KOSDAQElectronic Components119610

Interojo

₩17,040▲ 9.51%2026-10-02 close

Market Cap

₩192.8B

Turnover

₩2.7B

Volume

160,000 shares

Shares out.

11.4M

PER

9.7×

PBR

1.0×

EPS

₩1,439

Dividend Yield

4.68%

PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q3–2026Q2) · Dividend yield is based on ₩650 per share · Prices as of the 2026-10-02 close

Report overview

Yield Gains and US Entry Drive Earnings Normalization

Having weathered an accounting-related shock, Interojo now sits at a juncture where improving production yields, an expanding Silicone Hydrogel lineup, and a US FDA clearance intersect with hopes for a record annual result.

1
2025 revenue reached KRW 118.44bn with operating profit of KRW 19.48bn (16.4% margin), marking a clear recovery from the extreme profit slump of 2024.
2
Operating margin improved for four straight quarters from Q3 2025 to Q2 2026, moving from 14.6% to 19.7%, 20.3%, and 20.3%.
3
Interojo obtained US FDA 510(k) clearance for its Silicone Hydrogel monthly clear lens (Inofilcon A) in May 2026.
4
The stock underwent a 13-month trading halt from April 2024 to May 2025 following an audit disclaimer opinion, and rebuilding market trust remains an ongoing task.
5
Domestically the company is expanding through the Clalen brand's Family Shop channel and a new D2C store (Clalen Studio), while overseas growth relies on OEM/ODM exports.

Business structure

Founded in 2000, Interojo is a contact lens manufacturer and seller that sells its own brand 'Clalen' domestically while supplying products overseas through original equipment manufacturing (OEM) and original design manufacturing (ODM) arrangements.

Products are categorized by color into Clear and Color lenses, by wear cycle into 1-day and frequent replacement (FRP) lenses, and by material into Hydrogel and Silicone Hydrogel (Si-Hydrogel), with a broadening lineup of functional lenses.

Domestic distribution has grown through the 'Family Shop' franchise channel, which expanded from 428 to 1,708 stores and now accounts for roughly 85% of sales. As of 2025, overseas business accounted for 83.2% of revenue, underscoring exports as the core of earnings.

In July 2026 the company opened its first direct-to-consumer (D2C) store, 'Clalen Studio,' in Gongdeok, Seoul, with plans to expand to major commercial districts such as Hongdae, Gangnam, and Seongsu.

The global contact lens market is dominated by a handful of majors including Alcon, Johnson & Johnson (Acuvue), CooperVision, and Bausch + Lomb, which together hold roughly 70% share even within the domestic Korean market.

Interojo holds about 1% global market share but maintains a leading position among local players with roughly 25% domestic share.

Earnings trend

Quarterly revenue · Operating profit

₩31.3B₩6.3B25Q2₩32.4B₩4.7B25Q3₩31.6B₩6.2B25Q4₩30.7B₩6.2B26Q1₩29.4B₩6B26Q2

RevenueOperating profit

Annual revenue · Operating profit

₩117.8B₩24.2B2022₩121.8B₩18.3B2023₩115.8B₩5.8B2024₩118.4B₩19.5B2025

RevenueOperating profit

Quarterly results · Last 5 quarters
Quarter	Revenue	Operating profit	Op. margin
2025Q2	₩31.3B	₩6.3B	20.2%
2025Q3	₩32.4B	₩4.7B	14.6%
2025Q4	₩31.6B	₩6.2B	19.7%
2026Q1	₩30.7B	₩6.2B	20.3%
2026Q2	₩29.4B	₩6B	20.3%

Annual results
Year	Revenue	Operating profit	Net income (parent)	Op. margin	ROE	Debt-to-equity
2022	₩117.8B	₩24.2B	₩18.6B	20.5%	10.4%	44.6%
2023	₩121.8B	₩18.3B	₩13.8B	15.0%	7.3%	48.5%
2024	₩115.8B	₩5.8B	₩200M	5.0%	0.1%	37.9%
2025	₩118.4B	₩19.5B	₩12.9B	16.4%	8.2%	56.0%

Consolidated basis (financial statements including subsidiaries) · Final figures from DART filings · Net income attributable to owners of the parent · Data as of 2026-08-21

Earnings analysis

Consolidated revenue in 2025 came to KRW 118.44bn with operating profit of KRW 19.48bn (16.4% margin) and net profit attributable to owners of KRW 12.94bn, marking a clear recovery from the extreme profit slump of 2024.

That year, an audit disclaimer opinion coincided with an inventory accounting issue, shrinking revenue to KRW 115.84bn, operating profit to KRW 5.82bn (5.0% margin), and owners' net profit to a mere KRW 0.18bn.

Compared with 2023 (revenue KRW 121.84bn, operating profit KRW 18.32bn, 15.0% margin) or 2022 (revenue KRW 117.82bn, operating profit KRW 24.17bn, 20.5% margin), the 2024 margin collapse was severe, and the 2025 results show a recovery toward historically normal margin levels.

