Pharmicell (005690) 🔎 In-depth
KOSPI · Price as of 2026-08-06 · Updated 2026-08-09
Pharmicell earns nearly all of its profit in its biochemical division, which makes pharmaceutical raw materials and intermediates such as mPEG and nucleosides along with low-dielectric electronic materials for high-frequency, high-speed circuits, and separately it develops stem-cell therapeutics. In the first quarter of 2026 the biochemical division accounted for about 98% of total revenue and set a record result, and two single supply-contract disclosures in May confirmed rising volumes of electronic materials. The strengths worth noting are a high ROE of 32.5% and a net-cash balance sheet, and standout growth and profitability while demand for low-dielectric electronic materials lifts results; the cautions are that profit leans heavily on volumes from a specific customer (Doosan's electronics business group), that the stem-cell business is still closer to a future option, and that a P/B of 6.1x assumes today's high profitability persists.
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30-second brief
Pulled directly from the computed values below — not a separately written opinion.
What do the SourceComputedEstimateReading tags mean?
Source filings and exchange data · Computed calculated from public data · Estimate our own unverified projection · Reading drafted automatically, then rule-checked. See AI & Automation.
Core valuation metric
This stock's effective sub-sector is “Active Pharmaceutical Ingredients (API)” (Biotech & Pharmaceuticals · Pharmaceuticals (profitable)), a type typically read first through P/E.
Active pharmaceutical ingredient (API) makers supply raw materials to finished-drug companies and earn profits from producing and selling them, giving a fairly continuous earnings stream. That makes price-to-earnings (P/E) — the share price against earnings — the first lens.
Price against earnings alone becomes unstable when earnings swing. Reading it together with price against assets helps gauge the downside.
This note explains how each sector is typically valued and is educational context only, not investment advice.
At-a-glance assessment financial health · growth · profitability · valuation
- Debt ratio, current ratio and interest burden all look healthy.
- Revenue rose 75.9% year over year, and the pace is quickening (3-year trend: rising).
- Most recent quarter (Q1 2026) revenue was 35.8% higher than a year earlier.
- ROE is 32.8% (total-net basis). It is above the sector average.
- Operating margin is 31.5%.
- A sector-metric and in-depth research verdict — see “Valuation vs peers” below for the basis.
Ownership & governance As of 2025-12-31
Largest shareholder Kim Hyun-soo 8.82% (individual)
Controlling bloc incl. related parties 9.35%
With the controlling bloc holding 9%, ownership is dispersed, leaving room for control-related or activist dynamics.
🔎 In-depth analysis Reading
Pharmicell earns money from two divisions. The first is the biochemical division, which generates nearly all of the company's profit. It makes pharmaceutical raw materials and intermediates such as mPEG (methoxy polyethylene glycol) and nucleosides, and alongside them produces electronic materials with low-dielectric, low-loss characteristics. These electronic materials are used in high-frequency, high-speed circuits where signal loss must be minimized, and they have been the engine of recent revenue growth. As of the first quarter of 2026 the biochemical division accounted for about 98% of total revenue. The second is the biomedical division, which develops stem-cell therapeutics. It is still an R&D-oriented business, closer to a future growth option than to current earnings.
The latest close is ₩11,280 and the market capitalization is ₩676.8 billion. The price sits above its 20-day moving average (₩10,750) and below its 60-day moving average (₩13,121). Short-term and medium-term trends are diverging, so the direction is best read separately. The RSI (a supplementary indicator that gauges the strength of gains versus losses over the past 14 days on a 0-100 scale) is 50.1, a neutral level. The one-month change is -1.9%, the three-month change is -43.9%, and the position relative to the 52-week high is -44.3%. Relative strength versus the KOSPI is 12 (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 11% of all stocks. Over the past three months it lagged the index by 29.8%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
Profitability is this company's biggest strength. ROE (return on equity, how much is earned in a year on shareholders' equity) is a very high 32.5%. The operating margin is 30.1% and the net margin 35.3%, so earnings fall through generously. The balance sheet is also robust. A current ratio of 4.8x and an interest coverage ratio of 221x leave ample capacity to service debt. Net debt (total borrowings minus cash) is about ₩-14.3 billion, a net-cash position with more cash than debt. The FCF yield (free cash actually generated relative to market cap) is 4.5%. On valuation, the P/E ratio (how many times one year of earnings the share price represents) is 16.80x and the P/B (price relative to net asset value) is 5.10x. That P/E, however, is based on last year's net profit (a trailing figure), and last year's net profit included some non-operating gains. For a company whose profit is growing fast, it is hard to conclude it is expensive on a single trailing P/E. EV/EBIT (enterprise value, reflecting debt, divided by operating profit; an extension of the P/E) comes to 21.5x.
