PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q3–2026Q2) · Dividend yield is based on ₩100 per share · Prices as of the 2026-10-02 close
Picogram returned to operating and net profit in the first half of 2026, but revenue still declined year over year, leaving the monetization of new businesses in carbon block, food waste disposers, and cosmetics as the key watch item.
Q2 2026 revenue reached KRW 8.44 billion with operating profit of KRW 1.20 billion, marking a clear quarterly improvement.
Full-year 2025 posted revenue of KRW 30.87 billion with an operating loss of KRW 0.70 billion and a net loss of KRW 1.10 billion.
The company co-established 'Picogram USA, Inc.' with a US partner, securing a 50% stake to expand its overseas brand and OEM business.
The carbon block materials business plans additional capital investment in 2026 to meet conversion demand driven by rising activated carbon prices.
The food waste disposer business faced cost pressure from expanded 2025 marketing spend, with 2026 focus shifting to sales growth and profitability improvement.
Founded in 2002 and listed on KOSDAQ in 2021, Picogram is a water purifier and filter manufacturer that developed Korea's first one-touch connection filter, entering the household water filter market.
The company directly manufactures cold-and-hot water purifiers and operates a vertically integrated structure spanning the manufacturing and secondary processing of water treatment materials such as carbon block.
The filter business remains the core revenue driver, with product sales of KRW 13.52 billion and merchandise sales of KRW 1.14 billion combining for total first-half 2026 revenue of KRW 15.04 billion.
In response to environmental regulation, the company completed development of a smart heating food waste disposer based on a condensing system in 2024 and is pursuing revenue growth by entering the domestic food waste disposer market, estimated at roughly KRW 1 trillion.
In the carbon block materials business, the company is steadily expanding supply to address conversion demand from filter makers shifting away from granular activated carbon amid rising activated carbon prices.
Overseas, the company co-established 'Picogram USA, Inc.' with a local partner in May, securing a 50% stake to pursue North American brand market penetration and OEM/ODM business activation.
In cosmetics, the company is expanding distribution and marketing through Vietnamese local agencies under the Celinstem brand, targeting the global custom cosmetics market.
In the finished water purifier and filter market, large appliance makers such as Coway, LG Electronics, SK Magic, Cuckoo Homesys, Kyowon, and Samsung Electronics maintain both competitive and transactional relationships, positioning Picogram as both a materials/components supplier and an own-brand seller.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩9.9B | ₩500M | 5.1% |
| 2025Q3 | ₩6.3B | -₩400M | −5.8% |
| 2025Q4 | ₩6.2B | -₩1.1B | −17.0% |
| 2026Q1 | ₩6.6B | ₩31,541,069 | 0.5% |
| 2026Q2 | ₩8.4B | ₩1.2B | 14.3% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩29.4B | ₩3.3B | ₩3.2B | 11.3% | 10.2% | 64.9% |
| 2023 | ₩27.7B | ₩1.5B | ₩4.5B | 5.5% | 12.4% | 92.3% |
| 2024 | ₩32.1B | ₩2.8B | ₩7.1B | 8.8% | 16.5% | 81.3% |
| 2025 | ₩30.9B | -₩700M | -₩1.1B | −2.3% | −2.7% | 49.5% |
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
Picogram's annual results have fluctuated. In 2022, the company posted revenue of KRW 29.37 billion, operating profit of KRW 3.33 billion (11.3% operating margin), and net profit of KRW 3.20 billion.
In 2023, revenue fell to KRW 27.71 billion and the operating margin narrowed to 5.5%, yet net profit rose to KRW 4.45 billion. In 2024, revenue recovered to KRW 32.14 billion with the operating margin improving to 8.8%, producing operating profit of KRW 2.84 billion and net profit of KRW 7.13 billion.
However, in 2025 revenue slipped to KRW 30.87 billion and the operating margin turned negative at -2.3%, resulting in an operating loss of KRW 0.70 billion and a net loss of KRW 1.10 billion.
On a quarterly basis, the company posted an operating loss of KRW 0.36 billion on revenue of KRW 6.28 billion in Q3 2025 and an operating loss of KRW 1.05 billion on revenue of KRW 6.18 billion in Q4 2025, with losses persisting through the second half, reflecting cost burdens from aggressive food waste disposer marketing and tightened environmental certification requirements.
