PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q3–2026Q2) · Dividend yield is based on ₩75 per share · Prices as of the 2026-10-02 close
TP's operating profit and net income attributable to owners recovered clearly in 2025, but quarterly net income has shown wide swings.
In 2025, consolidated revenue fell 3.3% year over year while operating profit rose 26.7% and net income attributable to owners jumped 72.5%.
After a recent-period peak of roughly KRW 25.5 billion in operating profit in Q3 2025, net income plunged to about KRW 0.49 billion in Q4 2025, and a similar gap between operating profit and net income recurred in Q2 2026.
TP extended its dividend increases for the fiscal 2025 results, marking a third consecutive year of dividend growth.
The core business is apparel OEM/ODM export manufacturing, alongside four additional segments: down feather processing, rice flour processing, bedding, and real estate leasing.
The debt-to-equity ratio declined steadily from 258.2% in 2022 to 169.1% in 2025, pointing to a gradual improvement in the balance sheet.
TP, formerly known as Taepyung Vantage, was founded in 1972 and listed on the KOSPI in 1994, changing to its current name in 2024 to mark its 52nd anniversary.
The company operates five business segments centered on apparel manufacturing and sales, alongside down (feather) processing, rice flour processing, bedding manufacturing, and real estate leasing.
The apparel business follows an OEM/ODM structure, taking orders from major global buyers such as Target and producing and exporting through overseas subsidiary factories.
Through its design and technology research institute, TP develops original designs and new materials while diversifying its product lineup and expanding its customer base.
TP started as an apparel manufacturer in 1972, achieved Korea's first domestic feather-processing success in 1984, and after its first overseas expansion in 1990 built 19 production bases across five countries.
Its affiliates include TP Living, which runs the down-brand Sopraum, along with four other group companies such as TP Square. Beyond apparel, the company's other segments—down processing, rice flour processing, bedding, and real estate leasing—help reduce reliance on any single business line.
In terms of competitive positioning, order volumes from major global buyers have increasingly concentrated among larger, more efficient vendors across the industry.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩258.1B | ₩11.4B | 4.4% |
| 2025Q3 | ₩303.4B | ₩25.5B | 8.4% |
| 2025Q4 | ₩210.2B | ₩9.9B | 4.7% |
| 2026Q1 | ₩248.9B | ₩14.7B | 5.9% |
| 2026Q2 | ₩274.4B | ₩14B | 5.1% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩1.1T | ₩68.4B | ₩25.1B | 6.3% | 12.5% | 258.2% |
| 2023 | ₩920.2B | ₩40.6B | ₩6B | 4.4% | 2.9% | 230.6% |
| 2024 | ₩1.1T | ₩48.9B | ₩22.2B | 4.6% | 9.2% | 211.0% |
| 2025 | ₩1T | ₩62B | ₩38.2B | 6.0% | 13.4% | 169.1% |
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
Consolidated revenue in 2025 came to roughly KRW 1,029.0 billion (KRW 1,028,988,630,596), down 3.3% from about KRW 1,064.2 billion (KRW 1,064,151,435,568) a year earlier.
Operating profit, however, rose 26.7% to about KRW 62.0 billion (KRW 62,006,155,691) from roughly KRW 48.9 billion (KRW 48,931,866,971), and net income attributable to owners jumped 72.5% to about KRW 38.2 billion (KRW 38,225,791,971) from roughly KRW 22.2 billion (KRW 22,158,776,290).
As a result, the operating margin improved from 4.6% in 2024 to 6.0% in 2025.
There was a prior period of contraction from 2022, when revenue was about KRW 1,084.6 billion and owner net income about KRW 25.1 billion, to 2023, when revenue fell to roughly KRW 920.2 billion and net income to about KRW 6.0 billion; results in 2024–2025 moved away from that trough.
On a quarterly basis, Q3 2025 revenue of about KRW 303.4 billion and operating profit of roughly KRW 25.5 billion marked the strongest quarter in the recent window, with owner net income reaching about KRW 19.1 billion.
In the following quarter, however, Q4 2025 revenue fell to about KRW 210.2 billion, operating profit shrank to roughly KRW 9.9 billion, and owner net income collapsed to about KRW 0.49 billion, a much steeper drop than operating profit.
Q1 2026 recovered to about KRW 248.9 billion in revenue, KRW 14.7 billion in operating profit, and KRW 12.5 billion in net income, but Q2 2026 posted revenue of about KRW 274.4 billion and operating profit of roughly KRW 14.0 billion while net income was only about KRW 4.2 billion, reproducing a similar gap.
The sum of owner net income over the most recent four quarters (Q3 2025–Q2 2026) is about KRW 36.2 billion, operating cash flow in 2025 improved sharply to about KRW 52.0 billion from roughly KRW 16.2 billion in 2024, and the debt-to-equity ratio declined steadily from 258.2% in 2022 to 169.1% in 2025.
Korea's apparel OEM/ODM industry tends to be relatively defensive given the essential-goods nature of clothing demand. Across the industry, larger-scale operations are driving improvements in automated production efficiency.
The down (feather) segment has seen steady demand growth alongside economic development, with outdoor and casual brand growth supporting stable export and domestic sales of down products.
