Seegene is a molecular-diagnostics (PCR) company that amplifies genes to find pathogens, with syndromic diagnostic reagents that detect multiple pathogens in a single test as its mainstay; today non-respiratory reagents such as gastrointestinal, HPV and STI lead its growth. In Q1 2026 revenue from non-respiratory syndromic products rose in the 30% range year over year and operating profit increased sharply, and the company is building new axes in an unmanned PCR system (CURECA), a data platform (STAGORA) and a technology-sharing business, while pairing this with shareholder returns at a dividend yield of about 3.5%. The key point to watch is that, having passed the disappearance of the COVID windfall, it has shifted its makeup toward non-respiratory diagnostics and climbed back onto a profitable path, with revenue rising for a third year and a net-cash position and high dividend as strengths, alongside a caution that the earnings recovery is still early, so there is quarter-to-quarter variance and the revenue settling-in of new businesses and seasonality must be watched.
At-a-glance assessment financial health · growth · profitability · valuation
- Revenue rose 14.5% year over year, and the pace is quickening (3-year trend: rising).
- Net profit swung from a loss a year earlier back into the black (a turnaround).
- Most recent quarter (Q1 2026) revenue was 11.3% higher than a year earlier.
- ROE is 4.8% (controlling-interest basis). It is above the sector average.
- Operating margin is 7.3%.
Ownership & governance As of 2020-12-31
Largest shareholder Chun Jong-yoon 18.12% (individual)
Controlling bloc incl. related parties 31.05%
With the controlling bloc holding 31%, the ownership structure is stable.
🔎 In-depth analysis
- Seegene is a molecular-diagnostics (PCR) company that amplifies genes to find pathogens.
- Its mainstay revenue is 'syndromic' diagnostic reagents that detect multiple pathogens in a single test.
- During COVID, respiratory testing made up most of revenue, but today non-respiratory reagents such as gastrointestinal (GI), human papillomavirus (HPV) and sexually transmitted infection (STI) lead its growth.
- In Q1 2026 revenue from non-respiratory syndromic products rose in the 30% range year over year.
- On top of this, the company is building new axes in an unmanned PCR system that automates the entire testing process (CURECA), a platform that collects test data in real time (STAGORA), and a technology-sharing business that co-develops reagents with partners.
- The latest close is ₩27,250 and the market capitalization is ₩1.4 trillion.
- The price sits below the 20-day line (₩28,530) and below the 60-day line (₩27,923).
- Trading under both its short- and medium-term moving averages, the trend looks subdued.
- The RSI (a supplementary gauge that scores upward versus downward momentum over the past 14 days on a 0-100 scale) is 43.6, a neutral reading.
- The price is down 1.8% over one month and up 22.5% over three months, and sits 17.7% below its 52-week high.
- Relative strength versus the KOSDAQ is 85 (on a 1-99 scale that weights the past year's return against the index toward recent performance; higher means stronger than the market), placing the stock in roughly the top 14% for strength among all listings.
- Over the past three months it led the index by 64.0%.
- Chart signals are best read alongside trading volume and disclosure dates.
- On last year's results, the valuation looks expensive.
- The P/E (how many times one year's earnings the price represents) is about 31x.
- But this figure uses trough earnings just after the swing back to profit, so it does not fully reflect the company's current strength.
- The finances are sturdy.
- It is in a net-cash position, with more cash than debt (net debt of -₩95.6 billion, total borrowings minus cash being negative), and the current ratio (assets usable now against debt due within a year) is a comfortable 468%.
- The free-cash-flow yield (actual cash generated against market cap) is about 7.2%, so cash-generating power itself is good.
- ROE (annual return on equity) is still low at 4.8%, but with earnings recovering it has room to rise.
- Revenue has risen for three straight years.
- In 2025 revenue was ₩474.2 billion, up 14.5% from the prior year, and the pace of growth is quickening.
- The earnings recovery is even more dramatic.
- Operating profit swung from losses in 2023-2024 to a ₩34.5 billion profit in 2025, and net profit was a ₩48.3 billion profit.
- In Q1 2026 the recovery became clearer still: Q1 operating profit was ₩23.6 billion, up 58.6% year over year, and the operating margin climbed to 18.2%.
- Net profit also improved to ₩34.7 billion.
- As non-respiratory products shift the revenue mix toward higher-margin lines, the rate of profit growth is far greater than the rate of revenue growth.
- If this continues, this year's earnings are expected to grow substantially over last year.
- Even if last year's P/E looks high, on this year's earnings that multiple falls to about half.
- Recent disclosures concentrate on shareholder returns and the earnings recovery.
- On May 8, 2026 the company gave a fair disclosure of preliminary Q1 results, with operating profit up sharply.
- On May 6 it decided to close the shareholder register for a cash dividend and an interim dividend.
- The dividend yield is about 3.5%, and the dividend as a share of earnings (payout ratio) is on the high side.
- From April into May there were several disclosures related to the disposal of treasury shares.
- Capital deployment is active, including shareholder returns and technology-sharing partnerships using treasury shares.
- On April 29 there was a disclosure of a change in large shareholdings.
- The point to observe is an earnings inflection.
- Having passed the large shock of the COVID windfall disappearing, Seegene has shifted its makeup toward non-respiratory diagnostics and climbed back onto a profitable path.
- The strengths are clear: revenue rising for a third year, a growing share of higher-margin products, and a net-cash position with a high dividend and cash-generating power.
