Naturecell (007390) 🔎 In-depth
KOSDAQ · Price as of 2026-08-06 · Updated 2026-08-09
Naturecell earns its living from a stem-cell business built around JointStem, an osteoarthritis therapy made from stem cells extracted from fat, plus stem-cell culture-medium cosmetics, and from long-established beverage brands such as orange juice and sikhye. In 2025, beverages made up more than half of revenue and stem-cell-related sales roughly 30%, so it is the beverage side that currently supports results. In March, Chairman Ra Jeong-chan returned as CEO and, through IR, unveiled JointStem's US FDA accelerated-approval strategy and a Nasdaq listing roadmap. What stands out is that if JointStem secures a US approval path, its market broadens to the world's largest, giving room for the high P/B and P/S to be justified after the fact, and the net-cash position is a support; but because the FDA discussions and Nasdaq listing are not confirmed outcomes, a schedule delay or a failed approval could quickly unwind expectations.
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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 “Pharmaceuticals (profitable)” (Biotech & Pharmaceuticals), a type typically read first through P/E.
Established, profit-generating drugmakers earn fairly steady revenue from prescriptions and product sales, which makes their earnings reasonably predictable. That is why price-to-earnings (P/E) — the share price set against current net income — is the first lens here.
Price against earnings alone becomes unstable when earnings swing. Reading it together with price against assets helps gauge the downside.
That said, profitability is currently weak, so this metric is best treated as a rough reference only.
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
- The most recent full-year net result was a loss.
- Revenue fell 35.9% year over year (3-year trend: mixed).
- Most recent quarter (Q1 2026) revenue was 0.4% lower than a year earlier.
- ROE is -4.5% (controlling-interest basis). It is below the sector average.
- Operating margin is -17.6%.
- 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 Biostar Stem Cell Technology Research Institute 9.24% (corporate)
Controlling bloc incl. related parties 17.83%
With the controlling bloc holding 18%, control is maintained but the free float is relatively large.
🔎 In-depth analysis Reading
Naturecell makes money along three lines. The first is its stem-cell business: this includes JointStem, an osteoarthritis therapy made from stem cells extracted from fat; cosmetics using stem-cell culture medium; and cell and placenta storage services. The second is its beverage business, where it carries on selling long-established beverage brands such as orange juice (JIUR), sikhye, and blended-strawberry drinks. In 2025, beverages made up more than half of revenue, with stem-cell-culture-related sales accounting for roughly 30%. In short, what actually supports revenue now is the beverage side, while what moves the share price is future expectations for the still-small-revenue stem-cell therapy, and that is the core structure of this company.
The latest close is ₩21,850 and the market capitalization is ₩1.4 trillion. The price sits below its 20-day moving average (₩23,660) and below its 60-day moving average (₩25,161). 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 43.8, a neutral level. The one-month change is -5.2%, the three-month change is +9.9%, and the position relative to the 52-week high is -42.2%. Relative strength versus the KOSDAQ is 76 (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 76% of all stocks. Over the past three months it outpaced the index by 71.7%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
On results alone it is fragile. In 2025, revenue was ₩20.7 billion, operating profit minus ₩3.6 billion, and net profit minus ₩2.8 billion, all in the red. ROE is minus 4.5% and the operating margin (operating profit as a share of revenue) is minus 17.6%. The debt ratio is 18.6%, not excessive, and the current ratio (cash-like assets against debt due within a year) is 332%, so there is short-term funding room. Net debt is negative, meaning a net-cash position with more cash than debt. The problem lies in the valuation metrics: because of the losses, no P/E can be calculated, and the P/B is 28.88x and the P/S 67.9x, both very high. These numbers are best read as the share price pricing in the future value of JointStem in advance, rather than reflecting current results.
The growth trajectory still depends not on revenue growth but on clinical progress. Revenue has swung widely, from ₩19.4 billion in 2023 to ₩32.3 billion in 2024 to ₩20.7 billion in 2025. It briefly turned profitable in 2024 (net profit of ₩1.2 billion) before slipping back into the red in 2025. Q1 2026 also stayed in the red, with revenue of ₩4.06 billion (-0.4% year on year) and net profit of minus ₩1.14 billion. That is why this year's profit is hard to project from the current earnings flow alone. The direction of profit hinges heavily on whether JointStem gains US approval. The company has officially stated that JointStem has been designated a Breakthrough Therapy in the US and that it is in discussions on an accelerated-approval path. If approval comes, the profit picture could change substantially, but because it is not yet confirmed, it is hard to nail down future profit from current figures.
This year's events are mostly concentrated on JointStem's US entry and governance change. On March 20, Chairman Ra Jeong-chan returned as CEO; the company officially described it as building a responsible-management system to strengthen the stem-cell business. It then held IR events in March and June, unveiling JointStem's US FDA accelerated-approval strategy and Nasdaq listing roadmap to investors. According to the company's announcements, it is preparing for local entry through a US subsidiary and a Baltimore production facility. In March there was also a clarification disclosure regarding rumors and media reports, showing that the share price reacts sensitively to unverified information given the nature of biotech.
Naturecell is more accurately viewed as an event company than an earnings company. The conditions for strength are clear: if JointStem secures an approval path in the US, a therapy previously sold only domestically broadens to the world's largest market. In that case, there is room for the current high P/B and P/S to be justified after the fact. The net-cash position, which keeps short-term funding pressure low, is also a support. The conditions for weakness are equally clear: what currently generates profit is the beverage business, and the stem-cell therapy has yet to produce large-scale revenue. The FDA discussions and Nasdaq listing are targets the company has presented, not confirmed outcomes. If the schedule slips or approval falls through, the expectations underpinning the share price could unwind quickly. Ultimately, this is a stock whose direction is decided by the success or failure of clinical and approval events, and the key is to check JointStem's progress directly rather than the earnings metrics.
