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
Outin Futures, which runs both cosmetics ODM and its own brand business, posted a quarterly operating profit in Q2 2026 with both revenue and margins improving, but on an annual basis the company has yet to escape a cumulative loss structure.
Q2 2026 revenue reached KRW 12.36bn with operating profit of KRW 1.02bn, marking a quarterly swing to profit
FY2025 revenue rose 22.2% YoY to KRW 42.39bn, but the company still posted an operating loss of KRW 1.81bn and a net loss attributable to owners of KRW 3.52bn
Brand NEOGEN is expanding overseas distribution through channels such as Costco and Sephora in the US, Rive Gauche in Russia, and Rakuten in Japan
Korea's cosmetics exports hit a record high for the month of August 2026, reflecting a broadly favorable industry backdrop
Q1 2026 saw a revenue decline and a return to operating loss, underscoring notable quarter-to-quarter volatility
Founded in 2000 and listed on KOSDAQ in 2017, Outin Futures is a cosmetics specialist that runs both an ODM (original development manufacturing) business covering the full product development and production process, and its own brand business under NEOGEN.
The ODM segment supplies basic skincare and mask packs to domestic and overseas brand clients including Coty and Amorepacific, serving as a stable revenue base.
NEOGEN, the core of the brand segment, is centered on skincare and has recently expanded into makeup categories such as metal-finish mascara, while recruiting a member of the K-pop group Seventeen as a brand ambassador to raise global recognition.
On the distribution side, the company is expanding its network through domestic offline channels such as Olive Young and GS25, as well as overseas channels including Amazon, Costco, Sephora and Ulta Beauty in the US, Rakuten in Japan, and Rive Gauche in Russia.
Its Chungju plant is a smart factory with annual production capacity of roughly KRW 300bn, holding global certifications including US FDA facility registration and ISO 22716.
The company has recently signed a supply contract with a major Chinese cosmetics distributor and obtained sanitary licensing, building a foothold in the Chinese market. However, continued losses in newer business segments remain a constraint on overall profitability improvement.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩11.2B | -₩900M | −8.4% |
| 2025Q3 | ₩10.7B | ₩300M | 3.1% |
| 2025Q4 | ₩10B | -₩1.2B | −12.4% |
| 2026Q1 | ₩9.6B | -₩300M | −3.1% |
| 2026Q2 | ₩12.4B | ₩1B | 8.2% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩35B | -₩9.7B | -₩17.2B | −27.7% | −160.7% | 581.2% |
| 2023 | ₩32.7B | ₩200M | -₩200M | 0.5% | −1.0% | 154.7% |
| 2024 | ₩34.7B | -₩3.4B | -₩6.8B | −9.7% | −28.6% | 149.5% |
| 2025 | ₩42.4B | -₩1.8B | -₩3.5B | −4.3% | −16.9% | 214.8% |
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 fell from KRW 35.04bn in 2022 to KRW 32.70bn in 2023, then rose again to KRW 34.69bn in 2024 and KRW 42.39bn in 2025. Operating profit swung from a large loss of KRW 9.69bn in 2022 to a small profit of KRW 163mn in 2023, before reverting to losses of KRW 3.37bn in 2024 and KRW 1.81bn in 2025.
Net loss attributable to owners followed a similar pattern, narrowing sharply from KRW 17.17bn in 2022 to KRW 247mn in 2023, before widening again to KRW 6.77bn in 2024 and then narrowing to KRW 3.52bn in 2025.
On a quarterly basis, the company posted a brief operating profit in Q3 2025 (operating profit of KRW 335mn, net profit of KRW 273mn), before falling back into losses in Q4 2025 (operating loss of KRW 1.24bn) and Q1 2026 (operating loss of KRW 294mn), then rebounding in Q2 2026 with revenue of KRW 12.36bn, operating profit of KRW 1.02bn, and net profit attributable to owners of KRW 510mn.
Management has attributed this rebound to results beginning to materialize from overseas distribution channels such as Costco and Rive Gauche in Russia.
However, Q1 2026 saw profitability deteriorate again due to a decline in cosmetics segment revenue combined with losses in newer business lines, underscoring significant quarter-to-quarter volatility as a defining feature of the earnings trajectory.
On the cash flow side, operating cash flow turned slightly positive at KRW 322mn in 2025, following three consecutive years of negative operating cash flow from 2022 to 2024, suggesting that improvement in cash generation capability remains at an early stage.
Korea's cosmetics exports have entered a clear boom phase in 2026. Cosmetics export value in August exceeded USD 1.3bn, setting a record for the month of August, representing a substantial year-over-year increase.
In particular, export growth has been notable in non-Greater China regions such as the US and Europe, indicating a geographic diversification away from the previously China-centric export structure.
On a first-half basis, Korea's cosmetics export volume has been rapidly narrowing the gap with cosmetics origin country France. Amid this industry boom, analysts note that earnings visibility for ODM manufacturers and brand companies has improved.
However, in terms of competitive dynamics, large ODM players such as Cosmax and Kolmar Korea, along with major brand companies such as Amorepacific and LG Household & Health Care, have already established strong market positions, meaning smaller companies like Outin Futures need to secure differentiated positioning in specific channels or product categories to compete effectively.
The scale-up of indie brands and the emergence of new categories such as hydrogel products are cited as potential opportunities for smaller brand and ODM companies as well.
In its Q1 2026 earnings release, the company stated that despite a temporary profitability adjustment, its annual growth trajectory remains unchanged, underpinned by global market expansion and performance in overseas distribution channels.
Specifically, management cited ongoing discussions for Costco offline store placement in the US, simultaneous strengthening of retail, social commerce and branding channels through TikTok Shop and a New York SoHo pop-up store, confirmed placement in 250 Rive Gauche stores in Russia, and a distribution agreement in progress with Boutiqaat in the Middle East.
