Manyo Factory is a brand company that plans and sells skincare cosmetics built around natural and fermented ingredients, running sister brands such as Our Vegan and No Mercy around its signature Pure Cleansing Oil, and it ships to more than 60 countries with Japan as its core export market, so a substantial share of revenue comes from overseas. It has repeatedly signed treasury-share acquisition trust contracts to keep buying back its own stock, and on May 8 preliminary Q1 results confirmed a sharp profit rebound, on May 15 the quarterly report backed up the regional revenue structure, and in late April there was a disclosure on a change in its KOSDAQ segment. The key point of late is that near-zero debt and ample cash support the downside and that Q1 profit rebounded in a step-change after a weak 2025, whereas the profit rebound came from margin recovery rather than a renewed revenue climb, and heavy reliance on Japan means results can be shaken by shifts in local channels and exchange rates, so the expansion into top-line growth needs to be confirmed quarter by quarter.
At-a-glance assessment financial health · growth · profitability · valuation
- Debt ratio, current ratio and interest burden all look healthy.
- Revenue fell 11.7% year over year (3-year trend: mixed).
- Most recent quarter (Q1 2026) revenue was 0.2% higher than a year earlier.
- ROE is 7.4% (total-net basis). It is above the sector average.
- Operating margin is 9.2%.
- The P/E sits above the sector median, reflecting elevated expectations.
Ownership & governance As of 2025-12-31
Largest shareholder K-Beauty Holdings 51.85% (corporate)
Controlling bloc incl. related parties 51.88%
With the controlling bloc holding 52%, control is very secure but the free float is thin.
🔎 In-depth analysis
- Manyo Factory is a brand company that plans and sells skincare cosmetics built around natural and fermented ingredients.
- Around Pure Cleansing Oil, the signature product that made its name, it has a skincare lineup of essences, ampoules, and the like, and it also runs sister brands such as Our Vegan, Vanilla Boutique, and No Mercy.
- Alongside domestic sales it treats Japan as a core export market and ships to more than 60 countries, with a substantial share of revenue coming from overseas.
- In other words, it is not a chemicals company churning out raw materials from plant equipment, but a consumer-brand business that earns money by selling cosmetics on the strength of brand recognition and product quality.
- The latest close is ₩16,130 and market capitalization is ₩264.4 billion.
- The price sits above its 20-day line (₩14,782) and above its 60-day line (₩14,916).
- Being above both the short- and mid-term moving averages, the trend is on the favorable side.
- The RSI (a supplementary gauge that scores upward versus downward momentum over the past 14 days on a 0-100 scale) is 55.6, a neutral level.
- The one-month change is +16.3%, the three-month change is +33.1%, and the position versus the 52-week high is -16.7%.
- Relative strength versus the KOSDAQ is 87 (on a 1-99 scale, converted from returns against the index over the past year with more recent periods weighted more heavily; higher means stronger than the market).
- That places it in roughly the top 12% of all stocks by strength.
- Over the past three months it outpaced the index by 77.5%.
- It is best to read the chart together with trading volume and disclosure dates.
- Financial strength is a major asset of this company.
- The debt-to-equity ratio (debt versus equity) is 108%, but most of the debt is in items with a light repayment obligation, and assets convertible to cash within a year reach 17x its short-term debt, making it in effect a nearly debt-free, cash-rich company.
- ROE (how much is earned in a year on shareholders' equity) is 7.4% and the operating margin is 9.2%, both solid.
- Valuation should be read through two separate lenses.
- The trailing P/E (the price multiple on last year's confirmed profit) is 28.97x, which looks higher than the peer set (VT 6.5x, Clio 12.6x, Cosmax 13.7x), but that is because the 2025 profit in the denominator was a floor value that temporarily fell nearly by half.
- In other words, the multiple looks high not because the stock is expensive but because last year's profit was temporarily small, and measured against this year's profit it actually sits at a spot with no great burden versus peers.
