Caregen (214370) 🔎 In-depth
KOSDAQ · Price as of 2026-08-06 · Updated 2026-08-09
Caregen is built on proprietary technology for designing and synthesizing peptides (short fragments of human proteins) and cell growth factors in-house. It turns this into three product lines: professional aesthetic products used in clinics such as dermal fillers and hair fillers (the largest share of revenue), functional cosmetics, and health functional foods including the blood-sugar management product Prozisterol. Most of its products are exported to more than 130 countries, and it also holds a clinical pipeline spanning GLP-1-class peptides and ophthalmic drug candidates. On May 29, 2026, the company terminated a supply contract for its hair-loss product PELO BAUM (cumulative ₩37.9 billion) and for the hair fillers DR. CYJ and RENOKIN (₩2.0 billion), both on the grounds that the counterparties failed to meet their contractual obligations; on April 30 it reported a return to profit in its preliminary Q1 results, and on April 24 it declared a dividend of ₩437 per share. The key point now is that on top of clear strengths - an essentially debt-free, cash-rich balance sheet, an operating margin around 28%, and a pipeline built on its own core technology - the Q1 return to profit supports a recovery, yet even on this recovered full-year earnings the multiple sits well above peers, meaning the price already prices in much of the clinical pipeline's success, so the outlook hinges on pipeline progress and the stability of overseas channels.
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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 “Pharmaceuticals (profitable)” (Biotech & Pharmaceuticals), a type typically read first through P/E.
Established, profit-generating drugmakers earn fairly steady revenue from prescriptions and product sales, which makes their earnings reasonably predictable. That is why price-to-earnings (P/E) — the share price set against current net income — is the first lens here.
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 fell 11.8% year over year (3-year trend: mixed).
- Most recent quarter (Q1 2026) revenue was 6.6% higher than a year earlier.
- ROE is 10.9% (controlling-interest basis). It is above the sector average.
- Operating margin is 27.6%.
- The forward P/E sits above the sector median, reflecting elevated expectations.
Ownership & governance As of 2025-12-31
Largest shareholder Jeong Yong-ji 63.28% (individual)
Controlling bloc incl. related parties 64.44%
With the controlling bloc holding 64%, control is very secure but the free float is thin.
🔎 In-depth analysis Reading
Caregen owns proprietary technology to design and synthesize, in-house, peptides (short fragments of human proteins) and cell growth factors. It earns money from this technology across three product lines. First, professional aesthetic products used in clinics: procedure-oriented products such as dermal fillers injected into the skin (CG-DIMONOPTX) and hair fillers applied to areas of hair loss (DR. CYJ) make up the largest share of revenue. Second, functional cosmetics containing peptides. Third, ingestible health functional foods, including Prozisterol, which helps with blood-sugar management, and the muscle-related Myoki. Because most of its products are sold not domestically but to more than 130 countries as exports, regulations or geopolitical conditions in a given country feed directly into revenue. On top of this, it holds several clinical-stage pipeline programs, including a GLP-1-class peptide (coglutide) and ophthalmic drug candidates (CG-P5, CG-T1), so a substantial part of the company's value rests on development programs that have not yet turned into revenue.
The latest close is ₩66,800 and the market capitalization is ₩3.6 trillion. The price sits above its 20-day moving average (₩59,060) and below its 60-day moving average (₩72,568). 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 55.1, a neutral level. The one-month change is -2.1%, the three-month change is -33.9%, and the position relative to the 52-week high is -55.5%. Relative strength versus the KOSDAQ is 66 (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 66% of all stocks. Over the past three months it outpaced the index by 2.3%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
The balance sheet is very solid. The debt ratio (debt relative to equity) is just 1.1% and the current ratio (readily available funds relative to debt due within a year) is 992%, making this an essentially debt-free, cash-rich company. Profitability is also good, with an operating margin of 28.0% and an ROE (how much is earned in a year on equity) of about 9.5%. The issue lies in the price-based metrics. The P/E ratio (how many times a year's earnings the price represents) is 178.51x and the P/B (how many times book equity the price represents) is 16.73x, both very high. That said, 2025 earnings (net profit of ₩20.1 billion) were depressed because the company itself scaled back a filler renewal and some product supply, posting a Q4 loss, so rather than reading the 203x trailing P/E - divided by that reduced profit - as simply 'expensive,' it is better to look again on the basis of normalized full-year earnings. Even so, as shown later, the multiple remains on the high side even on normalized earnings.
Over the five-year trend, revenue rose from ₩59.1 billion in 2021 to ₩79.2 billion in 2023, peaked at ₩82.6 billion in 2024, then fell -11.8% to ₩72.8 billion in 2025. Operating profit likewise declined from a peak of ₩40.4 billion in 2023 to ₩20.4 billion in 2025. This decline was less about a weak market than a largely strategic, self-directed pullback, as the company adjusted supply on account of the renewal of its main filler (CG-DIMONOPTX) and the geopolitical risk around Prozisterol. As evidence, Q1 2026 returned to a profit trajectory with revenue of ₩22.7 billion (+6.6%), operating profit of ₩10.2 billion, and net profit of ₩11.7 billion (+38.7%), a clear swing back to profit from the prior quarter (a Q4 2025 operating loss of -₩7.1 billion). That said, the Q1 operating-profit growth rate was +0.5%, effectively flat, and the large jump in net profit owed much to non-operating income from the substantial cash pile. In other words, this year is best seen as one in which earnings recover from last year's one-off trough, while the pace of the operating business's own growth is still gradual. Because the company's official annual guidance figures are not confirmed via disclosure, this year's earnings were estimated in-house.
