# Cosmax (192820.KO)

Canonical: https://gigainvestors.com/s/192820.KO

Analysis as of: 2026-10-16T07:39:58.829Z. Financial observations: FY2014–FY2026.

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 283,500.00 per share; close as of 2026-10-15.

Estimated value: low KRW 121,088.69 per share, central KRW 162,247.02 per share, high KRW 186,213.60 per share. Buy at or below the central value KRW 162,247.02 per share. Valuation as of 2026-10-16T07:39:58.829Z; scenarios are not confidence intervals.

Expected annual return: 6.8% at the stated quote. About 6.8% 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

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

- Financial history: 10 years

- Years with declining revenue: 0

- Years with a net loss: 0

- Operating margin variation: 0.32×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.04×

- FY2018: 0.04×

- FY2019: 0.04×

- FY2020: 0.05×

- FY2021: 0.08×

- FY2022: 0.03×

- FY2023: 0.07×

- FY2024: 0.08×

- FY2025: 0.08×

- LTM to Jun 2026: 0.08×

### moat: fail

- ROIC median below threshold

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

- ROIC, median of available years: 7.1%

- ROIC, second-lowest year: 4.6%

- Typical minus recent gross margin: -1.6 pp

- Typical gross margin (annual median): 15.4%

- Recent gross margin (lower of latest and 3-year median): 17.1%

- Years with nonpositive capital: 0

- Capital spending / revenue: 6.5%

- ROIC including acquisitions, ten-year median: 0.5%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 9.1%

- FY2017: 4.6%

- FY2018: 5.2%

- FY2019: 4.9%

- FY2020: 5.4%

- FY2021: 8.8%

- FY2022: 3.5%

- FY2023: 11.8%

- FY2024: 12.8%

- FY2025: 14.6%

### economics: fail

- owner earnings cash conversion below threshold

- Owner earnings / net income, 5-yr: 0.72×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: KRW 262B

- Net income, five-year total: KRW 361B

- Return on incremental invested capital: 18.1%

- Working capital / revenue, annual change: -1.3 pp

- Working capital / revenue, change between three-year averages: -10.1 pp

- Working capital / revenue, final three-year average: 16.4%

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

- FY2021: 1.06×

- FY2022: -0.55×

- FY2023: 0.81×

- FY2024: 0.88×

- FY2025: 0.59×

### 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: 5.2% vs 12.8%

- Per-share earnings: 3247.21 to 7562.00 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: 2.1%

- Market cap gain: KRW 760B

- Cumulative retained earnings: KRW 425B

- Diluted shares, 5-year annual growth: 2.1%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 12.8%

- Per-share value change: KRW 4K

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

- Per-share value, ending three-year median: KRW 8K

- Buybacks concentrated in cheaper years (correlation): -0.40

- Average buyback yield: 2.0%

- Buyback history: 4 years

- Debt-funded buybacks: No

- Acquisition spending: KRW 112B

- Cumulative net income, 10 years: KRW 501B

- ROIC, first three-year median: 5.2%

- ROIC, last three-year median: 12.8%

Chart: Earnings per share; fiscal year observations.

- FY2016: KRW 4K

- FY2017: KRW 2K

- FY2018: KRW 3K

- FY2019: KRW 3K

- FY2020: KRW 2K

- FY2021: KRW 7K

- FY2022: KRW 2K

- FY2023: KRW 5K

- FY2024: KRW 8K

- FY2025: KRW 11K

### accounting: pass

- Sloan accruals: 1.7%

- Receivables to sales index (DSRI): 1.10×

- Restructuring years, last five: 0

- Earnings backed by cash: Yes

- Operating cash / earnings: 0.70×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.11×

Chart: Sloan accruals; fiscal year observations.

- FY2016: 1.7%

- FY2017: 2.7%

- FY2018: 8.2%

- FY2019: -3.5%

- FY2020: -1.7%

- FY2021: -1.8%

- FY2022: -5.8%

- FY2023: -11.2%

- FY2024: 0.7%

- FY2025: 1.7%

## Holders

## Price story

Price needs cash profits to grow 14.5% a year for ten years · sales +11%

Story as of 2026-10-16T10:00:11.086Z; price observation 2026-10-15.

