Very little debt to repay and plenty of cash on hand, so it is hard to shake.
Metrics · D/E ~44% · Current Ratio 1.80
💲Is the price expensive now?
Not cheap (fair to slightly pricey)
Because it is a good, popular company, those expectations are already priced in.
Metrics · P/E 20.0 · P/B 7.8
💡Revenue grew 6.5x in ten years and margin went from 7% to 22%. The balance sheet is sound. But the price already reflects that growth, at 7.8x book.
Compiled from public financial data. Not a recommendation to buy or sell any security. · Source: DART annual reports · TradingView (TTM), as of 2026-09-18
Business Summary · Key Value Metrics
Makes instant noodles. It launched Korea's first ramyeon in 1963, but today's results are driven by Buldak Ramen, introduced in 2012. Overseas sales were 82% of revenue in Q1 2026, making it effectively an exporter. Sales are growing in the US, China and Europe, and 2025 revenue of KRW 2.35 trillion was 6.5 times the level of a decade ago.
Current Price
KRW 1,300,000
+0.93%+KRW 12,000· Close 2026-09-18
Analyst Consensus Target (external reference)
KRW 1,869,375
Avg. of 16 external analysts · S&P Global consensus (stockanalysis, 2026-09-18) — external consensus, not a ValueCrab estimate
P/E (TTM)
20.0x
About 12x five years ago
ROE
38.8%
TTM; 10.9% in 2016
Operating margin
22.6%
TTM; 7.0% in 2016
Revenue growth
+37.7%
TTM; 82% overseas
P/B
7.8x
Rerated from 1.8x five years ago
Market cap
KRW 9.6T
as of 2026-09-18
Economic Moat · Key Business Segments
A single brand, Buldak, has taken hold overseas. Overseas sales were 82% of revenue in Q1 2026, and Q2 overseas revenue of KRW 645.8 billion was up 46.7% year on year, the first quarter above KRW 600 billion. The Americas contributed KRW 203.6 billion (+54%) and China KRW 181.0 billion (+44%). In the US the product is now in 90% of Walmart stores and over 50% of Costco. Capacity is being added, with 2025 capital spending of KRW 464.6 billion. Operating margin rose from 7.0% in 2016 to 22.3% in 2025.
A single brand established abroad
Buldak Ramen sells in the US, China and Europe. With overseas sales at 82% of revenue in Q1 2026, this is the structure of an exporter rather than a domestic noodle maker.
Major retail channels already entered
Now in 90% of Walmart stores and over 50% of Costco in the US. Once a product is on those shelves, holding the position is comparatively easier.
Margin lifted by scale
Operating margin went from 7.0% in 2016 to 22.3% in 2025. Margin roughly tripled while revenue grew 6.5x.
Capacity expansion
Capital spending of KRW 464.6 billion in 2025 to meet overseas demand. Free cash flow was negative that year as a result.
10-Year Financial Trends
Revenue went from KRW 359.3 billion in 2016 to KRW 2.35 trillion in 2025, and operating profit from KRW 25.3 billion to KRW 524.2 billion. That is 6.5x revenue (9-year CAGR +23.2%) and 20.7x operating profit (+40.1%), with operating margin rising from 7.0% to 22.3%. Operating profit fell 31.4% in 2021 but has risen every year since, accelerating to +133.6% in 2024 and +52.1% in 2025. On a trailing-twelve-month basis revenue is KRW 2.75 trillion (+37.7%) and net income KRW 487.6 billion (+53.0%), with no sign of deceleration yet.
10-Year Growth
RevenueKRW 2.4T · CAGR +23.2%
Operating IncomeKRW 524.2B · CAGR +40.0%
EPSKRW 52,156 · CAGR +40.6%
10-Year Valuation
P/E (year-end)22.6x · avg 15.4x
ROE37.6% · avg 22.3%
Operating Margin22.3% · avg 13.2%
📊 Annual Data Table (003230) — expand/collapse
Year
Revenue (B$)
Op. Income (B$)
EPS ($)
P/E (x)
ROE (%)
Op. Margin (%)
2016
3593
253
2431
16.2
10.9
7
2017
4585
433
3808
24.8
15.3
9.4
2018
4694
552
4623
14.9
16.2
11.8
2019
5436
783
7906
12.8
23.1
14.4
2020
6485
953
8922
10.2
21.5
14.7
2021
6420
654
7481
11.3
15.4
10.2
2022
9090
904
10665
11.5
18.9
9.9
2023
11929
1475
16929
10.9
24.8
12.4
2024
17280
3446
36468
18.8
39.4
19.9
2025
23518
5242
52156
22.6
37.6
22.3
— = no data for that year/metric (P/E omitted before EPS turned positive)
9Y CAGR: Revenue +23.2% · Operating Income +40.1% · Net Income +40.5% · EPS +40.6%
Revenue, operating profit, net income and equity come from DART annual reports (consolidated, owners of the parent). Year-end closing prices are from Yahoo Finance and TTM figures from TradingView. P/E is the year-end close divided by that year's EPS; ROE is net income attributable to owners over average equity.
