GC Holdings is a holding company that bundles and runs stakes in pharmaceutical and bio subsidiaries; most of its roughly ₩2.5 trillion in consolidated revenue comes from its core subsidiary GC Biopharma, which makes flu vaccines, Hunter syndrome treatment and blood products, with cell-therapy firm GC Cell adding to it. Its top line has grown for five straight years, core operating profit turned positive from 2025 and stayed positive in Q1 2026, and the shares trade at about half of net assets (P/B 0.53x) and at roughly a 36% discount to the value of its listed subsidiary stakes. What stands out lately is that if subsidiaries' core profit keeps normalizing and the financial burden is managed, the low P/B and NAV discount come to the fore as an attraction, but with a debt ratio of 255.9% and an interest coverage ratio near 1x, the shares can weaken if the earnings recovery is delayed or funding strain grows from stake transactions.
At-a-glance assessment financial health · growth · profitability · valuation
- Debt is somewhat higher than equity (debt ratio 255.9%).
- Assets that can be turned to cash within a year fall short of near-term liabilities (current ratio 96.2%).
- Operating profit barely covers the interest bill (interest coverage below 1x).
- The most recent full-year net result was a loss.
- Revenue rose 11.2% year over year, and the pace is quickening (3-year trend: rising).
- Most recent quarter (Q1 2026) revenue was 8.1% higher than a year earlier.
- ROE is -7.7% (controlling-interest basis). It is below the sector average.
- Operating margin is 1.5%.
- Valued against the net asset value (NAV) of its listed holdings rather than a consolidated P/E — see the in-depth valuation for the detailed basis.
Ownership & governance As of 2018-12-31
Largest shareholder Huh Il-sup 11.95% (individual)
Controlling bloc incl. related parties 14.44%
With the controlling bloc holding 14%, ownership is dispersed, leaving room for control-related or activist dynamics.
Net asset value (NAV) assessment Undervalued36% discount to NAV
💡 How to read a holding company · A holding company owns stakes in several subsidiaries. Its P/E swings with equity-method gains and losses on those stakes, so read it only as a rough guide. P/B is more meaningful because subsidiary stakes sit in equity, but book value carries them at low historical cost (so P/B looks higher than reality). The most accurate view is the price against the market value of those stakes (NAV) ↓
Valued against the net asset value (NAV) of its listed holdings rather than a consolidated P/E — see the in-depth valuation for the detailed basis.
Listed subsidiaries ownership
| GC Biopharma | 50.06% |
| GC Wellbeing | 12.39% |
| GC Genome | 9.54% |
| GC Cell | 8.48% |
🔎 In-depth analysis
- GC Holdings is not a company that sells products directly; it is a holding company that owns stakes in pharmaceutical and bio subsidiaries and bundles and runs their businesses.
- The overwhelming majority of roughly ₩2.5 trillion in consolidated revenue comes from the pharmaceuticals of its core subsidiary GC Biopharma (006280).
- GC Biopharma makes and sells flu vaccines, Hunter syndrome treatment (Hunterase), blood products drawn from blood such as immunoglobulin, and prescription and over-the-counter drugs.
- In addition, GC Cell, which handles cell therapy and CAR-T, and diagnostics and testing units under the GC Genome group are consolidated in.
- In other words, the holding company's own standalone profit is small, and the actual money is made in the subsidiaries' pharmaceutical revenue.
- The high approval and production-facility barriers of vaccines, blood products and rare-disease treatment, which make new entry difficult, are the foundation of the business.
- The latest close is ₩9,830 and market capitalization is ₩462.3 billion.
- The price sits below the 20-day line (₩10,478) and the 60-day line (₩12,615).
- Trading below both its short- and mid-term moving averages, the trend is subdued.
- The RSI (an auxiliary gauge that scores the balance of up- and down-moves over the past 14 days on a 0-100 scale) is 38.1, a neutral level.
- The one-month change is -3.4%, the three-month change is -26.6%, and the price sits -42.8% below its 52-week high.
- Relative strength versus the KOSPI is 4 (1-99, a recency-weighted conversion of returns against the index over the past year; higher means stronger than the market).
- That places it in roughly the top 97% of all stocks by strength.
- Over the past three months it lagged the index by 42.0%.
- Chart reading is best done alongside trading volume and disclosure dates.
- On last year's (2025) consolidated figures, net profit was a loss, so the trailing P/E (P/E on already-confirmed past one-year profit) cannot be calculated.
- But a blank P/E does not mean the shares are expensive.
- For an earnings-inflection stock whose profit swings between profit and loss, future profit (forward) is closer to the real picture than a single past year, and this company's forward P/E is calculable.
