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KREDKRED
002790KOSPI

Amorepacific Holdings

25,900
-600 (-2.26%)

Price chart

  • MA5
  • MA20
  • MA60

Adjusted prices rescale past bars with coefficients taken from the base prices the exchange itself published, correcting for corporate actions such as stock splits and reverse splits. Cash dividends are not reflected, and the risk measures on this page never use these adjusted figures.

Market capitalizationKRW 1T

Each day's close multiplied by the listed share count of this share class alone, sampled weekly. It is the figure for this issue only, not a combined total across common and preferred shares.

Overview

Summary

Amorepacific Holdings was established in 1959 and is listed on the KOSPI market. Based in Seoul, it operates as a pure holding company that controls its subsidiaries through equity ownership.

The company generates revenue from dividends, royalties, service fees, and rent. Its main subsidiary, AMOREPACIFIC, manufactures and distributes cosmetics, household goods, and health functional foods through domestic channels, duty free shops, and overseas exports.

Business overview as filed

당사는 순수지주회사로서 자회사의 지분 소유를 통해 자회사의 사업내용을 지배하는 지주사업을 중점으로 하고 있습니다. 당사는 독점규제 및 공정거래에 관한 법률에 따라 공시서류작성기준일 현재 지주회사의 사업을 영위하고 있으며, 당사의 영업수익은 배당금 수익, 로열티 수익, 용역 수익, 임대료 수익 등으로 구성됩니다. 지주회사인 당사의 국내 자회사는 공시서류작성기준일 현재 (주)아모레퍼시픽, (주)이니스프리, (주)에뛰드, (주)아모스프로페셔널, (주)에스쁘아, (주)오설록, 농업회사법인(주)오설록농장, (주)퍼시픽테크로 총 8개사입니다.

주요 자회사인 (주)아모레퍼시픽은 화장품의 제조 및 판매, 생활용품의 제조 및 판매, 건강기능식품의 제조 및 판매를 하고 있습니다. 설화수, 헤라, 에스트라, 아이오페, 라네즈, 코스알엑스, 일리윤 등 다양한 브랜드 포트폴리오를 보유하고 있으며, 국내외에서 견고한 시장 지위를 유지하고 있습니다. 려, 미쟝센, 라보에이치 등 헤어케어 관련 브랜드 또한 핵심 제품을 중심으로 견고한 매출 성장세를 지속하고 있습니다. 판매 경로는 크게 순수 국내, 면세와 해외법인 및 수출로 구분되어 있습니다. 순수 국내는 온라인, 백화점, 방문판매, 전문점, 할인점, 대리점 등의 매출을 포함합니다. 2025년 경로별 매출 비중은 순수 국내 44%, 면세 9%, 해외법인 및 수출은 47%입니다.

당사는 더 나은 사회와 환경을 위해 지속가능경영을 실천하고자 힘쓰고 있습니다. 제품에 환경 또는 사회 친화적 속성을 구현하고, 고객의 지속가능한 라이프스타일 영위에 기여하는 브랜드 활동을 전개하고 있습니다. 더불어 기후 위기를 해결하고 대자연과 공존하기 위한 노력을 기울이고 있습니다.

Company overview

가. 연결대상 종속회사 개황

가-1. 연결대상 종속회사 현황(요약)

가-2. 연결대상 회사의 변동내용

나. 회사의 법적ㆍ상업적 명칭

당사의 명칭은 주식회사 아모레퍼시픽홀딩스 라고 표기합니다. 또한 영문으로는AMOREPACIFIC Holdings Corp. 라고 표기합니다.

다. 설립일자

당사는 1959년 3월 6일에 설립되어 2006년 6월 1일에 인적분할을 통해 주요사업인 화장품, 생활용품, 식품 등의 제조 및 판매와 관련된 사업을 (주)아모레퍼시픽으로 이전하였습니다. 당사는 공시서류작성기준일 현재 '독점규제 및 공정거래에 관한 법률'상 지주회사의 요건을 충족하고 있습니다.

