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
Revenue has expanded for three consecutive years, but net losses persist, while a large-scale capital restructuring led by the controlling shareholder is underway in parallel.
Consolidated revenue rose sharply to KRW 48.16 billion in 2025, but the company posted an operating loss of KRW 13.38 billion and a net loss attributable to owners of KRW 38.69 billion.
Operating profit turned positive at KRW 182 million in the second quarter of 2026, yet the net loss widened to KRW 13.09 billion in the same quarter.
Following a 10-to-1 reverse stock split in April 2026, the company completed a KRW 19.0 billion third-party capital increase to its largest shareholder, KPM Tech, in July 2026.
The capital increase raised KPM Tech's stake from 64.0% to 85.26%, further consolidating control within a circular shareholding structure.
Alongside its core health functional food and household goods business, the company is expanding overseas distribution of its beauty brand in pursuit of new growth drivers.
Nuon operates three business segments: health functional foods, household goods, and special-purpose machinery.
The health functional food segment manufactures and sells products using individually recognized functional ingredients, including cissus extract for body fat reduction, boswellia extract combined with a proprietary terminalia chebula extract for joint and cartilage health, and echinacea for immune function, all registered with Korea's Ministry of Food and Drug Safety.
The household goods segment produces laundry detergents, shampoos, body washes, and dish detergents, including Ecocert-certified plant-derived surfactant detergents and low-irritation shampoos.
The special-purpose machinery segment develops, manufactures, and sells vacuum deposition equipment, mainly high-vacuum multilayer coating machines for smartphone windows and lenses, as well as equipment for eyeglass lens coating.
More recently, the company has expanded into cosmetics under its household brand and its skincare line has entered the Australian beauty retail channel W Cosmetics, broadening its overseas distribution footprint.
The company's ownership sits within a circular shareholding structure linking Nuon, Telcon RF Pharmaceutical, and KPM Tech, with all three affiliates reported to share the same chief executive.
Both the health functional food and household goods markets feature intense competition among numerous small and mid-sized players, making brand strength and ingredient differentiation key competitive factors.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩14.4B | -₩3.5B | −24.1% |
| 2025Q3 | ₩16.9B | -₩3.8B | −22.7% |
| 2025Q4 | ₩8B | -₩300M | −4.0% |
| 2026Q1 | ₩13.6B | -₩2.1B | −15.2% |
| 2026Q2 | ₩13.8B | ₩200M | 1.3% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩6.9B | -₩8B | -₩59.5B | −115.2% | −145.0% | 63.5% |
| 2023 | ₩4.8B | -₩10.5B | -₩23.2B | −217.4% | −61.5% | 76.8% |
| 2024 | ₩16.9B | -₩11.7B | -₩36.6B | −68.9% | −37.9% | 38.3% |
| 2025 | ₩48.2B | -₩13.4B | -₩38.7B | −27.8% | −40.0% | 26.2% |
Consolidated basis (financial statements including subsidiaries) · Final figures from DART filings · Net income attributable to owners of the parent · Data as of 2026-09-05
Revenue declined from KRW 6.91 billion in 2022 to KRW 4.82 billion in 2023, then surged to KRW 16.95 billion in 2024 and KRW 48.16 billion in 2025.
Operating losses, however, widened in absolute terms over the same period, from KRW 7.96 billion in 2022 to KRW 10.48 billion in 2023, KRW 11.68 billion in 2024, and KRW 13.38 billion in 2025.
In margin terms, the operating loss ratio actually improved from -115.2% in 2022 and -217.4% in 2023 to -68.9% in 2024 and -27.8% in 2025, reflecting the benefit of revenue growth.
Net loss attributable to owners remained large every year: KRW 59.50 billion in 2022, KRW 23.23 billion in 2023, KRW 36.60 billion in 2024, and KRW 38.69 billion in 2025.
On a quarterly basis, the second quarter of 2025 posted an operating loss of KRW 3.46 billion but a small net profit of KRW 440 million, while the third and fourth quarters of 2025 saw net losses widen sharply to KRW 13.70 billion and KRW 14.88 billion, respectively.
