PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q3–2026Q2) · Dividend yield is based on ₩200 per share · Prices as of the 2026-10-02 close
Sempio Foods, the dominant player in Korea's soy sauce market, saw its operating margin rebound to 6.0% in 2025, though overseas sales still account for only around the high-teens percentage of total revenue.
2025 revenue reached KRW 408.9 billion with operating profit of KRW 24.5 billion (6.0% margin), a sharp improvement from the 1.6% margin in 2024.
Over the trailing four quarters (2025Q3-2026Q2), net income attributable to owners totaled roughly KRW 25.5 billion, but swung sharply from KRW 12.5 billion in 2025Q3 to KRW 1.9 billion in 2025Q4.
Sempio held a dominant 59.18% retail market share in soy sauce as of 2024.
Marking its 80th anniversary in 2026, Sempio launched its first new premium soy sauce line in 32 years, 'Brewed Soy Sauce 801,' while CJ CheilJedang re-entered the soy sauce business after 13 years, intensifying competition.
Overseas sales remain around 16% of revenue, prompting the company to add liquor exports to its business purpose as it explores new avenues for global expansion.
Sempio Foods operates on two pillars: traditional fermented sauces (soy sauce, soybean paste, red pepper paste, and ssamjang) and non-sauce processed foods such as the liquid seasoning Yondu, pasta sauce Fontana, Asian sauce Tiasia, and jerky brand Jilleo.
Recent reports indicate the sales mix between sauce and non-sauce products has diversified to roughly a 50:50 split, though total revenue remains heavily concentrated domestically, with overseas sales reported at around 16%.
In its core soy sauce business, Sempio held a dominant 59.18% retail market share in 2024, far ahead of Daesang (22.94%) and Mongo Foods (7.02%). Across the broader fermented sauce brand market, Sempio also leads with a 53.36% share, with CJ CheilJedang competing for the number-two position.
Distribution is being reshaped as offline channels such as hypermarkets shrink, a shift that has also affected the performance of its promotional affiliate, Sempio ISP.
In 2026, marking its 80th anniversary, the company launched 'Brewed Soy Sauce 801,' its first new premium soy sauce line since '501' (1989) and '701' (1994), expanding its premium lineup.
Rival CJ CheilJedang also relaunched its 'Haechandle Yetjang' soy sauce after a 13-year hiatus, intensifying premiumization competition across the sauce category.
This combination of overwhelming dominance in its core category and ongoing diversification into non-sauce and overseas businesses defines Sempio Foods' business structure.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩99.2B | ₩7.4B | 7.4% |
| 2025Q3 | ₩108.8B | ₩12.8B | 11.8% |
| 2025Q4 | ₩100.6B | ₩2.9B | 2.9% |
| 2026Q1 | ₩103.7B | ₩6.8B | 6.6% |
| 2026Q2 | ₩100.6B | ₩4.7B | 4.6% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩371.2B | ₩11.1B | ₩13.1B | 3.0% | 5.8% | 54.1% |
| 2023 | ₩383.4B | ₩9.8B | ₩10.4B | 2.6% | 4.4% | 55.1% |
| 2024 | ₩404.9B | ₩6.5B | ₩10.1B | 1.6% | 4.1% | 50.4% |
| 2025 | ₩408.9B | ₩24.5B | ₩19.9B | 6.0% | 7.5% | 43.5% |
Consolidated basis (financial statements including subsidiaries) · Final figures from DART filings · Net income attributable to owners of the parent · Data as of 2026-08-23
Consolidated revenue in 2025 reached KRW 408.9 billion, a modest increase from KRW 404.9 billion in 2024, while operating profit jumped to KRW 24.5 billion from KRW 6.5 billion, lifting the operating margin from 1.6% to 6.0%.
Net income attributable to owners also nearly doubled to KRW 19.9 billion from KRW 10.1 billion a year earlier. Operating profit had declined from KRW 11.1 billion in 2022 to KRW 9.8 billion in 2023 and KRW 6.5 billion in 2024, but 2025 marked a clear turning point.
