Medytox (086900) 🔎 In-depth
KOSDAQ · Price as of 2026-08-06 · Updated 2026-08-09
Medytox makes and sells botulinum toxin (the ingredient commonly known as 'Botox') used for wrinkle and glabellar treatments, along with fillers, earning money by supplying four toxin lines - Meditoxin, Innotox, Coretox, and Newlux - and fillers at home and abroad. In 2025 revenue rose 8.2% to ₩247.3 billion, but operating profit came to only ₩17.0 billion under the burden of litigation-related legal costs, while in Q1 2026, even as revenue slipped slightly to ₩60.7 billion, a larger mix of high-margin products lifted operating profit 34.6% to ₩7.4 billion. What stands out lately is that while premium toxin and exports reviving have put earnings into a recovery phase as a strength, the litigation legal costs that have weighed on results tend to concentrate in the second half, so the pace of recovery may be uneven from quarter to quarter.
This page organises public market and filing data for information purposes. It is not a recommendation to buy or sell, nor investment advice. Metrics labelled “forward” are our own unverified estimates. Please verify with the original DART filings and decide at your own responsibility.
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 “Toxins & Fillers (Aesthetics)” (Biotech & Pharmaceuticals · Pharmaceuticals (profitable)), a type typically read first through forward P/E.
Toxin and filler companies frequently ride growth phases as they expand into overseas markets and win new approvals, so trailing profits can miss where the business is heading. That is why forward P/E — the share price against expected future earnings — is the first lens.
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
- Revenue rose 8.2% year over year, and the pace is quickening (3-year trend: rising).
- Most recent quarter (Q1 2026) revenue was 5.1% lower than a year earlier.
- ROE is 5.6% (controlling-interest basis). It is above the sector average.
- Operating margin is 7.8%.
- 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 Jung Hyun-ho 17.19% (individual)
Controlling bloc incl. related parties 17.46%
With the controlling bloc holding 17%, control is maintained but the free float is relatively large.
🔎 In-depth analysis Reading
Medytox is an aesthetic and medical bio company that develops, produces, and sells botulinum toxin formulations and fillers. Toxin is an injectable used to smooth wrinkles or reduce a square jawline by temporarily relaxing muscles, and the company has a four-product lineup: Meditoxin (the base type), Innotox (liquid type), Coretox (a premium type with protein removed), and Newlux (a next-generation type produced by affiliate Newmeco). On top of these come hyaluronic-acid fillers and 'Newbiju,' a submental fat-reduction injectable launched in March 2026. Revenue splits between domestic clinic sales and overseas exports; domestically the premium product Coretox leads growth, and overseas Meditoxin and Newlux drive it.
The latest close is ₩79,000 and the market capitalization is ₩576.6 billion. The price sits above its 20-day moving average (₩71,905) and below its 60-day moving average (₩82,438). Short-term and medium-term trends are diverging, so the direction is best read separately. The RSI (a supplementary indicator that gauges the strength of gains versus losses over the past 14 days on a 0-100 scale) is 57.6, a neutral level. The one-month change is +5.8%, the three-month change is -22.9%, and the position relative to the 52-week high is -47.7%. Relative strength versus the KOSDAQ is 41 (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 41% of all stocks. Over the past three months it outpaced the index by 14.6%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
On last year's earnings the valuation looks high. The P/E ratio (how many times one year's earnings the price represents) is 34.75x and the P/B ratio (how many times book net assets the price represents) is 1.54x. But the reason this P/E is high is not that the business is weak; it is that 2025 earnings were suppressed by litigation-related legal costs. The operating margin of 6.9% is far below toxin and filler peers (typically over 40%), and much of this gap comes from legal costs. ROE (how much it earns in a year on equity) is 3.7%. On debt, net borrowings (total borrowings less cash) are about ₩27.7 billion, a manageable level, and the company stated in its value-up plan that the debt ratio has improved. On cash generation, the FCF yield (cash actually earned relative to market cap - the higher, the more cash appeal) is 4.7% and EV/EBITDA (debt-adjusted enterprise value divided by pre-depreciation operating profit) is 16.1x, so actual cash generation is more solid than the P/E alone suggests.
