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
Nobland continues to grow revenue by absorbing sourcing shifts driven by US tariff policy, but profit recovery remains a work in progress amid cost pressure and quarter-to-quarter earnings volatility.
2025 consolidated revenue rose to KRW 602.2 billion year over year, but operating profit fell to KRW 13.3 billion, showing margin compression.
Net profit turned positive at KRW 5.1 billion in 2025, reversing a large net loss recorded in 2024.
Over the latest four quarters (2025Q3-2026Q2), operating and net profit alternated between gains and losses each quarter.
In December 2025 the company acquired Vietnamese woven specialist Bando Vina to expand production capacity for premium brand customers.
The debt ratio rose to 165.0% in 2025 from 155.4% a year earlier, and operating cash flow turned negative in 2025.
Founded in 1994 and listed on KOSDAQ in May 2024, Nobland is an apparel ODM (original design manufacturing) company that handles planning, design and production of knit and woven products end to end.
It runs a 'Shop & Adopt' program in which the company independently manages material selection, seasonal planning, color and fabric development based solely on customer requests, differentiating itself from conventional OEM/ODM manufacturers.
Its customer base spans large discount-store brands such as Target and Walmart, specialty-store brands such as Gap, Levi's and H&M, and premium or online brands such as Eileen Fisher, Rag & Bone and Everlane, with relationships spanning 20-plus years across roughly 40 global brands.
Production bases are located in Vietnam and Indonesia, with three sewing plants and one trim-materials plant in Vietnam and two plants in Indonesia, covering everything from large-volume orders to small, diversified runs.
Design staff reportedly make up more than about 30% of total headcount, above the industry average.
In 2024 the company acquired outdoor-apparel subsidiary Uniko Global, and in December 2025 it acquired 100% of Bando Vina, a Vietnamese woven specialist strong in shirts, blouses and dresses, giving Nobland full-category production capability.
Woven revenue mix, historically around 31-33%, is understood to have risen to about 37% on a 2026 order basis. The business model involves roughly a six-month lead time from order receipt through raw material purchase, production, shipment and receivables collection, reflecting its B2B export structure.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩139.3B | -₩6.2B | −4.4% |
| 2025Q3 | ₩163.2B | ₩9B | 5.5% |
| 2025Q4 | ₩136.5B | ₩700M | 0.5% |
| 2026Q1 | ₩172.6B | ₩7.5B | 4.4% |
| 2026Q2 | ₩173.4B | ₩3.4B | 1.9% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2023 | ₩459.1B | ₩10.5B | ₩800M | 2.3% | 0.9% | 178.9% |
| 2024 | ₩546.2B | ₩17.6B | -₩17B | 3.2% | −11.0% | 155.4% |
| 2025 | ₩602.2B | ₩13.3B | ₩5.1B | 2.2% | 3.3% | 165.0% |
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
Consolidated revenue reached KRW 602.17 billion in 2025, up 10.2% from KRW 546.24 billion in 2024. Operating profit, however, fell 24.1% to KRW 13.34 billion from KRW 17.57 billion, with the operating margin declining from 3.2% to 2.2%, indicating margin pressure despite revenue growth.
On net profit, the company swung from a large owners' net loss of KRW 16.97 billion in 2024 to owners' net profit of KRW 5.08 billion in 2025.
Compared with 2023, when revenue was KRW 459.10 billion, operating profit KRW 10.48 billion and net profit KRW 0.84 billion, the top line has clearly expanded, but operating margin has fluctuated between 2.3%, 3.2% and 2.2% across the three years without a stable improving trend.
On a quarterly basis, after posting revenue of KRW 139.31 billion with an operating loss of KRW 6.19 billion and an owners' net loss of KRW 2.14 billion in 2025Q2, the company sharply improved in 2025Q3 with revenue of KRW 163.16 billion, operating profit of KRW 8.99 billion and net profit of KRW 4.59 billion.
Revenue then declined to KRW 136.49 billion in 2025Q4 with operating profit falling to about KRW 0.65 billion and net profit swinging back to a loss of KRW 2.02 billion.
