Bioneer mixes several very different lines in one company: its founding core of life sciences and molecular diagnostics (PCR enzymes, synthetic DNA, diagnostic kits); the body-fat-reducing probiotics (such as BNR17-based products) of subsidiary AceBiome, which now account for about 90% of revenue; and its own RNA-interference drug and cosmetics pipeline — a structure where the probiotics earn the money that feeds diagnostics and drug research. Preliminary results in April 2026 confirmed a swing to an operating profit in 2025, and the May Q1 report showed revenue continuing double-digit growth while operating and net profit were pressed down again by first-half seasonality, along with a KOSDAQ segment-change disclosure. The point worth watching is that if revenue growth and the operating profit lead to a net profit and the concentration on probiotics eases, the undervaluation of a P/B of 0.81x and a P/S of 0.53x becomes clear; on the other hand, annual net profit is still a loss, group earnings are concentrated in the single probiotics business, and a debt ratio of 176% is not light.
At-a-glance assessment financial health · growth · profitability · valuation
- The most recent full-year net result was a loss.
- Revenue rose 12.3% year over year, and the pace is quickening (3-year trend: rising).
- Most recent quarter (Q1 2026) revenue was 10.7% higher than a year earlier.
- ROE is -1.3% (controlling-interest basis). It is below the sector average.
- Operating margin is 4.6%.
- P/E is hard to compute here, so this is read on P/B.
Ownership & governance As of 2025-12-31
Largest shareholder Park Han-oh 13.71% (individual)
Controlling bloc incl. related parties 18.05%
With the controlling bloc holding 18%, control is maintained but the free float is relatively large.
🔎 In-depth analysis
- The key to how Bioneer earns money is that two businesses of very different character are mixed within one company.
- The first is its founding core of life sciences and molecular diagnostics.
- It makes and sells enzymes for PCR (a technology that amplifies genes millions of times to identify specific DNA), synthetic DNA (oligos), diagnostic instruments, and diagnostic kits for infectious diseases such as COVID and influenza.
- The second — and the overwhelming share of current revenue (about 90% of 2025 consolidated revenue of ₩330.1 billion) — is the probiotics (beneficial microorganisms for the body) of subsidiary AceBiome.
- This is a business selling body-fat-reducing probiotics (such as products based on the BNR17 strain isolated from the breast milk of Korean mothers) through home-shopping and online channels, and it accounts for effectively all of the group's operating profit.
- The third is its own RNA-interference (SAMiRNA) technology, a drug and hair-loss-relief cosmetics (Cosmerna) pipeline that blocks disease-causing proteins from being made.
- In short, it is a structure where 'the probiotics earn the money that feeds diagnostics and drug R&D,' which is exactly why the company's growth and losses are explained at the same time.
- The latest close is ₩6,170 and the market cap is ₩159.2 billion.
- The price sits below its 20-day line (₩6,994) and below its 60-day line (₩8,856).
- Trading below both the short- and mid-term moving averages, the trend is on the soft side.
- The RSI (a supplementary gauge comparing upward and downward momentum over the past 14 days on a 0–100 scale) is 32.7, a neutral level.
- The one-month change is -17.0%, the three-month change is -38.0%, and the position versus the 52-week high is -62.7%.
- Relative strength versus the KOSDAQ is 30 (1–99, converted from returns against the index over the past year with more weight on recent periods; higher means stronger than the market).
- That places it in roughly the top 70% of all stocks by strength.
- Over the past three months it has trailed the index by 17.5%.
- It is best to read the chart alongside trading volume and disclosure dates.
- Starting with valuation, the share price is on the low side against assets and revenue.
- The P/B (share price divided by net assets per share; at 1x, a price equal to book value) is 0.76x, trading at ₩6,610, below net assets per share (BPS ₩8,124), and the P/S (share price divided by revenue per share) is 0.53x, light even relative to revenue scale.
- On these two metrics alone, it is not expensive and is closer to the cheap side.
- The P/E (how many times one year's profit the share price is), however, cannot be calculated, because 2025 net profit was a loss (-₩2.8 billion, EPS -₩109), making the denominator negative.
- An empty P/E does not mean 'expensive'; it means 'annual net profit is not yet positive, so an earnings-based yardstick cannot be applied.' On profitability, the operating margin of 4.6% shows a recovered profit at the operating stage, while ROE (how much it earns in a year on equity) is -1.3%, negative because the net loss is reflected.
