PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q3–2026Q2) · Dividend yield is based on ₩0 per share · Prices as of the 2026-10-02 close
HLB Global has completed its transition into a media commerce, cosmetics and food-and-beverage focused consumer goods company, with revenue growing steadily even as operating losses have persisted for four straight years.
2025 consolidated revenue reached KRW 100.29 billion, a modest increase from the prior year, while the operating loss widened to KRW 9.88 billion.
Second-quarter 2026 revenue rose year-on-year to KRW 31.16 billion, with both the operating and net losses narrowing versus the same period last year.
The revenue base rests on media commerce (car accessories, fragrance, massagers) alongside cosmetics and food-and-beverage operations (jam/syrup, kombucha).
The resources (aggregate) division was spun off into a separate entity, leaving the surviving company focused on consumer goods and life-care businesses.
A senior-focused functional food initiative through subsidiary Bara Bio is underway, though its earnings contribution remains limited so far.
HLB Global was established in 1962 and listed on the Korea Exchange in 1990, and began building out its media commerce business in earnest after absorbing TI Corporation through merger in 2023.
The current business structure spans media-commerce-based D2C distribution, cosmetics manufacturing and sales, and food-and-beverage (jam/syrup, kombucha) manufacturing and sales, with subsidiaries including Publish Co.
(color cosmetics), Modern Papas (early childhood art education), HLB Life & Health and JH Coslab (cosmetics), Fresco (jam/syrup), Koa Bio (kombucha beverages), and HLB Life Care (bio-digital healthcare).
The media commerce segment uses a D2C model where self-produced content drives traffic to its own online stores, operating brands such as the portable massager 'SpaAl,' men's fragrance 'Zomad,' automotive accessory line 'Karim,' and children's education brand 'Papa Duck.' In cosmetics, HLB Life & Health's 'Elisha Coi' brand is reported to be expanding exports, including to the Middle East.
The food-and-beverage segment centers on a B2B jam/syrup supply business to major domestic food companies and the 'I'm Real' kombucha brand, produced at one of the largest kombucha manufacturing facilities in Korea.
The former resources division, which mined and sold sand and other aggregates, was spun off via a physical division into the unlisted subsidiary HLB Resources, leaving the surviving entity reorganized around consumer goods and life-care businesses.
The company has also expanded into new areas by acquiring Bara Bio, which holds a chronic metabolic disease diagnosis and management platform, to pursue myokine-based senior functional foods.
Its industry classification was changed from 'non-metallic mineral mining' to 'general retail' in 2024, placing it in the KOSPI distribution sector.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩25.9B | -₩1.1B | −4.3% |
| 2025Q3 | ₩27.4B | -₩83,738,668 | −0.3% |
| 2025Q4 | ₩21.8B | -₩4.5B | −20.5% |
| 2026Q1 | ₩26.7B | -₩2.5B | −9.4% |
| 2026Q2 | ₩31.2B | -₩900M | −2.8% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩44.6B | -₩14.7B | -₩11.5B | −33.1% | −18.1% | 76.8% |
| 2023 | ₩79.9B | -₩12.9B | -₩22.8B | −16.2% | −46.2% | 112.0% |
| 2024 | ₩98.3B | -₩3.7B | -₩8B | −3.7% | −8.7% | 43.0% |
| 2025 | ₩100.3B | -₩9.9B | -₩7.5B | −9.9% | −10.2% | 55.4% |
Consolidated basis (financial statements including subsidiaries) · Final figures from DART filings · Net income attributable to owners of the parent · Data as of 2026-08-23
Consolidated revenue rose for four consecutive years, from KRW 44.59 billion in 2022 to KRW 79.87 billion in 2023 (+79%), KRW 98.26 billion in 2024 (+23%), and KRW 100.29 billion in 2025 (+2%), though the growth pace clearly decelerated.
Operating losses, meanwhile, narrowed from KRW -14.74 billion in 2022 to KRW -12.90 billion in 2023 and KRW -3.67 billion in 2024, before widening again to KRW -9.88 billion in 2025.
Net loss attributable to owners followed a similar arc: KRW -11.52 billion in 2022, a peak loss of KRW -22.81 billion in 2023, then gradual improvement to KRW -8.04 billion in 2024 and KRW -7.54 billion in 2025.