Revenue recovered to KRW 172.61 billion in 2026Q1 with operating profit of KRW 7.54 billion and net profit of KRW 2.66 billion, but in 2026Q2 revenue edged up slightly to KRW 173.38 billion while operating profit fell to KRW 3.37 billion and net profit posted a small loss of KRW 0.12 billion, underscoring continued quarter-to-quarter swings between profit and loss.
Operating cash flow turned negative at KRW -15.55 billion in 2025, reversing from positive KRW 13.66 billion in 2024, which can be interpreted as reflecting increased working-capital burden from inventory and receivables tied to revenue growth.
The global apparel ODM industry is heavily influenced by shifts in US tariff policy and supply chain realignment.
As US tariffs on Chinese goods have drawn attention, premium brands have reportedly sought to reduce reliance on China and shift production to Vietnam for quality stability, a trend understood to have driven growth in Nobland's woven order intake.
At the same time, higher US tariffs are reported to have weighed negatively on revenue during parts of 2025, illustrating that tariff policy direction can cut both ways for the industry.
Domestically listed apparel ODM peers include large players such as Hansae, Sae-A Trading and Youngone, which are similarly diversifying production across Vietnam, Indonesia and Central America, positioning Nobland as a relatively smaller player competing on design capability and premium-brand relationships.
Nobland's share of its major buyers' overall global sourcing volume is understood to be relatively small, leaving new customer acquisition and wallet-share expansion within existing accounts as key growth variables.
Apparel ODM companies are typically sensitive to buyers' inventory cycles and consumer sentiment, with raw material costs and labor cost inflation directly affecting margins.
Category expansion into outdoor and woven products through subsidiaries is cited as a factor strengthening full-category responsiveness relative to competitors.
In its December 2025 disclosure on the Bando Vina acquisition, the company stated an outlook of achieving total consolidated revenue of USD 500 million in 2026, up 17% from 2025.
Bando Vina is a woven-specialist plant with two buildings and 28 lines that can immediately mass-produce light woven items, Nobland's core product, without additional training, and the company said strategic CAPA management could generate roughly USD 60 million in incremental annual revenue.
The integration approach keeps Bando VN's existing sales function in Ho Chi Minh City while prioritizing allocation of about 40% of Bando Vina's capacity and gradually migrating higher-growth existing customers onto Nobland's platform.
The company said it expects woven revenue from key premium-brand customers to grow about 350% versus 2025 as a result of this acquisition. Leveraging Uniko Global's outdoor production base to push existing apparel customers into the outdoor category is another strategic direction the company has outlined.
These guidance figures and expected effects, however, reflect the company's own outlook as of the December 2025 disclosure, and the actual pace of realization and integration performance will need to be confirmed through upcoming quarterly results.
Changes in tariff policy or shifts in buyers' sourcing strategy could also alter the pace of woven order growth.
Nobland has shown a directional profit recovery from a net loss in 2024 to net profit in 2025, but with quarterly results alternating between gains and losses, the stability of that earnings recovery is still being tested.
Regarding the relationship between share price and net assets, it is worth noting that the IPO offering price was originally set using a price-to-book approach, and the stock is currently understood to trade below net asset value.
Dividend payments have not been confirmed in recent years, limiting the attractiveness of the stock from a dividend-yield perspective.
Because earnings size remains relatively small relative to revenue growth, the relationship between the share price and profit is likely to hinge on whether revenue growth translates into sustained margin recovery.
How much of the Bando Vina and other acquisition effects actually flow through to reported profit will be an important variable in gauging the relationship between the stock and its financial metrics going forward.
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
As heightened US tariffs on China have pushed premium brands to reduce China dependence and shift production to Vietnam, Nobland's woven order intake is understood to have increased. Woven revenue mix has expanded from a historical 31-33% to about 37% on a 2026 order basis. The Bando Vina acquisition adds further woven production capacity to accommodate this shift.
Through the successive acquisitions of outdoor specialist Uniko Global in 2024 and woven specialist Bando Vina in December 2025, the company has built full-category production capability spanning knit, woven and outdoor products.