The company then turned modestly profitable in Q1 2026 with revenue of KRW 6.60 billion and operating profit of KRW 0.03 billion, before showing a clearer improvement in Q2 2026 with revenue of KRW 8.44 billion, operating profit of KRW 1.20 billion, and net profit attributable to owners of KRW 2.39 billion.
For the first half of 2026 overall, revenue fell about 18.3% year over year to KRW 15.04 billion, but selling, general and administrative expenses dropped roughly 25.9% to KRW 4.81 billion from KRW 6.49 billion, driving operating profit of KRW 1.23 billion and half-year net profit of KRW 3.21 billion, a full swing from the prior year's operating loss of KRW 0.7 billion and net loss of KRW 2.17 billion.
Because this improvement was driven by cost reduction rather than revenue recovery, the extent of further gains could be limited if top-line growth does not follow.
The global water purifier industry is broadly viewed as a steady-growth sector amid rising attention to health and water quality safety. Market research firm GMI estimated the water purifier market would grow at a compound annual rate of 7.5%, expanding from USD 50.8 billion in 2026 to USD 97 billion by 2035.
In the domestic market, large appliance and rental companies such as Coway, LG Electronics, SK Magic, Cuckoo Homesys, and Kyowon dominate finished products and filter replacement services, leaving smaller materials, components, and finished-product makers like Picogram to focus on niche positioning through technical specialization and cost competitiveness.
Tightened environmental certification requirements from the Ministry of Environment have added cost burdens across the industry, cited as one factor behind Picogram's 2025 profitability decline.
In the carbon block filter market, which relies on activated carbon as a raw material, rising activated carbon prices are driving conversion demand from granular activated carbon toward carbon block, which could present a business opportunity for companies with related materials and equipment technology.
The domestic food waste disposer market is estimated at roughly KRW 1 trillion and remains in an early growth stage, with large appliance makers and smaller players both expanding competition.
In the North American market, demand is forming for plug-and-play products that allow self-installed filter replacement, prompting entry attempts through a local joint venture.
The company has stated a plan to strengthen the profitability of its existing water purifier and filter business while expanding its portfolio into carbon block materials, the North American market, cosmetics, and home appliances to secure a mid-to-long-term growth foundation.
In the carbon block business, the company plans to expand production capacity through additional capital investment in 2026 to address conversion demand driven by rising activated carbon prices.
For the food waste disposer business, having passed through a phase of aggressive 2025 marketing investment, the 2026 focus is on translating existing marketing activity into actual sales growth and profitability improvement.
In North America, following the establishment of 'Picogram USA, Inc.', the company is pursuing brand market penetration and OEM/ODM business activation, making the future revenue contribution of this entity a point to watch.
In cosmetics, the company said it plans to pursue both overseas sales expansion and profitability improvement centered on the Celinstem brand's Vietnamese distribution network.
Whether the profit improvement seen across Q1 and Q2 2026 continues alongside a revenue recovery will likely be the key determinant of results in the second half and beyond.
However, no formal revenue or profit guidance or specific order backlog has been confirmed from the company, so the above business direction is based on qualitative plans the company has disclosed through media.
The company's earnings shifted direction from a full-year loss in 2025 to a profit in the first half of 2026, with the quarterly pattern moving from a modest Q1 profit to a clearer Q2 improvement.
Amid this earnings recovery phase, the share price trades at a relatively low multiple of earnings per share calculated on the most recent four quarters, while the price-to-book ratio sits at a level below the company's net asset value, that is, below 1x.
That said, this partly reflects the 2025 annual loss and the cost burden of new business investment, so the multiples could remain fluid until earnings sustainability is confirmed.
The company has a history of paying cash dividends in recent fiscal years, but the continuation and scale of dividends are likely to be tied to future earnings trends.
Given that the profit improvement has been driven mainly by cost reduction rather than revenue growth, valuation assessment should also consider whether revenue recovers and how much the new businesses actually contribute to profit.
