KOSDAQRetail & Consumer043710

CosLeaguer Global

₩3,105▲ 3.85%2026-10-02 close

Market Cap

₩53.1B

Turnover

₩3,860,840

Volume

1,272 shares

Shares out.

17.3M

PER

—

PBR

2.3×

EPS

-₩895

Dividend Yield

0.00%

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

Report overview

Cosmetics Pivot Fuels Revenue Surge, Earnings Stay Volatile

CosLeaguer Global has rapidly expanded its top line by pivoting from healthcare distribution toward a cosmetics ODM-and-brand structure, but operating and net profit remain volatile amid heavy borrowing and amortization costs tied to a large acquisition.

1
At its March 27, 2026 shareholders' meeting, the company changed its name from Seouleaguer to CosLeaguer Global, repositioning itself as a cosmetics-focused holding company.
2
Consolidated revenue reached KRW 35.7 billion in 2025, up 84.4% year-on-year, driven by ODM subsidiary Cosleaguer and the acquisition of brand subsidiary Momentss Company, which operates beplain.
3
The debt ratio jumped to 476.6% in 2025 from 28.4% a year earlier, while operating cash flow stayed negative across all four fiscal years disclosed.
4
Operating profit turned positive for the first time in Q1 2026 but slipped back into loss in Q2, while the net loss attributable to owners widened rather than narrowed.
5
The company has previously outlined a 2026 consolidated target of KRW 190 billion in revenue (KRW 60 billion manufacturing, KRW 130 billion brand) and operating profit above KRW 15 billion.

Business structure

CosLeaguer Global is the cosmetics-focused holding company that emerged after former Seouleaguer approved a corporate name change at its March 27, 2026 shareholders' meeting.

The company had previously operated as a diversified holding structure spanning healthcare, cosmetics, greentech, and new-media marketing businesses.

Its healthcare segment provides a stable revenue base through distribution of botulinum toxin, fillers, and skin boosters, while the cosmetics segment is built around ODM subsidiary Cosleaguer and brand company Momentss Company.

Cosleaguer, established as a wholly owned subsidiary in late 2024, is a dermo-cosmetic ODM manufacturer that invested KRW 70 billion in a plant in the Sihwa industrial complex, obtained ISO 22716 and other certifications, and achieved its first exports to the United States and Thailand within three months of launch.

Brand subsidiary Momentss Company operates the skincare brand beplain, acquired for roughly KRW 81.2 billion from Hwahae Global—the operator of the beauty platform Hwahae—and CEO Jung Yoon-jin, who together held an 85.94% stake.

New-media marketing focused on influencer-driven commerce and a greentech business centered on food waste disposal products round out the portfolio diversification. Among these, the cosmetics business has expanded to roughly half of consolidated revenue, becoming the company's core growth driver.

Cosleaguer has also broadened its overseas client base, securing a private-label manufacturing supply arrangement with Matsumoto Kiyoshi, Japan's largest drugstore chain.

Earnings trend

Quarterly revenue · Operating profit

₩10.5B-₩800M25Q2₩10.6B-₩2B25Q3₩9.7B-₩4.2B25Q4₩39.5B₩1.5B26Q1₩42.4B-₩600M26Q2

RevenueOperating profit

Annual revenue · Operating profit

₩10.1B-₩6.6B2022₩22.6B-₩7.5B2023₩19.3B-₩3.3B2024₩35.7B-₩8.3B2025

RevenueOperating profit

Quarterly results · Last 5 quarters
Quarter	Revenue	Operating profit	Op. margin
2025Q2	₩10.5B	-₩800M	−7.8%
2025Q3	₩10.6B	-₩2B	−19.2%
2025Q4	₩9.7B	-₩4.2B	−43.2%
2026Q1	₩39.5B	₩1.5B	3.9%
2026Q2	₩42.4B	-₩600M	−1.4%

