APR (278470) 🔎 In-depth
KOSPI · Price as of 2026-08-06 · Updated 2026-08-09
APR sells the skincare brand 'Medicube' together with home beauty devices such as 'AGE-R,' in an overseas-centric structure where, as of Q1 2026, overseas revenue reaches 89% and the U.S. alone accounts for 41.9% of the total (₩248.5 billion). Having been third in the U.S. Amazon beauty category in 2025, it rose to first place with a 14.1% share in Q1 2026, and after confirming record quarterly results in May, it is broadening its channels into offline outlets such as Sephora in Europe and Nykaa in India. What stands out lately is that its strengths — the Amazon-beauty No. 1 spot, an 89% overseas structure, the twin pillars of cosmetics and devices, and a high 65% ROE — coexist with cautions that growth is already substantially priced in, so overseas demand slowing, share shifts in key channels, or the early costs of new market entry could increase quarterly volatility.
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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 111.3% year over year, and the pace is quickening (3-year trend: rising).
- Most recent quarter (Q1 2026) revenue was 123.0% higher than a year earlier.
- ROE is 70.5% (controlling-interest basis). It is above the sector average.
- Operating margin is 24.9%.
- A sector-metric and in-depth research verdict — see “Valuation vs peers” below for the basis.
Ownership & governance As of 2025-12-31
Largest shareholder Kim Byung-hoon 31.94% (individual)
Controlling bloc incl. related parties 34.8%
With the controlling bloc holding 35%, the ownership structure is stable.
🔎 In-depth analysis Reading
APR sells cosmetics centered on the skincare brand 'Medicube' and, alongside them, home beauty devices such as 'AGE-R.' In other words, it earns money on two pillars: cosmetics you apply and skincare devices used at home. A distinctive feature is that overseas weighs far more than domestic: as of Q1 2026, overseas revenue reaches 89%, and within that the U.S. accounts for 41.9% of the total (₩248.5 billion). In the U.S. Amazon beauty category, it went from a No. 3 brand share (7.1%) in 2025 to first place with a 14.1% share in Q1 2026, and it is broadening its channels into offline and platform channels such as Sephora in Europe (17 countries) and Nykaa in India. It is at the stage of extending brands proven online into large offline channels.
The latest close is ₩378,000 and the market capitalization is ₩14.2 trillion. The price sits above its 20-day moving average (₩358,475) and below its 60-day moving average (₩382,383). Short-term and medium-term trends are diverging, so the direction is best read separately. The RSI (a supplementary indicator that gauges the strength of gains versus losses over the past 14 days on a 0-100 scale) is 54.7, a neutral level. The one-month change is -7.8%, the three-month change is -10.4%, and the position relative to the 52-week high is -17.6%. Relative strength versus the KOSPI is 61 (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 62% of all stocks. Over the past three months it outpaced the index by 12.0%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
On valuation metrics alone, the P/E ratio (how many times one year's profit the share price is) of 48.86x and the P/B (how many times book equity) of 27.94x look quite high. But it must be read together with the fact that this P/E is on last year's (2025) confirmed earnings (trailing). APR is in an inflection phase where profits are rising sharply, so a multiple divided by last year's earnings makes the real valuation look inflated. Profitability is very strong, with a 65% ROE (how much is earned in a year on equity), a 23.9% operating margin and a 19.0% net margin. The balance sheet is stable too, with a low 73% debt-to-equity ratio, a 229% current ratio and an interest-coverage ratio of 11.8x. The dividend yield is 1.3% and the payout ratio is 65.8%, so it returns a considerable share of profit to shareholders.
Growth is fast and actually accelerating. Revenue went from ₩523.8 billion in 2023 → ₩722.8 billion in 2024 → ₩1,527.3 billion in 2025, with the annual growth rate widening from 38% to 111%. Operating profit (₩104.2 billion → ₩122.7 billion → ₩365.5 billion) and net profit (₩81.5 billion → ₩107.6 billion → ₩289.7 billion) surged in the same direction. Standalone Q1 2026 results were revenue of ₩593.4 billion (+123% YoY), operating profit of ₩152.3 billion (+174%) and net profit of ₩117.3 billion (+135%) — a record quarter — and even versus the immediately preceding quarter (net profit ₩98.8 billion) it was up +18.7%, with quarterly profit stepping up. On top of this, the company has said it will begin full-scale expansion into large U.S. offline channels and new channels such as Sephora in Europe and Nykaa in India from Q2 2026, so this year's profit has ample room to stack higher than simply multiplying the Q1 level by four. Reflecting this trajectory, the valuation on this year's earnings falls sharply from the level on last year's.
