PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q3–2026Q2) · Dividend yield is based on ₩150 per share · Prices as of the 2026-10-02 close
Woorison F&G's operating margin, which had collapsed in 2023, recovered through 2024-2025 and improved again in the second quarter of 2026, but quarterly results continue to swing sharply on hog prices, feed costs, and livestock disease variables.
2025 operating margin recovered sharply to 11.4% from 1.7% in 2023, with a repeat improvement to 22.1% in Q2 2026
Quarterly profit volatility (an operating loss in Q4 2025, thin margins in Q1 2026) far exceeds the relative stability of revenue
Vertically integrated structure spanning breeding stock, fattening pigs, and slaughter/processing supports cost and supply stability
An unusual surge in African Swine Fever cases in Q1 2026 (31.2% of cumulative cases concentrated in that quarter) highlights disease risk
Industry forecasters expect a 'high hog price' trend to persist into 2026, though feed cost pressure remains a simultaneous headwind
Woorison F&G is a livestock company centered on pig farming, operating a vertically integrated structure spanning original breeding stock, seed stock, sow/fattening pig production, and slaughter/processing.
Through subsidiaries such as Farmsworld GP it runs the original breeding stock business, through Jirisan Hypo GP it runs the seed stock business, and through an Anseong-based entity it runs sow and fattening pig production.
In 2015 the company acquired a livestock processing center (LPC) in Gangwon Province, completing a value chain that extends to slaughter and processing. The pig farming segment's revenue is reportedly composed of roughly 93.5% fattening pigs for meat and about 6.5% seed stock sales.
The processing and distribution business operates Gangwon Province's only integrated livestock processing center, handling slaughter, processing, and sale of cattle and pigs.
In terms of governance, the company is part of the EG Bio group (affiliated with EG Holdings), and past reporting indicated EG Holdings held a substantial stake.
South Korea's compound feed and pig farming industry is competitive with numerous participants, and vertical integration through affiliate feed procurement is cited as a factor supporting cost stability.
Across the domestic pig farming industry, farm modernization and scale expansion are underway alongside a simultaneous exit of small farms and market consolidation toward large integrated operators.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩70.8B | ₩16.5B | 23.4% |
| 2025Q3 | ₩71.4B | ₩18.6B | 26.1% |
| 2025Q4 | ₩75.3B | -₩3.2B | −4.3% |
| 2026Q1 | ₩71.1B | ₩2.7B | 3.7% |
| 2026Q2 | ₩77B | ₩17B | 22.1% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩286.9B | ₩28.5B | ₩25B | 9.9% | 9.9% | 82.2% |
| 2023 | ₩279.3B | ₩4.6B | ₩1.5B | 1.7% | 0.6% | 86.3% |
| 2024 | ₩292.7B | ₩27.5B | ₩15.1B | 9.4% | 4.8% | 72.8% |
| 2025 | ₩287.1B | ₩32.7B | ₩23.8B | 11.4% | 7.2% | 63.4% |
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
Woorison F&G's annual revenue fluctuated within a range of about KRW 279 billion to KRW 293 billion, coming in at roughly KRW 287 billion in 2022, KRW 279 billion in 2023, KRW 293 billion in 2024, and KRW 287 billion in 2025.
Operating profit, by contrast, swung far more dramatically over the same period-about KRW 28.5 billion, KRW 4.6 billion, KRW 27.5 billion, and KRW 32.7 billion-with the operating margin plunging to 1.7% in 2023, when net profit attributable to owners fell to roughly KRW 1.5 billion.
In 2024 operating profit recovered to about KRW 27.5 billion (a 9.4% margin), and in 2025 it improved further to about KRW 32.7 billion (an 11.4% margin) with owners' net profit of about KRW 23.8 billion, marking a clear earnings recovery.
On a quarterly basis, operating profit peaked at about KRW 18.6 billion (a 26.1% margin) in Q3 2025, before the company swung to an operating loss of about KRW 3.2 billion (a net loss attributable to owners of about KRW 2.6 billion) in Q4 2025 despite revenue of about KRW 75.3 billion.