Mega-Cap Value Metric Comparison
Samyang Foods carries the highest P/E and the largest market capitalisation of these four Korean food companies. Against Nongshim at 12.1x, Orion at 10.5x and Ottogi at 14.6x, its 20.0x reflects growth expectations in the price. The decisive difference is the overseas mix: 82% as of Q1 2026. The other three disclose on a different basis, so their figures are left out of the table.
Metric
★ Samyang Foods
Nongshim
Orion
Ottogi
P/E (TTM)
20.0x
12.1x
10.5x
14.6x
Market cap
KRW 9.6T
KRW 2.3T
KRW 4.5T
KRW 1.2T
Overseas revenue share
82%
—
—
—
TradingView, 2026-09-18. Overseas share per company disclosure.
Key Risk Factors (from 10-K)
●
Dependent on the single Buldak brand— Results rest on what is effectively one product. If the brand loses momentum overseas there is no obvious second engine. A single hit product creating a margin peak is a common pattern in fashion-driven consumer goods.Source: DART annual report, business overview
●
The price already reflects the growth— P/B went from 1.8x in 2021 to 7.2x in 2025 and stands at 7.8x. P/E was around 12x through 2023 and is now 20x. Being a good company and being cheap right now are separate questions.Source: stockanalysis published ratios (FY2021-2025)
●
At 82% overseas, currency moves matter a lot— Overseas sales are 82% of revenue. Both the company and press coverage cite a weak-won tailwind in recent results. If the currency reverses, the same volume produces less revenue and margin in won.Source: Company results release · press reports (2026)
●
Entry into major channels is nearly complete— Now in 90% of Walmart stores and over 50% of Costco. If growth so far came from new listings, future growth has to come from turnover per shelf. Growth rates may slow.Source: Company disclosure (2026)
●
Free cash flow turned negative— Capital spending of KRW 464.6 billion in 2025 took free cash flow to KRW -146.8 billion. Total debt also rose from KRW 52.0 billion in 2016 to KRW 502.6 billion in 2025. This is growth investment, but the cash is going out.Source: DART annual reports 2016-2025
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Growth
Earnings
Dividend
Cash
Revenue 10Y trendKRW 2.4T · CAGR +23.2%
KRW 2.4TKRW 0.0B
20162025
P/E (TTM)20.0x
ROE38.8%
Operating margin22.6%
Revenue growth+37.7%
P/B7.8x
Market capKRW 9.6T
Revenue CAGR 9Y+23.2%
EPS CAGR 9Y+40.6%
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Value Investing FAQ (003230)
Q. What are Samyang Foods' key value-investing metrics?P/E 20.0x (TTM), ROE 38.8% (TTM), operating margin 22.6%, P/B 7.8x, debt-to-equity 0.44x and current ratio 1.80x. Sources are DART annual reports and TradingView as of 2026-09-18.
Q. How much has it grown in ten years?Revenue went from KRW 359.3 billion in 2016 to KRW 2.35 trillion in 2025, a 6.5x increase (9-year CAGR +23.2%), and operating profit from KRW 25.3 billion to KRW 524.2 billion, a 20.7x increase (+40.1%). Operating margin went from 7.0% to 22.3%.
Q. What share of revenue is overseas?82% as of Q1 2026. Q2 overseas revenue was KRW 645.8 billion, up 46.7% year on year and the first quarter above KRW 600 billion. The Americas contributed KRW 203.6 billion (+54%) and China KRW 181.0 billion (+44%).
Q. Is 7.8x book expensive?Against the company's own last five years it is a high range. Published P/B was 1.81x in 2021, 2.08x in 2022, 2.79x in 2023, 6.89x in 2024 and 7.22x in 2025. Comparison with other companies is not straightforward because business mixes differ.
Q. Why is free cash flow negative?Capital spending was KRW 464.6 billion in 2025, adding capacity for overseas demand. Free cash flow was KRW -146.8 billion that year, and total debt rose to KRW 502.6 billion.