PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q3–2026Q2) · Dividend yield is based on ₩400 per share · Prices as of the 2026-10-02 close
BoraTR posted record annual revenue of KRW 102.3 billion in 2025, but owners' net income collapsed to just KRW 230 million and the most recent four quarters have all shown net losses.
2025 revenue hit a record KRW 102.3 billion for a fourth straight annual high, but operating margin fell to 8.9%, down sharply from 17.0% in 2023.
Owners' net income was negative in all of the last four quarters (2025Q3-2026Q2), though the loss narrowed from about -KRW 0.91 billion in 2025Q4 to about -KRW 0.11 billion in 2026Q2.
The debt ratio jumped from 81.6% in 2024 to 154.2% in 2025, which media reports have linked to an increase in foreign-currency short-term borrowings.
Controlling shareholder Kim Dae-young also sits atop the affiliate structure controlling low-cost coffee franchise Mega MGC Coffee, creating both related-party risk and potential business linkage.
The stock trades below the company's disclosed net asset value per share.
BoraTR is a specialty food import and distribution company established via a corporate spin-off in 2015 and listed on KOSDAQ in 2017.
Its core business is importing and distributing premium processed foods such as pasta, olive oil, and tomato sauce from Italy and Spain, holding exclusive domestic distribution rights for eight Italian brands including De Cecco, Menu, and Molini.
According to company-disclosed material, the firm imports and sells top-quality Italian pasta, sauces, and spices sourced from eight suppliers.
Major customers include luxury hotels such as Shilla and Josun, well-known restaurants such as Provence, Anna Bini, and Sorrento, and more than 500 client accounts, including large distributors serving as indirect channels.
As of 2025, revenue mix was led by edible oils and fats at 22%, followed by noodles/pasta at 20%, dairy products at 18%, processed agricultural products at 11%, and other categories at 30%.
The company also runs its own food-processing plant (Eumseong plant) producing sauces, frozen noodles, and processed meat products.
Management that took over in 2019 laid out a goal of reaching KRW 100 billion in annual revenue within three years through M&A that could create synergy with the core distribution business, including expansion into home-meal-replacement (HMR) products.
Separately, controlling shareholder Kim Dae-young controls Mega MGC Coffee operator MGC Global through his personal holding company Woo-yoon, and reports indicate BoraTR extended roughly KRW 20 billion in borrowed capital to help fund the 2021 Mega Coffee buyout, reflecting financial ties across the affiliate group.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩26.3B | ₩2.9B | 11.1% |
| 2025Q3 | ₩27.4B | ₩2.6B | 9.5% |
| 2025Q4 | ₩25.7B | ₩1.5B | 5.7% |
| 2026Q1 | ₩25.8B | ₩1.5B | 5.8% |
| 2026Q2 | ₩26.7B | ₩1.9B | 7.2% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩69.5B | ₩10.6B | ₩17.3B | 15.3% | 22.7% | 35.5% |
| 2023 | ₩76.9B | ₩13.1B | ₩9.5B | 17.0% | 11.3% | 24.1% |
| 2024 | ₩91.4B | ₩12.8B | ₩9.5B | 14.0% | 10.2% | 81.6% |
| 2025 | ₩102.3B | ₩9.1B | ₩200M | 8.9% | 0.3% | 154.2% |
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
BoraTR's annual revenue rose for four straight years, from KRW 69.47 billion in 2022 to KRW 76.91 billion in 2023, KRW 91.39 billion in 2024, and KRW 102.30 billion in 2025, crossing the KRW 100 billion mark for the first time.
However, operating margin clearly deteriorated, moving from 15.3% in 2022 and 17.0% in 2023 down to 14.0% in 2024 and 8.9% in 2025.
On the bottom line, owners' net income, which stood at KRW 17.32 billion in 2022 and around KRW 9.5 billion in both 2023 and 2024, plunged to just KRW 230 million in 2025, hovering near breakeven.
Quarterly figures show owners' net income was still positive at about KRW 2.20 billion in 2025Q2, but turned negative from 2025Q3 (-KRW 0.555 billion) and 2025Q4 (-KRW 0.909 billion), with losses continuing into 2026Q1 (-KRW 0.407 billion) and 2026Q2 (-KRW 0.107 billion).
