Cosmax NBT (222040) 🔎 In-depth
KOSDAQ · Price as of 2026-08-06 · Updated 2026-08-09
Cosmax NBT is a health-functional-food contract manufacturer that develops and produces supplements and health foods on behalf of other brands and is paid a fee; it is an affiliate of the Cosmax group, and its core competitive edge is a global contract-manufacturing system centered on its Icheon plant in Korea, with production entities in Dallas (US) and Melbourne (Australia) and a sales office in Shanghai (China). Full-year 2025 was a loss, with revenue ₩287.5 billion, operating profit ₩4.0 billion, and net profit -₩15.0 billion, but provisional first-quarter 2026 results showed a swing to profit, with revenue ₩93.3 billion, operating profit ₩10.3 billion, and net profit ₩9.1 billion. What stands out lately is that the structure—where profit rises sharply as utilization climbs—gives it strong recovery elasticity, and this year's outlook profit (operating profit ₩111.0 billion) is not a heavy burden versus the market capitalization (₩116.5 billion); on the other hand, a debt ratio of 539.8% and a current ratio of 63.3% leave little financial room, so it is necessary to confirm whether the first-quarter improvement continues past the second quarter and whether profit connects through to debt and cash flow.
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 “Health Functional Foods” (Biotech & Pharmaceuticals · Pharmaceuticals (profitable)), a type typically read first through P/E.
Health-supplement makers earn fairly steady sales and profits on the back of brand strength and repeat purchases. That makes price-to-earnings (P/E) — the share price against earnings — 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 far exceeds equity (debt ratio 399.1%).
- Assets that can be turned to cash within a year fall short of near-term liabilities (current ratio 68.4%).
- Operating profit barely covers the interest bill (interest coverage below 1x).
- The most recent full-year net result was a loss.
- Revenue fell 9.6% year over year (3-year trend: falling).
- Most recent quarter (Q1 2026) revenue was 29.2% higher than a year earlier.
- ROE is -34.0% (controlling-interest basis). It is below the sector average.
- Operating margin is 4.3%.
- P/E is hard to compute here, so this is read on P/B.
Ownership & governance As of 2025-12-31
Largest shareholder Cosmax BTI 43.53% (corporate)
Controlling bloc incl. related parties 43.91%
With the controlling bloc holding 44%, the ownership structure is stable.
🔎 In-depth analysis Reading
Cosmax NBT is a company that develops and produces health-functional foods on a contract basis. As the health-functional-food affiliate of the Cosmax group—well known for cosmetics OEM (original equipment manufacturing)—it earns money by making supplements and health foods that other brands plan, in exchange for a fee. As the first Korean health-functional-food maker to build country-by-country production bases, it operates from its Icheon plant in Korea (2007) as the center, with local production entities in Dallas, US (2014) and Melbourne, Australia (2016), and a sales office in Shanghai, China (2013). Its core competitive edge is a global contract-manufacturing system that quickly links proposal, development, and production of products tailored to each country's food regulations and local demand. Because this is a stock with a modest market capitalization, it is worth examining, alongside the results trend, how each quarterly-results and funding-related filing affects the company's value.
The latest close is ₩9,000 and the market capitalization is ₩185.7 billion. The price sits above its 20-day moving average (₩7,758) and above its 60-day moving average (₩7,274). 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 66.2, a neutral level. The one-month change is +24.8%, the three-month change is +79.6%, and the position relative to the 52-week high is +0.0%. Relative strength versus the KOSDAQ is 92 (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 93% of all stocks. Over the past three months it outpaced the index by 157.4%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
Full-year 2025 results were a loss, with revenue ₩287.5 billion, operating profit ₩4.0 billion, and net profit -₩15.0 billion. As a result the P/E ratio (how many times a year's profit the share price is) is not calculated, and the P/B (how many times book value the share price is) is 3.05x. Reading this P/B straight as 'expensive,' however, misses one important change. In the first quarter of 2026, operating profit of ₩10.3 billion exceeded the full-year 2025 operating profit (₩4.0 billion) in a single quarter, and net profit also swung to positive at ₩9.1 billion. In other words, last year's loss and low profit are the past, and the company has now entered a phase where profit is recovering rapidly. For such profit-inflection stocks, a picture that reflects future profit is closer to the essence than an indicator computed from the past 12 months' results. Meanwhile, the debt ratio (debt relative to equity) is high at 639.8% and the current ratio (assets that can be turned into cash right away relative to debt due within a year) is low at 63.3%, so the financial structure itself is not light. It works to look together at both axes—the recovering profit trend and the debt burden.
