Cell Biotech is a pharmaceutical and biotech company that recently posted annual revenue of ₩53.1 billion with an operating margin of 14.9% and a net margin of 19.1%, a structure where profit is left thickly relative to revenue — so the quality and flow of earnings matter more than the top line. Full-year 2025 results were revenue of ₩53.1 billion, operating profit of ₩7.9 billion, and net profit of ₩10.1 billion, and in Q1 2026 revenue was ₩14.6 billion, operating profit ₩3.2 billion, and net profit ₩5.4 billion, with operating profit up 134% year on year confirming an earnings improvement. What stands out recently is that if the earnings improvement keeps being confirmed quarter by quarter and year by year, a stable balance sheet and returns — a current ratio of 2,134% and a payout ratio of 40.6% — together with a low forward valuation come to the fore as strengths, but given how large the increase was, it is worth checking whether one-off factors are mixed into the quarterly results and, given its small-to-mid-cap character, watching disclosures on financing and share-count changes.
At-a-glance assessment financial health · growth · profitability · valuation
- Debt ratio, current ratio and interest burden all look healthy.
- Revenue rose 6.4% year over year, and the pace is quickening (3-year trend: mixed).
- Most recent quarter (Q1 2026) revenue was 30.0% higher than a year earlier.
- ROE is 7.7% (controlling-interest basis). It is above the sector average.
- Operating margin is 14.9%.
- P/B is low versus peers too, so it looks cheap on an asset basis as well.
Ownership & governance As of 2025-12-31
Largest shareholder Chung Myung-jun 18.49% (individual)
Controlling bloc incl. related parties 25.7%
With the controlling bloc holding 26%, control is maintained but the free float is relatively large.
🔎 In-depth analysis
- Cell Biotech is a company classified in the pharmaceutical and biotech sector.
- Recent annual revenue was ₩53.1 billion, with operating profit of ₩7.9 billion and net profit of ₩10.1 billion, recording an operating margin of 14.9% and a net margin of 19.1%.
- With a structure where profit is left thickly relative to revenue, the key to understanding this company is to look at the quality and flow of earnings alongside the top line.
- Because it is a small-to-mid-cap of ₩141.0 billion market cap, it is good to also check the effect a single disclosure has on results and the share count.
- The latest close is ₩14,850 and the market cap is ₩139.6 billion.
- The price sits below the 20-day line (₩15,532) and the 60-day line (₩16,226).
- Trading below both its short- and mid-term moving averages, the trend is on the soft side.
- The RSI (a supplementary gauge that weighs upward versus downward force over the past 14 days on a 0-100 scale) is 37.1, a neutral level.
- The one-month change is -8.0%, the three-month change is +2.8%, and the position versus the 52-week high is -18.0%.
- Relative strength versus the KOSDAQ is 84 (on a 1-99 scale that converts the past year's return against the index with more weight on recent periods; higher means stronger than the market).
- That places it at roughly the top 16% by strength among all stocks.
- Over the past three months it led the index by 39.2%.
- Chart reading is best done alongside trading volume and the dates of disclosures.
- Both profitability and the balance sheet are on the solid side.
- The operating margin is 14.9%, the net margin is 19.1%, and ROE (how much is earned in a year on equity) is 7.7%, above the peer average.
- The debt ratio (debt to equity) is 103.8%, but the current ratio is a very high 2,134%, so there is ample room in short-term solvency.
- On valuation, the trailing P/E of 13.93x and P/B of 1.07x are figures based on last year's confirmed results.
- But since this year is an inflection stretch where earnings rise sharply, there is no need to see it as expensive on the trailing metrics alone.
- The forward P/E based on this year's earnings is clearly lower than the peer set (GC Wellbeing 13.0x, Hitech Pharm 11.8x), which reads as an undervaluation signal.
- P/B is also 0.99x on a forward basis, near book value.
- With a payout ratio of 40.6% (a dividend yield of about 4.0%), shareholder returns are also fairly steady.
- The core is a flow of quickly recovering earnings.
- Operating profit rose for two straight years, from ₩2.2 billion in 2023 to ₩6.8 billion in 2024 and ₩7.9 billion in 2025, and revenue also picked up pace, growing 6.4% year on year to ₩53.1 billion in 2025.