Operating cash flow rose steadily from KRW 15.2 billion in 2022 to KRW 20.5 billion in 2023, KRW 33.5 billion in 2024, and KRW 58.3 billion in 2025, pointing to improving cash generation. The debt ratio also eased from 54.1% in 2022 to 43.5% in 2025, indicating a somewhat lighter balance sheet.
Quarterly results were volatile. 2025Q3 posted strong results with revenue of KRW 108.8 billion, operating profit of KRW 12.8 billion, and net income of KRW 12.5 billion, but operating profit plunged to KRW 2.9 billion in 2025Q4. 2026Q1 rebounded with operating profit of KRW 6.8 billion and net income of KRW 9.3 billion, before easing again to KRW 4.7 billion in operating profit and KRW 1.8 billion in net income in 2026Q2.
As a result, net income attributable to owners over the trailing four quarters (2025Q3-2026Q2) totaled approximately KRW 25.5 billion.
Korea's retail soy sauce market shrank roughly 31% over five years, from KRW 257.8 billion in 2020 to KRW 177.6 billion in 2024, reflecting a structural slowdown in demand for traditional sauces.
Even so, the industry notes that while plain soy sauce consumption is declining, use-case-specific categories such as soup, braising, and shabu-shabu soy sauces are expanding.
Despite this environment, Sempio maintained a commanding 59.18% retail market share in soy sauce as of 2024, far ahead of Daesang (22.94%) and Mongo Foods (7.02%). Across the broader fermented sauce brand market, Sempio also leads with a 53.36% share.
The competitive landscape is nonetheless growing more complex: CJ CheilJedang re-entered the soy sauce business after a 13-year absence, stating it would broaden its sauce portfolio from red pepper paste and soybean paste into soy sauce, while Sempio countered with its 80th-anniversary launch of '801,' its first new product in 32 years, stepping up premium competition.
Distribution is also shifting, with the reduction of hypermarket stores leading to scaled-back offline promotional staffing and a clear pivot toward online channels.
The global sauce and seasoning market is projected by the Korea Agro-Fisheries & Food Trade Corporation to grow from USD 36.9 billion in 2021 to USD 59.5 billion by 2030, making overseas markets a key variable for medium-to-long-term growth.
At its March 2026 annual general meeting, Sempio added liquor exports to its articles of incorporation as a registered business purpose. This is not an immediate plan to produce and sell liquor, but is seen as a step toward broadening the company's business scope using its fermentation technology.
Overseas operations are led by fourth-generation executive Park Yong-hak, who is reportedly strengthening the company's global foundation through production facility investment, expanded R&D, and external talent recruitment.
Even so, overseas sales still account for only around 16% of total revenue, lagging behind the more balanced 50:50 split between sauce and non-sauce products.
Domestically, the sales trajectory of the premium soy sauce '801,' launched for the company's 80th anniversary, is cited as a variable likely to affect upcoming quarterly results.
The company has not provided specific annual revenue or profit guidance, so future performance will need to be tracked through quarterly disclosures.
While K-food's global spread offers export opportunities, industry sources note that fermented sauces and seasonings tend to spread internationally more slowly than instant noodles or snacks.
The rise in operating margin from 1.6% in 2024 to 6.0% in 2025 marks a clear turning point from previously weak profitability, which is the key change on the earnings side. However, quarterly profit remains volatile, as seen in 2025Q4 and 2026Q2, making it difficult to draw firm conclusions from any single quarter.
The stock trades at a discount relative to net asset value, a zone where views can differ on how much of the profit recovery has already been reflected in the market price.
Dividends have been maintained at a steady level year to year, making it hard to characterize them as particularly high or low relative to the broader food sector. The steady increase in operating cash flow since 2022 is a useful reference point when assessing the durability of the earnings improvement.
When forming an investment view, it is useful to consider both the direction of these valuation metrics and the ongoing quarterly earnings volatility together.
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 2026-08-23
Operating margin climbed to 6.0% in 2025, a marked improvement from 1.6% in 2024. Operating cash flow also rose steadily from KRW 15.2 billion in 2022 to KRW 58.3 billion in 2025, suggesting an improvement in earnings quality alongside the margin recovery. The debt ratio also fell from 54.1% to 43.5%, lightening the balance sheet.