- The reason last year's P/E looks high is the low earnings of an early-profit phase, and on this year's earnings the burden falls substantially.
- There are cautions too.
- Because the earnings recovery is still early, there can be quarter-to-quarter variance, and new businesses such as automation and technology-sharing need time to settle into actual revenue.
- Seasonality, such as the winter respiratory season, can also shake quarterly results.
- It is a range that is strong if the earnings recovery keeps confirming and weak if the pace of recovery falters.
🔎 Valuation vs peers Fairly valued
Among listed companies in domestic molecular and in-vitro diagnostics (including POCT), those with overlapping business makeup were taken as the peer set. As Korea's representative molecular-diagnostics company, Seegene has limited directly comparable peers.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Boditech Med | 10.15x | 1.04x | 10.23% |
| Classys | 24.77x | 5.91x | 23.86% |
The P/E of about 31x on last year's results looks high versus peers. But this multiple uses the low earnings of an early-profit phase as its denominator, a picture that understates the company's actual earning power. Given that Q1 2026 operating profit rose 58.6% year over year and the operating margin climbed to 18.2%, the P/E on this year's earnings falls to about half of the trailing figure. The P/B is 1.40x, not excessive given growth and cash-generating power, and EV/Sales (enterprise value including debt divided by revenue) is about 3.0x. Because it is in a net-cash position, enterprise value is below market cap. On the trailing metrics alone it looks expensive, but on a forward basis reflecting the earnings inflection the burden falls substantially, so it is judged fairly valued.
Price history Close · MA20 · MA60
The latest close is ₩27,250 and the market capitalization is ₩1.4 trillion. The price sits below its 20-day moving average (₩28,530) and below its 60-day moving average (₩27,923). 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 43.6, a neutral level. The one-month change is -1.8%, the three-month change is +22.5%, and the position relative to the 52-week high is -17.7%. Relative strength versus the KOSDAQ is 85 (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 86% of all stocks. Over the past three months it outpaced the index by 64.0%. 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 +64.05% / 6M +36.70% / 12M -17.49%
Key metrics vs sector median
Valuation
The P/E of 29.48x is above the sector median (15.98x). The P/B of 1.40x is in line with 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.
Profitability & financials
Return on equity (ROE) is 4.8%, above the sector average (3.0%). The operating margin is 7.3%. The debt ratio is 121.7%, so the financial structure is moderate.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $243.5M | $274.6M | $314.3M | +14.48% ↑ faster |
| Operating profit | -$19.9M | -$10.9M | $22.9M | — |
| Net profit | $443,404 | -$5.8M | $32.0M | — |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $908.6M | $565.7M | $243.5M | $274.6M | $314.3M |
| Operating profit | $441.8M | $130.2M | -$19.9M | -$10.9M | $22.9M |
| Net profit | $355.6M | $120.7M | $443,404 | -$5.8M | $32.0M |
| Revenue CAGR | 4-yr avg -23.31% | ||||
Revenue rose 14.5% year over year (2023 ₩367.4 billion → 2024 ₩414.3 billion → 2025 ₩474.2 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 -23.3%. The two-year revenue CAGR is 13.6%. In the most recent quarter (Q1 2026), revenue was 11.3% higher than the same period a year earlier.
Latest quarterly results Q1 2026 · vs year-ago
Technical indicators
What stands out
- The dividend yield, at 3.7%, is on the high side.
- Revenue grew 14.5% year over year, a sign of growth.
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
- 2026-05-08EarningsFair disclosure of preliminary Q1 2026 consolidated results. Revenue ₩129.1 billion (+11.3% year over year), operating profit ₩23.6 billion (+58.6%), net profit ₩34.7 billion. The operating margin rose to 18.2% on growth in non-respiratory products.Reconfirms the earnings-recovery trend. Margin improvement appears larger than revenue growth, supporting forward earnings expectations. Source
- 2026-05-06DividendDecision on a cash and in-kind dividend and closing of the shareholder register (record date) for an interim dividend. An annual dividend yield of about 3.5%.Continues a shareholder-return policy with a high dividend share of earnings. Dividend capacity is underpinned by the net-cash base. Source
- 2026-05-06FilingDecision on and report of the disposal of treasury shares. Disclosures related to treasury-share disposal were filed continuously across April and May.Movement related to capital deployment and shareholder returns using treasury shares, and to partnerships. Affects free float and shareholder composition. Source
- 2026-04-29FilingReport on the status of large holdings of shares filed (change in large shareholdings).Confirms a change in major shareholders. A reference point from a supply-demand and governance standpoint. Source
- 2026-05-15FilingQ1 2026 quarterly report filed. Detailed revenue and earnings and the financial position are reflected.A regular disclosure confirming the preliminary results as final figures. Source
Figure cross-check computed ↔ external
Recent filings
- 2026-05-21TreasuryTreasury-stock disposal decision
- 2026-05-15PeriodicQuarterly report
- 2026-05-15PeriodicAnnual business report (amended)
- 2026-05-08EarningsFair-disclosure notice
- 2026-05-06Dividend disclosure
- 2026-05-06DividendCash/stock dividend decision
- 2026-05-06TreasuryMaterial-fact report
- 2026-05-06TreasuryTreasury-stock disposal decision
- 2026-04-30EarningsEarnings disclosure
- 2026-04-29OwnershipOwnership-change filing
- 2026-04-10TreasuryMaterial-fact report
- 2026-04-10TreasuryTreasury-stock disposal decision
📖 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.