Kolmar BNH is a health-functional-food ODM company that takes the functional ingredients and formulations its clients request and turns them into capsules, tablets, and liquids for delivery. A line using a flagship immunity-related ingredient is the center of revenue, with cosmetics as a secondary axis. Entering 2026, it reorganized part of the cosmetics business into an affiliate, refining its structure toward greater focus on the core business. On April 30 it resolved to transfer the cosmetics division's business and to dispose of its stake in the cosmetics subsidiary, making its ODM focus clear; on May 12 the Q1 results confirmed a surge in operating profit and a return to net profit; and 2025 showed revenue of ₩574.9 billion, operating profit of ₩26.6 billion, and net profit of -₩22.7 billion, with the loss stemming from a one-off impairment. What stands out lately is that the 2025 loss was a one-off impairment, operating profit stayed positive, and Q1 operating profit roughly tripled, so a P/B of 0.66x reads as an undervaluation signal, which is a strength; but because revenue itself is rangebound, the profit improvement partly leans on the restructuring effect, and with an interest coverage ratio of 2.7x the cushion is not large, so the durability of margins is something to confirm quarter by quarter.
At-a-glance assessment financial health · growth · profitability · valuation
- The most recent full-year net result was a loss.
- Revenue fell 6.6% year over year (3-year trend: mixed).
- Most recent quarter (Q1 2026) revenue was 0.1% higher than a year earlier.
- ROE is -6.4% (controlling-interest basis). It is below the sector average.
- Operating margin is 4.6%.
- P/E is hard to compute here, so this is read on P/B.
Ownership & governance As of 2025-12-31
Largest shareholder Kolmar Holdings 44.63% (corporate)
Controlling bloc incl. related parties 53.61%
With the controlling bloc holding 54%, control is very secure but the free float is thin.
🔎 In-depth analysis
- Kolmar BNH is an ODM company (a model in which products are designed and manufactured to the client's specifications and then delivered) that develops and produces health functional foods on contract.
- Its core business is taking the functional ingredients and formulations its clients request and making them into forms such as capsules, tablets, and liquids for supply, and its largest revenue source is a health-functional-food line that uses a flagship immunity-related ingredient.
- A product group built on validated functional ingredients, including collaboration with the Korea Ginseng Corporation, forms the center of revenue, with the cosmetics division added as a secondary axis.
- In 2025 it grew its cosmetics line with skin-functional cosmetics and the like, and entering 2026 it reorganized part of the cosmetics business into an affiliate, refining its structure toward greater focus on the core health-functional-food ODM business.
- The latest close is ₩8,300 and market capitalization is ₩244.1 billion.
- The price sits below its 20-day moving average (₩8,503) and below its 60-day average (₩10,255).
- Trading below both its short- and mid-term moving averages, the trend is on the soft side.
- The RSI (a supplementary gauge that weighs upward versus downward force over the past 14 days on a 0-100 scale) is 40.0, a neutral level.
- The one-month change is -13.4%, the three-month change is -23.7%, and the position versus the 52-week high is -53.1%.
- Relative strength versus the KOSDAQ is 48 (1-99, computed from returns against the index over the past year with more weight on recent periods; higher means stronger than the market).
- That places it in roughly the top 52% of all stocks by strength.
- Over the past three months it led the index by 1.7%.
- It is best to read the chart alongside trading volume and disclosure dates.
- For full-year 2025, revenue was about ₩574.9 billion and operating profit about ₩26.6 billion, for an operating margin (the share of revenue kept as operating profit) of 4.6%.
- However, that year a large impairment loss (an item recognized as a book loss when future earnings are judged to have shrunk) was recognized, writing down the value of assets held and expensing it all at once, so net profit came to about -₩22.7 billion, a loss.
- Because of the loss, there is no EPS (earnings per share) on a trailing-twelve-month basis, so the P/E on past results (a gauge of how many times one year's profit the stock trades at) cannot be calculated.
- Instead the P/B (a gauge of how many times net asset value the stock trades at) is 0.69x, a spot where market capitalization is below shareholders' equity (about ₩353.8 billion).
- The key point is that the 2025 loss did not come from the operation itself collapsing but from a one-off impairment.
- In fact operating profit stayed positive, and the forward P/E (a P/E based on expected future profit), assuming profit normalizes again, is on the low side versus the same industry.
- Looking only at the numbers from a single loss year makes it look burdensome, but for a stock that has entered a recovery phase in earnings, the forward view is closer to the actual picture.
- Over five years, revenue moved within a range of about ₩575 billion to ₩615 billion with little variation (down 6.6% year over year), and operating profit recovered with +8.2% growth again in 2025.
