising).
- Most recent quarter (Q1 2026) revenue was 6.4% higher than a year earlier.
- ROE is 4.2% (controlling-interest basis). It is above the sector average.
- Operating margin is 8.0%.
- The forward P/E sits above the sector median, reflecting elevated expectations.
Ownership & governance As of 2025-12-31
Largest shareholder AmorePacific Holdings 38.04% (corporate)
Controlling bloc incl. related parties 65.11%
With the controlling bloc holding 65%, control is very secure but the free float is thin.
🔎 In-depth analysis Reading
AmorePacific is a 'brand company' that makes and sells cosmetics under its own names. Its flagship brands are the premium hanbang (traditional-herbal) skincare Sulwhasoo, the dewy-image Laneige, the naturalist Innisfree, and its recent growth engines — the U.S. skincare brand COSRX and the derma (dermatological-science) brand AESTURA. Unlike ODM manufacturers such as Kolmar Korea and Cosmax that make cosmetics under other companies' brands, this company earns money from the planning, marketing and distribution of its own brands. As of 2025, about 55% of revenue comes from Korea and 45% from overseas; overseas once relied heavily on China but is now shifting its center of gravity to North America, Japan and Europe.
The latest close is ₩137,800 and the market capitalization is ₩8.1 trillion. The price sits above its 20-day moving average (₩123,805) and above its 60-day moving average (₩116,672). 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 65.3, a neutral level. The one-month change is +8.9%, the three-month change is +6.0%, and the position relative to the 52-week high is -16.5%. Relative strength versus the KOSPI is 47 (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 47% of all stocks. Over the past three months it outpaced the index by 26.2%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
The valuation measures are generally on the high side. The P/E ratio (how many times one year's earnings the price is) is about 30x. However, this 30x is calculated on 2025 net profit (₩235.7 billion), which is 60% lower than the ₩593.2 billion of 2024 when one-off gains were large, so the multiple looks inflated. The operating profit that actually shows the strength of the core business rose 52% in 2025, the largest in six years. The balance sheet is sturdy: the debt ratio (debt relative to equity) is a low 27%, and it is in a net-cash position (total borrowings minus cash is negative, about ₩268.3 billion net cash). The FCF yield (cash actually generated relative to market cap) is about 7%, so cash generation is sound. That said, ROE (how much it earns in a year on its equity) is 4.3%, low because net profit was depressed this year.
Revenue is steady: 2025 revenue rose 9.5% year over year and the pace quickened. The key is the quality of profit. In 2025, domestic operating profit fell 2% on one-off costs such as voluntary retirement (about ₩40 billion), but overseas operating profit rose 102% to double. The overseas recovery is a structure in which North America, Japan and Europe fill in for China's weakness. In Q1 2026 growth continued, with revenue +6.4% and operating profit +7.6%. Domestic operating profit surged 65%, sharply improving profitability. Overseas, by contrast, revenue rose 6% but operating profit fell 18% on expanded marketing investment. Net profit dipped slightly (-5%) in Q1, the combined result of overseas investment costs, taxes and minority-interest effects. This year's net profit is estimated at a level similar to last year (about ₩230 billion), and on that basis the forward P/E is about 31x. In other words, the operating recovery is clear, but the net-profit-based valuation still embeds high expectations.
On April 29, 2026 the company announced preliminary Q1 results via fair disclosure (revenue ₩1,135.8 billion, operating profit ₩126.7 billion). On the same day it decided to dispose of treasury stock and disclosed the disposal results in early May — a use of treasury shares for shareholder returns and employee compensation. In May it filed the quarterly report (as of March 2026), and across May and June it held several investor presentations (IR) to communicate with investors. In February it disclosed full-year 2025 results (the largest operating profit in six years). The dividend is ₩1,240 per share, a yield of about 1.0%, with a payout ratio (share of net profit paid as dividends) of about 31%.
The strengths are clear. As a top-tier domestic cosmetics company with its own brands, it has a sturdy balance sheet with net cash and low debt. In 2025 operating profit was the largest in six years and overseas profit doubled, a core-business recovery in progress. In particular, COSRX and AESTURA in the U.S. and Laneige in Japan are new growth axes. The cautions are equally clear. First, a net-profit-based P/E of about 30x is high, so considerable recovery expectation is already reflected in the stock. Second, it is raising marketing spending to drive overseas growth, so overseas margins could be pressured in the short term. Third, Greater China, which shook past results, still sees revenue declining. In sum, this is a structure that is strong while domestic profitability improves and the North American and Japanese brands grow, but where the stock could feel the burden if that pace of growth fails to justify the high valuation.