Notably, the loss has narrowed each quarter since the 2025Q4 trough. Media reports indicate that translation losses tied to foreign-currency borrowings weighed materially on 2025 results, cited as one reason net income deteriorated sharply despite revenue growth.
On the balance sheet, the debt ratio rose from 24.1% in 2023 to 81.6% in 2024 and then 154.2% in 2025, while equity actually declined from KRW 93.15 billion to KRW 88.96 billion over the same period.
Operating cash flow, which had shrunk to KRW 0.43 billion in 2024, recovered to KRW 8.05 billion in 2025, suggesting underlying cash generation held up alongside revenue growth.
The specialty food import and distribution segment that BoraTR operates in is closely tied to demand from the food-service industry and large-scale distribution/catering channels, with domestic peers commonly referenced including CJ Freshway, Ottogi, Dongsuh, Sajo Seafood, and Hyundai GF Holdings.
Italian specialty ingredients occupy a premium niche in Korea's food-service market, and because a large portion of revenue comes from B2B supply contracts with major catering and distribution companies, the business carries sensitivity to broader consumption and dining-out trends.
Given its heavy reliance on imports, currency fluctuations and global commodity prices for oils and grains directly affect cost of goods sold and margins. Recent years of cost and currency volatility have been cited as a driver of the decline in operating margin.
Separately, at the top of the ownership structure sits Mega MGC Coffee, a symbol of the growing low-cost coffee franchise market; according to Korea Fair Trade Commission data, Mega Coffee ranked first in the coffee category with 3,325 franchise stores in 2025.
The low-cost coffee franchise market has become a repeated target for private equity investment and is seen as consolidating into larger players, and news has recently emerged of a move to acquire full ownership of Mega Coffee.
While this does not flow directly into BoraTR's own financial statements, it underscores the need to also watch growth and risk within the broader affiliate ecosystem under the same controlling shareholder.
With 2025 revenue surpassing KRW 100 billion for the first time, the medium-term sales goal management set out in 2019 has effectively been reached, albeit later than originally targeted.
However, unlike the steady top-line expansion, operating margin and net income have contracted, meaning the key question going forward is less about continued revenue growth and more about whether margins can recover.
Owners' net income has posted losses for four consecutive quarters, but the loss size has narrowed every quarter since 2025Q4, so whether the company can return to net profit in coming quarters remains a point to watch.
On the balance sheet side, with the 2025 debt ratio climbing to 154.2%, the maturity structure and refinancing plan for foreign-currency short-term borrowings remain a variable that could affect future earnings and cash flow.
The affiliate operator of Mega MGC Coffee is reportedly in the process of a full-ownership acquisition; while this will not be directly consolidated into BoraTR's financial statements, it can serve as a reference point for the capital-allocation priorities and resources of the same controlling family.
Whether the company expands new products or HMR offerings using its own food-processing plant, and whether it secures new supply contracts with large distribution and catering channels, are additional points to monitor for revenue diversification.
BoraTR's shares trade below the company's disclosed net asset value per share, placing its price-to-book ratio under 1x.
Because net income has turned negative over the trailing four quarters, a conventional price-to-earnings comparison is difficult to construct, marking a different phase from the years when earnings were more stable.
On the dividend side, the payout policy appears to have been maintained even as net income shrank sharply, which can be read as a relatively heavier dividend burden relative to current earnings.
Overall, the market's focus appears to have shifted from top-line growth toward the quality of earnings and the pace of balance-sheet repair.
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
Revenue rose for four straight years from KRW 69.47 billion in 2022 to KRW 102.30 billion in 2025, crossing the KRW 100 billion mark for the first time. This shows the medium-term revenue goal set out by management back in 2019 was ultimately realized in direction. A stable customer base in the premium Italian specialty-food niche has underpinned this top-line growth.
After owners' net loss began in 2025Q3, the loss bottomed at about -KRW 0.909 billion in 2025Q4 before narrowing to -KRW 0.407 billion in 2026Q1 and -KRW 0.107 billion in 2026Q2. Operating profit also showed a recovery from KRW 1.48 billion in 2025Q4 to KRW 1.91 billion in 2026Q2. This suggests some easing of the margin pressures that had built up.
