Hugel makes the botulinum toxin 'Letybo' that smooths glabellar lines and other wrinkles, along with hyaluronic-acid fillers, cosmetics, and medical devices; toxin and filler are the core of revenue, and as the only Korean company holding sales approvals across all three major aesthetics markets — the United States, Europe, and China — Letybo, which received FDA approval in 2024, has become a new growth axis with full-scale U.S. sales from 2025. On May 6, 2026 the company issued a clarifying filing on reports that its largest shareholder was reviewing a governance restructuring, including a domestic delisting, stating it was 'under review but nothing has been decided,' and on May 7 its Q1 preliminary results showed both revenue and profit growing at double digits. What stands out recently is a set of strengths — a rare position holding approvals in all three markets, an operating margin in the 47% range, almost no debt, and growth that has accelerated around U.S. Letybo so that this year's profit rises roughly 30% and the multiple comes down — against the cautions that toxin and filler can be swayed by the aesthetics cycle, exchange rates, and export-market regulation, and the direction of the largest shareholder's governance restructuring is still undecided.
At-a-glance assessment financial health · growth · profitability · valuation
- Debt ratio, current ratio and interest burden all look healthy.
- Revenue rose 14.0% year over year, and the pace is slowing (3-year trend: rising).
- Most recent quarter (Q1 2026) revenue was 29.9% higher than a year earlier.
- ROE is 14.8% (controlling-interest basis). It is above the sector average.
- Operating margin is 47.2%.
- The forward P/E sits above the sector median, reflecting elevated expectations.
Ownership & governance As of 2025-12-31
Largest shareholder Aphrodite Acquisition Holdings 43.53% (individual)
Controlling bloc incl. related parties 43.53%
With the controlling bloc holding 44%, the ownership structure is stable.
🔎 In-depth analysis
- Hugel makes and sells the botulinum toxin (an aesthetic injectable commonly called 'Botox') 'Letybo' that smooths glabellar lines and other wrinkles, along with hyaluronic-acid fillers, plus cosmetics and medical devices.
- The core of revenue is toxin and filler; it holds a top share of the domestic procedure market while its export share is rapidly growing.
- In particular, as the only Korean company holding sales approvals across all three of the world's major aesthetics markets — the United States, Europe, and China — Letybo, which received U.S.
- FDA approval in 2024, has become a new growth axis with full-scale U.S. sales from 2025.
- It supplies Europe through a partner and China through its own and local channels.
- In sum, 'stable cash flow from domestic toxin and filler + expanding exports to the U.S., China, and Europe' is how this company earns money.
- The latest close is ₩236,000 and the market cap is ₩2.9 trillion.
- The price sits below its 20-day line (₩252,550) and its 60-day line (₩258,092).
- Trading below both its short- and mid-term moving averages, the trend is on the soft side.
- The RSI (an auxiliary gauge that measures the strength of gains against losses over the past 14 days on a 0–100 scale) is 42.4, a neutral level.
- The price is down 1.5% over one month and down 1.9% over three months, and stands 39.2% below its 52-week high.
- Its relative strength versus KOSDAQ is 72 (on a 1–99 scale, converted from return relative to the index over the past year with heavier weight on recent performance; higher means stronger than the market).
- That places it in roughly the top 28% of all stocks by strength.
- Over the past three months it led the index by 30.4%.
- Chart reading is best done alongside trading volume and the dates when filings occur.
- Starting with the valuation metrics, the P/E ratio (how many times one year's net profit the share price represents) is 20.61x and the P/B (how many times book net assets) is 3.06x.
- Profitability is notably good: an operating margin of 47.2% (₩47 of operating profit per ₩100 of revenue) and an ROE (how much it earns in a year on shareholders' equity) of 14.8%, above the peer average.
- The balance sheet is very solid: the debt ratio (debt against capital) is 113%, but the current ratio (assets usable now against debt due within a year) reaches 730% and interest coverage is 21x, so the debt burden is almost nil.
- Here, the P/E of 23.98x is a value calculated on last year's (2025) confirmed earnings (trailing); with this year's profit growing at double digits, on a forward earnings basis the multiple comes down below this — a point to view alongside.
