Mediana is a medical-device maker that develops, manufactures, and sells patient monitors, which display a patient's heart rate, blood pressure, and oxygen saturation in real time, along with automated external defibrillators, which deliver an electric shock to patients in cardiac arrest. It exports to roughly 80 countries, and well over half of its revenue comes from abroad. In 2026 the company is broadening its reach with wireless patient monitors and AI-based predictive features. Operating profit recovered to ₩5.95 billion in 2025, and the first-quarter results disclosed in May extended that recovery into the quarter, with operating profit up 28.1% and net profit up 52.1%. The strengths worth noting are an almost debt-free balance sheet, a leading domestic market share, an 80-country export network, and new growth avenues in wireless and AI. The counterpoint is that the trailing P/E of 41.8x (about 29.4x on this year's earnings) stems from a low denominator at an inflection point where the core business is only beginning to recover, so the pace of that recovery hinges on how much the new businesses actually contribute to revenue.
At-a-glance assessment financial health · growth · profitability · valuation
- Debt ratio, current ratio and interest burden all look healthy.
- Revenue rose 13.9% year over year, and the pace is quickening (3-year trend: mixed).
- Most recent quarter (Q1 2026) revenue was 7.0% higher than a year earlier.
- ROE is 3.9% (controlling-interest basis). It is below the sector average.
- Operating margin is 9.2%.
- The P/E sits above the sector median, reflecting elevated expectations.
Ownership & governance As of 2025-12-31
Largest shareholder Selvas AI 31.69% (corporate)
Controlling bloc incl. related parties 37.77%
With the controlling bloc holding 38%, the ownership structure is stable.
🔎 In-depth analysis
- Mediana is a medical-device company that develops, manufactures, and sells patient monitors, which show a hospital patient's heart rate, blood pressure, oxygen saturation, and other vital signs in real time, and automated external defibrillators (AEDs), which deliver an electric shock to patients in cardiac arrest.
- The main revenue streams are patient monitors (around 40%) and AEDs (in the high 20% range), supplemented by consumables such as body-composition analyzers and catheters and by ODM (original design manufacturing) supply.
- It is an export business that ships much of what it makes overseas, supplying about 80 countries, with well over half of revenue generated abroad.
- In 2026 it has been widening its scope by launching wireless patient monitors to win more bed-by-bed contracts and by layering AI-based predictive features onto its monitoring data.
- The latest close is ₩9,300 and the market cap is ₩173.0 billion.
- The price sits below its 20-day line (₩11,926) and below its 60-day line (₩16,050).
- Trading below both the short- and mid-term moving averages, the trend looks subdued.
- The RSI (a supplementary gauge that compares upward and downward strength over the past 14 days on a 0–100 scale) is 29.5, close to depressed territory.
- The one-month change is -28.0%, the three-month change is -47.9%, and the position versus the 52-week high is -67.5%.
- Relative strength against the KOSDAQ is 87 (1–99, computed from returns versus the index over the past year with heavier weight on recent moves; higher means stronger than the market), placing it in roughly the top 12% of all stocks by strength.
- Over the past three months it lagged the index by 29.2%.
- Chart readings are best interpreted alongside trading volume and disclosure dates.
- The financial structure is very solid.
- The debt-to-equity ratio is just 8.4% and the current ratio (cash-like assets against debt due within a year) tops 10x, so the risk from debt is minimal.
- On profitability, the operating margin (the share of revenue kept from the core business) is 9.2% and the net margin is 8.1%, showing a business that steadily turns a profit, while ROE (how much is earned on equity in a year) is 3.9%, still low given the thick equity base.
- The valuation metric P/E (how many times a year's earnings the share price is) is about 41.8x on trailing confirmed earnings.
- That figure looks high on its own, but Mediana bottomed in 2024 and is at an inflection point where core earnings are recovering, so the denominator—last year's earnings—is unusually low.
- The forward P/E, using the earnings expected this year as the denominator, comes down, making the burden noticeably lighter than the trailing figure suggests.
- P/B (how many times net assets the share price is) is 1.28x, or 1.54x on this year's basis—not excessive relative to net asset value.
