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
After revenue, operating profit and net income all turned negative in 2025, the company swung back to a loss in the second quarter of 2026 following a brief first-quarter profit, underscoring continued earnings volatility.
2025 consolidated revenue of KRW73.7 billion fell again, with an operating loss of KRW4.4 billion and an owner net loss of KRW7.7 billion, marking a second straight year of declining sales and a swing to losses
Q1 2026 posted a surprise net profit of KRW0.2 billion, but Q2 reverted to an operating loss of KRW1.1 billion and a net loss of KRW1.1 billion despite revenue of KRW18.9 billion
Over the trailing four quarters (Q3 2025-Q2 2026), cumulative owner net income was a loss of KRW9.0 billion, indicating a persistent loss trend
Korea's cosmetics exports continue structural growth, but the benefits are concentrated among large ODM firms and brands with overseas channels, while Coreana remains reliant on domestic offline distribution
The founder family, led by CEO Yoo Hak-su, continued small on-market share purchases in September 2026, maintaining a combined stake of 16.08%
Coreana Cosmetics, founded in 1988 and listed on KOSDAQ, manufactures and sells a full line of skincare, color cosmetics, hair care and body care products domestically and internationally.
Its flagship brand Lavida won the Korea Consumer Forum's 'Brand of the Year' award in the anti-aging cosmetics category for the 14th consecutive year in 2026, maintaining brand recognition.
The company also operates a multi-brand portfolio including Ample:N, Senite, Jain and Fermented Mung Bean, with a relatively heavy reliance on cost-intensive domestic offline channels such as department stores and door-to-door sales.
Its subsidiary Coreana Bio, established in 2014, handles brand distribution as well as total ODM/OEM solutions. As of the end of 2025, the company had 167 employees, keeping its scale at that of a small-to-mid-sized firm.
The largest shareholder is CEO Yoo Hak-su, eldest son of founder Chairman Yoo Sang-ok, with the founding family and related parties holding shares in a family-governance structure.
While large domestic cosmetics ODM/OEM players such as Kolmar Korea and Cosmax have grown their businesses past KRW2 trillion in revenue, Coreana has maintained a brand-centric model and remains relatively small in scale. Detailed figures on export mix or regional revenue breakdown are not separately disclosed.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩20.5B | -₩500M | −2.5% |
| 2025Q3 | ₩16.8B | -₩1.6B | −9.3% |
| 2025Q4 | ₩17.3B | -₩1.4B | −8.1% |
| 2026Q1 | ₩18.6B | -₩500M | −2.5% |
| 2026Q2 | ₩18.9B | -₩1.1B | −5.6% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩80.4B | ₩900M | ₩1.5B | 1.1% | 1.8% | 27.5% |
| 2023 | ₩86B | ₩900M | ₩1.8B | 1.1% | 2.1% | 31.1% |
| 2024 | ₩82.5B | ₩400M | ₩800M | 0.5% | 0.9% | 24.9% |
| 2025 | ₩73.7B | -₩4.4B | -₩7.7B | −6.0% | −9.2% | 18.2% |
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 from KRW80.4 billion in 2022 to KRW86.0 billion in 2023, before slowing to KRW82.5 billion in 2024 and KRW73.7 billion in 2025, marking a second consecutive annual decline.
Operating profit, which had stayed in a modest range of KRW0.4-0.9 billion between 2022 and 2024, swung to an operating loss of KRW4.4 billion in 2025, pushing the operating margin down to negative 6.0%.
Owner net income likewise moved from profits of KRW1.5 billion in 2022, KRW1.8 billion in 2023 and KRW0.8 billion in 2024 to a net loss of KRW7.7 billion in 2025. On a quarterly basis, losses were concentrated in Q3 2025 (-KRW2.6 billion) and Q4 2025 (-KRW5.4 billion), widening the annual deficit.