- It is lower than the peer Hanmi Science (15.8x), so in a picture where the earnings flow normalizes it is not a burdensome figure.
- The asset side is clearer still.
- The P/B (how many times net assets the share price is) is 0.51x, well below 1x, so the shares trade at about half of book net assets.
- ROE (how much is earned per year on equity) is -7.7%, reflecting last year's loss, and the operating margin is a thin positive 1.5%.
- The debt ratio (debt against equity) is 255.9%, the current ratio 96.2%, and the interest coverage ratio near 1x, so financial headroom is not ample, and cash flow and interest burden are points to keep confirming.
- Revenue rose for five straight years, from ₩1.8 trillion in 2021 to ₩2.06 trillion in 2023 to ₩2.20 trillion in 2024 to ₩2.45 trillion in 2025, with the two-year average growth rate quickening to 9.1% (accelerating top-line growth).
- Steady demand for and expanded production of core items such as vaccines, blood products and Hunterase underpin the top line.
- Profitability is in recovery.
- Operating profit swung to a ₩36.2 billion profit in 2025 after losses in 2023 and 2024, and in Q1 2026 it stayed positive at ₩3.1 billion operating profit on cumulative revenue of ₩534.8 billion (+8.1% year on year).
- Q1 net profit was -₩29.6 billion, but a holding company's net result heavily mixes subsidiary-valuation and financial items and moves separately from the operating flow, a point to view together.
- The reason this year's forward profit registers as a meaningful positive is this: as the top line grows near double digits and core operating profit settles into a positive footing, once the one-off and valuation losses that had been the cause of the deficit drop out, the margin of the subsidiaries' pharmaceutical revenue is booked normally into consolidated profit.
- This earnings normalization is the basis for the forward P/E, and the fact that top-line growth and a turn to core operating profit move together is the heart of this stock's growth story.
- Recent disclosures, fittingly for a holding company, cluster around subsidiary stake transactions and periodic reports.
- On May 27, decisions on "disposal of shares and investment securities of other corporations" as a subsidiary material item were filed in succession (including an amendment); these are decisions to sell stakes in other entities held by a subsidiary, which for the holding company amount to portfolio adjustment.
- Earlier, on March 31, there was conversely a "decision to acquire shares and investment securities of other corporations." The March 18 business report (2025.12) and the May 15 quarterly report (2026.03) are the source of the confirmed results cited above.
- Governance-related disclosures are steady, from the March 26 shareholder-meeting results and outside-director appointments to April reports of stake changes by the largest shareholder and executives to the June 1 corporate governance report.
- For a holding company these acquisition and disposal disclosures are themselves business decisions, so checking the individual details helps read the company's direction.
- Starting with the strong side: the top line has grown for five straight years, core operating profit turned positive from 2025 and stayed positive in Q1 2026, and core subsidiary GC Biopharma holds barriered fields in vaccines, blood products and rare-disease treatment.
- On valuation, the shares trade at about half of net assets (P/B 0.53x) and at roughly a 36% discount to the market value of the listed subsidiary stakes, and the forward P/E is below peers.
- In a picture where profit normalizes, this reads as an undervalued spot.
- The caution is finance.
- With a debt ratio of 255.9%, current ratio of 96.2% and interest coverage ratio near 1x, headroom is thin, so the question is whether it can bear the interest and cash-flow burden.
- Also, given a holding company's nature, consolidated net results heavily mix subsidiary-valuation items, so value is hard to gauge on a single P/E line and must be viewed together with NAV and P/B.
- In short, in a phase where subsidiaries' core profit keeps normalizing and the financial burden is managed, the low P/B and NAV discount come to the fore as an attraction, whereas the shares weaken if the earnings recovery is delayed or funding strain grows from further stake transactions.
🔎 Valuation vs peers Inconclusive
Narrowing to a holding and bio lineage that owns pharmaceutical subsidiaries rather than a general drugmaker that sells products directly, the peer set uses a same-holding-character name (Hanmi Science), the core subsidiary body (GC Biopharma) and a prescription-drug body (JW Pharmaceutical); figures are the site's calculated values (on current price).