라. 본사의 주소, 전화번호, 홈페이지 주소

- 주소: 서울 용산구 한강대로 100 (한강로2가) - 전화번호: 02-6040-5114 - 홈페이지: http://www.apgroup.com

마. 중소기업 등 해당 여부

바. 주요 사업의 내용

(주)아모레퍼시픽홀딩스은 독점규제 및 공정거래에 관한 법률에 따라 자회사의 지분 소유를 통해 자회사의 사업내용을 지배하는 지주회사의 사업을 영위하고 있습니다. 당사는 순수지주회사로서 영업수익은 배당금 수익, 로열티 수익, 용역 수익, 임대료 수익 등으로 구성됩니다. 지주회사인 당사는 공시서류 작성 기준일 현재 주요자회사인 (주)아모레퍼시픽을 포함하여 총 8개의 자회사를 두고 있습니다. 당사의 연결 대상 사업부문은 화장품 사업부문과 기타 사업부문으로 구분되어 있으며, 사업부문별 매출액 비중은 2025년 누계 기준 각각 95%와 5%입니다.

■ (주)아모레퍼시픽의 주요 사업의 내용

(주)아모레퍼시픽은 화장품의 제조 및 판매, 생활용품의 제조 및 판매, 건강기능식품의 판매를 하고 있습니다.

사업부문은 크게 화장품 사업부문과 헤어 앤 뷰티(Hair & Beauty) 사업부문으로 구분되어 있습니다. 화장품 사업부문은 설화수, 헤라, 라네즈, 아이오페, 에스트라, 코스알엑스 등 다양한 럭셔리 및 프리미엄 브랜드 포트폴리오를 갖고 있습니다. 헤어 앤 뷰티(Hair & Beauty) 사업부문 또한 려, 미쟝센, 해피바스 등 다양한 생활용품 브랜드로 사업을 전개하고 있습니다.

판매 경로는 크게 순수 국내, 면세와 해외법인 및 수출로 구분되어 있으며, 2025년 누적 기준 경로별 매출 비중은 순수 국내 44%, 면세 9%, 해외법인 및 수출은 47%입니다.

사. 회사의 주권상장(또는 등록ㆍ지정) 및 특례상장에 관한 사항

주) 상기 주권상장 일자는 보통주 기준이며, 1우선주와 3우선주(전환)의 상장일은 각각 1989년 6월 30일과 2019년 12월 26일입니다.

Transcribed verbatim from the sentences the filer wrote in the fiscal 2025 business report (received 2026.03.18), tables and figures omitted.

  • The summary is written separately from the filed text and is not the filer's wording, so it may phrase things differently from or omit parts of the original, which is shown alongside for checking.
  • The company introduction reproduces the sentences the filer wrote in its business report, with tables, figures and the sentences that point to other sections of the report omitted, and the accuracy of their content has not been separately verified.

VaR

2.88%
[1.87%, 4.44%] · As of 2026-10-02
VaR by window

The headline's measure for each of the three windows on one scale, the dot being the estimate and the bar its interval. The windows are nested and share their observations, so the three readings are not three independent measurements. The selected window is highlighted.

Daily return distribution

The issue's daily returns over the chosen window counted into equal-width bins. The vertical lines mark the VaR and cVaR above on the loss side. The published VaR sample applies exclusion rules for halts and first sessions that this raw daily series does not, so the bars and the marks can differ slightly at the edges.

Drawdown

Deepest drawdown 41.7% (2026-06-26). How far below its previous peak the issue stood each day over the chosen window, a description of the path already travelled.

If these numbers are unfamiliarThere is a guide that walks through VaR, cVaR and annualized volatility in plain language.Read the guide

Characteristic line

0.18
Beta [0.03, 0.34] · KOSPI200 · As of 2026-10-08
Intercept
-0.053%[-0.439%, +0.332%]
R squared
0.05
Observations
252
Trading-time corrected beta
-0.00[-0.28, 0.27]
252-day rolling beta

A 252-day window rolled one day at a time over the longest daily span of the characteristic line. It shows when the beta against the KOSPI200 and the annualized volatility of the issue's excess return rose and fell, and unlike the headline figures above it carries no interval.

252-day rolling annualized volatility

Each point is one period's index excess return and issue excess return, and the line is the regression fitted to those points. The risk-free rate is the certificate of deposit rate.