In Q1 2026, revenue was KRW18.6 billion with an operating loss of KRW0.5 billion, yet net income turned positive at KRW0.2 billion, reflecting a cost-cutting-driven improvement that narrowed the operating loss and flipped net income to a profit.
However, in Q2 2026 revenue edged up to KRW18.9 billion while the operating loss widened again to KRW1.1 billion and net income reverted to a loss of KRW1.1 billion.
As a result, cumulative owner net income over the trailing four quarters (Q3 2025-Q2 2026) was a loss of KRW9.0 billion, showing a persistent deficit trend amid significant quarter-to-quarter volatility.
Operating cash flow also turned to an outflow of KRW1.6 billion in 2025, compared with an inflow of KRW1.0 billion in 2024, indicating that both earnings and cash generation deteriorated together.
The debt ratio declined from 31.1% in 2023 to 18.2% in 2025, suggesting financial leverage remained managed even as the top line contracted.
Korean cosmetics exports are seen as entering a structural growth phase in 2026, with cumulative exports through August up 27% year-on-year. In particular, exports to the United States grew 41.5% year-on-year in the first half of 2026, lifting Korea's share of the US cosmetics import market to 20.7%.
However, this growth has tended to concentrate among a small number of brands and the Olive Young-led distribution channel; in August, K-beauty brands curated by Olive Young entered more than 500 Sephora stores in the US, illustrating how shelf-space access is concentrated with specific distribution partners.
In the ODM industry, large players such as Kolmar Korea and Cosmax have surpassed KRW2 trillion in revenue while also growing operating profit at double-digit rates, highlighting a clear bifurcation within the sector.
Shinhan Financial Group's industry insight on the second-half 2026 cosmetics outlook noted that K-beauty penetration in the US market stands at roughly 8%, leaving room for further growth.
By contrast, Coreana remains reliant on domestic door-to-door and department store channels, and industry analysts note that the benefits of overseas export expansion have been relatively limited for the company.
Across 105 domestic cosmetics OEM/ODM firms tracked last year, aggregate revenue grew 18.3% with many companies turning profitable, but Coreana diverged from this broader trend, posting simultaneous declines in both revenue and profit.
The company has not disclosed specific numerical guidance, and its recent disclosed activities have centered on reinforcing brand equity and cost efficiency.
Its flagship brand Lavida continues to be promoted as maintaining brand strength, having won the 'Brand of the Year' anti-aging category award for the 14th consecutive year in 2026.
In Q1 2026, cost reductions helped flip net income to a profit despite lower revenue, but the company reverted to a loss in Q2, leaving the durability of that improvement unconfirmed.
Industry analysts note that as long as Coreana maintains its current domestic offline-centered business structure, a meaningful turnaround in overseas markets is unlikely to be expected in the near term.
Meanwhile, the founder family continued small on-market share purchases in September 2026, expanding the number of related parties while maintaining its stake. The stated purpose of the shareholding in the disclosure is influence over management, with no specific further plans disclosed.
Against the backdrop of continued overall K-beauty export growth, whether Coreana can expand overseas channels to participate in this growth remains a key point to watch.
The current share price trades at a discount to net asset value, placing the price-to-book ratio below 1x. Because net losses have persisted over the trailing four quarters, a conventional price-to-earnings calculation is difficult to derive at this time.
Compared with the 2022-2024 period when the company was profitable, the recent deterioration in profitability is reflected in the price relative to equity. The company has not paid a dividend in the most recent fiscal year, limiting the attractiveness from a dividend-yield standpoint.
How the valuation is assessed going forward will depend on whether the recent net-income swings toward profitability prove durable and whether the top line recovers.
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
Lavida has maintained brand recognition by ranking first in the anti-aging category of the Korea Consumer Forum's 'Brand of the Year' award for 14 consecutive years through 2026. Its proprietary technology based on Power Cell and Signalosome ingredients has also been recognized through an industrial technology award.
