APR sells skincare through its 'Medicube' brand alongside at-home beauty devices such as its 'AGE-R' line, and its business is heavily skewed overseas: as of Q1 2026, foreign sales made up 89% of revenue, with the United States alone accounting for 41.9% of the total (₩248.5 billion). After holding the No. 3 position in Amazon's U.S. beauty category in 2025, the brand climbed to first place with a 14.1% share in Q1 2026, and in May it posted its highest-ever quarterly results while widening its offline reach through channels such as Sephora in Europe and Nykaa in India. The strengths are clear: the No. 1 position on Amazon beauty, an 89% overseas footprint, two revenue pillars in cosmetics and devices, and strong profitability with a 65% ROE. The cautions are that much of this growth is already reflected in the price, so any slowdown in overseas demand, a shift in share on key channels, or the upfront costs of new market entries could add to quarterly volatility.
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 65.0% (controlling-interest basis). It is above the sector average.
- Operating margin is 23.9%.
- The forward P/E sits above the sector median, reflecting elevated expectations.
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
- APR builds its business around the 'Medicube' skincare brand and pairs those cosmetics with at-home beauty devices such as its 'AGE-R' line.
- In other words, it makes money on two legs: cosmetics you apply and skincare gadgets you use at home.
- What stands out is how overseas-heavy the mix is: as of Q1 2026, foreign sales made up 89% of revenue, with the United States alone accounting for 41.9% of the total (₩248.5 billion).
- In Amazon's U.S. beauty category, the brand went from a No.
- 3 share (7.1%) in 2025 to No.
- 1 with a 14.1% share in Q1 2026, and it is expanding its offline and platform reach through channels such as Sephora in Europe (17 countries) and Nykaa in India.
- This is the stage of taking a brand proven online and extending it into large offline channels.
- The latest close is ₩365,500 and the market cap is ₩13.7 trillion.
- The price sits below its 20-day line (₩386,425) and its 60-day line (₩403,725).
- Trading below both its short- and medium-term moving averages, the trend is on the soft side.
- The RSI (a gauge that weighs 14 days of gains against losses on a 0-100 scale) is 44.4, a neutral level.
- The stock is down 11.0% over one month and up 14.9% over three months, and stands 20.4% below its 52-week high.
- Relative strength versus the KOSPI is 68 (1-99, a return-versus-index measure over the past year weighted toward recent performance; higher means stronger than the market), placing it in roughly the top 31% of all stocks by strength.
- Over the past three months it lagged the index by 12.3%.
- Chart reading is best done alongside trading volume and the dates of disclosures.
- On valuation metrics alone, the P/E (how many times one year of earnings the price reflects) of 49.8x and the P/B (how many times book net assets) of 32.4x look quite high.
- But it helps to remember that this P/E is on a trailing basis, using last year's (2025) finalized earnings.
- APR is at an inflection point where profits are growing sharply, so dividing by last year's earnings inflates how expensive the valuation appears.
- Profitability is very strong, with an ROE (how much it earns on equity in a year) of 65%, an operating margin of 23.9%, and a net margin of 19.0%.
- The balance sheet is stable too: the debt ratio (debt against equity) is a low 73%, the current ratio is 229%, and interest coverage is 11.8x.
- The dividend yield is 1.3% and the payout ratio is 65.8%, so it returns a fair share of profit to shareholders.
- Growth is fast and, if anything, accelerating.
- Revenue went from ₩523.8 billion in 2023 to ₩722.8 billion in 2024 to ₩1.5273 trillion in 2025, with the annual growth rate rising from 38% to 111%.
- Operating profit (₩104.2 billion to ₩122.7 billion to ₩365.5 billion) and net profit (₩81.5 billion to ₩107.6 billion to ₩289.7 billion) surged in the same direction.
- Standalone Q1 2026 results were a record quarter, with revenue of ₩593.4 billion (up 123% year on year), operating profit of ₩152.3 billion (up 174%), and net profit of ₩117.3 billion (up 135%); this was also up 18.7% from the prior fourth quarter (net profit of ₩98.8 billion), so quarterly profit is stepping up.
- On top of that, the company has said it will begin a full push into new channels from Q2 2026, including large U.S. offline retailers, Sephora in Europe, and Nykaa in India, so this year's profit has room to build above a simple four-times of the Q1 level.
- Reflecting that trajectory, the valuation on this year's earnings comes down considerably from the trailing basis.
- In a voluntary corporate-value disclosure on March 31, 2026, the company said it would grow revenue and profit through new-product R&D and entries into new markets such as Europe, the Middle East, and Latin America, and would keep a shareholder-return ratio of at least 25% on a consolidated net-profit basis, combining cash dividends with share buybacks and cancellations (no specific revenue or profit targets were given).
- On May 7 a fair-disclosure of preliminary Q1 2026 results confirmed a record quarter, and a May 29 corporate-governance report disclosed a 34.81% stake held by the largest shareholder group (Kim Byung-hoon and four others) along with 2025 consolidated results.