Over five years, revenue rose steadily from ₩184.9 billion in 2021 to ₩247.3 billion in 2025, a 7.5% annual average. Net profit, by contrast, fell sharply from ₩94.2 billion in 2021 to ₩16.6 billion in 2025, largely due to a base effect from large one-off gains such as a litigation settlement in 2021. In other words, the core business scale kept growing, but earnings were swung by one-off factors and legal costs. The inflection point is Q1 2026. Revenue slipped 5.1% to ₩60.7 billion, but operating profit rose 34.6% to ₩7.4 billion and net profit jumped 136% to ₩7.9 billion. As high-margin premium toxin (Coretox) and the export share grew, more profit began to remain from the same revenue. This margin improvement looks set to continue this year, and the key to the earnings recovery is how much Newlux export expansion grows and how much of the legal costs concentrated in the second half can be absorbed.
Recent filings center on earnings recovery and shareholder returns. In a value-up plan disclosed in April, the company said it would maintain a dividend of at least 200% of par value and introduce quarterly dividends. A May preliminary-earnings filing confirmed the 34.6% rise in Q1 operating profit, and in June it disclosed a treasury-stock acquisition decision, continuing its commitment to shareholder returns. On the business side, the next-generation toxin Newlux received Peru approval, succeeding in its first overseas entry, and export contracts to enter the Brazilian and Latin American markets are in progress. That said, litigation-related legal costs remain a variable for results.
Medytox is in a phase where 'a company whose core business grew but whose earnings had been suppressed has begun to reclaim its earnings.' The strengths are clear. With four toxin lines and fillers it has a broad product range in the aesthetics market, and as premium products and exports grow, margins are actually recovering. With a payout ratio of 53.8%, a dividend of at least 200% of par, quarterly dividends, and treasury-stock buybacks, shareholder returns are active too. On the other hand, the cautions are clear as well. Litigation legal costs, the fundamental reason its operating margin is low versus peers, tend to concentrate in the second half, so the earnings recovery may be uneven from quarter to quarter. The share price has not yet recovered its decline. In sum, if the legal-cost burden eases and Newlux exports grow as expected, the reduced margin returns to normal and the stock strengthens; if legal costs grow again or exports are delayed, the earnings recovery can be pushed back.
🔎 Valuation vs peers Inconclusive
Direct competitors and adjacent companies in botulinum toxin and aesthetic bio.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Hugel | 24.37x | 3.48x | 15.01% |
| Pharma Research | 24.82x | 5.88x | 25.52% |
Compared with direct competitor Hugel (P/E 20.6x, operating margin 47%) and adjacent aesthetics company PharmaResearch (P/E 19.4x, operating margin 40%), Medytox's P/E of 31.3x on last year's earnings looks high. But this gap is less a difference in business competitiveness than the fact that only Medytox had earnings heavily suppressed by litigation-related legal costs. The operating margin of 6.9%, about a sixth of peers, stems from the same cause. In Q1 2026, operating profit rose 34.6% and net profit 136% as margins began to recover, and on a forward basis reflecting this flow the P/E falls to around 25x. That said, because legal costs tend to concentrate in the second half, the extent of the earnings recovery is fluid, so whether the multiple normalizes to peer levels depends on the normalization of legal costs and the pace of export expansion, and for now we withhold judgment.
Price history Close · MA20 · MA60
The latest close is ₩79,000 and the market capitalization is ₩576.6 billion. The price sits above its 20-day moving average (₩71,905) and below its 60-day moving average (₩82,438). Short-term and medium-term trends are diverging, so the direction is best read separately. The RSI (a supplementary indicator that gauges the strength of gains versus losses over the past 14 days on a 0-100 scale) is 57.6, a neutral level. The one-month change is +5.8%, the three-month change is -22.9%, and the position relative to the 52-week high is -47.7%. Relative strength versus the KOSDAQ is 41 (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 41% of all stocks. Over the past three months it outpaced the index by 14.6%. 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 +14.62% / 6M -15.44% / 12M -45.94%
Key metrics Computed vs sector median
Valuation
The P/E of 34.75x is above the sector median (15.02x). The P/B of 1.54x is above the sector median (1.10x). 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 11.6%, initial growth 10.0%→terminal 2.0%, 10-yr forecast, free-cash-flow basis, forward earnings power normalized 1.236x. A reference range that shifts materially with assumptions.
