Nibec (138610) 🔎 In-depth
KOSDAQ · Price as of 2026-08-06 · Updated 2026-08-09
Where Nibec actually generates revenue is in bone- and tissue-regeneration biomaterials that incorporate peptide technology, with most of its dental bone grafts and collagen regeneration materials exported; on top of this it adds peptide new-drug R&D and active-pharmaceutical-ingredient CDMO as next-generation axes. A February profit/loss-structure change disclosure confirmed a swing to profit in 2025, and in May a Q1 quarterly report and IR shared progress on regeneration materials, new drugs, and CDMO. Recent points worth noting: regeneration-material exports grew revenue for three straight years and produced the first annual profit, and it has an ROE of 10.1%, low debt, ample liquidity, and peptide expansion options as strengths. On the other hand, with Q1 revenue falling and the operating margin at 2.6%, the durability of the profit is still being verified, and new-drug and expansion expectations are already priced in, so these should be weighed together.
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 “Dental & Implants” (Biotech & Pharmaceuticals · Medical Devices & Healthcare), a type typically read first through forward P/E.
Dental and implant makers have moved onto a growth track as aging populations and overseas expansion lift revenue and profit. They already earn money and their growth direction is relatively clear, so forward price-to-earnings (P/E on expected profit) is the first lens rather than trailing results.
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
- Debt ratio, current ratio and interest burden all look healthy.
- Revenue rose 33.3% year over year, and the pace is slowing (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 6.7% lower than a year earlier.
- ROE is 10.1% (total-net basis). It is above the sector average.
- Operating margin is 15.4%.
- 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 Jong-pyung 15.18% (individual)
Controlling bloc incl. related parties 19.28%
With the controlling bloc holding 19%, control is maintained but the free float is relatively large.
🔎 In-depth analysis Reading
Where Nibec actually generates revenue is in bone- and tissue-regeneration biomaterials that incorporate peptide technology. Its flagship products are dental bone grafts and collagen-based regeneration materials, most of the revenue from these materials is exported, and China, Europe, and North America are its main markets. On top of this, as next-generation axes it adds peptide new-drug R&D (its proprietary peptide-discovery technology and targeted drug-delivery platforms 'PEPTARDEL' and 'NIPEP-TPP') and peptide active-pharmaceutical-ingredient contract development and manufacturing (CDMO). In short, the core business that earns cash now is regeneration-biomaterial exports, while new drugs, drug delivery, and API CDMO are expansion businesses that aim to broaden the peptide capability built in the core into larger markets.
The latest close is ₩15,670 and the market capitalization is ₩178.1 billion. The price sits above its 20-day moving average (₩14,407) and below its 60-day moving average (₩17,674). 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 53.0, a neutral level. The one-month change is -7.4%, the three-month change is -35.8%, and the position relative to the 52-week high is -70.0%. Relative strength versus the KOSDAQ is 29 (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 29% of all stocks. Over the past three months it lagged the index by 1.3%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
The P/E (how many times one year's profit the price represents) is 38.38x. That figure, however, is based on profit just confirmed last year (trailing), and since 2025 was an inflection where the company swung from loss to profit, the denominator (profit) is still small so the multiple naturally looks large. It is therefore hard to conclude expensive from this one number. Compared with peers in the same peptide and regeneration-material family, the picture is clearer. The P/B (how many times net assets the price represents) is 3.79x, whereas peptide peer Caregen carries a P/B in the 17x range and regeneration-material peer L&C Bio in the 13x range, so Nibec's price against net assets is far lower than these. Profitability, too, at an ROE (how much is earned in a year on equity) of 10.1% is above the sector average, and the 2025 operating margin was 15.4%. The balance sheet is stable, with a debt ratio (debt against equity) of 137%, a current ratio (cash-like assets against debt due within a year) of 316%, and an interest coverage ratio of 9.5x. In other words, it is a stock with future expectations priced in, but its net-asset, profitability, and financial fundamentals read as sound within the peer group.