The net loss narrowed to KRW 7.19 billion in the first quarter of 2026, but even as operating profit turned positive at KRW 182 million in the second quarter of 2026 — the first quarterly operating profit in the window — the net loss expanded again to KRW 13.09 billion.
This growing gap between operating and net results suggests that non-operating items, likely including financial costs, equity-method losses, or capital-transaction related charges, are exerting substantial influence on the bottom line.
Operating cash flow was negative in every year from 2022 through 2025 (KRW -7.78 billion, -7.97 billion, -4.97 billion, and -15.41 billion, respectively), indicating the business has continued to depend on external financing rather than internally generated cash.
Korea's health functional food market continues to grow at a moderate pace, driven by an aging population and rising health consciousness, but the competitive landscape features many small players alongside large pharmaceutical and distribution companies, making ingredient differentiation and distribution access key success factors.
Nuon positions itself in a niche segment using individually recognized ingredients such as cissus, boswellia combined with terminalia chebula, and echinacea, but remains a small-scale player relative to industry leaders in terms of revenue.
The household goods segment faces low entry barriers and intense price competition from established consumer goods and chemical conglomerates, making margin capture difficult for smaller, less brand-recognized players.
The special-purpose machinery segment, centered on vacuum deposition equipment, is tied to product launch cycles and capital expenditure trends in the smartphone and eyewear industries, resulting in considerable revenue volatility.
The company's recent expansion into beauty and cosmetics appears to be an early-stage attempt to enter overseas distribution channels, benefiting from favorable industry tailwinds around K-beauty export growth.
Overall, Nuon operates a diversified mix of dissimilar businesses, with each segment yet to achieve clear economies of scale or market leadership.
The company stated that proceeds from the KRW 19.0 billion third-party capital increase completed in July 2026 will be used for operating funds and acquisition of securities in other companies, describing the move as part of a group-level capital restructuring aimed at expanding growth investment.
Management indicated it intends to strengthen its ability to meet listing maintenance requirements and pursue corporate value enhancement through the capital reinforcement and resulting increase in market capitalization.
On the business side, the company is expanding its cosmetics operations under the household brand, with its skincare line entering the Australian beauty retail channel W Cosmetics as part of an overseas market push.
Earlier, in April 2026, the company carried out a 10-to-1 reverse stock split aimed at improving its financial structure through loss compensation, and in December 2025, Reverse Partners, a subsidiary of largest shareholder KPM Tech, converted KRW 10.0 billion of exchangeable bonds into shares at KRW 3,130 per share to secure friendly ownership.
This series of measures has been focused on financial structure improvement and control consolidation, leaving the recovery of core business cash generation as the key point to watch going forward.
The company has said it continues to pursue new growth drivers and portfolio expansion, though no specific official guidance on the timing or scale of revenue contribution has been confirmed.
Because net losses have persisted for an extended period, the price-to-earnings ratio is not meaningful, and valuation discussion centers mainly on the price-to-book ratio.
The five-year average price-to-book ratio has reportedly been below 1x, at roughly 0.69x, suggesting that the shares have generally traded at a discount to net asset value over that period. The company has paid no dividend in the most recent fiscal year, consistent with its ongoing loss position.
While revenue has expanded over multiple years, net income has yet to emerge from loss territory, meaning market assessment is likely to hinge heavily on whether profitability eventually recovers.
The recent capital actions — the reverse stock split, capital increase, and bond-to-equity conversion — have reorganized the balance sheet's capital structure, but this should be weighed separately from whether core operating profitability actually improves.
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 2026-09-05
Revenue expanded substantially over three years, from KRW 4.82 billion in 2023 to KRW 16.95 billion in 2024 and KRW 48.16 billion in 2025. The operating loss ratio also steadily improved, from -217.4% in 2023 to -27.8% in 2025. As the revenue base has grown, the relative burden of fixed costs appears to be easing.
Operating profit turned positive at KRW 182 million in the second quarter of 2026, the first profitable quarter within the provided four-quarter window (2025Q3–2026Q2). This marks a clear improvement from the operating loss of KRW 2.07 billion in the prior quarter, 2026Q1. Whether operating leverage is genuinely taking hold will need to be confirmed in subsequent quarters.