- Revenue grew from ₩231.9 billion in 2021 to ₩425.1 billion in 2025, about 16% average annual growth over five years, with operating profit (₩95.6 billion → ₩200.9 billion) and net profit (₩57.7 billion → ₩140.9 billion) rising alongside.
- In 2025 revenue grew 14.0% and operating profit 20.8%, and in Q1 2026 revenue rose 29.9%, operating profit 22.3%, and net profit 31.5% — with growth actually accelerating.
- The key engine of this acceleration is U.S.
- Letybo sales, which began in earnest in 2025, plus expanding exports to China and Europe.
- This year typically layers in the H2 effect of U.S. sales growing further through the year, so rather than simply extending the trend of Q1 net profit of ₩40.6 billion, it is right to view it on an annual trajectory as export volume builds.
- Reflecting this trend, this year's net profit looks set to rise distinctly above last year's (₩140.9 billion), in which case the forward earnings-based P/E falls to the low 19x range.
- In other words, the 24x calculated on last year's earnings somewhat overstates the real picture of a company whose profit is growing quickly.
- The most notable filing is the May 6, 2026 'clarification on a rumor or report.' Regarding foreign-press reports that the largest shareholder (Aphrodite Acquisition Holdings, in which CBC Group and others participate) was reviewing a governance restructuring, including a domestic delisting, the company officially confirmed that 'the largest shareholder is reviewing various strategic options, but nothing has been decided to date.' Then, on May 7, a Q1 preliminary-results (consolidated operating-results) fair disclosure showed both revenue and profit growing at double digits, followed by filings for an extraordinary shareholder meeting, a stock-option grant, and an IR session.
- The governance review is still 'undecided,' so whether an actual decision is made and on what terms is a matter to keep confirming.
- The strengths are clear: a rare position as the only Korean toxin-and-filler company holding approvals across all three major markets — the U.S., Europe, and China — high profitability with an operating margin in the 47% range, a balance sheet with almost no debt burden, and growth that has reaccelerated around U.S.
- Letybo.
- The P/E calculated on last year's earnings looks high, but the key is that with this year's profit rising roughly 30%, on a forward earnings basis the multiple comes down.
- There are two cautions.
- First, toxin and filler results can be swayed by the aesthetic-procedure cycle, exchange rates, and export-market regulation and marketing performance.
- Second, reports of the largest shareholder's governance restructuring (including a delisting review) are not yet confirmed, so depending on the direction they could act as a variable for minority shareholders.
- Taken together, if export expansion proceeds as planned, both growth and valuation are favorable, while it could waver if the aesthetics cycle slows or governance uncertainty grows.
🔎 Valuation vs peers Fairly valued
Actual domestic aesthetics peer set (toxin, filler, aesthetic devices) — PharmaResearch (filler and regeneration), Classys (aesthetic medical devices), and Daewoong Pharmaceutical (holder of the Nabota toxin, a diversified pharmaceutical company).
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Pharma Research | 19.44x | 4.66x | 23.95% |
| Classys | 24.77x | 5.91x | 23.86% |
| Daewoong Pharmaceutical | 7.79x | 1.52x | 19.47% |
Hugel's trailing P/E of 23.98x is essentially the same level as pure aesthetics peers PharmaResearch (23.1x) and Classys (23.7x). Its P/B, however, is 3.55x — actually lower than the two peers (5.5–5.7x). The P/E calculated on last year's earnings looking high is a characteristic of an inflection phase where profit is growing quickly, and reflecting this year's earnings (Q1 net profit +31.5%, expanding U.S. exports) brings the forward earnings-based P/E down to the low 19x range. In that case the premium over aesthetics peers with similar growth and profitability is not large, and on a P/B basis there is even a discount element. Daewoong Pharmaceutical (7.0x) holds the Nabota toxin but its business is diversified across general pharmaceuticals, making a direct comparison with pure aesthetics valuation difficult. In sum, it is judged 'fairly valued,' with the outcome of the governance review potentially acting as a separate variable for the valuation.