The use of ASEAN production bases such as Vietnam and Indonesia has already become standard practice in the industry, and shifts in the won-dollar exchange rate and in tariff or trade policies in host countries remain key variables affecting results.
A broader industry trend is the concentration of order volumes from global buyers toward larger, more efficient vendors. Because up-to-date public data comparing revenue scale or margins across competitors is limited, quantitative comparisons of relative positioning should be treated with caution.
In February 2026, TP's board resolved to raise the fiscal 2025 dividend from the prior year, according to a public disclosure. A company representative stated that TP would continue to pursue "a stable and predictable policy of enhancing shareholder value" going forward.
The dividend increase was attributed to improved profitability, as consolidated operating profit and net income both rose sharply in 2025 versus the prior year. No separate official announcement of major new capacity expansion or production build-out has been confirmed to date.
A key point to watch will be whether the quarterly net-income volatility seen recently recurs when Q3 2026 results are released. Given the company's export-oriented structure, the won-dollar exchange rate trend and any trade-policy shifts in its key production-base countries remain variables to monitor.
The current share price trades at a discount to net asset value, with the price-to-book ratio below 1x. Reflecting the sharp recovery in 2025 net income versus the prior year, the price-to-earnings multiple sits toward the lower end of its recent multi-year range.
The dividend has continued expanding for a third straight fiscal year since 2023, a trend that has modestly supported dividend-related metrics.
That said, as a small-cap stock with a limited market capitalization, trading liquidity can be constrained, and given the wide swings in quarterly net income, views on earnings durability may differ depending on perspective.
These metrics should be understood as fluid figures that can shift depending on future quarterly results and the continuation of dividend policy.
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 improved to 6.0% in 2025 from 4.6% a year earlier, and owner net income rose 72.5% year over year. The debt-to-equity ratio has declined steadily from 258.2% in 2022 to 169.1% in 2025. Operating cash flow also expanded sharply to about KRW 52.0 billion in 2025 from roughly KRW 16.2 billion in 2024.
TP extended dividend increases for a third consecutive year in the fiscal 2025 results, and the company has stated it intends to continue efforts to enhance shareholder value, including further dividend growth. If this policy stance is maintained, shareholder-return metrics have room to improve gradually.
Beyond apparel, TP operates several other segments—down processing, rice flour processing, bedding, and real estate leasing—reducing reliance on any single business line. It runs 19 production bases across five countries to diversify regional risk, and its group affiliates include TP Living among five companies.
In both Q4 2025 and Q2 2026, owner net income shrank much more sharply than operating profit, reducing earnings predictability. The specific drivers behind this volatility have not been detailed in confirmed disclosures.
Consolidated revenue fell 3.3% year over year in 2025 and remains below the roughly KRW 1,084.6 billion level recorded in 2022. An earnings structure that relies mainly on margin improvement without top-line growth warrants continued observation from a sustainability standpoint.
The small market capitalization limits brokerage coverage, and up-to-date segment-level revenue breakdowns are not fully disclosed. Structurally, lower trading liquidity can also translate into greater share-price volatility.
Given a business structure heavily weighted toward overseas production and export sales, fluctuations in the won-dollar exchange rate can directly affect revenue and margins. Recent quarterly earnings volatility may also be partly related to currency factors.
The company depends heavily on a small number of major global buyers such as Target, meaning that reduced orders or changed terms from any single buyer could have an outsized impact on results.
Changes in US tariff or trade policy affecting major production-base countries such as Vietnam and Indonesia are a variable that could influence cost structure and export competitiveness. Such policy shifts are an external factor beyond the company's direct control.
Q3 2026 (July–September) results are expected to be disclosed around this time. Watch whether the seasonal strength seen in Q3 2025 recurs and whether the gap between operating profit and net income reappears.
A period to monitor any changes in US tariff or trade policy affecting production-base countries such as Vietnam and Indonesia, along with the won-dollar exchange rate trend.
Alongside the Q4 and full-year 2026 results disclosure, check whether the board continues its pattern of dividend increases seen in prior years.
The point at which the fiscal 2026 financial statements are finalized and the dividend payout proposal is approved.
TP continued its earnings recovery in 2025, with operating profit and net income attributable to owners rising sharply even as consolidated revenue declined slightly. The operating margin improved into the 6% range, and the debt-to-equity ratio fell each year, pointing to a gradually stabilizing balance sheet.
However, the pattern of owner net income shrinking much more than operating profit recurred in Q4 2025 and Q2 2026, so quarter-to-quarter earnings volatility remains significant.
The business is diversified around apparel OEM/ODM manufacturing alongside down processing, rice flour processing, bedding, and real estate leasing, supplying global buyers such as Target through overseas production bases in Vietnam and Indonesia.
Dividends have expanded for a third consecutive year, reflecting a strengthening shareholder-return policy. Going forward, considerations should include stalled revenue growth, quarterly earnings volatility, and the liquidity constraints typical of a small-cap stock. This report is for informational purposes only and does not constitute a buy or sell recommendation.
Report written 2026-09-05 · Data as of 2026-09-04
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