- Over five years revenue ran ₩56.8 billion → ₩68.3 billion → ₩78.4 billion → ₩57.0 billion → ₩64.9 billion (2025), dipping once in 2024 after the 2023 peak before rebounding +13.9% in 2025.
- Operating profit fell as low as ₩1.3 billion in 2024 and then recovered sharply to ₩5.95 billion in 2025, while net profit stayed at ₩5.27 billion (down 15% year on year) because of non-operating items, so the core recovery had not yet fully flowed through to the bottom line.
- That trend became clearer in the first quarter of 2026, with revenue +7.0%, operating profit +28.1%, and net profit +52.1%—gains across every line, and double-digit growth in operating and net profit in particular, showing the core recovery starting to reach the bottom line.
- When revenue rises and margins improve together like this, this year's earnings climb above last year's, so the forward P/E on this year's earnings (about 29.4x) falls noticeably below the trailing figure (about 41.8x).
- The expansion of bed-level contracts from the wireless patient-monitor launch and the 80-country export network underpin this recovery.
- At the same time, because non-operating items can swing net profit from quarter to quarter, that should be watched when reading the quality of earnings.
- In the disclosure record, the CEO changed at the March 2026 annual general meeting, and that same month the annual report and an investor-relations briefing laid out the year's business direction.
- The annual report confirmed that 2025 operating profit had recovered to ₩5.95 billion, and the first-quarter results disclosed in May confirmed that the recovery had carried into quarterly earnings, with operating profit +28.1% and net profit +52.1%.
- The company's own announcements (newsroom) center on two narratives: the wireless patient monitor launched in January 2026 rapidly adding bed-level contracts in a short span, and the company pairing cardiac-arrest predictive AI with patient monitoring and partnering with an outside AI firm to push an AI medical platform in earnest.
- As the inventory adjustment on the legacy wired devices wraps up, whether the wireless line and AI tie-ins establish themselves as a new revenue axis is the point to watch.
- This is a stock whose strengths are relatively clear.
- It carries almost no debt and holds thick cash-like assets, giving it strong financial staying power through a crisis; it holds a leading domestic share and an 80-country export network in its core patient-monitor business; and it holds new growth cards in wireless and AI.
- The trailing P/E of 41.8x looks expensive on its own, but that largely reflects a low denominator at an inflection point where the core business is only beginning to recover, and on this year's earnings it comes down to about 29.4x.
- With operating and net profit rising double digits in the first quarter, that recovery is being confirmed in the actual figures, so it is hard to call the stock expensive on the headline P/E alone.
- In short, if the core recovery and the wireless and AI new businesses keep flowing into earnings growth, the current valuation becomes more comfortable; conversely, if new-business revenue does not build as fast as hoped or non-operating items make net profit swing quarter to quarter, the pace of recovery can slow.
- The axis that separates strength from weakness is whether the earnings contribution of the core, wireless, and AI lines keeps stacking up in quarterly results.
🔎 Valuation vs peers Inconclusive
The peer set is built from KOSDAQ medical-device companies whose core business (patient monitoring, diagnostics, and other medical devices) and export structure overlap with Mediana's.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| InBody | 24.42x | 2.35x | 9.64% |
| Boditech Med | 10.15x | 1.04x | 10.23% |
The peers InBody (P/E 20x, ROE 9.6%) and BodiTech Med (P/E 10x, ROE 10.2%) both carry lower P/Es and higher ROEs than Mediana. In other words, Mediana's trailing P/E of about 50x is a clear premium over medical-device peers and looks expensive on the surface. That P/E, however, is calculated on last year's earnings at an inflection point where profit is only just recovering off a trough, so the denominator is small; and given that first-quarter operating and net profit rose double digits and this year's earnings may well exceed last year's, the multiple on this year's earnings (forward, an internal estimate of about 35x) comes in below the headline figure. Even so it remains on the high side versus peers, and whether the premium is justified depends on how fast the wireless and AI new businesses convert into actual earnings, which is hard to pin down at this point. Rather than fixing it as undervalued or overvalued, Inconclusive is appropriate.
