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
Manyo Factory, built on its cleansing-oil franchise, saw its controlling shareholder change to a private equity fund and its CEO replaced in 2025, and its 2026 quarterly results have shown pronounced swings, with operating margin spiking in the first quarter before pulling back in the second.
Consolidated 2025 revenue fell year-on-year, with operating profit and net profit both declining sharply from the 2024 peak.
First-quarter 2026 operating margin jumped to the highest level of the past five quarters, but it eased again in the second quarter, underscoring quarter-to-quarter volatility.
In 2025, private equity firm KL&Partners acquired the stake held by former controlling shareholder L&P Cosmetic, and the CEO role shifted from Yoo Geun-jik to a co-CEO structure led by Song Ji-hye and Kim Ki-hyun.
The company has continued to diversify overseas channels, expanding from Amazon in the US into large offline retailers such as Costco and Ulta Beauty.
Financial stability has been maintained, with a debt ratio in the single digits to low teens and operating cash flow exceeding net profit in most years.
Founded in 2012, Manyo Factory is a naturalist functional cosmetics company that operates multiple brands including Manyo Factory, Our Vegan, Vanilla Boutique, and No Mercy, exporting ampoule and serum, cleansing, and skincare products to more than 65 countries.
According to media reports, cleansing oil alone accounted for as much as 58% of total revenue in one recent year, reflecting the company's heavy reliance on its flagship Pure Cleansing Oil line.
The company works with OEM/ODM partners for production flexibility and pursues global growth through vegan-formula clean beauty products.
Domestically, Olive Young is the key offline channel, while overseas the company entered the US market via Amazon before sequentially expanding into Costco's offline stores and Ulta Beauty's online and offline locations.
Herald Business reported that Manyo Factory further expanded its US sales channels to include Target, following its entries into Costco and Ulta.
In 2025, the company underwent a major governance change: former controlling shareholder L&P Cosmetic, owner of the Mediheal brand, sold its 51.87% stake to K-Beauty Holdings, a special-purpose entity set up by private equity firm KL&Partners, sharply reducing its ownership.
As a result, the CEO position moved from Yoo Geun-jik to Song Ji-hye, and KL&Partners' Kim Ki-hyun later joined as co-CEO.
The cosmetics market has low barriers to entry, and value-conscious consumption trends have drawn in new venture firms, distributors, pharmaceutical companies, and even fashion brands, making competition intense.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩31.7B | ₩3B | 9.4% |
| 2025Q3 | ₩28.7B | ₩4B | 14.0% |
| 2025Q4 | ₩25.8B | ₩2B | 7.9% |
| 2026Q1 | ₩26.9B | ₩6.1B | 22.5% |
| 2026Q2 | ₩25.8B | ₩2.5B | 9.8% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩101.8B | ₩24.5B | ₩17.3B | 24.1% | 33.2% | 20.4% |
| 2023 | ₩105B | ₩15.9B | ₩11.6B | 15.1% | 12.0% | 8.7% |
| 2024 | ₩127.9B | ₩18.6B | ₩16.4B | 14.5% | 14.4% | 13.8% |
| 2025 | ₩113B | ₩10.5B | ₩9.1B | 9.3% | 7.4% | 8.2% |
Consolidated basis (financial statements including subsidiaries) · Final figures from DART filings · Net income attributable to owners of the parent · Data as of 2026-09-04
On an annual basis, revenue peaked at KRW 101.8 billion with operating profit of KRW 24.5 billion (24.1% margin) in 2022, before revenue edged up slightly to KRW 105.0 billion in 2023 while operating profit fell to KRW 15.9 billion (15.1%).
Press reports attributed this to higher advertising spending and a high base effect from a 2022 promotional campaign. In 2024, revenue rose further to KRW 127.9 billion, the highest of the past four years, though the operating margin held roughly steady at 14.5%.
In 2025, revenue contracted to KRW 113.0 billion, with operating profit falling sharply to KRW 10.5 billion (9.3% margin) and net profit dropping to KRW 9.1 billion, a period that coincided with the change in controlling shareholder and management.
