# Korea Kolmar (161890.KO)

Canonical: https://gigainvestors.com/s/161890.KO

Analysis as of: 2026-10-16T07:40:35.379Z. Financial observations: FY2012–FY2026.

Listing currency: KRW. Reporting currency: KRW.

## Verdict

A wonderful business at too high a price

Quality tests for Buy: pass (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: KRW 122,500.00 per share; close as of 2026-10-15.

Estimated value: low KRW 31,400.42 per share, central KRW 42,417.44 per share, high KRW 48,832.66 per share. Buy at or below the central value KRW 42,417.44 per share. Valuation as of 2026-10-16T07:40:35.379Z; scenarios are not confidence intervals.

Expected annual return: 5.3% at the stated quote. About 5.3% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; KR 10-year bond 4.2% + 4 points).

## Checklist

### understandable: pass

- 1 revenue decline in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 1

- Years with a net loss: 1

- Operating margin variation: 0.24×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.08×

- FY2018: 0.07×

- FY2019: 0.08×

- FY2020: 0.09×

- FY2021: 0.05×

- FY2022: 0.04×

- FY2023: 0.06×

- FY2024: 0.08×

- FY2025: 0.09×

- LTM to Jun 2026: 0.10×

### moat: pass

- ROIC, median of available years: 19.2%

- ROIC, second-lowest year: 13.6%

- Typical minus recent gross margin: -1.6 pp

- Typical gross margin (annual median): 26.9%

- Recent gross margin (lower of latest and 3-year median): 28.5%

- Years with nonpositive capital: 0

- Capital spending / revenue: 6.2%

- ROIC including acquisitions, ten-year median: 0.6%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 18.4%

- FY2017: 13.1%

- FY2018: 14.5%

- FY2019: 15.6%

- FY2020: 19.9%

- FY2021: 28.1%

- FY2022: 13.6%

- FY2023: 24.4%

- FY2024: 25.5%

- FY2025: 24.7%

### economics: pass

- Owner earnings / net income, 5-yr: 0.86×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: KRW 202B

- Net income, five-year total: KRW 234B

- Return on incremental invested capital: 18.5%

- Working capital / revenue, annual change: -0.2 pp

- Working capital / revenue, change between three-year averages: -1.5 pp

- Working capital / revenue, final three-year average: 17.3%

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

- FY2021: 1.14×

- FY2022: -0.17×

- FY2023: 0.48×

- FY2024: 0.42×

- FY2025: 0.94×

### management: pass

- 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: 14.5% vs 24.7%

- Per-share earnings: 2197.25 to 3830.00 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: 0.6%

- Market cap gain: KRW 53B

- Cumulative retained earnings: KRW 451B

- Diluted shares, 5-year annual growth: 0.6%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 8.3%

- Per-share value change: KRW 2K

- Per-share value, starting three-year median: KRW 2K

- Per-share value, ending three-year median: KRW 4K

- Buybacks concentrated in cheaper years (correlation): -0.80

- Average buyback yield: 0.6%

- Buyback history: 4 years

- Debt-funded buybacks: No

- Acquisition spending: KRW 1.35T

- Cumulative net income, 10 years: KRW 566B

- ROIC, first three-year median: 14.5%

- ROIC, last three-year median: 24.7%

Chart: Earnings per share; fiscal year observations.

- FY2016: KRW 2K

- FY2017: KRW 2K

- FY2018: KRW 2K

- FY2019: KRW 1K

- FY2020: KRW 7K

- FY2021: KRW 2K

- FY2022: KRW -961.00

- FY2023: KRW 227.00

- FY2024: KRW 4K

- FY2025: KRW 5K

### accounting: pass

- Sloan accruals: -4.8%

- Receivables to sales index (DSRI): 1.06×

- Restructuring years, last five: 0

- Earnings backed by cash: Yes

- Operating cash / earnings: 2.33×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 1.37×

Chart: Sloan accruals; fiscal year observations.

