Classys (214150) 🔎 In-depth
KOSDAQ · Price as of 2026-08-06 · Updated 2026-08-09
Classys makes aesthetic medical devices such as its HIFU lifting device 'Shurink' and its radiofrequency device 'Volnewmer'. Its model is a 'razor-and-blade' one, in which once a device is sold, the clinic must keep buying the cartridges and tips consumed with each treatment, so about 46% of 2025 revenue came from consumables and its cumulative installed base exceeds 45,000 units worldwide. In May 2026 the company made a fair-disclosure of preliminary first-quarter results, and in March it acquired a Brazilian distribution subsidiary and merged with the domestic firm Iruda to broaden its sales regions and product lineup, while also paying a dividend of ₩1,000 per share (a yield of about 2.1%). What stands out is that an operating margin above 50%, recurring revenue, and a wide installed base are strengths, and the Brazil and Iruda additions plus Volnewmer's entry into China ease the valuation burden on this year's earnings; the caution is that aesthetic devices are swayed by the economy and licensing timelines, competition on new products and price with rivals such as Wontech is constant, and the results of the acquired subsidiaries and the trend in consumable repurchases bear watching.
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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 “Aesthetic Medical Devices” (Biotech & Pharmaceuticals · Medical Devices & Healthcare), a type typically read first through forward P/E.
Aesthetic medical-device makers often grow quickly as new products launch and consumable sales expand, so trailing profits can understate the pace of growth. That is why forward P/E — the share price against expected future earnings — is the first lens.
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 38.6% year over year, and the pace is quickening (3-year trend: rising).
- Most recent quarter (Q1 2026) revenue was 13.1% higher than a year earlier.
- ROE is 25.9% (controlling-interest basis). It is above the sector average.
- Operating margin is 48.7%.
- 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 BCPE Centur Investments, LP 54.16% (individual)
Controlling bloc incl. related parties 54.16%
With the controlling bloc holding 54%, control is very secure but the free float is thin.
🔎 In-depth analysis Reading
Classys makes aesthetic medical devices. Its flagship products are 'Shurink' (marketed overseas as Ultraformer), a HIFU device that uses ultrasound heat to lift the layers beneath the skin, and 'Volnewmer', which works on skin elasticity with radiofrequency (RF). The business model is distinctive: rather than a one-time device sale, it is a 'razor-and-blade' arrangement in which the clinic must keep buying the cartridges and tips consumed with each treatment. In fact, about 46% of 2025 revenue came from these consumables, and the cumulative installed base worldwide exceeds 45,000 units. Because once a device is placed, consumable revenue steadily follows, recurring revenue grows as the installed base widens. On top of this, in March 2026 the company acquired a Brazilian distribution subsidiary (MedSystems) and merged with the domestic aesthetic-device firm Iruda, broadening its sales regions and product lineup.
The latest close is ₩45,550 and the market capitalization is ₩3.0 trillion. The price sits above its 20-day moving average (₩44,332) and below its 60-day moving average (₩45,968). 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 52.6, a neutral level. The one-month change is -4.6%, the three-month change is -17.3%, and the position relative to the 52-week high is -39.8%. Relative strength versus the KOSDAQ is 63 (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 63% of all stocks. Over the past three months it outpaced the index by 26.4%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
Profitability stands out. ROE (how much is earned in a year on shareholders' equity) is a high 23.9%, and the operating margin (the share of operating profit left from revenue) is 50.6%, very unusual for a manufacturer. This owes to low-cost recurring consumable revenue underpinning the margin. The balance sheet is also solid, with a comfortable current ratio (cash-like assets versus debt due within a year) of 369% and an interest coverage ratio (how many times operating profit covers interest) of 15.7x, so the debt burden is small. The current P/E ratio (how many times one year's net profit the price is) is 22.52x and the P/B (how many times book net asset value the price is) is 5.69x, both on last year's reported earnings. That said, this company is in a growth phase where earnings rise sharply each year, so the P/E calculated on last year's figures has the limitation of looking more expensive than it is. Reflecting the profit that will be added this year, the multiple falls below 20x.