This brand equity is cited as an asset that could be leveraged if distribution channels are diversified going forward.
In Q1 2026, the company narrowed its operating loss and turned net income positive through cost control despite declining revenue. This is interpreted as evidence that there remains some room to improve the fixed-cost structure.
However, since the company reverted to a loss in Q2, the sustainability of this improvement requires further confirmation.
In September 2026, CEO Yoo Hak-su and related parties continued to acquire additional shares through on-market purchases, maintaining a combined stake of 16.08%. The disclosed purpose of the holding is stated as influence over management.
The founder family's continued shareholding is a factor that can be referenced in terms of management stability.
Consolidated revenue declined for a second consecutive year, from KRW86.0 billion in 2023 to KRW73.7 billion in 2025, and both operating profit and net income turned negative in 2025. Q1 2026 revenue also fell year-on-year, with analysts noting that the top-line decline persists. While cost cuts produced a temporary Q1 profit, the underlying revenue contraction has not been resolved.
Coreana remains dependent on cost-intensive domestic offline and door-to-door distribution, and analysts note that the benefits of the K-beauty export boom have been relatively limited for the company.
Industry experts believe a meaningful overseas turnaround is unlikely in the near term as long as the current business structure is maintained.
After turning profitable in Q1 2026, the company's operating and net losses widened again in Q2 despite a slight revenue increase, showing that the improvement has not been sustained.
Operating cash flow also turned to an outflow of KRW1.6 billion in 2025, indicating that both earnings and cash generation deteriorated together.
If operating losses persist amid shrinking revenue, the burden of fixed costs could increase, adding further pressure on the financial structure. The shift of operating cash flow to an outflow is cited as a funding-related risk factor.
The domestic offline and door-to-door distribution structure sits relatively outside the benefits of K-beauty export growth, raising the risk that securing overseas growth momentum could lag behind competitors.
The founder family's combined stake remains relatively low at 16.08%, leaving ongoing uncertainty related to management control amid changes in the number of related parties and ownership structure. While no specific further plans were disclosed, the possibility of future changes remains open.
Once Q3 2026 (July-September) results are disclosed, it will be possible to check whether the Q2 loss widening continues or whether a cost-cutting-driven improvement similar to Q1 reappears.
It is worth monitoring whether year-end K-beauty peak-season news and further brand additions to channels like Olive Young and Sephora continue, and whether Coreana brands participate in this expansion.
Continued monitoring of additional disclosures on founder-family on-market purchases or shareholding changes is needed to see whether the 16.08% stake expands or contracts further.
Once full-year 2026 results are finalized, this will be a key reference point for judging whether the 2025 swing to losses was a one-year event or a prolonged trend.
Coreana Cosmetics is a 38-year-old, brand-centric cosmetics company whose flagship brand Lavida continues to maintain brand strength, yet its 2025 consolidated revenue (KRW73.7 billion), operating profit (-KRW4.4 billion) and net income (-KRW7.7 billion) all deteriorated from the prior year, turning negative.
Into 2026, the company has shown significant quarter-to-quarter volatility, swinging from a Q1 net profit of KRW0.2 billion back to a Q2 net loss of KRW1.1 billion.
Cumulative owner net income over the trailing four quarters stood at a loss of KRW9.0 billion, indicating that the loss trend has not been resolved in the short term.
On the industry side, Korea's cosmetics exports continue structural growth, but the benefits are concentrated mainly among large ODM firms and select brands with overseas channels, while Coreana, with its heavy reliance on domestic offline distribution, appears relatively outside this trend according to industry analysis.
The founder family continued small on-market share purchases in September 2026, maintaining a combined stake of 16.08%, a factor relevant to management stability.
Going forward, Q3 results, the finalization of full-year performance, and progress on overseas channel expansion are expected to be key variables in gauging the durability of any structural improvement.
Report written 2026-10-02 · Data as of 2026-10-01
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