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
Cherrybro swung from a net loss in 2024 to a profit in 2025, and has continued an earnings recovery through 2026 despite quarter-to-quarter volatility.
2025 consolidated revenue reached KRW 405.4 billion with operating profit of KRW 28.5 billion (7.0% margin), a sharp improvement from the prior year
Net income attributable to owners swung from a KRW 9.1 billion loss in 2024 to a KRW 23.8 billion profit in 2025
The bulk of revenue is concentrated in the single broiler chicken segment
Chairman Kim In-sik disclosed an increase in his stake through open-market purchases in March 2026
The debt ratio has steadily declined from 228.6% in 2022 to 135.7% in 2025
Founded in 1991, Cherrybro is a vertically integrated broiler chicken company spanning grandparent stock, breeding stock, hatching, feed, farming, slaughtering, processing, and distribution.
According to its most recently disclosed quarterly report, the broiler segment accounted for 93.77% of revenue, with feed at 1.68%, chicks at 1.25%, merchandise at 2.52%, and other items at 0.79%.
Through its subsidiary CherryFood, acquired in 2017, the company has been expanding processed-food production and distribution using its own raw chicken meat, along with a home-meal-replacement lineup, as part of a strategy to reduce reliance on fresh-meat sales.
Its principal customers are B2B channels including large retailers, chicken franchise chains, institutional catering operators, and meat processors, which provides relative stability in demand forecasting.
Korea's broiler market is an oligopolistic structure dominated by leading integrators such as Harim and Maniker, and Cherrybro is counted among the top-tier players that focus specifically on chicken as a single core product.
The company operates its own feed mills in Iksan and Okcheon to manage feed quality and supply stability, and it positions antibiotic-free, eco-certified, and animal-welfare-certified production along with HACCP compliance as core competitive pillars.
Centered on its Jincheon headquarters and production base, the company operates slaughtering and processing facilities and has a history of participating in grading-system pilot programs for quality standardization. The business remains structurally sensitive to swings in fresh-meat prices.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩105.6B | ₩8.2B | 7.8% |
| 2025Q3 | ₩108.5B | ₩5.7B | 5.3% |
| 2025Q4 | ₩100.2B | ₩11.3B | 11.3% |
| 2026Q1 | ₩94.7B | ₩3.2B | 3.4% |
| 2026Q2 | ₩112B | ₩8.3B | 7.4% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩402.4B | ₩16.5B | ₩8.7B | 4.1% | 12.9% | 228.6% |
| 2023 | ₩399B | ₩21B | ₩13.8B | 5.3% | 16.5% | 158.5% |
| 2024 | ₩382.9B | ₩2.9B | -₩9.1B | 0.7% | −12.0% | 181.0% |
| 2025 | ₩405.4B | ₩28.5B | ₩23.8B | 7.0% | 23.6% | 135.7% |
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 reached KRW 405.4 billion, up from KRW 382.9 billion in 2024, while operating profit expanded sharply to KRW 28.5 billion from KRW 2.9 billion, lifting the operating margin from 0.7% to 7.0%.
Net income attributable to owners came in at KRW 23.8 billion, a clear turnaround from the KRW 9.1 billion loss posted in 2024.
Looking further back, 2023 revenue was KRW 399.0 billion with operating profit of KRW 21.0 billion and net income of KRW 13.8 billion, while 2022 revenue was KRW 402.4 billion with operating profit of KRW 16.5 billion and net income of KRW 8.7 billion — showing revenue stuck in the KRW 400 billion range while margins deteriorated temporarily in 2024 before recovering clearly in 2025.
On a quarterly basis, revenue of KRW 105.6 billion, operating profit of KRW 8.2 billion and net income of KRW 8.3 billion in Q2 2025 were followed by a moderation to KRW 108.5 billion revenue, KRW 5.7 billion operating profit and KRW 3.6 billion net income in Q3, before a sharp rebound to KRW 100.2 billion revenue, KRW 11.3 billion operating profit and KRW 12.4 billion net income in Q4.
