PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q3–2026Q2) · Dividend yield is based on ₩2,629 per share · Prices as of the 2026-10-02 close
d'Alba Global posted record quarterly results in the first half of 2026 as it widened online and offline channels in North America and Europe at the same time, yet its own third-quarter guidance implies a sequential profit decline, putting both growth pace and margin durability to the test.
Revenue rose from KRW 200.8bn in 2023 to KRW 309.1bn in 2024 and KRW 519.7bn in 2025, growing more than 50% for two straight years, while operating profit expanded from KRW 32.4bn to KRW 59.8bn and then KRW 101.5bn.
Operating margin reached 26.3% in Q1 2026 and 25.3% in Q2 2026, well above the 19.5% recorded for full-year 2025.
Overseas sales in Q2 2026 came to KRW 141.5bn, or 75.7% of the total, with North America up 174% and Europe up 242% (Edaily and Etoday, August 13, 2026).
The company raised its 2026 revenue guidance to KRW 725.0bn with a 21% operating margin, but guided conservatively for Q3 at KRW 170.0bn in revenue and a 17% margin (Hana Securities, August 14, 2026).
Dependence on two hero products, US tariffs and the post-IPO lockup release remain swing factors, while the company is running a shareholder return policy built on a payout-ratio target and a treasury share trust.
d'Alba Global, founded in 2016 as Bmonument, operates the vegan skincare brand d'Alba; it renamed itself in 2024 and listed on the KOSPI in May 2025.
Its revenue backbone is the White Truffle First Spray Serum (a mist) and the Waterfull sunscreen, two items whose opposing seasonality is said to keep demand relatively even through the year.
The company is broadening the lineup by adding region-specific items on top of those two: according to Korea Economic TV (May 2026), the spray product accounted for 43% of sales in Q1 2026, down 7 percentage points year on year and 5 points quarter on quarter, as sun care gained share and the product mix became more balanced.
Sales are managed across six overseas regions - North America, Europe, Russia, Japan, ASEAN and Greater China - and overseas revenue reached KRW 141.5bn in Q2 2026, or 75.7% of the total (Edaily, August 13, 2026).
Channels combine its own site plus Amazon and TikTok Shop online with offline retail such as Costco and Ulta in the US, Matsumoto Kiyoshi and Aeon Mall in Japan, and KKV in China (Digital Daily, August 13, 2026).
As retail listings grew, the business-to-business share widened to 39% in Q2 2026, KB Securities stated in an August 2026 report.
Domestically the company sells mainly through CJ Olive Young alongside duty free, department stores and home shopping, and Q2 2026 domestic revenue fell 4% to KRW 45.3bn (Etoday, August 13, 2026).
Adjacent initiatives include d'Alba Professional for hair and scalp, the high-tech skincare line d'Alba Signature, an equity investment in the fragrance brand Kuoca, and the Vita Toning range (Edaily, August 13, 2026).
Overseas it competes for the same shelf space as Korean beauty exporters such as APR, Amorepacific and LG H&H, though management said on its May 2026 earnings call that differences in strategy and price positioning mean it is not in direct competition with APR.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩128.4B | ₩29.2B | 22.8% |
| 2025Q3 | ₩114.2B | ₩16.7B | 14.6% |
| 2025Q4 | ₩163.4B | ₩25.5B | 15.6% |
| 2026Q1 | ₩171.2B | ₩45.1B | 26.3% |
| 2026Q2 | ₩186.9B | ₩47.2B | 25.3% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2023 | ₩200.8B | ₩32.4B | ₩13.6B | 16.2% | 87.7% | 402.8% |
| 2024 | ₩309.1B | ₩59.8B | ₩15.4B | 19.4% | 15.1% | 33.3% |
| 2025 | ₩519.7B | ₩101.5B | ₩79.1B | 19.5% | 39.8% | 28.6% |
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 was KRW 200.8bn in 2023, KRW 309.1bn in 2024 and KRW 519.7bn in 2025, growth of more than 50% for two consecutive years. Operating profit over the same period rose from KRW 32.4bn to KRW 59.8bn and then KRW 101.5bn, with operating margin stepping up from 16.2% to 19.4% and 19.5%.