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Hanmi Science | 18.75x | 2.31x | 12.31% |
| GC Biopharma | 0.00x | 1.16x | -0.38% |
| JW Pharmaceutical | 8.97x | 1.49x | 16.65% |
(a) Position versus peers: at 0.59x, it is below both the same pharma-holding Hanmi Science (P/B 2.12x) and the subsidiary body GC Biopharma (1.19x), the most discounted spot within the set. (b) Premium/discount: holding companies are usually discounted because subsidiary value is not reflected directly in the share price, and here a consolidated loss adds to the discount. (c) Trailing limitation and forward basis: last year's trailing net profit was a loss, so a P/E cannot even be derived, meaning cheap-or-expensive cannot be split on P/E. With no official forward figures, only revenue can be approximated to about ₩2.56 trillion from DART seasonality, while profit is left blank. Accordingly, until it is confirmed that subsidiary profit recovers and consolidated results turn positive, the low P/B is not taken as grounds for a verdict, and it is left inconclusive.
Earnings outlook company-stated · verified
| Type | Period | Revenue | Operating profit | Net profit |
|---|---|---|---|---|
| Next quarter | Q2 2026 | approx. ₩646.8 billion | — | — |
Price history Close · MA20 · MA60
The latest close is ₩9,830 and the market capitalization is ₩462.3 billion. The price sits below its 20-day moving average (₩10,478) and below its 60-day moving average (₩12,615). It is under both its short- and medium-term moving averages, so the trend looks subdued. The RSI (a supplementary indicator that gauges the strength of gains versus losses over the past 14 days on a 0-100 scale) is 38.1, a neutral level. The one-month change is -3.4%, the three-month change is -26.6%, and the position relative to the 52-week high is -42.8%. Relative strength versus the KOSPI is 4 (on a 1-99 scale, converted from returns against the index over the past year with more weight on recent performance; higher means stronger than the market). It is stronger than roughly 3% of all stocks. Over the past three months it lagged the index by 42.0%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
Relative performance stock vs index · start = 100
Excess return vs index · 3M -42.00% / 6M -61.46% / 12M -74.93%
Key metrics vs sector median
Valuation
A net loss makes the P/E an unreliable valuation gauge. The P/B of 0.51x is in line with the sector median (0.59x).
Enterprise value (EV)
EV = market cap + net debt. It reflects cash and debt, so it captures the real cost of the whole business that market cap alone misses; lower multiples are cheaper relative to earnings or sales.
Profitability & financials
Return on equity (ROE) is -7.7%, below the sector average (7.0%). The operating margin is 1.5%. The debt ratio is 255.9%, so the financial structure is somewhat high.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $1.4B | $1.5B | $1.6B | +11.19% ↑ faster |
| Operating profit | -$10.9M | -$7.1M | $24.0M | — |
| Net profit | -$35.9M | $15.9M | -$46.1M | -389.34% |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $1.2B | $1.4B | $1.4B | $1.5B | $1.6B |
| Operating profit | $57.2M | $47.2M | -$10.9M | -$7.1M | $24.0M |
| Net profit | $36.6M | $21.8M | -$35.9M | $15.9M | -$46.1M |
| Revenue CAGR | 4-yr avg 7.43% | ||||
Revenue rose 11.2% year over year (2023 ₩2.1 trillion → 2024 ₩2.2 trillion → 2025 ₩2.5 trillion), and the three-year trend is 'rising'. The pace of growth also quickened from the prior year. Over the 5 years on record, revenue compound annual growth (CAGR) is 7.4%. The two-year revenue CAGR is 9.1%. In the most recent quarter (Q1 2026), revenue was 8.1% higher than the same period a year earlier.
Latest quarterly results Q1 2026 · vs year-ago
Technical indicators
What stands out
- P/E and P/B are both low versus peers, so the price looks inexpensive relative to earnings and assets.
- The dividend yield, at 3.0%, is on the high side.
- Revenue grew 11.2% year over year, a sign of growth.
Points to watch
- Debt is somewhat higher than equity (debt ratio 255.9%).
- Assets that can be turned to cash within a year fall short of near-term liabilities (current ratio 96.2%).
- The most recent full year was a loss, so it is worth checking whether profitability recovers.