Financials

20152016201720182019202020212022202320242025TTM
RevenueKRW 100M56,61266,97660,29160,78262,84349,30153,26144,95040,21342,59946,23248,405
Revenue growth%—18.31-9.980.813.39-21.558.03-15.60-10.545.938.53—
Operating incomeKRW 100M9,13610,8287,3155,4954,9821,5073,5622,7191,5202,4933,6804,196
Operating income growth%—18.52-32.45-24.88-9.32-69.76136.41-23.66-44.1064.0047.63—
Net incomeKRW 100M6,7398,1154,8953,7632,8242202,9201,4922,3476,5292,9223,383
Net income growth%—20.41-39.68-23.14-24.95-92.191,224.31-48.8957.29178.16-55.25—
Attributable to ownersKRW 100M2,4173,3282,0261,4231,3371041,8006221,1932,5201,2401,383
Attributable to minoritiesKRW 100M3,9314,5962,8692,3401,4871171,1208701,1544,0081,6812,000
Operating margin%16.1416.1712.139.047.933.066.696.053.785.857.968.67
Net margin%11.9012.128.126.194.490.455.483.325.8415.336.326.99
ROE%——6.764.563.970.325.441.853.597.563.563.92
ROA%10.9611.456.675.093.410.283.631.953.087.643.333.80
Debt ratio%25.7827.3323.6618.3427.8024.1824.1317.1016.9522.1521.2021.02
Current ratio%259.37222.73215.74277.35237.05243.82236.83301.25321.21226.98251.27264.08
Quick ratio%219.18186.53176.66221.84194.26202.93194.20247.26267.16176.92204.15214.85
Reserve ratio%4,433.415,114.955,500.915,778.105,472.485,224.315,318.025,351.495,469.135,529.985,588.565,527.25
Free cash flowKRW 100M——-2,5682,9385,5604,7106,6326332,0122,9735,529—
FCF margin%——-4.264.838.859.5512.451.415.006.9811.96—
OCF conversion%109.28108.03120.47194.18293.993,020.91261.18122.94165.9359.03215.52—
Capex to revenue%——14.047.194.363.961.872.674.682.071.66—
Receivable daysdays—18.011.21.61.62.22.44.2————
Inventory daysdays—96.9105.8107.8113.7133.5127.5135.8144.5157.0165.8—
Payable daysdays—30.0——64.682.883.969.1————
Cash conversion cycledays—85.0——50.752.946.170.9————
EPSKRW3,2194,2402,4321,7081,444741,9896571,2962,7821,3611,809
PERx—31.3757.9842.5657.27741.8922.3053.1222.577.4819.7312.05
BPSKRW——36,34937,82340,83739,40840,10040,70440,30340,45243,82446,156
PBRx——3.881.922.031.391.110.860.730.510.610.47
Dividend per shareKRW390460360310300230450205245—330—
Payout ratio%12.1210.8514.8018.1520.78310.8122.6231.2018.90—24.25—

Consolidated basis

Profit flowKRW 100M

Revenue
46,232
Gross profit
34,024
Cost of sales
12,208
Other
30,344
Operating income
3,680
Non-operating income
278
Profit before tax
3,958
Net income
2,922
Income tax expense
1,037

This diagram traces where revenue goes at each step on its way to net income, using the filed amounts as they are. The non-operating result is taken as the difference between profit before tax and operating income and is shown as income or expense by its sign, and whatever a step's items leave unexplained is shown separately as other.

Revenue compositionKRW 100M

Margins%

Cash flow by activityKRW 100M

Balance sheet compositionKRW 100M

Debt ratio%

The left bar splits assets into current and non-current and the right bar splits the financing of those assets into liabilities and equity, so the two bars stand at the same height.

Quarterly resultsKRW 100M

Year-on-year growth%

Each quarterly bar is that quarter's three months and is never mixed with an annual figure. The growth rate is computed only where the same quarter a year earlier is also shown here, and is left blank when the base was a loss.

Cash conversion cycledays

Free cash flow breakdownKRW 100M

Inventory days and receivable days stack upward, payable days hang downward, and the cash conversion cycle they net to is drawn as the line. Each day count uses the average balance with the prior year, so the oldest year is not drawn. A day count whose line was not filed is left out, and the cycle is shown only for years that carry all three.

Free cash flow is cash from operating activities less spending on property, plant and equipment, and all three bars keep the sign as filed.