- Only net profit turned to a loss in 2025 because of a one-off impairment, a non-recurring factor different in character from the operating flow.
- Then in Q1 2026 (cumulative), revenue was ₩136.9 billion (+0.1% year over year), operating profit ₩10.3 billion (+189% year over year), and net profit ₩22.4 billion, confirming a return to profit.
- Operating profit jumping nearly threefold is the combined result of focusing on core-business profitability by cleaning up the non-core cosmetics division and of a product mix centered on functional ingredients, a signal that this year's profit is climbing to a level entirely different from last year's loss.
- That the forward P/E comes out low versus peers is precisely because it is measured against this recovered profit, a level well explained by a structure supported by core-business focus and ingredient competitiveness.
- Entering 2026, disclosures refining the business structure followed one after another.
- On April 30 the board resolved a business transfer handing the cosmetics division to an affiliate, and on the same day disclosed a decision to dispose of the stake in the cosmetics subsidiary, making clear its intent to shift its center of gravity to the core health-functional-food ODM business.
- On May 12, Q1 results on a consolidated basis were disclosed, confirming the surge in operating profit and the return to net profit in numbers.
- Earlier, the February 20 business report disclosed 2025 revenue of ₩574.9 billion, operating profit of ₩26.6 billion, and net profit of -₩22.7 billion, along with the point that the loss stemmed from a one-off impairment.
- On April 15, a change of CEO was also disclosed, confirming a flow in which a management change accompanied the focus on the core business.
- The strong points are clear.
- The 2025 loss came not from operating weakness but from a one-off impairment; operating profit stayed positive; and in Q1 2026 operating profit grew roughly threefold year over year while net profit returned to the black.
- The restructuring that focuses on the core health-functional-food ODM business by cleaning up the non-core cosmetics division is intertwined with this profit improvement, and a P/B of 0.66x, low relative to recovered profit and net assets, reads as an undervaluation signal.
- There are also points to watch carefully.
- Revenue itself is not growing much in a range, so the profit improvement partly leans on the restructuring effect rather than core-business growth; whether the increased margin continues into the next quarter is a point to watch.
- The debt ratio of 184% is not excessive, but with an interest coverage ratio of 2.7x the cushion is not very large.
- In sum, this is a stock whose appeal, a price low relative to assets and profit, comes alive the more the core-business focus and earnings normalization keep being confirmed in quarterly results, and where one must re-set expectations on the pace of recovery if the extent of revenue growth and the durability of margins come out weak.
🔎 Valuation vs peers Inconclusive
A peer set of listed companies whose business grain touches health-functional-food and cosmetics ODM/manufacturing and beauty consumer goods; however, because Kolmar BNH had a net loss last year, a P/E comparison is not possible, so its position is viewed mainly through P/B and business structure.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Cosmax NBT | 0.00x | 3.70x | -34.00% |
| Clio | 14.87x | 0.83x | 5.58% |
| Caregen | 157.94x | 14.94x | 9.46% |
Because Kolmar BNH had a net loss last year, no P/E is available, so it must be compared with the same health-functional-food and beauty consumer-goods peer set on P/B and business structure. Its P/B of 0.75x is similar to cosmetics-ODM peer Clio (0.77x) and much lower than the loss-making Cosmax NBT (3.09x) or the high-ROE, high-multiple Caregen (17.67x), a discount zone relative to net assets. However, this is both grounds for 'cheap' and, at the same time, the result of 'slowing growth and a history of losses' being reflected. Last year's trailing numbers distort operating capability because of the impairment loss, and this year, with the cosmetics cleanup and earnings normalization, it only becomes meaningful when viewed on a forward basis. Until it is confirmed whether core-business growth reattaches and whether recurring profit, stripped of the one-off effects mixed into the Q1 return to profit, is sustained, it is appropriate to withhold judgment rather than conclude one way or the other.
Price history Close · MA20 · MA60
The latest close is ₩8,300 and the market capitalization is ₩244.1 billion. The price sits below its 20-day moving average (₩8,503) and below its 60-day moving average (₩10,255). 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 40.0, a neutral level. The one-month change is -13.4%, the three-month change is -23.7%, and the position relative to the 52-week high is -53.1%. Relative strength versus the KOSDAQ is 48 (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 48% of all stocks. Over the past three months it outpaced the index by 1.7%. 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 +1.72% / 6M -21.99% / 12M -45.04%
Key metrics vs sector median
Valuation
A net loss makes the P/E an unreliable valuation gauge. The P/B of 0.69x is below the sector median (1.37x).
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 11.6%, initial growth 4.0%→terminal 2.0%, 10-yr forecast, free-cash-flow basis. A reference range that shifts materially with assumptions.