Revenue rose for three straight years: ₩15.7 billion in 2023, ₩24.6 billion in 2024, and ₩32.7 billion in 2025. The growth rate eased from 56% to 33%, but absolute revenue doubled in two years and the growth trend itself is intact. The bigger change is in profit and loss. The core is a turnaround where operating profit and net profit, in the red throughout 2021-2024, swung to profits of ₩5.0 billion and ₩4.6 billion respectively in 2025. It is a signal that a company that had been covering losses has begun earning profit in its core business. That said, Q1 2026 revenue was ₩5.2 billion, down 6.7% from the same period a year earlier, and operating profit thinned to ₩0.14 billion (a 2.6% operating margin), so whether the profit flow continues evenly quarter by quarter is a stretch still to watch. This year's forward P/E screening similar to or slightly higher than last year's confirmed P/E also reflects this Q1 profitability slowdown, and whether the core-business margin recovers toward the 2025 level in coming quarters will decide this year's profit direction.
Recent disclosures center on regular reports, the general meeting, and IR. A February 2026 profit/loss-structure change disclosure of 30% or more confirmed the 2025 swing to profit; in March came the business report, regular general meeting, and audit report, and at the end of March a stock-option grant to executives and staff was filed. In May, a Q1 quarterly report and an investor briefing (IR) shared progress on the regeneration-material business and the peptide new drugs and CDMO. Future businesses such as new drugs and CDMO are still at a stage of signaling progress through IR and regular reports rather than confirmed disclosures such as large single orders or technology transfers.
The strengths are clear. Regeneration-biomaterial exports grew revenue for three straight years and produced the first annual profit in 2025; its ROE of 10.1% puts profitability above the sector average; and low debt and ample liquidity make the balance sheet solid. Its price against net assets (P/B) is on the lower side versus peptide and regeneration-material peers, and it also holds expansion options in peptide drug delivery and API CDMO. Points to be careful about: in Q1 2026 revenue fell and the operating margin thinned to 2.6%, so the durability of the profit has not yet been fully verified over a full year, and the price already has considerable expectation for the new-drug and expansion businesses built in. In conclusion, this company is strong when regeneration-material exports turn back to quarterly growth and actual revenue milestones emerge in peptide new drugs and CDMO, and its expectations are put to the test when the core-business margin recovery is delayed and the new-drug business only swells costs.
🔎 Valuation vs peers Fairly valued
We selected domestic peers whose peptide-platform and regeneration-biomaterial businesses overlap. Caregen handles peptide-based materials and new drugs, and L&C Bio handles regenerative tissue and bone-graft materials, so their business character is close.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Caregen | 178.51x | 16.73x | 10.89% |
| L&C Bio | 0.00x | 8.48x | -69.71% |
| Seegene | 31.05x | 1.47x | 6.42% |
Looking at the P/E (how many times one year's profit the price represents) alone at 38.06x it appears high, but compared with peptide-platform peer Caregen (P/E 186.8, P/B 17.67) it is in fact far lower, and regeneration-material peer L&C Bio is loss-making so no P/E can be derived and its P/B reaches 10.9x. Nibec's P/B of 4.6x is on the lower side versus these peptide and regeneration-material peers. That said, the 2025 P/E has a limitation in that, being the first year of the swing to profit, the profit (denominator) is small so the trailing figure is inflated, and the Q1 2026 operating margin dropped to 2.6%, so on this year's expected-profit basis the multiple screens somewhat higher (the forward basis is the quarterly-trend slowdown). Weighing the business options (new drugs, CDMO) implies a discount versus peers, while weighing the core-business profitability slowdown implies a premium, so the two coexist and we view it as fairly valued. Rather than concluding cheap or expensive, the durability of quarterly profit and new-drug milestones are the fork in the road.