Owners' net margin%

Asset turnoverx

Financial leveragex

ROE%

ROE is the product of the owners' net margin, asset turnover and financial leverage. All three use period-end balances as denominators, and profit and equity are on the owners' basis, so the product matches the ROE in the table.

Financial statements

Balance sheet

20152016201720182019202020212022202320242025
61,48070,88473,35273,87482,81477,88780,38176,51076,31485,40587,694
12,60215,21514,03311,44918,01215,16715,62511,17511,06315,48815,340
48,87855,66959,32062,42564,80162,72064,75665,33565,25169,91772,354

Income statement

20152016201720182019202020212022202320242025
56,61266,97660,29160,78262,84349,30153,26144,95040,21342,59946,232
9,13610,8287,3155,4954,9821,5073,5622,7191,5202,4933,680
9,21610,8836,9835,3484,3143134,2962,8843,5376,9063,958
6,7398,1154,8953,7632,8242202,9201,4922,3476,5292,922
Basic earnings per shareKRW3,2194,2402,4321,7081,444741,9896571,2962,7821,361
Diluted earnings per shareKRW3,1314,246Not applicableNot applicableNot applicableNot applicableNot applicableNot applicable1,2962,7821,361
6,3487,9254,8134,0162,8743722,6621,6619656,1753,403

Cash flow statement

20152016201720182019202020212022202320242025
Net incomefrom the income statement6,7398,1154,8953,7632,8242202,9201,4922,3476,5292,922
Total adjustments to operating cash flowcomputed6266521,0023,5445,4786,4404,7063421,548-2,6753,375
7,3658,7675,8977,3078,3026,6607,6261,8353,895*3,8546,297
-833-8,141-2,435-5,404-4,333-4,301-8,092-1,301-2,594*-3,529-3,573
-707-989-873-1,024-2,874-4,369-2,621-2,572-1,444-1,188-2,470
Cash at beginning of periodKRW 100M4,17210,0329,69012,07712,97514,17411,9098,7066,5016,2905,644
10,0329,69012,07712,97514,17412,0308,7066,5016,2905,6445,966
Net change in cash and cash equivalentsKRW 100M5,860-3412,3868981,200-2,144-3,203-2,205-211-646322

In the latest fiscal year cash generated by operations covered both investing outflows and financing outflows.

A year whose own filing is absent is filled from the restated comparative in the following filing, and is marked as such. Operating indicators outside the statements, such as order backlogs, and audit opinions are not covered here, and per-share figures follow the filed values without retroactive adjustment for share splits.

Transcribed verbatim from the sentences the filer wrote in the fiscal {year} business report (received {date}), with tables, figures and cross-references to other sections omitted.

The newest annual filing shown was received on 2026.03.18.

Audit opinion

Fiscal yearOpinionAuditorFiscal year end
2025적정의견Term 67삼일회계법인2025-12-31
2024적정의견Term 66한영회계법인2025-12-31
2023적정의견Term 65한영회계법인2025-12-31
2022적정Term 64한영회계법인2022-12-31
2021적정Term 63삼일회계법인2022-12-31
2020적정Term 62삼일회계법인2022-12-31
2019적정Term 61삼일회계법인2019-12-31
2018적정Term 60삼일회계법인2019-12-31
2017적정Term 59삼일회계법인2019-12-31
2016적정Term 58삼일회계법인2016-12-31
2015적정Term 57삼일회계법인2016-12-31
2014적정Term 56삼일회계법인2016-12-31

The auditor's name and the opinion are transcribed verbatim from the filed audit report, and the wording follows the filer. A fiscal year shown twice means the filing carried two entries that the source does not distinguish.

Korean audit opinions come in four kinds, where an unqualified opinion (적정) finds the statements fairly presented, a qualified opinion (한정) does so except for a stated matter, an adverse opinion (부적정) finds them not fairly presented, and a disclaimer of opinion (의견거절) means the auditor could not obtain enough evidence to form a view.

Valuation

Valuation multiplesx

PER and PBR divide each period's closing price by the per-share figure filed for that same period, and a loss period is left blank. The quarterly view is a multiple of quarterly EPS.

Dividend historyKRW

The dividend-per-share bars are restated onto the current share basis for splits and par-value changes. The payout ratio and the dividend yield divide figures filed for the same period and are left unadjusted.