🔎 Valuation vs peers Overvalued
Compared among domestic cosmetics brand companies that sell their own brands directly (LG Household & Health Care). For reference, ODM manufacturers that make cosmetics for others (Kolmar Korea, Cosmax) have a different business structure and are viewed from a separate angle.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| LG H&H | 0.00x | 0.87x | -2.06% |
| Kolmar Korea | 20.17x | 2.69x | 17.29% |
| Cosmax | 18.63x | 3.92x | 26.68% |
The closest peer is fellow brand company LG Household & Health Care. LG Household & Health Care is near a net loss, making a P/E comparison difficult, but its P/B is a low 0.67x, whereas AmorePacific's P/B of 1.3x carries a premium for the brand recovery. A net-profit-based P/E of about 30x is higher than the manufacturers (Kolmar Korea 20x, Cosmax 17x). That said, this 30x has the limitation of looking inflated because 2025 net profit itself is 60% lower than 2024, when one-off gains were large. The forward P/E recalculated on this year's estimated net profit is also about 31x, still high, so while the operating recovery is genuinely under way, we consider that considerable recovery expectation is already reflected in the net-profit-based valuation.
Price history Close · MA20 · MA60
The latest close is ₩137,800 and the market capitalization is ₩8.1 trillion. The price sits above its 20-day moving average (₩123,805) and above its 60-day moving average (₩116,672). 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 65.3, a neutral level. The one-month change is +8.9%, the three-month change is +6.0%, and the position relative to the 52-week high is -16.5%. Relative strength versus the KOSPI is 47 (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 47% of all stocks. Over the past three months it outpaced the index by 26.2%. 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 +26.19% / 6M -21.62% / 12M -46.69%
Key metrics Computed vs whole-market median
Valuation
The P/E of 34.20x is above the whole-market median (12.97x). The P/B of 1.47x 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 9.2%, initial growth 2.0%→terminal 2.0%, 10-yr forecast, free-cash-flow basis, forward earnings power normalized 0.977x. A reference range that shifts materially with assumptions.
Profitability & financials
Return on equity (ROE) is 4.2%, above the whole-market average (3.0%). The operating margin is 8.0%. The debt ratio is 27.7%, so the financial structure is stable.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $2.6B | $2.7B | $3.0B | +9.46% ↑ faster |
| Operating profit | $76.0M | $154.9M | $235.9M | +52.32% ↓ slower |
| Net profit | $126.5M | $416.7M | $165.6M | -60.27% ↓ slower |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $3.4B | $2.9B | $2.6B | $2.7B | $3.0B |
| Operating profit | $241.2M | $150.5M | $76.0M | $154.9M | $235.9M |
| Net profit | $136.1M | $94.5M | $126.5M | $416.7M | $165.6M |
| Revenue CAGR | 4-yr avg -3.30% | ||||
Revenue rose 9.5% year over year (2023 ₩3.7 trillion → 2024 ₩3.9 trillion → 2025 ₩4.3 trillion), and the three-year trend is 'rising'. The pace of growth also quickened from the prior year. Operating profit rose 52.3% year over year. The pace of that profit growth is gradually easing. Over the 5 years on record, revenue compound annual growth (CAGR) is -3.3%. The two-year revenue CAGR is 7.6%. In the most recent quarter (Q1 2026), revenue was 6.4% higher than the same period a year earlier.
Latest quarterly results Source Q1 2026 · vs year-ago
Technical indicators Computed
What stands out
- 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
- 2026-04-29EarningsPreliminary Q1 2026 consolidated results via fair disclosure — revenue ₩1,135.8 billion (+6.4%), operating profit ₩126.7 billion (+7.6%). Domestic operating profit +65% improved profitability; overseas revenue +6% but operating profit -18% on marketing investment.Confirms the continued core-business recovery. Improved domestic profitability is a positive; the overseas margin slowdown is a short-term burden. Source
- 2026-04-29UpdateMaterial-fact report on the decision to dispose of treasury stock (disposal results reported May 4). Held treasury shares disposed of for shareholder returns and employee compensation.A capital use of a shareholder-return nature. Affects free float and capital structure. Source
- 2026-02-06EarningsFull-year 2025 results announced — revenue ₩4,252.8 billion (+9%), operating profit ₩335.8 billion (+52%), the largest operating profit in six years. Overseas operating profit +102%; domestic -2% on one-off costs such as voluntary retirement.The doubling of overseas profit demonstrates a core-business turnaround. Grounds for medium-term earnings improvement. Source
- 2026-05-15FilingQuarterly report as of March 2026 filed (electronic disclosure). Detailed disclosure of Q1 financial and business status.Confirms the financial-statement basis of the results. Neutral. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| 2025 revenue and operating profit | revenue 42,528, operating profit 3,358(+52%) | revenue 42,528, operating profit 3,358(+52%) | Confirmed | link |
| Q1 2026 revenue and operating profit growth rates | revenue +6.4%, operating profit +7.6% | revenue +6%, operating profit +8% | Confirmed | link |
| 2026 annual estimated net profit / forward P/E | net profit approx. 2,300, forward PER approx. 30.7x | — | Unverified | — |
Recent filings Source
- 2026-06-02Disclosure
- 2026-06-01Large-business-group status disclosure
- 2026-05-28Corporate governance report
- 2026-05-28Disclosure
- 2026-05-26Disclosure
- 2026-05-22OwnershipOwnership-change filing
- 2026-05-15Disclosure
- 2026-05-15PeriodicQuarterly report
- 2026-05-08Disclosure
- 2026-05-04TreasuryTreasury-stock disposal decision
- 2026-04-29TreasuryMaterial-fact report
- 2026-04-29EarningsFair-disclosure notice
📖 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.