Annual results
Year	Revenue	Operating profit	Net income (parent)	Op. margin	ROE	Debt-to-equity
2022	₩10.1B	-₩6.6B	-₩6.4B	−65.2%	−21.2%	26.8%
2023	₩22.6B	-₩7.5B	-₩3.3B	−33.4%	−12.2%	38.9%
2024	₩19.3B	-₩3.3B	₩5.4B	−17.3%	13.8%	28.4%
2025	₩35.7B	-₩8.3B	-₩8.7B	−23.4%	−24.5%	476.6%

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

Earnings analysis

Consolidated revenue rose from KRW 10.1 billion in 2022 to KRW 22.6 billion in 2023, declined to KRW 19.3 billion in 2024, and then jumped to KRW 35.7 billion in 2025, up 84.4% year-on-year, driven by the consolidation of Cosleaguer and Momentss Company.

Operating margin, however, remained negative in all four years, improving from -65.2% in 2022 to -33.4% in 2023 and -17.3% in 2024, before deteriorating again to -23.4% in 2025.

Net income attributable to owners posted losses of KRW -6.4 billion in 2022 and KRW -3.3 billion in 2023, turned positive at KRW 5.4 billion in 2024, then reverted to a KRW -8.7 billion loss in 2025.

On a quarterly basis, operating losses widened sequentially in Q3 2025 (KRW -2.0 billion) and Q4 2025 (KRW -4.2 billion); once Momentss Company's consolidation took full effect in Q1 2026, revenue more than tripled quarter-on-quarter to KRW 39.6 billion and operating profit turned positive for the first time at KRW 1.5 billion.

Net income attributable to owners nevertheless remained a KRW -3.3 billion loss in Q1, and in Q2 2026, even as revenue rose further to KRW 42.4 billion, operating profit swung back to a KRW -0.6 billion loss and the net loss widened to KRW -6.4 billion.

Over the trailing four quarters (Q3 2025 through Q2 2026), cumulative net losses attributable to owners totaled roughly KRW 15.5 billion, underscoring significant earnings volatility despite top-line growth.

On the balance sheet, the debt ratio surged from 28.4% in 2024 to 476.6% in 2025, which appears to reflect increased borrowing associated with the roughly KRW 81.2 billion Momentss Company acquisition. Operating cash flow also remained negative at KRW -12.9 billion in 2025.

Industry analysis

South Korea ranked as the world's third-largest cosmetics exporter in 2024, behind France and the United States, a milestone widely viewed as confirming K-beauty's structural growth phase.

Major domestic ODM player Cosmecca Korea posted solid results in 2025, with consolidated revenue up 22.2% and operating profit up 38.4% year-on-year. Derma-cosmetic brand COSRX also delivered consecutive double-digit growth in Q1 and Q2 2026, reflecting a turnaround since its consolidation under Amorepacific.

Across the broader industry, 79.1%, or 68 of 86 cosmetics and beauty companies, posted revenue growth in Q2 and first-half 2026, yet 26 companies remained in operating loss and 29 posted net losses over the same period, highlighting a widening gap between growth and profitability.

In other words, revenue expansion did not translate uniformly into industry-wide profitability improvement, with performance diverging between growth leaders and marginal players.

CosLeaguer Global is entering this environment as a relatively new vertically integrated player combining ODM manufacturing through Cosleaguer with branded skincare through Momentss Company and beplain, positioning itself within a competitive landscape already populated by scaled incumbents such as Cosmax, Kolmar Korea, and Cosmecca Korea.

Outlook

Following the completion of the Momentss Company acquisition, the company previously set a 2026 consolidated target of KRW 190 billion in revenue (KRW 60 billion manufacturing, KRW 130 billion brand) and operating profit above KRW 15 billion.

Revenue in Q1 and Q2 2026 rose sequentially to KRW 39.6 billion and KRW 42.4 billion, respectively, suggesting progress on the top-line target, though operating profit swung between a KRW 1.5 billion gain and a KRW 0.6 billion loss over the same period, leaving the profitability path less clear.