However, Q1 2026 saw revenue slip to KRW 94.7 billion and operating profit to KRW 3.2 billion, with net income turning to a small loss of about KRW 0.1 billion, before Q2 2026 recovered to KRW 112.0 billion revenue, KRW 8.3 billion operating profit and KRW 3.9 billion net income.
Over the trailing four quarters (Q3 2025 through Q2 2026), net income attributable to owners totaled roughly KRW 19.8 billion, indicating that despite quarterly swings the annual profit trend has held up.
Operating cash flow improved markedly to KRW 41.2 billion in 2025 from just KRW 0.4 billion in 2024, a factor supporting balance-sheet strength alongside the earnings recovery.
The debt ratio moved from 228.6% in 2022 to 158.5% in 2023, 181.0% in 2024, and 135.7% in 2025, showing an overall easing trend despite interim fluctuation.
Korea's broiler chicken industry is an oligopolistic market dominated by a handful of vertically integrated players including Harim, Maniker, and Cherrybro, with integration from chick production through farming, slaughtering, and processing having become the industry standard for managing costs and supply.
Historically, oversupply periods have triggered a structural competitive dynamic in which volume cut by one producer is absorbed by others, a process that has at times dragged down industry-wide profitability.
In the first half of 2019, for instance, a majority of the leading broiler companies posted operating losses, exposing the vulnerability of a business model reliant on fresh-meat pricing.
Since then, recurring variables such as avian influenza outbreaks, feed grain price swings, and demand from franchise and food-service channels have continued to shape the industry cycle.
In the more recent period, growing demand for home-meal-replacement and delivery food, along with rising consumption of portioned and salted cuts driven by smaller households, has been cited as a favorable factor, even as cost pressure is still flagged as a constraint on margin improvement.
Among the leading integrators, Cherrybro maintains a structure concentrated on chicken as its single core product, which is seen both as limiting portfolio diversification and as reinforcing cost-management capability through full integration.
The company continues to expand its processed-food and home-meal-replacement lineup through subsidiary CherryFood, extending its strategy of reducing reliance on fresh-meat sales.
Backed by its own feed mills in Iksan and Okcheon and its Jincheon production base, the company is reported to have continued investing in productivity management such as improving feed conversion efficiency, which underpins its cost-response capability.
The pattern of profit contracting again in Q1 2026 before recovering in Q2 illustrates both continued quarterly volatility and a sustained annual improvement trend.
Controlling shareholder Chairman Kim In-sik raised his stake from 13.6% as of January 12, 2026 to 14.36% as of March 25, 2026, a change disclosed as having been achieved through multiple open-market purchases between March 18 and March 25.
This stake increase can be read as a fact of the controlling shareholder's market participation, and is best treated as a reference data point rather than a signal about future share price direction.
Third-quarter (July–September 2026) results are expected to be disclosed via a quarterly report around mid-November 2026, and seasonal factors such as autumn/winter avian influenza outbreaks and feed grain price trends are likely to be key variables for second-half performance.
On the dividend front, no cash dividend per share was recorded for fiscal year 2025, and how the earnings recovery might translate into future shareholder-return policy remains to be confirmed.
The current share price trades at a considerable discount to historical book value, with the price-to-book ratio sitting below 1x.
The price-to-earnings multiple based on net income also appears to sit toward the lower end of its historical trading range, a pattern that coincides with the ongoing earnings recovery following the swing from a net loss in 2024 to a net profit in 2025.
As no cash dividend was declared for fiscal year 2025, dividend-related metrics tend to sit below the industry average.
Looking across multiple years, the pattern of a modest profit phase in 2022-2023, temporary deterioration in 2024, and a clear recovery in 2025 is evident, and observing how this earnings cycle is being reflected in the market can serve as a useful starting point for interpreting valuation.
