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Korea's largest instant-noodle maker, famous for Shin Ramyun, also selling snacks and beverages globally.
Korea's largest instant-noodle maker, famous for Shin Ramyun, also selling snacks and beverages globally.
Sells through supermarkets and convenience stores, with Shin Ramyun the flagship and snacks and drinks around it. Overseas, mainly the US and China, is a growing share, supplied both by exports from Korea and by local factories.
Moat: narrow (brand, distribution). Shin Ramyun is a globally recognized brand with strong overseas retail penetration.
Headquarters: Seoul, South Korea · Founded: 1965 · Employees: 5,501
Size Nongshim (004370.KS) is a South Korea Consumer Staples company (Food: Specialty/Candy) with a market value of $1.74B, the 153rd largest of 495 South Korea companies the cockpit tracks. Shares closed at ₩407,500 on 6 Nov 2026.
Performance Over six months the shares gained 8.0%, against -9.9% for the median peer and -24.5% for the South Korea market (cap-weighted) — 7th highest of 21 in its peer set.
Growth Revenue grew 5.1% over the last twelve months (peer median +2.7%); the operating margin is 6.0% (peer median 7.1%).
Valuation It trades at 11.8× forward earnings against a peer median of 18.9× (6th cheapest of 21).
Price implies For today's price to make sense, revenue must grow about -16% a year for seven years (Req g). Recent delivered growth is +6%, so the hurdle is -22 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 3.0 points above its cost of capital (5.4% WACC).
Next results Next results expected around 18 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ₩3.64T | ₩3.51T | ₩3.44T | ₩3.41T | ₩3.13T |
| Revenue growth | — | +2% | +1% | +9% | — |
| Gross profit | ₩1.06T | ₩979B | ₩928B | ₩998B | ₩864B |
| EBITDA | ₩342B | ₩311B | ₩286B | ₩330B | ₩229B |
| Net income | ₩197B | ₩170B | ₩157B | ₩172B | ₩116B |
| Free cash flow | ₩197B | ₩201B | ₩150B | ₩219B | ₩66.8B |
| Capital expenditure | ₩174B | ₩67.9B | ₩125B | ₩108B | ₩94.9B |
| Total debt | ₩183B | ₩177B | ₩73.9B | ₩61.1B | ₩64.2B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Nongshim 004370.KS | $1.74B | +8% | +5% | 6% | 11.8× | -16.1% |
| Otoki 007310.KS | $879M | -13% | +4% | 5% | 9.4× | -6.5% |
| SamyangFood 003230.KS | $6.70B | -9% | +38% | 23% | 16.3× | -6.6% |
| Toyo Suisan Kaisha 2875.T | $6.74B | -4% | +7% | 17% | 14.5× | -5.0% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 004370.KS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +1.9% | +4.3% | 6th lowest of 21 |
| 6-month return | +8.0% | -9.9% | 7th highest of 21 |
| Distance from 52-week high | -13.8% | -19.9% | 9th highest of 21 |
| Revenue growth (TTM) | +5.1% | +2.7% | 9th highest of 21 |
| Operating margin | 6.0% | 7.1% | 8th lowest of 21 |
| Forward P/E | 11.8× | 18.9× | 6th cheapest of 21 |
| Growth the price implies (Req g, 7 yrs) | -16.1% | 2.6% | least demanding of 18 |
| Growth delivered (Del g) | +5.9% | +8.3% | 7th lowest of 18 |
| Hurdle (Req g minus delivered) | -22.0 pp | -5.7 pp | least demanding of 18 |
| ROIC minus cost of capital | +3.0 pp | +1.5 pp | 9th highest of 21 |
| EV / EBITDA | 3.7× | 10.4× | cheapest of 13 |
| Net debt / EBITDA | -3.2× | 1.5× | least indebted of 13 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Nongshim 004370.KS | South Korea | $1.74B | +8% | +5% | 6% | 11.8× | -16.1% | +5.9% |
| Corbion CRBN.AS | Netherlands | $1.73B | +37% | -3% | 8% | 19.6× | 11.5% | +5.1% |
| J & J Snack Foods JJSF | United States | $1.68B | +18% | -5% | 6% | 24.1× | 6.8% | +9.1% |
| Three Squirrels 300783.SZ | China | $1.66B | -12% | -13% | 2% | 21.5× | 19.5% | +0.8% |
| Cloetta CLA-B.ST | Sweden | $1.82B | +16% | 0% | 14% | 20.9× | -0.3% | +8.4% |
| Anhui Jinhe Industrial 002597.SZ | China | $1.83B | -8% | +22% | 4% | 19.4× | 10.3% | +6.0% |
| Nomad Foods NOMD | United States | $1.64B | +24% | +3% | 13% | 7.3× | -4.1% | +3.6% |
| Robertet RBT.PA | France | $1.84B | +4% | 0% | 15% | 18.3× | -0.4% | +9.4% |
| Sanquan Foods 002216.SZ | China | $1.56B | -18% | +7% | 5% | 18.1× | 2.6% | -1.1% |
| Nissui 1332.T | Japan | $1.97B | -16% | +8% | 4% | 10.8× | 0.9% | +8.7% |
| Kagome 2811.T | Japan | $1.51B | +3% | +3% | 7% | 24.0× | 2.2% | +10.0% |
| NIPPN 2001.T | Japan | $1.50B | +8% | +2% | 5% | 11.3× | n/a | n/a |
| Chongqing Fuling Zhacai 002507.SZ | China | $2.04B | -6% | +3% | 28% | 18.0× | -0.9% | +1.4% |
| UTZ Brands UTZ | United States | $2.05B | +90% | +2% | 4% | 17.9× | 31.8% | +8.3% |
| Chacha Food 002557.SZ | China | $1.46B | -17% | +8% | 8% | 15.8× | n/a | n/a |
| Qianhe Condiment & Food 603027.SS | China | $1.43B | -21% | -6% | 14% | 23.9× | 3.1% | +8.8% |
| Flowers Foods FLO | United States | $1.42B | -20% | +2% | 6% | 8.8× | -7.6% | +3.7% |
| Yantai China Pet Foods 002891.SZ | China | $1.39B | -15% | +21% | 4% | 32.6× | n/a | n/a |
| CCL Products (India) CCL.NS | India | $1.37B | -20% | +24% | 13% | 25.8× | 17.9% | +29.1% |
| Weilong Delicious Global 9985.HK | Hong Kong | $2.22B | -20% | +13% | 25% | 9.6× | -6.3% | +11.1% |
| Sichuan Teway Food 603317.SS | China | $2.24B | -18% | +22% | 21% | 20.4× | 2.9% | +7.8% |