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Korean distributor and exporter of K-beauty cosmetics brands, getting Korean skincare and makeup onto global retail and e-commerce shelves.
Korean distributor and exporter of K-beauty cosmetics brands, getting Korean skincare and makeup onto global retail and e-commerce shelves.
Buys products from Korean beauty brands and resells them to overseas retailers, marketplaces and its own online store StyleKorean, earning the mark-up, so it does not depend on one product. Overseas warehouses speed delivery and let small brands reach foreign shoppers without setting up their own subsidiaries.
In one line: A cross-border distribution platform for Korean beauty brands.
Moat: narrow (distribution, scale). Established international distribution and e-commerce channel relationships for Korean beauty brands.
Headquarters: Seoul, South Korea · Employees: 309
Size SILICON 2 (257720.KS) is a South Korea Consumer Discretionary company (Specialty Stores) with a market value of $1.30B, the 196th largest of 495 South Korea companies the cockpit tracks. Shares closed at ₩26,850 on 6 Nov 2026.
Performance Over six months the shares fell 39.0%, against +1.9% for the median peer and -24.5% for the South Korea market (cap-weighted) — lowest of 21 in its peer set.
Growth Revenue grew 55.5% over the last twelve months (peer median +6.7%); the operating margin is 18.7% (peer median 5.0%).
Valuation It trades at 7.2× forward earnings against a peer median of 18.2× (3rd cheapest of 18).
Price implies For today's price to make sense, revenue must grow about -15% a year for seven years (Req g). Recent delivered growth is +62%, so the hurdle is -77 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 19.8 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 | ₩1.35T | ₩1.12T | ₩692B | ₩343B | ₩165B |
| Revenue growth | — | +61% | +102% | +107% | — |
| Gross profit | ₩402B | ₩338B | ₩227B | ₩111B | ₩50.1B |
| EBITDA | ₩265B | ₩214B | ₩143B | ₩51.5B | ₩16.9B |
| Net income | ₩221B | ₩169B | ₩121B | ₩38.0B | ₩11.2B |
| Free cash flow | ₩10.8B | -₩5.74B | -₩15.6B | -₩36.8B | -₩12.9B |
| Capital expenditure | ₩39.8B | ₩7.04B | ₩76.6B | ₩18.9B | ₩22.8B |
| Total debt | ₩133B | ₩131B | ₩155B | ₩63.8B | ₩25.1B |
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 |
|---|---|---|---|---|---|---|
| SILICON 2 257720.KS | $1.30B | -39% | +55% | 19% | 7.2× | -14.8% |
| 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% |
| Amorepacific 090430.KS | $6.03B | -1% | +10% | 9% | 23.8× | 4.0% |
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 | 257720.KS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -28.5% | +1.3% | lowest of 21 |
| 6-month return | -39.0% | +1.9% | lowest of 21 |
| Distance from 52-week high | -52.1% | -22.4% | lowest of 21 |
| Revenue growth (TTM) | +55.5% | +6.7% | highest of 21 |
| Operating margin | 18.7% | 5.0% | 4th highest of 20 |
| Forward P/E | 7.2× | 18.2× | 3rd cheapest of 18 |
| Growth the price implies (Req g, 7 yrs) | -14.8% | 1.2% | 2nd least demanding of 17 |
| Growth delivered (Del g) | +62.2% | +4.7% | highest of 17 |
| Hurdle (Req g minus delivered) | -77.0 pp | -3.5 pp | least demanding of 17 |
| ROIC minus cost of capital | +19.8 pp | +2.4 pp | highest of 19 |
| EV / EBITDA | 6.8× | 8.0× | 5th cheapest of 13 |
| Net debt / EBITDA | 0.2× | 1.4× | 4th least indebted of 17 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| SILICON 2 257720.KS | South Korea | $1.30B | -39% | +55% | 19% | 7.2× | -14.8% | +62.2% |
| Rusta RUSTA.ST | Sweden | $1.28B | -17% | +8% | 8% | 18.7× | 2.5% | +7.3% |
| Chengdu Fusen Noble-House Industrial 002818.SZ | China | $1.26B | -8% | -22% | 42% | 11.2× | -2.7% | -1.0% |
| Nextage 3186.T | Japan | $1.25B | -26% | +24% | 4% | 11.2× | -0.1% | +22.0% |
| Kidswant Digital Technology 301078.SZ | China | $1.24B | -25% | +5% | 5% | 21.8× | -0.6% | +4.2% |
| Bilia BILI-A.ST | Sweden | $1.37B | +9% | +1% | 3% | 14.6× | 0.9% | +6.0% |
| Sun Art Retail 6808.HK | Hong Kong | $1.37B | -24% | -10% | 0% | n/a | 1.6% | -9.4% |
| Itochu Enex 8133.T | Japan | $1.41B | +3% | +2% | 3% | n/a | -7.1% | +2.9% |
| National Vision EYE | United States | $1.42B | -22% | +8% | 4% | 16.3× | 15.6% | +3.0% |
| Leon's Furniture LNF.TO | Canada | $1.43B | +16% | 0% | 8% | 13.3× | -3.3% | +3.0% |
| MarineMax HZO | United States | $1.16B | +21% | -6% | 2% | 32.8× | n/a | n/a |
| Sinomach Automobile 600335.SS | China | $1.16B | -14% | -11% | 2% | n/a | -10.9% | -4.2% |
| Bluestone Jewellery and Lifestyle BLUESTONE.NS | India | $1.15B | +41% | +38% | 9% | 132.9× | n/a | n/a |
| TUHU Car 9690.HK | Hong Kong | $1.14B | -13% | +16% | 0% | 21.3× | -17.8% | +12.7% |
| Chow Sang Sang Holdings International 0116.HK | Hong Kong | $1.13B | +7% | +16% | 20% | 3.1× | n/a | n/a |
| Pets At Home PETS.L | United Kingdom | $1.51B | +48% | -1% | 7% | 15.9× | 9.2% | +5.2% |
| Apotea APOTEA.ST | Sweden | $1.11B | +42% | +9% | 4% | 37.2× | 7.9% | +9.4% |
| Savers Value Village SVV | United States | $1.52B | +22% | +10% | 8% | 18.2× | 12.9% | +15.0% |
| Luk Fook Holdings (International) 0590.HK | Hong Kong | $1.58B | -9% | +29% | 20% | 6.1× | n/a | n/a |
| FIYTA Precision Technology 000026.SZ | China | $1.05B | +1% | +2% | n/a | 52.4× | 5.3% | -3.8% |
| Honasa Consumer HONASA.NS | India | $1.61B | +32% | +21% | 10% | 52.9× | 42.5% | +39.1% |