The texture of growth is clear. Revenue grew from ₩100.6 billion in 2021 to ₩336.8 billion in 2025, a five-year average of 35% a year, and looking at 2025 alone it rose 38.6%, so growth actually accelerated. Operating profit (₩51.7 billion to ₩170.6 billion) and net profit rose in step over the same period. In the first quarter of 2026 revenue grew 13.1% but operating profit fell 4.1%; this was not a break in demand but the overlap of one-off costs such as Brazil-acquisition advisory fees and marketing for a large trade show (KIMES). Revenue from the acquired Brazilian subsidiary is reflected in earnest from the second quarter, and with the Iruda merger contribution and momentum from Volnewmer's entry into China added, profit follows a step-up trajectory into the second half. Given this trajectory, this year's net profit is expected to comfortably exceed a simple quadrupling of the first quarter, so that on this year's earnings the valuation falls markedly below last year's basis.
Recent filings center on external expansion, shareholder returns, and results confirmation. On May 13, 2026 the company fair-disclosed preliminary first-quarter results, and the Brazilian distributor acquisition completed in March secured a direct-sales base in South America. In May, employee stock options and a debt guarantee related to a subsidiary were disclosed, items arising in the process of talent incentives and subsidiary consolidation. It held investor briefings (IR) several times from April to June to keep up communication with investors, and also voluntarily disclosed a sustainability report. The dividend is ₩1,000 per share for a yield of about 2.1% and a payout ratio (the share of net profit paid out) of 49%, so it pairs shareholder returns with growth-stock characteristics.
The strengths are clear. An operating margin above 50%, consumable recurring revenue accounting for about half of sales, and an installed base of more than 45,000 units across some 80 countries create a structure where money keeps coming once a device is placed. Growth has continued for five years and the balance sheet is firm. This year, the Brazil and Iruda additions and Volnewmer's entry into China are a phase that lifts profit, so even though last year's P/E looks somewhat high, on this year's earnings the burden clearly eases and the multiple falls to a level that is not unreasonable versus competitors. The caution is that for aesthetic devices, revenue can be swayed by the economy, consumer sentiment, and each country's licensing timeline, and competition on new products and price with domestic rivals such as Wontech is constant. Whether the acquired subsidiaries' results come on as planned and whether consumable repurchases keep rising are the points that will decide this company's trajectory.
🔎 Valuation vs peers Fairly valued
Compared against domestic listed companies in the same energy-based aesthetic medical device and regeneration business; Wontech (RF Oligio and others) is the closest pure aesthetic-device competitor, and Pharma Research is in the adjacent aesthetic and regeneration (Rejuran and others) business.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Wontech | 13.22x | 2.84x | 20.65% |
| Pharma Research | 24.82x | 5.88x | 25.52% |
(a) Positioning versus peers: on last year's reported earnings, a P/E of 23.7x is higher than competitor Wontech (14.9x) and similar to Pharma Research (23.1x). The P/B is also 5.66x, higher than Wontech (3.34x). (b) Basis for the premium: the value above Wontech reflects differences in business quality - an overwhelming operating margin (in the 50s%), consumable recurring revenue accounting for about half of sales, and a far larger installed base - and is a premium that is substantially grounded. (c) Limits of trailing P/E and forward: the 23.7x P/E is on 2025 reported earnings, so in a growth phase where this year's earnings rise it looks more expensive than it is. Reflecting the profit to be added this year, the multiple falls below 20x and the gap with Wontech narrows. Taken together, rather than an unreasonable overvaluation, this is a fair range where the premium is backed by profitability and growth.
Price history Close · MA20 · MA60
The latest close is ₩45,550 and the market capitalization is ₩3.0 trillion. The price sits above its 20-day moving average (₩44,332) and below its 60-day moving average (₩45,968). 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 52.6, a neutral level. The one-month change is -4.6%, the three-month change is -17.3%, and the position relative to the 52-week high is -39.8%. Relative strength versus the KOSDAQ is 63 (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 63% of all stocks. Over the past three months it outpaced the index by 26.4%. 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 +26.41% / 6M -14.16% / 12M -18.89%
Key metrics Computed vs sector median
Valuation
The P/E of 22.52x is in line with the sector median (21.36x). The P/B of 5.69x is above the sector median (1.23x).
