Dalba Global makes and sells its own cosmetics brand 'dalba,' with most of its revenue (about 98.7% as of Q3 2025) coming from cosmetics, of which the mist serum is the largest at about 45%; rather than running its own factories, it concentrates on product planning, brand, and marketing as a brand company, which underpins its high margins. In 2025 overseas revenue reached ₩326.1 billion, 62.7% of the total and above half for the first time, and in June 2026 it signed a ₩20.0 billion treasury-share trust contract, managing its capital toward full retirement, while also paying a dividend of ₩2,629 per share. What stands out lately is the strength of a 39.8% ROE with high capital efficiency, simultaneous growth across Japan, the US, and Europe, and Q1 results already exceeding its own targets of ₩700 billion revenue and a 21% operating margin; on the other hand, high dependence on specific products and overseas channels means growth could slow quickly if K-beauty demand, exchange rates, or tariffs wobble, and the stock has already risen a lot, +63% over the past three months.
At-a-glance assessment financial health · growth · profitability · valuation
- Debt ratio, current ratio and interest burden all look healthy.
- Revenue rose 68.2% year over year, and the pace is quickening (3-year trend: rising).
- Most recent quarter (Q1 2026) revenue was 50.5% higher than a year earlier.
- ROE is 39.8% (controlling-interest basis). It is above the sector average.
- Operating margin is 19.5%.
- The forward P/E sits above the sector median, reflecting elevated expectations.
Ownership & governance As of 2025-12-31
Largest shareholder Ban Seong-yeon 18.32% (individual)
Controlling bloc incl. related parties 21.51%
With the controlling bloc holding 22%, control is maintained but the free float is relatively large.
🔎 In-depth analysis
- Dalba Global makes and sells its own cosmetics brand 'dalba.' Most of its revenue (about 98.7% as of Q3 2025) comes from cosmetics, and within that the mist serum sprayed on the face is the largest at about 45%, followed by sun care (UV protection, about 24%), creams (about 9%), and mask packs (about 6%).
- In smaller amounts it also sells inner beauty (ingestible beauty products), home-beauty devices, and food and beverage (F&B), broadening its product lineup.
- The core is overseas, not domestic.
- In 2025 overseas revenue reached ₩326.1 billion, 62.7% of the total and above half for the first time, and it is simultaneously expanding online and offline stores across Japan, the US (North America), Europe, and ASEAN.
- Being a brand company that concentrates on product planning, brand, and marketing rather than a manufacturer running its own factories underpins its cost structure and high margins.
- The latest close is ₩199,900 and the market cap is ₩2.5 trillion.
- The price sits below both the 20-day line (₩216,100) and the 60-day line (₩214,310).
- Trading below both the short- and mid-term moving averages, the trend is on the soft side.
- The RSI (a supporting indicator that weighs upward versus downward strength over the past 14 days on a 0-100 scale) is 43.6, a neutral level.
- The one-month change is -1.0%, the three-month change is +23.5%, and the position relative to the 52-week high is -23.1%.
- Relative strength versus the KOSPI is 46 (1-99, computed from returns against 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 54% of all stocks by strength.
- Over the past three months it lagged the index by 3.2%.
- Chart readings are best viewed alongside trading volume and disclosure dates.
- In 2025 it posted revenue of ₩519.8 billion, operating profit of ₩101.1 billion, and net profit of ₩79.0 billion.
- The ROE (how much is earned in a year on equity) is very high at 39.8%, and the operating margin (share of operating profit left from revenue) of 19.5% shows the profitability befitting a brand company.
- The debt ratio (debt to equity) is 128.6%, but with a comfortable current ratio (cash-like assets against debt due within a year) of 4.5x the balance sheet is stable.
- One point to note is that net-profit growth appears to be +413% year over year; this is because an accounting valuation loss of about ₩33.0 billion on the redeemable convertible preferred shares (RCPS) issued before listing depressed 2024 net profit (₩15.5 billion).
- Since this loss is a one-off, non-cash item that disappears after listing, the apparent surge in net-profit growth is closer to an optical illusion, and the ₩79.0 billion in 2025 is closer to the true earnings strength.
- Accordingly, the last-year P/E ratio (how many times a year's earnings the share price is) of 31.53x looks high, but it fits the business substance better to look at this year's earnings outlook than at this figure.