Q1 2026 revenue was about KRW 71.1 billion with operating profit of about KRW 2.7 billion (a thin 3.7% margin), remaining profitable but with sharply compressed margins, before Q2 2026 revenue of about KRW 77.0 billion produced operating profit of about KRW 17.0 billion (a 22.1% margin) and owners' net profit of about KRW 12.6 billion, a marked recovery.
Across the most recent five quarters, revenue remained relatively stable in the KRW 70-77 billion range per quarter, while the operating margin swung dramatically from negative territory to the mid-20% range.
On the balance sheet side, the debt ratio declined from 86.3% in 2023 to 63.4% in 2025, and operating cash flow rose from about KRW 21.9 billion in 2023 to about KRW 51.1 billion in 2025, suggesting the earnings recovery has translated into improved cash generation.
South Korea's pig farming industry is highly sensitive to two variables: hog prices and feed grain prices.
In 2025, African Swine Fever (ASF) was detected for the first time in South Chungcheong Province, triggering nationwide movement restrictions, with a total of six ASF outbreaks during the year resulting in the culling of about 34,000 pigs.
The situation worsened in 2026, with 25 ASF cases confirmed in the first quarter alone, meaning 31.2% of the 80 cumulative cases since 2019 were concentrated in that single quarter-an unusually sharp surge.
In addition, the number of farms affected by Porcine Reproductive and Respiratory Syndrome (PRRS) rose 45.9% year over year, and heat-related pig deaths also increased, adding to disease-control and management burdens.
Amid these conditions, hog prices remained elevated due to rising feed costs and supply disruptions; Jung P&C Research Institute forecast the average 2026 domestic hog price at about KRW 5,514 per kilogram of carcass weight, lower than 2025's roughly KRW 5,786 but still consistent with a continuing 'high hog price' trend.
However, industry observers also note that even as hog prices rise, simultaneous increases in feed costs can widen, rather than narrow, the variability of per-head profit for farms and processors.
In terms of competitive structure, large integrated players such as Doduram Pig Farming Agricultural Cooperative and Farmsco lead the market, while small farms exit and consolidation toward large integrated operators continues.
Woorison F&G's annual and quarterly reports are filed sequentially with the Financial Supervisory Service's DART disclosure system, typically around March for the annual report and May, August, and November for quarterly reports.
No company-issued revenue or profit guidance has been identified, suggesting future results will likely continue to be driven mainly by industry variables such as hog prices and feed costs.
If the industry-forecast 'high hog price' trend persists into 2026, it would be supportive for revenue stability, but a simultaneous rise in feed costs could act as a margin headwind.
Because the ASF outbreak that spread nationwide in Q1 2026 carries a risk of winter recurrence, disease-control outcomes and changes in herd size over the winter season are likely to be a swing factor for results into the second half of 2026 and early 2027.
The vertically integrated structure spanning original breeding stock, seed stock, fattening pigs, and slaughter/processing can act as a buffer on cost and supply stability, but the business remains exposed to external shocks such as large-scale culling or movement restrictions.
The recent pattern-an operating loss in Q4 2025, thin margins in Q1 2026, and a recovery in Q2 2026-suggests that quarter-to-quarter earnings volatility could persist for some time.
Historically there have been periods when the price-to-earnings ratio, based on Q2 2022 results, fell to around 5x, and as of early January 2026 the price-to-book ratio was reported at about 0.33x, indicating the stock has traded at a discount to net asset value for an extended period.
The pattern of earnings collapsing in 2023, recovering through 2024-2025, and improving again in Q2 2026 provides context for how valuation levels could shift depending on how the market prices the pace of earnings recovery.
The company appears to have maintained cash dividend payments in recent years, and whether this policy continues is a point worth watching from a shareholder-return perspective.
However, given the industry's characteristic quarter-to-quarter earnings volatility, valuation metrics at any single point in time are not necessarily indicative of the business's overall direction.
A more complete picture requires weighing share price relative to net assets, the extent of earnings recovery versus history, and dividend continuity together.