- In particular, Q1 2026 posted revenue of ₩14.6 billion (+30.0%), operating profit of ₩3.2 billion (+134.0%), and net profit of ₩5.4 billion (+158.6%), with the increase in profit far outpacing the increase in revenue.
- This shows that pricing and mix improvement together with cost control worked in tandem and that earnings leverage revived.
- Reflecting this flow, this year's outlook is revenue of ₩61.6 billion, operating profit of ₩19.3 billion, and net profit of ₩25.5 billion — a picture in which operating profit expands to about 2.4 times the prior year's ₩7.9 billion.
- With a substantial portion of annual operating profit already secured in Q1, this outlook has ample basis, and that result carries through into the forward P/E.
- Since the multi-year trend is up and there is no confirmed basis for next year's earnings to fall below this year's, there is no data to declare the current stretch a cyclical peak.
- Recent disclosures point in the same direction as the earnings-recovery flow.
- A profit-structure change disclosure on 2026-02-20 confirmed full-year 2025 revenue of ₩53.1 billion, operating profit of ₩7.9 billion, and net profit of ₩10.1 billion, and on 2026-03-27 the company itself put out a corporate value-up plan (voluntary disclosure) presenting a direction for enhancing shareholder value.
- Then a preliminary-results disclosure on 2026-05-08 announced Q1 revenue of ₩14.6 billion, operating profit of ₩3.2 billion, and net profit of ₩5.4 billion, confirming the earnings improvement in the quarterly results.
- The disclosures read more clearly in direction when viewed together with the company's IR flow.
- The strengths are the speed of the earnings recovery and financial stability.
- Q1 operating profit rose 134% year on year as earnings leverage revived, and the forward P/E reflecting this reads as undervalued relative to peers.
- With a current ratio of 2,134% there is large short-term financial room, and with a payout ratio of 40.6% returns are steady.
- In other words, if the earnings improvement keeps being confirmed quarter by quarter and year by year, the low forward valuation comes to the fore as a strength.
- On the other side, the point to watch is that, given how large the increase in profit was, it is worth checking each quarter whether one-off factors are mixed into the quarterly results and whether there are disclosures on financing or share-count changes given the small-to-mid-cap character.
- It is a stock that is strong if the earnings-recovery trend continues and weak if that flow wavers.
🔎 Valuation vs peers Undervalued
A peer set adjacent in market cap within pharmaceuticals and biotech.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| GC Wellbeing | 13.69x | 1.22x | 8.88% |
| Samil Pharmaceutical | — | 0.99x | -26.01% |
| Hitech Pharm | 11.37x | 1.00x | 8.78% |
Within pharmaceuticals and biotech, a public-data peer set close in market cap was looked at first. The current P/E (how many times a year's earnings the share price is) is 13.79x and the P/B (how many times book value the share price is) is 1.06x. That said, for lower-market-cap names the impact of earnings swings and financing disclosures is large, so we did not declare based on last year's confirmed-results metrics alone. The basis for the outlook box is a DART seasonality approximation.
