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
Cosmax NBT has shown a shift away from years of losses, posting consecutive profitable quarters and its first-ever quarterly sales above KRW100 billion in the first half of 2026.
Owners' net income turned profitable for two consecutive quarters in 2026, reaching KRW9.07bn in Q1 and KRW30.31bn in Q2.
Q2 2026 revenue reached KRW102.26bn, surpassing KRW100bn for the first time in company history, up 35.2% year-on-year.
Annual revenue stagnated between KRW328.2bn and KRW333.6bn from 2022 to 2025, with owners' net income posting losses for four consecutive years.
Expansion into new retail channels (Olive Young, Daiso, convenience stores) and the Australian subsidiary's turn to profitability have been cited as key drivers of the recent earnings improvement.
DS Investment & Securities raised its target price from KRW6,000 to KRW10,000 in a May 2026 report.
Cosmax NBT is a specialized OEM/ODM/OBM company handling the health functional food segment within the Cosmax Group, originally founded in 2002 as Nutribiotech and listed on KOSDAQ in 2015.
The company's strengths lie in powder and liquid formulations, differentiated by its own dedicated probiotics production line (EPP) versus competitors.
Domestically, the company has expanded its customer base in new retail channels including Olive Young private-label products, while overseas it operates production and sales bases across Korea, Australia, and the United States as part of a global supply chain.
As of 2022, overseas sales accounted for over 60% of total revenue, indicating substantial reliance on international markets.
Recently, the company has focused on formulation innovation, launching a series of convenience-oriented products including the ultra-compact tablet 'a:dam', the melting powder 'BoRrr', and the fast-dissolving powder 'SaRrr'.
Its core product lines include probiotics, immunity, and diet-related health functional foods, complemented by a strategy of securing proprietary functional ingredients through individually-recognized ingredient approvals.
In terms of competitive positioning, Kolmar BNH, Suheung, Novarex, and Nutree are cited as major domestic competitors in the health supplement ODM industry.
The company is also expanding capacity, including a 12-row equipment upgrade on its stick-pack production line that roughly doubled monthly output from 15 million to about 30 million pouches.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩75.7B | ₩2.5B | 3.3% |
| 2025Q3 | ₩65.7B | -₩1.2B | −1.8% |
| 2025Q4 | ₩74B | ₩1.8B | 2.4% |
| 2026Q1 | ₩93.3B | ₩10.3B | 11.0% |
| 2026Q2 | ₩102.3B | ₩8.5B | 8.3% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩328.2B | ₩2.2B | -₩13.1B | 0.7% | −30.0% | 543.3% |
| 2023 | ₩333.6B | ₩12B | -₩5.8B | 3.6% | −16.1% | 639.3% |
| 2024 | ₩318B | ₩9.9B | -₩5.4B | 3.1% | −9.5% | 411.7% |
| 2025 | ₩287.5B | ₩4B | -₩15B | 1.4% | −34.0% | 479.3% |
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
Cosmax NBT's annual revenue peaked at KRW328.2bn in 2022 and KRW333.6bn in 2023, before declining for two consecutive years to KRW318.0bn in 2024 and KRW287.5bn in 2025.
Over the same period, operating margin improved from 0.7% in 2022 to 3.6% in 2023, then declined again to 3.1% in 2024 and 1.4% in 2025, while owners' net income posted losses in all four years from 2022 to 2025 (KRW-13.07bn, KRW-5.83bn, KRW-5.45bn, and KRW-15.04bn respectively).
Looking at quarterly trends, weakness deepened in Q3 2025 with an operating loss of KRW1.16bn and a net loss of KRW9.21bn, before showing signs of recovery in Q4 with operating income of KRW1.77bn.
This was followed by two consecutive quarters of clear profitability in 2026: Q1 revenue of KRW93.26bn (operating income KRW10.27bn, net income KRW9.07bn) and Q2 revenue of KRW102.26bn (operating income KRW8.47bn, net income KRW30.31bn).
