PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q3–2026Q2) · Dividend yield is based on ₩201 per share · Prices as of the 2026-10-02 close
Inglewood Lab is a US-based cosmetics ODM manufacturer currently experiencing a profitability recovery alongside an expanding ownership stake by parent Cosmecca Korea.
2025 operating margin improved sharply to 17.2% from 10.3% a year earlier.
Cosmecca Korea raised its stake from 39% to as much as 66.7% through two tender offers in February 2025 and March 2026.
Its US-based FDA OTC production infrastructure is a key strength in regulated categories such as sun care.
Rising US cosmetics import rejections point to growing compliance burdens around labeling and registration.
Combined owner net profit over the latest four quarters (Q3 2025 to Q2 2026) totaled roughly KRW 31 billion.
Inglewood Lab is a cosmetics ODM/OEM company founded in the United States in 2004, and it listed on the KOSDAQ market in 2016, an unusual case for a US-headquartered manufacturer. Cosmecca Korea acquired the company in June 2018, becoming its controlling shareholder.
Since then, Cosmecca Korea expanded its stake through two tender offers, first from 39% to 50% in February 2025 and then to as much as 66.7% in March 2026. Production is split between a plant in Totowa, New Jersey, and its Korean subsidiary Inglewood Lab Korea (formerly NS Tech, acquired in 2017) in Incheon.
The product lineup spans basic skincare and color cosmetics alongside products classified as over-the-counter (OTC) drugs in the US, including sunscreens, acne treatments, and anti-dandruff products.
Its core strength is OTC manufacturing capability, and being US-headquartered lowers tariff exposure while global brand clients such as L'Oreal and Elizabeth Arden anchor its customer base. The share of lower-price indie brand customers reportedly rose from 9% in 2019 to 26% in 2022 and to around 37% more recently.
The company also offers an 'RTG OTC' turnkey solution that reduces the FDA compliance burden for Korean beauty brands entering the US market.
Competitively, it operates in the cosmetics ODM space alongside Korea Kolmar, Cosmax, and parent Cosmecca Korea, but remains the only KOSDAQ-listed cosmetics company with a US-based production footprint.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩56.7B | ₩9.9B | 17.5% |
| 2025Q3 | ₩61.8B | ₩13.2B | 21.4% |
| 2025Q4 | ₩52B | ₩8.9B | 17.0% |
| 2026Q1 | ₩47B | ₩5.3B | 11.3% |
| 2026Q2 | ₩47.9B | ₩8.1B | 16.8% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩162.4B | ₩10.6B | ₩7.8B | 6.5% | 7.7% | 45.5% |
| 2023 | ₩219.3B | ₩30.6B | ₩22B | 14.0% | 17.8% | 51.1% |
| 2024 | ₩185B | ₩19.1B | ₩19.9B | 10.3% | 14.7% | 38.8% |
| 2025 | ₩211B | ₩36.4B | ₩24.2B | 17.2% | 15.2% | 37.9% |
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
2025 consolidated revenue rose to KRW 211.0 billion from KRW 185.0 billion a year earlier, while operating profit jumped to KRW 36.4 billion from KRW 19.1 billion, lifting the operating margin from 10.3% to 17.2%. Owner net profit also increased from KRW 19.9 billion to KRW 24.2 billion.
Compared with 2023 (revenue KRW 219.3 billion, operating profit KRW 30.6 billion, margin 14.0%), the top line is still in a recovery phase, but the improvement versus the 2022 trough (revenue KRW 162.4 billion, operating profit KRW 10.6 billion, margin 6.5%) is clear.
On a quarterly basis, Q3 2025 posted revenue of KRW 61.8 billion and operating profit of KRW 13.2 billion, the strongest of the last five quarters, before easing to KRW 52.0 billion revenue and KRW 8.9 billion operating profit in Q4 2025, and further to KRW 47.0 billion revenue and KRW 5.3 billion operating profit in Q1 2026.
Q2 2026 improved modestly to KRW 47.9 billion revenue and KRW 8.1 billion operating profit. Notably, Q1 2026 net profit (KRW 6.7 billion) exceeded operating profit (KRW 5.3 billion), suggesting non-operating items played a role that quarter.
Combined owner net profit over the latest four quarters (Q3 2025 through Q2 2026) reached roughly KRW 31.0 billion, exceeding full-year 2025 net profit.
The balance sheet also strengthened, with equity rising from KRW 101.6 billion in 2022 to KRW 158.8 billion in 2025 while the debt ratio fell from 45.5% to 37.9% over the same period, and operating cash flow grew from KRW 10.4 billion in 2022 to KRW 21.6 billion in 2025, underscoring the cash-generating support behind the earnings recovery.
The United States has emerged as a key market for K-beauty exports, with cosmetics exports to the US in the first half of this year totaling USD 1.45 billion, up 41.5% year on year.
At the same time, however, US FDA cosmetics import rejections have also risen, reaching 171 cases by August 6 in fiscal year 2026 (October 2025 to September 2026), already surpassing the full prior-year total of 158.
Labeling violations, particularly drug-like efficacy claims, are cited as the leading cause of rejections.
Since July 1, 2024, the US Modernization of Cosmetics Regulation Act (MoCRA) has mandated facility and product registration, with facility registration requiring renewal every two years and product listings requiring annual updates, meaning renewal deadlines are arriving in sequence for affected companies.
Against this backdrop of tightening regulation, Inglewood Lab, which operates US-based production facilities and has a track record of passing FDA OTC audits along with certifications such as cGMP, is seen as relatively well-positioned to respond.
More recently, the FDA's approval of a new UV filter, bemotrizinol (BEMT), for the first time in 25 years has intensified competition in developing high-function sun care products.