- Over three years, revenue rose 50-68% each year, from ₩200.8 billion in 2023 to ₩309.1 billion in 2024 to ₩519.7 billion in 2025, and operating profit grew alongside from ₩32.4 billion to ₩59.8 billion to ₩101.1 billion.
- The growth engine is overseas.
- In 2025 Europe revenue jumped +302% year over year and Japan +201%, and in Q1 2026 revenue of ₩171.2 billion (+50.5% year over year) and operating profit of ₩45.1 billion (+50.0%) came with an operating margin of 26.3%, actually improving.
- The Q1 export share rose to 68.7%, and with North America growing about 210% year over year, expansion into Western markets is in earnest.
- The company officially set targets of ₩700 billion in company-wide revenue this year (about +35% on last year) and a 21% operating margin, and with Q1 results already exceeding that margin target, the growth trajectory is solid.
- Extending this year's earnings along this path, net profit is estimated to grow substantially from last year's ₩79.0 billion, so that on this year's earnings the valuation comes down noticeably from last year's P/E of 38x.
- The center of the June 2026 disclosures is shareholder returns.
- The company signed a ₩20.0 billion treasury-share trust contract and is managing its capital toward retiring the shares in full, with the termination of the existing trust contract, treasury-share disposal and re-acquisition decisions, and result reports following in early to mid-June.
- Treasury-share buyback and retirement reduces the shares outstanding and enlarges the shareholder's portion.
- Alongside this, a notice of an investor day (IR) held on June 10 was disclosed, creating an occasion for the company to explain its overseas growth and results to the market directly.
- It also pays a dividend (₩2,629 per share, dividend yield about 1.1%), so for a high-growth company its shareholder-return intent is fairly clear.
- The strengths are clear: a 39.8% ROE with high capital efficiency, overseas revenue above 60% with simultaneous growth in Japan, the US, and Europe, and Q1 results already exceeding the company's own targets of ₩700 billion revenue and a 21% operating margin.
- Last year's P/E of 38x looks burdensome at first glance, but it is a number mixed with an optical illusion, since a one-off valuation loss before listing depressed 2024 earnings; reflecting this year's earnings outlook, the valuation comes down considerably.
- There are two cautions.
- First, high dependence on specific products such as the mist and sun care and on specific overseas channels means growth could slow quickly if K-beauty demand or local exchange rates, tariffs, or distribution conditions wobble.
- Second, with the stock already up +63% over the past three months, it is in a phase where good news is largely priced in, so if the growth pace falls short of expectations, the valuation burden could resurface.
- In short, it is a stock that is strong when overseas expansion and margins continue their current trend, and weak when growth visibly slows or channels wobble.
🔎 Valuation vs peers Fairly valued
Compared against K-beauty companies with their own brands and large cosmetics makers. Sillicon2 and VT are high-growth K-beauty, Amorepacific is a large brand company, and Cosmax is an ODM (original design manufacturer), each with a different business structure.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Silicon2 | 13.83x | 5.10x | 36.85% |
| VT Cosmetics | 6.81x | 1.71x | 25.14% |
| Amorepacific | 30.85x | 1.33x | 4.33% |
| Cosmax | 16.00x | 3.53x | 22.05% |
(a) Position versus peers: last year's P/E of 38x and P/B of 15x are higher than high-growth K-beauty names such as Sillicon2 (P/E 14) and VT (P/E 7), and also higher than Amorepacific (P/E 28). That said, Dalba Global's ROE (39.8%) and growth rate (revenue +68%) are the highest of these. (b) Basis for the premium: its own-brand model without in-house factories gives it high margins, and its growth comes from overseas rather than the domestic market, so part of the premium is justified in terms of growth durability. (c) Limits of last year's P/E: because 2024 net profit was depressed by a redeemable convertible preferred-share valuation loss of about ₩33.0 billion before listing, the last-year earnings multiple looks inflated versus reality. Reflecting this year's earnings from the company's official revenue and margin targets and Q1 results, the earnings multiple comes down to the mid-20x range, so factoring in growth and profitability together, the current valuation is judged to be in a fair range, neither excessively expensive nor cheap enough to call undervalued.