On March 31, 2026, in a corporate-value-up plan (voluntary disclosure), the company said it would grow revenue and profit through new-product R&D and entry into new markets such as Europe, the Middle East and Latin America, maintain a shareholder-return ratio of 25% or more on consolidated net profit, and combine cash dividends with treasury-share buybacks and retirement (specific target revenue and profit figures were not given). On May 7, a Q1 2026 preliminary-results disclosure confirmed record quarterly results, and on May 29 the corporate-governance report disclosed a largest-shareholder (Kim Byung-hoon and four others) stake of 34.81% and the 2025 consolidated results. On July 16, it decided on an interim dividend for the second straight year (about ₩93.6 billion), continuing its shareholder-return stance. The company has also held investor briefings (IR) several times since April, explaining results and channel-expansion plans directly to investors.
The strong conditions are clear. First place in U.S. Amazon beauty, an 89% overseas revenue structure, the twin pillars of cosmetics and devices, and a high 65% ROE interlock to drive fast profit growth, while offline channel expansion provides remaining room to grow. The P/E on last year's confirmed earnings looks high, but this is a common illusion for inflection stocks where profits are surging; on this year's earnings the valuation burden falls considerably. The cautionary condition, conversely, is that the growth itself is already reflected in expectations. A slowdown in U.S. or European consumption, share shifts in key channels such as Amazon and Sephora, and the early costs of new offline entry could increase quarterly volatility. In other words, the structure is strong if channel expansion proceeds as planned, but the high valuation comes back as a burden if overseas demand or channel standing wobbles.
🔎 Valuation vs peers Fairly valued
The peer set is built from leading domestic cosmetics-brand companies and cosmetics ODM/manufacturers whose actual business overlaps.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| AmorePacific | 34.20x | 1.47x | 4.20% |
| LG H&H | 0.00x | 0.87x | -2.06% |
| Cosmax | 18.63x | 3.92x | 26.68% |
| Clio | 14.88x | 0.82x | 7.15% |
The trailing P/E of 49.8x and P/B of 32.4x on last year's confirmed earnings are far higher than peers such as AmorePacific (26x), Cosmax (14x) and Clio (13x). But those peers are in mature, stagnant phases with single-digit or declining revenue growth and low ROEs, whereas APR is in a completely different growth stage, with revenue +111%, net profit +169% and a 65% ROE. This company is in an inflection phase where profits are surging, so the trailing P/E divided by last year's earnings makes the real valuation look inflated; on an earnings basis (forward) reflecting Q1 results and the quarter-by-quarter upward trajectory, the multiple falls sharply into the high 20s. That is a level explainable as a high-growth premium, and if growth continues as planned it is hard to call it an excessive overvaluation. Accordingly, assuming continued growth, we see it as fairly valued.
Price history Close · MA20 · MA60
The latest close is ₩378,000 and the market capitalization is ₩14.2 trillion. The price sits above its 20-day moving average (₩358,475) and below its 60-day moving average (₩382,383). Short-term and medium-term trends are diverging, so the direction is best read separately. The RSI (a supplementary indicator that gauges the strength of gains versus losses over the past 14 days on a 0-100 scale) is 54.7, a neutral level. The one-month change is -7.8%, the three-month change is -10.4%, and the position relative to the 52-week high is -17.6%. Relative strength versus the KOSPI is 61 (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 62% of all stocks. Over the past three months it outpaced the index by 12.0%. 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 +12.00% / 6M +8.45% / 12M +11.90%
Key metrics Computed vs whole-market median
Valuation
The P/E of 48.86x is above the whole-market median (12.97x). The P/B of 27.94x is above the whole-market median (0.84x). That said, this P/E is based on last year's (trailing) results. With recent quarterly earnings up sharply, the trailing P/E can look higher than it really is, so a precise read is best done on this year's expected (forward) earnings.