Profitability & financials
Return on equity (ROE) is 5.6%, above the sector average (1.0%). The operating margin is 7.8%. The debt ratio is 49.4%, so the financial structure is stable.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $155.3M | $160.6M | $173.7M | +8.17% ↑ faster |
| Operating profit | $12.2M | $14.3M | $11.9M | -16.44% ↓ slower |
| Net profit | $6.9M | $11.9M | $11.7M | -2.13% ↓ slower |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $129.9M | $137.1M | $155.3M | $160.6M | $173.7M |
| Operating profit | $24.2M | $32.8M | $12.2M | $14.3M | $11.9M |
| Net profit | $66.1M | $26.0M | $6.9M | $11.9M | $11.7M |
| Revenue CAGR | 4-yr avg 7.54% | ||||
Revenue rose 8.2% year over year (2023 ₩221.1 billion → 2024 ₩228.6 billion → 2025 ₩247.3 billion), and the three-year trend is 'rising'. The pace of growth also quickened from the prior year. Operating profit fell 16.4% year over year. The decline widened. Over the 5 years on record, revenue compound annual growth (CAGR) is 7.5%. The two-year revenue CAGR is 5.8%. In the most recent quarter (Q1 2026), revenue was 5.1% 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 price is high versus peers, so expectations already appear priced in.
Recent news & events searched · sourced
- 2026-04-20IRValue-up plan disclosure - maintaining a dividend of at least 200% of par value, introducing quarterly dividends, and strengthening shareholder returns through improved dividend procedures.Over the medium term, formalizing the dividend policy raises the predictability of shareholder returns. Dividend appeal highlighted. Source
- 2026-05-12EarningsQ1 2026 preliminary results - revenue ₩60.7 billion (-5.1%), operating profit ₩7.4 billion (+34.6%), net profit ₩7.9 billion (+135.7%). Profitability improved on a larger mix of high-margin products.Revenue slipped slightly, but earnings rose sharply, confirming entry into a margin-recovery phase. Short-term positive. Source
- 2026-06-09FilingTreasury-stock acquisition decision - disclosure of a buyback plan to enhance shareholder value.Reinforces shareholder returns by reducing floating shares. Maintains consistency in capital policy. Source
- 2026-03-19Filing2025 business report - full-year revenue ₩247.3 billion (+8.2%), operating profit ₩17.0 billion, net profit ₩16.6 billion confirmed.Confirms a year in which core-business revenue grew but earnings were suppressed by legal costs and the like. A medium-term baseline. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| Q1 2026 operating profit change | operating profit ₩7.4 billion, +34.6% | operating profit ₩7.4 billion, +34.6% | Confirmed | link |
| 2025 full-year net profit | ₩16.6 billion | ₩16.6 billion | Confirmed | link |
| Dividend policy (at least 200% of par and quarterly dividends) | DPS ₩1,200,x 1.69%, 53.8% | 200% | Confirmed | link |
| 2026 net profit internal estimate | approx. ₩20.5 billion(self-estimate), forward PER approx. 25.3x | — | Unverified | link |
Recent filings Source
- 2026-06-09TreasuryMaterial-fact report
- 2026-05-15PeriodicQuarterly report
- 2026-05-12EarningsFair-disclosure notice
- 2026-04-28OwnershipOwnership-change filing
- 2026-04-20Disclosure
- 2026-04-20OwnershipOfficers'/major-shareholders' holdings report
- 2026-04-02OwnershipOwnership-change filing
- 2026-04-02OwnershipOfficers'/major-shareholders' holdings report
- 2026-03-27Disclosure
- 2026-03-27Shareholders' meeting notice
- 2026-03-19PeriodicAnnual business report
- 2026-03-19Audit 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.