Sempio held a 59.18% retail market share in soy sauce as of 2024, far ahead of second-place Daesang's 22.94%. It also leads the broader fermented sauce brand market with a 53.36% share. For its 80th anniversary in 2026, it strengthened its premium lineup with '801,' its first new product in 32 years.
In March 2026, the company added liquor exports to its business purpose, opening the door to fermentation-technology-based business expansion. Overseas operations are led by fourth-generation executive Park Yong-hak, who is pursuing both production facility investment and talent recruitment.
The balanced 50:50 sales split between sauce and non-sauce products also provides a foundation for medium-to-long-term diversification.
Korea's retail soy sauce market shrank roughly 31% over five years, from KRW 257.8 billion in 2020 to KRW 177.6 billion in 2024, reflecting a structural decline in demand for the core category.
While newer use-case-specific soy sauce categories are growing, a quick rebound in traditional soy sauce sales is not expected in the near term.
Operating profit plunged from KRW 12.8 billion in 2025Q3 to KRW 2.9 billion in 2025Q4, then eased again from KRW 6.8 billion in 2026Q1 to KRW 4.7 billion in 2026Q2. Net income also swung widely, from KRW 12.5 billion in 2025Q3 to KRW 1.9 billion in 2025Q4 and KRW 1.8 billion in 2026Q2. This volatility makes it harder to read a clear earnings trend.
Competition is intensifying as CJ CheilJedang re-entered the soy sauce business after a 13-year absence. Overseas sales remain around 16% of revenue, keeping domestic dependence high.
Industry observers also note that fermented sauces and seasonings tend to spread internationally more slowly than instant noodles or snacks.
Fluctuations in the price of soybeans and other key raw materials, as well as foreign exchange rates, directly affect sauce manufacturing costs. Cost pressure was partly cited as a factor behind the margin decline between 2022 and 2024. A renewed increase in cost volatility could put the 2025 margin recovery at risk again.
Changes in offline retail, including the reduction of hypermarket stores, have also affected the scale of promotional affiliate Sempio ISP. An accelerating shift toward online channels could require a restructuring of marketing and distribution strategy. The pace of this channel transition could also alter the company's cost structure.
Although liquor exports were added as a business purpose, the company itself has stated that specific business plans are not yet finalized. Investment in overseas expansion is ongoing, but tangible results may take time to materialize.
The potential impact of new business ventures on the profitability of the core sauce business also warrants monitoring.
The statutory filing deadline for the 2026 Q3 report, a point at which to check whether quarterly earnings volatility continues.
It will be worth checking how the domestic sales performance of the 80th-anniversary product '801' affects revenue and margins.
It is worth tracking how the current roughly 16% overseas sales share evolves in future disclosures.
A variable to watch is whether competitors' re-entry into the soy sauce market, such as CJ CheilJedang's, has any measurable effect on Sempio's market share.
It will be worth monitoring whether concrete business plans are announced regarding the newly added liquor export business purpose.
Sempio Foods clearly broke from its 2022-2024 profitability decline, with operating margin rising to 6.0% in 2025 alongside improvements in operating cash flow and debt ratio.
However, quarterly results remain volatile, with a strong 2025Q3 followed by a sharp 2025Q4 decline, and a 2026Q1 rebound followed by a 2026Q2 slowdown.
On the business side, the company maintains dominant market share of around 59% in soy sauce, even as retail sales of traditional soy sauce itself continue to decline structurally, prompting a response through use-case-specific products and premiumization.
CJ CheilJedang's re-entry into soy sauce after 13 years adds further complexity to the competitive landscape. Overseas sales remain around 16% of revenue, and whether diversification efforts—including the addition of liquor exports to its business purpose—translate into tangible results remains to be seen.
Overall, this is a phase marked by the simultaneous presence of core-business dominance and profitability recovery on one hand, and quarterly volatility, a shrinking traditional category, and limited overseas exposure on the other.
Report written 2026-10-02 · Data as of 2026-10-01
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