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
OA has grown revenue on two pillars—small appliances and health food (Samdae500)—but swung to a net loss in 2025 and posted another operating loss in the second quarter of 2026, showing widening quarter-to-quarter earnings volatility.
2025 consolidated revenue rose year on year, but the operating margin narrowed and net income attributable to owners swung to a loss.
Following the September 2025 KOSDAQ listing via SPAC merger, equity attributable to owners rose sharply and the debt ratio fell substantially.
After turning to a net profit in the first quarter of 2026, the company swung back to an operating and net loss in the second quarter, continuing a pattern of quarterly fluctuation.
The health food segment (Samdae500) is growing on the back of Korea's fitness trend, and in March 2026 the company invested in an overseas distribution entity, 'OA Global', to pursue expansion into China and Europe.
Shares trade at a level below the company's per-share net asset value.
OA was founded in 2014 as K2CI, was renamed to its current name in 2018, and listed on KOSDAQ in September 2025 through a merger with Mirae Asset Vision No.2 SPAC.
The business rests on two pillars—small and medium appliances and health food—with the company planning and distributing living appliances, seasonal appliances, health appliances, kitchen appliances, and protein-supplement-centered health food products under its own brands 'OA', 'Voar', and 'Samdae500'.
Its product lineup spans roughly 600 items, including humidifiers, dehumidifiers, massage devices, vacuum cleaners, protein supplements, and arginine products. Most products are sourced through original equipment manufacturing (OEM) in China, with the company itself handling design planning and brand distribution.
According to revenue-mix data, the health food segment accounts for roughly 18-19% of sales, while seasonal and living appliances such as fans, bathroom products, and massage devices make up much of the remainder.
Distribution runs through multiple channels including the company's own online mall, open markets, and home shopping. In March 2026, OA invested about KRW 4.4 billion in a provisionally named entity, 'OA Global', to enter the China and Europe markets, ending up with a 60% stake after the investment.
The health food segment is growing rapidly on the back of Korea's domestic fitness trend, centered on protein product lines, and the company is working to boost brand loyalty through IoT-linked smart home products and data-driven marketing.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | — | — | — |
| 2025Q3 | ₩27.3B | ₩1.9B | 7.1% |
| 2025Q4 | ₩26.6B | ₩1.2B | 4.7% |
| 2026Q1 | ₩25.4B | ₩1.1B | 4.2% |
| 2026Q2 | ₩27.5B | -₩100M | −0.5% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2024 | ₩96.9B | ₩9.5B | ₩6.9B | 9.8% | 27.1% | 166.5% |
| 2025 | ₩103.3B | ₩8.2B | -₩3.3B | 7.9% | −7.8% | 81.9% |
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
2025 consolidated revenue reached KRW 103.26 billion, up from KRW 96.90 billion in 2024, while operating profit fell to KRW 8.17 billion from KRW 9.46 billion a year earlier. The operating margin declined from 9.8% to 7.9%, reflecting greater cost pressure.
Net income attributable to owners swung from a profit of KRW 6.90 billion in 2024 to a loss of KRW 3.33 billion in 2025, which appears to reflect one-off listing-related costs or non-operating items weighing on the bottom line.
By contrast, operating cash flow rose from KRW 3.67 billion to KRW 6.63 billion, showing improved cash generation despite the net loss. On the balance sheet, equity attributable to owners jumped from KRW 25.52 billion to KRW 42.94 billion, while the debt ratio fell from 166.5% to 81.9%.
On a quarterly basis, the third quarter of 2025 saw revenue of KRW 27.34 billion and operating profit of KRW 1.93 billion, yet net income attributable to owners posted a large loss of KRW 4.81 billion.
In the fourth quarter, revenue slipped slightly to KRW 26.59 billion and operating profit narrowed to KRW 1.25 billion, with the operating margin falling to 4.7% from 12% a year earlier, a drop of 7.3 percentage points.
In the first quarter of 2026, revenue was KRW 25.41 billion and operating profit KRW 1.06 billion, with net income turning positive at KRW 0.73 billion, but in the second quarter, even as revenue rose to KRW 27.45 billion, operating profit reverted to a loss of KRW 0.13 billion and net income posted a loss of KRW 0.25 billion.
Cumulative net income attributable to owners over the trailing four quarters (Q3 2025 through Q2 2026) was a loss of KRW 6.88 billion, underscoring that earnings stability has yet to be established amid repeated quarterly swings.
The small-appliance and health-food distribution industry that OA operates in has low entry barriers and numerous competing brands, with price competitiveness and cost management determining profitability.
The appliance segment relies on Chinese OEM sourcing, making it sensitive to currency, raw-material, and logistics-cost swings, while the expansion of private-label brands by large retailers and online platforms is intensifying competitive pressure.
The health food (protein and wellness food) segment is a growth area tied to the expansion of Korea's fitness population, with market commentary noting that the health food segment is growing rapidly centered on protein products.
That said, numerous small and large food companies have also entered the protein-supplement market, limiting the scope for differentiation, according to some views. OA has been assessed as having successfully entered the living- and seasonal-appliance markets through design competitiveness and pricing strategy.
In March 2026 the company is attempting to diversify beyond its domestic-focused revenue structure by establishing a China-Europe distribution entity.