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) Estimate
Model output — not a price target. This is what the formula returns under the assumptions below, not a view on where the share price should go.
DCF (discounted cash flow) estimate — discount rate 10.4%, initial growth 10.0%→terminal 2.0%, 10-yr forecast, free-cash-flow basis, forward earnings power normalized 1.211x. A reference range that shifts materially with assumptions.
Profitability & financials
Return on equity (ROE) is 25.9%, above the sector average (2.0%). The operating margin is 48.7%. The debt ratio is 51.8%, so the financial structure is stable.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $126.5M | $170.7M | $236.6M | +38.64% ↑ faster |
| Operating profit | $63.0M | $86.0M | $119.8M | +39.33% ↑ faster |
| Net profit | $52.1M | $68.8M | $92.7M | +34.80% ↑ faster |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $70.7M | $99.6M | $126.5M | $170.7M | $236.6M |
| Operating profit | $36.3M | $48.4M | $63.0M | $86.0M | $119.8M |
| Net profit | $30.8M | $53.0M | $52.1M | $68.8M | $92.7M |
| Revenue CAGR | 4-yr avg 35.27% | ||||
Revenue rose 38.6% year over year (2023 ₩180.1 billion → 2024 ₩242.9 billion → 2025 ₩336.8 billion), and the three-year trend is 'rising'. The pace of growth also quickened from the prior year. Operating profit rose 39.3% year over year. Profit is growing at an accelerating pace. Over the 5 years on record, revenue compound annual growth (CAGR) is 35.3%. The two-year revenue CAGR is 36.8%. In the most recent quarter (Q1 2026), revenue was 13.1% higher than the same period a year earlier.
Latest quarterly results Source Q1 2026 · vs year-ago
Technical indicators Computed
What stands out
- ROE of 25.9% points to solid profitability.
- Revenue grew 38.6% 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
- 2026-05-13EarningsFair-disclosure of preliminary Q1 2026 consolidated results - revenue ₩87.2 billion (+13.1% YoY), operating profit ₩37.2 billion (-4.1% YoY), net profit ₩33.2 billion (+11.6% YoY). The operating-profit decline reflects one-off costs such as Brazil-acquisition advisory and trade-show marketing.Near term: a breather with negative operating-profit growth. Medium term: double-digit revenue growth is maintained, and this is the stage before Brazil revenue is fully reflected, leaving room for a second-half recovery. Source
- 2026-05-15FilingFiling of employee stock-option grant - an incentive to attract and retain key talent.Near term: positive for securing talent. Medium term: possible share dilution from new-share issuance on future exercise is a point to check. Source
- 2026-06-09FilingDecision on a debt guarantee to a third party (amended) - a guarantee related to a consolidated subsidiary, a follow-up step in group expansion.Near term: not a direct cash outflow. Medium term: as a contingent-liability item, its size and target should be viewed together, but the burden relative to equity is limited. Source
- 2026-05-26IRVoluntary disclosure related to the sustainability report and multiple investor briefings (IR) - strengthened investor communication.Near-term impact is limited, but information disclosure and communication continue amid the global-expansion phase. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| Q1 2026 revenue | ₩87.2 billion (+13.1% YoY) | ₩87.2 billion | Confirmed | link |
| 2025 full-year operating margin | 50.6% | DART revenue·operating profit | Confirmed | link |
| 2025 consumable (cartridge and tip) revenue share | revenue | approx. 46% | Confirmed | link |
| 2026 estimated net profit (in-house estimate) | approx. ₩160.0 billion | — | Unverified | link |
Recent filings Source
- 2026-06-09Amended filing
- 2026-06-04Disclosure
- 2026-05-28Disclosure
- 2026-05-26Disclosure
- 2026-05-19Disclosure
- 2026-05-18Disclosure
- 2026-05-15Amended filing
- 2026-05-15Disclosure
- 2026-05-15PeriodicQuarterly report
- 2026-05-13EarningsFair-disclosure notice
- 2026-05-06Disclosure
- 2026-04-01Disclosure
📖 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.