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 10.0%→terminal 2.0%, 10-yr forecast, free-cash-flow basis, forward earnings power normalized 1.761x. A reference range that shifts materially with assumptions.
Profitability & financials
Return on equity (ROE) is 70.5%, above the whole-market average (3.0%). The operating margin is 24.9%. The debt ratio is 88.1%, so the financial structure is stable.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $368.0M | $507.7M | $1.1B | +111.32% ↑ faster |
| Operating profit | $73.2M | $86.2M | $256.8M | +197.88% ↑ faster |
| Net profit | $57.3M | $75.6M | $203.5M | +169.22% ↑ faster |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $182.1M | $279.4M | $368.0M | $507.7M | $1.1B |
| Operating profit | $10.0M | $27.6M | $73.2M | $86.2M | $256.8M |
| Net profit | $8.0M | $21.0M | $57.3M | $75.6M | $203.5M |
| Revenue CAGR | 4-yr avg 55.81% | ||||
Revenue rose 111.3% year over year (2023 ₩523.8 billion → 2024 ₩722.8 billion → 2025 ₩1.5 trillion), and the three-year trend is 'rising'. The pace of growth also quickened from the prior year. Operating profit rose 197.9% year over year. Profit is growing at an accelerating pace. Over the 5 years on record, revenue compound annual growth (CAGR) is 55.8%. The two-year revenue CAGR is 70.8%. In the most recent quarter (Q1 2026), revenue was 123.0% higher than the same period a year earlier.
Latest quarterly results Source Q1 2026 · vs year-ago
Technical indicators Computed
What stands out
- ROE of 70.5% points to solid profitability.
- Revenue grew 111.3% 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
- 2026-07-16DividendInterim dividend decided for the second straight year (about ₩93.6 billion). Continues the shareholder-return policy of combining treasury-share buybacks and retirement with dividends since the listing.A positive factor that re-confirms shareholder-return intent over the medium term. Source
- 2026-03-31FilingCorporate-value-up plan (voluntary disclosure): expand revenue and profit through new-product R&D and entry into new markets in Europe, the Middle East and Latin America, and present a policy of maintaining a shareholder-return ratio of 25%+ on consolidated net profit while combining cash dividends with treasury-share buybacks and retirement (no specific target figures given).A factor that clarifies the growth direction and shareholder-return intent over the medium term. Source
- 2026-05-07EarningsQ1 2026 consolidated preliminary results: revenue ₩593.4 billion (+123.0% YoY), operating profit ₩152.3 billion (+173.7%), net profit ₩117.3 billion (+134.8%) — the best quarterly result since the company's founding.A strong near-term positive that confirms the surging-profit trajectory. Source
- 2026-05-29FilingCorporate-governance report: re-confirms a largest-shareholder (Kim Byung-hoon and four others) stake of 34.81% and 2025 consolidated revenue of ₩1,527.3 billion, operating profit of ₩365.5 billion and net profit of ₩289.7 billion.A factor confirming the transparency of governance and financial status over the medium term. Source
- 2026-04-27EarningsNotice of the settlement-results disclosure (guidance disclosure) and of an investor-briefing (IR), announcing the Q1 results-release and investor-communication schedule.A near-term factor that raises market interest in the results-release event. Source
Figure cross-check computed ↔ external
Recent filings Source
- 2026-06-01Disclosure
- 2026-05-29Corporate governance report
- 2026-05-15PeriodicQuarterly report
- 2026-05-15OwnershipLargest-shareholder ownership change report
- 2026-05-15OwnershipOfficers'/major-shareholders' holdings report
- 2026-05-07EarningsFair-disclosure notice
- 2026-04-27Disclosure
- 2026-04-27EarningsEarnings disclosure
- 2026-04-27Disclosure
- 2026-04-01Disclosure
- 2026-03-31Disclosure
- 2026-03-31Shareholders' 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.
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.