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090430KOSPI

Amorepacific

135,900
-2,600 (-1.88%)

Price chart

  • MA5
  • MA20
  • MA60
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 was established on June 1, 2006, through a corporate split from AMOREPACIFIC Group. The company is headquartered in Seoul and is listed on the KOSPI market.

The company manufactures and distributes cosmetics, household goods, and health functional foods. Its business consists of cosmetics and hair and beauty segments featuring brands such as Sulwhasoo and Mise en Scene. Distribution channels include domestic markets, duty free shops, and overseas subsidiaries.

Business overview as filed

당사는 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 현황가-1. 연결대상 종속회사 현황(요약)

가-1. 연결대상회사의 변동내용

나. 회사의 법적ㆍ상업적 명칭 당사의 명칭은 '주식회사 아모레퍼시픽'이라고 표기합니다. 또한 영문으로는 'AMOREPACIFIC CORPORATION'라 표기합니다. 단, 약식으로 표기할 경우에는 '(주) 아모레퍼시픽' 또는 'AMOREPACIFIC CORP.'라고 표기합니다.

다. 설립일자 당사는 화장품법 등에 근거하여 화장품의 제조 및 판매 사업 등을 영위할 목적으로 2006년 6월 1일에 (주)아모레퍼시픽그룹(舊 (주)태평양)을 인적분할하여 설립 (설립등기일 : 2006. 6. 7.)되었습니다.

라. 본사의 주소, 전화번호, 홈페이지 주소(1) 주소 : 서울특별시 용산구 한강대로 100 (한강로2가)(2) 전화번호 : 02-6040-5114(3) 홈페이지 : http://www.apgroup.com

마. 중소기업 등 해당 여부

바. 주요 사업의 내용

당사는 화장품의 제조 및 판매, 생활용품의 제조 및 판매, 건강기능식품의 제조 및 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. 신용평가에 관한 사항 공시대상기간 동안 당사는 기업어음을 발행한 사실이 없으나, 발행을 가정하고 다음과 같은 신용평가를 받았습니다.

NICE신용평가주식회사 평가등급의 정의

한국신용평가주식회사 평가등급의 정의

아. 회사의 주권상장(또는 등록ㆍ지정)여부 및 특례상장에 관한 사항

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

3.13%
[1.57%, 6.20%] · 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% (2026-06-23). 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

0.15
Beta [-0.01, 0.32] · KOSPI200 · As of 2026-10-08
Intercept
+0.016%[-0.376%, +0.408%]
R squared
0.03
Observations
252
Trading-time corrected beta
-0.04[-0.33, 0.25]
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 100M47,66656,45451,23852,77855,80144,32248,63141,34936,74038,85142,52844,919
Revenue growth%—18.44-9.243.015.73-20.579.72-14.97-11.155.759.46—
Operating incomeKRW 100M7,7298,4815,9644,8204,2781,4303,4342,1421,0822,2053,3583,885
Operating income growth%—9.73-29.68-19.18-11.23-66.57140.10-37.61-49.51103.8352.32—
Net incomeKRW 100M5,8486,4573,9803,3482,2382191,8091,2931,7396,0162,4732,971
Net income growth%—10.42-38.36-15.87-33.17-90.23727.00-28.5334.51246.01-58.89—
Attributable to ownersKRW 100M5,7756,3933,9403,3222,3883511,9371,3451,8015,9322,3572,860
Attributable to minoritiesKRW 100M73654026-150-133-128-52-6285116111
Operating margin%16.2215.0211.649.137.673.237.065.182.945.687.908.65
Net margin%12.2711.447.776.344.010.493.723.134.7315.495.826.61
ROE%——9.497.515.320.794.072.803.6811.294.335.13
ROA%13.1612.467.406.233.740.382.962.232.958.873.554.19
Debt ratio%31.7532.9828.7520.8033.1227.7228.9321.3920.8127.3726.4925.85
Current ratio%210.25180.70160.30205.35169.05189.01174.39208.76240.05158.33178.77191.00
Quick ratio%173.10145.70124.49152.50126.62146.10131.78159.55191.56112.90135.93145.16
Reserve ratio%——10,039.0010,819.9711,257.0411,181.5711,623.7311,820.9112,092.0013,044.6613,576.9413,881.46
Free cash flowKRW 100M——-2,5602,4124,7183,7136,0035172,1372,5355,193—
FCF margin%——-5.004.578.458.3812.341.255.826.5312.21—
OCF conversion%107.30104.84128.78193.13321.012,534.91382.31116.83200.2755.60236.07—
Capex to revenue%——15.007.684.424.131.872.403.662.081.52—
Receivable daysdays—18.612.53.02.12.42.54.6————
Inventory daysdays—94.0103.899.0104.1125.1121.6123.1126.9143.0151.7—
Payable daysdays—41.5——62.678.080.565.5————
Cash conversion cycledays—71.0——43.649.443.662.2————
EPSKRW8,3729,2675,7114,8153,4775122,8201,9492,6098,6013,4164,889
PERx—34.6953.3243.5157.52402.3459.2270.5555.5812.1834.9821.62
BPSKRW——71,05575,64476,79876,42881,39582,03883,73789,79593,16195,278
PBRx——4.292.772.602.702.051.681.731.171.281.11
Dividend per shareKRW1,3501,5801,2801,1801,000800980680910—1,125—
Payout ratio%16.1317.0522.4124.5128.76156.2534.7534.8934.88—32.93—

Consolidated basis

Profit flowKRW 100M

Revenue
42,528
Gross profit
30,761
Cost of sales
11,767
Other
27,402
Operating income
3,358
Non-operating income
80
Profit before tax
3,438
Net income
2,473
Income tax expense
965

