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
Nousbo has sustained revenue growth through 2025-2026 on the back of its controlled-release fertilizer (CRF) technology, golf course landscaping, and overseas export diversification, but quarterly profitability has swung widely with international raw material price movements.
2025 consolidated revenue reached KRW 104.18 billion, up year on year, but net income attributable to owners fell sharply to KRW 1.03 billion.
Q1 and Q2 2026 revenue came in at roughly KRW 31.6 billion and KRW 51.7 billion, both markedly higher year on year, pushing first-half cumulative sales to a record level.
Q4 2025 posted revenue of KRW 23.55 billion alongside an operating loss of KRW 1.03 billion, illustrating the quarter-to-quarter volatility in results.
An annual inorganic fertilizer supply contract with NongHyup Economic Holdings, worth about KRW 40.2 billion and equal to roughly 41% of 2025 revenue, forms a core pillar of domestic sales.
The company is expanding overseas exports on the back of coated-fertilizer supply agreements with US firms including Scotts Miracle-Gro and Wilbur-Ellis.
Founded in 2007 and listed on KOSDAQ in 2022 through a SPAC merger, Nousbo is a chemical-industry company operating domestic fertilizer and organic agricultural material manufacturing and sales, golf course landscaping, and overseas agri-food and agri-material export businesses.
Its core product is complex fertilizer, and it has expanded a controlled-release fertilizer (CRF) product line that reduces the number of fertilizer applications and labor requirements.
Domestically, the company supplies dedicated fertilizer and landscaping services to roughly 350 golf courses, and its subsidiary Nousbo ENG continues to expand course-management contracts.
The core of domestic revenue is an annual inorganic fertilizer purchase and supply contract with NongHyup Economic Holdings, valued at about KRW 40.2 billion for 2026, representing a substantial share of the prior fiscal year's revenue.
Overseas, the company has signed coated-fertilizer supply agreements with US home-gardening firm The Scotts Miracle-Gro Company and global agricultural firm Wilbur-Ellis, and has launched a new crop-targeted product called "Exon" in partnership with BASF.
It is expanding export destinations to Japan, Indonesia, Malaysia, Brazil, and Ukraine, while also pursuing US exports of agri-food products such as matcha.
However, its US subsidiary (Nousbo USA) and some affiliates (including Bizagro) are still posting losses, meaning overseas operations remain in an early contribution stage.
The domestic fertilizer market involves competition with established large players such as Namhae Chemical, Jobi, and KG Chemical, and Nousbo is reinforcing its position through CRF technology differentiation and diversification into golf course and overseas channels.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩35.4B | ₩3.3B | 9.4% |
| 2025Q3 | ₩25.1B | ₩1.7B | 6.6% |
| 2025Q4 | ₩23.6B | -₩1B | −4.4% |
| 2026Q1 | ₩31.6B | ₩1.4B | 4.4% |
| 2026Q2 | ₩51.7B | ₩3.4B | 6.6% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩73B | -₩3.3B | -₩4.4B | −4.5% | −15.5% | 190.0% |
| 2023 | ₩82.2B | -₩2.3B | -₩6B | −2.8% | −25.8% | 258.1% |
| 2024 | ₩99B | ₩3.7B | ₩3B | 3.7% | 11.6% | 200.6% |
| 2025 | ₩104.2B | ₩4.1B | ₩1B | 4.0% | 3.0% | 144.6% |
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 rose to KRW 104.18 billion from KRW 99.02 billion in 2024, and operating profit also increased to KRW 4.12 billion from KRW 3.67 billion.
However, net income attributable to owners came in at only KRW 1.03 billion, down sharply from KRW 3.03 billion in 2024, which appears attributable to non-operating factors.
On a quarterly basis, Q2 2025 was solid with revenue of KRW 35.37 billion and operating profit of KRW 3.32 billion, but Q3 2025 saw revenue decline to KRW 25.06 billion with operating profit shrinking to KRW 1.66 billion.
Q4 2025 turned negative, with revenue of KRW 23.55 billion, an operating loss of KRW 1.03 billion, and a net loss of KRW 568 million. The rebound became clear in 2026: Q1 revenue rose to about KRW 31.6 billion, sharply higher year on year, with operating profit improving to KRW 1.38 billion.