On a quarterly basis, operating margin was 14.6% in Q3 2025 but rose to 19.7% in Q4 2025 and held at 20.3% in both Q1 and Q2 2026, extending an improving trend for four consecutive quarters.

Over the same period, revenue actually declined from KRW 32.35bn in Q3 2025 to KRW 29.45bn in Q2 2026; the company explained in its Q2 earnings release that its cost ratio improved and its profit structure was stabilizing.

Indeed, gross profit margin reportedly rose from 39% in Q3 2025 to 46.2% in Q2 2026, supporting the view that recent profit gains have been driven more by cost efficiency and a shift toward higher-value products than by top-line growth.

In Q1 2026, overseas revenue rose 36% year-on-year to KRW 24bn, accounting for 78% of total sales, with Europe and CIS revenue surging 67% to lead growth.

Industry analysis

The global contact lens market is dominated by a handful of global brands including Alcon, Johnson & Johnson (Acuvue), CooperVision, and Bausch + Lomb, which together also hold roughly 70% share within Korea's domestic market.

Interojo maintains a leading position among local players with about 25% domestic share, but its global market share stands at only about 1%.

The industry has high barriers to entry due to mold and injection technology requirements and regulatory approval hurdles, and because raw material costs make up a relatively small portion of cost of goods sold, profits tend to scale quickly once production and sales volumes grow.

The United States, the world's largest single-country market, is estimated at more than KRW 6 trillion in consumer sales, roughly 17 times the size of the Korean market.

As a result, entry into the US market is viewed as a key variable separating the mid- to long-term growth trajectories of Korean contact lens makers, and brokerages have flagged expansion in the US, the world's largest contact lens market, as a growth driver for the second half.

Interojo is broadening its revenue base through a shift toward a Silicone Hydrogel-centered product portfolio and diversification into Europe, the Middle East, and China.

Outlook

On May 29, 2026, Interojo obtained US FDA 510(k) clearance for its self-developed Silicone Hydrogel contact lens, the 'Inofilcon A Silicone Hydrogel Soft Contact Lens,' and the company said it expects the clearance to lead to additional sales expansion with global distributors and major buyers.

NH Investment & Securities noted that, beyond the Silicone Hydrogel clear lens, approvals for 1-day and color lens variants were also being pursued within the year, and that an expanding lineup of certified products should translate into increased supply volume.

Korea Investment & Securities, in an April 23, 2026 report, forecast 2026 revenue of KRW 137bn and operating profit of KRW 29.3bn (up 50.4% year-on-year), citing the FDA approval push, yield improvement (from 62.0% in 2024 to 75.0% in the second half of 2025), and the resolution of the accounting issue as growth drivers.

Consensus estimates compiled by FnGuide point to 2026 revenue of KRW 139.2bn and operating profit of KRW 29.7bn, which, if achieved, would surpass the company's prior record set in 2022 to mark an all-time high.

Domestically, the company plans to expand Clalen Studio stores to areas such as Hongdae, Gangnam, and Seongsu, alongside a restructuring of distribution through subsidiaries.

Daol Investment & Securities, following the Q2 2026 earnings release, assessed that overall yield improvement had lowered the cost ratio, while noting that some plans such as lens shipments to Japan had been delayed.

Valuation

PER

9.7×

PBR

1.0×

ROE

11.3%

EPS

₩1,439

BPS

₩13,370

Dividend per share

₩650

Since moving from the sharp earnings decline caused by the 2024 accounting issue into a 2025 profit-normalization phase, Interojo has shown quarter-by-quarter operating margin improvement over the most recent four quarters.

NH Investment & Securities, in a June 10, 2026 report, assessed that the price-to-earnings ratio (PER) based on 2026 expected results stood at around 7.3 times, calling it an attractive valuation level.

Heungkuk Securities raised its target price in May 2026 from KRW 23,000 to KRW 26,000, one of the few domestic brokerages this year to maintain a buy rating.

With brokerage valuation views diverging in this way, the pace of market-trust recovery stemming from the past trading halt tied to the audit disclaimer remains a variable in the discussion.

On the dividend front, the company has paid dividends for 16 consecutive years since its 2010 listing, including through the trading-halt period, which is cited as evidence of a consistent shareholder-return policy.

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 2026-08-21

Bull factors

New Revenue Opportunity from US FDA Clearance

Interojo obtained FDA 510(k) clearance for its Silicone Hydrogel monthly clear lens in May 2026, and brokerages expect additional approvals for 1-day and color lenses to be completed within the year.

Analysts note that an expanding certified product lineup could lead to broader OEM/ODM contracts with global distributors and major buyers. A full-scale entry into the United States, the world's largest single market, could become a new pillar of mid- to long-term growth.

