PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q1–2025Q4) · Prices as of the 2026-10-02 close
KONEX-listed cosmetics company Nordmason has expanded its revenue base through overseas distribution growth for its Huxley brand, but 2025 revenue slipped slightly and owners' equity has shrunk for four straight years, widening balance-sheet pressure.
Revenue rose from KRW 16.325 billion in 2022 to KRW 21.483 billion in 2024, then edged down to KRW 21.134 billion in 2025.
The operating loss margin narrowed to -0.9% in 2024 before widening again to -8.1% in 2025.
Owners' equity fell for four consecutive years from KRW 12.321 billion in 2022 to KRW 2.205 billion in 2025, while the debt ratio surged from 120.9% to 932.4%.
A convertible bond held by second-largest shareholder iNtRON Biotechnology matured on September 1, 2026, and its repayment or conversion outcome could alter the shareholder structure.
Stock options for 95,000 common shares (exercise price KRW 4,120) were granted to employees in March 2026, creating a future dilution factor.
Nordmason was founded in 2013 and began full-scale operations in 2015 with the launch of its skincare brand Huxley. The company operates a fabless model without its own manufacturing facilities, partnering with external producers while concentrating its core competency on planning, marketing, and branding.
Its flagship skincare products feature Sahara cactus seed oil as a key ingredient, and the company has grown into a global brand exporting to 34 countries including the United States, Japan, and Vietnam.
Domestic distribution combines offline channels such as LOHB's, Lotte Duty Free, Shilla Duty Free, Lotte Department Store, and Hyundai Department Store with online sales.
Beyond Huxley, the company has launched additional lines including the secondary brand FEEV and the color cosmetics line MOLIK to broaden its product portfolio.
In 2022, KOSDAQ-listed biotech company iNtRON Biotechnology invested roughly KRW 5 billion to secure second-largest shareholder status, forming a strategic alliance to jointly develop cosmeceutical products using a Botox-alternative material and its Endolysin platform technology.
The largest shareholder is founder and CEO Koo Ja-pung, who held an 18.17% stake as of September 2023. Nordmason listed on the KONEX market in December 2019, and appears alongside large and mid-sized peers such as Amorepacific, LG H&H, APR, Cosmax, and d'Alba Global in industry company listings.
| Quarter | Revenue | Operating profit | Op. margin |
|---|
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩16.3B | -₩3.3B | -₩2.6B | −20.2% | −20.7% | 120.9% |
| 2023 | ₩19.5B | -₩3.6B | -₩4.1B | −18.4% | −48.6% | 219.9% |
| 2024 | ₩21.5B | -₩200M | -₩1.1B | −0.9% | −15.1% | 342.4% |
| 2025 | ₩21.1B | -₩1.7B | -₩3.4B | −8.1% | −155.3% | 932.4% |
Consolidated basis (financial statements including subsidiaries) · Final figures from DART filings · Net income attributable to owners of the parent · Data as of 2026-09-12
Consolidated revenue rose for three straight years from KRW 16.325 billion in 2022 to KRW 19.489 billion in 2023 and KRW 21.483 billion in 2024, before slipping slightly to KRW 21.134 billion in 2025.
Operating losses of KRW 3.300 billion (margin -20.2%) in 2022 and KRW 3.588 billion (-18.4%) in 2023 narrowed sharply to KRW 190 million (-0.9%) in 2024, approaching breakeven. However, the operating loss widened again to KRW 1.708 billion (-8.1% margin) in 2025, breaking the loss-narrowing trend.
Net income attributable to owners swung from a loss of KRW 2.556 billion in 2022 to a larger loss of KRW 4.090 billion in 2023, then narrowed to KRW 1.057 billion in 2024 before widening again to KRW 3.423 billion in 2025.
Operating cash flow stayed negative at KRW -1.697 billion in 2022 and KRW -1.155 billion in 2023, turned positive at KRW 731 million in 2024 -- the only positive year in the four-year window -- and reversed back to KRW -845 million in 2025.
