PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q3–2026Q2) · Dividend yield is based on ₩250 per share · Prices as of the 2026-10-02 close
Samyang KCI is a specialty chemicals maker supplying personal care ingredients such as surfactants and polymers to multinational consumer goods companies, and its quarterly operating profit has shown a gradual improving trend through 2026 despite an earnings structure that swings with raw material costs.
The company holds an established global No. 2 position in cationic surfactants and ranks among the world's top three suppliers of hair conditioning agents.
2025 revenue reached KRW 116.8 billion, the highest of the past four years, but the operating margin fell sharply to 9.3% from 20.0% in 2022.
Operating profit improved sequentially in Q1 2026 (KRW 2.08 billion) and Q2 2026 (KRW 3.82 billion), signaling some easing of cost pressure.
Full-year 2025 operating cash flow turned negative at KRW -0.89 billion, creating a gap between reported earnings and cash generation.
The company supplies over 200 products to 48 countries worldwide, with roughly 85% of sales generated overseas.
Founded in 1991 to produce shampoo and conditioner additives and listed on KOSDAQ in 2001, Samyang KCI is a specialty chemicals materials company within the Samyang Group's chemical affiliates.
Its core products are personal care ingredients including polymers used in shampoo, surfactants used in conditioners, and MPC derivatives used as emulsifiers and moisturizers in cosmetics.
The cationic surfactant segment is not large in absolute market size given low per-unit dosage, but barriers to entry keep competition limited, and the company is regarded as holding the global No. 2 position in this segment. In hair conditioning agents, it ranks among the world's top three suppliers.
Its customer base includes roughly 250 global personal care brands such as Procter & Gamble, L'Oréal, Unilever, and Beiersdorf, with strategic partnerships supplying over 120 products to these clients.
The company supplies more than 200 products to consumer goods companies across 48 countries, generating about 85% of sales overseas. It also maintains logistics hubs in major markets including the United States, Europe, Japan, and China.
More recently, it has expanded its product portfolio through joint efforts with Verdant, a company incorporated into the group, covering high-performance conditioning agents and natural-derived emulsifiers.
Its key raw materials are plant-based inputs such as rapeseed oil, meaning cost burdens fluctuate with international grain prices and exchange rates.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩32.1B | ₩3.6B | 11.2% |
| 2025Q3 | ₩28.7B | ₩1.1B | 3.9% |
| 2025Q4 | ₩27.8B | ₩2.1B | 7.6% |
| 2026Q1 | ₩29.9B | ₩2.1B | 6.9% |
| 2026Q2 | ₩35.5B | ₩3.8B | 10.8% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩109.6B | ₩21.9B | ₩17.8B | 20.0% | 18.1% | 25.4% |
| 2023 | ₩109.9B | ₩10.3B | ₩11B | 9.3% | 10.3% | 12.1% |
| 2024 | ₩110.2B | ₩15B | ₩14.7B | 13.6% | 12.4% | 14.9% |
| 2025 | ₩116.8B | ₩10.9B | ₩9.7B | 9.3% | 7.8% | 14.9% |
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
Annual results show revenue of KRW 109.6 billion and operating profit of KRW 21.9 billion (a 20.0% operating margin) in 2022, marking high profitability, but in 2023 revenue edged up to KRW 109.9 billion while operating profit fell by more than half to KRW 10.3 billion (9.3% margin).
In 2024, margins recovered with revenue of KRW 110.2 billion and operating profit of KRW 15.0 billion (13.6%), but in 2025 revenue rose to a four-year high of KRW 116.8 billion while operating profit fell back to KRW 10.9 billion (9.3%).
Net income attributable to owners also fluctuated: KRW 17.8 billion in 2022, KRW 11.0 billion in 2023, KRW 14.7 billion in 2024, and KRW 9.7 billion in 2025.
On a quarterly basis, operating profit dropped to KRW 1.12 billion in Q3 2025 before recovering progressively to KRW 2.11 billion in Q4 2025, KRW 2.08 billion in Q1 2026, and KRW 3.82 billion in Q2 2026.
Q2 2026 revenue of KRW 35.5 billion was also the highest within the disclosed quarterly window (Q2 2025 through Q2 2026). The sum of owner net income over the most recent four quarters (Q3 2025 through Q2 2026) was approximately KRW 8.8 billion.
Notably, full-year 2025 operating cash flow turned negative at KRW -0.89 billion, in contrast to positive flows of KRW 13.0 billion, KRW 19.1 billion, and KRW 24.3 billion in 2022, 2023, and 2024 respectively, suggesting a possible increase in working capital burden from inventory or receivables relative to the size of reported profit.
Total equity rose steadily from KRW 98.2 billion in 2022 to KRW 125.5 billion in 2025, while the debt ratio declined from 25.4% in 2022 to a 12-15% range in 2023-2025, indicating the balance sheet remained stable.
Within personal care ingredients, the cationic surfactant market is not large given the low per-unit dosage of each product, but entry barriers keep competitive intensity relatively low.
Across the chemicals industry more broadly, the spread of eco-friendly trends has spurred active development of natural-derived and biodegradable materials, with expectations that new product development could drive demand growth.
Samyang KCI has responded to this trend by continuously introducing natural-derived surfactants and nano-delivery technologies. However, earnings volatility tied to rapeseed oil prices is cited as a structural risk inherent across the industry.
Within parent Samyang Corp's chemical division, the surfactant and polymer business is regarded as a stable operation that supports the group's downside earnings, underpinned by its upper-tier global position.
In terms of competitive landscape, multinational chemical and materials companies are the main rivals, and the company competes on the strength of established customer relationships and its leading market position.