On a quarterly basis, margin improved from 9.4% in the second quarter of 2025 (revenue of KRW 31.7 billion) to 14.0% in the third quarter (KRW 28.7 billion), before revenue slipped to KRW 25.8 billion and margin fell to 7.9% in the fourth quarter, reflecting seasonal softness.
In the first quarter of 2026, revenue was KRW 26.9 billion with operating profit of KRW 6.1 billion, lifting the operating margin to 22.5%, the highest of the past five quarters, while net profit of KRW 6.1 billion exceeded operating profit, suggesting a possible contribution from non-operating items.
However, in the second quarter of 2026 the margin eased back to 9.8% on revenue of KRW 25.8 billion and operating profit of KRW 2.5 billion, leaving open the question of whether the first-quarter improvement can be sustained.
Over the trailing four quarters (Q3 2025 through Q2 2026), cumulative revenue was about KRW 107.2 billion, operating profit about KRW 14.6 billion, and owner net profit about KRW 13.4 billion, indicating a gradual recovery from the 2025 trough.
Korea's cosmetics industry is seeing growing preference for naturalist products amid rising skincare demand from an aging population and stronger sustainability and clean-beauty trends, but low entry barriers have drawn in new ventures, distributors, pharmaceutical firms, and even fashion companies, intensifying competition.
The cleansing and ampoule/serum categories in which Manyo Factory operates are areas where similarly priced indie brands are proliferating rapidly through Olive Young, exposing companies with heavy reliance on a single flagship product to shifts in category-level competitive intensity.
Overseas, demand for K-beauty broadly continues to expand in markets such as the United States and Japan, and Manyo Factory has notably used Amazon as a springboard before sequentially adding large US offline retailers such as Costco, Ulta Beauty, and Target.
Still, some of these US offline entries remain characterized by initial trial orders, meaning store-level efficiency and reorder rates will be key gauges of future expansion pace.
Domestically, a wave of mergers and acquisitions among K-beauty indie brands in recent years has brought several brands, including Manyo Factory, under private-equity ownership, reshaping management approaches and capital structures across the sector.
This PE-led reorganization often pairs cost efficiency with overseas expansion at the same time, which could widen the gap between industry leaders and laggards.
After completing the change in controlling shareholder and management in 2025, Manyo Factory, now under KL&Partners' leadership, has stated its intent to pursue a private-equity operating structure focused on sustaining earnings growth and enhancing corporate value.
Overseas, the trend of expanding into large US offline retailers such as Costco, Ulta Beauty, and Target continues, with store count growth and reorder patterns likely to determine the scale of the US sales contribution going forward.
Domestically, the company appears set to continue concentrating on the Olive Young channel while reinforcing its cleansing and ampoule lineups, with room for further vendor and distribution channel expansion.
Whether the sharp jump in the first-quarter 2026 operating margin reflects a structural improvement from cost efficiency and SG&A control, or a more temporary factor, will need to be reconfirmed in subsequent quarterly results.
Because private-equity ownership structures typically target investment recovery within about five years, some industry voices have raised concerns that a focus on short-term earnings improvement could erode the company's established clean-beauty brand value, making the balance between brand investment and cost efficiency an important point to monitor.
There is no confirmed evidence that the company has issued formal revenue or profit guidance, so future quarterly disclosures and investor relations materials will need to be checked.
The current share price trades at a premium to the company's net asset value, and multiples based on the trailing four quarters of results are lower than the valuation band seen in the early listing period. The company does not currently pay a cash dividend, making a dividend-yield-based approach difficult to apply.
Given that 2025 results contracted sharply from the prior year before profits recovered in the first quarter of 2026, how the market values the stock may hinge on how durable this recovery proves to be.
It is also worth noting that formal brokerage coverage of the stock remains relatively thin, which affects how a consensus view forms.
Ultimately, how the current multiple should be interpreted will depend on confirming quarterly margin stability and the earnings contribution from overseas channel expansion 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 2026-09-04
Manyo Factory has used Amazon as a springboard to sequentially enter major US offline retailers including Costco, Ulta Beauty, and Target, broadening its points of contact with consumers.