Price history Close · MA20 · MA60
The latest close is ₩9,300 and the market capitalization is ₩173.0 billion. The price sits below its 20-day moving average (₩11,926) and below its 60-day moving average (₩16,050). 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 29.5, near oversold territory. The one-month change is -28.0%, the three-month change is -47.9%, and the position relative to the 52-week high is -67.5%. Relative strength versus the KOSDAQ is 87 (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 87% of all stocks. Over the past three months it lagged the index by 29.2%. 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 -29.16% / 6M -6.85% / 12M +60.49%
Key metrics vs sector median
Valuation
The P/E of 32.79x is above the sector median (22.72x). The P/B of 1.28x is below the sector median (1.61x). 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)
DCF (discounted cash flow) estimate — discount rate 10.4%, initial growth 4.0%→terminal 2.0%, 10-yr forecast, free-cash-flow basis. A reference range that shifts materially with assumptions.
Profitability & financials
Return on equity (ROE) is 3.9%, below the sector average (5.0%). The operating margin is 9.2%. The debt ratio is 8.4%, so the financial structure is stable.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $52.0M | $37.8M | $43.0M | +13.86% ↑ faster |
| Operating profit | $6.2M | $867,721 | $3.9M | +354.50% ↑ faster |
| Net profit | $5.9M | $4.1M | $3.5M | -15.09% ↑ faster |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $37.6M | $45.3M | $52.0M | $37.8M | $43.0M |
| Operating profit | $5.5M | $7.0M | $6.2M | $867,721 | $3.9M |
| Net profit | $5.8M | $7.0M | $5.9M | $4.1M | $3.5M |
| Revenue CAGR | 4-yr avg 3.41% | ||||
Revenue rose 13.9% year over year (2023 ₩78.4 billion → 2024 ₩57.0 billion → 2025 ₩64.9 billion), and the three-year trend is 'mixed'. The pace of growth also quickened from the prior year. Operating profit rose 354.5% year over year. Profit is growing at an accelerating pace. Over the 5 years on record, revenue compound annual growth (CAGR) is 3.4%. The two-year revenue CAGR is -9.0%. In the most recent quarter (Q1 2026), revenue was 7.0% higher than the same period a year earlier.
Latest quarterly results Q1 2026 · vs year-ago
Technical indicators
What stands out
- Revenue grew 13.9% 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
- 2026-03-24FilingAnnual general meeting results and CEO change disclosed (management turnover)A mid-term issue, as a change in the management framework can affect the direction of the new businesses. Source
- 2026-03-12Filing2025 annual report filed (annual revenue ₩64.9 billion, operating profit ₩5.95 billion, confirming the core-business recovery)A mid-term fundamental basis confirming the exit from the operating-profit trough. Source
- 2026-03-06IRInvestor-relations briefing held (explaining the year's business direction and new businesses)A short-term event that signals the wireless and AI new-business direction to the market. Source
- 2026-05-15EarningsFirst-quarter 2026 report filed (revenue +7.0%, operating profit +28.1%, net profit +52.1%)A short-term positive showing the recovery carrying into quarterly earnings. Source
- 2026-06-02IRCompany announcement: after the wireless patient-monitor launch, bed-level contracts expanding quickly and AI medical-platform collaboration moving in earnestA mid-term momentum factor showing early traction for the new growth axis. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| Main business mix (product lines) | — | — | Confirmed | link |
| 2025 annual revenue | ₩64.9 billion | (2025.12) | Confirmed | link |
| First-quarter 2026 earnings growth | revenue 160.8(+7.0%), operating profit 16.1(+28.1%), net profit 23.5(+52.1%) | (2026.03) | Confirmed | link |
| Forward P/E based on this year's estimated net profit | approx. 35x(self-estimate) | — | Unverified | link |
Recent filings
- 2026-05-15PeriodicQuarterly report (amended)
- 2026-05-15PeriodicQuarterly report
- 2026-03-24Amended filing
- 2026-03-24Disclosure
- 2026-03-24Shareholders' meeting notice
- 2026-03-13Audit report (amended)
- 2026-03-12PeriodicAnnual business report
- 2026-03-11Audit report
- 2026-03-09Amended filing
- 2026-03-06Disclosure
- 2026-03-05Shareholders' meeting notice
- 2026-02-24Shareholders' meeting notice
📖 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.