Net profit attributable to owners was KRW 13.6bn in 2023 and KRW 15.4bn in 2024 before jumping to KRW 79.1bn in 2025; the 2024 gap between KRW 59.8bn of operating profit and a far smaller bottom line points to sizeable non-operating deductions, and that gap narrowed sharply in 2025.
Quarterly, the margin trough was Q3 2025 with revenue of KRW 114.2bn and operating profit of KRW 16.7bn (14.6%); after KRW 163.4bn and KRW 25.5bn (15.6%) in Q4 2025, both scale and margin lifted to KRW 171.2bn and KRW 45.1bn (26.3%) in Q1 2026 and KRW 186.9bn and KRW 47.2bn (25.3%) in Q2 2026.
First-half 2026 totals come to KRW 358.1bn of revenue and KRW 92.3bn of operating profit (25.8%), while the last four quarters (Q3 2025 through Q2 2026) sum to KRW 635.7bn and KRW 134.5bn (21.2%), above the full-year 2025 margin.
The composition of the Q2 2026 margin gain was reported as a cost-of-sales ratio of 23.2% (up 0.7 percentage points), an SG&A ratio of 51.5% (down about 3.2 points) and marketing spend as a share of revenue down 4 points (Etoday, August 13, 2026), while KB Securities said in an August 2026 report that KRW 2.0bn of US tariffs was booked in the same quarter.
Analysts also noted that Q1 2026 benefited from roughly KRW 6.0bn of high-margin business-to-business revenue recognized early (Hanwha Investment & Securities, June 2026).
The balance sheet strengthened as the debt-to-equity ratio fell from 402.8% in 2023 to 33.3% in 2024 and 28.6% in 2025, with total equity rising from KRW 15.5bn to KRW 198.6bn, reflecting capital raised around the listing.
Operating cash flow of KRW 68.5bn in 2025 nonetheless trailed the KRW 101.5bn of operating profit, showing that working capital such as inventory and receivables is absorbing part of the cash generation during the channel build-out.
Korean beauty exports through 2026 have been shifting away from reliance on China toward Western markets.
Based on Shinhan Investment's tally, combined Q2 2026 revenue for the three large cosmetics and household names under its coverage rose 23% year on year and operating profit rose 93%, beating expectations, while Amorepacific's Americas revenue of KRW 205.8bn overtook its China revenue of KRW 176.0bn for the first time in the same quarter (Korea Economic Daily, August 2026).
APR posted Q2 2026 revenue of KRW 767.5bn, up 134.2% year on year, on continued strength in North America and Europe. In this phase growth runs through two conduits, large retail listings and platform channels such as Amazon and TikTok Shop, and d'Alba Global is using both at once.
Industry observers note that, unlike peers concentrated in a single country, d'Alba Global's exposure is spread across Japan, ASEAN, Europe, North America and Greater China.
On the other hand, the rapid influx of brands is intensifying local competition and promotional intensity, and commentators have flagged that fourth-quarter events such as Black Friday and Japanese year-end sales can raise marketing costs (News1).
On the supply side, the Q2 2026 shortage of sunscreen inventory caused by polypropylene container procurement issues shows how packaging and production bottlenecks can become an earnings variable when demand scales quickly.
US tariffs cut both ways as cost and as refund; the company filed for a refund after the reciprocal tariffs were ruled invalid (Dealsite, May 2026).
Alongside its Q2 2026 results the company raised full-year revenue guidance by KRW 25.0bn to KRW 725.0bn with a 21% operating margin, and guided Q3 to KRW 170.0bn in revenue with a 17% margin (Hana Securities, August 14, 2026).
That third-quarter frame implies lower scale and lower margin than the confirmed Q2 2026 figures, and KB Securities said in an August 2026 report that slowing growth in Japan and Russia plus the absence of an Amazon event in the third quarter were the concerns being priced.
The offline rollout schedule is relatively concrete. As of Q2 2026 the brand was stocked in 1,450 Ulta doors, 225 US Costco warehouses and 50 Canadian Costco warehouses, and the company said it plans to reach all 625 US Costco and all 120 Canadian Costco locations by year end (Etoday, August 13, 2026).
Management said overseas offline doors totalled roughly 9,000 at the end of Q2 2026, more than 1,000 above the prior quarter (Digital Daily, August 13, 2026).