Owners' equity declined for four consecutive years, from KRW 12.321 billion in 2022 to KRW 8.421 billion in 2023, KRW 6.999 billion in 2024, and KRW 2.205 billion in 2025, reflecting a clear accumulated deficit burden.
Non-controlling interests remained negative every year from 2022 to 2025 (ranging from -KRW 428 million to -KRW 191 million), indicating a subsidiary's accumulated losses have continuously exceeded its equity capital.
As a result, the debt ratio climbed sharply for four straight years, from 120.9% in 2022 to 219.9% in 2023, 342.4% in 2024, and 932.4% in 2025.
Korea's cosmetics industry has been in a phase of expanding overseas exports in recent years, with distribution channels continuing to diversify across online, cross-border e-commerce, H&B stores, and duty-free outlets.
Nordmason's fabless model, relying on external manufacturers rather than owning production facilities, keeps upfront capital investment low but may constrain cost control and production flexibility relative to larger manufacturers.
The competitive landscape spans large integrated cosmetics companies such as Amorepacific and LG H&H, ODM specialists like Cosmax, and emerging brands such as APR and d'Alba Global.
A characteristic feature of KONEX-listed names is comparatively longer disclosure cycles and lower liquidity, which limits institutional flows and brokerage research coverage for individual stocks.
Small and mid-sized brands tend to face relatively higher revenue volatility due to heavy reliance on a limited number of hit products and specific overseas channels, a risk factor across the sector.
Partnerships with biotech and materials companies to expand into cosmeceuticals, similar to Nordmason's alliance with iNtRON Biotechnology, represent one trend visible across the broader industry.
The company has stated it continues to expand its distribution network through domestic and overseas H&B stores and online channels, with plans to strengthen its position as a global brand by expanding into Southeast Asian markets.
In March 2026, stock options for 95,000 common shares were granted to employees at an exercise price of KRW 4,120, exercisable from March 27, 2028 through March 26, 2035, reinforcing talent retention while creating a longer-term dilution factor.
The convertible bond acquired by second-largest shareholder iNtRON Biotechnology in 2023 matured on September 1, 2026, with a conversion price of KRW 5,340 implying 561,797 convertible shares.
Reports at the time noted that if fully converted, iNtRON Biotechnology's stake could rise to 24.57%, potentially making it the largest shareholder.
However, the company stated the investment was not aimed at securing management control and that repayment before conversion was likely, so the actual repayment or conversion outcome still needs to be confirmed.
Joint development of cosmeceutical products using the Botox-alternative material and Endolysin platform technology is reportedly proceeding through the alliance with iNtRON Biotechnology, though specific launch timing or expected revenue contribution has not been disclosed.
The company has posted net losses for four consecutive years from 2022 through 2025, and owners' net losses continued over the most recent four quarters (Q1-Q4 2025), keeping it in a loss-making zone where a conventional price-to-earnings ratio cannot be calculated.
As owners' equity has shrunk every year while market capitalization has moved relatively modestly, the price-to-book ratio sits in a range reflecting a substantial premium over net assets. There is no history of dividend payments, limiting the usefulness of any dividend-yield comparison.
The sharp four-year rise in the debt ratio suggests that the pace of equity erosion has outpaced changes in market capitalization, which combined with the low liquidity characteristic of the KONEX market could amplify share price volatility.
Whether operating results narrow back toward the near-breakeven level seen in 2024 or widen again as in 2025 is likely to be a key variable in assessing capital structure stability 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 2026-09-12
Nordmason has grown into a global brand exporting to 34 countries including the United States, Japan, and Vietnam, and continues to expand distribution through domestic and overseas H&B stores and online channels.
The company has also stated plans to expand into Southeast Asian markets, leaving room for further regional diversification, though actual revenue contribution from new regions has not yet been confirmed.
