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
Bamboo-salt specialist Insan Inc. lifted its operating margin back to 6.4% in 2025 after a sharp 2024 drop, but quarterly results in H1 2026 have swung between profit and loss as the company carries the financial weight of a major new plant investment.
2025 revenue reached KRW 35.8 billion, up from the prior year, with operating margin recovering to 6.4% from 2.5% in 2024
After an operating loss of about KRW 330 million in Q1 2026, the company returned to operating profit of KRW 323 million and net profit of KRW 872 million in Q2 2026
The Hamyang anti-aging agro-industrial complex received full completion approval in June 2026, expected to quadruple production capacity
The debt ratio rose from 55.1% in 2024 to 74.1% in 2025 amid heavy capital spending
The treasury stock ratio stood at a relatively high 17.3% as of the most recent quarter, and upcoming regulatory changes on treasury share retirement warrant attention
Insan Inc. is a KOSDAQ-listed food company that manufactures and distributes bamboo salt (jugyeom) and bamboo-salt-based food products, carrying on the traditional production method associated with the late Kim Il-hun.
Bamboo salt and its derivative products account for 61% of the product mix, with pill and powder products at 7%, extracts at 2%, and other items making up 30%.
The company operates a multi-channel distribution structure combining membership-based direct sales (telemarketing), home shopping, online stores, and directly operated retail outlets nationwide, supported by a long-running monthly member magazine used for customer relationship management.
More recently it has expanded home-meal-replacement (HMR) products such as bamboo-salt-cured pollock roe and bamboo-salt mackerel through home shopping and online channels to diversify revenue sources.
Its subsidiary, agricultural corporation Insan Farm, produces traditional liquor and has partnered with distributors to widen sales channels.
The competitive landscape is fragmented, with 17 registered members of the Korea Bamboo Salt Industry Cooperative Association alone, though Insan Inc. maintains a leading position in the premium bamboo salt segment on the strength of its long operating history and brand recognition.
The company has identified B2B and OEM/ODM supply along with export expansion as new growth pillars, and is building out production infrastructure to support this strategy.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩8.5B | ₩600M | 6.5% |
| 2025Q3 | ₩10.9B | ₩1.7B | 15.2% |
| 2025Q4 | ₩8.8B | ₩300M | 3.9% |
| 2026Q1 | ₩10B | -₩300M | −3.3% |
| 2026Q2 | ₩9.9B | ₩300M | 3.3% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩33.5B | ₩4.7B | ₩3.8B | 14.0% | 7.3% | 67.2% |
| 2023 | ₩37.3B | ₩5.7B | ₩5B | 15.4% | 7.6% | 38.0% |
| 2024 | ₩32.5B | ₩800M | ₩900M | 2.5% | 1.4% | 55.1% |
| 2025 | ₩35.8B | ₩2.3B | ₩700M | 6.4% | 1.0% | 74.1% |
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
Annual results have shown pronounced volatility. Revenue rose from KRW 33.5 billion in 2022 to KRW 37.3 billion in 2023, with operating profit peaking at KRW 5.7 billion (a 15.4% margin), before revenue fell to KRW 32.5 billion in 2024 and operating profit collapsed to KRW 0.8 billion (a 2.5% margin).
In 2025, revenue recovered to KRW 35.8 billion and operating profit rebounded to KRW 2.3 billion (a 6.4% margin). Net income attributable to owners stayed at low levels despite the revenue and operating-profit recovery, falling from KRW 5.0 billion in 2023 to KRW 0.9 billion in 2024 and KRW 0.65 billion in 2025.
On a quarterly basis, Q3 2025 was strong, with revenue of KRW 10.9 billion, operating profit of KRW 1.66 billion, and owners' net income of KRW 1.24 billion, before Q4 2025 slowed to revenue of KRW 8.75 billion and operating profit of KRW 0.34 billion.
Q1 2026 swung back to a loss, with revenue of KRW 9.99 billion, an operating loss of about KRW 330 million, and a net loss of about KRW 332 million, before Q2 2026 returned to operating profit of KRW 323 million on revenue of KRW 9.92 billion, with owners' net income expanding to KRW 872 million, well above the operating profit line.
Operating cash flow tells a similar story of volatility, swinging from KRW 7.15 billion in 2023 to negative KRW 990 million in 2024 before turning positive again at KRW 1.17 billion in 2025, reflecting the strain of a heavy capital-investment phase on both earnings and cash generation.
Overall domestic salt consumption has been trending lower amid a low-sodium diet trend, but the premium salt segment, differentiated by mineral content and quality, has shown separate growth momentum driven by an aging population and rising health awareness.
The market for senior-friendly foods grew from roughly KRW 6.4 trillion in 2012 to about KRW 18.6 trillion in 2020, an average annual growth rate of around 13.5%, a favorable backdrop for Insan Inc.'s expansion of senior-focused product lines.
The domestic bamboo salt industry is fragmented, with 17 companies, including Insan Inc., registered with the Korea Bamboo Salt Industry Cooperative Association, resulting in a highly competitive small-and-medium-enterprise landscape.
Insan Inc. maintains a relatively strong position in the premium segment on the back of its long operating history and membership-based brand loyalty, but it does not hold outright market dominance and must continue competing against numerous rivals.
Demand for immunity-related products has persisted even after the pandemic eased, which is viewed as a supportive factor. On the other hand, the broader processed food market in Korea is regarded as mature, and structural growth is seen as limited without diversification through new channels and new products.
The single biggest variable for the company is the Hamyang anti-aging agro-industrial complex in South Gyeongsang Province.
