InBody (041830) 🔎 In-depth
KOSDAQ · Price as of 2026-08-06 · Updated 2026-08-09
InBody makes body-composition analyzers that measure muscle, fat, and water in the body. It earns revenue from selling the machines placed in hospitals, gyms, and health-check centers, and from consumables, measurement paper, and services. Lately, obesity clinics and pharmaceutical firms developing obesity drugs have become a new source of demand, and with a large overseas share, growth in the U.S. and Europe drives results. In March the company voluntarily disclosed a corporate value-up plan, setting a 25% payout-ratio target and presenting a 12.4% ROE for this year; last year's total dividend of ₩8.0 billion was up 59% from the prior year (₩5.0 billion), and in early May the first-quarter preliminary results reported an earnings surprise. What stands out lately is that its position as the global No.1 in body-composition analyzers, a net-cash balance sheet, and structural demand from the obesity-treatment market are strengths, but the stock has more than doubled in three months so strong results are largely priced in, and interest and currency effects mixed into first-quarter net profit can make it lumpy from quarter to quarter.
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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 “Medical Devices & Healthcare” (Biotech & Pharmaceuticals), a type typically read first through forward P/E.
In medical devices and healthcare, growth hinges on regulatory approval and product adoption, and profits often lag during the early investment phase. So forward P/E, which reflects expected earnings, is the first lens. But in a loss-making year an earnings multiple breaks down, so the focus shifts to EV/Sales — enterprise value against revenue — to size the business against its scale.
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 14.4% year over year, and the pace is slowing (3-year trend: rising).
- Most recent quarter (Q1 2026) revenue was 23.1% higher than a year earlier.
- ROE is 12.2% (controlling-interest basis). It is above the sector average.
- Operating margin is 17.3%.
- 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 Cha Ki-chul 18.14% (individual)
Controlling bloc incl. related parties 29.12%
With the controlling bloc holding 29%, control is maintained but the free float is relatively large.
🔎 In-depth analysis Reading
InBody makes body-composition analyzers that measure muscle, fat, and water in the body. The silver footplate machine found in hospitals, gyms, and health-check centers is exactly this company's product. The major revenue pillars are machine sales and the consumables, measurement paper, and services that keep flowing into a machine once it is sold. Recently, obesity clinics and pharmaceutical firms researching obesity drugs have created new demand by using body-composition data. Because the overseas revenue share is large, growth in the U.S. and Europe drives results.
The latest close is ₩70,000 and the market capitalization is ₩943.7 billion. The price sits above its 20-day moving average (₩52,472) and above its 60-day moving average (₩48,893). It holds above both its short- and medium-term moving averages, so the trend looks healthy. The RSI (a supplementary indicator that gauges the strength of gains versus losses over the past 14 days on a 0-100 scale) is 71.5, near overbought territory. The one-month change is +25.0%, the three-month change is +133.3%, and the position relative to the 52-week high is +0.0%. Relative strength versus the KOSDAQ is 94 (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 95% of all stocks. Over the past three months it outpaced the index by 253.1%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
On last year's results, valuation is a P/E ratio (how many times one year of earnings the price represents) of 30.81x and P/B (how many times book net assets the price represents) of 2.87x. But that P/E embeds a trough where last year's net profit dipped slightly, creating an optical distortion that makes it look more expensive than the underlying strength. As this year's earnings jump, the forward multiple falls to around 20x. Profitability is healthy at a 15.7% operating margin. ROE (how much is earned in a year on equity) is 9.6%. The balance sheet is very solid. Net debt (total borrowings minus cash) is negative ₩42.0 billion, making it a net-cash company where cash exceeds debt. A current ratio of 648% leaves ample short-term liquidity. FCF yield (the ratio of actual cash generated to market cap) is around 3.6%, so cash generation is fairly steady.
The top line has risen every year for five years. Revenue grew from ₩137.8 billion in 2021 to ₩233.9 billion in 2025, up 14.4% even last year. Net profit, by contrast, edged down from ₩36.7 billion in 2023 to ₩30.6 billion in 2025, a phase in which growth investment and costs weighed on earnings. That trend clearly changed in the first quarter of this year. First-quarter revenue was ₩68.4 billion (+23%), operating profit ₩13.0 billion (+86%), and net profit ₩16.3 billion (+138%), with earnings jumping far faster than revenue. Growing demand for obesity management in the U.S. and Europe, and the use of InBody equipment in obesity-drug research, are the key drivers. The company set this year's ROE target at 12.4%, which implies earnings clearly higher than last year. So even though the stock looks expensive on last year's results alone, the valuation burden falls sharply on this year's earnings.
In March the company voluntarily disclosed a corporate value-up plan. It set a 25% payout ratio (the share of net profit paid out as dividends) on a consolidated-net-profit basis and presented a 12.4% ROE for this year. In fact, last year's total dividend of ₩8.0 billion was up 59% from 2024 (₩5.0 billion). In May, a treasury-share disposal decision and the disposal result were disclosed. In early May the first-quarter preliminary results were disclosed under fair disclosure, reporting an earnings surprise. A notable feature is that stronger shareholder returns and an earnings improvement overlapped in the same period.
The strengths are clear: its standing as the global No.1 in body-composition analyzers, a net-cash balance sheet, and structural demand from the U.S. and European obesity-treatment market. The first-quarter earnings surge is more likely a result of a widening customer base than a one-off rebound. The company's 25% payout-ratio target is also positive on the shareholder-return front. There are cautions too. The stock has more than doubled in three months, so the strong first-quarter results are already largely priced in. First-quarter net profit exceeded operating profit, and this includes interest from net cash and currency effects, which can make it lumpy from quarter to quarter. The high overseas revenue share also means results can swing with exchange rates and demand shifts across countries, and that should be watched together.