- On the balance sheet, the debt ratio (debt to equity) of 176% is not light, but the current ratio of 225% indicates ample short-term liquidity.
- In sum, on an asset and revenue basis it is clearly in undervalued territory, and the missing piece is the single question of whether net profit turns positive.
- The top line is plainly alive.
- Revenue rose from ₩263.2 billion in 2023 to ₩294.0 billion in 2024 and ₩330.1 billion in 2025, and the 2025 growth rate of 12.3% was actually faster than the prior year (11.7%) — a three-year accelerating trend.
- Q1 2026 revenue of ₩81.8 billion was also up 10.7% year on year, so growth did not break.
- The direction of earnings is also improving.
- Operating profit swung from a loss of -₩13.4 billion in 2024 to a profit of +₩15.2 billion in 2025, which the company attributed to lower inventory-valuation allowance burdens, reduced FX impact, higher probiotics revenue, and cost savings from workforce efficiency in the second half of 2024.
- Net profit also sharply narrowed its loss, from -₩20.6 billion in 2024 to -₩2.8 billion in 2025.
- The remaining step is a swing to a net profit.
- In Q1 2026 operating profit was -₩0.53 billion, back in a loss, largely because the probiotics business is weak in the first half — when marketing spend is front-loaded — and strong in the second half.
- So rather than extrapolating a single Q1 figure straight to the full year, it is closer to this business's real shape to view it on a cumulative basis through the second-half peak season.
- With no official company annual forecast disclosed, we do not fix this year's earnings to a specific figure, but the direction — revenue growth and a recovered operating profit — is a fact confirmed by the data.
- Recent disclosures center on regular reports, preliminary results, and governance items.
- In April 2026, a fair-disclosure of preliminary consolidated operating results released 2025 revenue, operating profit, and net profit first, confirming the swing to a profit at the operating stage; the May Q1 quarterly report showed in figures that revenue continued double-digit growth while operating and net profit were pressed down again by first-half seasonality.
- In March, the 2025 annual report and audit report were filed, formalizing the business structure in which revenue and earnings are concentrated in the probiotics subsidiary (AceBiome), and the April annual general meeting and an outside-director appointment item were handled.
- Around the same time there was also a KOSDAQ segment-change disclosure — an exchange-classification change tied to profitability and financial requirements — an item to track alongside a swing to a net profit.
- Rather than momentum-type disclosures such as orders or large supply contracts, this is a phase of earnings-inflection and governance-type disclosures.
- The strengths are clear.
- First, revenue has risen for five straight years, the 2025 growth rate was faster than the prior year, and Q1 held double-digit growth, so top-line growth is solid.
- Second, it swung from an operating loss in 2024 to an operating profit in 2025, improving its cost structure in the process.
- Third, with a P/B of 0.81x and a P/S of 0.53x, the share price sits in a low band against assets and revenue, so the valuation burden is not heavy for a growing company.
- There are also points to examine.
- Annual net profit is still a loss, so the earnings yardstick (P/E) is empty, and group earnings are effectively concentrated in the single subsidiary probiotics business, so until the core (diagnostics and drugs) stands on its own with a profit, results hinge on that one business's channel and marketing flow.
- A debt ratio of 176% is also not light.
- In sum, this stock has a structure where 'if revenue growth and the operating profit lead to a net profit and the concentration on probiotics eases, the undervaluation appeal becomes clear,' and conversely a structure that is 'weak if the net loss drags on or the probiotics channel wobbles.' Assets and revenue already sit in a cheap spot, and the last thing to confirm is when net profit turns positive.
🔎 Valuation vs peers Inconclusive
We referenced domestic KOSDAQ bio names with molecular-diagnostics and diagnostic-kit businesses and a similar market-cap band (such as EuBiologics). But a large limitation is that 90% of Bioneer's consolidated revenue comes not from diagnostics or drugs but from the subsidiary probiotics business, so its business substance differs from a typical diagnostics-bio peer set.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| EuBiologics | 7.13x | 1.68x | 23.53% |
On assets (P/B 0.94x) and revenue (P/S 0.61x) it clearly looks cheap, but valuing this company on a diagnostics/drug multiple can itself be a trap. Effectively all of consolidated earnings come from the subsidiary probiotics business while the core is in a loss, so the source of earnings differs from the diagnostics and vaccine bio peers. Moreover, because net profit is a loss the P/E cannot be calculated, so there is no basis to say 'cheap or expensive relative to earnings.' In sum, the asset side is inexpensive, but profitability (ROE -1.3%) and the concentration of earnings make it hard to accept that undervaluation at face value. Before a swing to a net profit and a narrowing core-business loss are confirmed, it is reasonable to reserve judgment rather than declare undervalued or fairly valued.