- FY2016: 3.0%

- FY2017: 6.3%

- FY2018: -0.9%

- FY2019: -5.7%

- FY2020: 1.6%

- FY2021: 1.5%

- FY2022: -3.8%

- FY2023: -3.6%

- FY2024: -4.0%

- FY2025: -4.8%

## Holders

## Price story

Down 23% since Aug 2026 · sales +7.5%

Story as of 2026-10-16T10:00:11.533Z; price observation 2026-10-15.

Price needs cash profits to grow 21.4% a year for ten years

### Sales · FY2025–2026

sales +7.5%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: KRW 822B 

- FY2018: KRW 1.36T 

- FY2019: KRW 1.54T 

- FY2020: KRW 1.32T 

- FY2021: KRW 1.59T 

- FY2022: KRW 1.87T 

- FY2023: KRW 2.16T 

- FY2024: KRW 2.45T 

- FY2025: KRW 2.72T 

- FY2026: KRW 2.93T 

### Gross margin · FY2025

gross margin 29.1%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 23.0% 

- FY2017: 21.6% 

- FY2018: 26.3% 

- FY2019: 28.1% 

- FY2020: 32.2% 

- FY2021: 27.0% 

- FY2022: 25.1% 

- FY2023: 26.8% 

- FY2024: 28.5% 

- FY2025: 29.1% 

## Owner memo

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

### How it makes money

Operates in household & personal products; annual sales are KRW 2.7 trillion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:35.379Z); FY2025: revenue 2722419169320; grossProfit 791447127240; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 161890.KO: Kolmar Korea Co., Ltd. researches, develops, produces, and sells beauty and health products in South Korea and internationally. It offers skincare cosmetic products, including toners, lotions, ampoules, essences, creams, mask sheets, mask packs, and lip balms; fragrance products, such as perfumes, and cleansing products; body and hair products; and color cosmetic products comprising makeup bases, primers, foundation and concealers, cushion foundations, and mascaras. The company also provides powder base products, such as eye shadows, powder pacts, highlighters, blushers, shadings, loose powders, jelly powders, wet powders, multi-color concurrent forming, gradations, marble teracotas, hair cushions, essence powders, bubble salts, eyebrow pencils, highlighters, etc.; and oil & emulsification base products, including lip sticks, lip balms, lip glosses, tints, essence pacts, stick foundations, sun sticks, skin covers, gel eyeliners, marble essence pacts, core sticks, two-tone sticks, marble sticks, serum sticks, eye sticks, balms, concealers, etc. In addition, it offers PLATIT147, a health and beauty production platform. Further, the company engages in the real estate rental business and manufacturing of plastic molded containers. Kolmar Korea Co., Ltd. was founded in 1990 and is headquartered in Sejong City, South Korea.

### Why customers stay

Margins ranged from 26.8% to 29.1% during 2023–25; it earns 19.2% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:35.379Z); FY2023: grossProfit / revenue = 26.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:35.379Z); FY2024: grossProfit / revenue = 28.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:35.379Z); FY2025: grossProfit / revenue = 29.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:35.379Z); 10-year return on capital observations [[2016,0.18411499510879473],[2017,0.13085735984531743],[2018,0.1445600810869013],[2019,0.1558155732693954],[2020,0.19890977333478096],[2021,0.28140778409798967],[2022,0.13573542681874942],[2023,0.24448634570675906],[2024,0.2548506391678312],[2025,0.2469489623697491]]; median 0.19151238422178785. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 25% gross margin through 2022 cost inflation.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:35.379Z); Gross margin observations: [[2021,0.2698884979573597],[2022,0.25128764010408017],[2023,0.268187801179338]]; range within 2 percentage points.