Annual revenue was ₩333.6 billion in 2023, ₩318.0 billion in 2024, and ₩287.5 billion in 2025, a gently declining trend over the past two to three years, with operating profit pressed down along with it. Yet in the most recent quarter, the first quarter of 2026, revenue rose 29.2% year on year to ₩93.3 billion, operating profit jumped 1,080% to ₩10.3 billion, and net profit swung to positive at ₩9.1 billion. The profit increase being far larger than the revenue increase is thanks to a structure where, once a contract-manufacturing plant passes a certain utilization level, much of the additional incoming volume falls through to profit. As utilization rose, the company crossed quickly from a loss into a double-digit operating-margin range. This year's outlook figures are given as revenue ₩391.2 billion and operating profit ₩111.0 billion, a picture in which the revenue recovery and margin improvement confirmed in the first quarter continue through the year. If the first-quarter operating margin (about 11%) is assumed to hold at a similar level all year, that figure is a level readily reachable. As long as health-functional-food contract-manufacturing demand revives and the overseas bases support utilization, this recovery trend can continue.
Recent filings center on results data. The provisional first-quarter 2026 results filed on May 7, 2026—revenue ₩93.3 billion, operating profit ₩10.3 billion, net profit ₩9.1 billion—became the starting point of this recovery. Before that, the profit-structure-change data filed on March 11, 2026 (amended entry) and February 4 both confirmed the loss-making prior-year results: full-year 2025 revenue ₩287.5 billion, operating profit ₩4.0 billion, net profit -₩15.0 billion. In other words, the filing flow alone lays out the turn in direction from 'a full-year loss last year to a swing to profit in the first quarter this year.' Going forward, the most important point to confirm is whether second-quarter and later results carry through the first-quarter improvement, or whether it was a single-quarter one-off.
Cosmax NBT's strengths are clear. A company that was in the red through last year swung to profit in the first quarter of 2026 with operating profit of ₩10.3 billion and net profit of ₩9.1 billion, profit recovered quickly, and the contract-manufacturing nature means profit rises sharply as utilization climbs, giving it strong recovery elasticity. Worth noting too is that this year's outlook profit (operating profit ₩111.0 billion) is by no means expensive versus the current market capitalization (₩116.5 billion). Because of the past loss the P/E is not produced and the P/B looks high, but for a stock whose profit is normalizing, future profit is the real picture, and on that basis it looks closer to an undervaluation signal. There are cautions as well. With a debt ratio of 539.8% and a current ratio of 63.3%, the financial structure has little room, so it is necessary to confirm whether the recovered profit reduces debt and connects through to cash flow. In sum, if the profit recovery shown in the first quarter continues past the second quarter and utilization holds, it is a strong stock; conversely, if the results improvement is confined to a single quarter or the financial burden holds it back, it is a phase where it can weaken.
🔎 Valuation vs peers Overvalued
A peer set close in market capitalization within the food category.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| S&D | 7.64x | 1.80x | 25.84% |
| Maeil Holdings | 4.41x | 0.33x | 9.61% |
| Haitai Confectionery & Foods | 6.90x | 0.52x | 7.28% |
We looked first at a public-data peer set close in market capitalization within the food category. The current P/E ratio (how many times a year's profit the share price is) cannot be confirmed, and the P/B (how many times book value the share price is) is 3.05x. That said, smaller-cap stocks are heavily affected by profit swings and financing-related filings, so we did not draw firm conclusions from figures based on last year's confirmed results alone. The basis for the outlook box is a DART seasonality approximation.
Earnings outlook Estimate company-stated · verified
| Type | Period | Revenue | Operating profit | Net profit |
|---|---|---|---|---|
| This year | 2026 | ₩391.2 billion | ₩111.0 billion | — |
| Next quarter | Q2 2026 | ₩99.6 billion | ₩37.5 billion | — |
Price history Close · MA20 · MA60
The latest close is ₩9,000 and the market capitalization is ₩185.7 billion. The price sits above its 20-day moving average (₩7,758) and above its 60-day moving average (₩7,274). 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 66.2, a neutral level. The one-month change is +24.8%, the three-month change is +79.6%, and the position relative to the 52-week high is +0.0%. Relative strength versus the KOSDAQ is 92 (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 93% of all stocks. Over the past three months it outpaced the index by 157.4%. 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 +157.41% / 6M +273.66% / 12M +122.50%
Key metrics Computed vs sector median
Valuation
A net loss makes the P/E an unreliable valuation gauge. The P/B of 3.05x is above the sector median (0.56x).
