Duchembio is a pharma and biotech company that earns money by making radiopharmaceuticals (drugs containing radioactive material used to image organs or lesions in the body or to treat them) and supplying them to hospitals. Because these drugs have short half-lives and cannot be stored long, the structure of producing them to order and delivering them day by day from production hubs nationwide acts as a barrier to entry. Its 2026 annual figures were finalized at revenue of ₩38.6 billion, operating profit of ₩7.4 billion, and net profit of ₩6.5 billion, and Q1 revenue of ₩9.7 billion, operating profit of ₩1.3 billion, and net profit of ₩0.9 billion confirmed accelerating earnings, with operating profit up 87.5% and net profit up 131%. What stands out is that double-digit operating margins and a mid-13% ROE, combined with clear earnings acceleration, leave the forward P/E below its peer group, and with the price down 46% from its high, a gap has opened between valuation and results. On the other hand, given the nature of radiopharmaceuticals, quarterly earnings can swing with hub operations and order fluctuations, and as a lower-market-cap stock, a single fundraising disclosure has a relatively large impact.
At-a-glance assessment financial health · growth · profitability · valuation
- Debt ratio, current ratio and interest burden all look healthy.
- Revenue rose 8.3% year over year, and the pace is quickening (3-year trend: rising).
- Most recent quarter (Q1 2026) revenue was 14.7% higher than a year earlier.
- ROE is 13.2% (controlling-interest basis). It is above the sector average.
- Operating margin is 19.3%.
- The P/E sits above the sector median, reflecting elevated expectations.
Ownership & governance As of 2025-12-31
Largest shareholder Geo-Young 51.55% (corporate)
Controlling bloc incl. related parties 60.87%
With the controlling bloc holding 61%, control is very secure but the free float is thin.
🔎 In-depth analysis
- Duchembio belongs to the pharma and biotech sector and earns money by making radiopharmaceuticals (drugs containing radioactive material used to image organs or lesions in the body or to treat them directly) and supplying them to hospitals.
- Because such drugs have short half-lives and cannot be stored long, it is important to have production hubs across the country and to make and deliver them day by day to order.
- Revenue arises from supplying diagnostic and therapeutic radiopharmaceuticals to hospitals, with the hub network and manufacturing know-how serving as barriers to entry.
- Its recent annual figures are revenue of ₩38.6 billion, operating profit of ₩7.4 billion, and net profit of ₩6.5 billion.
- The latest closing price is ₩5,970 and the market capitalization is ₩170.1 billion.
- The price sits below both its 20-day moving average (₩6,341) and its 60-day line (₩7,522).
- Trading below both its short- and mid-term moving averages, the trend is on the soft side.
- The RSI (a technical gauge comparing upward and downward momentum over the past 14 days on a 0-100 scale) is 36.5, a neutral level.
- The price is down 2.9% over one month and down 32.9% over three months, and sits 48.9% below its 52-week high.
- Its relative strength versus the KOSDAQ is 47 (on a 1-99 scale that weights recent returns against the index over the past year more heavily; higher means stronger than the market), placing it in roughly the top 53% of all stocks by strength.
- Over the past three months it lagged the index by 8.9%.
- Chart readings are best interpreted alongside trading volume and disclosure dates.
- Profitability and finances are on the solid side.
- The operating margin is 19.3% and the net margin is 16.8%, maintaining double-digit margins, and the ROE (how much is earned on equity in a year) is 13.2%, above the peer average.
- The debt ratio is 157.8%, but with a current ratio (assets that can be converted to cash within a year against debts due within a year) of 157.5% and an interest coverage ratio (how many times operating profit can cover interest) of 6.75x, financial health is stable.
- The trailing P/E (how many times the past year's earnings the share price is worth) is 26.25x and the P/B (how many times book value the price is worth) is 3.45x, which look high on the numbers alone.
- However, the company is in an inflection phase where earnings have just bent upward, so metrics based on the past year's results make it look pricier than it is.
- The forward P/E on this year's expected earnings is below peer Huons Pharma (12.93x) and differs greatly from Daewha Pharmaceutical (106.53x).
- In other words, on the basis of future earnings, it can be read as closer to an undervalued signal.
