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
Foodnamoo faces four consecutive years of revenue decline and two changes of controlling shareholder, while having recapitalized its balance sheet in 2025 and now exploring new ventures outside its core diet-food e-commerce business, including a livestock AI data stake and an aircraft conversion deal.
Consolidated revenue fell for four straight years from KRW 217.2bn in 2022 to KRW 86.8bn in 2025, and hit the lowest level in the observed window at KRW 12.9bn in Q2 2026.
Operating losses persisted for four consecutive quarters (2025Q3-2026Q2), and the loss widened to roughly KRW 7.0bn in Q1 2026.
A one-off gain of roughly KRW 12.9bn in Q4 2025 helped full-year 2025 net income attributable to owners turn positive at about KRW 2.0bn, but the company slipped back into losses afterward.
Control changed hands twice, from Onhill Partners in October 2024 to CEO Kim Woo-joo in June 2026, with the latter's acquisition funded entirely through borrowed capital.
The company is exploring ventures outside its core business, including an equity stake in Korea Livestock Data and an exclusive due-diligence agreement with US aircraft conversion firm Kansas Modification Center (KMC).
Founded in 2013 and listed on KOSDAQ in 2018, Foodnamoo is a food-tech company focused on distributing and producing diet and convenience health food.
Centered on its Ranking Dak.com platform, it also operates e-commerce platforms such as Gaegeunjil Mart and Piky Diet, alongside chicken-breast processed food manufacturing/sales and a media and content business.
The company operates multiple in-house brands including Masitdak, Ranker, Eatmate, Cheating Date, 1AM, Freshyhome, and Proteinus. Ranking Dak.com has built a member base of over 3.4 million registered users, which the company itself cites as a core competitive strength.
The platform segment accounts for a substantial share of revenue; as of the first half of 2024, KRW 66.5bn of KRW 90.3bn in revenue (73.6%) came from the platform segment, which lists both third-party and private-brand products for sale.
Products are developed and supplied quickly through an outsourced manufacturing model, which reduces inventory burden but relatively limits control over production.
Following the recent change in controlling shareholder, the strategic direction has also shifted, with new management pursuing customer-tailored services built on Ranking Dak.com's member data and seeking new growth engines linking food, health management, and bio-healthcare.
In parallel, the company is exploring ventures outside its traditional scope, including an equity stake in Korea Livestock Data and an exclusive due-diligence agreement with aircraft conversion firm KMC, placing its business portfolio in a period of realignment.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩26.3B | -₩2.3B | −8.8% |
| 2025Q3 | ₩21.8B | -₩2.2B | −10.0% |
| 2025Q4 | ₩15.3B | -₩1.5B | −10.0% |
| 2026Q1 | ₩16.9B | -₩7B | −41.5% |
| 2026Q2 | ₩12.9B | -₩3.6B | −28.2% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩217.2B | -₩2.1B | -₩3.3B | −1.0% | −6.9% | 121.3% |
| 2023 | ₩190.7B | -₩17.8B | -₩19.9B | −9.3% | −87.9% | 401.5% |
| 2024 | ₩124.1B | -₩17.4B | -₩45.1B | −14.0% | −2102.4% | 4913.1% |
| 2025 | ₩86.8B | -₩8.2B | ₩2B | −9.4% | 5.8% | 146.9% |
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
Consolidated revenue fell for four straight years, from KRW 217.2bn in 2022 to KRW 190.7bn in 2023, KRW 124.1bn in 2024, and KRW 86.8bn in 2025.
The operating margin deteriorated from -1.0% in 2022 to -9.3% in 2023 and -14.0% in 2024, before narrowing to -9.4% in 2025 as fixed-cost reductions from restructuring and asset disposals partly offset the sharp revenue decline.
Net income attributable to owners swelled from a loss of KRW 3.3bn in 2022 to KRW 19.9bn in 2023 and KRW 45.1bn in 2024, before flipping to a profit of about KRW 2.0bn in 2025.
However, this swing to profit was driven decisively by a roughly KRW 12.9bn net gain recognized in Q4 2025 alone, even as operating loss that same quarter remained at about KRW 1.5bn, indicating the turnaround was largely attributable to a one-off item.
On a quarterly basis, revenue continued to slide from KRW 26.3bn in Q2 2025 to KRW 21.8bn in Q3 and KRW 15.3bn in Q4, while operating losses gradually narrowed from about KRW 2.3bn to KRW 1.5bn over the same period.