Payout ratio and dividend yield%

PER bandKRW

The price is the adjusted close and each band line multiplies the EPS of the latest completed fiscal year by a fixed multiple. The previous year's EPS stays in force until the next fiscal year ends, and the multiples divide the range between the lowest and highest annual PER on record into equal steps.

Valuation models

Five models priced under one set of assumptions, set beside the current price, with how each has moved by fiscal year.

Assumptions

Risk-free rate10-year treasury yield · 2026-10-084.40%
BetaDaily 5Y0.36
%
%
Cost of equity6.20%
Weighted average cost of capital6.02%
Initial growth2.7%
Effective tax rate26.2%
Base fiscal year2025
Current priceKRW25,900

The risk premium and the terminal growth rate are adjustable assumptions, and the rest follow from the data and the formulas.

ModelModel priceKRWVersus current price
Gordon growth model8,016-69.1%
Dividend discount model DDM8,148-68.5%
Discounted cash flow FCFF188,094+626.2%
Discounted cash flow FCFE150,067+479.4%
Residual income model RIM15,613-39.7%
The table prices the newest fiscal year's accounts at today's treasury yield and the current price.

Dividend and residual income familyKRW

Discounted cash flow familyKRW

Each fiscal year's figures use that year's accounts and the treasury yield at its period end, with beta held at its current value, and splits or par changes are restated to the current share basis.

How the figures are calculated

Each model's formula is shown in symbols and then with this issue's own numbers substituted, step by step. Changing a value in the assumptions panel changes the numbers here too. Firm-level amounts are in hundred million won and per-share values in won.

Cost of equity

r=rf+β×ERPr = r_f + \beta \times \mathit{ERP}

r = 4.40% + 0.36 × 5.00% = 6.20%

Initial growth

g1=max⁡{ROE×(1−payout), 0},gt=g1+(gT−g1) t−1N−1g_1 = \max\{\mathit{ROE} \times (1 - \text{payout}),\,0\},\qquad g_t = g_1 + (g_T - g_1)\,\frac{t-1}{N-1}

g_1 = max(3.56% × (1 − 24.25%), 0) = 2.70%

Growth starts at this value in the first year and falls by equal steps each year to reach the terminal rate in the fifth

Gordon growth model

P0=D0 (1+gT)r−gTP_0 = \frac{D_0\,(1 + g_T)}{r - g_T}

P_0 = 330 × (1 + 2.00%) / (6.20% − 2.00%) = 337 / 0.0420 = 8,016 KRW

Dividend discount model DDM

P0=∑t=1NDt(1+r)t+DN(1+gT)(r−gT) (1+r)N,Dt=Dt−1(1+gt)P_0 = \sum_{t=1}^{N} \frac{D_t}{(1+r)^t} + \frac{D_N (1+g_T)}{(r - g_T)\,(1+r)^N},\qquad D_t = D_{t-1}(1+g_t)

D_0 = 330, g_1 = 2.70%, g_T = 2.00%, r = 6.20%

YearGrowthDividend KRWDiscount factorPresent value KRW
12.70%3390.9416319
22.52%3470.8867308
32.35%3560.8349297
42.17%3630.7862286
52.00%3710.7403274
Terminal value2.00%9,0020.74036,664
Total8,148

P_0 = 8,148 KRW

Residual income model RIM

P0=B0+∑t=1NRIt(1+r)t+RIN(1+gT)(r−gT) (1+r)N,RIt=(ROE−r) Bt−1P_0 = B_0 + \sum_{t=1}^{N} \frac{\mathit{RI}_t}{(1+r)^t} + \frac{\mathit{RI}_N (1+g_T)}{(r - g_T)\,(1+r)^N},\qquad \mathit{RI}_t = (\mathit{ROE} - r)\,B_{t-1}

B_0 = 43,824 KRW, ROE = 3.56%, payout ratio = 24.25%, r = 6.20%, g_T = 2.00%

YearOpening book valueEarningsEquity chargeResidual incomeDiscount factorPresent value
143,8241,5612,717-1,1560.9416-1,088
245,0061,6032,790-1,1870.8867-1,052
346,2211,6462,865-1,2190.8349-1,018
447,4681,6912,943-1,2520.7862-984
548,7491,7363,022-1,2860.7403-952
Terminal value-31,2270.7403-23,116

