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
Dongwoo Farm to Table swung from a 2024 loss back to profit in 2025 and has sustained quarterly net income into 2026, though cost pressure has weighed on operating margins.
2025 consolidated revenue reached KRW 325.4bn with operating profit of KRW 13.15bn, reversing the prior year's operating loss.
Data providers cited a sharp year-on-year jump in 1Q26 operating profit, but 2Q26 operating profit fell sharply despite higher revenue, signaling renewed cost pressure.
Highly pathogenic avian influenza outbreaks have thinned domestic flock capacity, keeping chicken prices firm.
The company retired 110,000 treasury shares in July 2026 (about 0.4% of shares outstanding), aligned with revised commercial law requirements on treasury stock retirement.
No cash dividend was paid in the most recent fiscal year, leaving treasury share retirement as the main shareholder-return channel.
Dongwoo Farm to Table, established in 1993 and listed on KOSDAQ in 2006, is a vertically integrated poultry company covering breeding, hatching, rearing, processing, and sales under one system.
The company runs a Farm to Plate System, One Day System, and Cold Chain System, securing stable raw material supply by contracting with growers who receive chicks and feed under consignment rearing agreements.
Its main products include whole dressed chicken, cut parts, sectioned meat, retail meat cuts, and salted meat products, with demand increasingly shifting toward cut and retail-cut formats as large discount stores and institutional catering channels expand.
Its customer base spans franchise and foodservice operators, large retailers, and institutional catering channels.
The company belongs to the Gunsan City Gas group, whose affiliates include Gunsan City Gas, agricultural corporations Unong and Danong, and Chamfry, which operates franchise businesses such as samgyetang restaurants.
Within Korea's broiler processing industry it is regarded as one of the larger integrated players, competing on the basis of cost and quality control enabled by vertical integration.
The business rests on structural demand drivers such as preference for low-fat, high-protein food and the expansion of foodservice franchises, but it also carries exposure to swings in feed costs, labor costs, and other production expenses inherent to the livestock industry.
Its main production base is located in Gunsan, North Jeolla Province, and the integration model is positioned to provide contracted farmers with stable income.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩85.5B | ₩5.2B | 6.1% |
| 2025Q3 | ₩88.3B | ₩3B | 3.5% |
| 2025Q4 | ₩80.6B | ₩4.7B | 5.8% |
| 2026Q1 | ₩76B | ₩4.2B | 5.5% |
| 2026Q2 | ₩91.2B | ₩1B | 1.0% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩336.8B | ₩11.9B | ₩16.1B | 3.5% | 8.3% | 48.2% |
| 2023 | ₩349.2B | ₩21.1B | ₩26.4B | 6.1% | 12.0% | 32.5% |
| 2024 | ₩303.1B | -₩4.3B | -₩7.8B | −1.4% | −3.7% | 26.9% |
| 2025 | ₩325.5B | ₩13.2B | ₩28.3B | 4.0% | 11.8% | 17.8% |
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
2025 consolidated revenue was KRW 325.458bn with operating profit of KRW 13.151bn (4.0% operating margin), a clear turnaround from 2024's revenue of KRW 303.120bn and operating loss of KRW 4.310bn (-1.4% margin).
Net income attributable to owners also swung from a loss of KRW 7.760bn in 2024 to a profit of KRW 28.288bn in 2025.
In 2023 the company posted revenue of KRW 349.164bn, operating profit of KRW 21.127bn (6.1% margin), and net income of KRW 26.432bn, so the 2025 result, while below the 2023 level, represents a genuine recovery.
On a quarterly basis, 2Q25 revenue of KRW 85.463bn, operating profit of KRW 5.185bn, and owner net income of KRW 11.327bn gave way to 3Q25 revenue of KRW 88.272bn, operating profit of KRW 3.048bn, and net income of KRW 7.022bn, showing a lower operating margin, while 4Q25 revenue slipped to KRW 80.554bn but operating profit rebounded slightly to KRW 4.654bn. 1Q26 posted revenue of KRW 75.973bn, operating profit of KRW 4.197bn, and net income of KRW 7.112bn, which data providers cited as a 6.8% year-on-year revenue increase alongside a 1,489.8% jump in operating profit and a 225.2% rise in net income.
