PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q3–2026Q2) · Dividend yield is based on ₩105 per share · Prices as of the 2026-10-02 close
NPC has seen operating margin recover through the first half of 2026 even as revenue has declined for four straight years, while net income attributable to owners has swung sharply year to year due to non-operating items.
Annual revenue fell for four straight years, from KRW 544.6 billion in 2022 to KRW 450.3 billion in 2025.
Operating margin fell to 2.3% in 2024 before recovering to 5.2% in 2025 and to 5.7% and 6.9% in Q1 and Q2 2026, respectively.
Net income attributable to owners moved differently from operating profit, spiking to KRW 75.8 billion in 2024 before falling back to KRW 12.9 billion in 2025.
The debt ratio declined from 53.1% in 2022 to 39.1% in 2025, indicating a gradual improvement in the balance sheet.
The stock trades at a level below its per-share book value.
Founded in 1965, NPC is a plastic injection molding specialist listed in the KOSPI chemicals sector. The company sources polyethylene (PE) and polypropylene (PP) resin from domestic petrochemical firms and also recycles waste plastic to manufacture a range of plastic products.
Its core products are logistics and industrial containers and pallets, including forklift-handled cargo pallets and crates used to store and transport beverages and alcoholic drinks. Beyond that, the company's product lineup includes chairs and desks, recycling bins, sheets, reversetap, and cups.
Because plastic injection products are bulky and low in unit value, the business is centered on domestic sales rather than exports, and results are closely tied to domestic logistics volume and consumption trends.
In the pallet segment, NPC is understood to have maintained a leading industry position on the back of the largest domestic production capacity and mold inventory.
The company holds an equity-method stake in Korea Pallet Pool (KPP), a specialist pallet and container rental (pooling) operator that reportedly posted revenue of KRW 728.1 billion and operating profit of KRW 70.3 billion in 2025, a scale larger than NPC's own revenue.
As a result, NPC's annual net income is significantly affected by equity-method gains or losses from this affiliate in addition to its core plastics manufacturing business.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩112.4B | ₩9.8B | 8.7% |
| 2025Q3 | ₩115.6B | ₩7.5B | 6.5% |
| 2025Q4 | ₩122.5B | ₩2.6B | 2.1% |
| 2026Q1 | ₩110B | ₩6.2B | 5.7% |
| 2026Q2 | ₩115.2B | ₩8B | 6.9% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩544.6B | ₩23.5B | ₩28.1B | 4.3% | 8.2% | 53.1% |
| 2023 | ₩508.7B | ₩29.6B | ₩26.7B | 5.8% | 7.3% | 47.3% |
| 2024 | ₩458.3B | ₩10.5B | ₩75.8B | 2.3% | 17.3% | 31.8% |
| 2025 | ₩450.3B | ₩23.6B | ₩12.9B | 5.2% | 2.9% | 39.1% |
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
NPC's annual revenue declined for four consecutive years, from KRW 544.6 billion in 2022 to KRW 508.7 billion in 2023, KRW 458.3 billion in 2024, and KRW 450.3 billion in 2025.
Over the same period, operating profit improved from KRW 23.5 billion (4.3% margin) in 2022 to KRW 29.6 billion (5.8%) in 2023, then dropped sharply to KRW 10.5 billion (2.3%) in 2024 before recovering to KRW 23.6 billion (5.2%) in 2025.
Net income attributable to owners, however, moved in the opposite direction: it peaked at KRW 75.8 billion in 2024, the year with the lowest operating profit, then fell back to KRW 12.9 billion in 2025 even as operating profit improved.
This suggests that non-operating items outside the core business have a substantial effect on year-to-year net income. Operating cash flow also fell sharply, from KRW 69.6 billion in 2024 to KRW 23.7 billion in 2025, moving in the same direction as net income.
On a quarterly basis, the operating margin fell from 8.7% in Q2 2025 to 6.5% in Q3, then dropped sharply to 2.1% in Q4, with the net margin falling from 5.8% to 0.4% over the same span.
It then rebounded to a 5.7% operating margin and 4.2% net margin in Q1 2026, improving further to 6.9% and 5.9%, respectively, in Q2 2026, suggesting the Q4 2025 margin deterioration may have been temporary.
Still, given how sharply margins swung within a single quarter, whether this reflects a seasonal pattern or one-off costs will require confirmation in coming quarters. Net income attributable to owners summed over the most recent four quarters (Q3 2025 through Q2 2026) came to approximately KRW 15.8 billion.
The plastic injection processing industry in which NPC operates has costs directly linked to global crude oil prices and petrochemical resin (PE, PP) prices, meaning cost pressure rises when oil prices climb.
Because these products are bulky and low in unit value, high logistics costs make exports difficult, so sales are concentrated in the domestic market, and demand for pallets and containers rises and falls with domestic logistics volume and consumption.
The spread of logistics standardization and automation, along with e-commerce growth, is cited as a factor underpinning demand for plastic pallet and container rental (pooling) services.
NPC is understood to have maintained a leading position in the manufacturing segment on the strength of the largest domestic pallet production capacity and mold inventory, with competitive advantages over wooden pallets in durability and hygiene management.
That said, the domestic plastics processing industry includes numerous small and mid-sized injection molders, so price competition is a constant feature, and given the heavy weight of raw material input costs, individual companies' cost-management capability is a key variable separating margins.
