Pumtech Korea makes and sells cosmetic containers and components such as pumps, tubes, compacts, droppers and sticks, earning money by supplying finished containers to cosmetics brands. In 2025 it posted revenue of ₩372.0 billion and operating profit of ₩56.5 billion, with revenue up 10.2% year on year, and in the first quarter of 2026 net profit rose 21.1% year on year, continuing the improvement in net profit. What stands out lately is that while indie cosmetics brands proliferate and K-beauty exports stay strong, its position as the domestic container leader and an operating margin in the 15% range gain traction; the caution is that if the cosmetics-export cycle or brands' order flow slows, demand for these components can wobble along with it.
At-a-glance assessment financial health · growth · profitability · valuation
- Debt ratio, current ratio and interest burden all look healthy.
- Revenue rose 10.2% year over year, and the pace is slowing (3-year trend: rising).
- Most recent quarter (Q1 2026) revenue was 0.0% higher than a year earlier.
- ROE is 11.7% (controlling-interest basis). It is above the sector average.
- Operating margin is 15.2%.
- The P/E sits above the sector median, reflecting elevated expectations.
Ownership & governance As of 2025-12-31
Largest shareholder Lee Do-hoon 32.03% (individual)
Controlling bloc incl. related parties 60.02%
With the controlling bloc holding 60%, control is very secure but the free float is thin.
🔎 In-depth analysis
- Pumtech Korea makes cosmetic containers and their components and supplies them to cosmetics brands.
- Its mainstay products are pumps that dispense creams and essences, tubes, compacts for foundation, droppers that dispense liquid in drops, and stick-type items such as sun sticks.
- It was the first in Korea to develop pump-tube containers, and it has broadened its range with airless compacts that incorporate a pump engine, holding the No.
- 1 share in domestic cosmetic-container manufacturing.
- In other words, it is a components-and-materials business that sells the 'vessels and devices' that hold cosmetics, not cosmetics themselves.
- Once a container is adopted by a cosmetics brand it is hard to switch, so revenue continues through repeat orders.
- The current price is ₩46,700, above both its 20-day line (₩38,088) and its 60-day line (₩39,225).
- It rose 39.4% over the past month, a steep short-term gain.
- That said, the three-month return is 9.2% and the six-month return is -14.9%, a pattern of being pressed down through spring and recently retracing.
- It is still 36% below its 52-week high, so there is room to the prior peak.
- The RSI (an indicator scoring the strength of recent up- and down-moves on a 0-100 scale) is 67.7, close to just short of overheated territory.
- Having risen a lot in a short span, short-term volatility has increased.
- On valuation, the P/E (how many times one year's earnings the price represents) is 16.8x.
- The P/B (how many times equity the price represents) is 2.0x.
- Profitability is solid: ROE (how much is earned in a year on equity) is 11.7%.
- The operating margin is 15.2%, on the high side within the container-components industry.
- The balance sheet is stable.
- The debt ratio (debt to equity) is a low 34%, and interest coverage (how many times operating profit covers interest) is an ample 38x.
- The current ratio is also 265%, giving sufficient short-term liquidity.
- Reflecting debt, the picture is cleaner still: net debt (total borrowings less cash) is only about ₩5.5 billion, effectively close to debt-free.
- EV/EBIT (enterprise value divided by operating profit, a debt-adjusted P/E equivalent) is 8.6x, lower than the P/E.
- The FCF yield (the ratio of cash actually earned to market cap) is around 2.4%.
- Growth is steady.
- Revenue grew at a 13.8% annual average over five years.
- 2025 revenue was ₩372.0 billion, up 10.2% year on year, and operating profit was ₩56.5 billion, up 16.8%.
- Net profit rose 5.3% to ₩34.4 billion.
- In the first quarter of 2026, revenue was ₩91.8 billion, similar to the prior year, but net profit rose 21.1% year on year to ₩12.7 billion, a notable earnings improvement.
- Behind this is strong K-beauty exports.
- As indie cosmetics brands multiply, the pump division's revenue to indie brands supplying them with containers grew each year, from ₩122.5 billion in 2023 to ₩146.1 billion in 2024 and ₩167.9 billion in 2025.
- Reflecting this demand trend, 2026 net profit is expected at around ₩42.0 billion, up from last year.
- In that case the earnings multiple on the current market cap is about 13.8x, below the 16.8x seen on last year's results.
- Recent disclosures center on results and IR.
- On May 8 it announced preliminary operating results via fair disclosure, and on May 15 it filed its quarterly report, confirming first-quarter results.
- On the same day it held an investor briefing (IR) to communicate with investors.
- In March it wrapped up 2025 annual results through its business report and regular shareholders' meeting.
- In April and June there were reports of changes in major shareholders' stakes (large-holding status).
- No separate large-order or capacity-expansion disclosures are notable in the recent stretch; regular results and governance-related disclosures predominate.
- Pumtech Korea has the character of a leading beneficiary of K-beauty components.
- Its strengths are threefold.
- First, it holds the No.
- 1 domestic cosmetic-container share, and once adopted by a brand it is not easily switched, so revenue repeats.
- Second, its balance sheet is stable, with an operating margin in the 15% range and effectively no debt.
- Third, structural demand from the spread of indie brands and rising cosmetics exports underpins it.
- The valuation is not burdensome either.
- On last year's results the P/E is 16.8x, but reflecting this year's earnings growth the multiple falls to the low-to-mid 13x range, cheaper than comparable K-beauty supply-chain companies.
- On the other side, the cautions are clear.