In Greater China the local entity has been established and further channel listings were flagged, while the plan also covers emerging markets such as India and the Middle East and the build-out of spin-off brands including d'Alba Professional and d'Alba Signature (Edaily, August 13, 2026).
Over a longer horizon a company official said overseas investors were briefed on targets of KRW 700.0bn revenue with a 21% margin in 2026 and KRW 1trn revenue with a 25% margin in 2027 (Dealsite, May 2026).
On returns, the March 2026 value-up plan set a dividend payout ratio of at least 25% for 2026 to 2028, and a KRW 20.0bn treasury share trust signed in April 2026 plus a capital reserve reduction approved at the June extraordinary meeting fixed the tax-exempt dividend resource and the cancellation policy.
Because profits are scaling quickly, the denominator keeps shifting, so the impression of this stock's multiple depends heavily on which earnings base is used.
The price-earnings ratio based on the last four quarters of profit is shown on the live data card, and News1 reported in March 2026 that the multiple on brokerage estimates was similar to the average for KOSPI cosmetics peers.
Measured against book value, however, earnings growth since listing has outpaced equity accumulation and the payout ratio has stayed high, leaving a relatively small capital base, so the shares trade at a wide premium to net assets.
On dividends, the 2025 payout ratio of 41.08% (total dividends of KRW 32.47bn) was high within the sector and used a tax-exempt structure funded by a capital reserve reduction, though the yield relative to the share price is on the low side as is typical for a growth name.
As for directional views, Shinhan Investment said in a July 3, 2026 report that it was maintaining a target price of KRW 310,000; DB Securities in a May 13, 2026 report cited improved earnings visibility and set a target price of KRW 300,000; and Hana Securities in an August 14, 2026 note forecast stronger second-half profitability while declining to offer a rating or target price.
Ultimately the multiple hinges on which proves out in practice, the raised annual guidance or the conservative third-quarter 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 2026-09-04
Operating margin moved up clearly from 14.6% in Q3 2025 to 26.3% in Q1 2026 and 25.3% in Q2 2026. In Q2 2026 the SG&A ratio was reported at 51.5%, down about 3.2 percentage points, with marketing spend as a share of revenue down 4 points (Etoday, August 13, 2026).
This is attributed to cost leverage from scale combined with a larger business-to-business mix, a structure in which margin volatility tends to fall as retail reorders grow.
Overseas revenue of KRW 141.5bn in Q2 2026 was 75.7% of the total, with North America at KRW 34.8bn (up 174%), Europe KRW 20.5bn (up 242%), ASEAN KRW 22.2bn (up 99%), Japan KRW 36.0bn (up 39%) and Greater China KRW 9.8bn (up 71%), so multiple regions grew together (Etoday, August 13, 2026).
That leaves the company somewhat less exposed to a demand slowdown in any single country. Channels are also split between Amazon and TikTok Shop online and offline retail such as Costco and Ulta.
The company said it plans to expand into all 625 US Costco warehouses and all 120 Canadian Costco warehouses by year end (Etoday, August 13, 2026). Management also said overseas offline doors reached roughly 9,000 at the end of Q2 2026, more than 1,000 above the prior quarter.
Alongside this, the March 2026 value-up plan commits to a dividend payout ratio of at least 25%, plus a KRW 20.0bn treasury share trust with cancellation of the remainder.
Guidance for the third quarter is KRW 170.0bn of revenue at a 17% operating margin, below the confirmed Q2 2026 figures of KRW 186.9bn and 25.3% on both scale and margin.
KB Securities said in an August 2026 report that the share price fell 10% after the results and judged that slowing growth in Japan and Russia plus the absence of an Amazon event in the third quarter were being reflected.
If quarterly margin does slip from the mid-20s to the high teens, debate over the durability of the recent margin level is likely to continue.
Domestic revenue in Q2 2026 fell 4% year on year to KRW 45.3bn, with domestic online down 16% and home shopping down 31% (Etoday, August 13, 2026).
Cited causes were fewer home shopping broadcasts, a sunscreen inventory shortage tied to polypropylene container procurement, and a sales gap during the renewal of its lead product at Olive Young.