However, in 2Q26 revenue jumped to KRW 91.205bn while operating profit came in at only KRW 0.957bn, pushing the operating margin down to roughly 1%, even as owner net income rose to KRW 10.759bn versus the prior quarter, an unusual divergence.
This suggests non-operating items played a significant role in the net income trend, and the trailing four-quarter (3Q25-2Q26) sum of owner net income stands at KRW 32.645bn.
Overall, revenue growth has been sustained but quarterly operating profit volatility has increased, warranting closer attention to cost management and the composition of earnings.
Korea's broiler industry has faced supply disruptions from the recent spread of highly pathogenic avian influenza (HPAI). During the 2025-2026 winter season, numerous outbreaks at poultry farms nationwide led to culling of more than 400,000 broilers and 400,000 breeder chickens respectively.
As a result, as of April 2026 the factory price for size 9-10 chicken used mainly for fried chicken rose 13.1% year-on-year to KRW 5,308 per kg, while live-bird farm-gate prices climbed roughly 20-30% year-on-year to the KRW 2,550-2,700 per kg range.
Compounding this is a structural decline in broiler flock numbers: government data showed the broiler flock as of June 1 this year at 75.432 million birds, down 957,000 from a year earlier, amid continued exits by aging farmers facing rising production costs.
The government has expanded imports of hatching eggs to offset the chick production shortfall, but because hatching to shipment takes more than 100 days, this measure has limited effect on near-term supply stabilization.
Rising feed raw material costs and higher vegetable oil prices, including soybean oil, are also cited as factors adding to production cost burdens.
In this environment, vertically integrated companies that manage the chain from rearing to processing can internalize part of the cost volatility, but the extent to which they can pass rising feed and labor costs through to selling prices remains the key determinant of margin.
Agricultural research forecasts point to a decline in 2026 chicken imports due to exchange rate effects, alongside an expected year-on-year rise in domestic broiler farm-gate prices reflecting lower domestic production.
The company has not disclosed specific quantitative revenue or profit guidance, but the trajectory can be inferred from confirmed facts. On July 1, 2026, the board resolved to retire 110,000 treasury shares, with the retirement date disclosed as July 7, 2026.
This action followed the proviso in Article 343(1) of the revised Commercial Act, effective March 6, 2026, under which only the number of issued shares decreases while paid-in capital remains unchanged.
The number of issued common shares was set to decline from 25,831,764 before retirement to 25,721,764 after, a modest proportion of total shares but meaningful from a shareholder-return perspective.
The revised Commercial Act moves toward mandating retirement of treasury shares within a set period after acquisition, so further disclosures on treasury stock handling are plausible going forward.
On the industry side, amid continued supply tightness from avian influenza, agricultural forecasting bodies have projected that broiler farm-gate prices will rise year-on-year again in 2026, suggesting a potentially favorable pricing environment.
However, with feed raw material and vegetable oil costs rising in parallel, the degree to which price gains can outpace cost increases is likely to be the key variable for coming quarterly results.
Since swinging from a 2024 loss back to profit in 2025, Dongwoo Farm to Table has traded at a notable discount to its net asset value.
Compared with the profit levels achieved in 2022-2023, the trailing four quarters show a recovery phase, though heightened quarter-to-quarter operating profit volatility warrants monitoring for sustainability.
No cash dividend was paid in the most recent fiscal year, indicating that shareholder returns currently rely more on measures such as treasury share retirement than on dividends.
The fact that market capitalization sits well below total equity is worth examining relative to other integrated poultry peers in the sector, and may reflect the inherent earnings volatility of the livestock processing business.