On a quarterly basis, the operating loss narrowed to just KRW -0.08 billion in the third quarter of 2025, approaching breakeven, before widening again to KRW -4.47 billion in the fourth quarter of 2025 as revenue fell to KRW 21.81 billion.
Notably, fourth-quarter 2025 net income attributable to owners turned positive at KRW +1.96 billion, suggesting non-operating factors provided a boost to the bottom line.
Entering 2026, first-quarter revenue reached KRW 26.67 billion with an operating loss of KRW -2.51 billion, and second-quarter revenue rose further to KRW 31.16 billion with the operating loss narrowing to KRW -0.87 billion, indicating revenue expansion alongside a shrinking operating loss.
Over the most recent four quarters (Q3 2025 through Q2 2026), the cumulative net loss attributable to owners totaled KRW -1.53 billion, showing quarter-to-quarter volatility but a moderated annualized loss level.
On the cash flow side, operating cash flow was negative in all four years from 2022 to 2025 (KRW -8.08 billion, -12.71 billion, -3.29 billion, -8.45 billion respectively), indicating that despite earnings improvement, cash generation itself has not yet reached a stable positive footing.
The debt ratio rose to 112.0% in 2023, fell to 43.0% in 2024, and edged back up to 55.4% in 2025, reflecting a capital structure that has fluctuated rather than settled.
The media commerce and D2C distribution market in which HLB Global operates is becoming increasingly competitive as content-driven sales and owned-mall strategies proliferate.
FnGuide assessed that for the nine months ended in the third quarter of 2025, consolidated revenue rose 7.2% year-on-year while the operating loss expanded 2347.1%, as the media commerce business focused on securing new demand through rapid product development and sourcing, but profitability remained limited due to one-off cost increases and intensified market competition.
This illustrates the sector's difficulty in achieving simultaneous revenue growth and profitability. In cosmetics, expansion into emerging export markets such as the Middle East appears to be progressing against a backdrop of rising overseas demand for K-beauty products.
The kombucha and fermented beverage market is growing on the back of health-oriented consumption trends, and the company combines B2B supply with its own brand sales through a large-scale domestic kombucha production facility.
The functional food market is expanding amid an aging population and rising senior healthcare demand, and the company is attempting to enter this space through its acquisition of Bara Bio.
However, the media commerce/D2C consumer goods sector has low entry barriers and features numerous small and mid-sized brands competing simultaneously, making brand strength and marketing efficiency key variables differentiating performance.
Having completed the physical spin-off of its resources division, the company has finished restructuring into a consumer goods and life-care focused business, meaning future performance will hinge on the four pillars of media commerce, cosmetics, food-and-beverage, and functional foods.
In media commerce, continued contribution from existing brands such as SpaAl, Zomad, and Karim is expected, with growth hinging on expanding the brand portfolio through new item discovery.
In cosmetics, expanding Elisha Coi's overseas exports, including to the Middle East, is cited as a variable for earnings improvement. In food-and-beverage, new kombucha product launches and a stable B2B jam/syrup supply base appear to underpin efforts to expand smaller-format B2C lines.
The new senior functional food business built on Bara Bio's myokine platform remains at an early development and commercialization stage, with the timing of any earnings contribution still uncertain.
Through the first half of 2026, revenue has continued to expand while the operating loss has narrowed, making the sustainability of this profit improvement in the second half a key point to watch.
However, seasonal revenue softness in the fourth quarter (as seen in Q4 2025) and one-off cost volatility remain sources of uncertainty for earnings forecasting.
The company has posted net losses in each of the past four years, making conventional interpretation of earnings-based valuation metrics difficult.
Looking at the relationship between share price and net asset value per share, the market-derived price-to-book ratio sits at a level carrying only a modest premium to net assets, a zone that is hard to characterize definitively as either a discount or a substantial premium.
On dividends, no cash dividend payment has been confirmed for the most recent fiscal year, which limits the usefulness of dividend yield as a comparative metric.
On the earnings side, the annual operating loss narrowed in 2024, widened again in 2025, and then moderated once more in the first half of 2026, suggesting the direction of the profit-and-loss structure has not yet firmly settled.
This earnings volatility appears to be reflected directly in the valuation multiples the market currently assigns to the stock.
PER, EPS, PBR and BPS are all calculated in-house (the same method as Naver and Toss) · Dividend yield = cash dividend per share from DART filings (supplemented by KRX) ÷ current price · As of 2026-08-23
Annual revenue grew for four consecutive years from 2022 to 2025, and this expansion continued year-on-year into the first half of 2026. A diversified consumer goods portfolio spanning media commerce, cosmetics, and food-and-beverage is broadening the revenue base. New brand discovery and efforts to expand overseas exports are cited as additional growth drivers.