Competitively, larger ODM players such as Korea Kolmar and Cosmax are also expanding their US presence, intensifying competition for indie-brand demand.
Cosmecca Korea conducted a tender offer from March 3 to March 23, 2026 for 3,311,310 common shares of Inglewood Lab at KRW 13,000 per share, raising its stake from 50% to as much as 66.7%.
This followed an earlier move in February 2025 that raised the stake from 39% to 50%, and both actions aim to speed up decision-making and strengthen execution in the North American business.
The company stated it plans to unify ERP systems between the Korean and US entities and integrate technical collaboration and product development processes to improve cost structure and strengthen production and sales network linkages.
On the product side, the company showcased a proprietary sun care formulation using the newly approved UV filter BEMT at Cosmoprof North America in Las Vegas in July 2026. It also continues to expand its 'RTG OTC' solution, which reduces the FDA compliance burden for K-beauty brands entering the US market.
The company has not disclosed specific revenue or profit guidance of its own, so how these developments translate into future results will need to be confirmed through upcoming quarterly disclosures.
Given that earnings over the latest four quarters have expanded considerably from the 2022 trough, it is worth examining how the market is pricing this alongside the share price relative to net asset value.
The stock appears to trade at a modest premium to book value, which can be viewed as part of the re-rating process commonly seen in small and mid-cap cosmetics ODM names during an earnings recovery phase.
Dividends have been paid in small amounts each year, though the yield itself is not a standout feature of the investment case. The reduction in free float following the parent company's stake increase is also worth considering from a trading liquidity standpoint.
Overall, current valuation appears to be a range where market interpretation could shift depending on the durability of the earnings recovery and the company's track record in navigating US regulatory requirements.
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
The 2025 operating margin jumped to 17.2% from 10.3% a year earlier, a marked improvement versus the 2022 trough of 6.5%. Owner net profit also rose from KRW 7.8 billion in 2022 to KRW 24.2 billion in 2025. Combined net profit over the latest four quarters reached about KRW 31.0 billion, exceeding the full 2025 total.
Cosmecca Korea raised its stake from 39% to 50% and then to as much as 66.7% through two tender offers in February 2025 and March 2026. Ongoing ERP system integration and R&D collaboration between the Korean and US entities are expected to support cost structure improvements.
The controlling shareholder's expanding stake can be read as a signal of resource commitment to the North American business.
A track record of passing FDA OTC audits along with cGMP and other certifications enables production in the US-specific OTC category, including sunscreens and acne treatments. The FDA's recent approval of a new UV filter (BEMT) for the first time in 25 years has opened new product development opportunities. The 'RTG OTC' turnkey solution helps capture demand from K-beauty brands entering the US market.
Revenue fluctuated between KRW 47.0 billion and KRW 62 billion on a quarterly basis, and in Q1 2026 net profit (KRW 6.7 billion) exceeded operating profit (KRW 5.3 billion), suggesting non-operating factors played a notable role in some quarters. The growth trajectory needs to be re-confirmed quarter by quarter.
US FDA cosmetics import rejections already exceeded the full prior-year total of 158 cases, reaching 171 as of August 6 in fiscal year 2026. Labeling violations are cited as a leading cause, and the burden of MoCRA's two-year facility registration renewal and annual product listing updates persists.
The parent company's expanded stake (up to 66.7%) could reduce the free float, and as a small-cap issue, the stock tends to exhibit relatively higher trading liquidity constraints and price volatility.
Given the significant weight of US operations, KRW/USD fluctuations affect won-denominated results. Changes in US tariff policy could bring in production demand shifting away from Canada and Mexico, but the underlying policy uncertainty remains a risk factor in itself.
Revenue dependence on select global brands such as L'Oreal and Elizabeth Arden remains, while indie brand customers tend to have more uncertain reorder patterns. The customer base is diversifying, but a growing share of smaller clients does not automatically guarantee improved revenue stability.
Since MoCRA took effect, obligations around facility and product registration, safety substantiation, and adverse event reporting have increased, and failure to comply could lead the FDA to suspend facility registration or trigger import alerts.
Additional state-level regulations, such as PFAS restrictions in California and elsewhere, are also expanding separately from federal rules.
Based on past disclosure timing (e.g., November 7 and 10, 2025), preliminary Q3 results are likely to be announced around this time, allowing a check on whether the margin improvement seen through Q2 has continued.
As MoCRA's two-year facility registration renewal window arrives, it is worth monitoring whether registration and annual product listing updates are completed and how any related costs are reflected.
It is worth checking whether Cosmecca Korea discloses any further purchases of remaining Inglewood Lab shares or additional changes to the ownership structure.
This is when full-year and Q4 2026 results along with dividend policy are typically disclosed, providing a check on annual earnings scale and per-share dividend decisions.
Inglewood Lab has shown a clear recovery in both operating margin and net profit since the 2022 trough, with the 2025 operating margin reaching 17.2%, the highest level in the past four years.
Combined net profit over the latest four quarters (Q3 2025 through Q2 2026) totaled roughly KRW 31.0 billion, exceeding the full-year 2025 figure.
At the same time, parent Cosmecca Korea has raised its stake from 39% to as much as 66.7% through two tender offers in 2025 and 2026, enhancing governance stability and the pace of business integration.
Its US-based production base and FDA OTC compliance capability differentiate it from competitors, but the compliance burden from tightening regulations such as MoCRA and the rising trend in import rejections are variables that need to be managed alongside this.
Quarter-to-quarter earnings swings and the potential reduction in free float are also points investors should watch. Future earnings disclosures and the company's track record in regulatory compliance are likely to be the key indicators for gauging the durability of this recovery.
Report written 2026-09-05 · Data as of 2026-09-04
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