- Since April the company has also held several investor briefings, explaining results and channel-expansion plans directly to investors.
- The strengths are clear.
- The No.
- 1 finish in Amazon's U.S. beauty category, an 89% overseas revenue mix, the two pillars of cosmetics and devices, and a 65% ROE all combine to drive fast-growing profit, while offline channel expansion offers remaining room to grow.
- The trailing P/E on last year's finalized earnings looks high, but that is a common optical effect for an inflection-stage company with surging profit; measured on this year's earnings, the valuation burden eases considerably.
- On the other side, the caution is that the growth itself is already reflected in expectations.
- A consumer slowdown in the U.S. or Europe, a shift in share on key channels such as Amazon or Sephora, or the upfront costs of new offline entries could raise quarterly volatility.
- In short, the setup is strong if channel expansion proceeds as planned, but the high valuation turns into a burden if overseas demand or the company's channel standing wobbles.
🔎 Valuation vs peers Fairly valued
The peer set is built from leading Korean companies whose actual business overlaps, spanning cosmetics brand owners and cosmetics ODM/manufacturers.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Amorepacific | 30.85x | 1.33x | 4.33% |
| LG H&H | 0.00x | 0.68x | -1.84% |
| Cosmax | 16.00x | 3.53x | 22.05% |
| Clio | 14.87x | 0.83x | 5.58% |
The trailing P/E of 49.8x and P/B of 32.4x on last year's finalized earnings are far above peers such as Amorepacific (26x), Cosmax (14x), and Clio (13x). But those peers are in a mature or stalling phase with single-digit or shrinking revenue growth and low ROE, whereas APR is at a completely different stage of growth, with revenue up 111%, net profit up 169%, and a 65% ROE. This company is at an inflection point where profit is surging, so the trailing P/E computed on last year's earnings inflates the apparent valuation; measured on earnings that reflect this year's Q1 results and the quarter-by-quarter upward trajectory (a forward basis), the multiple falls sharply to the high-20x range. That is a level explained by a high-growth premium, and if growth continues as planned it is hard to call it an excessive overvaluation. On the premise that growth is sustained, we therefore see it as fairly valued.
Price history Close · MA20 · MA60
The latest close is ₩365,500 and the market capitalization is ₩13.7 trillion. The price sits below its 20-day moving average (₩386,425) and below its 60-day moving average (₩403,725). 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 44.4, a neutral level. The one-month change is -11.0%, the three-month change is +14.9%, and the position relative to the 52-week high is -20.4%. Relative strength versus the KOSPI is 68 (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 69% of all stocks. Over the past three months it lagged the index by 12.3%. 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 -12.27% / 6M +4.77% / 12M +6.48%
Key metrics vs whole-market median
Valuation
The P/E of 47.24x is above the whole-market median (13.81x). The P/B of 30.69x is above the whole-market median (1.15x). 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)
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 65.0%, above the whole-market average (5.0%). The operating margin is 23.9%. The debt ratio is 73.1%, so the financial structure is stable.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $347.2M | $479.0M | $1.0B | +111.32% ↑ faster |
| Operating profit | $69.1M | $81.3M | $242.3M | +197.88% ↑ faster |
| Net profit | $54.0M | $71.3M | $192.0M | +169.22% ↑ faster |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $171.8M | $263.6M | $347.2M | $479.0M | $1.0B |
| Operating profit | $9.5M | $26.0M | $69.1M | $81.3M | $242.3M |
| Net profit | $7.6M | $19.9M | $54.0M | $71.3M | $192.0M |
| 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 Q1 2026 · vs year-ago
Technical indicators
What stands out
- ROE of 65.0% 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
- 2026-03-31FilingCorporate-value enhancement plan (voluntary disclosure): grow revenue and profit through new-product R&D and entries into new markets such as Europe, the Middle East, and Latin America; keep a shareholder-return ratio of at least 25% on a consolidated net-profit basis, combining cash dividends with buybacks and cancellations (no specific targets given).A factor that clarifies the direction of growth and the commitment to shareholder returns over the medium term. Source
- 2026-05-07EarningsQ1 2026 preliminary consolidated results: revenue of ₩593.4 billion (up 123.0% year on year), operating profit of ₩152.3 billion (up 173.7%), and net profit of ₩117.3 billion (up 134.8%) — the best quarter since the company's founding.A strong positive over the short term, confirming the surging-profit trajectory. Source
- 2026-05-29FilingCorporate-governance report: largest-shareholder group (Kim Byung-hoon and four others) holds 34.81%; 2025 consolidated revenue of ₩1.5273 trillion, operating profit of ₩365.5 billion, and net profit of ₩289.7 billion reconfirmed.A factor confirming transparency in governance and financial standing over the medium term. Source
- 2026-04-27EarningsNotice of an earnings-release schedule and an investor briefing, announcing the timing of the Q1 results release and investor communication.A factor that raises market attention around the earnings-release event over the short term. Source
Figure cross-check computed ↔ external
Recent filings
- 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.