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
Mcnulty Korea has expanded revenue for four consecutive years, but operating and net profit have swung between gains and losses quarter to quarter, without settling into a clear improving trend.
2025 revenue reached KRW 96.3bn, up for four straight years from KRW 70.2bn in 2022, but operating profit reverted to a loss of KRW 1.1bn.
Operating profit turned positive for two consecutive quarters in 1Q and 2Q 2026, but net profit attributable to owners fell back into a loss in 2Q.
Subsidiary Mcnulty Bio obtained MFDS individually-recognized functional ingredient approval for a black cumin extract targeting body fat reduction, expanding the health functional food business.
The debt ratio has stayed above 100%, ranging between 112% and 126% over the past four years, leaving limited financial buffer.
The domestic coffee market shows a polarized structure, with low-price franchises expanding while first-generation mid-tier brands struggle.
Mcnulty Korea was established in 1997 and is headquartered in Cheonan, South Chungcheong Province, focusing on coffee bean and instant coffee production.
It was the first Korean coffee company to list on KOSDAQ in 2015, and has positioned itself as a B2B coffee brand supplying major hospitals, airlines, and large retail channels nationwide.
Producing Fairtrade-certified coffee using green beans sourced from FLOCERT-certified producer cooperatives is another pillar of its business.
Even after spinning off its pharmaceutical division in November 2020, the consolidated entity continues to operate coffee, pharmaceutical, and health functional food businesses as its core segments.
Its contract pharmaceutical manufacturing line reportedly handles items such as antihistamines and traditional herbal liquid medicines.
Subsidiary Mcnulty Bio handles the health functional food segment, and announced in February 2025 that it obtained Ministry of Food and Drug Safety approval for an individually-recognized functional ingredient, a black cumin extract targeting body fat reduction.
The company stated that while GLP-1 class obesity treatments carry side-effect and high-cost concerns, its natural ingredient offers advantages in cost and convenience of intake.
The company's own website describes itself as a specialty coffee company that also operates pharmaceutical, dining, education, and new business lines.
Amid a domestic coffee market split between low-price franchises and premium brands, Mcnulty Korea has taken a differentiated position centered on B2B distribution and contract manufacturing rather than retail store competition.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩24.9B | -₩2,679,442 | −0.0% |
| 2025Q3 | ₩24.8B | -₩900M | −3.8% |
| 2025Q4 | ₩22B | -₩600M | −2.8% |
| 2026Q1 | ₩23.5B | ₩64,837,785 | 0.3% |
| 2026Q2 | ₩26.9B | ₩300M | 1.0% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩70.2B | -₩700M | -₩3.2B | −1.0% | −8.6% | 114.8% |
| 2023 | ₩78.4B | -₩4.2B | -₩3.4B | −5.3% | −10.0% | 125.3% |
| 2024 | ₩88.8B | ₩600M | ₩79,520,510 | 0.6% | 0.2% | 112.8% |
| 2025 | ₩96.3B | -₩1.1B | -₩1.3B | −1.1% | −3.8% | 123.8% |
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
Annual revenue in 2025 reached KRW 96.3bn, extending a four-year growth streak from KRW 70.2bn in 2022. Profitability, however, moved in a different direction: 2025 operating profit was a loss of KRW 1.1bn (operating margin -1.1%), and net profit attributable to owners was a loss of KRW 1.27bn.
In 2024, the company swung to an operating profit of KRW 0.57bn (margin 0.6%) with a small net profit of KRW 0.08bn attributable to owners, while 2023 posted the widest losses of the four years, with an operating loss of KRW 4.19bn and a net loss attributable to owners of KRW 3.40bn.
In 2022, revenue was KRW 70.2bn with an operating loss of KRW 0.67bn and a net loss attributable to owners of KRW 3.22bn.
On a quarterly basis, operating profit/loss was a loss in each of 2Q, 3Q, and 4Q 2025 (roughly -KRW 3 million, -KRW 938 million, and -KRW 620 million respectively), before turning to profit for two consecutive quarters in 1Q 2026 (KRW 65 million) and 2Q 2026 (KRW 276 million).
Net profit attributable to owners, however, posted a KRW 563 million gain in 1Q 2026 before reverting to a loss of KRW 176 million in 2Q 2026, showing a divergence between operating and net results.
Over the most recent four quarters (3Q 2025 through 2Q 2026), cumulative revenue totaled roughly KRW 97.3bn, while net profit attributable to owners summed to a loss of approximately KRW 416 million.
On the cash flow side, 2025 annual operating cash flow was a net inflow of KRW 5.45bn, an improvement from the KRW 3.14bn outflow in 2024, while the debt ratio eased slightly from 125.3% in 2023 to 123.8% in 2025 but remained well above 100%.
The domestic coffee market shows a polarized structure, with low-price franchises expanding aggressively while premium and dessert-specialized brands also grow.
According to Money Today, low-price brands such as Mega MGC Coffee kept both sales and operating profit on an upward trajectory through aggressive store expansion and marketing, while first-generation franchises such as Ediya and Coffee Bean have struggled as their identity blurs between the low-price and premium segments.
Ediya is reportedly considering overseas expansion while Coffee Bean has scaled back its franchise business to focus more on directly-operated stores, reflecting ongoing strategic shifts among first-generation brands.
Mcnulty Korea's business model, centered on B2B supply of coffee beans and instant coffee to hospitals, airlines, and large retail channels along with contract pharmaceutical and health functional food manufacturing, positions it differently from the retail franchise competition.
International arabica bean prices have shown high volatility in recent years, and cost pressure—together with currency movements—remains a variable directly affecting the margins of bean-importing companies.