Price history Close · MA20 · MA60
The latest close is ₩6,170 and the market capitalization is ₩159.2 billion. The price sits below its 20-day moving average (₩6,994) and below its 60-day moving average (₩8,856). 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 32.7, a neutral level. The one-month change is -17.0%, the three-month change is -38.0%, and the position relative to the 52-week high is -62.7%. Relative strength versus the KOSDAQ is 30 (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 30% of all stocks. Over the past three months it lagged the index by 17.5%. 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 -17.54% / 6M -43.51% / 12M -58.40%
Key metrics vs sector median
Valuation
A net loss makes the P/E an unreliable valuation gauge. The P/B of 0.76x is below the sector median (1.37x).
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 -1.3%, below the sector average (3.0%). The operating margin is 4.6%. The debt ratio is 176.4%, so the financial structure is moderate.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $174.5M | $194.8M | $218.8M | +12.29% ↑ faster |
| Operating profit | $524,753 | -$8.9M | $10.1M | — |
| Net profit | -$7.0M | -$13.6M | -$1.9M | — |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $148.3M | $144.7M | $174.5M | $194.8M | $218.8M |
| Operating profit | $31.2M | $7.6M | $524,753 | -$8.9M | $10.1M |
| Net profit | $18.0M | $8.0M | -$7.0M | -$13.6M | -$1.9M |
| Revenue CAGR | 4-yr avg 10.21% | ||||
Revenue rose 12.3% year over year (2023 ₩263.2 billion → 2024 ₩294.0 billion → 2025 ₩330.1 billion), and the three-year trend is 'rising'. The pace of growth also quickened from the prior year. Over the 5 years on record, revenue compound annual growth (CAGR) is 10.2%. The two-year revenue CAGR is 12.0%. In the most recent quarter (Q1 2026), revenue was 10.7% 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.
- Revenue grew 12.3% year over year, a sign of growth.
Points to watch
- The most recent full year was a loss, so it is worth checking whether profitability recovers.
Recent news & events searched · sourced
- 2026-04-30EarningsFair-disclosure of 2025 preliminary consolidated operating results. Revenue ₩330.1 billion (+12.3% YoY), operating profit +₩15.2 billion — a swing to profit from -₩13.4 billion a year earlier. The company cited lower inventory-valuation allowances, reduced FX impact, higher probiotics revenue, and workforce-reduction cost savings as improvement factors.The recovery to an operating profit is positive, but net profit is still a loss at -₩2.8 billion. The gap between the operating profit and the net loss (financial and non-operating burdens) should be read together. Source
- 2026-05-15EarningsQ1 2026 quarterly report filed. Revenue ₩81.8 billion (+10.7% YoY) maintained growth, but operating profit swung to a loss of -₩0.53 billion and net profit of -₩2.8 billion worsened from the same period a year earlier.First-half seasonal weakness and the core-business loss overlapped, pressing earnings down again. Whether the probiotics peak season recovers in the second half is the fork in the road for a swing to profit this year. Source
- 2026-03-24Filing2025 annual report filed. Despite consolidated revenue of ₩330.1 billion, net profit of -₩2.8 billion confirmed a loss, and the concentration of revenue and earnings in the probiotics subsidiary (AceBiome) was officially confirmed.The business structure of a core-business (diagnostics and drugs) loss and subsidiary dependence is confirmed in documents. It is the comparison reference point for this year's assessment and the reason the trailing P/E cannot be calculated. Source
- 2026-04-30UpdateKOSDAQ segment-change disclosure. The exchange market classification changed.A segment change is a classification change tied to profitability and financial requirements, a credit and oversight item to check in a core-business loss phase. Source
Figure cross-check computed ↔ external
Recent filings
- 2026-05-15PeriodicQuarterly report
- 2026-04-30Disclosure
- 2026-04-30EarningsFair-disclosure notice
- 2026-04-07Amended filing
- 2026-04-02Amended filing
- 2026-04-02Amended filing
- 2026-03-31Disclosure
- 2026-03-31Shareholders' meeting notice
- 2026-03-24PeriodicAnnual business report (amended)
- 2026-03-24PeriodicAnnual business report
- 2026-03-23Audit report
- 2026-03-16Amended 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.