# Amorepacific Corp. (New) (090430.KO)

Canonical: https://gigainvestors.com/s/090430.KO

Analysis as of: 2026-10-16T07:36:46.190Z. Financial observations: FY2006–FY2025.

Listing currency: KRW. Reporting currency: KRW.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: KRW 132,300.00 per share; close as of 2026-10-15.

## Checklist

### understandable: fail

- 4 revenue declines in the last 10 years (informational)

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 4

- Years with a net loss: 0

- Operating margin variation: 0.47×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.15×

- FY2017: 0.12×

- FY2018: 0.09×

- FY2019: 0.08×

- FY2020: 0.03×

- FY2021: 0.07×

- FY2022: 0.05×

- FY2023: 0.03×

- FY2024: 0.06×

- FY2025: 0.08×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 5.9%

- ROIC, second-lowest year: 3.2%

- Typical minus recent gross margin: 1.5 pp

- Typical gross margin (annual median): 72.2%

- Recent gross margin (lower of latest and 3-year median): 70.7%

- Years with nonpositive capital: 0

- Capital spending / revenue: 4.3%

- ROIC including acquisitions, ten-year median: 6.7%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 21.9%

- FY2017: 11.6%

- FY2018: 9.5%

- FY2019: 6.7%

- FY2020: 3.2%

- FY2021: 5.6%

- FY2022: 3.4%

- FY2023: 1.7%

- FY2024: 5.2%

- FY2025: 6.2%

### economics: fail

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 1.56×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: KRW 2.09T

- Net income, five-year total: KRW 1.34T

- Return on incremental invested capital: 0.0%

- Working capital / revenue, annual change: 0.8 pp

- Working capital / revenue, change between three-year averages: 5.5 pp

- Working capital / revenue, final three-year average: 16.9%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 2.20×

- FY2022: 2.21×

- FY2023: 1.41×

- FY2024: 1.21×

- FY2025: 1.67×

### management: fail

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 11.6% vs 5.2%

- Per-share earnings: 5698.48 to 3416.00 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- acquired goodwill and intangibles (proxy) exceeds half of ten-year net income with low and deteriorating ROIC

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: 3.6%

- Market cap gain: KRW -13.93T

- Cumulative retained earnings: KRW 1.62T

- Diluted shares, 5-year annual growth: 3.6%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: -7.0%

- Per-share value change: KRW -2K

- Per-share value, starting three-year median: KRW 6K

- Per-share value, ending three-year median: KRW 3K

- Buybacks concentrated in cheaper years (correlation): -0.03

- Average buyback yield: 0.2%

- Buyback history: 6 years

- Debt-funded buybacks: No

- Acquisition spending: KRW 1.71T

- Cumulative net income, 10 years: KRW 2.98T

- ROIC, first three-year median: 11.6%

- ROIC, last three-year median: 5.2%

Chart: Earnings per share; fiscal year observations.

- FY2016: KRW 9K

- FY2017: KRW 6K

- FY2018: KRW 5K

- FY2019: KRW 3K

- FY2020: KRW 606.26

- FY2021: KRW 3K

- FY2022: KRW 2K

- FY2023: KRW 3K

- FY2024: KRW 9K

- FY2025: KRW 3K

### accounting: pass

- Sloan accruals: -5.0%

- Receivables to sales index (DSRI): 0.85×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 2.4%

- Earnings backed by cash: Yes

- Operating cash / earnings: 2.48×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.32×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -0.7%

- FY2017: -2.2%

- FY2018: -5.9%

- FY2019: -8.0%

- FY2020: -9.1%

- FY2021: -8.1%

- FY2022: -0.3%

- FY2023: -3.1%

- FY2024: 3.8%

- FY2025: -5.0%

## Holders

## Price story

Down 32% since May 2024 · sales +9.5%

Story as of 2026-10-16T10:00:08.049Z; price observation 2026-10-15.