Notably, the Q2 2026 net income of KRW30.31bn represents roughly 30% of quarterly revenue (KRW102.26bn), suggesting non-operating factors may have contributed substantially to the net income increase — a detail worth monitoring as final disclosures are confirmed.
Aggregate owners' net income over the trailing four quarters (Q3 2025 through Q2 2026) totaled KRW27.76bn, contrasting with the cumulative losses of the preceding four-quarter period.
On the cash flow side, operating cash flow remained positive at KRW18.26bn in 2025 despite the net loss, a notable feature of the period.
Korea's health functional food market experienced a period of stagnation following the slowdown from the pandemic-era boom, but has recently found new growth drivers in the expansion of new retail channels such as Olive Young, Daiso, and convenience stores, along with the rise of convenient formulations like liquids, gummies, and jellies, a trend the industry terms 'snackification.' The health supplement ODM industry is a competitive field including Kolmar BNH, Suheung, Novarex, Nutree, and Cosmax NBT, with each company seeking differentiation through formulation specialization or proprietary individually-recognized ingredients.
Overseas, there is a growing trend of direct market entry in developed markets like the US and Australia through own-brand (OBM) offerings and conversion to sales subsidiaries, a shift that Cosmax NBT has also pursued through restructuring of its overseas operations.
Alongside the global popularity of K-beauty, overseas demand for K-health supplements has also drawn attention, with growth in the Chinese market reportedly supported by new products from existing customers and expansion of new client relationships.
On the regulatory front, the individually-recognized ingredient approval system acts as both an industry entry barrier and a source of profitability differentiation.
Compared to affiliate cosmetics ODM company Cosmax, which posted record results in Q2 2026, the recovery in the health supplement segment appears to be emerging with something of a lag.
When announcing Q2 2026 results, the company indicated it would pursue growth in the second half through expanded demand for convenience-oriented formulations and diversification of export customers.
The Australian subsidiary reportedly achieved profitability in Q2 2026, which could be interpreted as part of the results of restructuring efforts at overseas units that had previously been cited as a major cause of past earnings weakness.
The US subsidiary converted to a sales-entity structure, resulting in lower revenue but a narrower loss due to reduced fixed costs. Domestically, the company is expanding convenience-formulation capacity, including roughly doubling monthly output on its stick-pack line.
Whether the company secures new individually-recognized ingredient approvals or major new customers remains a variable that could affect future results. However, since the Q1-Q2 2026 results were disclosed as preliminary figures pending auditor review, confirmation through subsequent formal filings will be needed.
Cosmax NBT has moved from a four-year stretch of net losses into a phase of consecutive quarterly profitability in the first half of 2026, and in terms of price-to-book ratio, the stock is trading at a certain premium to net asset value.
Regarding dividends, no recent per-share cash dividend history has been confirmed in disclosures, limiting the basis for dividend yield comparison.
Given the coexistence of four years of earnings stagnation and the recent two-quarter profit recovery, how the market is factoring this in warrants ongoing observation through changes in valuation metrics over time.
DS Investment & Securities stated in a May 2026 report that it raised its target price based on the earnings surprise, though this reflects the view of a single brokerage and should not be taken as a market-wide consensus.
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
Owners' net income posted consecutive profitable quarters in 2026, reaching KRW9.07bn in Q1 and KRW30.31bn in Q2, marking a departure from the loss structure of 2022-2025. Q2 revenue of KRW102.26bn surpassed KRW100bn for the first time in company history.
The overlap of new retail channel expansion and overseas subsidiary restructuring effects can be viewed as a positive driver of this earnings improvement.
Entry into new retail channels such as Olive Young private label, Daiso, and convenience stores has expanded, reportedly increasing orders centered on major clients.
Convenience-formulation capacity has also grown, including a roughly two-fold increase in monthly output on the stick-pack line following a 12-row equipment upgrade. Product diversification continues in response to the 'snackification' trend covering liquids, gummies, and jellies.