Recent news & events searched · sourced
- 2026-05-27FilingDecision on a subsidiary's disposal of shares and investment securities of other corporations (2 items including an amendment). A decision to dispose of stakes in other entities held by a subsidiary.Short term this suggests subsidiary portfolio adjustment and possible cash inflow. Depending on the size and target of the disposal, it can affect consolidated results and the ownership structure, so the original text needs checking. Source
- 2026-03-31FilingDecision to acquire shares and investment securities of other corporations. A decision by the holding company to add a stake to its portfolio.Medium term this signals intent to expand subsidiary and affiliate businesses. The funding needed for the acquisition should be viewed together with the financial burden. Source
- 2026-05-15EarningsQuarterly report (2026.03). Cumulative Q1 2026 revenue of ₩534.8 billion (+8.1% year on year), operating profit ₩3.1 billion and net profit -₩29.6 billion, confirmed.Top-line growth continued but the large quarterly net loss makes whether earnings recover the key point to watch. To be viewed together with the annual flow. Source
- 2026-03-18EarningsBusiness report (2025.12). 2025 consolidated revenue of ₩2.45 trillion (+11.2%), operating profit of ₩36.2 billion (swing to profit), net profit -₩69.5 billion (loss).Top-line growth and the swing to operating profit are positives, but the net loss is the core reason ROE and P/E are hard to compute. Whether the trailing loss is one-off needs confirming. Source
- 2026-03-26FilingShareholder-meeting results and outside-director appointments. Processing of agenda items such as board composition and dividends.A periodic event confirming continuity of governance and dividend policy. Worth linking to whether the ₩300-per-share dividend (yield of about 2.6%) level is maintained. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| P/B (annual confirmed) | 0.59x | 0.59x | Confirmed | link |
| Cumulative Q1 2026 revenue | ₩534.8 billion(+8.1%) | ₩534.8 billion | Confirmed | link |
| 2025 consolidated net profit (owners of the parent) | -₩69.5 billion | -₩69.5 billion | Confirmed | link |
| 2026 estimated annual revenue | ₩2.56 trillion | — | Unverified | link |
Recent filings
- 2026-06-01Corporate governance report
- 2026-05-27Amended filing
- 2026-05-27Disclosure
- 2026-05-15PeriodicQuarterly report
- 2026-04-23OwnershipOfficers'/major-shareholders' holdings report
- 2026-04-23OwnershipLargest-shareholder ownership change report
- 2026-04-01OwnershipOwnership-change filing
- 2026-03-31Disclosure
- 2026-03-26Disclosure
- 2026-03-26Shareholders' meeting notice
- 2026-03-23Disclosure
- 2026-03-18PeriodicAnnual business report
📖 Plain-language glossary — expand if you are new to this
- P/E
- How many times a year's net profit the price is worth (lower is cheaper relative to earnings). The P/E here is on trailing (last full-year) results; for companies whose earnings swing fast (memory chips and other cyclicals/high-growth), a forward P/E on this year's expected earnings is more accurate.
- P/B
- Price relative to net assets (equity). Around 1x means it trades near book value; below 1x means below book.
- P/S
- Price relative to a year's revenue — useful for growth companies with thin earnings.
- Net debt / EV
- Net debt = interest-bearing debt − cash. Negative means more cash than debt (net cash). EV (enterprise value) = market cap + net debt, closer to what it would cost to buy the whole business.
- EV/EBIT · EV/EBITDA · EV/Sales
- Enterprise value against operating profit (EBIT), EBITDA, or revenue. Unlike P/E these reflect debt and cash; lower is cheaper relative to earnings power or sales.
- FCF / FCF yield
- Free cash flow = operating cash − capex, the cash actually left over. FCF yield = FCF ÷ market cap; higher means more cash generated per unit of market value.
- Intrinsic value (DCF)
- Future free cash flow (or, for some capex-heavy but profitable names, forecast earnings) discounted to today to estimate per-share value. Because it shifts a lot with the discount-rate and growth assumptions, it is shown as a bear/base/bull range, and the basis and assumptions are disclosed in one line beneath it.
- ROE
- How much profit the company earns in a year on its equity (%). Higher means better returns on capital.
- EPS / BPS
- Earnings per share / net assets (book value) per share.
- Operating / net margin
- Profit left from the core business / final profit after tax and interest, per unit of revenue.
- Debt ratio
- Debt relative to equity (%). Higher means more reliance on borrowing (norms vary by sector).
- Current ratio
- Assets convertible to cash within a year against debt due within a year. Above 100% leaves some short-term headroom.
- Interest coverage
- How many times operating profit covers the interest owed. Below 1x means operating profit alone struggles to cover interest.
- Dividend yield / payout ratio
- The year's dividend as a % of today's price / the share of earnings paid out as dividends.
- Revenue CAGR
- Multi-year growth expressed as a single yearly average (compound annual growth rate).
- RSI (short-term signal)
- Whether recent price action is overheated or beaten down. Above 70 is overbought, below 30 oversold.
- MA20 / MA60 (moving averages)
- The 20- and 60-day average price. Price above them signals a firmer short-term trend.
- vs 52-week high
- How far below the past year's peak the price sits now (%).
All figures are for reference only; how they read varies by sector and over time.
Sources: Korea FSC market-price API (data.go.kr), OpenDART, KRX/KIND — public data only.
Bong Stocks presents public-data-based information for reference only. It is not investment advice and contains no target prices, ratings, or buy/sell recommendations. Verify independently before making any decision.