Is Codes Combine profitable in 2026?

Yes. Codes Combine posted FY2025 net income of about 4.461 billion won on revenue of 39.72 billion won, up from 1.860 billion won net income in FY2024, per stockanalysis.com financial data as of December 31, 2025.

Why is Codes Combine stock up so much?

Codes Combine shares rose 283.53% over one year as of February 26, 2026 per TradingView, and by May 7, 2026 Morningstar showed the stock trading at a 355% premium to its modeled fair value, suggesting speculative momentum rather than business fundamentals.

Who is Codes Combine's biggest competitor?

No confirmed head-to-head rival exists; financial platforms list sector peers like BYC Co. and Shinwon Corp, while much larger Korean fashion houses such as Shinsegae International (455 billion won cosmetics revenue, FY2025) dwarf Codes Combine but do not currently compete directly in its niche.

Is Codes Combine growing its revenue?

Revenue has been essentially flat for five years: 38.26 billion won in 2021, 39.05 billion in 2022, 41.96 billion in 2023, 39.60 billion in 2024, and 39.72 billion won in 2025, per stockanalysis.com financial statements.

How many employees does Codes Combine have?

Employee counts range from 47 to 60 depending on source and date: 52 per WSJ in February 2024, 53 per WSJ in August 2025 and MarketWatch in November 2025, and 60 per Morningstar as of May 6, 2026.

Could AI replace Codes Combine's business?

Unlikely to replace it outright; AI mainly pressures design and marketing workflows industry-wide. No evidence was found that Codes Combine itself is deploying AI, and its physical apparel manufacturing and department-store distribution are relatively AI-resistant as of 2026.

Consumer brands · Japan

Codes Combine Co., Ltd.

Korean apparel maker running mid-market fashion brands, flat revenue for years.

Protection under test

Assessed 26 July 2026 · Evidence as of 26 July 2026

Something worth protecting exists and is being tested right now.

On the recordSince 26 July 2026 · Checkable from mid-March 2026 onward · Every call on the record Checkpoint: FY2025 earnings print and subsequent 2026 quarterly filings

The call

Revenue has sat near ₩40B for five years while the stock price has run far ahead of the underlying apparel business.

Codes Combine makes clothes and has been profitable for 30 years, but its sales have not grown in five years and it has fewer than 60 employees. Larger Korean fashion companies like Shinsegae International and LF Corp could easily move into its market since there is nothing special about its products or customers that would stop them, and AI tools are also pushing design costs down across the whole industry. The real question is whether the company owns valuable real estate that could be sold or whether the stock price will crash back to normal levels once the hype fades, which could happen in the next few months when earnings come out.

Why

AI pressure: None apparent. AI trims design and marketing costs across apparel broadly, but nothing shows it targeting this company specifically. Could AI do the core job? Only partly.

Bigger players: Shinsegae International, LF Corp, Samsung C&T Fashion. These fashion houses run at 30 to 100 times the revenue and could enter Codes Combine's segments easily, but have not done so yet. Could a giant copy it? Yes, easily.

What protects it. Small size and a narrow niche make it a low priority target for bigger players who have not bothered entering yet.

What would change this call

Codes Combine's mid-March 2026 FY2025 earnings print versus its 355% Morningstar fair-value premium. Would show whether the stock's speculative momentum is decoupling from actual business performance.
Any Shinsegae International, LF Corp, or Samsung C&T Fashion product launch into Codes Combine's specific apparel segment. Would show a scaled incumbent moving to directly contest Codes Combine's niche.
Disclosure of real-estate monetization, M&A, or take-private activity involving Codes Combine. Would show whether real-estate value, not the apparel business, is the actual driver of investor interest.

Key numbers

FY2025 revenue ₩39.72B, up 0.31% YoY (2025-12-31)
Stock up 283.53% over one year (2026-02-26)
Trading at 355% premium to fair-value model (2026-05-07)

Named risks

Stock trading at 355% premium to modeled fair value as of May 2026 risks sharp correction unrelated to fundamentals. Severity: high
Flat revenue for five years (38-42 billion won) with no disclosed structural growth driver. Severity: medium
No proprietary moat identified; larger Korean fashion houses could replicate product lines with existing scale. Severity: medium
Small float and high volatility mean upcoming earnings releases from March 2026 could trigger outsized price swings. Severity: medium
AI-driven design and marketing tools could erode thin cost advantages versus nimbler D2C rivals. Severity: low

Rivals, as read in July 2026

Rival	Direction	Evidence
Shinsegae International	contesting	Shinsegae posted 455 billion won cosmetics revenue in FY2025 (reported Feb 12, 2026), far exceeding Codes Combine but not yet targeting its niche
APR Corp (Medicube)	contesting	Medicube brand alone surpassed 1.4 trillion won annual sales in 2025 (reported Feb 9, 2026), showing scale gap versus Codes Combine
BYC Co.	contesting	Listed as a financial-platform sector peer in Korean apparel/innerwear, no confirmed head-to-head competitive reporting found
Shinwon Corp	contesting	Listed as sector peer via Google Finance (Mar 24, 2026), competitive dynamics unconfirmed by independent reporting

Questions people ask

Is Codes Combine profitable in 2026?: Yes. Codes Combine posted FY2025 net income of about 4.461 billion won on revenue of 39.72 billion won, up from 1.860 billion won net income in FY2024, per stockanalysis.com financial data as of December 31, 2025.
Why is Codes Combine stock up so much?: Codes Combine shares rose 283.53% over one year as of February 26, 2026 per TradingView, and by May 7, 2026 Morningstar showed the stock trading at a 355% premium to its modeled fair value, suggesting speculative momentum rather than business fundamentals.
Who is Codes Combine's biggest competitor?: No confirmed head-to-head rival exists; financial platforms list sector peers like BYC Co. and Shinwon Corp, while much larger Korean fashion houses such as Shinsegae International (455 billion won cosmetics revenue, FY2025) dwarf Codes Combine but do not currently compete directly in its niche.
Is Codes Combine growing its revenue?: Revenue has been essentially flat for five years: 38.26 billion won in 2021, 39.05 billion in 2022, 41.96 billion in 2023, 39.60 billion in 2024, and 39.72 billion won in 2025, per stockanalysis.com financial statements.
How many employees does Codes Combine have?: Employee counts range from 47 to 60 depending on source and date: 52 per WSJ in February 2024, 53 per WSJ in August 2025 and MarketWatch in November 2025, and 60 per Morningstar as of May 6, 2026.
Could AI replace Codes Combine's business?: Unlikely to replace it outright; AI mainly pressures design and marketing workflows industry-wide. No evidence was found that Codes Combine itself is deploying AI, and its physical apparel manufacturing and department-store distribution are relatively AI-resistant as of 2026.

Timeline

2026-06-22Market cap reported at 120.61 billion won, up 85.6% year over year
2026-05-07Morningstar shows stock at 355% premium to modeled fair value
2026-05-06Morningstar reports headcount of 60 employees
2026-02-26TradingView reports one-year stock increase of 283.53%
2025-12-31FY2025 revenue closes at 39.72 billion won, net income 4.461 billion won
2025-08-22WSJ lists headcount at 53 employees
2024-12-31FY2024 revenue 39.60 billion won, down 5.61% year over year
2024-02-21WSJ lists headcount at 52 employees
2001-09-18Company IPOs on KRX per Morningstar
1995-08-16Codes Combine founded, per WSJ

Revision history

26 July 2026

First assessed. Protection under test. The text above is fixed as of this date and is not edited afterwards.

In the same band

Nike E-Land World Ltd.Dr. Squatch