🔎 Valuation vs peers Fairly valued
Chosen from KOSDAQ medical and precision-instrument makers with a high overseas revenue share under their own brand and comparable profitability and growth.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Classys | 22.52x | 5.69x | 25.94% |
| Dentium | 21.36x | 0.59x | 3.52% |
| i-SENS | 0.00x | 1.62x | -1.73% |
On last year's results, the P/E of 25.8x is somewhat higher than peers (Classys 23.7x, Dentium 20.7x). But this is an optical distortion embedding a trough where last year's net profit dipped slightly. With first-quarter earnings surging, on this year's earnings the P/E falls to around 20x. Seen this way, the level is not excessive relative to growth and profitability. That said, given that the stock has surged in the short term and strong results are largely priced in, the current valuation is closer to 'fairly valued' than 'cheap.'
Earnings outlook Estimate company-stated · verified
| Type | Period | Revenue | Operating profit | Net profit |
|---|---|---|---|---|
| This year | 2026 | — | — | approx. 394 |
Price history Close · MA20 · MA60
The latest close is ₩70,000 and the market capitalization is ₩943.7 billion. The price sits above its 20-day moving average (₩52,472) and above its 60-day moving average (₩48,893). It holds above both its short- and medium-term moving averages, so the trend looks healthy. The RSI (a supplementary indicator that gauges the strength of gains versus losses over the past 14 days on a 0-100 scale) is 71.5, near overbought territory. The one-month change is +25.0%, the three-month change is +133.3%, and the position relative to the 52-week high is +0.0%. Relative strength versus the KOSDAQ is 94 (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 95% of all stocks. Over the past three months it outpaced the index by 253.1%. 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 +253.15% / 6M +202.07% / 12M +196.10%
Key metrics Computed vs sector median
Valuation
The P/E of 30.81x is above the sector median (21.36x). The P/B of 2.87x is above the sector median (1.23x). 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 1.29x. A reference range that shifts materially with assumptions.
Profitability & financials
Return on equity (ROE) is 12.2%, above the sector average (2.0%). The operating margin is 17.3%. The debt ratio is 15.4%, so the financial structure is stable.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $119.7M | $143.6M | $164.3M | +14.42% ↓ slower |
| Operating profit | $26.9M | $25.8M | $25.8M | +0.04% ↑ faster |
| Net profit | $25.8M | $23.3M | $21.5M | -7.57% ↑ faster |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $96.8M | $112.4M | $119.7M | $143.6M | $164.3M |
| Operating profit | $25.2M | $28.6M | $26.9M | $25.8M | $25.8M |
| Net profit | $23.9M | $23.8M | $25.8M | $23.3M | $21.5M |
| Revenue CAGR | 4-yr avg 14.14% | ||||
Revenue rose 14.4% year over year (2023 ₩170.4 billion → 2024 ₩204.5 billion → 2025 ₩233.9 billion), and the three-year trend is 'rising'. That said, the pace of growth slowed from the prior year. Operating profit rose 0.0% year over year. Profit is growing at an accelerating pace. Over the 5 years on record, revenue compound annual growth (CAGR) is 14.1%. The two-year revenue CAGR is 17.2%. In the most recent quarter (Q1 2026), revenue was 23.1% 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 12.2% points to solid profitability.
- Revenue grew 14.4% 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.
- The price is near its 52-week high, so chasing it warrants caution around volatility.
Recent news & events searched · sourced
- 2026-05-07EarningsFirst-quarter 2026 preliminary results under fair disclosure — revenue of ₩68.4 billion (+23.1%), operating profit of ₩13.0 billion (+86%), net profit of ₩16.3 billion (+138%), the highest revenue for nine consecutive quarters.Confirms an earnings inflection, with profit rising far faster than revenue. The direct trigger for the short-term surge in the stock. Source
- 2026-03-27IRCorporate value-up plan voluntarily disclosed — a 25% payout-ratio target on a consolidated-net-profit basis and a 12.4% ROE for this year.Sets out the direction for stronger shareholder returns and the company's official profitability target. A reference point for mid-term dividend and earnings expectations. Source
- 2026-05-20UpdateMaterial-fact report — treasury-share disposal decision.A change in free float from the use of treasury shares. A variable from the shareholder-return and governance perspective. Source
- 2026-05-28UpdateTreasury-share disposal result report — confirming execution of the May disposal decision.Completion of the treasury-share disposal removes the related uncertainty. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| First-quarter 2026 revenue and operating profit | revenue 684, operating profit 130 | revenue 684.4(+23.1%), operating profit 130.2(+86%) | Confirmed | link |
| Payout-ratio target and 2025 dividend | 1.02%, DPS ₩600, payout 26.7% | 25%, 2025 80 | Confirmed | link |
| 2026 ROE | ROE 9.6% | 2026 ROE 12.4% | Unverified | link |
Recent filings Source
- 2026-06-04OwnershipOwnership-change filing
- 2026-05-28OwnershipOfficers'/major-shareholders' holdings report
- 2026-05-28TreasuryTreasury-stock disposal decision
- 2026-05-20TreasuryMaterial-fact report
- 2026-05-14PeriodicQuarterly report
- 2026-05-07EarningsFair-disclosure notice
- 2026-04-28OwnershipOwnership-change filing
- 2026-04-28OwnershipOwnership-change filing
- 2026-03-27Disclosure
- 2026-03-26Shareholders' meeting notice
- 2026-03-24OwnershipOwnership-change filing
- 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.