PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q3–2026Q2) · Dividend yield is based on ₩160 per share · Prices as of the 2026-10-02 close
Foodwell has extended four straight years of revenue growth and operating margin improvement centered on syrup, dumpling, and health-functional-food OEM production, and will address a treasury share plan at its September extraordinary shareholders' meeting.
2025 consolidated revenue reached KRW 320.3bn with operating profit of KRW 18.4bn and owners' net income of KRW 10.0bn, expanding across all lines
2Q2026 revenue of KRW 94.2bn and operating profit of KRW 8.9bn marked the highest quarterly figures among the most recent five quarters
The 2025 acquisition of local-restaurant HMR brand Blue Street expanded the company's home-meal-replacement portfolio
An extraordinary shareholders' meeting on September 22, 2026 will vote on articles amendment and a treasury share holding/disposal plan
Heavy OEM reliance on large clients such as Dongwon F&B, Binggrae, Namyang Dairy, and Lotte Chilsung Beverage creates customer concentration risk
Foodwell was established in 1968 in Daegu as an agricultural produce storage business and listed on KOSDAQ in 1993, subsequently expanding its business scope through multiple acquisitions to become a processed-food manufacturer.
Its main product lines consist of jam/syrup, dumplings, health foods and health-functional foods, and frozen products/purees, with recent revenue mix estimated at roughly 23% jam/syrup, 21% dumplings, 20% health and health-functional foods, and 10% other products.
The syrup and beverage lines are mainly produced through primary raw-material processing and OEM arrangements with large corporations, while chestnut products are purchased domestically, processed, and exported mainly to Japan.
Major clients include large Korean food companies such as Dongwon F&B, Binggrae, Namyang Dairy, and Lotte Chilsung Beverage, with OEM (original equipment manufacturing) supply accounting for a substantial share of sales.
Its overseas subsidiary, Qingdao Foodwell Food Co., Ltd., was established in China in 2003 to produce and sell syrup and frozen dumpling products locally, while subsidiary Pureon Co., Ltd. acquired Neopurple's frozen dumpling business in 2010 to produce frozen dumplings and kimmari products.
In 2025, the company acquired Blue Street to develop local-restaurant-style home meal replacement (HMR) products, diversifying its product portfolio.
Optimizing the production network between headquarters and domestic/overseas subsidiaries, strengthening quality management systems, and developing products aligned with expanded use of natural ingredients have been presented as core recent business strategies.
Competitively, the company positions itself as an OEM/ODM partner to large food companies, building market standing on cost competitiveness and quality certifications such as HACCP and FSSC 22000.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩89.8B | ₩7.6B | 8.4% |
| 2025Q3 | ₩81.7B | ₩5.7B | 6.9% |
| 2025Q4 | ₩79B | ₩1.7B | 2.2% |
| 2026Q1 | ₩85.1B | ₩5.8B | 6.9% |
| 2026Q2 | ₩94.2B | ₩8.9B | 9.4% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩183.9B | ₩6.1B | ₩1.4B | 3.3% | 1.7% | 102.8% |
| 2023 | ₩228.5B | ₩8.3B | ₩6.3B | 3.6% | 6.9% | 103.8% |
| 2024 | ₩273B | ₩13.9B | ₩7.3B | 5.1% | 7.3% | 97.4% |
| 2025 | ₩320.3B | ₩18.4B | ₩10B | 5.7% | 9.8% | 104.9% |
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
Foodwell's consolidated revenue rose for four consecutive years, from KRW 183.9bn in 2022 to KRW 228.5bn in 2023, KRW 273.0bn in 2024, and KRW 320.3bn in 2025.
Operating profit expanded over the same period from KRW 6.1bn to KRW 8.3bn, KRW 13.9bn, and KRW 18.4bn, with the operating margin improving from 3.3% in 2022 to 5.7% in 2025.
Owners' net income grew sharply from KRW 1.4bn in 2022 to KRW 10.0bn in 2025, showing relatively modest improvement in 2023-2024 before a marked expansion in 2025.
On a quarterly basis, revenue of KRW 81.7bn and operating profit of KRW 5.7bn in 3Q2025 slowed sharply to revenue of KRW 79.0bn and operating profit of KRW 1.7bn in 4Q2025, suggesting seasonal factors or one-off cost impacts.
Performance then recovered and expanded through 1Q2026 (revenue KRW 85.1bn, operating profit KRW 5.8bn) and 2Q2026 (revenue KRW 94.2bn, operating profit KRW 8.9bn), with 2Q operating profit reaching the highest level among the most recent five quarters.
Summing the most recent four quarters (3Q2025-2Q2026) yields revenue of roughly KRW 340bn and operating profit of roughly KRW 22.1bn, confirming a trend that exceeds full-year 2025 results. Excluding the temporary 4Q slowdown, quarterly profit improvement has generally been sustained.
Still, the sharp margin decline in the fourth quarter suggests volatility tied to raw material prices or sales seasonality.
Korea's processed-food OEM/ODM market has grown alongside large food companies' expansion of outsourced production for efficiency, with growing demand for home meal replacement (HMR) products and health-functional foods serving as key growth axes.
The jam/syrup, dumpling, and health-functional-food segments in which Foodwell operates are sensitive to shifting consumption trends, with rising demand for well-being- and natural-ingredient-oriented products.
The processing and export business built on agricultural raw materials such as chestnuts is significantly affected by raw material price swings and harvest-driven supply conditions.
The company's own disclosures note that a high share of overseas sales going to Japan makes results sensitive to Japanese economic conditions.
Competitively, the company operates alongside numerous domestic food OEM/ODM players while pursuing overseas diversification through local production and sales in China via Qingdao Foodwell.