- Because revenue is tied to cosmetics brands' orders, if the export cycle or brand sales turn down, demand for components falls with it.
- Also, the fact that first-quarter revenue was similar to the prior year shows the pace of growth may not be as steep as before.
- The fact that the stock has risen quickly over the past month, raising short-term volatility, also needs to be taken into account.
🔎 Valuation vs peers Undervalued
Compared not with brands that make cosmetics but with K-beauty supply-chain companies that supply components and finished products to cosmetics manufacturing and supply chains, using Cosmecca Korea (container and ODM character) and Cosmax and Kolmar Korea (large-scale cosmetics contract manufacturing) as the benchmark.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Cosmecca Korea | 20.10x | 3.61x | 1800.00% |
| Cosmax | 16.00x | 3.53x | 2210.00% |
| Kolmar Korea | 19.40x | 2.67x | 1370.00% |
On last year's results the P/E is 16.8x, below Cosmecca Korea (20.1x) and Kolmar Korea (19.4x) and similar to Cosmax (16.0x). The P/B is 2.0x, clearly below the three comparators (2.7-3.6x). Yet Pumtech Korea's operating margin of 15.2% is the highest in the peer group. In effect its profitability is better while its asset-value multiple is cheaper. Adding the 21% rise in first-quarter 2026 net profit, the multiple on this year's earnings falls further to about 13.8x. On last year's P/E alone it looks ordinary, but in a phase of growing earnings it reads as undervalued versus peers on this year's basis. That said, given the nature of a components business whose revenue is tied to brand orders, this picture can wobble together if the export cycle turns down, which should be kept in view.
Price history Close · MA20 · MA60
The latest close is ₩46,700 and the market capitalization is ₩579.1 billion. The price sits above its 20-day moving average (₩38,088) and above its 60-day moving average (₩39,225). 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 67.7, a neutral level. The one-month change is +39.4%, the three-month change is +9.2%, and the position relative to the 52-week high is -36.3%. Relative strength versus the KOSDAQ is 78 (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 78% of all stocks. Over the past three months it outpaced the index by 45.2%. 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 +45.19% / 6M +8.34% / 12M -20.51%
Key metrics vs sector median
Valuation
The P/E of 16.81x is above the sector median (12.90x). The P/B of 1.97x is above the sector median (0.75x).
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 9.2%, initial growth 10.0%→terminal 2.0%, 10-yr forecast, free-cash-flow basis, forward earnings power normalized 1.218x. A reference range that shifts materially with assumptions.
Profitability & financials
Return on equity (ROE) is 11.7%, above the sector average (6.0%). The operating margin is 15.2%. The debt ratio is 34.0%, so the financial structure is stable.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $188.5M | $223.7M | $246.5M | +10.22% ↓ slower |
| Operating profit | $23.4M | $32.1M | $37.5M | +16.77% ↓ slower |
| Net profit | $17.9M | $21.7M | $22.8M | +5.32% ↓ slower |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $147.2M | $156.8M | $188.5M | $223.7M | $246.5M |
| Operating profit | $17.3M | $17.6M | $23.4M | $32.1M | $37.5M |
| Net profit | $13.1M | $13.3M | $17.9M | $21.7M | $22.8M |
| Revenue CAGR | 4-yr avg 13.77% | ||||
Revenue rose 10.2% year over year (2023 ₩284.5 billion → 2024 ₩337.5 billion → 2025 ₩372.0 billion), and the three-year trend is 'rising'. That said, the pace of growth slowed from the prior year. Operating profit rose 16.8% year over year. The pace of that profit growth is gradually easing. Over the 5 years on record, revenue compound annual growth (CAGR) is 13.8%. The two-year revenue CAGR is 14.3%. In the most recent quarter (Q1 2026), revenue was 0.0% higher than the same period a year earlier.
Latest quarterly results Q1 2026 · vs year-ago
Technical indicators
What stands out
- ROE of 11.7% points to solid profitability.
- Revenue grew 10.2% year over year, a sign of growth.
- 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
- 2026-05-08EarningsAnnounced preliminary first-quarter 2026 operating results (consolidated) via fair disclosureFirst-quarter net profit rose 21% year on year, confirming earnings improvement — positive for near-term investor sentiment. Source
- 2026-05-15IRHeld an investor briefing (IR) to explain first-quarter results and the business situation to investorsThe company directly shares its business direction — a channel for medium-term communication. Source
- 2026-05-15FilingFiled the first-quarter 2026 quarterly report, confirming revenue of ₩91.8 billion and net profit of ₩12.7 billionConfirms the preliminary results — securing financial reliability. Source
- 2026-03-19FilingFiled the 2025 business report, disclosing full-year revenue of ₩372.0 billion and operating profit of ₩56.5 billionConfirmation of annual results reaffirms the five-year growth trend. Source
- 2026-06-08FilingReceived a report on a change in a major shareholder's large-holding statusWarrants a check of the ownership structure — a reference point on supply and demand. Source
Figure cross-check computed ↔ external
Recent filings
- 2026-06-08OwnershipOwnership-change filing
- 2026-05-15Disclosure
- 2026-05-15PeriodicQuarterly report
- 2026-05-08EarningsFair-disclosure notice
- 2026-05-06EarningsEarnings disclosure
- 2026-04-27OwnershipOwnership-change filing
- 2026-03-27Shareholders' meeting notice
- 2026-03-27OwnershipOwnership-change filing
- 2026-03-19PeriodicAnnual business report
- 2026-03-19Audit report
- 2026-03-11Amended filing
- 2026-03-10Shareholders' meeting 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.
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