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
44,43151,81653,75753,71159,89057,01961,16758,01858,86567,83569,612
10,70812,84912,0039,24714,90212,37513,72410,22510,13814,57514,578
33,72338,96641,75444,46444,98844,64447,44347,79348,72753,26055,035

Income statement

20152016201720182019202020212022202320242025
47,66656,45451,23852,77855,80144,32248,63141,34936,74038,85142,528
7,7298,4815,9644,8204,2781,4303,4342,1421,0822,2053,358
7,7838,5665,6734,5303,7062532,9792,2452,8066,2083,438
5,8486,4573,9803,3482,2382191,8091,2931,7396,0162,473
Basic earnings per shareKRW8,3729,2675,7114,8153,4775122,8201,9492,6098,6013,416
Diluted earnings per shareKRW8,3779,272Not applicableNot applicableNot applicableNot applicableNot applicableNot applicable2,6098,6003,416
5,5576,3243,8653,5842,3103411,6521,0221,3346,0042,691

Cash flow statement

20152016201720182019202020212022202320242025
Net incomefrom the income statement5,8486,4573,9803,3482,2382191,8091,2931,7396,0162,473
Total adjustments to operating cash flowcomputed4273121,1463,1184,9455,3255,1062181,743-2,6713,365
6,2756,7705,1266,4677,1835,5446,9141,5103,4823,3455,838
-2,169-6,096-4,008-4,139-4,032-2,064-7,084-685-1,862-3,122-2,953
-694-1,330-1,109-1,034-3,874-2,160-2,260-1,546-986-988-2,224
Cash at beginning of periodKRW 100M3,4266,8726,2376,0427,3556,7367,9375,3774,4965,0644,515
6,8726,2376,0427,3556,7367,9375,3774,4965,0644,5155,246
Net change in cash and cash equivalentsKRW 100MNot applicableNot applicable-1951,313-6191,201-2,560-881568-548730

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 20삼일회계법인2025-12-31
2024적정의견Term 19한영회계법인2025-12-31
2023적정의견Term 18한영회계법인2025-12-31
2022적정Term 17한영회계법인2022-12-31
2021적정Term 16삼일회계법인2022-12-31
2020적정Term 15삼일회계법인2022-12-31
2019적정Term 14삼일회계법인2019-12-31
2018적정Term 13삼일회계법인2019-12-31
2017적정Term 12삼일회계법인2019-12-31

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 5Y0.34
%
%
Cost of equity6.10%
Weighted average cost of capital6.05%
Initial growth2.9%
Effective tax rate28.1%
Base fiscal year2025
Current priceKRW135,900

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 model27,981-79.4%
Dividend discount model DDM28,579-79.0%
Discounted cash flow FCFF238,733+75.7%
Discounted cash flow FCFE203,826+50.0%
Residual income model RIM51,507-62.1%
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% + 0.34 × 5.00% = 6.10%

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(4.33% × (1 − 32.93%), 0) = 2.90%

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 = 1,125 × (1 + 2.00%) / (6.10% − 2.00%) = 1,148 / 0.0410 = 27,981 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 = 1,125, g_1 = 2.90%, g_T = 2.00%, r = 6.10%

YearGrowthDividend KRWDiscount factorPresent value KRW
12.90%1,1580.94251,091
22.68%1,1890.88831,056
32.45%1,2180.83721,020
42.23%1,2450.7891982
52.00%1,2700.7437944
Terminal value2.00%31,5800.743723,486
Total28,579

P_0 = 28,579 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 = 93,161 KRW, ROE = 4.33%, payout ratio = 32.93%, r = 6.10%, g_T = 2.00%

YearOpening book valueEarningsEquity chargeResidual incomeDiscount factorPresent value
193,1614,0295,684-1,6550.9425-1,559
295,8644,1465,849-1,7030.8883-1,512
398,6444,2666,018-1,7520.8372-1,467
4101,5064,3906,193-1,8030.7891-1,423
5104,4504,5176,373-1,8550.7437-1,380
Terminal value-46,1390.7437-34,314

P_0 = 93,161 + -7,341 + -34,314 = 51,507 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 = 5,838.4 − 645.9 + 178.4 × (1 − 28.07%) = 5,320.9 KRW hundred million

Weighted average cost of capital

E = 79,491.7, D = 2,562.5 KRW hundred million; equity weight = 96.88%, debt weight = 3.12%; cost of debt k_d = 6.10%

WACC = 96.88% × 6.10% + 3.12% × 6.10% × (1 − 28.07%) = 6.05%

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
12.90%5,475.20.94305,163.0
22.68%5,621.70.88924,998.8
32.45%5,759.50.83854,829.3
42.23%5,887.60.79074,655.2
52.00%6,005.40.74564,477.5
Terminal value2.00%151,337.20.7456112,834.5
Total136,958.3

Firm value = 136,958.3; less borrowings 2,562.5; plus cash 5,245.6 → 139,641.3 KRW hundred million

P_0 = 139,641.3 KRW hundred million ÷ 58,492,759 (shares) = 238,733 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 = 5,838.4 − 645.9 + -499.4 (net borrowing) = 4,693.1 KRW hundred million

YearGrowthCash flow KRW hundred millionDiscount factorPresent value KRW hundred million
12.90%4,829.30.94254,551.6
22.68%4,958.50.88834,404.6
32.45%5,080.00.83724,253.1
42.23%5,193.00.78914,097.7
52.00%5,296.90.74373,939.3
Terminal value2.00%131,741.50.743797,977.0
Total119,223.2

P_0 = 119,223.2 KRW hundred million ÷ 58,492,759 (shares) = 203,826 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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