Entering 2026, however, the operating loss widened sharply to about KRW 7.0bn in Q1 on revenue of KRW 16.9bn, and in Q2 revenue fell further to KRW 12.9bn with an operating loss of KRW 3.6bn and a net loss of KRW 6.0bn, reversing the earlier trend of narrowing losses.
As a result, the cumulative net loss to owners over the most recent four quarters (2025Q3-2026Q2) reached about KRW 3.9bn, effectively unwinding the full-year 2025 profit swing and returning the company to a loss position.
Equity attributable to owners fell from KRW 47.7bn in 2022 to KRW 22.6bn in 2023 and just KRW 2.1bn in 2024, before recovering to about KRW 35.0bn in 2025 through capital raises, which brought the debt-to-equity ratio down sharply from 4,913% in 2024 to 147% in 2025.
Operating cash flow remained negative at KRW 15.2bn in 2025, underscoring that cash generation remains weak despite the reported earnings recovery.
The convenience health food (HMR) and diet food market continues to grow on the back of rising single-person households and greater health consciousness, with low-calorie, low-sodium, high-protein product lines continuing to expand.
Despite these structurally favorable conditions, Foodnamoo's revenue has declined for four consecutive years since 2022, suggesting company-specific contraction and restructuring rather than a market-wide slowdown.
Data providers such as FnGuide have noted that both the e-commerce platform and convenience health food segments saw revenue declines through the first nine months of 2025, reflecting weaker consumer sentiment and reduced marketing activity.
On the competitive front, large food companies and general retail platforms have been expanding their own low-calorie, high-protein HMR lineups, which could erode the differentiation once held by chicken-breast and diet-food specialist platforms like Foodnamoo's.
The company points to its outsourced, fast product-development model, multiple in-house brands, and large member database as competitive strengths, but with revenue still declining, whether these strengths are translating into defended market share warrants further scrutiny.
The recent management change and the attempt to pivot toward data-driven, personalized services connected to healthcare can be read as a response to these competitive pressures.
CEO Kim Woo-joo, who became controlling shareholder in June 2026, is a finance and strategy professional who has laid out a strategy centered on expanding personalized services using Ranking Dak.com's member data, improving operational efficiency, and pursuing profitability-focused growth.
Management has stated it will accelerate efforts to secure new growth engines connecting food, health management, and bio-healthcare.
In line with this direction, in March 2026 the company invested KRW 3.0bn to acquire a 5.66% stake in Korea Livestock Data, which operates the livestock AI/big-data platform FarmsPlan, explaining the move as aimed at generating returns through a mid-to-long-term investment.
Separately, the company has entered an exclusive due-diligence agreement toward a definitive contract with US aircraft conversion firm Kansas Modification Center (KMC) and has been disclosing interim progress updates, representing an expansion attempt into a field entirely unrelated to its existing food and platform businesses.
This remains at the due-diligence stage, however, and it is uncertain whether it will lead to a definitive contract or, if so, what scale and nature the resulting business would take.
Onhill Partners has remained the second-largest shareholder even after transferring controlling status to Kim, so the possibility of collaboration in healthcare and pet-food-related businesses has not entirely disappeared.
Overall, the company's future results are likely to hinge on whether the decline in its core platform and health-food revenue stabilizes, and whether the new ventures being explored translate into actual contracts and results.
Persistent net losses mean the price-to-earnings ratio remains in loss territory where a meaningful multiple cannot be calculated.
The price-to-book ratio trades at a premium to net asset value, a relationship also shaped by the repeated sharp swings in equity size seen over recent years amid capital erosion and subsequent recapitalization.
On dividends, there has been no payout in recent years, so shareholder returns through dividends remain limited.
Looking at the multi-year pattern, the company swung from large losses to a full-year profit in 2025, but that swing was driven by a one-off gain in the fourth quarter, and the company has since reverted to losses, meaning the quality and durability of that earnings recovery warrants continued observation of upcoming quarterly results.
Ultimately, the current market value can be read as reflecting both expectations about the durability of any earnings recovery and about whether the newly announced ventures materialize into concrete outcomes.
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
Equity, which had collapsed to just KRW 2.1bn in 2024, recovered to roughly KRW 35.0bn in 2025 through capital raises and asset disposals, while the debt-to-equity ratio fell sharply from 4,913% to 147%.
