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World's largest cosmetics ODM/OEM manufacturer, developing and producing skincare and makeup for global beauty brands.
World's largest cosmetics ODM/OEM manufacturer, developing and producing skincare and makeup for global beauty brands.
Develops formulas and manufactures finished beauty products for brands that sell them under their own labels, so it is paid per production order and for the formulations it creates for clients. It supplies both global groups and small independent brands, and runs plants in Korea, China, the US and Southeast Asia.
Moat: narrow (scale, process know-how). Largest global cosmetics contract manufacturer, embedded in many brands' product development.
Headquarters: Seoul, South Korea · Founded: 1992 · Employees: 1,565
Size Cosmax (192820.KS) is a South Korea Consumer Staples company (Household/Personal Care) with a market value of $2.13B, the 133rd largest of 495 South Korea companies the cockpit tracks. Shares closed at ₩254,500 on 6 Nov 2026.
Performance Over six months the shares gained 20.9%, against -5.7% for the median peer and -24.5% for the South Korea market (cap-weighted) — 5th highest of 21 in its peer set.
Growth Revenue grew 15.8% over the last twelve months (peer median +3.0%); the operating margin is 7.9% (peer median 10.4%).
Valuation It trades at 16.6× forward earnings against a peer median of 21.0× (7th cheapest of 21).
Capital Return on invested capital runs 5.1 points above its cost of capital (5.1% WACC).
Next results Next results expected around 11 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ₩2.66T | ₩2.40T | ₩2.17T | ₩1.78T | ₩1.60T |
| Revenue growth | — | +11% | +22% | +11% | — |
| Gross profit | ₩435B | ₩395B | ₩405B | ₩368B | ₩270B |
| EBITDA | ₩289B | ₩270B | ₩238B | ₩174B | ₩111B |
| Net income | ₩184B | ₩123B | ₩85.8B | ₩57.1B | ₩20.8B |
| Free cash flow | -₩69.9B | -₩100B | -₩58.2B | ₩145B | ₩18.4B |
| Capital expenditure | ₩231B | ₩193B | ₩169B | ₩90.6B | ₩84.4B |
| Total debt | ₩1.09T | ₩825B | ₩821B | ₩656B | ₩608B |
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 |
|---|---|---|---|---|---|---|
| Cosmax 192820.KS | $2.13B | +21% | +16% | 8% | 16.6× | n/a |
| Kolmar Korea 161890.KS | $1.89B | +23% | +13% | 10% | 13.0× | -0.9% |
| Cosmecca Korea 241710.KS | $798M | +25% | +44% | 13% | 14.4× | -5.9% |
| Intercos ICOS.MI | $1.50B | +16% | -5% | 9% | 19.5× | 4.5% |
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 | 192820.KS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -17.5% | +2.8% | 2nd lowest of 21 |
| 6-month return | +20.9% | -5.7% | 5th highest of 21 |
| Distance from 52-week high | -20.5% | -29.5% | 7th highest of 21 |
| Revenue growth (TTM) | +15.8% | +3.0% | 3rd highest of 21 |
| Operating margin | 7.9% | 10.4% | 6th lowest of 21 |
| Forward P/E | 16.6× | 21.0× | 7th cheapest of 21 |
| ROIC minus cost of capital | +5.1 pp | +6.5 pp | 9th lowest of 21 |
| EV / EBITDA | 12.8× | 11.3× | 4th most expensive of 12 |
| Net debt / EBITDA | 2.5× | -1.2× | 2nd most indebted of 13 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Cosmax 192820.KS | South Korea | $2.13B | +21% | +16% | 8% | 16.6× | n/a | n/a |
| KOSE 4922.T | Japan | $2.16B | +7% | +3% | 4% | 27.2× | n/a | n/a |
| Softcare 2698.HK | Hong Kong | $2.20B | -5% | +25% | 25% | 14.4× | 8.7% | +20.9% |
| Pola Orbis 4927.T | Japan | $1.96B | +8% | +1% | 10% | 28.8× | -3.1% | -0.7% |
| Kolmar Korea 161890.KS | South Korea | $1.89B | +23% | +13% | 10% | 13.0× | -0.9% | +15.5% |
| Procter & Gamble Hygiene & Health Care PGHH.NS | India | $2.40B | -29% | -2% | 24% | 27.3× | 15.4% | +7.4% |
| Blue Moon 6993.HK | Hong Kong | $1.88B | -15% | -2% | -2% | 93.6× | n/a | n/a |
| Yunnan Botanee Bio-Technology 300957.SZ | China | $1.84B | -28% | +7% | 9% | 21.2× | 4.5% | +15.3% |
| Emami EMAMILTD.NS | India | $1.80B | -15% | +3% | 20% | 21.4× | 21.7% | +5.6% |
| LG H&h 051900.KS | South Korea | $2.56B | -8% | -3% | 3% | 18.5× | -0.1% | -4.1% |
| Gillette India GILLETTE.NS | India | $2.56B | -7% | +8% | 28% | 33.0× | 16.0% | +13.0% |
| Shanghai Jahwa United 600315.SS | China | $1.74B | -13% | +9% | 2% | 18.1× | 17.1% | -2.1% |
| Winner Medical 300888.SZ | China | $2.69B | -2% | +4% | 11% | 20.9× | -4.3% | -2.6% |
| Pigeon 7956.T | Japan | $1.66B | +30% | +7% | 13% | 26.3× | -1.3% | +1.9% |
| Giant Biogene 2367.HK | Hong Kong | $2.76B | -34% | -10% | 32% | 9.7× | -8.0% | +34.9% |
| Energizer ENR | United States | $1.63B | +26% | +2% | 16% | 7.2× | -5.2% | +1.5% |
| Harbin Fuerjia Technology 301371.SZ | China | $1.58B | -30% | +28% | 20% | 22.5× | 8.7% | +3.6% |
| AMOREPACIFIC 002790.KS | South Korea | $1.55B | -3% | +9% | 9% | 8.4× | -17.9% | -1.3% |
| Proya Cosmetics 603605.SS | China | $2.97B | -19% | +2% | 13% | 11.1× | -4.8% | +23.1% |
| Intercos ICOS.MI | Italy | $1.50B | +16% | -5% | 9% | 19.5× | 4.5% | +11.5% |
| Chongqing Baiya Sanitary Products 003006.SZ | China | $1.49B | +25% | 0% | 3% | 41.2× | 30.6% | +22.8% |