The broader trend of large food companies expanding outsourcing is a favorable backdrop, though rising raw material and labor costs and foreign-exchange fluctuations remain variables that can affect margins.
The 2025 acquisition of Blue Street to develop local-restaurant-style HMR products can be interpreted as a move to expand beyond the existing OEM-centered business into proprietary brands and new categories.
The improvement in both revenue and operating profit through the first half of 2026 compared with prior quarters can be viewed as a combination of new product lines and expanded existing OEM volumes.
At the extraordinary shareholders' meeting scheduled for September 22, 2026, an agenda item on articles amendment alongside approval of a treasury share holding/disposal plan will be voted on, drawing attention to potential shifts in shareholder return and capital policy direction.
According to the Korea Exchange's August corporate value-up disclosure summary, market-wide moves toward expanded shareholder returns—including treasury share buybacks/retirements and dividend increases—have been concentrated among high-dividend and low-PBR companies, an environment that could influence individual companies' capital policy discussions.
The company has not officially disclosed separate revenue guidance or capacity expansion plans, and future performance is likely to hinge on changes in existing OEM client volumes and the extent to which the Blue Street acquisition's effects materialize.
Raw material (chestnut, fruit and vegetable) prices and foreign-exchange movements could continue to serve as variables for margin trends in the second half.
Foodwell's shares appear to trade at a level below net asset value, which contrasts with owners' equity that has increased every year since 2022. It is also notable that the marked expansion in earnings over the most recent four quarters has enlarged the earnings base underlying price-to-earnings calculations.
The company has maintained annual cash dividends, and readers should refer to the on-screen indicator for the specific dividend level. The market capitalization also places the stock among smaller KOSDAQ-listed names, meaning trading liquidity may be relatively limited.
As the treasury share holding/disposal plan is set to be addressed at the extraordinary shareholders' meeting, the direction of future capital policy could serve as an additional variable in interpreting valuation-related indicators.
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
Revenue and operating profit increased every year from 2022 through 2025, with the operating margin improving from 3.3% to 5.7%. This improvement continued into the first half of 2026 with quarter-over-quarter gains in both revenue and operating profit.
The trend appears to reflect a combination of expanded OEM volumes and increased sales across diverse product categories.
The 2025 acquisition of Blue Street to develop local-restaurant-style HMR products represents an attempt to diversify beyond the existing OEM-centered structure into proprietary brands and new categories, reflecting a portfolio expansion strategy responsive to shifting consumption trends.
An agenda item to approve a treasury share holding/disposal plan will be addressed at the September 2026 extraordinary shareholders' meeting, raising the possibility of changes in capital policy direction.
A broader trend of expanded shareholder returns among low-PBR, high-dividend KOSDAQ companies could inform this discussion.
4Q2025 operating profit fell sharply to KRW 1.7bn from KRW 5.7bn in 3Q2025. This illustrates margin volatility tied to raw material prices or seasonal factors, warranting attention to whether a similar pattern recurs in future fourth quarters.
The company's revenue structure relies heavily on OEM sales to a limited number of large clients such as Dongwon F&B, Binggrae, Namyang Dairy, and Lotte Chilsung Beverage. Changes in these clients' ordering policies or shifts toward in-house production could directly affect revenue.
A high share of chestnut product exports to Japan exposes the company to Japanese economic conditions and currency fluctuations, while the performance of its Chinese subsidiary Qingdao Foodwell is likewise affected by local economic conditions and exchange rates. As a small-cap stock, trading liquidity may also be relatively limited.
Given the business's reliance on agricultural raw materials such as chestnuts and fruits/vegetables, harvest conditions and raw material price fluctuations directly affect costs. The sharp margin contraction in 4Q2025 can be interpreted as an example of this volatility.
A substantial portion of revenue derives from OEM supply to a small number of large food companies, creating high sensitivity to changes in specific clients' orders. Proprietary brand expansion is underway but its revenue contribution remains to be validated.
The chestnut export business, heavily weighted toward Japan, and the operations of the Chinese local subsidiary are exposed to the respective countries' economic conditions and currency fluctuations. The company itself has noted sensitivity to Japanese economic conditions in its business report.
Check whether the extraordinary shareholders' meeting approves the articles amendment and treasury share holding/disposal plan, and review its specifics (volume, purpose).
Follow-up disclosures should be checked to confirm whether the approved treasury share disposal plan translates into actual filings and to identify the specific purpose, such as retirement or sale.
The 3Q2026 provisional earnings disclosure will be a point to check whether the 2Q profit improvement trend continues and whether the seasonal fourth-quarter slowdown pattern recurs.
Additional disclosures or news regarding the launch of local-restaurant-style HMR products following the Blue Street acquisition and their revenue contribution should be monitored.
Foodwell has steadily expanded revenue and operating profit from 2022 through 2025, centered on syrup, dumpling, and health-functional-food OEM production, with the improvement trend continuing into the first half of 2026.
However, the sharp margin contraction in 4Q2025 illustrates that performance volatility tied to raw material prices or seasonal factors remains present.
The 2025 acquisition of Blue Street to enter the HMR business can be read as an attempt to reduce reliance on the existing OEM-centered structure, with its future revenue contribution serving as a key point to watch.
The treasury share holding/disposal plan to be addressed at the September 22, 2026 extraordinary shareholders' meeting is an event that could indicate the direction of future capital policy.
Client concentration among large corporations and FX exposure tied to Japanese exports and the Chinese subsidiary remain risk factors requiring ongoing management. Investors may want to examine both the upcoming third-quarter results and the specific details of the treasury share policy going forward.
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.