Profitability & financials
Return on equity (ROE) is -6.4%, below the sector average (3.0%). The operating margin is 4.6%. The debt ratio is 183.7%, so the financial structure is moderate.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $384.1M | $408.0M | $381.0M | -6.62% ↓ slower |
| Operating profit | $20.1M | $16.3M | $17.7M | +8.21% ↑ faster |
| Net profit | $13.1M | $12.0M | -$15.0M | -225.58% ↓ slower |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $393.1M | $381.7M | $384.1M | $408.0M | $381.0M |
| Operating profit | $60.7M | $40.5M | $20.1M | $16.3M | $17.7M |
| Net profit | $46.3M | $26.9M | $13.1M | $12.0M | -$15.0M |
| Revenue CAGR | 4-yr avg -0.78% | ||||
Revenue fell 6.6% year over year (2023 ₩579.6 billion → 2024 ₩615.6 billion → 2025 ₩574.9 billion), and the three-year trend is 'mixed'. The rate of decline widened from the prior year. Operating profit rose 8.2% year over year. Profit is growing at an accelerating pace. Over the 5 years on record, revenue compound annual growth (CAGR) is -0.8%. The two-year revenue CAGR is -0.4%. In the most recent quarter (Q1 2026), revenue was 0.1% 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.
Points to watch
- The most recent full year was a loss, so it is worth checking whether profitability recovers.
- Revenue fell 6.6% year over year (3-year trend: mixed).
Recent news & events searched · sourced
- 2026-04-30FilingDecision to transfer the subsidiary's cosmetics business division. Handing the cosmetics division's assets, liabilities, and entire operation to an affiliate, disclosed as a decision to reorganize the business portfolio around health-functional-food ODM.Near term, the underperforming cosmetics division drops out of the consolidation and disposal-related gains or losses are recognized. Medium term, whether profitability and resource allocation improve through the health-functional-food focus is the key question. Source
- 2026-04-30FilingDecision to dispose of shares and equity securities of another company. Disposing of the stake in the cosmetics subsidiary to secure funds, part of cleaning up the cosmetics business.Cash rises with the disposal proceeds coming in and non-core assets are cleaned up. One-off disposal gains or losses may be recognized in the period's results, so they need to be viewed separately from recurring profit. Source
- 2026-05-12EarningsFair disclosure of preliminary (provisional) operating results on a consolidated basis. Q1 2026 revenue ₩136.9 billion, operating profit ₩10.3 billion (a sharp year-over-year increase), and net profit ₩22.4 billion confirmed a return to profit.The first quarter in which the reorganization and earnings normalization showed up in numbers. However, one-off disposal-related effects are mixed in, so the sustainability of the trend needs confirmation in the next quarter. Source
- 2026-04-15FilingDisclosure of a change of CEO. Following the change at end-March, another management change accompanies the business-reorganization phase.As the party driving the restructuring and earnings normalization has changed, the consistency of future capital allocation and business direction is a point to watch. Source
- 2026-02-20EarningsDisclosure of a change in revenue or profit structure. Full-year 2025 revenue ₩574.9 billion, operating profit ₩26.6 billion, net profit -₩22.7 billion, so a net loss despite an operating profit was flagged first.A starting point for gauging that the cause of the net loss was a one-off impairment rather than operating weakness. Details can be confirmed later in the quarterly report. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| Business identity (health-functional-food ODM, HemoHIM) | base sector approx. | ODM | Confirmed | link |
| Full-year 2025 results (operating profit with a net loss) | revenue ₩574.9 billion, operating profit ₩26.6 billion, net profit -₩22.7 billion | revenue ₩574.9 billion, operating profit ₩26.6 billion, net profit -₩22.7 billion | Confirmed | link |
| 2026 cosmetics cleanup (business transfer and stake disposal) | base 4/30 | DART | Confirmed | link |
| Cause of the 2025 net loss (one-off impairment) | operating profit +₩26.6 billion, net profit -₩22.7 billion | — | Unverified | link |
Recent filings
- 2026-06-05OwnershipOwnership-change filing
- 2026-06-01Large-business-group status disclosure
- 2026-05-21OwnershipOfficers'/major-shareholders' holdings report
- 2026-05-14PeriodicQuarterly report
- 2026-05-12Disclosure
- 2026-05-12EarningsFair-disclosure notice
- 2026-05-11OwnershipOwnership-change filing
- 2026-04-30Amended filing
- 2026-04-30Amended filing
- 2026-04-20OwnershipOwnership-change filing
- 2026-04-15Disclosure
- 2026-03-31Disclosure
📖 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.