Revenue also remains tilted toward two pillars, mist and sun care, with the spray product still at 43% of sales in Q1 2026 (Korea Economic TV, May 2026).
A lockup on 637,758 common shares was released on May 22, 2026, the first anniversary of the listing, prompting overhang concerns that the company addressed with a treasury share trust and a tax-exempt dividend resource (Bloter, June 4, 2026).
Foreign ownership was reported to have risen from around 15% at the end of 2025 to 32.15% by early May 2026, a structure in which inflows and outflows of overseas money can amplify price volatility (Dealsite, May 2026).
Analysts have also warned that promotional competition in the fourth-quarter peak season can temporarily dilute profitability.
With overseas sales at 75.7% of the total in Q2 2026, currency moves and tariff policy feed directly into results. KB Securities said in an August 2026 report that KRW 2.0bn of US tariffs was booked as cost in Q2 2026.
The company filed for a refund after the reciprocal tariffs were ruled invalid (Dealsite, May 2026), so tariff-related profit and loss can move in either direction.
In Q2 2026 a polypropylene container procurement issue left sunscreen inventory short and weighed on domestic sales (Edaily, August 13, 2026). With offline doors expanding to roughly 9,000, initial orders and stock build come first, which can tie up cash in inventory.
Indeed, 2025 operating cash flow of KRW 68.5bn trailed operating profit of KRW 101.5bn, showing a lag in cash conversion.
The company guided to KRW 725.0bn of 2026 revenue at a 21% margin, and an official cited a 2027 target of KRW 1trn revenue at a 25% margin (Hana Securities, August 14, 2026; Dealsite, May 2026).
These figures rest on new retail listings and reorders proceeding as planned, so a shift in ordering timing at a single large retailer can widen quarterly deviation. With operating margin having fallen as low as 14.6% in Q3 2025, the quarter-to-quarter swing is already sizeable.
Q3 2026 results. The gap between the guided KRW 170.0bn revenue and 17% operating margin and the actual outcome, plus how much the absence of a third-quarter Amazon event shows up in online sales, is the first read on whether the recent margin level holds.
Whether the rollout to all 625 US Costco and all 120 Canadian Costco warehouses is completed, and progress on SKU expansion at Ulta. The timing of initial order recognition and the conversion into reorders will set the direction of the business-to-business mix.
The scale of peak-season marketing spend around Black Friday and Japanese year-end sales, and whether an interim dividend is declared and at what size. The point to verify is whether the 2026-2028 payout target of at least 25% translates into actual resolutions.
Confirmed full-year 2026 results and whether the KRW 725.0bn revenue and 21% margin guidance was met, together with the 2027 guidance. The key issue is whether the KRW 1trn revenue and 25% margin target mentioned by a company official is retained as formal guidance.
The outcome of the US tariff refund filing and the quarterly trend in tariff costs, along with disclosures on completion of the KRW 20.0bn treasury share trust signed in April 2026 and cancellation of the remainder. The two items affect profit and share count respectively.
d'Alba Global more than doubled its scale from KRW 200.8bn of revenue in 2023 to KRW 519.7bn in 2025 and lifted operating profit from KRW 32.4bn to KRW 101.5bn, then entered a higher margin band in the first half of 2026 with KRW 358.1bn of revenue and KRW 92.3bn of operating profit, a 25.8% margin.
The growth engine is clearly overseas: reports put the overseas share at 75.7% in Q2 2026, with North America and Europe growing at triple-digit rates.
At the same time domestic sales contracted, and the company's own third-quarter guidance of KRW 170.0bn revenue at a 17% margin points lower than the prior quarter, leaving open whether the growth curve is a staircase or a temporary peak.
The balance sheet improved as the debt-to-equity ratio fell from 402.8% in 2023 to 28.6% in 2025 and equity rose to KRW 198.6bn, but with operating cash flow below operating profit, working capital during the expansion phase remains an item to monitor.
The payout target of at least 25% and the treasury share trust with planned cancellation serve as the counterweight to early post-IPO supply pressure.
The bullish case rests on regional and channel diversification plus a visible retail listing pipeline; the bearish case rests on management's own lowered third-quarter bar, concentration in two product lines, and tariff and supply chain variables.
This report is for information purposes only and contains no buy or sell opinion or target price on any security.
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.