The operating loss narrowed sequentially in the first and second quarters of 2026, to KRW -2.51 billion and KRW -0.87 billion respectively. In the third quarter of 2025, the operating loss shrank to just KRW -0.08 billion, coming close to breakeven.
If revenue expansion and cost structure improvement proceed together, this could provide a basis for earnings stabilization.
By spinning off the lower-margin resources (aggregate) division, the surviving entity has been reorganized around consumer goods and life-care businesses. This creates a structure that can concentrate resources on relatively higher-growth areas such as cosmetics and functional foods.
The acquisition of Bara Bio to enter the senior functional food business can also be viewed as a portfolio diversification effort.
Operating profit was negative every year from 2022 through 2025, and the loss actually widened in 2025 compared to the prior year. Despite revenue growth, the company has not yet achieved a stable transition to operating profitability.
The direction of profit-and-loss improvement has not been consistent quarter to quarter, warranting further confirmation of sustainability.
Operating cash flow was negative for four consecutive years from 2022 to 2025. This indicates that earnings improvement has not yet sufficiently translated into improved cash generation capacity. There is a possibility of continued reliance on external financing or changes to the capital structure.
FnGuide assessed that profitability in the media commerce market remained limited due to one-off cost increases and intensified competition. Given the low entry barriers characteristic of the D2C and media commerce sector, continued entry of new competitors is possible.
Failure to differentiate brands could increase marketing cost burdens and pressure the profit-and-loss structure.
The business structure has been frequently reorganized in recent years, including the spin-off of the resources division, the merger with TI Corporation, and the acquisition of Bara Bio. One-off costs or equity changes arising from these restructurings can complicate earnings interpretation. Further M&A or divestiture activity could bring additional changes to the financial structure going forward.
As seen in the fourth quarter of 2025, when seasonal revenue softness led to a renewed widening of the operating loss, the continuity of profit-and-loss improvement has not yet been proven.
If commercialization of the new senior functional food business is delayed, the anticipated additional growth driver could be pushed back. If media commerce brand popularity cycles prove short-lived, revenue volatility could increase.
The debt ratio has a history of rising as high as 112.0% in 2023, and rose again to 55.4% in 2025 from the prior year. If persistent operating losses and negative cash flow continue, the need for external financing could grow.
Depending on the method of capital raising, the possibility of dilution for existing shareholders cannot be ruled out.
The tentative period for the third-quarter 2026 preliminary earnings disclosure, when it will be important to check whether the revenue expansion and narrowing operating loss seen in the first half continued into the third quarter.
A point to check whether a seasonal revenue slowdown similar to Q4 2025 recurs, and to confirm the annual direction of operating profit or loss.
Progress on the launch and commercialization of Bara Bio's myokine-based senior functional food products should be tracked to gauge when this new business might begin contributing to earnings.
The pace of overseas export expansion for the Elisha Coi cosmetics brand, including into the Middle East, and the launch of new media commerce brands can be monitored to check progress on revenue diversification.
HLB Global has restructured from an aggregate mining business into a consumer goods company centered on media commerce, cosmetics, and food-and-beverage, with revenue growing for four consecutive years since 2022.
However, operating profit remained negative in each of those years, with the loss widening in 2025 before narrowing again in the first half of 2026, meaning the direction of the profit-and-loss trend has not yet firmly settled.
Operating cash flow has also remained negative for four straight years, indicating that earnings improvement has not yet sufficiently translated into cash-generating capacity.
With business restructuring continuing—including the spin-off of the resources division and the acquisition of Bara Bio—the timing of new business commercialization and the revenue stability of existing brands are likely to be key variables for future performance.
While expanding cosmetics exports and new media commerce brand discovery are cited as growth drivers, intensifying competition and seasonal revenue volatility remain factors that could delay profitability stabilization.
Investors will need to continue monitoring upcoming quarterly earnings releases and new business progress to assess the durability of any earnings improvement.
Report written 2026-09-05 · Data as of 2026-09-04
This content is AI analysis of market data and web search results, provided for information only. It is not a solicitation or recommendation to invest. Investment decisions and their consequences are the investor's own responsibility. Data may be delayed or contain errors.