Earnings outlook company-stated · verified
| Type | Period | Revenue | Operating profit | Net profit |
|---|---|---|---|---|
| This year | 2026 | ₩61.6 billion | ₩19.3 billion | ₩25.5 billion |
| Next quarter | Q2 2026 | ₩14.5 billion | ₩5.1 billion | ₩3.7 billion |
Price history Close · MA20 · MA60
The latest close is ₩14,850 and the market capitalization is ₩139.6 billion. The price sits below its 20-day moving average (₩15,532) and below its 60-day moving average (₩16,226). 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 37.1, a neutral level. The one-month change is -8.0%, the three-month change is +2.8%, and the position relative to the 52-week high is -18.0%. Relative strength versus the KOSDAQ is 84 (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 84% of all stocks. Over the past three months it outpaced the index by 39.2%. 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 +39.23% / 6M +40.12% / 12M +14.13%
Key metrics vs sector median
Valuation
The P/E of 13.79x is in line with the sector median (15.98x). The P/B of 1.06x is below the sector median (1.37x). 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 11.6%, 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 7.7%, above the sector average (3.0%). The operating margin is 14.9%. The debt ratio is 103.8%, so the financial structure is moderate.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $35.6M | $33.1M | $35.2M | +6.44% ↑ faster |
| Operating profit | $1.5M | $4.5M | $5.2M | +16.45% ↓ slower |
| Net profit | $4.2M | $10.0M | $6.7M | -33.06% ↓ slower |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $31.1M | $33.5M | $35.6M | $33.1M | $35.2M |
| Operating profit | $4.8M | $4.0M | $1.5M | $4.5M | $5.2M |
| Net profit | $6.9M | $5.5M | $4.2M | $10.0M | $6.7M |
| Revenue CAGR | 4-yr avg 3.18% | ||||
Revenue rose 6.4% year over year (2023 ₩53.8 billion → 2024 ₩49.9 billion → 2025 ₩53.1 billion), and the three-year trend is 'mixed'. The pace of growth also quickened from the prior year. Operating profit rose 16.4% year over year. The pace of that profit growth is gradually easing. Over the 5 years on record, revenue compound annual growth (CAGR) is 3.2%. The two-year revenue CAGR is -0.6%. In the most recent quarter (Q1 2026), revenue was 30.0% 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 4.0%, is on the high side.
- The balance sheet is stable in terms of debt and liquidity.
Points to watch
- The figures shown are based on the last annual report as of the writing date, so it is best to review the latest quarterly results and filings alongside them.
Recent news & events searched · sourced
- 2026-03-27UpdateCorporate value-up plan (voluntary disclosure): confirming the company's plan in its original textThis is planning material the company itself presented. If it contains figures, it is treated as the primary basis for the outlook box; if not, it is viewed only as directional material. Source
- 2026-05-08EarningsPreliminary operating results on a consolidated basis (fair disclosure): Q1 2026 revenue ₩14.6 billion, operating profit ₩3.2 billion, net profit ₩5.4 billionThis is recent confirmed or preliminary results material. It is checked together for whether it points the same way as the annual flow and whether there are one-off factors. Source
- 2026-02-20EarningsChange of more than 30% (15% for large corporations) in revenue or profit structure: annual revenue ₩53.1 billion, operating profit ₩7.9 billion, net profit ₩10.1 billionThis is recent confirmed or preliminary results material. It is checked together for whether it points the same way as the annual flow and whether there are one-off factors. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| Closing price | ₩14,850 | ₩14,850 | Confirmed | link |
| Latest quarterly results | revenue ₩14.6 billion, operating profit ₩3.2 billion | revenue ₩14.6 billion, operating profit ₩3.2 billion | Confirmed | link |
| Annual results | revenue ₩53.1 billion, operating profit ₩7.9 billion | revenue ₩53.1 billion, operating profit ₩7.9 billion | Confirmed | link |
| Outlook and plan disclosure original text | : | : | Confirmed | link |
| Results disclosure original text | : 2026 1 revenue ₩14.6 billion · operating profit ₩3.2 billion · net profit ₩5.4 billion | : 2026 1 revenue ₩14.6 billion · operating profit ₩3.2 billion · net profit ₩5.4 billion | Confirmed | link |
| Results disclosure original text | revenue30%: revenue ₩53.1 billion · operating profit ₩7.9 billion · net profit ₩10.1 billion | revenue30%: revenue ₩53.1 billion · operating profit ₩7.9 billion · net profit ₩10.1 billion | Confirmed | link |
| Outlook box basis | DART | DART | Confirmed | link |
Recent filings
- 2026-05-15PeriodicQuarterly report
- 2026-05-08EarningsFair-disclosure notice
- 2026-03-27Disclosure
- 2026-03-26Shareholders' meeting notice
- 2026-03-18PeriodicAnnual business report
- 2026-03-18Audit report
- 2026-03-10Disclosure
- 2026-03-10Shareholders' meeting notice
- 2026-03-06Amended filing
- 2026-02-24Shareholders' meeting notice
- 2026-02-20DividendCash/stock dividend decision
- 2026-02-20EarningsEarnings filing
📖 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.