Banseog note · Oct 24, 2026
Coway — Headcount holds steady while the business grows
- Where it stands now
- Renewed growth within maturity — growing once more through overseas markets and new products
In 2025, revenue was KRW 4.9636 trillion (+15%) and operating profit KRW 878.7 billion (+10%), with overseas revenue of KRW 1.89 trillion, about 38%. Revenue in Q2 2026 was KRW 1.4422 trillion, a quarterly record, and rental accounts number 12.14 million.
Most of the Cody and Codac staff who carry out home service visits are not employees, so they are not counted in the National Pension Service figures.
- Three decisions within a year
- Overseas: after Malaysia (KRW 1.41 trillion in 2025), it is building Thailand (+54% in Q2 2026) as the next market.
- New product lines: BEREX (mattresses and massage chairs; 40% of its KRW 719.9 billion in 2025 came from overseas), the home medical device Therasol, and a wearable walking aid, its first robot rental (2026-10).
- Governance: largest shareholder Netmarble is raising its stake to nearly 29%, and a possible proxy contest at the 2027 shareholders' meeting is being discussed.
- Three people it will look for
- Overseas subsidiary leaders and global strategy
- R&D — water, healthcare and medical devices (record entry-level R&D hiring in 2025)
- Product planning and rental sales for new businesses — BEREX, senior care, robot rental
- For HR
- At a company that grows without adding headcount, each position carries great weight. For overseas and new-business leadership roles, it is safer to identify backup candidates in advance.
- For job seekers
- Experience running Southeast Asian subsidiaries, medical device licensing, or rental business planning connects directly with this company's next phase of growth.
A reading written from public sources. Sources: Coverage of 2025 and Q1/Q2 2026 results (2026-02-06, 05-08, 08-07), executive appointments (2025-12-01), annual general meeting (2026-03-31), Netmarble stake disclosures (2026-04, 2026-10-12), robot rental launch (2026-10-02), coverage of R&D hiring (2025-10-20). Team size is from Korea's pension register.