JW Holdings does not manufacture anything itself; it is a holding company that controls the JW group's pharmaceutical and healthcare affiliates, including JW Pharmaceutical (about a 44.6% stake), which develops therapeutic and novel drugs, and JW Life Science (about a 43% stake), which makes hospital IV fluids. Its results and value therefore hinge on how well these subsidiaries sell their drugs and IV solutions and on the dividends and equity-method earnings that flow up from them. In March it disclosed a corporate value-up plan and a single supply contract worth ₩28.6 billion, and in May it confirmed that Q1 2026 net profit had risen sharply year on year; in April a report on a subsidiary's business suspension also surfaced, highlighting the regulatory variables typical of a pharmaceutical group. What stands out lately is that rising subsidiary earnings lift ROE to 21.9% and the dividend yield to 5.5%, with a forward P/E lower than that of the compared subsidiaries and a discount to the value of its listed holdings that is shallower than usual on the surface (deeper in substance) — while, given its holding-company nature, its value depends on subsidiary results and regulation (product suspensions), and equity-method and one-off items mixed into net profit can create quarterly swings.
At-a-glance assessment financial health · growth · profitability · valuation
- For financial companies, debt and interest costs are large by the nature of the business, so the debt ratio and interest coverage cannot be read on the same yardstick as an ordinary company.
- Revenue rose 9.2% year over year, and the pace is quickening (3-year trend: mixed).
- Most recent quarter (Q1 2026) revenue was 1.5% higher than a year earlier.
- ROE is 21.9% (controlling-interest basis). It is above the sector average.
- Operating margin is 17.3%.
- Valued against the net asset value (NAV) of its listed holdings rather than a consolidated P/E — see the in-depth valuation for the detailed basis.
Ownership & governance As of 2022-12-31
Largest shareholder Lee Kyung-ha 27.74% (individual)
Controlling bloc incl. related parties 37.64%
With the controlling bloc holding 38%, the ownership structure is stable.
Net asset value (NAV) assessment Fairly valued21% discount to NAV
💡 How to read a holding company · A holding company owns stakes in several subsidiaries. Its P/E swings with equity-method gains and losses on those stakes, so read it only as a rough guide. P/B is more meaningful because subsidiary stakes sit in equity, but book value carries them at low historical cost (so P/B looks higher than reality). The most accurate view is the price against the market value of those stakes (NAV) ↓
Valued against the net asset value (NAV) of its listed holdings rather than a consolidated P/E — see the in-depth valuation for the detailed basis.
Listed subsidiaries ownership
| JW Life Science | 42.98% |
| JW Pharmaceutical | 40.25% |
| JW Pharmaceutical | 4.36% |
🔎 In-depth analysis
- JW Holdings is not a company that makes and sells products directly; it is a holding company (one that owns stakes in its subsidiaries to bind the whole group together) that controls the JW group's pharmaceutical and healthcare affiliates.
- The entities that actually generate profit are the subsidiaries.
- At the core are JW Pharmaceutical (about a 44.6% stake), which holds a pipeline of therapeutic and novel drugs, and JW Life Science (about a 43% stake), a world-class maker of hospital IV fluids (based on Non-PVC IV containers).
- The group also includes JW Shinyak, active in the dermatology, urology and ENT clinic market, and JW Medical in imaging-diagnostic medical devices.
- As a result, JW Holdings' results and value depend less on the parent's own revenue than on how well these subsidiaries sell drugs and IV solutions and turn a profit, and on the dividends and equity-method earnings that flow up from them.
- The latest close is ₩3,705 and the market cap is ₩273.9 billion.
- The price sits below the 20-day line (₩3,760) and below the 60-day line (₩3,928).
- Trading beneath both the short- and mid-term moving averages, the trend is on the soft side.
- The RSI (a supplementary gauge that compares upward and downward strength over the past 14 days on a 0-100 scale) is 46.5, a neutral level.
- The one-month change is -0.1%, the three-month change is -3.6%, and the position versus the 52-week high is -17.1%.
- Relative strength against the KOSPI is 33 (1-99, converting the past year's return versus the index with more weight on recent performance; higher means stronger than the market).
- That places it in roughly the top 67% of all stocks by strength.
- Over the past three months it lagged the index by 24.3%.
- Chart reading is best done alongside trading volume and disclosure dates.
- The P/E ratio (how many times one year's earnings the price represents) is 4.68x and the P/B (how many times net assets the price represents) is 1.03x, both on the low side.
- ROE (how much is earned in a year on shareholders' equity) is a strong 21.9%, and the dividend yield is a high 5.5% (dividend per share of ₩215).