The stock trades below the company's disclosed net asset value per share, keeping the price-to-book ratio under 1x. Operating cash flow also recovered sharply from KRW 0.43 billion in 2024 to KRW 8.05 billion in 2025, indicating that cash-generating capacity tied to revenue growth remains intact. Equity itself still stands at a solid KRW 88.96 billion.
Operating margin nearly halved from 17.0% in 2023 to 8.9% in 2025. Owners' net income, which had stayed above KRW 9 billion annually from 2022 through 2024, plunged to just KRW 230 million in 2025, effectively hitting breakeven. This profit deterioration stands in sharp contrast to the revenue growth.
The debt ratio jumped sharply from 81.6% in 2024 to 154.2% in 2025. Media reports have noted a sizable foreign-currency short-term borrowing balance with maturities concentrated in a specific window, raising liquidity concerns. FX-related factors such as translation losses have been cited as contributing to the 2025 net income decline.
Controlling shareholder Kim Dae-young is also the majority owner of Woo-yoon, the personal holding company that controls low-cost coffee franchise Mega MGC Coffee. Reports indicate BoraTR provided borrowed funds at the time of the 2021 Mega Coffee acquisition, reflecting capital flows across affiliated entities.
This kind of cross-affiliate capital and resource allocation structure is a point that warrants attention to transparency from a minority-shareholder perspective.
The jump in the debt ratio from 81.6% to 154.2% in a single year has been linked to an increase in foreign-currency short-term borrowings. Reports have noted that related maturities were concentrated in a specific window, meaning repayment and refinancing outcomes could affect future financial stability. The possibility of additional translation losses from currency swings cannot be ruled out.
Owners' net income has posted losses for four consecutive quarters, and while the loss has been narrowing, the timing of a return to profit has not yet been confirmed.
Operating margin also remains lower, having fallen from 17.0% in 2023 to 8.9% in 2025, so the durability of any margin recovery still needs to be verified.
Because the controlling shareholder simultaneously sits atop the operating structure of unlisted affiliate Mega MGC Coffee, the possibility that intra-group funding or resource-allocation priorities could diverge from the interests of BoraTR's minority shareholders cannot be ruled out.
Given that BoraTR capital was used in a past affiliate acquisition, the potential for similar funding decisions to recur is worth monitoring.
According to reports, the closing date for the deal to acquire 100% of Mega MGC Coffee was expected around the end of this month. It is worth checking whether the deal actually closes and how the controlling family group finances it.
This falls within the latter part of the period reported as having concentrated foreign-currency short-term borrowing maturities. It is a point to check on repayment or refinancing progress and any resulting change in the debt ratio.
This is the expected timing for 2026 Q3 (Jul-Sep) earnings disclosure. It will be important to check whether the loss-narrowing trend seen through 2026Q2 continues into a return to net profit.
This is when the FY2026 annual results and dividend decision are expected to be disclosed. It will be worth checking whether the company maintains its current dividend policy given the reduced earnings base.
BoraTR continued its top-line expansion in 2025, posting record annual revenue of KRW 102.3 billion, but profitability came under clear pressure as operating margin fell to 8.9% and owners' net income plunged to just KRW 230 million.
Quarterly net losses that began in 2025Q3 persisted through 2026Q2, though the loss size has narrowed each quarter, leaving the timing of a return to profitability as the key point to watch going forward.
The debt ratio's sharp rise from 81.6% to 154.2% within a single year, combined with reported foreign-currency short-term borrowing risk, warrants attention to balance-sheet health.
At the same time, the fact that the controlling shareholder also sits atop the ownership structure of low-cost coffee franchise Mega MGC Coffee represents a factor mixing affiliate-related risk with potential synergy.
The stock trades below the company's disclosed net asset value per share, suggesting a need to weigh both asset value and the prospects for earnings recovery. This report is provided for informational purposes only and does not constitute a buy or sell recommendation or a price target.
Report written 2026-09-05 · Data as of 2026-09-04
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