- Earnings are clearly accelerating.
- In 2025, revenue was ₩38.6 billion, up 8.3% from the prior year, with the pace of growth itself trending faster (a three-year rising trend).
- In particular, in Q1 2026 revenue was ₩9.7 billion (+14.7%), operating profit ₩1.3 billion (+87.5%), and net profit ₩0.9 billion (+131.0%), with the earnings growth rate far outpacing revenue growth.
- As radiopharmaceutical demand rises and hub and capacity utilization improve, margins have improved alongside — a picture of operating leverage at work, with earnings swelling faster than revenue.
- These figures rest on the premise that the first quarter's earnings leap and revenue growth continue through the year, and there is no basis in current data to expect earnings to fall below this year's level next year and beyond.
- The flow of disclosures is centered on confirming results.
- On January 29 and March 10, 2026 (a correction), disclosures of a change of 30% or more in revenue and profit finalized annual revenue of ₩38.6 billion, operating profit of ₩7.4 billion, and net profit of ₩6.5 billion, and the May 14 quarterly report disclosed Q1 2026 revenue of ₩9.7 billion, operating profit of ₩1.3 billion, and net profit of ₩0.9 billion.
- The quarterly disclosures are lifting earnings in the same direction as the annual trend, so the next quarterly disclosure can be used to keep checking whether the inflection is a trend rather than a one-off.
- The strengths are clear.
- Profitability featuring double-digit operating margins and a mid-13% ROE is joined by clear earnings acceleration — Q1 operating profit up 87.5% and net profit up 131% — leaving the forward P/E at a low spot relative to its peer group.
- The price is down 46% from its high, so a gap has opened between valuation and results.
- What to examine is that, given the nature of radiopharmaceuticals, quarterly earnings can swing with hub operations and order fluctuations, and as a lower-market-cap stock, a single disclosure such as a fundraising has a relatively large impact on share count and metrics.
- In short, if the first quarter's earnings acceleration continues through the year and hub utilization holds, the current forward P/E is an attractive spot; conversely, if quarterly earnings volatility rises or growth slows, the trailing metrics could again look like a burden.
🔎 Valuation vs peers Overvalued
A comparison group within pharma and biotech close in market capitalization.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Whan In Pharmaceutical | 13.39x | 0.43x | 3.23% |
| Yeon Pharmaceutical | — | 0.83x | -13.45% |
| Daewha Pharmaceutical | 96.28x | 2.15x | 2.23% |
We looked first at a public-data comparison group within pharma and biotech close in market capitalization. The current P/E (how many times a year's earnings the share price is worth) is 26.25x and the P/B (how many times book value the price is worth) is 3.45x. That said, because lower-market-cap stocks are heavily affected by earnings swings and fundraising disclosures, we did not draw firm conclusions from metrics based on last year's finalized results alone. The basis for the outlook box is a DART seasonality approximation.
Earnings outlook company-stated · verified
| Type | Period | Revenue | Operating profit | Net profit |
|---|---|---|---|---|
| This year | 2026 | ₩44.3 billion | ₩14.0 billion | ₩15.0 billion |
| Next quarter | Q2 2026 | ₩10.9 billion | ₩3.5 billion | ₩3.1 billion |
Price history Close · MA20 · MA60
The latest close is ₩5,970 and the market capitalization is ₩170.1 billion. The price sits below its 20-day moving average (₩6,341) and below its 60-day moving average (₩7,522). 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 36.5, a neutral level. The one-month change is -2.9%, the three-month change is -32.9%, and the position relative to the 52-week high is -48.9%. Relative strength versus the KOSDAQ is 47 (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 47% of all stocks. Over the past three months it lagged the index by 8.9%. 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 -8.95% / 6M -21.53% / 12M -42.53%
Key metrics vs sector median
Valuation
The P/E of 26.25x is above the sector median (15.98x). The P/B of 3.45x is above 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.
Intrinsic value (DCF estimate)
DCF (discounted cash flow) estimate — discount rate 11.6%, initial growth 4.0%→terminal 2.0%, 10-yr forecast, free-cash-flow basis. A reference range that shifts materially with assumptions.