- The debt ratio (debt relative to equity) shows up as a large 461%, but this reflects the fact that a holding company's consolidated financials aggregate the operating and financial liabilities of its subsidiaries, and should not be read the same way as a distress signal for a typical manufacturer.
- The 4.68x shown is on a trailing basis (last year's confirmed results); in a period like the present when earnings are rising, the forward P/E based on this year's earnings is actually lower still.
- That is below even the multiples of its subsidiaries JW Pharmaceutical (about 9.6x) and JW Life Science (about 6.2x), which reads as an undervaluation signal in which the parent is priced more cheaply than its subsidiaries.
- Over the past five years revenue rose steadily from ₩788.9 billion to ₩969.6 billion (about 5% a year on average), while operating profit climbed more steeply from ₩68.7 billion to ₩167.9 billion.
- Net profit jumped from a loss in 2021 to ₩19.0 billion in 2023 and ₩62.6 billion in 2024, then paused at ₩58.5 billion in 2025 (-6.6% year on year).
- Then in Q1 2026 it accelerated clearly again, with revenue +1.5%, operating profit +23.3% and net profit +35.2%.
- The lower forward P/E on this year's earnings is a result of this trend.
- Demand for the group's drugs and IV solutions is firm, and earnings at the core subsidiaries JW Pharmaceutical and JW Life Science are rising together, so the dividends and equity-method earnings flowing up to the parent are thickening.
- Both the pace of revenue growth (+9.2% the prior year, -4.4% before that) and of operating-profit growth (+14.6% the prior year) are quickening, and the Q1 earnings acceleration supports this.
- In other words, this year's earnings improvement is not a single-quarter fluke but a trend rooted in the strength of the subsidiaries' core businesses.
- In 2026 two threads — improving subsidiary results and shareholder returns — are visible at once.
- Alongside the March annual general meeting, the company voluntarily disclosed a corporate value-up plan setting out its direction on ROE and shareholder returns, and around the same time disclosed a single supply contract worth ₩28.6 billion.
- In May it fair-disclosed provisional Q1 2026 results, confirming that net profit had risen sharply year on year.
- Meanwhile, in April a material-event report on a subsidiary's business suspension appeared, showing that regulatory and product-related variables typical of a pharmaceutical group can arise.
- In June a corporate governance report was disclosed, updating governance-transparency information.
- Starting with the strengths: as the subsidiaries' pharmaceutical and IV-fluid earnings rise, profitability and shareholder returns are strong together, with ROE of 21.9% and a dividend yield of 5.5%, and the forward P/E on this year's earnings is lower than even those of the compared subsidiaries.
- The market cap (about ₩273.5 billion) trades at a discount to the value of its listed subsidiary holdings (about ₩358.6 billion) that is shallower than the usual 30-50% for holding companies — yet because those subsidiaries themselves carry low multiples while their earnings grow, the true discount can be seen as deeper than it appears on the surface.
- The Q1 earnings acceleration and the value-up disclosure support this.
- Points to watch together: given its holding-company nature, value depends on subsidiary results and regulation (variables such as a product suspension) rather than on the parent, and equity-method and one-off items mixed into net profit can create quarterly swings.
- In sum, the undervaluation appeal sharpens when subsidiary earnings keep improving and return commitments continue, and it weakens relatively when core subsidiary results wobble or regulatory variables grow.
🔎 Valuation vs peers Fairly valued
Because its business substance is that of a pharmaceutical and healthcare holding company, the listed subsidiaries that are the source of its value (JW Pharmaceutical and JW Life Science) are used as the peer set, viewed through a NAV/SOTP lens.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| JW Pharmaceutical | 8.97x | 1.49x | 16.65% |
| JW Life Science | 6.18x | 0.80x | 12.97% |
A holding company is easily distorted if judged by the parent's consolidated P/E alone, so a sum-of-the-parts (SOTP) view that adds the value of its listed subsidiary stakes (NAV) to its operating value is more appropriate. Against listed-holdings value of about ₩358.6 billion, the market cap of about ₩287.2 billion is roughly a 20% discount, which is shallower than the usual holding-company discount. However, the core subsidiaries JW Pharmaceutical (P/E 10.3, ROE 16.7%) and JW Life Science (P/E 6.3, ROE 13.0%) both carry low multiples while their earnings rise, so the subsidiary-stake value itself is set conservatively and the true discount may be deeper. The trailing P/E of 4.9x has limits in an earnings-inflection period, and on a forward basis reflecting the Q1 acceleration the burden could ease further. The shallow surface discount and the sound quality of the subsidiaries offset each other, so it is judged fairly valued. A firm call of cheap or expensive is avoided.