P_0 = 43,824 + -5,094 + -23,116 = 15,613 KRW

Discounted cash flow FCFF

FCFF0=CFO−CapEx+Int (1−τ),WACC=ED+E r+DD+E kd (1−τ)\mathit{FCFF}_0 = \mathit{CFO} - \mathit{CapEx} + \mathit{Int}\,(1-\tau),\qquad \mathit{WACC} = \frac{E}{D+E}\,r + \frac{D}{D+E}\,k_d\,(1-\tau)

Base-year cash flow FCFF

FCFF_0 = 6,296.7 − 768.1 + 180.2 × (1 − 26.19%) = 5,661.6 KRW hundred million

Weighted average cost of capital

E = 20,579.7, D = 2,562.5 KRW hundred million; equity weight = 88.93%, debt weight = 11.07%; cost of debt k_d = 6.20%

WACC = 88.93% × 6.20% + 11.07% × 6.20% × (1 − 26.19%) = 6.02%

Vfirm=∑t=1NFCFFt(1+WACC)t+FCFFN(1+gT)(WACC−gT) (1+WACC)N,FCFFt=FCFFt−1(1+gt),P0=Vfirm−D+CashSharesV_{\text{firm}} = \sum_{t=1}^{N} \frac{\mathit{FCFF}_t}{(1+\mathit{WACC})^t} + \frac{\mathit{FCFF}_N (1+g_T)}{(\mathit{WACC} - g_T)\,(1+\mathit{WACC})^N},\qquad \mathit{FCFF}_t = \mathit{FCFF}_{t-1}(1+g_t),\qquad P_0 = \frac{V_{\text{firm}} - D + \text{Cash}}{\text{Shares}}
YearGrowthCash flow KRW hundred millionDiscount factorPresent value KRW hundred million
12.70%5,814.40.94325,484.2
22.52%5,961.10.88975,303.4
32.35%6,101.10.83925,119.8
42.17%6,233.80.79154,934.1
52.00%6,358.50.74664,747.1
Terminal value2.00%161,355.30.7466120,463.2
Total146,051.9

Firm value = 146,051.9; less borrowings 2,562.5; plus cash 5,966.3 → 149,455.7 KRW hundred million

P_0 = 149,455.7 KRW hundred million ÷ 79,458,180 (shares) = 188,094 KRW

Discounted cash flow FCFE

FCFE0=CFO−CapEx+ΔD,P0=1Shares[∑t=1NFCFEt(1+r)t+FCFEN(1+gT)(r−gT) (1+r)N],FCFEt=FCFEt−1(1+gt)\mathit{FCFE}_0 = \mathit{CFO} - \mathit{CapEx} + \Delta D,\qquad P_0 = \frac{1}{\text{Shares}}\left[\sum_{t=1}^{N} \frac{\mathit{FCFE}_t}{(1+r)^t} + \frac{\mathit{FCFE}_N (1+g_T)}{(r - g_T)\,(1+r)^N}\right],\qquad \mathit{FCFE}_t = \mathit{FCFE}_{t-1}(1+g_t)

Base-year cash flow FCFE

FCFE_0 = 6,296.7 − 768.1 + -699.4 (net borrowing) = 4,829.1 KRW hundred million

YearGrowthCash flow KRW hundred millionDiscount factorPresent value KRW hundred million
12.70%4,959.40.94164,669.9
22.52%5,084.60.88674,508.3
32.35%5,204.10.83494,344.9
42.17%5,317.20.78624,180.2
52.00%5,423.60.74034,014.9
Terminal value2.00%131,738.40.740397,522.6
Total119,240.8

P_0 = 119,240.8 KRW hundred million ÷ 79,458,180 (shares) = 150,067 KRW

The cost of equity is the risk-free rate plus beta times the equity risk premium. Initial growth is the newest fiscal year's return on equity times its retention ratio, floored at zero, and falls by equal steps from that value in the first year to the terminal rate in the fifth. Only the Gordon model grows at the terminal rate from the start. Discounted cash flow starts from operating cash flow less capital expenditure, where FCFF adds after-tax interest paid and discounts at the weighted average cost of capital, and FCFE adds net borrowing and discounts at the cost of equity. The residual income model adds to book value per share the present value of earnings above the equity charge.

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