Rather than framing the situation in absolute terms of over- or under-valuation, it appears more useful to track the sustainability of the earnings recovery together with the direction of the cost-to-selling-price spread.
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 reversed a 2024 operating and net loss into a 2025 operating profit of KRW 13.1bn and net income of KRW 28.2bn. Into 2026, both the first and second quarters posted net profits, pushing the trailing four-quarter net income sum above KRW 32.6bn. While still below 2023 levels, this supports a recovery narrative from the 2024 slump.
As HPAI outbreaks have increased broiler and breeder culling, domestic chicken prices have shown double-digit year-on-year increases.
Combined with a structural decline in broiler flock numbers, the firm-pricing phase could persist for some time, and vertically integrated companies have distribution networks that allow them to capture these price gains in revenue.
In July 2026 the board resolved and proceeded with the retirement of 110,000 treasury shares, in line with the broader move under the revised Commercial Act toward mandatory treasury stock retirement. This reduces the share count while keeping paid-in capital unchanged, and similar measures could follow.
In 2Q26 revenue rose to KRW 91.2bn but operating profit was only KRW 0.96bn, pushing the operating margin down to roughly 1%. Net income rose instead, an unusual pattern that operating results alone cannot fully explain, and such volatility could reduce the reliability of future earnings forecasts.
Feed raw material prices and vegetable oil costs such as soybean oil are rising together, increasing production cost burdens. Since feed costs make up a significant share of broiler production costs, margins could erode again if selling price gains fail to outpace cost increases.
With no cash dividend in the most recent fiscal year, shareholder returns currently depend narrowly on treasury share retirement. As a small-cap KOSDAQ stock, limited liquidity and information access are also factors worth considering.
Recurrent HPAI outbreaks could further damage the rearing and hatching base. Imports of hatching eggs are being used to offset chick production shortfalls, but with hatching to shipment taking over 100 days, near-term responsiveness is limited. If AI occurs at the company's own or contracted farms, direct production disruption from culling could result.
Prices of feed grains and vegetable oils such as soybean oil are influenced by international grain markets, exchange rates, and geopolitical conditions. Since feed costs represent a substantial share of production costs, continued raw material price increases could intensify margin pressure. Currency movements also affect not only imported input costs but the volume of chicken imports itself.
Under the revised Commercial Act effective March 2026, treasury shares must be retired within a set period after acquisition, which could change the flexibility of capital policy. Regulatory changes such as origin labeling for livestock products and stricter import quarantine could also affect distribution structures.
Check whether preliminary figures are confirmed in the 3Q report and whether the sharp operating margin decline seen in 2Q26 persists.
Monitor whether HPAI recurs, the scale of any culling, and the impact on the breeder and chick supply chain.
Check for disclosure of confirmed 2026 annual results, dividend policy, and any further treasury stock handling plans.
Continuously track how international grain and soybean oil prices, along with the won-dollar exchange rate, affect production costs.
Dongwoo Farm to Table has moved past its 2024 loss and remained profitable through 2025 and into the first half of 2026, a period that can be characterized as an earnings recovery phase.
That said, the sharp drop in operating margin despite revenue growth in 2Q26 highlights growing quarter-to-quarter volatility in profitability that warrants continued attention.
On the industry side, supply tightness driven by highly pathogenic avian influenza has supported firm chicken prices, but rising feed raw material and vegetable oil costs are simultaneously adding to cost burdens, making the direction of the price-cost spread the key variable for future results.
The company continued its shareholder-return actions by retiring 110,000 treasury shares in July 2026, a move aligned with the mandatory retirement provisions under the revised Commercial Act.
With no cash dividend paid in the most recent fiscal year, shareholder returns currently depend more on treasury stock policy than on dividends. For investors, tracking whether cost pressure persists and how durable the earnings recovery proves to be in upcoming quarterly reports appears to be a useful approach.
Report written 2026-09-05 · Data as of 2026-09-04
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