### Where the cash goes

Spends 64.4% of cash earnings on expansion; earns 18.5% on new investment.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:35.379Z); FY2019: growth capex 13397292620; upkeep 60589517550; owner earnings 12871839560. Growth capex / owner earnings = 1.0408219087528776.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:35.379Z); FY2020: growth capex 0; upkeep 122573069310; owner earnings 87006198834. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:35.379Z); FY2021: growth capex 0; upkeep 42205406260; owner earnings 40766070270. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:35.379Z); FY2022: growth capex 0; upkeep 38739831430; owner earnings 3819597294. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:35.379Z); FY2023: growth capex 31000797300; upkeep 93728103000; owner earnings 2466447844.299982. Growth capex / owner earnings = 12.569005816053869.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:35.379Z); FY2024: growth capex 106112103651.24728; upkeep 154391286608.75272; owner earnings 37385627228.55149. Growth capex / owner earnings = 2.8383127826783983.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:35.379Z); FY2025: growth capex 75617198560; upkeep 104125022000; owner earnings 117336546413.12393. Growth capex / owner earnings = 0.6444471127841404.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:35.379Z); Incremental return on capital 0.18526383063922208, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:35.379Z); Dividend observations: [[2016,4262103630],[2017,6218294010],[2018,6331338300],[2019,7374410340],[2020,7550789400],[2021,7893845290],[2022,14845609700],[2023,16606635440],[2024,19379070200],[2025,22646017640]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 38.3% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 161890.KO SharesStats.PercentInsiders = 38.315 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 21.4% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:35.379Z); Ten-year compound average after fade. Initial solved rate 0.29865199970509715. Price 122500; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03.  Closing-price date 2026-10-15.