Profitability & financials
Return on equity (ROE) is 13.2%, above the sector average (3.0%). The operating margin is 19.3%. The debt ratio is 157.8%, so the financial structure is moderate.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $23.0M | $23.6M | $25.6M | +8.35% ↑ faster |
| Operating profit | $3.5M | $3.4M | $4.9M | +46.64% ↑ faster |
| Net profit | $2.7M | $5.3M | $4.3M | -18.94% ↓ slower |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | — | — | $23.0M | $23.6M | $25.6M |
| Operating profit | — | — | $3.5M | $3.4M | $4.9M |
| Net profit | — | — | $2.7M | $5.3M | $4.3M |
| Revenue CAGR | 2-yr avg 5.44% | ||||
Revenue rose 8.3% year over year (2023 ₩34.7 billion → 2024 ₩35.6 billion → 2025 ₩38.6 billion), and the three-year trend is 'rising'. The pace of growth also quickened from the prior year. Operating profit rose 46.6% year over year. Profit is growing at an accelerating pace. Over the 3 years on record, revenue compound annual growth (CAGR) is 5.4%. The two-year revenue CAGR is 5.4%. In the most recent quarter (Q1 2026), revenue was 14.7% higher than the same period a year earlier.
Latest quarterly results Q1 2026 · vs year-ago
Technical indicators
What stands out
- ROE of 13.2% points to solid profitability.
- 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
- 2026-03-10Earnings[Correction] Change of 30% or more (15% for large corporations) in revenue or profit structure: annual revenue ₩38.6 billion, operating profit ₩7.4 billion, net profit ₩6.5 billionA recent finalized or preliminary results item. We check whether it points the same way as the annual trend and whether there are any one-off factors. Source
- 2026-01-29EarningsChange of 30% or more (15% for large corporations) in revenue or profit structure: annual revenue ₩38.6 billion, operating profit ₩7.4 billion, net profit ₩6.5 billionA recent finalized or preliminary results item. We check whether it points the same way as the annual trend and whether there are any one-off factors. Source
- 2026-05-14EarningsQuarterly report (2026.03): Q1 2026 revenue ₩9.7 billion, operating profit ₩1.3 billion, net profit ₩0.9 billionA recent finalized or preliminary results item. We check whether it points the same way as the annual trend and whether there are any one-off factors. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| Closing price | ₩5,970 | ₩5,970 | Confirmed | link |
| Latest quarterly results | revenue ₩9.7 billion, operating profit ₩1.3 billion | revenue ₩9.7 billion, operating profit ₩1.3 billion | Confirmed | link |
| Annual results | revenue ₩38.6 billion, operating profit ₩7.4 billion | revenue ₩38.6 billion, operating profit ₩7.4 billion | Confirmed | link |
| Results disclosure text | []revenue30%: revenue ₩38.6 billion · operating profit ₩7.4 billion · net profit ₩6.5 billion | []revenue30%: revenue ₩38.6 billion · operating profit ₩7.4 billion · net profit ₩6.5 billion | Confirmed | link |
| Results disclosure text | revenue30%: revenue ₩38.6 billion · operating profit ₩7.4 billion · net profit ₩6.5 billion | revenue30%: revenue ₩38.6 billion · operating profit ₩7.4 billion · net profit ₩6.5 billion | Confirmed | link |
| Results disclosure text | (2026.03): 2026 1 revenue ₩9.7 billion · operating profit ₩1.3 billion · net profit ₩0.9 billion | (2026.03): 2026 1 revenue ₩9.7 billion · operating profit ₩1.3 billion · net profit ₩0.9 billion | Confirmed | link |
| Outlook box basis | DART | DART | Confirmed | link |
Recent filings
- 2026-05-14PeriodicQuarterly report
- 2026-03-26Amended filing
- 2026-03-26Disclosure
- 2026-03-26Shareholders' meeting notice
- 2026-03-18PeriodicAnnual business report
- 2026-03-18Audit report
- 2026-03-10Shareholders' meeting notice
- 2026-03-10Shareholders' meeting notice
- 2026-03-10EarningsAmended filing
- 2026-03-10Amended 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.