Q2 revenue climbed further to KRW 51.66 billion, a quarterly record, with operating profit of KRW 3.42 billion and net income of KRW 3.50 billion, marking a recovery in profitability as well.
As a result, revenue over the trailing four quarters (Q3 2025 through Q2 2026) totaled KRW 131.88 billion with net income of KRW 5.54 billion, an improved trend versus full-year 2025.
Still, the sharp swings in profitability seen in Q3-Q4 2025 confirm that quarterly results can vary considerably with raw material prices and seasonal factors. On the cash flow side, 2025 operating cash flow was negative at KRW -1.98 billion despite positive net income, suggesting a working-capital burden.
Since domestic ammonia and urea production ceased in 2012, Korea's fertilizer industry has become structurally dependent on imports for core raw materials such as urea, phosphate rock, DAP, and potassium chloride.
Domestic inorganic fertilizer production and agricultural shipment volumes have trended lower over the long run amid shrinking farmland and the spread of eco-friendly farming, even as the share of complex fertilizer within the mix has expanded.
Internationally, instability in the Middle East has disrupted ammonia plant operations and China's phosphate fertilizer export restrictions have persisted, leading North Dakota State University's Agricultural Risk Policy Center to project that key fertilizer prices such as urea and DAP will remain above pre-conflict levels through 2027.
Domestically, NongHyup's 2026 first fertilizer supply advisory committee raised chemical fertilizer sales prices by 5.6% per ton, reflecting how raw-material cost increases are passed through to distribution prices.
In this environment, companies like Nousbo that rely entirely on imported raw materials have profitability directly exposed to international price swings.
Korea's fertilizer market is led by large chemical companies such as Namhae Chemical, while Nousbo seeks niche competitiveness through a differentiated portfolio combining CRF technology, golf course landscaping, and overseas exports.
The key variable driving quarterly profitability remains how quickly the company can pass raw material cost increases through to selling prices.
Nousbo's company IR materials state plans to expand CRF (coated fertilizer) production equipment and improve the speed of the BB1 production line during Q3 2026.
At the same time, the company plans to expand its response to purchase orders from Japan, Indonesia, Malaysia, and Brazil, and to pursue US exports of agri-food products such as matcha.
The company attributed the raw-material cost burden in the first half of 2026 to international price increases stemming from Middle East instability, and has stated that this cost pressure has recently been easing toward prior-year levels, while noting it could fluctuate again depending on geopolitical developments. In March 2025 the company held a declaration ceremony for "Vision 2027,
Nousbo's price-to-earnings multiple, calculated on a trailing four-quarter basis, appears to sit at a level similar to the median among profitable companies in the chemical sector.
Its price-to-book ratio, by contrast, sits below the sector average, indicating the stock trades at a relatively discounted multiple to net asset value.
The company moved through losses and a sharp profit decline in 2023-2024 before showing a recovery in quarterly results starting in 2026, and this earnings recovery can be viewed as still working its way into valuation metrics.
On the dividend side, the company has not recently paid a cash dividend, limiting the investment appeal derived from dividend yield. It should also be noted that the company's market capitalization is very small, a micro-cap characteristic that can amplify trading volume and price volatility.
These metrics can continue to shift with market conditions and future earnings releases, so they are best interpreted as trends rather than fixed point-in-time figures.
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
First-half 2026 revenue rose sharply year on year to a record level, and Q2 alone set a new quarterly revenue high. The annual supply contract with NongHyup Economic Holdings provides a stable base for domestic revenue, while new golf course management contracts have also contributed to growth.
Overseas, the company is broadening its revenue base through coated-fertilizer supply agreements with Scotts Miracle-Gro and Wilbur-Ellis.
Controlled-release fertilizer (CRF) technology offers tangible benefits of fewer applications and reduced labor, supporting market penetration at home and abroad.
Through development of eco-friendly technologies such as biodegradable coated fertilizer, the company is expanding export destinations to Japan, Ukraine, the Middle East, and Latin America. Technology-driven business diversification is also underway, including new product launches in collaboration with BASF.