The pace of growth stands out. Revenue went from ₩56.2 billion in 2023 to ₩64.9 billion in 2024 to ₩114.1 billion in 2025, a 75.9% jump in 2025 from the prior year. Operating profit climbed in steps over the same period, from ₩1.3 billion to ₩4.7 billion to ₩34.3 billion. Net profit also surged, from ₩3.6 billion to ₩6.3 billion to ₩40.3 billion. 2025 was the best result in the company's history. The trend continued into 2026: first-quarter revenue of ₩36.7 billion (+35.8%), operating profit of ₩13.1 billion (+56.1%) and net profit of ₩11.7 billion (+38.4%) set another quarterly record. The engine of growth is low-dielectric electronic materials. Average monthly revenue from this material shipped to Doosan's electronics business group rose quickly, from about ₩5 billion in 2025 to about ₩9 billion in the first half of 2026. Rather than merely holding the first-quarter run-rate, volumes are on an upward path that builds through the first half. Reflecting that trajectory, this year's profit has room to step up another notch from last year. On that basis the current price carries less burden than the trailing P/E implies.
Recent disclosures back up the substance of the earnings improvement. Two single supply-contract disclosures came on May 8 and May 27, 2026, showing that electronic-materials volumes are rising. The May 12 quarterly report confirmed a record first quarter. In April and June there were disclosures of investor-relations events, a sign the company is stepping up communication with investors. On May 12 there was also an amended filing on employee stock options. In March the annual report and the regular general shareholders' meeting procedures were completed.
The strengths are clear. Profitability is very high (ROE 32.5%) and the balance sheet is robust with net cash. Revenue and profit are growing in steps, centered on real demand for low-dielectric electronic materials. Against pharmaceutical and bio peers, growth and profitability lead while the P/E is actually on the lower side. There are cautions, too. First, profit leans heavily on volumes from a specific electronic-materials customer (Doosan's electronics business group), and whether that demand persists is the key to results. Second, the stem-cell therapeutics division still contributes little profit and is closer to a future option. Third, a P/B of 6.1x is not low relative to net asset value, so it presumes today's high profitability continues. In sum, growth and profitability stand out while electronic-materials demand holds up, and earnings volatility could rise if that demand wobbles.
🔎 Valuation vs peers Fairly valued
With a biochemical and fine-chemical profile making pharmaceutical intermediates (mPEG, nucleosides) and electronic materials, layered with stem-cell therapeutic development, there is no perfect like-for-like group; pharmaceutical and bio listed companies are used as a contrast to gauge its growth and profitability standing.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Celltrion Pharm | 49.79x | 4.44x | 9.26% |
| Caregen | 178.51x | 16.73x | 10.89% |
| Samchundang Pharm | 736.07x | 12.99x | 3.65% |
Compared with pharmaceutical and bio peers, Pharmicell's P/E of 18.6x is in fact the lowest, while its ROE (32.5%) and revenue growth (75.9%) are clearly higher than theirs — meaning it leads on growth and profitability yet its price relative to earnings is cheap. That said, the trailing 18.6x has limits: last year's net profit included non-operating gains, and this year the earnings baseline is different as electronic-materials volumes build on an upward path. On this year's expected earnings the P/E falls to around 15x. For a stock passing an earnings inflection, the forward figure is closer to the real picture than the trailing P/E. On balance the valuation burden looks modest relative to growth and profitability, with the key being whether electronic-materials demand persists.
Price history Close · MA20 · MA60
The latest close is ₩11,280 and the market capitalization is ₩676.8 billion. The price sits above its 20-day moving average (₩10,750) and below its 60-day moving average (₩13,121). Short-term and medium-term trends are diverging, so the direction is best read separately. The RSI (a supplementary indicator that gauges the strength of gains versus losses over the past 14 days on a 0-100 scale) is 50.1, a neutral level. The one-month change is -1.9%, the three-month change is -43.9%, and the position relative to the 52-week high is -44.3%. Relative strength versus the KOSPI is 12 (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 11% of all stocks. Over the past three months it lagged the index by 29.8%. 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 -29.75% / 6M -34.12% / 12M -51.81%
Key metrics Computed vs sector median
Valuation
The P/E of 16.80x is in line with the sector median (15.45x). The P/B of 5.10x is above the sector median (0.86x). That said, this P/E is based on last year's (trailing) results. With recent quarterly earnings up sharply, the trailing P/E can look higher than it really is, so a precise read is best done on this year's expected (forward) earnings.