The company stated that its Australian subsidiary achieved profitability in Q2 2026, attributed to product diversification and a favorable base effect. The US subsidiary converted to a sales-entity structure, reducing fixed costs and narrowing losses despite lower revenue.
Whether this overseas restructuring translates into stable future profit contribution remains a point requiring further confirmation.
Owners' net income posted losses in all four years from 2022 to 2025, and 2025 revenue also declined year-on-year, reflecting a period of clear stagnation before the recent earnings improvement. In Q3 2025, weakness deepened with an operating loss of KRW1.16bn and a net loss of KRW9.21bn.
Whether the recent two-quarter turn to profitability represents a structural improvement or a temporary rebound requires confirmation through additional quarters.
The debt ratio stood at 479.3% at the end of 2025, somewhat lower than the 639.3% recorded in 2023 but still elevated. Owners' equity at the end of 2025 was KRW44.23bn, a relatively small capital base that may limit the buffer against external shocks. With a low equity base, earnings volatility can have a comparatively larger impact on the financial structure.
Q2 2026 net income of KRW30.31bn substantially exceeded operating income of KRW8.47bn for the same period, suggesting non-operating items may have contributed significantly to the net income increase.
As these figures were disclosed as preliminary results pending auditor review, they could be subject to adjustment upon finalization. Whether the sharp increase in net income stems from one-time factors or reflects a sustainable trend requires confirmation through subsequent disclosures.
Q1 and Q2 2026 results were disclosed as preliminary figures pending auditor review, with the company stating that figures could change based on the accounting review outcome.
Given the apparently large non-operating component of Q2 net income, the possibility of detailed adjustments during the finalization of regular reports cannot be ruled out. Investors should re-confirm the finalized figures through subsequent quarterly and semi-annual reports.
The debt ratio remained elevated within the industry at 479.3% at the end of 2025, which could heighten sensitivity to interest burden and changes in financing conditions. The relatively small equity base could constrain financial buffers if performance were to deteriorate again.
The impact of changes in interest rate environment or credit conditions on the financial structure warrants ongoing monitoring.
Given the structure where a substantial portion of revenue is generated overseas, currency fluctuations or changes in health supplement regulations across various countries could affect performance.
Whether the recent improvement at the US and Australian subsidiaries continues will likely depend on reorder patterns from local clients and the securing of new customers. Changes in consumer spending conditions in key export markets, including China, are also a variable worth monitoring.
Check the Q3 2026 preliminary earnings disclosure to see whether the two-quarter streak of profitability continues, and how the Q1-Q2 preliminary figures are reflected in finalized results.
Check how the composition of non-operating items within Q2 net income is reflected in the finalized financial statements after auditor review.
Monitor whether the Australian and US subsidiaries sustain profitability, and track order trends from new retail channel customers such as Olive Young, Daiso, and convenience stores.
New individually-recognized ingredient approvals represent a variable tied to potential expansion of high-margin products; related disclosures or press releases should be checked.
Cosmax NBT experienced earnings stagnation with owners' net income posting losses in all four years from 2022 through 2025, but has shown signs of change by achieving consecutive quarterly profitability in Q1 and Q2 2026 alongside the milestone of surpassing KRW100bn in quarterly revenue for the first time.
New retail channel expansion, convenience-formulation capacity additions, and restructuring at the Australian and US subsidiaries have been cited as background factors for this recent earnings improvement.
However, it is worth noting that H1 2026 results remain preliminary figures pending auditor review, and the reason behind the sharp expansion of Q2 net income relative to operating income has not been clearly confirmed.
The debt ratio remains elevated within the industry, warranting continued attention to the financial structure's buffer capacity. DS Investment & Securities raised its target price in May 2026, but this reflects the view of a single brokerage and should be distinguished from a broader market consensus.
Confirmation of finalized figures through subsequent regular reports, along with the Q3 earnings trend, will likely be key observation points for assessing the sustainability of the recent improvement.
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.