Price history Close · MA20 · MA60
The latest close is ₩15,670 and the market capitalization is ₩178.1 billion. The price sits above its 20-day moving average (₩14,407) and below its 60-day moving average (₩17,674). 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 53.0, a neutral level. The one-month change is -7.4%, the three-month change is -35.8%, and the position relative to the 52-week high is -70.0%. Relative strength versus the KOSDAQ is 29 (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 29% of all stocks. Over the past three months it lagged the index by 1.3%. 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 -1.31% / 6M -35.33% / 12M -29.08%
Key metrics Computed vs sector median
Valuation
The P/E of 38.38x is above the sector median (15.02x). The P/B of 3.79x is above the sector median (1.10x).
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 10.1%, above the sector average (1.0%). The operating margin is 15.4%. The debt ratio is 35.3%, so the financial structure is stable.
Growth FY2025 · annual report (separate)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $11.0M | $17.2M | $23.0M | +33.27% ↓ slower |
| Operating profit | -$1.6M | -$3.5M | $3.5M | — |
| Net profit | -$4.4M | -$6.6M | $3.3M | — |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $9.6M | $15.2M | $11.0M | $17.2M | $23.0M |
| Operating profit | -$1.5M | $453,585 | -$1.6M | -$3.5M | $3.5M |
| Net profit | -$4.0M | -$2.6M | -$4.4M | -$6.6M | $3.3M |
| Revenue CAGR | 4-yr avg 24.48% | ||||
Revenue rose 33.3% year over year (2023 ₩15.7 billion → 2024 ₩24.6 billion → 2025 ₩32.7 billion), and the three-year trend is 'rising'. That said, the pace of growth slowed from the prior year. Over the 5 years on record, revenue compound annual growth (CAGR) is 24.5%. The two-year revenue CAGR is 44.3%. In the most recent quarter (Q1 2026), revenue was 6.7% lower than the same period a year earlier.
Latest quarterly results Source Q1 2026 · vs year-ago
Technical indicators Computed
What stands out
- ROE of 10.1% points to solid profitability.
- Revenue grew 33.3% year over year, a sign of growth.
- The balance sheet is stable in terms of debt and liquidity.
Points to watch
- The price is high versus peers, so expectations already appear priced in.
Recent news & events searched · sourced
- 2026-02-24Earnings2025 revenue and profit/loss-structure change of 30% or more disclosed — revenue rose to ₩32.7 billion and operating and net profit swung from loss to profitPositive in both the short and mid term. The first annual profit that broke the 2021-2024 run of losses is a fundamental inflection. However, the durability of the profit needs verification over subsequent quarters. Source
- 2026-05-14FilingQ1 2026 quarterly report filed — revenue ₩5.2 billion (-6.7% YoY), operating profit ₩0.14 billion, with core-business profitability weakeningShort-term negative. Negative revenue growth and the drop of the operating margin to 2.6% raise questions about the durability of the 2025 profit. Source
- 2026-05-18IRInvestor briefing (IR) held — shared progress on the regeneration-material business and peptide new drugs and CDMOMid-term neutral to positive. A venue for directly explaining progress on future businesses, an information update ahead of the stage of confirmed order or technology-transfer disclosures. Source
- 2026-03-30FilingStock-option grant to executives and staff filedMid-term neutral. Aimed at attracting and motivating talent, but the possibility of an increase in shares outstanding upon future exercise is a factor to note. Source
- 2026-03-20FilingFY2025 business report filed — disclosed a revenue structure centered on regeneration-material exports and the peptide R&D pipelineMid-term neutral. A regular report that confirms and discloses the business structure and financials, allowing verification of the detailed basis for the swing to profit. Source
Figure cross-check computed ↔ external
Recent filings Source
- 2026-05-18Disclosure
- 2026-05-14PeriodicQuarterly report
- 2026-03-30Disclosure
- 2026-03-30Shareholders' meeting notice
- 2026-03-20PeriodicAnnual business report
- 2026-03-20Audit report
- 2026-03-16Amended filing
- 2026-03-12Shareholders' meeting notice
- 2026-03-12Shareholders' meeting notice
- 2026-03-12Shareholders' meeting notice
- 2026-03-12Disclosure
- 2026-02-24EarningsEarnings 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.