A KRW 19.0 billion capital increase for largest shareholder KPM Tech was completed in July 2026, raising its stake from 64.0% to 85.26%.
Earlier, in December 2025, an affiliate of the largest shareholder converted KRW 10.0 billion in exchangeable bonds into shares at a price above the then-prevailing market price, securing friendly ownership. This can be interpreted as a factor reducing near-term overhang concerns.
Even though operating profit turned positive in the second quarter of 2026, the net loss actually widened to KRW 13.09 billion. In the third and fourth quarters of 2025 as well, net losses were far larger than the corresponding operating losses.
Non-operating factors appear to weigh heavily on overall results, meaning operating improvement has not translated directly into bottom-line improvement.
Operating cash flow was negative every year from 2022 through 2025. Over this period, the company has repeatedly raised funds through capital increases and the issuance and conversion of exchangeable bonds.
Capital reinforcement that is not backed by internal cash generation is a point that warrants continued monitoring from a sustainability standpoint.
Nuon's ownership structure reportedly forms a circular shareholding loop linking Nuon, Telcon RF Pharmaceutical, and KPM Tech. Fund transfers and equity stake acquisitions between affiliates have occurred repeatedly, and all three companies are reported to operate under the same chief executive.
This structure is a factor minority shareholders need to continuously monitor in terms of governance transparency and fund flows.
Large net losses and negative operating cash flow persisted every year from 2022 through 2025. The debt-to-equity ratio fluctuated within a range of 26.2% to 76.8% over this period, but continued losses could necessitate further capital raising. If earnings improvement is delayed, further rounds of financial restructuring remain a possibility.
The circular shareholding structure and recurring fund and equity transactions between affiliates carry potential for conflicts of interest with minority shareholders. The rise in the largest shareholder's stake to roughly 85% also warrants attention given its potential impact on free float.
If affiliated companies' performance weakens simultaneously, the fund circulation structure itself could come under pressure.
The health functional food and household goods segments face intense price and marketing competition from numerous rivals. The vacuum deposition equipment segment is exposed to significant demand swings tied to capital expenditure cycles in the smartphone and eyewear industries.
The newly expanding cosmetics and overseas distribution business is still at an early stage, and the stability of its revenue contribution has not yet been demonstrated.
It will be important to confirm whether the operating profit turnaround continues into the third quarter of 2026 and to identify the specific non-operating factors behind the widened net losses.
Any further disclosures regarding equity stake changes or fund transfers involving largest shareholder KPM Tech and its affiliates (Telcon RF Pharmaceutical, Reverse Partners) should be reviewed for their purpose and scale.
It should be verified whether the overseas distribution expansion of the skincare brand, including entry into Australia's W Cosmetics channel, translates into actual revenue contribution.
Continued monitoring of disclosures or exchange notices regarding whether listing maintenance requirements (such as equity capital and market capitalization thresholds) are met following the recent capital restructuring is warranted.
Nuon is a KOSDAQ-listed company operating three dissimilar businesses — health functional foods, household goods, and vacuum deposition equipment — whose revenue has expanded sharply since 2023 even as net losses have recurred every year.
The first-ever quarterly operating profit recorded in the second quarter of 2026 is notable, but the net loss actually widened in the same period, exposing a persistent gap between operating and net results.
The company restructured both its financial base and its ownership control simultaneously through a 10-to-1 reverse stock split in April 2026 and a KRW 19.0 billion capital increase in July 2026, in the process raising largest shareholder KPM Tech's stake to roughly 85%.
The circular shareholding structure and recurring intercompany fund transactions remain governance factors warranting continued scrutiny, and years of negative operating cash flow also merit attention from a self-sustainability standpoint.
Whether the expanding beauty and overseas distribution business translates into actual revenue, and whether the operating profit turnaround persists into subsequent quarters, are likely to be the key variables shaping future results.
Investors should distinguish between the effects of the recent capital restructuring and any actual recovery in core business profitability.
Report written 2026-09-05 · Data as of 2026-09-04
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