The rental (pooling) business operated by affiliate Korea Pallet Pool, which reported 2025 revenue of KRW 728.1 billion and operating profit of KRW 70.3 billion, is understood to have a more stable earnings structure than manufacturing, functioning as a buffer for NPC's overall results.
NPC does not publicly disclose specific quantitative revenue or profit guidance, so future results will need to be confirmed progressively through quarterly filings. In the near term, the key point to watch is whether the operating margin recovery seen in Q1 and Q2 2026 continues into the second half of the year.
The direction of global crude oil prices and the PE/PP resin spread is a variable that needs ongoing monitoring on the cost side. Domestic logistics and consumption trends also directly affect pallet and container sales volumes, and whether related indicators improve could be key to a revenue rebound.
Changes in the performance of affiliate Korea Pallet Pool are also expected to continue affecting NPC's non-operating income. Whether the sharp margin deterioration seen in Q4 2025 repeats or was a one-off factor will be an issue to reconfirm in Q4 2026 results.
On the balance sheet side, the declining debt ratio trend continues, keeping capital stability on relatively favorable footing.
The current share price trades below the company's per-share book value, placing it at a discount relative to net assets.
However, because net income attributable to owners swung sharply between 2024 and 2025, profit-based valuation metrics can look very different depending on which year's results are used as the reference point.
The earnings multiple calculated on the most recent four quarters of results appears to sit near the lower end of the range in which the stock has historically traded.
On the dividend side, factoring in the disclosed per-share cash dividend, the dividend yield does not stand out markedly relative to peers in the sector.
Ultimately, this stock's valuation needs to be interpreted with both the durability of the core-business margin recovery and the volatility of affiliate earnings in mind.
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
The operating margin, which had fallen to 2.1% in Q4 2025, improved for two consecutive quarters to 5.7% in Q1 2026 and 6.9% in Q2 2026. The net margin recovered alongside it, from 0.4% to 4.2% and then 5.9%. Whether this trend extends into the second half is a key point to watch.
The debt ratio fell from 53.1% in 2022 to 39.1% in 2025, while equity attributable to owners grew from KRW 344.1 billion to KRW 449.4 billion over the same period. As financial leverage has eased, the company's relative capacity to absorb external shocks has increased.
Equity-method affiliate Korea Pallet Pool reportedly posted 2025 revenue of KRW 728.1 billion and operating profit of KRW 70.3 billion, a business larger in scale than NPC's own revenue.
The rental (pooling) based business model is understood to have a comparatively stable earnings structure versus manufacturing, which could act as a buffer for NPC's overall results.
Annual revenue declined every year, from KRW 544.6 billion in 2022 to KRW 450.3 billion in 2025. This can be interpreted as reflecting structural demand softness given a business model closely tied to domestic consumption and logistics activity.
In 2024, the year with the lowest operating profit, net income attributable to owners reached a four-year high of KRW 75.8 billion, yet it fell to KRW 12.9 billion in 2025 even as operating profit improved. The large influence of non-operating items reduces the predictability of results.
The Q4 2025 operating margin fell sharply to 2.1% from 6.5% in the prior quarter, with the net margin dropping to 0.4%. Whether this kind of Q4 margin deterioration recurs annually or was a one-off factor requires confirmation from additional quarterly results.
The price of polyethylene and polypropylene resin, NPC's main raw materials, is linked to global crude oil prices and petrochemical spreads, so cost pressure can rise during periods of rising oil prices. Waste plastic recycling helps offset part of the cost, but has limits in fully cushioning overall cost swings.
Plastic injection products are bulky and low in unit value, so sales are structured around the domestic market rather than exports. A slowdown in domestic consumption or logistics volume could directly affect revenue.
NPC's net income structure reflects a significant contribution from equity-method affiliates such as Korea Pallet Pool. If the affiliate's performance deteriorates or there are changes in equity-method accounting treatment, NPC's net income could be affected as well.
The Q3 report and any preliminary earnings disclosure should be checked to see whether the operating margin recovery seen through H1 2026 continued into Q3.
Global crude oil prices and the PE/PP resin spread should be monitored to check for changes in cost pressure.
Preliminary Q4 2026 results should allow a reassessment of whether the sharp margin deterioration seen in Q4 2025 is a recurring seasonal pattern or was a one-off factor.
The FY2026 annual business report and audit report should be checked for the size of annual equity-method gains or losses from affiliates such as Korea Pallet Pool, as well as the dividend decision.
NPC is a domestic plastic injection manufacturer focused on containers and pallets, and also captures earnings from the rental (pooling) business through equity-method affiliate Korea Pallet Pool.
Annual revenue declined for four straight years from 2022 through 2025, but the operating margin passed its 2024 trough of 2.3% and recovered to 5.2% in 2025 and to 5.7% and 6.9% in the first two quarters of 2026.
Net income attributable to owners, however, followed a different pattern from operating profit, spiking to KRW 75.8 billion in 2024 before falling to KRW 12.9 billion in 2025, reflecting a structure heavily influenced by items outside the core business.
The balance sheet shows a continued improving trend, with the debt ratio steadily declining. The share price trades at a discount to book value, and the earnings multiple based on the most recent four quarters sits near the lower end of the stock's historical range.
That said, three variables—raw material prices, domestic logistics and consumption conditions, and affiliate earnings—will continue to drive the direction of results, making it necessary to track upcoming quarterly disclosures to see whether the recovery trend persists.
Report written 2026-09-05 · Data as of 2026-09-04
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