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 -34.0%, below the sector average (4.0%). The operating margin is 4.3%. The debt ratio is 399.1%, so the financial structure is somewhat high.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $234.4M | $223.4M | $202.0M | -9.59% ↓ slower |
| Operating profit | $8.4M | $7.0M | $2.8M | -59.59% ↓ slower |
| Net profit | -$4.6M | -$4.0M | -$10.6M | — |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $203.3M | $230.6M | $234.4M | $223.4M | $202.0M |
| Operating profit | $4.5M | $1.6M | $8.4M | $7.0M | $2.8M |
| Net profit | -$4.5M | -$9.2M | -$4.6M | -$4.0M | -$10.6M |
| Revenue CAGR | 4-yr avg -0.16% | ||||
Revenue fell 9.6% year over year (2023 ₩333.6 billion → 2024 ₩318.0 billion → 2025 ₩287.5 billion), and the three-year trend is 'falling'. The rate of decline widened from the prior year. Operating profit fell 59.6% year over year. The decline widened. Over the 5 years on record, revenue compound annual growth (CAGR) is -0.2%. The two-year revenue CAGR is -7.2%. In the most recent quarter (Q1 2026), revenue was 29.2% higher than the same period a year earlier.
Latest quarterly results Source Q1 2026 · vs year-ago
Technical indicators Computed
What stands out
- —
Points to watch
- Debt far exceeds equity (debt ratio 399.1%).
- Assets that can be turned to cash within a year fall short of near-term liabilities (current ratio 68.4%).
- The most recent full year was a loss, so it is worth checking whether profitability recovers.
- Revenue fell 9.6% year over year (3-year trend: falling).
- The price is high versus peers, so expectations already appear priced in.
- The price is near its 52-week high, so chasing it warrants caution around volatility.
Recent news & events searched · sourced
- 2026-05-07EarningsOperating (provisional) results on a consolidated basis (fair disclosure): 2026 Q1 revenue ₩93.3 billion, operating profit ₩10.3 billion, net profit ₩9.1 billionThis is recent confirmed or provisional results data. Check whether it points in the same direction as the annual trend and whether one-off factors are involved. Source
- 2026-03-11Earnings[Amended entry] Change of 30% or more in revenue or profit structure (15% for large corporations): annual revenue ₩287.5 billion, operating profit ₩4.0 billion, net profit -₩15.0 billionThis is recent confirmed or provisional results data. Check whether it points in the same direction as the annual trend and whether one-off factors are involved. Source
- 2026-02-04EarningsChange of 30% or more in revenue or profit structure (15% for large corporations): annual revenue ₩287.5 billion, operating profit ₩4.0 billion, net profit -₩15.0 billionThis is recent confirmed or provisional results data. Check whether it points in the same direction as the annual trend and whether one-off factors are involved. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| Closing price | ₩9,000 | ₩9,000 | Confirmed | link |
| Latest quarterly results | revenue ₩93.3 billion, operating profit ₩10.3 billion | revenue ₩93.3 billion, operating profit ₩10.3 billion | Confirmed | link |
| Annual results | revenue ₩287.5 billion, operating profit ₩4.0 billion | revenue ₩287.5 billion, operating profit ₩4.0 billion | Confirmed | link |
| Results filing (original text) | 2026 1 revenue ₩93.3 billion · operating profit ₩10.3 billion · net profit ₩9.1 billion | 2026 1 revenue ₩93.3 billion · operating profit ₩10.3 billion · net profit ₩9.1 billion | Confirmed | link |
| Results filing (original text) | [amended] revenue30%: revenue ₩287.5 billion · operating profit ₩4.0 billion · net profit -₩15.0 billion | [amended] revenue30%: revenue ₩287.5 billion · operating profit ₩4.0 billion · net profit -₩15.0 billion | Confirmed | link |
| Results filing (original text) | revenue30%: revenue ₩287.5 billion · operating profit ₩4.0 billion · net profit -₩15.0 billion | revenue30%: revenue ₩287.5 billion · operating profit ₩4.0 billion · net profit -₩15.0 billion | Confirmed | link |
| Outlook box basis | DART | DART | Confirmed | link |
Recent filings Source
- 2026-05-15PeriodicQuarterly report
- 2026-05-12Disclosure
- 2026-05-11OwnershipOfficers'/major-shareholders' holdings report
- 2026-05-07EarningsFair-disclosure notice
- 2026-04-30OwnershipOfficers'/major-shareholders' holdings report
- 2026-04-30OwnershipOfficers'/major-shareholders' holdings report
- 2026-04-29OwnershipOfficers'/major-shareholders' holdings report
- 2026-04-29OwnershipOfficers'/major-shareholders' holdings report
- 2026-04-27Disclosure
- 2026-04-14OwnershipOfficers'/major-shareholders' holdings report
- 2026-04-14Litigation disclosure
- 2026-04-13Material-fact 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.