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
After the operating margin collapsed to 1.7% in 2023, it recovered to 9.4% in 2024 and 11.4% in 2025, showing an upward trend. The margin improved again on a quarterly basis to 22.1% in Q2 2026. The debt ratio also declined from 86.3% in 2023 to 63.4% in 2025, indicating a parallel improvement in the balance sheet.
The vertically integrated structure spanning original breeding stock, seed stock, sow/fattening pig production, and slaughter/processing provides a relatively stable foundation for cost and supply chain management.
The company owns Gangwon Province's only integrated livestock processing center (LPC), allowing it to internally handle slaughter and processing. Raw material procurement through affiliate transactions is also cited as a factor supporting business stability.
Jung P&C Research Institute's forecast of an average 2026 domestic hog price of about KRW 5,514 per kilogram, lower than the prior year but still consistent with a continuing 'high hog price' trend, suggests a favorable environment for revenue.
Given the fattening pig-centered revenue structure, hog price levels have a direct bearing on revenue stability.
In Q4 2025 the company swung to an operating loss of about KRW 3.2 billion despite revenue of about KRW 75.3 billion, and the operating margin fell sharply to 3.7% in Q1 2026.
Because revenue stayed relatively steady in the KRW 70 billion range over the same period, this confirms a structural pattern in which profit volatility far exceeds revenue volatility. This reflects high sensitivity to external variables such as feed costs, hog prices, and disease-control expenses.
In Q1 2026 alone, 25 confirmed ASF cases accounted for 31.2% of cumulative cases since 2019, an unusually sharp surge concentrated in a single quarter. PRRS outbreaks also rose 45.9% year over year, adding to disease-control and management burdens. Large-scale culling or movement restrictions, if they occur, could directly hit revenue and utilization rates.
Feed costs are sensitive to international grain prices and currency exchange rates, and industry observers note that even when hog prices rise, a simultaneous increase in feed costs can widen, rather than narrow, the variability of per-head profit. The sharp profit decline in 2023 can also be interpreted as reflecting this kind of cost pressure.
Livestock diseases such as African Swine Fever and PRRS directly affect production volume and revenue through culling, movement restrictions, and increased mortality. The unusually high number of confirmed ASF cases in Q1 2026 compared to prior years is a cautionary factor regarding future recurrence risk.
Fluctuations in grain feed prices and the won-dollar exchange rate feed directly into costs, and production costs can increase during periods of international instability or high oil prices. Margins can swing substantially depending on the relative pace of change between hog prices and feed costs.
Regulations related to livestock manure treatment, animal welfare, and disease control continue to tighten, raising the possibility of increased compliance costs. Given the nature of the livestock industry, social demands regarding environmental and animal welfare issues are also growing.
The Q3 2026 quarterly report is due to be filed - worth checking whether the Q2 earnings recovery continued into Q3.
Monitor for winter recurrence of ASF, foot-and-mouth disease, or other livestock diseases - warranted given the unusual outbreak surge seen in Q1 2026.
Track monthly domestic hog prices (carcass weight, KRW/kg) against Jung P&C Research Institute's 2026 average forecast of about KRW 5,514 per kilogram.
The FY2026 annual business report and dividend disclosure is expected - worth checking whether the annual earnings recovery persisted and how dividend policy evolved.
Woorison F&G has shown a repeating pattern over the past three years of earnings collapsing and recovering-the operating margin plunged to 1.7% in 2023, recovered through 2024-2025, and improved again in Q2 2026.
Annual revenue remained relatively stable in the KRW 279-293 billion range, while the operating margin swung dramatically on a quarterly basis, from negative territory to the mid-20% range.
This volatility appears to stem from industry-specific external variables such as hog prices, feed costs, and livestock diseases including African Swine Fever. Industry forecasts for 2026 suggest a continuing high hog price trend, but this is countered by the unusual surge in ASF cases and ongoing feed cost pressure.
On the balance sheet, a declining debt ratio and improving operating cash flow support the view that the earnings recovery has translated into real cash generation.
Before drawing conclusions, continued monitoring of quarterly earnings volatility and industry variables (hog prices, feed costs, disease control) is warranted, and this report does not include a specific buy or sell recommendation.
Report written 2026-09-05 · Data as of 2026-09-04
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