Earnings outlook company-stated · verified
| Type | Period | Revenue | Operating profit | Net profit |
|---|---|---|---|---|
| This year | 2026 | approx. 7,000 | approx. 1,470 | approx. 1,180 |
Price history Close · MA20 · MA60
The latest close is ₩199,900 and the market capitalization is ₩2.5 trillion. The price sits below its 20-day moving average (₩216,100) and below its 60-day moving average (₩214,310). 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 43.6, a neutral level. The one-month change is -1.0%, the three-month change is +23.5%, and the position relative to the 52-week high is -23.1%. Relative strength versus the KOSPI is 46 (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 46% of all stocks. Over the past three months it lagged the index by 3.2%. 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 -3.25% / 6M -12.45% / 12M -53.97%
Key metrics vs sector median
Valuation
The P/E of 31.53x is above the sector median (14.79x). The P/B of 12.55x 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 10.0%→terminal 2.0%, 10-yr forecast, free-cash-flow basis, forward earnings power normalized 1.488x. A reference range that shifts materially with assumptions.
Profitability & financials
Return on equity (ROE) is 39.8%, above the sector average (4.0%). The operating margin is 19.5%. The debt ratio is 128.6%, so the financial structure is moderate.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $133.1M | $204.8M | $344.5M | +68.17% ↑ faster |
| Operating profit | $21.5M | $39.7M | $67.3M | +69.55% ↓ slower |
| Net profit | $9.0M | $10.2M | $52.4M | +413.04% ↑ faster |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | — | — | $133.1M | $204.8M | $344.5M |
| Operating profit | — | — | $21.5M | $39.7M | $67.3M |
| Net profit | — | — | $9.0M | $10.2M | $52.4M |
| Revenue CAGR | 2-yr avg 60.88% | ||||
Revenue rose 68.2% year over year (2023 ₩200.8 billion → 2024 ₩309.1 billion → 2025 ₩519.7 billion), and the three-year trend is 'rising'. The pace of growth also quickened from the prior year. Operating profit rose 69.5% year over year. The pace of that profit growth is gradually easing. Over the 3 years on record, revenue compound annual growth (CAGR) is 60.9%. The two-year revenue CAGR is 60.9%. In the most recent quarter (Q1 2026), revenue was 50.5% higher than the same period a year earlier.
Latest quarterly results Q1 2026 · vs year-ago
Technical indicators
What stands out
- ROE of 39.8% points to solid profitability.
- Revenue grew 68.2% 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
- 2026-06-10UpdateReport on the results of a treasury-share disposal and the termination of a treasury-share acquisition trust contract. Part of a shareholder-return program centered on acquiring ₩20.0 billion of treasury shares and retiring them in full.A driver of per-share value from the reduction in shares outstanding. Confirms a high-growth company's shareholder-return intent. Source
- 2026-06-10IRNotice of an investor day (IR) held. Creating an occasion to explain overseas growth and results to the market directly.Improves visibility on overseas results. Strengthens the company's official communication. Source
- 2026-06-04FilingKey management report (treasury-share disposal decision) and decision to terminate an acquisition trust contract. Reorganizing the treasury-share buyback-and-retirement structure.Capital-policy reorganization. The treasury-share program continues on the premise of retirement. Source
- 2026-06-05UpdateExecutives and major shareholders' specific-securities holding report. Disclosure of changes in major shareholders' stakes.For reference on insider stake changes. Material for checking overhang and supply-demand. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| 2025 revenue | 5,197 (base fundamentals) | approx. 5,198 | Confirmed | link |
| Q1 2026 revenue and operating profit | revenue 1,712, operating profit 451(base quarter) | revenue 1,712(+50.5% YoY), operating profit 451(+50.0% YoY), operating margin 26.3% | Confirmed | link |
| 2026 revenue and earnings outlook | revenue 7,000·operating margin 21%, net profit approx. 1,180(self-estimate) | — | Unverified | link |
Recent filings
- 2026-06-10TreasuryTreasury-stock disposal decision
- 2026-06-10Disclosure
- 2026-06-10Disclosure
- 2026-06-05TreasuryMaterial-fact report (amended)
- 2026-06-05TreasuryMaterial-fact report (amended)
- 2026-06-05TreasuryMaterial-fact report (amended)
- 2026-06-05OwnershipOfficers'/major-shareholders' holdings report
- 2026-06-05TreasuryMaterial-fact report (amended)
- 2026-06-04TreasuryMaterial-fact report
- 2026-06-04TreasuryMaterial-fact report
- 2026-06-04Amended filing
- 2026-06-02Shareholders' 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.