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 2025 operating margin improved sharply to 7.0% from 0.7% in 2024, and net income attributable to owners swung from a KRW 9.1 billion loss to a KRW 23.8 billion profit. Operating cash flow also surged to KRW 41.2 billion from KRW 0.4 billion, showing the earnings recovery translating into cash generation.
That said, the swing back to a net loss in Q1 2026 means the durability of the recovery still needs quarter-by-quarter confirmation.
The debt ratio has continued to fall, from 228.6% in 2022 to 135.7% in 2025, a trend interpreted as accompanying the earnings and cash-flow recovery and viewed positively for balance-sheet stability. That said, it briefly rebounded to 181.0% in 2024, so the improvement has not proceeded uniformly every year.
Chairman Kim In-sik increased his stake from 13.6% in January 2026 to 14.36% as of March 25, 2026, disclosed as having been achieved through multiple open-market purchases during March.
This increase confirms the controlling shareholder's market participation and should be treated as a reference data point rather than translated directly into a judgment about future share price direction.
Net income swung sharply from KRW 12.4 billion in Q4 2025 to a loss of about KRW 0.1 billion in Q1 2026, before recovering to KRW 3.9 billion in Q2, reflecting large quarter-to-quarter swings. This reflects a business structure highly sensitive to fresh-meat pricing and seasonal supply-demand shifts.
According to the most recent quarterly report, 93.77% of revenue comes from the broiler segment, directly exposing performance to fresh-meat market price swings. Given past episodes of industry-wide losses driven by oversupply, the limited portfolio diversification can be seen as a weakness.
No cash dividend was recorded for fiscal year 2025, showing that even in a year of earnings recovery this did not immediately translate into shareholder returns. While cash flow is improving, the absence of a concrete dividend policy remains a constraint for investors seeking dividend income.
Fluctuations in feed grain prices directly affect cost burdens, and during autumn and winter the outbreak of avian influenza (AI) carries the risk of temporary suspension of farming and slaughtering lines.
While this risk applies broadly across integrated poultry companies, it may weigh relatively more heavily on Cherrybro given its high dependence on a single chicken product line.
The broiler market is an oligopoly held by a handful of companies, but there is a history of industry-wide losses during periods of oversupply.
Given the structural competitive dynamic in which one producer's output cuts are offset by increases from others, the possibility of renewed price-decline pressure cannot be ruled out.
Although the debt ratio has been improving, it stood at 135.7% in 2025, still above 100%, and non-controlling interests account for a meaningful portion of total equity. This is a factor to consider when interpreting capital efficiency relative to the equity attributable to owners.
The Q3 2026 quarterly report is expected to be filed, consistent with the mid-November filing pattern seen in prior years. It will be worth checking Q3 revenue and profit trends along with second-half cost and supply-demand conditions.
Monitoring for avian influenza (AI) outbreaks during the autumn/winter season is warranted, as an outbreak could affect the operation of farming and slaughtering lines and disrupt production.
It is worth continuing to check DART shareholding disclosures for any additional purchases or sales by controlling shareholder Kim In-sik or other major shareholders.
The impact of feed grain prices and broiler market prices on margins should be checked through quarterly operating margin changes at each earnings release.
Cherrybro succeeded in turning to an annual profit in 2025 after a net loss in 2024, with both the operating margin and operating cash flow improving in tandem. However, the return to a net loss in Q1 2026 is a reminder that quarterly volatility remains substantial.
Structurally, the vast majority of revenue comes from the single broiler segment, exposing the company to fresh-meat pricing and seasonal biosecurity risks that are shared across the industry but also represent a company-specific vulnerability.
The debt ratio has shown a multi-year improving trend, and the controlling shareholder disclosed additional stake purchases during the first half of 2026. No dividend was paid for fiscal year 2025, leaving shareholder-return policy without a concrete framework at this stage.
The upcoming Q3 earnings disclosure, the occurrence of winter AI outbreaks, and raw material price trends are likely to be the key variables in gauging the durability of the earnings recovery.
Report written 2026-09-12 · Data as of 2026-09-11
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