### Sales · FY2024–2025

sales +9.5%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: KRW 5.65T 

- FY2017: KRW 5.12T 

- FY2018: KRW 5.28T 

- FY2019: KRW 5.58T 

- FY2020: KRW 4.43T 

- FY2021: KRW 4.86T 

- FY2022: KRW 4.13T 

- FY2023: KRW 3.67T 

- FY2024: KRW 3.89T 

- FY2025: KRW 4.25T 

### Gross margin · FY2025

gross margin 72.3%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 74.8% 

- FY2017: 73.1% 

- FY2018: 72.8% 

- FY2019: 73.1% 

- FY2020: 71.4% 

- FY2021: 72.0% 

- FY2022: 67.7% 

- FY2023: 68.6% 

- FY2024: 70.7% 

- FY2025: 72.3% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in household & personal products; annual sales are KRW 4.3 trillion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:46.190Z); FY2025: revenue 4252820221490; grossProfit 3076071095520; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 090430.KO: Amorepacific Corporation researches, develops, manufactures, markets, sells, and trades cosmetics and beauty products worldwide. It offers cosmetics under the Sulwhasoo, Laneige, Innisfree, AP Beauty, Hera, Primera, Iope, Mamonde, Hanyul, espoir, Etude, Odyssey, Be Ready, Holitual, Tata Harper, and Cosrx brands; medical beauty products under the Aestura brand; beauty devices under the maekON brand; and inner beauty products under the VitalBeautie brand. The company also provides hair beauty products under the Ryo, Mise-en-Scène, Labo-H, Ayunche, Amos Professional, and Longtake brands; body care products under the Illiyoon, Hapy Bath, and Skin U brands; dental care products under the Median and Gentist brands; and tea products under the Osulloc brand. In addition, it engages in the manufacture and sale of detergent, and organic and inorganic compounds; manufacture, processing, and trade of food and other products; product packaging and facility management; and equipment design and production. The company is headquartered in Seoul, South Korea.

### Why customers stay

Margins ranged from 68.6% to 72.3% during 2023–25; it earns 5.9% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:46.190Z); FY2023: grossProfit / revenue = 68.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:46.190Z); FY2024: grossProfit / revenue = 70.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:46.190Z); FY2025: grossProfit / revenue = 72.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:46.190Z); 10-year return on capital observations [[2016,0.21940313957079927],[2017,0.11647156836465453],[2018,0.09538200856327829],[2019,0.06696443503836533],[2020,0.03201866213678018],[2021,0.05564053081779859],[2022,0.033691090517021995],[2023,0.016752714309554145],[2024,0.05152854743087929],[2025,0.06151128393486282]]; median 0.058575907376330706. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back KRW 5 billion of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:46.190Z); FY2016: growth capex 0; upkeep 535067911540; owner earnings 141883851460. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:46.190Z); FY2018: growth capex 0; upkeep 405477300430; owner earnings 241200006600. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:46.190Z); FY2019: growth capex 0; upkeep 246579123560; owner earnings 384614330592. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:46.190Z); FY2020: growth capex 0; upkeep 183024057300; owner earnings 257309983360. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:46.190Z); FY2021: growth capex 0; upkeep 91209515170; owner earnings 426154649960. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:46.190Z); FY2022: growth capex 0; upkeep 99415334160; owner earnings 296919205490. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:46.190Z); FY2023: growth capex 0; upkeep 173557474530; owner earnings 254755587032. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:46.190Z); FY2024: growth capex 0; upkeep 105858505740; owner earnings 717938057926. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:46.190Z); FY2025: growth capex 0; upkeep 91298570080; owner earnings 393692450652. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:46.190Z); Dividend observations: [[2016,94557491020],[2017,108997693350],[2018,88311920940],[2019,81417037090],[2020,68530023600],[2021,54834267960],[2022,68147576750],[2023,47045103900],[2024,63109815910],[2025,92286005560]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:46.190Z); FY2025: cash repurchases 5010029350 KRW.

### Are managers owners

Insiders own 50.1% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 090430.KO SharesStats.PercentInsiders = 50.064 percentage points; cache date 2026-10-16.

### What the price says

The price is 2.1 times annual sales.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:46.190Z); Closing price 132300 KRW; reporting-to-trading FX 1; FY2025 annual sales per share 61640.73232763911; price multiple 2.146308049956083. FY2025 cash earnings/share 5706.211338872431. Closing-price date 2026-10-15.