This is cited as a factor that strengthens customer lock-in by meeting existing customers' category expansion needs, and the company is using this base to pursue new business development and wallet-share growth within existing accounts.
The company turned from a large owners' net loss of about KRW 17 billion in 2024 to net profit of KRW 5.1 billion in 2025. Operating profit of KRW 8.99 billion in 2025Q3 and KRW 7.54 billion in 2026Q1 show quarter-level profit improvement phases as well. Revenue itself has shown a steadily expanding trend since 2023.
Over the latest four quarters, operating and net profit alternated between gains and losses. Net losses were posted in 2025Q2, 2025Q4 and 2026Q2, indicating significant exposure to seasonality or one-off factors in earnings. Despite revenue growth, the operating margin fell from 3.2% in 2024 to 2.2% in 2025.
The debt ratio fell from 178.9% in 2023 to 155.4% in 2024 but rose again to 165.0% in 2025. Operating cash flow turned negative at KRW -15.5 billion in 2025, reversing from positive KRW 13.7 billion in 2024.
Should working-capital burden from revenue growth coincide with acquisition-related funding needs, financial flexibility warrants monitoring.
No dividend payments have been confirmed in recent years, limiting the appeal from a shareholder return perspective. Bando Vina is a newly acquired asset as of December 2025, and integration performance has not yet been fully reflected in results.
If post-acquisition CAPA allocation and customer migration do not proceed as planned, expected revenue contribution could be delayed.
Nobland's recent order growth is understood to be substantially driven by production-relocation demand tied to US tariff policy on China. If tariff policy eases or buyers reallocate sourcing elsewhere, this tailwind may not persist.
Higher tariffs are reported to have weighed negatively on revenue during parts of 2025, indicating exposure to policy volatility.
Because Nobland sources raw materials and receives payment in foreign currency such as US dollars through its Vietnam and Indonesia production bases in a B2B export structure, margins are directly affected by raw material prices, labor costs and exchange rate movements.
Rising raw material and production costs are understood to have partly contributed to the lower operating margin in 2025 versus the prior year. The roughly six-month lead time from order receipt to receivables collection exposes the company to cost and currency fluctuations during that window.
Building full-category production capability through the Uniko Global and Bando Vina acquisitions is central to the growth strategy, but if CAPA allocation and customer migration at these newly acquired assets do not proceed as planned, expected benefits could be delayed or diminished.
Bando Vina in particular was acquired only in December 2025, and integration performance has not yet been fully validated through results. The management complexity of operating multiple production bases and subsidiaries simultaneously is also a factor to consider.
The 2026 Q3 report (DART filing) should be checked to see how much the Bando Vina acquisition impact is reflected in revenue and margin, and whether the quarterly profit/loss swing pattern continues.
It should be confirmed whether the planned priority allocation of about 40% of Bando Vina's capacity and migration of existing customers onto Nobland's platform are proceeding as planned, and whether there is any news of new customer onboarding.
It is worth monitoring whether US tariff and trade policy toward China continues to evolve, and whether buyers' requests to shift production to Vietnam keep increasing as a result.
The actual achievement of the company's stated 2026 total consolidated revenue guidance of USD 500 million, up 17% year over year, should be verified through the annual results disclosure.
Nobland has grown revenue by absorbing production-relocation demand driven by tariff policy, and the shift from a large net loss in 2024 to net profit in 2025 can be viewed positively.
However, the pattern of alternating gains and losses over the latest four quarters, along with operating margin and debt ratio moving between improvement and deterioration, shows that earnings stability has not yet taken firm hold.
Securing full-category production capability through subsidiaries including Uniko Global and the December 2025 acquisition of Bando Vina is central to the medium-to-long-term growth strategy, but the actual revenue and profit contribution still needs to be verified through upcoming quarterly results.
The absence of confirmed dividend payments and the swing to negative operating cash flow in 2025 are also points warranting financial caution.
Changes in tariff policy direction, buyers' sourcing strategies, and the pace of integrating acquired assets are likely to be the key variables shaping the earnings path going forward. Ahead of any investment decision, it is worth examining the upcoming Q3 results and the progress of Bando Vina integration together.
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.