The health functional food and weight management supplement market is entering a phase of new demand tied to post-care and combination use alongside the spread of GLP-1 class obesity treatments, drawing entry from natural ingredient makers.
The company has stated it is pursuing product development and expanded sales using the individually-recognized functional ingredient obtained through Mcnulty Bio, the black cumin extract targeting body fat reduction.
Mcnulty Bio has indicated it expects demand for weight-management and post-care health functional foods to grow alongside the expansion of the obesity treatment market.
In the coffee segment, the company maintains a stable revenue base through existing B2B distribution channels to hospitals, airlines, and large retailers, while continuing brand differentiation such as expanding Fairtrade-certified products.
Given that operating profit turned positive for two consecutive quarters in 1Q and 2Q 2026, whether this improving trend continues in coming quarters is a point to monitor.
However, net profit attributable to owners reverted to a loss in 2Q 2026 despite the operating profit, meaning volatility in non-operating items remains a factor reducing earnings visibility.
The contract pharmaceutical manufacturing segment operates under an MFDS licensing and quality-control framework, making regulatory compliance and production stability a precondition for sustained revenue.
Repeated net losses in recent years have made it difficult to compute a price-to-earnings ratio for stretches of time. The share price trades below the company's net asset value per share, placing it in a discounted range relative to book value.
The company has not paid a cash dividend in recent years, leaving earnings improvement rather than dividend appeal as the key variable shaping the share price trajectory.
Profitability moved from a small gain in 2024 back to a loss in 2025, and while operating profit improved in the first half of 2026, net profit continued to fluctuate, meaning earnings direction has not yet settled into a clear trend. This earnings volatility also makes quarter-to-quarter valuation readings more variable to interpret.
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 increased for four consecutive years, from KRW 70.2bn in 2022 to KRW 96.3bn in 2025. Growth continued into 2026, with revenue rising from KRW 23.5bn in 1Q to KRW 26.9bn in 2Q. This continued expansion of the business base could support a future recovery in profitability.
After three consecutive quarters of operating losses from 2Q through 4Q 2025, the company turned to operating profit in both 1Q and 2Q 2026. Whether this improving operating margin trend continues in coming quarters is worth watching. The return to profit alongside revenue growth could be read as a sign of improving cost structure.
Subsidiary Mcnulty Bio obtained Ministry of Food and Drug Safety approval in February 2025 for an individually-recognized functional ingredient, a black cumin extract targeting body fat reduction.
The company has explained this could become a new growth axis tied to weight-management supplement demand linked to the spread of GLP-1 class obesity treatments. Its parallel contract pharmaceutical manufacturing structure also reduces reliance on the coffee business alone.
On an annual basis, results swung from losses in 2022-2023, to a small profit in 2024, back to a loss in 2025, without a clearly confirmed improving trend. Quarterly results also repeatedly show divergence between operating profit and net profit attributable to owners. This volatility reduces visibility into future earnings.
An industry reshuffle is under way as low-price franchises expand market share while mid-tier and first-generation brands struggle. This could act as a margin-pressure factor across coffee-related companies broadly. Should imported bean cost burdens rise, this competitive pressure could intensify further.
The debt ratio has stayed above 100% for the past four years, ranging between 112% and 126%. The equity base is also not large, leaving limited financial buffer. Should weak earnings persist, the burden of managing financial soundness could increase.
Coffee beans are a raw material entirely dependent on imports, so international arabica prices and the won/dollar exchange rate directly affect costs. If bean prices remain elevated or the exchange rate moves unfavorably, cost of sales burden could increase. This is one of the main sources of operating margin volatility.
Contract pharmaceutical manufacturing and individually-recognized health functional food ingredients are subject to Ministry of Food and Drug Safety licensing and post-market regulation. Certification renewals, quality control issues, or regulatory changes could affect related revenue. Whether new ingredients gain market traction also remains to be verified.
As a small-cap stock with a very small market capitalization and limited float, price volatility tied to supply-demand shifts can be pronounced. Combined with earnings uncertainty, this volatility could be further amplified.
The 3Q 2026 quarterly report is expected around this time, providing a chance to check whether the operating profit streak extends to a third quarter and whether net profit volatility eases.
Investors will want to check via future disclosures or IR materials how much Mcnulty Bio's black cumin extract-based products contribute to actual revenue.
The FY2026 annual business report is expected around this time, finalizing the direction of annual operating and net profit.
International arabica bean prices and the won/dollar exchange rate serve as leading indicators of cost burden changes and warrant ongoing monitoring.
Mcnulty Korea has steadily expanded its revenue base, but operating and net profit have repeatedly swung between gains and losses on both a quarterly and annual basis, without yet confirming a clear improving trend.
The return to operating profit for two consecutive quarters in 1Q and 2Q 2026 is a positive signal, but net profit attributable to owners fell back into a loss over the same period, making it hard to conclude that earnings visibility has fully recovered.
The business structure—spanning coffee B2B supply, contract pharmaceutical manufacturing, and health functional foods through Mcnulty Bio—provides some diversification that could offset risk in any single segment.
However, the debt ratio has continuously stayed above 100%, and the polarized low-price versus premium competition in the domestic coffee market persists, so the durability of margin improvement needs to be confirmed through coming quarterly results.
Mcnulty Bio's weight-management supplement business is still at an early stage, and its actual revenue contribution remains to be verified through future disclosures. Ahead of any investment decision, it would be worth tracking upcoming quarterly disclosures alongside raw material price and exchange rate trends.
Report written 2026-09-05 · Data as of 2026-09-04
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