The company has moved to enhance shareholder value and improve its capital structure through treasury share retirement and acquisition of the remaining balance of convertible bonds.
It has also pursued balance-sheet adjustments, including shareholder approval at a 2025 extraordinary general meeting to transfer capital reserves into retained earnings. Such measures can work to reduce potential future dilution pressure.
The company attributed the rise in its cost ratio in the first half of 2026 to a spike in raw material costs driven by Middle East instability. Q4 2025 saw declining revenue alongside an operating loss and net loss, underscoring significant quarter-to-quarter volatility.
Because raw materials are entirely imported, renewed increases in international prices could again widen cost pressure.
While operating profit rose in 2025, net income attributable to owners fell sharply year on year, creating a large gap between the two metrics. Operating cash flow also turned negative in 2025, warranting scrutiny of the cash-generating quality of reported earnings.
Overseas subsidiaries, including the US entity and some affiliates, are still posting losses, weighing on consolidated results.
Nousbo is classified as a micro-cap stock with a very small market capitalization, which can result in limited trading volume and relatively elevated price volatility.
Recent capital transaction events, including a change in share count following a par-value consolidation, mean investors need to interpret metrics with care. Given its small-cap nature, the share price can react sensitively to specific events or shifts in supply and demand.
Korea's fertilizer industry relies entirely on imports for core raw materials such as urea, phosphate rock, DAP, and potassium chloride, leaving it directly exposed to international price and currency fluctuations.
With Middle East instability and Chinese export restrictions overlapping, forecasts point to elevated key fertilizer prices persisting through 2027. If cost increases cannot be passed through to selling prices quickly, profitability erosion could recur.
The company has disclosed that its US subsidiary (Nousbo USA) and some overseas affiliates, including Bizagro, are currently posting losses. If such losses persist or widen during this early stage of overseas expansion, they could weigh on consolidated results.
Marketing and infrastructure investment costs associated with entering new markets could also negatively affect profitability in the near term.
Domestic demand for inorganic fertilizer has trended lower over the long term amid shrinking farmland and the spread of eco-friendly agriculture. Policy changes such as reductions in government fertilizer purchase subsidies can raise the actual cost burden on farmers, affecting demand.
Changes in contract terms or bidding methods with major counterparties such as NongHyup are also factors that could affect revenue stability.
The legal filing deadline for the Q3 2026 quarterly report, a point to check Q3 revenue and profitability trends as well as changes in the cost ratio.
Whether the previously announced CRF equipment expansion and BB1 production line speed improvement are completed and reflected, and whether this translates into an improved cost ratio, will need to be confirmed.
It will be worth monitoring the trajectory of international fertilizer raw material prices such as urea, DAP, and potassium chloride, along with Middle East conditions and whether China's phosphate fertilizer export restrictions continue.
The actual revenue scale from new export orders in Japan, Indonesia, Malaysia, and Brazil, as well as progress on US exports of agri-food items such as matcha, will be worth confirming.
Built on controlled-release fertilizer (CRF) technology, Nousbo has sustained revenue growth through 2025-2026 on a stable base of domestic NongHyup supply contracts and golf course landscaping, supplemented by overseas export diversification into markets including the United States and Japan.
However, because raw materials are entirely imported, profitability remains directly exposed to international fertilizer price swings, and margin volatility was evident between Q4 2025 and the first half of 2026.
Since 2026, revenue, operating profit, and net income have all shown quarterly improvement, suggesting the company has entered a profit-recovery phase, though losses at overseas subsidiaries and volatility in operating cash flow still warrant monitoring.
The company is simultaneously pursuing several initiatives, including CRF equipment expansion, new export market development, and capital structure improvement, making it important to track upcoming quarterly results for evidence of these efforts bearing fruit.
Given its very small market capitalization as a micro-cap stock, understanding liquidity and price volatility characteristics is also necessary.
Overall, the structure combines revenue growth and raw-material cost risk with profit recovery and overseas losses, and the upcoming Q3 results along with raw material price trends are likely to provide important clues for future assessment.
Report written 2026-09-29 · Data as of 2026-09-28
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