Price needs cash profits to grow 14.5% a year for ten years

### Sales · FY2025–2026

sales +11%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: KRW 884B 

- FY2018: KRW 1.26T 

- FY2019: KRW 1.33T 

- FY2020: KRW 1.38T 

- FY2021: KRW 1.59T 

- FY2022: KRW 1.60T 

- FY2023: KRW 1.78T 

- FY2024: KRW 2.17T 

- FY2025: KRW 2.40T 

- FY2026: KRW 2.66T 

### Gross margin · FY2025

gross margin 17.1%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 15.6% 

- FY2017: 12.7% 

- FY2018: 12.3% 

- FY2019: 13.8% 

- FY2020: 15.2% 

- FY2021: 17.4% 

- FY2022: 12.8% 

- FY2023: 16.5% 

- FY2024: 19.3% 

- FY2025: 17.1% 

## Owner memo

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

### How it makes money

Operates in household & personal products; annual sales are KRW 2.4 trillion.

- Source: https://eodhd.com/api/fundamentals/192820.KO.json#2025-12-31 (filed 2026-10-16T07:39:58.829Z); FY2025: revenue 2398757972840; grossProfit 409014764820; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 192820.KO: Cosmax, Inc. researches, develops, produces, and manufactures cosmetic and health function food products in Korea and internationally. The company operates through Cosmetic Business segment, Custom Cosmetic, and other Business segments. The company offers skincare products under the Capsule+, IS-LCE, CeraPresso, Emulixir, Foamology, IRPT, and Solar Clear brands; base-make up under the Air Cloud, and skin fabric names; and make up under the Xfine, JellTeX, ARTCOTTA, Bi-Coat, creamline, Thixolash, and CRYSTAL PRISM brands; oriental medicine under the Ginsenology name; and fragrance under the Scenteritage brand, as well as hair care products. The company was formerly known as Miroto Korea and changed its name to Cosmax, Inc. in 1994. Cosmax, Inc. was founded in 1992 and is headquartered in Hwaseong-si, South Korea.

### Why customers stay

Margins ranged from 16.5% to 19.3% during 2023–25; it earns 7.1% on its capital.

- Source: https://eodhd.com/api/fundamentals/192820.KO.json#2023-12-31 (filed 2026-10-16T07:39:58.829Z); FY2023: grossProfit / revenue = 16.5%.

- Source: https://eodhd.com/api/fundamentals/192820.KO.json#2024-12-31 (filed 2026-10-16T07:39:58.829Z); FY2024: grossProfit / revenue = 19.3%.

- Source: https://eodhd.com/api/fundamentals/192820.KO.json#2025-12-31 (filed 2026-10-16T07:39:58.829Z); FY2025: grossProfit / revenue = 17.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:58.829Z); 10-year return on capital observations [[2016,0.09135202946205605],[2017,0.04598505764698262],[2018,0.05246110777458542],[2019,0.04854364465177434],[2020,0.053695905333973164],[2021,0.08787527739513436],[2022,0.035478156362369076],[2023,0.11789467328210133],[2024,0.12768309141921774],[2025,0.14613469640026433]]; median 0.07078559136455376. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Earns 18.1% on new investment; paid dividends in 8 of 9 years.

- Source: https://eodhd.com/api/fundamentals/192820.KO.json#2020-12-31 (filed 2026-10-16T07:39:58.829Z); FY2020: growth capex 13138946860; upkeep 45820068470; owner earnings 17834590180. Growth capex / owner earnings = 0.7367114538316798.

- Source: https://eodhd.com/api/fundamentals/192820.KO.json#2021-12-31 (filed 2026-10-16T07:39:58.829Z); FY2021: growth capex 0; upkeep 40752140270; owner earnings 79161598010. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/192820.KO.json#2023-12-31 (filed 2026-10-16T07:39:58.829Z); FY2023: growth capex 30650284470; upkeep 59433651000; owner earnings 46399694080. Growth capex / owner earnings = 0.6605708308583745.