## Monthly share-price history (KRW per share)

- 2016-10: KRW 359,000.00 per share

- 2016-11: KRW 328,000.00 per share

- 2016-12: KRW 321,500.00 per share

- 2017-01: KRW 317,000.00 per share

- 2017-02: KRW 301,000.00 per share

- 2017-03: KRW 280,500.00 per share

- 2017-04: KRW 292,000.00 per share

- 2017-05: KRW 343,000.00 per share

- 2017-06: KRW 304,000.00 per share

- 2017-07: KRW 283,500.00 per share

- 2017-08: KRW 288,000.00 per share

- 2017-09: KRW 259,500.00 per share

- 2017-10: KRW 314,000.00 per share

- 2017-11: KRW 309,000.00 per share

- 2017-12: KRW 304,500.00 per share

- 2018-01: KRW 299,500.00 per share

- 2018-02: KRW 281,500.00 per share

- 2018-03: KRW 317,000.00 per share

- 2018-04: KRW 349,000.00 per share

- 2018-05: KRW 332,500.00 per share

- 2018-06: KRW 322,500.00 per share

- 2018-07: KRW 267,500.00 per share

- 2018-08: KRW 263,000.00 per share

- 2018-09: KRW 261,000.00 per share

- 2018-10: KRW 153,000.00 per share

- 2018-11: KRW 172,500.00 per share

- 2018-12: KRW 209,500.00 per share

- 2019-01: KRW 181,500.00 per share

- 2019-02: KRW 200,000.00 per share

- 2019-03: KRW 188,500.00 per share

- 2019-04: KRW 208,000.00 per share

- 2019-05: KRW 179,000.00 per share

- 2019-06: KRW 164,500.00 per share

- 2019-07: KRW 140,000.00 per share

- 2019-08: KRW 130,000.00 per share

- 2019-09: KRW 140,500.00 per share

- 2019-10: KRW 192,000.00 per share

- 2019-11: KRW 189,000.00 per share

- 2019-12: KRW 200,000.00 per share

- 2020-01: KRW 188,000.00 per share

- 2020-02: KRW 161,000.00 per share

- 2020-03: KRW 168,500.00 per share

- 2020-04: KRW 177,000.00 per share

- 2020-05: KRW 163,000.00 per share

- 2020-06: KRW 167,500.00 per share

- 2020-07: KRW 166,000.00 per share

- 2020-08: KRW 168,000.00 per share

- 2020-09: KRW 164,000.00 per share

- 2020-10: KRW 158,000.00 per share

- 2020-11: KRW 179,000.00 per share

- 2020-12: KRW 206,000.00 per share

- 2021-01: KRW 223,000.00 per share

- 2021-02: KRW 234,500.00 per share

- 2021-03: KRW 258,500.00 per share

- 2021-04: KRW 270,500.00 per share

- 2021-05: KRW 287,000.00 per share

- 2021-06: KRW 252,000.00 per share

- 2021-07: KRW 221,500.00 per share

- 2021-08: KRW 227,500.00 per share

- 2021-09: KRW 178,500.00 per share

- 2021-10: KRW 181,500.00 per share

- 2021-11: KRW 157,000.00 per share

- 2021-12: KRW 167,000.00 per share

- 2022-01: KRW 155,000.00 per share

- 2022-02: KRW 184,000.00 per share

- 2022-03: KRW 160,000.00 per share

- 2022-04: KRW 181,000.00 per share

- 2022-05: KRW 163,500.00 per share

- 2022-06: KRW 130,000.00 per share

- 2022-07: KRW 129,000.00 per share

- 2022-08: KRW 123,000.00 per share

- 2022-09: KRW 102,000.00 per share

- 2022-10: KRW 92,700.00 per share

- 2022-11: KRW 130,500.00 per share

- 2022-12: KRW 137,500.00 per share

- 2023-01: KRW 145,500.00 per share

- 2023-02: KRW 138,400.00 per share

- 2023-03: KRW 136,800.00 per share

- 2023-04: KRW 123,300.00 per share

- 2023-05: KRW 104,500.00 per share

- 2023-06: KRW 97,600.00 per share

- 2023-07: KRW 112,700.00 per share

- 2023-08: KRW 133,900.00 per share

- 2023-09: KRW 122,000.00 per share

- 2023-10: KRW 126,400.00 per share

- 2023-11: KRW 129,300.00 per share

- 2023-12: KRW 145,000.00 per share

- 2024-01: KRW 118,000.00 per share

- 2024-02: KRW 119,600.00 per share

- 2024-03: KRW 121,400.00 per share

- 2024-04: KRW 169,500.00 per share

- 2024-05: KRW 194,200.00 per share

- 2024-06: KRW 167,300.00 per share

- 2024-07: KRW 181,700.00 per share

- 2024-08: KRW 124,400.00 per share

- 2024-09: KRW 147,700.00 per share

- 2024-10: KRW 116,600.00 per share

- 2024-11: KRW 104,200.00 per share

- 2024-12: KRW 104,800.00 per share

- 2025-01: KRW 129,700.00 per share

- 2025-02: KRW 117,200.00 per share

- 2025-03: KRW 101,400.00 per share

- 2025-04: KRW 124,400.00 per share

- 2025-05: KRW 133,700.00 per share

- 2025-06: KRW 136,700.00 per share

- 2025-07: KRW 134,700.00 per share

- 2025-08: KRW 120,300.00 per share

- 2025-09: KRW 122,300.00 per share

- 2025-10: KRW 120,900.00 per share

- 2025-11: KRW 124,300.00 per share

- 2025-12: KRW 119,500.00 per share

- 2026-01: KRW 138,800.00 per share

- 2026-02: KRW 151,400.00 per share

- 2026-03: KRW 137,200.00 per share

- 2026-04: KRW 135,300.00 per share

- 2026-05: KRW 115,100.00 per share

- 2026-06: KRW 105,700.00 per share

- 2026-07: KRW 130,000.00 per share

- 2026-08: KRW 147,200.00 per share

- 2026-09: KRW 138,400.00 per share

- 2026-10: KRW 130,500.00 per share

## Annual estimated value (KRW per share)

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

## Reported holder observations