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 639.8% 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.
At-a-glance assessment financial health · growth · profitability · valuation
- Debt far exceeds equity (debt ratio 639.8%).
- Assets that can be turned to cash within a year fall short of near-term liabilities (current ratio 63.3%).
- 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 1.4%.
- 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
- 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 ₩7,930 and the market capitalization is ₩163.6 billion.
- The price sits above the 20-day line (₩6,528) and above the 60-day line (₩6,418).
- Trading above both the short- and mid-term moving averages, the trend looks favorable.
- The RSI (a supplementary indicator that measures upward versus downward force over the past 14 days on a 0-100 scale) is 68.0, a neutral level.
- The one-month change is +18.7%, the three-month change is +103.1%, and the position versus the 52-week high is -8.6%.
- Relative strength against the KOSDAQ is 96 (1-99, computed from return versus the index over the past year with more weight on recent performance; higher means stronger than the market).
- That places it in roughly the top 3% of all stocks by strength.
- Over the past three months it outpaced the index by 178.7%.
- Chart reading is best done alongside trading volume and filing dates.
- 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 3.70x.
- 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 639.8% 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 | 7.12x | 1.70x | 23.90% |
| Maeil Holdings | 4.17x | 0.31x | 7.53% |
| Haitai Confectionery & Foods | 6.85x | 0.52x | 7.55% |
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 3.70x. 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 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 ₩7,930 and the market capitalization is ₩163.6 billion. The price sits above its 20-day moving average (₩6,528) and above its 60-day moving average (₩6,418). 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 68.0, a neutral level. The one-month change is +18.7%, the three-month change is +103.1%, and the position relative to the 52-week high is -8.6%. Relative strength versus the KOSDAQ is 96 (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 97% of all stocks. Over the past three months it outpaced the index by 178.7%. 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 +178.74% / 6M +174.75% / 12M +58.62%
Key metrics vs sector median
Valuation
A net loss makes the P/E an unreliable valuation gauge. The P/B of 3.70x is above the sector median (0.51x).
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 1.4%. The debt ratio is 639.8%, so the financial structure is somewhat high.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $221.1M | $210.8M | $190.5M | -9.59% ↓ slower |
| Operating profit | $7.9M | $6.6M | $2.7M | -59.59% ↓ slower |
| Net profit | -$4.3M | -$3.8M | -$10.0M | — |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $191.8M | $217.5M | $221.1M | $210.8M | $190.5M |
| Operating profit | $4.3M | $1.5M | $7.9M | $6.6M | $2.7M |
| Net profit | -$4.2M | -$8.7M | -$4.3M | -$3.8M | -$10.0M |
| 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 Q1 2026 · vs year-ago
Technical indicators
What stands out
- —
Points to watch
- Debt far exceeds equity (debt ratio 639.8%).
- Assets that can be turned to cash within a year fall short of near-term liabilities (current ratio 63.3%).
- 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.
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 | ₩7,930 | ₩7,930 | 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) | []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 |
| 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
- 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.