- Source: https://eodhd.com/api/fundamentals/192820.KO.json#2024-12-31 (filed 2026-10-16T07:39:58.829Z); FY2024: growth capex 99717647440; upkeep 68807058260; owner earnings 75390956720. Growth capex / owner earnings = 1.3226738561011857.

- Source: https://eodhd.com/api/fundamentals/192820.KO.json#2025-12-31 (filed 2026-10-16T07:39:58.829Z); FY2025: growth capex 77035209758.39249; upkeep 115692718461.60751; owner earnings 72187132798.39249. Growth capex / owner earnings = 1.0671598492980727.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:58.829Z); Incremental return on capital 0.1805617051141045, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:58.829Z); Dividend observations: [[2016,6297228700],[2017,10046041000],[2018,3013812300],[2019,6027624600],[2020,9041436900],[2021,0],[2022,6264360850],[2024,5672831000],[2025,26095022600]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:58.829Z); FY2025: cash repurchases 65199575 KRW.

### Are managers owners

Insiders own 32.1% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 192820.KO SharesStats.PercentInsiders = 32.115 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 14.5% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:58.829Z); Ten-year compound average after fade. Initial solved rate 0.19725447454304235. Price 283500; 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 115,500.08 per share

- 2016-11: KRW 103,999.99 per share

- 2016-12: KRW 119,499.99 per share

- 2017-01: KRW 130,999.99 per share

- 2017-02: KRW 143,499.99 per share

- 2017-03: KRW 135,999.99 per share

- 2017-04: KRW 141,999.99 per share

- 2017-05: KRW 127,999.99 per share

- 2017-06: KRW 114,999.99 per share

- 2017-07: KRW 103,499.99 per share

- 2017-08: KRW 117,999.99 per share

- 2017-09: KRW 126,999.99 per share

- 2017-10: KRW 138,999.99 per share

- 2017-11: KRW 124,999.99 per share

- 2017-12: KRW 116,999.99 per share

- 2018-01: KRW 128,999.99 per share

- 2018-02: KRW 127,999.99 per share

- 2018-03: KRW 142,499.99 per share

- 2018-04: KRW 156,999.98 per share

- 2018-05: KRW 169,999.98 per share

- 2018-06: KRW 162,499.98 per share

- 2018-07: KRW 135,999.99 per share

- 2018-08: KRW 151,999.99 per share

- 2018-09: KRW 156,999.98 per share

- 2018-10: KRW 114,999.99 per share

- 2018-11: KRW 135,999.99 per share

- 2018-12: KRW 129,999.99 per share

- 2019-01: KRW 125,999.99 per share

- 2019-02: KRW 146,499.99 per share

- 2019-03: KRW 151,499.99 per share

- 2019-04: KRW 138,499.99 per share

- 2019-05: KRW 111,999.99 per share

- 2019-06: KRW 108,999.99 per share

- 2019-07: KRW 102,499.99 per share

- 2019-08: KRW 71,299.99 per share

- 2019-09: KRW 73,199.99 per share

- 2019-10: KRW 79,899.99 per share

- 2019-11: KRW 80,899.99 per share

- 2019-12: KRW 79,899.99 per share

- 2020-01: KRW 68,399.99 per share

- 2020-02: KRW 75,099.99 per share

- 2020-03: KRW 78,399.99 per share

- 2020-04: KRW 88,999.99 per share

- 2020-05: KRW 88,399.99 per share

- 2020-06: KRW 97,799.99 per share

- 2020-07: KRW 92,799.99 per share

- 2020-08: KRW 101,999.99 per share

- 2020-09: KRW 115,999.99 per share

- 2020-10: KRW 104,999.99 per share