The overseas revenue share rose to roughly 49% in Q1 2026, with a localized Cica-PDRN product line gaining traction in Japan and Vietnam and short-form commerce revenue in North America growing more than 100% year-on-year.

The company is also diversifying geographically, securing new customers in more than nine countries across the Middle East and South America.

On the manufacturing side, the Sihwa plant has an annual capacity of roughly 4.47 million kilograms, with plans to expand production centered on new products to generate synergies.

A company representative noted that the Momentss Company acquisition materially expanded revenue starting in Q1, and expressed an expectation for a quarter-by-quarter improvement trend based on the combined brand-and-manufacturing structure.

Valuation

PER

—

PBR

2.3×

ROE

-38.1%

EPS

-₩895

BPS

₩1,382

Dividend per share

₩0

CosLeaguer Global posted net losses attributable to owners in three of the last four fiscal years, and the trailing four-quarter net loss structure persists, making earnings-based multiples such as the price-to-earnings ratio difficult to interpret reliably at this stage.

The stock trades at a level that reflects a premium over net asset value, which may partly capture market expectations tied to the company's pivot into cosmetics.

However, given the sharp rise in the debt ratio versus the prior year, the durability of that premium is likely to hinge on the pace of any earnings recovery.

The company currently pays no dividend, so its valuation profile resembles that of a growth-stage name whose outcome depends on both profitability recovery and balance-sheet improvement.

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

Bull factors

Completed Business Realignment and Rapid Top-Line Growth

After consolidating previously scattered businesses in healthcare, distribution, and greentech into a focused cosmetics manufacturing and brand structure, consolidated revenue rose to KRW 35.7 billion in 2025 and quarterly revenue climbed into the KRW 40 billion range in 2026.

The full consolidation effect of Momentss Company drove a rapid expansion in scale within a short period, illustrating the results of the business realignment. Cosleaguer's Sihwa plant houses one of the larger domestic production facilities, which could serve as a base for expanding the customer roster going forward.

Rising Overseas Revenue Share and Global Diversification

The overseas revenue share rose to roughly 49% in Q1 2026, with a localized Cica-PDRN product line gaining traction in Japan and Vietnam, triple-digit growth in North American short-form commerce sales, and new customers secured in more than nine countries across the Middle East and South America.

Cosleaguer also broadened its overseas client network by securing a private-label manufacturing supply arrangement with Matsumoto Kiyoshi in Japan. The broader K-beauty industry's structural growth phase, evidenced by South Korea ranking as the world's third-largest cosmetics exporter in 2024, is a supportive backdrop.

Growth Targets Set by the Company

After completing the Momentss Company acquisition, the company set a 2026 consolidated target of KRW 190 billion in revenue (KRW 60 billion manufacturing, KRW 130 billion brand) and operating profit above KRW 15 billion.

Revenue rose sequentially to KRW 39.6 billion and KRW 42.4 billion in Q1 and Q2 2026, respectively, building a top-line foundation toward that target. The company has stated it expects a quarter-by-quarter improvement trend based on its combined brand-and-manufacturing structure.

Bear factors

Earnings Volatility and Deteriorating Balance Sheet

Despite revenue growth, operating profit swung from a KRW 1.5 billion gain in Q1 2026 to a KRW 0.6 billion loss in Q2, while the net loss attributable to owners widened from KRW -3.3 billion to KRW -6.4 billion.

The 2025 debt ratio surged to 476.6% from 28.4% a year earlier, and operating cash flow remained negative at KRW -12.9 billion. Borrowing and amortization burdens tied to the roughly KRW 81.2 billion acquisition appear to be weighing negatively on net income.

Persistent Cumulative Losses

Among the four fiscal years from 2022 to 2025, only 2024 produced a profit, with net income attributable to owners of KRW 5.4 billion, while the other three years all posted net losses.

Over the trailing four quarters (Q3 2025 through Q2 2026), the cumulative net loss attributable to owners totaled roughly KRW 15.5 billion, exceeding any single annual loss in the dataset.