Price history Close · MA20 · MA60
The latest close is ₩3,705 and the market capitalization is ₩273.9 billion. The price sits below its 20-day moving average (₩3,760) and below its 60-day moving average (₩3,928). 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 46.5, a neutral level. The one-month change is -0.1%, the three-month change is -3.6%, and the position relative to the 52-week high is -17.1%. Relative strength versus the KOSPI is 33 (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 33% of all stocks. Over the past three months it lagged the index by 24.3%. 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 -24.27% / 6M -34.95% / 12M -56.68%
Key metrics vs sector median
Valuation
The P/E of 4.68x is below the sector median (6.67x). The P/B of 1.03x is above the sector median (0.49x).
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 21.9%, above the sector average (5.0%). The operating margin is 17.3%. The debt ratio is 461.2%, but for financial firms deposits and insurance liabilities count as debt, so it cannot be read on the same yardstick as an ordinary company.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $615.1M | $588.4M | $642.6M | +9.22% ↑ faster |
| Operating profit | $96.0M | $97.1M | $111.3M | +14.59% ↑ faster |
| Net profit | $12.6M | $41.5M | $38.8M | -6.57% ↓ slower |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $522.9M | $573.0M | $615.1M | $588.4M | $642.6M |
| Operating profit | $45.6M | $68.4M | $96.0M | $97.1M | $111.3M |
| Net profit | -$1.8M | $14.7M | $12.6M | $41.5M | $38.8M |
| Revenue CAGR | 4-yr avg 5.29% | ||||
Revenue rose 9.2% year over year (2023 ₩928.1 billion → 2024 ₩887.7 billion → 2025 ₩969.6 billion), and the three-year trend is 'mixed'. The pace of growth also quickened from the prior year. Operating profit rose 14.6% year over year. Profit is growing at an accelerating pace. Over the 5 years on record, revenue compound annual growth (CAGR) is 5.3%. The two-year revenue CAGR is 2.2%. In the most recent quarter (Q1 2026), revenue was 1.5% 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 5.8%, is on the high side.
- ROE of 21.9% points to solid profitability.
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
- 2026-05-12EarningsQ1 2026 provisional operating results fair-disclosed — cumulative revenue of about ₩243.2 billion, operating profit of about ₩51.5 billion and net profit of about ₩39.8 billion, with net profit sharply higher year on yearShort term: subsidiary earnings improvement is confirmed at the holding-company level, highlighting earnings momentum. Medium term: room for re-valuation on this year's earnings basis. Source
- 2026-03-27IRCorporate value-up plan voluntarily disclosed — direction set out on ROE and shareholder returnsMedium term: formalizes intent to improve dividends and capital efficiency, a factor that could narrow the holding-company discount. Source
- 2026-04-30UpdateMaterial-event report on a subsidiary's business suspension — a product/regulatory risk arising within the groupShort term: possible partial disruption to that subsidiary's revenue. Medium term: a reminder that pharmaceutical-group regulatory risk is ever-present. Source
- 2026-03-26UpdateSingle supply contract signed (voluntary disclosure, amended) — contract value of about ₩28.6 billion for supply of group productsShort and medium term: reinforces subsidiary revenue visibility (whether it is one-off or recurring shapes the interpretation). Source
- 2026-06-01FilingCorporate governance report disclosed — governance-transparency information updatedMedium term: a governance-information update (tied to the value-up context). Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| Q1 2026 net profit (cumulative) | approx. ₩39.8 billion | 1 | Confirmed | link |
| FY2025 annual results | revenue ₩969.6 billion, operating profit ₩167.9 billion | FY2025 DART | Confirmed | link |
| Existence of the corporate value-up disclosure | base 2026-03-27 | DART | Confirmed | link |
| Subsidiary stake composition (JW Pharmaceutical, JW Life Science) | JWapprox. approx. 44.6%, JW approx. 43% | JW | Unverified | link |
Recent filings
- 2026-06-01Corporate governance report
- 2026-05-15PeriodicQuarterly report
- 2026-05-12EarningsFair-disclosure notice
- 2026-04-30Material-fact report
- 2026-04-22OwnershipOwnership-change filing
- 2026-04-08Disclosure
- 2026-04-07OwnershipOwnership-change filing
- 2026-04-07OwnershipLargest-shareholder ownership change report
- 2026-03-27Disclosure
- 2026-03-26Single supply/sales contract (amended)
- 2026-03-26Disclosure
- 2026-03-26Shareholders' 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.