The 2024 operating loss margin narrowed to -0.9%, demonstrating that cost structure improvements could bring the company closer to breakeven. If revenue growth and cost management proceed in tandem, there is room for losses to narrow again going forward, though 2025 results show this trend did not continue.
Through a strategic alliance with iNtRON Biotechnology, joint development of cosmeceutical products using a Botox-alternative material and the Endolysin platform is underway.
This could serve as an opportunity to expand beyond the existing skincare-centered product lineup into a premium line, though specific launch timing and commercialization results have not yet been disclosed.
2025 revenue slipped slightly to KRW 21.134 billion year over year, while the operating loss margin widened again to -8.1%.
Net loss attributable to owners also grew sharply to KRW 3.423 billion from KRW 1.057 billion the prior year, and operating cash flow reversed to negative KRW 845 million, suggesting the 2024 improvement may have been temporary.
Owners' equity fell for four straight years from KRW 12.321 billion in 2022 to KRW 2.205 billion in 2025, while the debt ratio surged from 120.9% to 932.4% over the same period. Non-controlling interests were also negative every year, reflecting a persistent deficit burden at the subsidiary level. The rapid pace of equity erosion could raise the need for additional capital-raising going forward.
Media reports have noted clear structural weaknesses including accumulated deficits, a high debt ratio, reliance on OEM production, and slow product development cycles, adding that dividend capacity is unlikely for the time being and that consumer refund liabilities remain a potential burden. Some consumers have also raised complaints about perceived efficacy relative to price.
With the debt ratio rising sharply for four consecutive years and owners' equity continuously shrinking, potential dilution factors exist from the prior convertible bond issuance and stock option grants. Additional external fundraising, if required, could further dilute existing shareholder value.
The convertible bond held by second-largest shareholder iNtRON Biotechnology matured on September 1, 2026, and full conversion could raise its stake to 24.57%, raising the possibility of a change in the largest-shareholder position.
The company has stated the investment is unrelated to management control, but the actual repayment or conversion outcome has not yet been confirmed.
Amid the low liquidity characteristic of the KONEX market, the company's heavy reliance on external manufacturers and reported consumer complaints about efficacy relative to price could pressure brand competitiveness.
Intensifying competition from large integrated cosmetics companies and emerging brands remains an ongoing variable.
Check for disclosure on whether the iNtRON Biotechnology convertible bond that matured on September 1, 2026 was repaid or converted into shares. The outcome could change the largest-shareholder structure and the scale of dilution.
Monitor year-end peak season sales trends in duty-free and H&B store channels, along with progress on expanding distribution into new regions such as Southeast Asia.
Around the annual report filing deadline, check for confirmed FY2026 consolidated revenue, operating income, equity, and debt ratio figures to see whether the 2025 trend of widening losses continued.
This marks the start of the exercise period for the stock options (95,000 shares, exercise price KRW 4,120) granted in March 2026; actual exercise activity and resulting dilution should be checked.
Nordmason is a KONEX-listed cosmetics company that has built a multinational distribution network around its Huxley brand, with revenue growing from KRW 16.325 billion in 2022 to KRW 21.483 billion in 2024 before slipping slightly to KRW 21.134 billion in 2025.
Operating results approached breakeven in 2024 but widened back into loss in 2025, meaning the sustainability of any profitability improvement remains unverified.
Owners' equity has declined for four consecutive years to KRW 2.205 billion at the end of 2025, and the debt ratio has climbed to 932.4%, indicating clear balance-sheet pressure.
The biotech alliance with second-largest shareholder iNtRON Biotechnology is a notable factor for the new product pipeline, but the potential ownership shift stemming from the maturity of its convertible bond remains a governance variable.
Potential dilution from stock option grants and the low liquidity characteristic of the KONEX market should also be considered. Further confirmation of the CB resolution outcome and the upcoming FY2026 annual report will be needed to track subsequent changes in earnings and capital structure.
Report written 2026-09-12 · Data as of 2026-09-11
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