Margin Normalization Driven by Yield Improvement

Production yield improved from 62.0% in 2024 to 75.0% in the second half of 2025, while gross margin rose from 39% in Q3 2025 to 46.2% in Q2 2026. As a result, operating margin climbed for four consecutive quarters, from 14.6% in Q3 2025 to 20.3% in Q2 2026. Even amid stalled top-line growth, cost-side improvement alone has been shown to lift profitability.

Overseas Diversification and Domestic Distribution Overhaul

In Q1 2026, overseas revenue accounted for 78% of the total, with simultaneous high growth across multiple regions including Europe/CIS (+67%), the Middle East (+111%), and China (+100%).

Domestically, the Family Shop franchise network grew to 1,708 stores to become the core distribution channel, and the company is pursuing a strategy to capture both consumer touch points and distribution margin through its new D2C store, Clalen Studio. This regional and channel diversification is cited as a factor reducing reliance on any single market.

Bear factors

Earnings Reliant on Cost Efficiency Amid Stalled Revenue Growth

Quarterly revenue declined for four consecutive quarters, from KRW 32.35bn in Q3 2025 to KRW 29.45bn in Q2 2026. The margin improvement over the same period stemmed from a lower cost ratio and product mix shift rather than volume growth, meaning profit gains have not been backed by top-line expansion. There is a concern that if the pace of cost improvement slows, the margin gains could stall as well.

Time Needed to Rebuild Accounting Trust

Interojo received a disclaimer of opinion on its FY2023 audit report due to scope limitations, leading to a 13-month trading halt from April 2024 to May 2025.

Although it satisfied listing maintenance requirements by securing clean audit opinions for FY2024 and FY2025, assessments note that the share price has yet to recover to levels seen just before the halt.

The prevailing view is that additional time will be needed to fully restore market trust that was damaged during the episode.

Scale Gap Versus Global Majors

The global contact lens market is dominated by a handful of majors—Alcon, Acuvue, CooperVision, and Bausch + Lomb—which together hold roughly 70% share even within the domestic Korean market.

Interojo's global market share stands at only about 1%, making it difficult to close the scale gap quickly on the strength of FDA approval alone. Whether contracts with large global distribution networks materialize could determine how quickly any approval translates into actual sales.

Risk factors

Accounting and Governance Risk

Given the history of an audit disclaimer opinion related to inventory and revenue recognition for FY2023, internal-control credibility will take time to fully re-establish.

The controlling shareholder holds share-pledged loans, raising the possibility that collateral-related issues could resurface if share price volatility increases. Because past financial statements were restated during an auditor transition, the market may continue to watch disclosure reliability closely going forward.

Competition and Market Share Risk

Four global majors maintain dominant positions in both the global market and the domestic Korean market (roughly 70% share), making it difficult to substantially raise Interojo's roughly 1% global share in the near term.

While niche segments such as color lenses that require small-batch, multi-variety production offer some entry barriers, competition on price and quality with majors is likely to continue in clear lens and Silicone Hydrogel segments.

If competitive intensity rises, it cannot be ruled out that margin gains achieved through yield improvement could be partially offset.

Foreign Exchange and Regulatory Risk

With overseas revenue accounting for 83.2% of total sales as of 2025, currency fluctuations such as won strengthening could directly affect earnings.

While additional FDA approvals for 1-day and color lenses are expected to be completed within the year, the nature of regulatory approval processes means schedule delays cannot be ruled out.

Changes in trade and tariff policy in major export markets, including the United States, could also be a variable given the company's heavily export-oriented business structure.

What to watch next

Around November 2026
Check the preliminary Q3 2026 earnings release to see whether the improving operating margin trend around the 20% level continues and whether the revenue decline stabilizes.
Q4 2026 (within the year)
Watch for completion of additional US FDA approvals for Silicone Hydrogel 1-day and color lenses, along with any related disclosures of new contracts or orders.
H2 2026
Monitor the progress of additional Clalen Studio store openings in areas such as Hongdae, Gangnam, and Seongsu, and the revenue contribution of the D2C channel.
Around March 2027 (regular shareholders' meeting)
Check the confirmed FY2026 results, the dividend decision, and whether the accounting issue has been fully closed out through a continued clean audit opinion.

Overall view

Having navigated a major crisis marked by an audit disclaimer opinion in 2023-2024 and a 13-month trading halt, Interojo has shown a recovery trajectory through profit normalization in 2025 and operating margin improvement continuing into the first half of 2026.

Production yield rising from 62% to 75% and gross margin climbing from 39% to 46.2% confirm that cost and mix improvements have been the core driver of recent earnings strength.

That said, quarterly revenue actually declined slightly over the same period, so it is important to maintain a balanced view that current profit growth relies more on cost efficiency than on volume expansion.

The US FDA clearance and pursuit of additional approvals are cited as new growth drivers, but the scale gap versus global majors and the pace of market-trust recovery remain variables to watch.

Brokerage views are split between those highlighting valuation appeal and those recommending a cautious approach, so investors should track upcoming quarterly results and FDA certification progress directly to form their own judgment.

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.