In June 2026 the company received a full completion certificate for the complex's site development and infrastructure work from Hamyang County, and it has stated it plans to begin trial operation and mass production of the new plant as soon as building-use approval is granted.
Company officials have indicated that relocation of production from the existing Sudong-myeon bamboo salt plant to the new facility was targeted for completion by August 2026.
The company expects the new plant to roughly quadruple bamboo salt production capacity, and has laid out plans to accelerate revenue diversification through B2B supply to large distributors and healthcare companies, OEM/ODM contracts, and expanded overseas exports.
A company representative has said that higher utilization is expected to generate economies of scale that strengthen cost competitiveness and profitability over the medium to long term.
That said, how quickly the new plant ramps up, the pace of securing major accounts, and initial utilization levels remain unconfirmed variables.
The company has also outlined plans to sequentially build a bamboo-salt museum, an educational and training facility, cultural and performance venues, and lodging within the complex over the next five years, which could add tourism- and experience-related revenue over the longer term.
The share price trades below per-share net asset value, placing it in a discounted range relative to book value. According to external data, the 2025 dividend payout ratio (dividends paid relative to net income) exceeded 100%, suggesting the company distributed more in dividends than it earned that year.
Operating margin has repeatedly changed direction over recent years, contracting from the mid-teens percent to around 2% and then recovering to roughly 6%, and quarterly results in 2026 have continued to swing between losses and profits.
In a period of such earnings volatility, the valuation multiple the market assigns can also move sensitively around quarterly earnings releases.
The company's multi-year record of maintaining dividends is worth noting from a shareholder-return perspective, but whether the pattern of dividend payments exceeding earnings can continue will depend on the pace of future profit recovery.
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, which had fallen to 2.5% in 2024, recovered to 6.4% in 2025, and both operating profit and net income turned positive again in Q2 2026. Revenue also rose from KRW 32.5 billion in 2024 to KRW 35.8 billion in 2025, entering a recovery phase. Despite quarter-to-quarter swings, three of the last five quarters were profitable.
The Hamyang agro-industrial complex project, pursued for nearly nine years, reached its final stage after receiving full completion approval in June 2026. The company expects the new plant to quadruple production capacity, using it as a springboard for B2B, OEM, and export expansion. With completion imminent, the possibility of shifting into an investment-payoff phase has opened up.
The company has built long-term customer relationships through a membership magazine published for many years and a direct-sales channel targeted at members. Growth in the premium salt market and expansion of the senior-friendly food market, combined with this customer base, provide a favorable business environment. Expansion into home shopping and online channels has also continued to bring in new customers.
Even as revenue and operating profit recovered, net income attributable to owners was only KRW 650 million in 2025, and the company swung back to a net loss in Q1 2026. Quarterly results have continued to alternate between profit and loss, suggesting a stable earnings base has not yet been established.
The debt ratio has risen steadily from 38.0% in 2023 to 55.1% in 2024 and 74.1% in 2025. With the large-scale agro-industrial complex investment in its final stages, financial-structure pressure could persist until the new plant is fully operational.
The domestic bamboo salt market includes numerous competitors, including 17 companies registered with the industry cooperative, and the broader processed food market has entered a mature phase. The low-sodium diet trend, which is reducing overall salt consumption, is also a headwind.
Bamboo salt and its derivative products account for 61% of revenue, resulting in high dependence on a single product category. Changes in demand or intensified competition in this category could directly affect results.
Health-food and salt-related products are inherently sensitive to safety controversies that can immediately damage consumer trust and sales.
The company has previously experienced a sharp sales decline following a controversy over detected substances in roasted salt, so the recurrence of similar regulatory or safety issues in the future cannot be ruled out.
The company has a history of using external financing, including bonds with warrants, to support the large-scale agro-industrial complex investment.
With the treasury stock ratio at a relatively high 17.3% as of the most recent quarter, follow-up measures under Commercial Act amendments mandating treasury share retirement are being pursued, and the eventual treatment of these shares could affect share supply and demand.
Check the Q3 revenue and operating profit trend and whether one-off costs related to the plant relocation are reflected.
Confirm whether the new Hamyang complex plant receives building-use approval and begins mass production, and monitor initial utilization rates.
Track whether follow-up measures under the Commercial Act amendment mandating treasury share retirement take effect, and assess the impact on Insan Inc., which holds a relatively high treasury stock ratio.
Monitor disclosures or news regarding B2B/OEM-ODM supply contracts or export expansion to track progress on revenue diversification.
Insan Inc. has lifted its operating margin back to 6.4% in 2025 after a sharp 2024 decline, but net income attributable to owners remains small, and quarterly results continued to swing between profit and loss through the first half of 2026.
The key medium-term variable is the new plant at the Hamyang agro-industrial complex, which received full completion approval in June 2026; once fully operational, the company expects a fourfold increase in production capacity and diversification into B2B and export sales.
However, the debt ratio rose to 74.1% in 2025 during this investment phase, and how quickly the new plant stabilizes and secures major accounts remains unconfirmed.
The share price trades at a discount to net asset value, and the company has both a multi-year record of dividend payments and a dividend payout ratio that has exceeded net income.
Competition from numerous rivals in the bamboo salt market, the industry's inherent sensitivity to food safety issues, and regulatory changes such as mandatory treasury share retirement are additional factors to monitor.
Investors will want to track, in sequence, the new plant's initial operating results, changes in the financial structure, and tangible progress on revenue diversification.
Report written 2026-09-05 · Data as of 2026-09-04
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