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.
Intrinsic value (DCF estimate) Estimate
Model output — not a price target. This is what the formula returns under the assumptions below, not a view on where the share price should go.
DCF (discounted cash flow) estimate — discount rate 10.4%, initial growth 10.0%→terminal 2.0%, 10-yr forecast, free-cash-flow basis, forward earnings power normalized 1.242x. A reference range that shifts materially with assumptions.
Profitability & financials
Return on equity (ROE) is 32.8%, above the sector average (4.0%). The operating margin is 31.5%. The debt ratio is 26.6%, so the financial structure is stable.
Growth FY2025 · annual report (separate)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $39.5M | $45.6M | $80.1M | +75.88% ↑ faster |
| Operating profit | $910,442 | $3.3M | $24.1M | +636.83% ↑ faster |
| Net profit | $2.5M | $4.4M | $28.3M | +536.35% ↑ faster |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $36.4M | $42.3M | $39.5M | $45.6M | $80.1M |
| Operating profit | $5.5M | $6.2M | $910,442 | $3.3M | $24.1M |
| Net profit | $6.6M | $7.6M | $2.5M | $4.4M | $28.3M |
| Revenue CAGR | 4-yr avg 21.81% | ||||
Revenue rose 75.9% year over year (2023 ₩56.2 billion → 2024 ₩64.9 billion → 2025 ₩114.1 billion), and the three-year trend is 'rising'. The pace of growth also quickened from the prior year. Operating profit rose 636.8% year over year. Profit is growing at an accelerating pace. Over the 5 years on record, revenue compound annual growth (CAGR) is 21.8%. The two-year revenue CAGR is 42.4%. In the most recent quarter (Q1 2026), revenue was 35.8% higher than the same period a year earlier.
Latest quarterly results Source Q1 2026 · vs year-ago
Technical indicators Computed
What stands out
- ROE of 32.8% points to solid profitability.
- Revenue grew 75.9% year over year, a sign of growth.
- The balance sheet is stable in terms of debt and liquidity.
Points to watch
- The price is high versus peers, so expectations already appear priced in.
Recent news & events searched · sourced
- 2026-05-27UpdateSingle supply-contract disclosure. A contract reflecting expanded supply volumes of electronic materials and other products.A short- to medium-term earnings catalyst underpinning rising low-dielectric electronic-materials revenue. Source
- 2026-05-12EarningsQ1 2026 quarterly report. Revenue ₩36.7 billion, operating profit ₩13.1 billion and net profit ₩11.7 billion, a record quarterly result.Confirms the growth trajectory continues into 2026. Grounds for lowering the valuation on a forward basis. Source
- 2026-05-08UpdateSingle supply-contract disclosure. A contract related to expanded supply of electronic materials.A short-term catalyst underpinning rising volumes in the core growth business (electronic materials). Source
- 2026-06-09IRNotice of an investor-relations event. The company steps out to brief investors on results and business.A signal of stronger investor communication. Direct impact on results is limited. Source
- 2026-03-18Filing2025 annual report. Revenue ₩114.1 billion, operating profit ₩34.3 billion and net profit ₩40.3 billion, confirming the best result in the company's history.Officially confirms the high-growth, high-profitability structure. A reference point for subsequent growth. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| 2025 revenue, operating profit and net profit | revenue 1,141 / operating profit 343 / net profit 403 | revenue 1,140 / operating profit 343 / net profit 403 | Confirmed | link |
| Q1 2026 revenue and operating profit | revenue 367 / operating profit 131 / net profit 117 | revenue 367 / operating profit 131 | Confirmed | link |
| 2026 net-profit estimate | approx. 500(self-estimate) | — | Unverified | link |
Recent filings Source
- 2026-06-09Disclosure
- 2026-06-01Corporate governance report
- 2026-05-27Single supply/sales contract
- 2026-05-12PeriodicQuarterly report
- 2026-05-12Amended filing
- 2026-05-08Single supply/sales contract
- 2026-04-15OwnershipOwnership-change filing
- 2026-04-01Disclosure
- 2026-03-26Disclosure
- 2026-03-26Shareholders' meeting notice
- 2026-03-18PeriodicAnnual business report
- 2026-03-17Audit 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.