- 2020-11: KRW 95,299.99 per share

- 2020-12: KRW 99,499.99 per share

- 2021-01: KRW 102,999.99 per share

- 2021-02: KRW 104,499.99 per share

- 2021-03: KRW 121,999.99 per share

- 2021-04: KRW 121,499.99 per share

- 2021-05: KRW 126,500.00 per share

- 2021-06: KRW 131,000.00 per share

- 2021-07: KRW 124,000.00 per share

- 2021-08: KRW 130,500.00 per share

- 2021-09: KRW 124,500.00 per share

- 2021-10: KRW 124,000.00 per share

- 2021-11: KRW 90,700.00 per share

- 2021-12: KRW 87,400.00 per share

- 2022-01: KRW 71,000.00 per share

- 2022-02: KRW 85,900.00 per share

- 2022-03: KRW 83,600.00 per share

- 2022-04: KRW 86,000.00 per share

- 2022-05: KRW 69,900.00 per share

- 2022-06: KRW 56,500.00 per share

- 2022-07: KRW 69,100.00 per share

- 2022-08: KRW 62,800.00 per share

- 2022-09: KRW 50,300.00 per share

- 2022-10: KRW 45,800.00 per share

- 2022-11: KRW 60,800.00 per share

- 2022-12: KRW 74,100.00 per share

- 2023-01: KRW 78,300.00 per share

- 2023-02: KRW 77,300.00 per share

- 2023-03: KRW 81,000.00 per share

- 2023-04: KRW 77,200.00 per share

- 2023-05: KRW 79,500.00 per share

- 2023-06: KRW 93,000.00 per share

- 2023-07: KRW 102,600.00 per share

- 2023-08: KRW 153,500.00 per share

- 2023-09: KRW 128,700.00 per share

- 2023-10: KRW 135,600.00 per share

- 2023-11: KRW 110,700.00 per share

- 2023-12: KRW 126,400.00 per share

- 2024-01: KRW 115,800.00 per share

- 2024-02: KRW 107,600.00 per share

- 2024-03: KRW 120,100.00 per share

- 2024-04: KRW 140,100.00 per share

- 2024-05: KRW 170,000.00 per share

- 2024-06: KRW 194,600.00 per share

- 2024-07: KRW 154,900.00 per share

- 2024-08: KRW 121,300.00 per share

- 2024-09: KRW 146,000.00 per share

- 2024-10: KRW 150,900.00 per share

- 2024-11: KRW 133,000.00 per share

- 2024-12: KRW 149,100.00 per share

- 2025-01: KRW 164,400.00 per share

- 2025-02: KRW 171,300.00 per share

- 2025-03: KRW 164,400.00 per share

- 2025-04: KRW 172,500.00 per share

- 2025-05: KRW 210,000.00 per share

- 2025-06: KRW 279,500.00 per share

- 2025-07: KRW 251,500.00 per share

- 2025-08: KRW 216,500.00 per share

- 2025-09: KRW 214,500.00 per share

- 2025-10: KRW 204,500.00 per share

- 2025-11: KRW 166,000.00 per share

- 2025-12: KRW 163,000.00 per share

- 2026-01: KRW 202,500.00 per share

- 2026-02: KRW 190,000.00 per share

- 2026-03: KRW 196,500.00 per share

- 2026-04: KRW 210,500.00 per share

- 2026-05: KRW 173,700.00 per share

- 2026-06: KRW 154,900.00 per share

- 2026-07: KRW 184,700.00 per share

- 2026-08: KRW 300,000.00 per share

- 2026-09: KRW 267,000.00 per share

- 2026-10: KRW 283,500.00 per share

## Annual estimated value (KRW per share)

- FY2023: low KRW 44,193.20 per share, central KRW 47,238.14 per share, high KRW 51,291.60 per share

- FY2024: low KRW 89,375.73 per share, central KRW 118,409.55 per share, high KRW 135,315.99 per share

- FY2025: low KRW 101,722.54 per share, central KRW 138,790.03 per share, high KRW 160,374.50 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 2026-10-15T06:45:54.711Z 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.

## Reported holder observations