- The top line grew from ₩105.0 billion in 2023 to ₩127.9 billion in 2024, then slipped -11.7% to ₩113.0 billion in 2025, and profit swung more sharply, with operating profit falling from ₩18.6 billion in 2024 to ₩10.5 billion (-44%) in 2025 and net profit from ₩16.4 billion to ₩9.1 billion (-44%).
- 2025 was thus a distinctly weak year.
- Yet in Q1 2026 the trend clearly turned.
- Revenue was on par with the prior year, yet operating profit jumped to ₩6.05 billion (+326% year on year) and net profit to ₩6.10 billion (+119.5%), a fast enough recovery that Q1 net profit alone equals about two-thirds of the full prior year's net profit.
- Profit multiplying while revenue stayed roughly flat means the company has passed through a stretch of a heavy cost structure and margins have returned to a normal track, and as long as clean-beauty demand and overseas channels such as Japan hold up, this margin recovery grounds the case for this year's profit.
- The P/E on this year's expected profit coming down to the 13x range is precisely a result of reflecting this recovery, a figure that reflects a profit inflection confirmed by quarterly results rather than simply extending last year's floor profit.
- Recent disclosures split into two strands: shareholder returns and the profit rebound.
- The company has kept buying back its own shares, newly signing a treasury-share acquisition trust contract and repeatedly canceling and re-signing it, a signal that it intends to return earned cash to shareholders and a move to defend per-share value by reducing shares outstanding.
- On May 8, the preliminary Q1 results disclosure confirmed a sharp profit rebound, and on May 15 the quarterly report backed it up with detailed financials and a regional revenue structure.
- In late April there was a disclosure on a change in its KOSDAQ segment.
- That said, since possible changes in the largest shareholder and governance have been raised in the market, it is best to confirm these separately against official, finalized disclosures.
- The strengths are clear.
- Near-zero-debt, cash-rich financial strength supports the downside, and after a weak 2025, Q1 2026 profit jumped in a step-change, with the signal that profitability returned to a normal track confirmed in actual results.
- On top of that, share buybacks show a will toward shareholder returns.
- Points to weigh alongside: because the profit rebound came from margin recovery rather than a renewed revenue climb, whether it leads on to top-line growth needs to be confirmed quarter by quarter, and with heavy reliance on Japan as its core market, results can be shaken by shifts in local channels and exchange rates.
- In sum, it is a stock that is strong in a stretch where the profit recovery is confirmed by quarterly results and the valuation on this year's profit is attractive versus peers, and weak when the margin recovery fails to broaden into revenue growth or the Japan channel wobbles.
🔎 Valuation vs peers Inconclusive
A cosmetics brand and ODM peer set, selected on the basis of the share of brand business and the export structure.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Cosmax | 16.00x | 3.53x | 22.05% |
| VT Cosmetics | 6.81x | 1.71x | 25.14% |
| Clio | 14.87x | 0.83x | 5.58% |
On its face, a trailing P/E of 26x is clearly higher than the peer set (VT 7x, Clio 13.8x, Cosmax 15.3x). But the 2025 profit in the denominator is a floor value that fell nearly by half from the prior year, so it is hard to call the stock expensive on last year's confirmed (trailing) profit. Reflecting the sharp Q1 2026 profit rebound, the multiple on this year's expected (forward) profit comes down to a level comparable with the peer set. In other words, being at a profit inflection, the trailing P/E is highly limited, and re-measured on recovered profit the premium narrows. That said, with revenue stagnation and earnings volatility still present, rather than concluding it is undervalued it is more appropriate to hold judgment while confirming the durability of the recovery.