Within the KOSDAQ consumer sector, OA is a small-cap name in terms of equity base and revenue scale, putting it at a relative disadvantage in brand recognition and negotiating power versus larger appliance and retail companies.
No publicly disclosed revenue or profit guidance from the company has been confirmed, meaning future performance needs to be tracked sequentially through quarterly disclosures.
The most concrete growth driver is the overseas distribution entity 'OA Global', for which the investment was finalized in March 2026; OA stated it is pursuing entity establishment to enter the China and Europe markets.
After the investment, OA's stake stands at 60%, making the timing and initial profit contribution of the overseas entity's results in the consolidated financials a key point to watch.
In the health food segment, the Samdae500 brand's protein, amino acid, and joint-health product lineup continues to expand, and the company is seeking to sustain rapid growth in this segment.
However, as shown by the swing to an operating loss in the second quarter of 2026, seasonal factors and marketing or logistics cost burdens remain a source of quarterly volatility.
Expansion of IoT-linked smart home products and data-driven marketing investment is also underway, though the quantitative impact on revenue and profit has not yet been confirmed.
Going forward, key items to monitor include the timing of the overseas entity's earnings contribution, changes in the health food segment's revenue share, and whether the quarterly operating margin stabilizes.
Because net income has swung between losses and profits over the trailing four quarters, OA sits in a range where the price-to-earnings ratio is difficult to compute in a stable way.
On a price-to-book basis, the shares trade at a level below per-share net asset value, indicating the market is pricing the stock at a discount to net assets. There has been no recent dividend payment, so the appeal of shareholder returns through dividends is limited.
The sharp decline in the debt ratio following the post-listing capital increase is a positive for financial stability, but with net income yet to establish a clear direction, market assessment remains cautious.
Ultimately, valuation appears to be a range that could shift depending on how the overseas entity's earnings contribution unfolds and whether the quarterly operating margin recovers.
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
The capital inflow from listing lifted equity attributable to owners from KRW 25.52 billion to KRW 42.94 billion and cut the debt ratio sharply from 166.5% to 81.9%. Operating cash flow also rose from KRW 3.67 billion to KRW 6.63 billion, maintaining cash-generation capacity. This provides financial stability that could support future investment and overseas expansion.
The Samdae500 brand continues to expand its product lineup centered on protein supplements to align with Korea's fitness trend. Market commentary suggests the health food segment is growing rapidly.
If the health food share continues to expand within an appliance-centered revenue base, portfolio diversification effects could follow.
In March 2026, OA invested KRW 4.4 billion in the China-Europe distribution entity 'OA Global', securing a 60% stake. This represents an attempt to broaden a previously domestic-focused revenue structure overseas, and if the new channel takes hold, it could contribute to medium- to long-term revenue diversification.
After net losses of KRW 4.81 billion in Q3 2025 and KRW 2.56 billion in Q4 2025, the company turned to a profit of KRW 0.73 billion in Q1 2026, only to revert to a loss of KRW 0.25 billion in Q2. Operating profit also posted a loss of KRW 0.13 billion in Q2 2026, leaving quarter-to-quarter predictability low. This volatility makes it difficult for investors to gauge earnings reliability.
The full-year 2025 operating margin fell to 7.9% from 9.8% a year earlier, and dropped further to 4.7% in the fourth quarter, down 7.3 percentage points year on year. Despite revenue growth, rising cost burdens have weakened profit leverage.
Sourcing most products through Chinese OEM exposes the company to currency and logistics-cost fluctuations, while price competition is intense due to the expansion of large retailers' private brands and entry by numerous small competitors. This could make defending margins difficult over the long run.
Net income attributable to owners has alternated between losses and profits over the trailing four quarters, leaving predictability low, and one-off costs or non-operating items may continue to influence results.
Heavy reliance on Chinese OEM sourcing means the KRW/CNY exchange rate, raw material prices, and logistics costs can directly affect cost of goods sold.
Expansion into China and Europe through OA Global is still at an early stage; the timing and scale of the new entity's profit contribution remain uncertain, and there is a risk of further capital calls or impairment.
Expected timing for the Q3 2026 earnings disclosure, when a rebound from the Q2 operating loss can be checked.
Disclosures on whether OA Global's initial revenue and profit are reflected in the consolidated results, and any additional capital contribution plans, should be checked.
The 2026 annual business and audit report disclosures will confirm full-year results and segment revenue mix.
A period to check for expansion of the Samdae500 health food new-product lineup and any change in its revenue share.
OA is a KOSDAQ consumer company built on two pillars—small appliances and health food—whose 2025 revenue rose even as the operating margin declined and net income swung to a loss.
Into 2026, quarterly results have continued to swing, with a profit in the first quarter followed by another loss in the second, leaving earnings stability yet to be established.
Still, the sharp reduction in the debt ratio and improved cash generation following the listing-related capital inflow can be viewed as a positive signal for the balance sheet.
The company is presenting growth in the health food segment and overseas distribution expansion through OA Global as new growth pillars, though these remain at an early stage with results not yet confirmed numerically.
Investors should continue to monitor upcoming quarterly disclosures and the timing of the overseas entity's earnings contribution to track the company's direction. On balance, OA is a company where balance-sheet improvement and earnings volatility coexist as offsetting factors.
Report written 2026-09-05 · Data as of 2026-09-04
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