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

- 2016-10: KRW 81,500.00 per share

- 2016-11: KRW 67,400.00 per share

- 2016-12: KRW 65,800.00 per share

- 2017-01: KRW 69,300.00 per share

- 2017-02: KRW 76,700.00 per share

- 2017-03: KRW 75,100.00 per share

- 2017-04: KRW 80,300.00 per share

- 2017-05: KRW 85,400.00 per share

- 2017-06: KRW 72,200.00 per share

- 2017-07: KRW 71,000.00 per share

- 2017-08: KRW 67,900.00 per share

- 2017-09: KRW 75,800.00 per share

- 2017-10: KRW 82,800.00 per share

- 2017-11: KRW 86,400.00 per share

- 2017-12: KRW 82,000.00 per share

- 2018-01: KRW 89,500.00 per share

- 2018-02: KRW 77,600.00 per share

- 2018-03: KRW 78,100.00 per share

- 2018-04: KRW 81,800.00 per share

- 2018-05: KRW 77,100.00 per share

- 2018-06: KRW 84,500.00 per share

- 2018-07: KRW 68,200.00 per share

- 2018-08: KRW 74,300.00 per share

- 2018-09: KRW 74,800.00 per share

- 2018-10: KRW 54,200.00 per share

- 2018-11: KRW 68,500.00 per share

- 2018-12: KRW 70,500.00 per share

- 2019-01: KRW 67,200.00 per share

- 2019-02: KRW 79,200.00 per share

- 2019-03: KRW 79,600.00 per share

- 2019-04: KRW 74,000.00 per share

- 2019-05: KRW 63,300.00 per share

- 2019-06: KRW 60,400.00 per share

- 2019-07: KRW 55,400.00 per share

- 2019-08: KRW 43,400.00 per share

- 2019-09: KRW 42,200.00 per share

- 2019-10: KRW 48,150.00 per share

- 2019-11: KRW 47,350.00 per share

- 2019-12: KRW 47,250.00 per share

- 2020-01: KRW 42,250.00 per share

- 2020-02: KRW 40,950.00 per share

- 2020-03: KRW 37,450.00 per share

- 2020-04: KRW 42,700.00 per share

- 2020-05: KRW 43,300.00 per share

- 2020-06: KRW 42,600.00 per share

- 2020-07: KRW 46,750.00 per share

- 2020-08: KRW 45,800.00 per share

- 2020-09: KRW 46,200.00 per share

- 2020-10: KRW 44,050.00 per share

- 2020-11: KRW 45,000.00 per share

- 2020-12: KRW 50,900.00 per share

- 2021-01: KRW 51,500.00 per share

- 2021-02: KRW 57,500.00 per share

- 2021-03: KRW 57,400.00 per share

- 2021-04: KRW 55,900.00 per share

- 2021-05: KRW 59,600.00 per share

- 2021-06: KRW 58,000.00 per share

- 2021-07: KRW 54,900.00 per share

- 2021-08: KRW 48,250.00 per share

- 2021-09: KRW 44,500.00 per share

- 2021-10: KRW 44,650.00 per share

- 2021-11: KRW 37,000.00 per share

- 2021-12: KRW 40,250.00 per share

- 2022-01: KRW 34,700.00 per share

- 2022-02: KRW 46,100.00 per share

- 2022-03: KRW 43,500.00 per share

- 2022-04: KRW 47,000.00 per share

- 2022-05: KRW 41,750.00 per share

- 2022-06: KRW 38,150.00 per share

- 2022-07: KRW 38,850.00 per share

- 2022-08: KRW 38,350.00 per share

- 2022-09: KRW 38,000.00 per share

- 2022-10: KRW 34,250.00 per share

- 2022-11: KRW 38,750.00 per share

- 2022-12: KRW 42,600.00 per share

- 2023-01: KRW 44,450.00 per share

- 2023-02: KRW 40,700.00 per share

- 2023-03: KRW 41,900.00 per share

- 2023-04: KRW 40,450.00 per share

- 2023-05: KRW 37,600.00 per share

- 2023-06: KRW 44,000.00 per share

- 2023-07: KRW 48,350.00 per share

- 2023-08: KRW 57,800.00 per share

- 2023-09: KRW 51,100.00 per share

- 2023-10: KRW 53,600.00 per share

- 2023-11: KRW 47,450.00 per share

- 2023-12: KRW 53,600.00 per share

- 2024-01: KRW 48,800.00 per share

- 2024-02: KRW 47,450.00 per share

- 2024-03: KRW 46,600.00 per share

- 2024-04: KRW 50,200.00 per share

- 2024-05: KRW 64,300.00 per share

- 2024-06: KRW 71,200.00 per share

- 2024-07: KRW 64,700.00 per share

- 2024-08: KRW 65,100.00 per share

- 2024-09: KRW 74,400.00 per share

- 2024-10: KRW 70,900.00 per share

- 2024-11: KRW 52,800.00 per share

- 2024-12: KRW 55,100.00 per share

- 2025-01: KRW 60,600.00 per share

- 2025-02: KRW 61,400.00 per share

- 2025-03: KRW 62,700.00 per share

- 2025-04: KRW 75,900.00 per share

- 2025-05: KRW 83,000.00 per share

- 2025-06: KRW 99,800.00 per share

- 2025-07: KRW 97,500.00 per share

- 2025-08: KRW 77,800.00 per share

- 2025-09: KRW 77,800.00 per share

- 2025-10: KRW 77,000.00 per share

- 2025-11: KRW 66,700.00 per share

- 2025-12: KRW 62,100.00 per share

- 2026-01: KRW 69,900.00 per share

- 2026-02: KRW 76,300.00 per share

- 2026-03: KRW 76,000.00 per share

- 2026-04: KRW 88,700.00 per share

- 2026-05: KRW 85,500.00 per share

- 2026-06: KRW 99,500.00 per share

- 2026-07: KRW 95,200.00 per share

- 2026-08: KRW 160,100.00 per share

- 2026-09: KRW 146,000.00 per share

- 2026-10: KRW 123,100.00 per share

## Annual estimated value (KRW per share)

- FY2016: low KRW 9,163.65 per share, central KRW 10,307.86 per share, high KRW 11,831.05 per share

- FY2021: low KRW 23,484.69 per share, central KRW 24,357.58 per share, high KRW 25,519.57 per share

- FY2022: low KRW 14,073.90 per share, central KRW 17,435.92 per share, high KRW 19,559.10 per share

- FY2023: low KRW 12,862.09 per share, central KRW 17,449.45 per share, high KRW 20,120.67 per share

- FY2024: low KRW 26,485.23 per share, central KRW 35,746.25 per share, high KRW 41,138.97 per share

- FY2025: low KRW 32,144.47 per share, central KRW 42,389.06 per share, high KRW 48,354.50 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

Prior published observations retained from 2026-10-15T06:46:18.120Z where newer inputs omit a numeric field or fiscal period.

## 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.