Samyang KCI unveiled a new three-pillar skincare portfolio centered on delivery systems, high-performance solubilizers, and luxury moisturizers at 'in-cosmetics Korea 2026,' held July 1-3, 2026 at COEX.
One new product, 'Encapguard ON Retinol,' is a retinol delivery agent built on the company's proprietary transdermal delivery platform technology. The solubilizer 'PGLLA 110KC-Plus' was introduced as a next-generation solution satisfying functionality, processability, sensory feel, and sustainability simultaneously.
The moisturizing ingredient 'MPC Polymer' was presented as a next-generation K-beauty moisturizing material offering superior hydration compared with hyaluronic acid. Portfolio expansion through joint marketing with Verdant, now part of the group, continues as well.
The sequential improvement in operating profit across Q1 and Q2 2026 suggests some combination of eased cost pressure or pricing pass-through may have contributed, though the specific drivers require further confirmation through future disclosures.
Going forward, results are likely to hinge on trends in international grain prices and exchange rates as well as purchase volume trends among multinational customers.
The current share price trades below net asset value per share, placing the market's book-value multiple in a discounted range.
Given that owner net income in 2025 was lower than in 2022, the earnings multiple based on the most recent four quarters needs to be read in a different context than during the company's higher-margin years. The company has maintained cash dividends, though how that level compares depends on the benchmark used.
The temporary shift to negative operating cash flow in 2025 is a factor worth weighing alongside reported earnings quality. As a small-cap name, trading volume can be limited, so liquidity considerations should also be factored in when interpreting valuation metrics.
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 company holds the global No. 2 position in cationic surfactants and ranks among the top three global suppliers of hair conditioning agents. Long-standing relationships with multinational customers such as Procter & Gamble, L'Oréal, and Unilever create relatively high barriers to entry. This positioning is cited as a factor supporting business stability even amid raw material price swings.
After operating profit fell to KRW 1.12 billion in Q3 2025, it improved for four consecutive quarters to KRW 2.11 billion in Q4 2025, KRW 2.08 billion in Q1 2026, and KRW 3.82 billion in Q2 2026.
Both revenue (KRW 35.5 billion) and operating profit (KRW 3.82 billion) in Q2 2026 were the highest within the quarters shown. Whether this improvement continues will require confirmation through future quarterly disclosures.
The debt ratio fell from 25.4% in 2022 to a 12-15% range in 2023-2025, while total equity grew steadily from KRW 98.2 billion in 2022 to KRW 125.5 billion in 2025. Low reliance on borrowing provides a financial cushion even during periods of rising raw material costs. The company also maintained cash dividends throughout this period.
Earnings volatility persists due to reliance on rapeseed oil prices as a key raw material input. The sharp drop in operating margin to less than half its 2022 level in 2023 illustrates this cost sensitivity. In 2025, the operating margin fell again to 9.3%, reflecting a similar pattern.
Full-year 2025 operating cash flow was negative at KRW -0.89 billion, contrasting with positive flows of KRW 13.0 billion, KRW 19.1 billion, and KRW 24.3 billion in 2022, 2023, and 2024 respectively.
Despite maintaining positive net income, the shift to negative cash flow suggests a possible increase in working capital burden from inventory or receivables. Whether this gap is temporary or structural will require confirmation through subsequent quarterly results.
As a small-cap stock, trading volume and liquidity can be limited. This is a factor that can affect both the interpretation of valuation metrics and price volatility during trading. Shifts in institutional flows or broader market attention could also amplify price movements.
Earnings volatility is inherent given reliance on plant-based raw materials such as rapeseed oil. If international grain prices and exchange rates move unfavorably at the same time, cost burdens could expand and margins could deteriorate. The operating margin declines seen in 2023 and 2025 can be viewed as instances of this risk materializing.
With roughly 85% of sales generated overseas, results are exposed to exchange rate movements and global economic conditions. High reliance on multinational cosmetics and consumer goods companies means changes in a given customer's procurement policy could affect results. Regional trade regulations or tariff policy changes are also cited as potential variables.
In 2025, operating cash flow of KRW -0.89 billion diverged from owner net income of KRW 9.7 billion. If inventory or receivables management is delayed, additional cash burdens could arise. Whether cash flow improves in coming quarters will be an important indicator for assessing earnings quality.
Check the Q3 2026 earnings disclosure to assess whether the operating profit recovery seen since early 2026 continues.
Monitor international rapeseed oil prices and the won-dollar exchange rate to gauge whether cost pressure is easing or intensifying.
Review the FY2026 annual results and year-end dividend disclosure to check whether full-year margins and cash flow have recovered.
Track follow-up news or IR materials for signs that multinational customers are adopting new materials such as Encapguard, PGLLA, and MPC Polymer.
Samyang KCI is a specialty chemicals materials company that maintains relationships with multinational customers on the strength of an established global No. 2 position in cationic surfactants and a top-three global ranking in hair conditioning agents.
Its operating margin, which reached 20.0% in 2022, has repeatedly fallen back into the 9% range in 2023 and 2025 due to raw material cost pressure, reflecting recurring margin swings tied to input cost volatility.
However, operating profit improved for four consecutive quarters from Q3 2025 through Q2 2026, and whether the operating cash flow that turned temporarily negative in 2025 recovers remains the next point to watch.
The balance sheet remains stable with a debt ratio in the 12-15% range, and total equity has grown steadily. The company is pursuing sales mix improvement through new material development, including unveiling a new skincare portfolio at in-cosmetics Korea 2026.
Investors should weigh both the earnings volatility tied to raw material and currency swings and whether the recent quarterly recovery trend persists. This report is provided for informational purposes only and does not constitute a buy or sell recommendation.
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.