The operating loss also narrowed from KRW 17.4bn in 2024 to KRW 8.2bn in 2025, showing some effect from cost restructuring. However, losses widened again in the first half of 2026, so whether this improvement is durable requires further confirmation.
The company is actively exploring new growth engines unrelated to its core business, including an equity investment in a livestock AI data firm and an exclusive due-diligence agreement with aircraft conversion firm KMC.
The new CEO, a finance and strategy professional, has also championed a shift toward data-driven platforms and profitability-focused management, which could serve as a catalyst for change. However, these ventures remain at an early stage and their earnings contribution is uncertain.
Despite the revenue decline, Ranking Dak.com has retained a member base of over 3.4 million along with multiple proprietary brands, and its outsourced, fast product-development capability remains a core asset of the company.
These platform assets could serve as the foundation for the new management's push toward data-driven, personalized services.
Consolidated revenue fell for four consecutive years from KRW 217.2bn in 2022 to KRW 86.8bn in 2025, and dropped further to KRW 12.9bn in Q2 2026, the lowest level in the observed window.
This contrasts with the broader growth trend in the HMR and convenience health food market, and it remains unclear when the contraction will stop.
Operating losses, which had gradually narrowed through the second half of 2025, widened again to about KRW 7.0bn in Q1 2026 and KRW 3.6bn in Q2, breaking the improving trend.
With operating losses persisting for four consecutive quarters, the temporary swing to net profit in 2025 does not appear to reflect a structural improvement in profitability.
Control changed twice within a short period, from Onhill Partners in October 2024 to CEO Kim Woo-joo in June 2026.
Notably, Kim's roughly KRW 22.5bn acquisition financing was reportedly funded entirely through borrowing with his shares pledged as collateral, creating a structure where stock price movements can directly affect the stability of control.
The cumulative net loss to owners over the most recent four quarters (2025Q3-2026Q2) reached about KRW 3.9bn, and operating cash flow was negative KRW 15.2bn in 2025. Given that equity had already collapsed to just KRW 2.1bn in 2024, renewed loss accumulation could again raise the need for additional capital.
Because the new controlling shareholder's acquisition was funded entirely through debt with the shares pledged as collateral, a falling stock price would increase the burden of maintaining collateral value, potentially requiring additional collateral, prompting repayment demands, or in the worst case triggering another change of control if the pledge is executed.
The two changes in controlling shareholder since 2024 could themselves weigh on the consistency of management strategy.
Both the equity stake in Korea Livestock Data and the exclusive due-diligence agreement with KMC represent areas distant from the company's existing food and platform business, and the KMC-related process in particular remains at the due-diligence stage, leaving the prospect and scale of any definitive contract uncertain.
If resources are spread into these unrelated new ventures before core-business normalization is complete, the financial burden could increase.
Timing of the Q3 2026 quarterly report filing, when investors should check whether the revenue decline continues and whether the operating loss narrows or widens further.
Watch for disclosures on the completion of exclusive due diligence with KMC and whether a definitive contract is signed, which would clarify the scale and nature of any resulting business.
Monitor disclosures related to the pledged shares tied to CEO Kim Woo-joo's debt-funded acquisition (e.g., updates to large shareholding reports), checking for additional collateral requirements or a possible further change of control if maintenance ratios are breached.
Check for any follow-up disclosures on additional investment in or business cooperation with Korea Livestock Data, to track the progress and outcome of this new venture.
Foodnamoo has seen revenue decline for four consecutive years since 2022, and while a one-off gain in Q4 2025 helped full-year net income turn positive, the company slipped back into losses in the first half of 2026.
The financial crisis that saw equity collapse to just KRW 2.1bn in 2024 was addressed through a 2025 capital raise that sharply reduced the debt-to-equity ratio, but operating cash flow remains negative.
Two changes of controlling shareholder within a short span—particularly the new CEO's fully debt-funded share acquisition with shares pledged as collateral—leave governance stability vulnerable to share price movements.
Against this backdrop, the company is pursuing new growth avenues unrelated to its core business, including an equity stake in Korea Livestock Data and an exclusive due-diligence agreement with aircraft conversion firm KMC.
These ventures remain at an early stage with uncertain earnings contribution, and it is not yet clear when the decline in the core platform and health-food business will stabilize.
Ultimately, confirmation of a stabilizing revenue trend, sustained narrowing of operating losses, and concrete progress on new ventures in upcoming quarters will be needed to more clearly assess the company's direction.
Report written 2026-09-05 · Data as of 2026-09-04
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