Price history Close · MA20 · MA60
The latest close is ₩16,130 and the market capitalization is ₩264.4 billion. The price sits above its 20-day moving average (₩14,782) and above its 60-day moving average (₩14,916). 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 55.6, a neutral level. The one-month change is +16.3%, the three-month change is +33.1%, and the position relative to the 52-week high is -16.7%. Relative strength versus the KOSDAQ is 87 (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 88% of all stocks. Over the past three months it outpaced the index by 77.5%. 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 +77.55% / 6M +32.02% / 12M -14.77%
Key metrics vs sector median
Valuation
The P/E of 28.97x is above the sector median (14.79x). The P/B of 2.16x is above the sector median (0.97x). 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 9.8%, initial growth 4.0%→terminal 2.0%, 10-yr forecast, free-cash-flow basis. A reference range that shifts materially with assumptions.
Profitability & financials
Return on equity (ROE) is 7.4%, above the sector average (4.0%). The operating margin is 9.2%. The debt ratio is 108.2%, so the financial structure is moderate.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $69.6M | $84.8M | $74.9M | -11.65% ↓ slower |
| Operating profit | $10.5M | $12.3M | $6.9M | -43.66% ↓ slower |
| Net profit | $7.7M | $10.8M | $6.0M | -44.24% ↓ slower |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | — | — | $69.6M | $84.8M | $74.9M |
| Operating profit | — | — | $10.5M | $12.3M | $6.9M |
| Net profit | — | — | $7.7M | $10.8M | $6.0M |
| Revenue CAGR | 2-yr avg 3.75% | ||||
Revenue fell 11.7% year over year (2023 ₩105.0 billion → 2024 ₩127.9 billion → 2025 ₩113.0 billion), and the three-year trend is 'mixed'. The rate of decline widened from the prior year. Operating profit fell 43.7% year over year. The decline widened. Over the 3 years on record, revenue compound annual growth (CAGR) is 3.8%. The two-year revenue CAGR is 3.8%. In the most recent quarter (Q1 2026), revenue was 0.2% higher than the same period a year earlier.
Latest quarterly results Q1 2026 · vs year-ago
Technical indicators
What stands out
- The balance sheet is stable in terms of debt and liquidity.
Points to watch
- Revenue fell 11.7% year over year (3-year trend: mixed).
- The price is high versus peers, so expectations already appear priced in.
Recent news & events searched · sourced
- 2026-05-08EarningsQ1 2026 preliminary consolidated results disclosure - revenue at roughly ₩26.9 billion, on par with the prior year, but operating profit around ₩6.05 billion (+326% year on year) and net profit around ₩6.10 billion (+119.5%), with profit rebounding sharply.A near-term positive as profitability recovers to a normal track after a weak 2025. An inflection point that sharply lowers the valuation burden on a forward (this-year profit) basis. Source
- 2026-06-02FilingDecision to sign a treasury-share acquisition trust contract - continuing buybacks by signing a new contract after terminating the prior trust contract.A shareholder-return signal of intent to return earned cash to shareholders. Positive for defending per-share value through a reduction in shares outstanding. Source
- 2026-05-15FilingQ1 2026 quarterly report filed - a formal periodic report containing the detailed financials of the preliminary results and the regional revenue structure.A periodic disclosure that backs up the credibility of the preliminary results. A primary source for checking the share of overseas revenue such as Japan. Source
- 2026-04-30FilingDisclosure of a change in KOSDAQ segment (under the jurisdiction of the KOSDAQ Market Division of the Korea Exchange).A change in listing classification, more of an administrative and classification matter than a direct earnings effect. Needs separate confirmation together with the possibility of governance change. Source
Figure cross-check computed ↔ external
Recent filings
- 2026-06-02TreasuryMaterial-fact report
- 2026-06-02Disclosure
- 2026-06-02TreasuryMaterial-fact report
- 2026-05-15PeriodicQuarterly report
- 2026-05-08EarningsFair-disclosure notice
- 2026-04-30Disclosure
- 2026-03-31Shareholders' meeting notice
- 2026-03-25TreasuryMaterial-fact report
- 2026-03-23PeriodicAnnual business report
- 2026-03-23Audit report
- 2026-03-16Shareholders' meeting notice
- 2026-03-13Shareholders' 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.