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KREDKRED
278470KOSPI

APR

371,500
-7,500 (-1.98%)

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

APR Co., Ltd. was established on October 10, 2014. The company is headquartered in Seoul and is listed on the KOSPI market.

The company operates in the cosmetics and home beauty device sectors. Its cosmetics brands include Medicube, Aprilskin, and Forment. The home beauty device business features the Medicube Age-R brand and the Booster Pro product. The company integrates the entire value chain from research and development to production and distribution.

Business overview as filed

당사는 화장품과 홈 뷰티 디바이스를 주요 사업으로 운영하고 있습니다.화장품은 메디큐브(더마 코스메틱), 에이프릴스킨(고기능 저자극 피부솔루션), 포맨트(라이프스타일 뷰티) 등의 브랜드가 있습니다. 메디큐브는 피부고민별로 라인업을 구성하고 있으며 디바이스와의 시너지 효과를 높일 수 있는 제품을 지속적으로 출시하고 있습니다. 에이프릴스킨은 당근, 카렌둘라 등 원료를 기반으로 만든 제품으로 높은 고객 만족도를 이끌고 있으며, 포맨트는 내면의 고유한 매력이 표현될 수 있게 만드는 향수, 바디워시 등의 제품을 운영하고 있습니다.홈 뷰티 디바이스는 브랜드 메디큐브 에이지알이 있으며 주요 제품은 부스터프로입니다. 당사는 홈 뷰티 디바이스 사업의 전문성을 강화하기 위해서 APR DEVICE R&D CENTER(ADC)에서 디바이스 기술을 개발하고 (주)에이피알팩토리에서 디바이스 생산을 담당하여 디바이스의 밸류체인 전 과정(기획-연구개발-생산-판매-사후관리)을 통합하였습니다.

2025년 12월 31일 기준 사업부문별 매출 비중은 화장품 및 뷰티 71%, 홈 뷰티 디바이스 27%로 구성되어 있으며, 지역별로는 국내가 20%, 해외가 80%를 차지하고 있습니다.

Company overview

가. 연결대상 종속회사 현황(요약)

가-1. 연결대상회사의 변동내용

나. 회사의 법적ㆍ상업적 명칭

당사의 명칭은 '주식회사 에이피알' 입니다. 영문으로는 "APR Co., Ltd."(약호: APR)로 표기합니다.

다. 설립일자 및 존속기간당사는 2014년 10월 10일 설립되었습니다.

라. 본사의 주소, 전화번호, 홈페이지 주소- 주소: 서울특별시 송파구 올림픽로 300 롯데월드타워 36층- 전화번호: 070-4667-1770- 홈페이지 주소: https://apr-in.com/

마. 중소기업 등 해당 여부

바. 주요 사업의 내용

당사는 화장품과 홈 뷰티 디바이스를 주요 사업으로 운영하고 있습니다.화장품은 메디큐브(더마 코스메틱), 에이프릴스킨(고기능 저자극 피부솔루션), 포맨트(라이프스타일 뷰티) 등의 브랜드가 있습니다. 메디큐브는 피부고민별로 라인업을 구성하고 있으며 디바이스와의 시너지 효과를 높일 수 있는 제품을 지속적으로 출시하고 있습니다. 에이프릴스킨은 당근, 카렌둘라 등 원료를 기반으로 만든 제품으로 높은 고객 만족도를 이끌고 있으며, 포맨트는 내면의 고유한 매력이 표현될 수 있게 만드는 향수, 바디워시 등의 제품을 운영하고 있습니다.홈 뷰티 디바이스는 브랜드 메디큐브 에이지알이 있으며 주요 제품은 부스터프로입니다. 당사는 홈 뷰티 디바이스 사업의 전문성을 강화하기 위해서 APR DEVICE R&D CENTER(ADC)에서 디바이스 기술을 개발하고 (주)에이피알팩토리에서 디바이스 생산을 담당하여 디바이스의 밸류체인 전 과정(기획-연구개발-생산-판매-사후관리)을 통합하였습니다.2025년 기준 사업부문별 매출 비중은 화장품 및 뷰티 71%, 홈 뷰티 디바이스 27%로 구성되어 있습니다.

사. 신용평가에 관한 사항

아. 회사의 주권상장(또는 등록ㆍ지정) 및 특례상장에 관한 사항

Transcribed verbatim from the sentences the filer wrote in the fiscal 2025 business report (received 2026.03.23), 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

3.97%
[2.89%, 5.28%] · 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 31.4% (2026-07-30). 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

0.24
Beta [0.08, 0.39] · KOSPI200 · As of 2026-10-08
Intercept
+0.175%[-0.284%, +0.635%]
R squared
0.05
Observations
252
Trading-time corrected beta
0.28[0.01, 0.55]
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