🔎 Valuation vs peers Inconclusive
Compared mainly against regenerative-medicine biotech companies developing stem-cell therapies (on a business-substance basis).
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Anterogen | 0.00x | 2.03x | -1.57% |
| Pharmicell | 16.80x | 5.10x | 32.79% |
On an earnings basis it is loss-making, so no P/E is produced, and the P/B of 22.3x and P/S of 67.9x are far higher than those of fellow stem-cell-therapy companies such as Anterogen (P/B of 2.5x) or Pharmicell (P/B of 6.1x). This premium is best understood as the share price pricing in advance the future value of JointStem's US approval rather than current profit. For a stock like this, it is hard to declare it cheap or expensive on financial multiples alone. The justification for the valuation ultimately depends on whether the FDA approval and Nasdaq listing actually come to pass, so until the event outcomes are confirmed, inconclusive is the appropriate call.
Price history Close · MA20 · MA60
The latest close is ₩21,850 and the market capitalization is ₩1.4 trillion. The price sits below its 20-day moving average (₩23,660) and below its 60-day moving average (₩25,161). 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 43.8, a neutral level. The one-month change is -5.2%, the three-month change is +9.9%, and the position relative to the 52-week high is -42.2%. Relative strength versus the KOSDAQ is 76 (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 76% of all stocks. Over the past three months it outpaced the index by 71.7%. 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 +71.66% / 6M +22.19% / 12M -40.64%
Key metrics Computed vs sector median
Valuation
A net loss makes the P/E an unreliable valuation gauge. The P/B of 22.32x is above the sector median (1.10x).
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 -4.5%, below the sector average (1.0%). The operating margin is -17.6%. The debt ratio is 37.5%, so the financial structure is stable.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $13.6M | $22.7M | $14.6M | -35.87% ↓ slower |
| Operating profit | -$7.2M | $419,759 | -$2.6M | -710.23% |
| Net profit | -$8.2M | $861,381 | -$2.0M | -331.48% |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $14.3M | $15.1M | $13.6M | $22.7M | $14.6M |
| Operating profit | -$5.3M | -$6.7M | -$7.2M | $419,759 | -$2.6M |
| Net profit | -$22.5M | -$4.8M | -$8.2M | $861,381 | -$2.0M |
| Revenue CAGR | 4-yr avg 0.46% | ||||
Revenue fell 35.9% year over year (2023 ₩19.4 billion → 2024 ₩32.3 billion → 2025 ₩20.7 billion), and the three-year trend is 'mixed'. The rate of decline widened from the prior year. Operating profit fell 710.2% year over year. Over the 5 years on record, revenue compound annual growth (CAGR) is 0.5%. The two-year revenue CAGR is 3.5%. In the most recent quarter (Q1 2026), revenue was 0.4% lower than the same period a year earlier.
Latest quarterly results Source Q1 2026 · vs year-ago
Technical indicators Computed
What stands out
- —
Points to watch
- The most recent full year was a loss, so it is worth checking whether profitability recovers.
- Revenue fell 35.9% year over year (3-year trend: mixed).
- The price is high versus peers, so expectations already appear priced in.
Recent news & events searched · sourced
- 2026-06-05IRHeld an IR event. Unveiled JointStem's US FDA accelerated-approval strategy and Nasdaq listing roadmap to investors.Near term: a catalyst reaffirming US-entry expectations. Medium term: a crossroads of realized or reversed expectations depending on actual FDA progress and whether the listing happens. Source
- 2026-03-20FilingChange of CEO. Chairman Ra Jeong-chan returned as CEO, saying it builds a responsible-management system to strengthen the stem-cell business.Near term: a governance-change catalyst. Medium term: with the driver of the US push confirmed, it affects the pace of strategy execution. Source
- 2026-03-16UpdateClarification disclosure regarding rumors or media reports. The company states its position on unverified information.Near term: confirms that, given the nature of biotech, share-price volatility can grow around unverified information. Medium term: a need to manage information credibility. Source
- 2026-03-04IRHeld an IR event. Investor briefing on JointStem's US approval strategy.Near term: strengthens the US-entry narrative. Medium term: the outcome of subsequent FDA discussions is the substantive catalyst. Source
- 2026-05-15EarningsQ1 2026 quarterly report. Revenue of ₩4.06 billion (-0.4% year on year), operating profit of minus ₩1.32 billion, and net profit of minus ₩1.14 billion, with losses continuing.Near term: results themselves are weak. Medium term: reaffirms the structure in which beverages drive profit while stem-cell expectations drive the valuation. Source
Figure cross-check computed ↔ external
Recent filings Source
- 2026-06-05Disclosure
- 2026-05-15PeriodicQuarterly report
- 2026-03-31Shareholders' meeting notice
- 2026-03-27OwnershipOfficers'/major-shareholders' holdings report
- 2026-03-23PeriodicAnnual business report
- 2026-03-23Audit report
- 2026-03-20OwnershipOfficers'/major-shareholders' holdings report
- 2026-03-20Disclosure
- 2026-03-16Disclosure
- 2026-03-04Disclosure
- 2026-02-19Shareholders' meeting notice
- 2026-02-19Disclosure
📖 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.