Operating margin also remained negative across all four years, indicating that revenue growth has not directly translated into profitability improvement.

Intensifying Industry Competition and Brand Concentration

Established ODM leaders such as Cosmecca Korea continued to post double-digit revenue and profit growth in 2025, meaning new entrant Cosleaguer faces competition to achieve comparable economies of scale.

Among 86 cosmetics and beauty companies, 26 remained in operating loss in Q2 2026, underscoring a clear divergence in profitability across the industry. The brand business also carries concentration risk given its heavy reliance on a single brand, beplain, leaving revenue exposed to shifts in consumer trends.

Risk factors

Balance Sheet and Financing Risk

The debt ratio surged to 476.6% in 2025, and operating cash flow remained negative across all four disclosed fiscal years.

The company previously raised roughly KRW 20 billion through a rights offering to fund its cosmetics subsidiary and completed a third-party private placement of about KRW 10 billion in September 2024.

The roughly KRW 81.2 billion Momentss Company acquisition also appears to have relied substantially on external borrowing, and further capital raises, if needed, could not rule out shareholder dilution.

Acquisition Integration (PMI) Risk

Because Cosleaguer (established in late 2024) and Momentss Company (acquired in late 2025) were both consolidated relatively recently, the success of their integration has not yet been fully proven.

Amortization and financing costs tied to the roughly KRW 81.2 billion acquisition price are contributing to quarterly earnings volatility, as illustrated by the widened net loss in Q2 2026. The possibility of additional charges, such as goodwill impairment, in the future cannot be ruled out.

Legacy Diversification and Competitive Risk

While the company has realigned itself around cosmetics, it continues to run legacy businesses in healthcare distribution, new-media marketing, and greentech, leaving questions about the efficiency of resource allocation across segments.

The ODM industry includes scaled competitors such as Cosmax, Kolmar Korea, and Cosmecca Korea, making the fight for new clients intense. The beplain brand business may also carry relatively lower brand recognition and channel competitiveness compared with larger established indie brands.

What to watch next

Around November 2026
Check the Q3 2026 preliminary earnings disclosure to assess whether revenue growth continues and whether operating and net income show improvement.
H2 2026 through year-end
Track actual progress against the company's stated 2026 annual guidance of KRW 190 billion in revenue and operating profit above KRW 15 billion.
From Q4 2026 onward
Monitor utilization at the Sihwa plant and whether volumes from new clients such as Matsumoto Kiyoshi expand, along with Cosleaguer's revenue contribution trend.
At each upcoming disclosure
Monitor disclosures related to changes in the debt ratio and borrowing structure, as well as any additional capital raises such as rights offerings or bond issuances.
Q4 2026
This is the point to check whether beplain's overseas channel revenue contribution, including North American short-form commerce and new Middle East/South America accounts, continues to expand.

Overall view

CosLeaguer Global has completed a shift from healthcare and distribution-centered operations toward a cosmetics ODM-and-brand structure, rapidly growing revenue through 2025 and 2026.

Cosleaguer's manufacturing capabilities, the beplain brand under Momentss Company, and an expanding overseas channel mix form the core growth pillars, with the company having previously outlined a 2026 target of KRW 190 billion in revenue and operating profit above KRW 15 billion.

However, after posting its first operating profit in Q1 2026, the company slipped back into an operating loss in Q2, the net loss attributable to owners widened rather than narrowed, and the 2025 debt ratio climbed to 476.6%.

Three of the last four fiscal years ended in net losses, and cumulative losses over the trailing four quarters were substantial, indicating that the gap between top-line growth and profitability has yet to close.

Future performance is likely to hinge heavily on utilization at the Sihwa plant, the pace of overseas channel expansion, and how well the company manages the borrowing and amortization burden tied to its large acquisition. Investors should weigh the durability of revenue growth alongside the pace of balance-sheet improvement.

Sources

Korea Exchange (KRX) — Prices · Market Cap · Volume
FSS electronic disclosure system (DART) — Financial statements · Dividend filings

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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.