Price history Close · MA20 · MA60
The latest close is ₩236,000 and the market capitalization is ₩2.9 trillion. The price sits below its 20-day moving average (₩252,550) and below its 60-day moving average (₩258,092). 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 42.4, a neutral level. The one-month change is -1.5%, the three-month change is -1.9%, and the position relative to the 52-week high is -39.2%. Relative strength versus the KOSDAQ is 72 (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 72% of all stocks. Over the past three months it outpaced the index by 30.4%. 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 +30.36% / 6M +25.17% / 12M -37.45%
Key metrics vs sector median
Valuation
The P/E of 20.61x is above the sector median (15.98x). The P/B of 3.06x is above 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.
Intrinsic value (DCF estimate)
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 1.242x. A reference range that shifts materially with assumptions.
Profitability & financials
Return on equity (ROE) is 14.8%, above the sector average (3.0%). The operating margin is 47.2%. The debt ratio is 113.3%, so the financial structure is moderate.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $211.9M | $247.2M | $281.8M | +13.96% ↓ slower |
| Operating profit | $78.1M | $110.2M | $133.1M | +20.83% ↓ slower |
| Net profit | $61.7M | $90.0M | $93.4M | +3.72% ↓ slower |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $153.7M | $186.7M | $211.9M | $247.2M | $281.8M |
| Operating profit | $63.4M | $67.2M | $78.1M | $110.2M | $133.1M |
| Net profit | $38.3M | $38.0M | $61.7M | $90.0M | $93.4M |
| Revenue CAGR | 4-yr avg 16.36% | ||||
Revenue rose 14.0% year over year (2023 ₩319.7 billion → 2024 ₩373.0 billion → 2025 ₩425.1 billion), and the three-year trend is 'rising'. That said, the pace of growth slowed from the prior year. Operating profit rose 20.8% year over year. The pace of that profit growth is gradually easing. Over the 5 years on record, revenue compound annual growth (CAGR) is 16.4%. The two-year revenue CAGR is 15.3%. In the most recent quarter (Q1 2026), revenue was 29.9% higher than the same period a year earlier.
Latest quarterly results Q1 2026 · vs year-ago
Technical indicators
What stands out
- ROE of 14.8% points to solid profitability.
- Revenue grew 14.0% 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
- 2026-05-06UpdateClarifying filing on reports of the largest shareholder's governance restructuring, including a domestic delisting. The company stated it is 'reviewing various strategic options, but nothing has been decided.'Short term: a factor widening share-price volatility as the possibility of a delisting or sale comes to the fore. Mid term: depending on whether an actual decision is made and on what terms (price, method), it could affect the standing of minority shareholders. Source
- 2026-05-07EarningsQ1 2026 consolidated operating (preliminary) results fair disclosure — revenue ₩116.6 billion (+29.9%), operating profit ₩47.6 billion (+22.3%), net profit ₩40.6 billion (+31.5%)Short and mid term: confirms that growth has reaccelerated on the back of expanding exports. Grounds for a valuation reassessment on this year's earnings. Source
- 2026-05-07IRInvestor-relations (IR) meeting, resolution to convene an extraordinary shareholder meeting, and stock-option grant filingMid term: communicating results and strategy to the market and drawing in key talent via stock options. Whether the extraordinary-meeting agenda relates to the governance review needs checking. Source
- 2026-05-13FilingLarge-holding report (simplified form) — disclosing changes in major shareholders' stakesMid term: the moves of the largest and major shareholders' stakes are a reference indicator during the governance-review phase Source
Figure cross-check computed ↔ external
Recent filings
- 2026-06-01Large-business-group status disclosure
- 2026-05-15PeriodicQuarterly report
- 2026-05-13OwnershipOwnership-change filing
- 2026-05-07Disclosure
- 2026-05-07Disclosure
- 2026-05-07Shareholders' meeting notice
- 2026-05-07Disclosure
- 2026-05-07EarningsFair-disclosure notice
- 2026-05-06Disclosure
- 2026-04-30Disclosure
- 2026-04-30EarningsEarnings disclosure
- 2026-04-23OwnershipOfficers'/major-shareholders' holdings 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.