Brand NEOGEN is expanding its product lineup into the lip category building on the success of its metal-finish mascara, with placement at Ulta Beauty in the US also planned. The ODM business segment has continued double-digit year-over-year growth, contributing relatively stable revenue.
Management noted that Q1 reflected investment for global market expansion and brand repositioning, and expressed expectations that tangible results would follow from Q2 onward across key overseas channels including the US, Russia, Vietnam, and the Middle East.
Indeed, Q2 2026 results showed improvement in both revenue and operating profit, aligning with these expectations, though whether this momentum continues into subsequent quarters requires further confirmation.
Outin Futures has posted net losses across most recent years, placing it in a range where traditional earnings-per-share-based multiple comparisons are difficult to apply.
Relative to net assets, the shares trade at a level below book value per share, a metric that could be read as a discount relative to the company's capital base. There is no recent dividend payment history, making dividend-related metrics difficult to reference.
On the earnings side, the company posted an annual operating profit once in 2023 before reverting to losses, and then showed signs of profit recovery on a quarterly basis in Q2 2026—a pattern of frequently shifting direction that is worth noting when interpreting valuation.
Whether the company's profitability recovery persists amid a broader industry export upcycle is a variable that could influence how the market assesses the stock 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
Distribution placements are progressing across multiple countries, including Costco, Sephora and Ulta Beauty in the US, Rive Gauche in Russia, and Rakuten in Japan. The company stated that results from these channels began to be reflected meaningfully in revenue from Q2 2026 onward.
The improvement in both revenue and operating profit in Q2 2026 versus the prior quarter is consistent with this account.
Korea's cosmetics exports hit a record high for August 2026, reflecting clear growth momentum across the industry. Export destinations are diversifying toward the US and Europe, with expanded placement at major retailers occurring alongside the scale-up of indie brands.
This industry backdrop could provide a favorable environment for Outin Futures, which operates both ODM and brand businesses.
NEOGEN has expanded from skincare into makeup, with its metal-finish mascara achieving the top sales ranking in a makeup category promotion at Olive Young, indicating positive initial reception for the new product.
The lineup is further expanding into the lip category, alongside marketing that features a Seventeen member as brand ambassador. This could contribute to raising brand awareness and diversifying revenue sources.
Of the four years from 2022 to 2025, the company posted both operating and net losses in all years except 2023. In 2025, it recorded an operating loss of KRW 1.81bn and a net loss attributable to owners of KRW 3.52bn.
Profitability has also alternated between gains and losses on a quarterly basis, indicating that a stable earnings trend has not yet been established.
Continued losses in business segments outside cosmetics have been commonly cited across multiple quarterly earnings explanations. This is identified as a factor that offsets a substantial portion of the profit improvement from the cosmetics segment. The uncertain timing of a turnaround in these newer business lines is also worth noting.
As seen in the reversion to losses in Q4 2025 and Q1 2026 following a Q3 2025 profit, the direction of quarterly earnings has changed frequently.
The brand business segment has previously experienced delays in reflecting revenue due to slower-than-expected preparation of global distribution networks, and similar delays cannot be ruled out going forward.
The debt ratio stood at 214.8% at the end of 2025, up from 149.5% the prior year, and equity including non-controlling interests continues to reflect a negative NCI balance of KRW -2.43bn.
With multi-year cumulative losses weighing on the capital structure, it is worth monitoring whether further capital raises or changes to the financial structure occur going forward.
Brand business performance appears heavily dependent on securing placement at specific major retail channels such as Costco and Sephora. Delays in negotiations with particular channels or inventory adjustments could reduce revenue visibility.
The ODM business could also face similar risk if it is highly dependent on a small number of major client companies.
Some independent research has pointed to the possibility that the high export growth rate of 2026 could slow in 2027 due to base effects, and that excessive inventory buildup by global retailers could lead to a temporary decline in subsequent ODM orders.
Should such an industry cycle reversal materialize, it could affect the performance of smaller ODM and brand companies such as Outin Futures.
This marks the expected timing of the Q3 2026 earnings disclosure; it will be important to check whether the profit improvement seen in Q2 continues, and how revenue contribution from the brand versus ODM segments evolves.
It will be worth confirming whether ongoing distribution agreements mentioned by the company—such as Costco offline store placement in the US and the Boutiqaat contract in the Middle East—are finalized, and when they begin to be reflected in actual revenue.
Monthly cosmetics export figures and regional growth rates can be used to monitor whether the K-beauty industry upcycle continues.
This marks the expected timing of the 2026 annual business report disclosure; it will be important to check changes in annual financial structure metrics such as the debt ratio and cash flow, as well as compliance with any administrative issue designation requirements.
Outin Futures posted a quarterly operating profit in Q2 2026 with both revenue and operating profit improving, but the company's history of annual losses in three of the four years from 2022 to 2025 shows that a stable earnings trend has not yet been firmly established.
The expansion of brand NEOGEN's overseas distribution network and steady growth in the ODM business are cited as positive factors, while continued losses in new business segments and quarter-to-quarter earnings volatility remain a burden.
On the industry side, Korea's cosmetics exports have continued to set record highs in 2026, providing a favorable overall backdrop.
However, how consistently this industry boom translates into the company's own performance improvement is something that will require further confirmation through upcoming quarterly disclosures.
On the financial structure side, the rise in the debt ratio and a multi-year history of equity erosion remain relevant considerations. Investment judgment should be made by readers themselves after comprehensively weighing these bullish and bearish factors.
Report written 2026-09-05 · Data as of 2026-09-04
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