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 profit turned positive in both Q1 and Q2 2026, with the Q2 operating margin improving significantly. Cost reduction was confirmed as the key driver of the profit improvement, marking a break from the consecutive losses in the second half of 2025. Whether this trend continues alongside revenue growth remains the next point to watch.
Beyond water purifiers and filters, the company is simultaneously pursuing multiple new businesses including carbon block materials, food waste disposers, cosmetics, and a North American entity. Rising activated carbon prices are creating a favorable environment for the carbon block conversion business. However, the timing of meaningful profit contribution from each new business has not yet been confirmed.
The company holds numerous patents including Korea's first one-touch connection filter and heat-compressed carbon block manufacturing technology, with patent rights also secured overseas including in the United States. This could serve as a differentiating factor in both finished products and materials.
However, whether patent ownership translates directly into revenue expansion needs to be confirmed through actual contracts and sales performance.
Full-year 2025 revenue declined from the prior year, and first-half 2026 revenue also fell roughly 18.3% year over year. Because the recent profit improvement stemmed from cost reduction rather than revenue growth, questions remain about its sustainability. If revenue recovery is not confirmed, the extent of profit improvement could be limited.
The food waste disposer business previously saw increased cost burden due to aggressive 2025 marketing investment. Cosmetics and the North American entity are also still at an early stage, with revenue and profit contribution not yet confirmed.
The efficiency of resource allocation while simultaneously pursuing multiple new businesses also warrants observation.
Tightened environmental certification requirements from the Ministry of Environment were cited as one factor behind the 2025 profitability decline, and related costs could increase further.
Rising prices of raw materials such as activated carbon can be both an opportunity and a cost pressure factor for the carbon block business. The limited liquidity typical of a small-cap stock is also worth considering.
Fluctuations in activated carbon prices, the core raw material for carbon block filters, directly affect the cost structure. Rising activated carbon prices can both stimulate carbon block conversion demand and act as a cost burden, requiring attention to this dual effect. The stability of raw material procurement also needs ongoing monitoring.
Tightened environmental certification requirements have already been confirmed as a factor weighing on 2025 profitability. The possibility of further tightening of environment-related regulations across water purifiers, filters, and food waste disposers cannot be ruled out. Rising certification and inspection costs could remain a persistent pressure on margins.
Simultaneously pursuing multiple new businesses—carbon block, food waste disposers, cosmetics, and the North American entity—raises the possibility that monetization could be delayed for each.
Since marketing and capital investment costs tend to arise first in the early stages of new businesses, temporary profitability declines could recur. Risk needs to be managed by checking the performance of each business segment individually.
Check whether the Q3 2026 earnings disclosure shows the first-half profit improvement continuing into Q3, and whether it is accompanied by revenue recovery.
Confirm the progress of the carbon block business's planned 2026 additional capital investment and whether production capacity expansion is completed.
Watch for actual revenue contribution from the North American brand and OEM/ODM business following the establishment of 'Picogram USA, Inc.', and any related contract announcements.
Assess whether the food waste disposer business translates its past marketing investment into actual sales growth and profitability, alongside progress in expanding Celinstem cosmetics distribution in Vietnam.
After posting a full-year loss in 2025, Picogram showed an improving profit structure by turning both operating and net profit positive across Q1 and Q2 2026.
However, this improvement stemmed mainly from reduced selling, general and administrative expenses rather than revenue growth, with first-half 2026 revenue still down about 18.3% year over year.
The company is expanding beyond its core water purifier and filter business into carbon block materials, food waste disposers, cosmetics, and a North American entity, though each of these remains at an early stage with no confirmed meaningful profit contribution yet.
Tightened environmental certification requirements and fluctuations in raw material prices such as activated carbon remain factors that could continue to affect cost and margins.
Overall, early signs of an earnings turnaround are evident, but whether revenue recovery and genuine monetization of new businesses follow will likely be the key variable determining future performance.
Report written 2026-09-05 · Data as of 2026-09-04
This content is AI analysis of market data and web search results, provided for information only. It is not a solicitation or recommendation to invest. Investment decisions and their consequences are the investor's own responsibility. Data may be delayed or contain errors.