20182019202020212022202320242025TTM
RevenueKRW 100M1,0261,5902,1992,5913,9775,2387,22815,27322,945
Revenue growth%—54.9338.3317.8353.4631.7137.98111.32—
Operating incomeKRW 100M-60721451433921,0421,2273,6555,692
Operating income growth%——102.30-1.36174.84165.6117.77197.88—
Net incomeKRW 100M-76-1791143008151,0762,8974,322
Net income growth%———44.44162.79172.2331.94169.22—
Attributable to ownersKRW 100M-82-3791143008151,0762,8974,322
Attributable to minoritiesKRW 100M6300———00
Operating margin%-5.824.506.585.519.8619.8916.9823.9324.81
Net margin%-7.39-0.043.594.407.5315.5714.8918.9618.84
ROE%-110.40-3.6515.2617.2729.8841.4033.2664.9766.69
ROA%-13.07-0.118.599.0216.2728.3819.0437.5339.22
Debt ratio%602.41544.1177.6291.5683.6545.8874.6873.1170.07
Current ratio%93.3197.16216.27180.41179.66266.49197.07228.99229.39
Quick ratio%47.7964.21152.37104.84113.50197.81121.46159.58132.65
Reserve ratio%———————11,314.8216,513.67
Free cash flowKRW 100M-2082138612599823413,256—
FCF margin%-20.2513.403.890.056.5218.744.7221.32—
OCF conversion%——161.9140.22105.60132.2573.54117.74—
Capex to revenue%2.560.831.921.721.431.846.231.01—
Receivable daysdays—23.716.917.216.015.417.916.6—
Inventory daysdays—151.4108.0143.7151.7152.1169.4140.8—
Payable daysdays—87.478.989.384.993.9109.0108.2—
Cash conversion cycledays—87.745.971.582.773.578.349.2—
EPSKRW——1,2691,6424,22111,2452,8757,76511,544
PERx——————17.3929.7533.39
BPSKRW——————8,48611,91017,309
PBRx——————5.8919.4022.27
Dividend per shareKRW———————3,590—
Payout ratio%———————46.23—

Consolidated basis

Profit flowKRW 100M

Revenue
15,273
Gross profit
11,706
Cost of sales
3,567
SG&A expenses
8,051
Operating income
3,655
Profit before tax
3,643
Non-operating expenses
12
Net income
2,897
Income tax expense
746

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

20182019202020212022202320242025
5816059181,2641,841*2,8735,6517,717
498511401604839*9042,4163,259
83945176601,003*1,9693,2354,458

Income statement

20182019202020212022202320242025
1,0261,5902,1992,5913,9775,2387,22815,273
-60721451433921,0421,2273,655
-881189137389*1,0581,3333,643
-76-179114300*8151,0762,897
Basic earnings per shareKRWNot applicableNot applicable1,2691,6424,221*11,245*2,8757,765
Diluted earnings per shareKRWNot applicableNot applicable1,2511,6214,212*11,096*2,8197,718
-78-271120299*8151,0582,880

Cash flow statement

20182019202020212022202320242025
Net incomefrom the income statement-76-1791143008151,0762,897
Total adjustments to operating cash flowcomputed-10622749-6817263-285514
-182226128463161,0787913,410
-47-48-25-72-91-283-1,097-945
261-92206914-115-48-1,817
Cash at beginning of periodKRW 100M56891752963385731,253904
891752963385731,2539041,544
Net change in cash and cash equivalentsKRW 100MNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicable

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 2026.03.23.

Audit opinion

Fiscal yearOpinionAuditorFiscal year end
2025적정의견Term 12현대회계법인2025-12-31
2024적정의견Term 11현대회계법인2025-12-31
2023적정의견Term 10안진회계법인2025-12-31
2022적정Term 9현대회계법인2022-12-31
2021적정Term 8현대회계법인2022-12-31
2020적정Term 7현대회계법인2022-12-31
2019적정Term 6삼일회계법인2019-12-31
2018적정 검토Term 5삼일회계법인 한영회계법인2019-12-31
2017적정Term 4한영회계법인2019-12-31

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.

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 1Y0.24
%
%
Cost of equity5.57%
Weighted average cost of capital—
Initial growth34.9%
Effective tax rate20.5%
Base fiscal year2025
Current priceKRW371,500

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 model102,445-72.4%
Dividend discount model DDM206,834-44.3%
Discounted cash flow FCFFNo borrowing line filed
Discounted cash flow FCFE501,222+34.9%
Residual income model RIM580,257+56.2%
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% + 0.24 × 5.00% = 5.57%

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(64.97% × (1 − 46.23%), 0) = 34.93%

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 = 3,590 × (1 + 2.00%) / (5.57% − 2.00%) = 3,662 / 0.0357 = 102,445 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 = 3,590, g_1 = 34.93%, g_T = 2.00%, r = 5.57%

YearGrowthDividend KRWDiscount factorPresent value KRW
134.93%4,8440.94724,588
226.70%6,1380.89725,507
318.47%7,2710.84986,179
410.23%8,0150.80496,452
52.00%8,1750.76246,233
Terminal value2.00%233,2960.7624177,875
Total206,834

P_0 = 206,834 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 = 11,910 KRW, ROE = 64.97%, payout ratio = 46.23%, r = 5.57%, g_T = 2.00%

YearOpening book valueEarningsEquity chargeResidual incomeDiscount factorPresent value
111,9107,7386647,0750.94726,701
216,07110,4428969,5460.89728,565
321,68514,0901,20912,8810.849810,946
429,26119,0121,63117,3810.804913,990
539,48325,6542,20123,4530.762417,881
Terminal value669,2480.7624510,263

P_0 = 11,910 + 58,084 + 510,263 = 580,257 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 = 3,410.5 − 154.1 + 0.0 (net borrowing) = 3,256.3 KRW hundred million

YearGrowthCash flow KRW hundred millionDiscount factorPresent value KRW hundred million
134.93%4,393.90.94724,161.9
226.70%5,567.20.89724,994.8
318.47%6,595.30.84985,604.8
410.23%7,270.20.80495,852.1
52.00%7,415.60.76245,654.0
Terminal value2.00%211,613.70.7624161,343.2
Total187,610.7

P_0 = 187,610.7 KRW hundred million ÷ 37,430,655 (shares) = 501,222 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.

Other issues on the same market

Neighbours in the market capitalisation order.

See the full KOSPI list