Given that offline purchasing carries significant weight in the US market, continued store count growth and reorders could enable a structural diversification of sales channels, potentially reducing reliance on domestic online channels.
Operating margin in the first quarter of 2026 reached the highest level of the past five quarters. Even accounting for net profit exceeding operating profit, this can partly be read as a result of cost and SG&A efficiency gains.
If cost structure improvements continue under the new private-equity ownership, this could mark a turning point for profitability recovery.
The debt ratio stood at a very low 8.2% in 2025, and operating cash flow has exceeded net profit in each of the past four years. This provides financial flexibility to fund marketing or overseas channel investment even during periods of earnings softness.
Between the second quarter of 2025 and the second quarter of 2026, the operating margin swung between 7.9% and 22.5%.
The fact that first-quarter margin improvement eased again in the second quarter suggests the gains may not yet be firmly established, and quarterly variation tied to marketing promotion schedules has recurred repeatedly.
Because the cosmetics market has low entry barriers, new ventures, distributors, pharmaceutical firms, and fashion companies are all entering the competitive fray.
If similarly priced indie brands continue to proliferate in the cleansing and ampoule categories, this could weigh on domestic revenue growth for Manyo Factory, which relies heavily on its flagship product line.
Industry observers have raised concerns that KL&Partners, as a private equity firm typically targeting investment recovery within about five years, may focus on short-term performance improvement.
Some have pointed out that this process could erode the established clean-beauty brand value or that internal cost-cutting could affect the consumer experience.
Governance underwent significant change in 2025, with the controlling shareholder shifting to a private equity firm and the CEO role changing twice.
The possibility that new management's strategic direction could conflict with the existing brand identity or long-term investment plans cannot be ruled out, and organizational stability following the leadership changes also warrants monitoring.
The fact that first-quarter 2026 net profit exceeded operating profit suggests a possible one-off gain from non-operating items, and the margin pulling back again in the second quarter leaves questions about the durability of the improvement. Confirmation is needed in coming quarters as to whether cost efficiency gains are structurally sustained.
Some of the offline entries into Costco, Ulta Beauty, and Target in the US carry characteristics of initial trial orders, so if reorders are not secured, the revenue contribution could prove short-lived.
Growing dependence on specific countries or channels could also increase volatility from shifts in local consumption trends or changes in retailer policy.
Checking third-quarter 2026 revenue and operating margin will help gauge whether the first-quarter margin improvement was structural or whether the second-quarter decline was temporary.
It will be important to check year-end peak-season sales performance and reorder status at US offline retailers such as Costco, Ulta Beauty, and Target.
Investors should monitor IR materials and disclosures for any new brand strategy or cost-efficiency plans announced under the KL&Partners, Song Ji-hye, and Kim Ki-hyun management structure.
Performance of new or renewed product lineups on the domestic Olive Young channel, alongside competitive brand trends in the cleansing and ampoule categories, should also be monitored.
Manyo Factory has a clear hit-product portfolio centered on its cleansing oil line and a structural growth pillar in its expanding US offline retail footprint.
However, quarterly volatility has been significant—2025 results contracted sharply from the prior year, margin spiked in the first quarter of 2026, and then eased again in the second quarter—so whether the profitability recovery can be sustained still requires further verification.
The 2025 change in controlling shareholder to private equity firm KL&Partners, along with the CEO transition, has also introduced new governance and strategic uncertainty that should be weighed.
The balance sheet itself remains relatively stable, supported by a low debt ratio and consistent operating cash flow, which could provide the capacity to fund overseas channel investment.
Intensifying competition in the domestic cleansing and ampoule market, along with the early-stage nature of the US offline channel expansion, remain key variables that will shape the direction of future results.
Before forming any judgment, it is worth continuing to monitor coming quarterly margin trends, the pace of overseas store expansion, and any strategic announcements from the new management team.
Report written 2026-09-05 · Data as of 2026-09-04
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