The center of recent disclosures is two overseas supply-contract terminations. On May 29, 2026, Caregen announced it had terminated two contracts: the supply contract for the hair-loss product PELO BAUM (cumulative terminated amount ₩37.9 billion, counterparty INNOVAHEALTH AESTHETICS SOLUTIONS) and the supply contract for the hair fillers DR. CYJ and RENOKIN (₩2.0 billion, counterparty MSLP QUADRIFOGLIO). The stated reason in both cases was 'the counterparty's failure to perform major contractual obligations,' meaning the fault lay with the counterparty's non-performance, not with Caregen. Even so, because one overseas sales channel has been cleared away, this is a negative factor for related revenue going forward. Beyond this, on April 30 it filed a fair disclosure of preliminary Q1 2026 results (a return to profit), and on April 24 it declared a dividend (₩437 per share, a dividend yield of about 0.6%). It is also worth noting that several reports of changes in holdings by executives and major shareholders, along with large-holding filings, followed in April and May.
The strengths are clear: a top-tier, essentially debt-free and cash-rich balance sheet, an operating margin around 28%, and a pipeline built on its own core technology that runs from fillers and hair products through blood-sugar functional foods to GLP-1-class peptides and ophthalmic drug candidates. The fact that the weak 2025 results reflected the company's voluntary supply adjustment rather than a deteriorating market, together with the Q1 return to profit, also supports the recovery scenario. The cautions are equally clear. Even calculated on this year's recovered earnings, the price multiple sits well above peer aesthetic and biotech firms, so the current price prices in much of the clinical pipeline's success rather than current earnings. As a result, the stock is strong if clinical and new-product results come through as hoped, but the high multiple becomes a burden if pipeline progress is slow or overseas channels wobble, as with the May contract terminations. In the end, the assessment of this stock turns not on 'the money it earns now' but on how one values 'the pipeline it will build going forward.'
🔎 Valuation vs peers Overvalued
Compared against aesthetic and peptide-based biotech companies.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Hugel | 24.37x | 3.48x | 15.01% |
| Classys | 22.52x | 5.69x | 25.94% |
| Medytox | 34.75x | 1.54x | 5.64% |
The trailing P/E of 203x is overstated if read at face value, because 2025 earnings were a trough depressed by a voluntary supply adjustment. Yet even recalculated to reflect this year's earnings recovery, the forward P/E is still around 120x, several times higher than filler and aesthetic peers (Hugel at about 24x, Classys at about 24x) or toxin and biotech names (Medytox at about 36x). The P/B of 19.3x likewise sits far above the peer group. In other words, even accounting for the earnings inflection, the current price prices in much of the expected success of the clinical and new-product pipeline rather than the money being earned now. The financials and technology are clear strengths, but on valuation alone the multiple is high even on recovered earnings, so we view it as overvalued.
Price history Close · MA20 · MA60
The latest close is ₩66,800 and the market capitalization is ₩3.6 trillion. The price sits above its 20-day moving average (₩59,060) and below its 60-day moving average (₩72,568). 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 55.1, a neutral level. The one-month change is -2.1%, the three-month change is -33.9%, and the position relative to the 52-week high is -55.5%. Relative strength versus the KOSDAQ is 66 (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 66% of all stocks. Over the past three months it outpaced the index by 2.3%. 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 +2.28% / 6M -13.90% / 12M +32.87%
Key metrics Computed vs sector median
Valuation
The P/E of 178.51x is above the sector median (15.02x). The P/B of 16.73x 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 10.9%, above the sector average (1.0%). The operating margin is 27.6%. The debt ratio is 14.4%, so the financial structure is stable.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $55.6M | $58.0M | $51.1M | -11.84% ↓ slower |
| Operating profit | $28.4M | $24.1M | $14.3M | -40.44% ↓ slower |
| Net profit | $28.1M | $22.7M | $14.1M | -37.80% ↓ slower |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $41.5M | $48.5M | $55.6M | $58.0M | $51.1M |
| Operating profit | $19.8M | $23.6M | $28.4M | $24.1M | $14.3M |
| Net profit | $17.8M | $19.2M | $28.1M | $22.7M | $14.1M |
| Revenue CAGR | 4-yr avg 5.36% | ||||
Revenue fell 11.8% year over year (2023 ₩79.2 billion → 2024 ₩82.6 billion → 2025 ₩72.8 billion), and the three-year trend is 'mixed'. The rate of decline widened from the prior year. Operating profit fell 40.4% year over year. The decline widened. Over the 5 years on record, revenue compound annual growth (CAGR) is 5.4%. The two-year revenue CAGR is -4.1%. In the most recent quarter (Q1 2026), revenue was 6.6% 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 10.9% points to solid profitability.
- The balance sheet is stable in terms of debt and liquidity.
Points to watch
- Revenue fell 11.8% year over year (3-year trend: mixed).
- The price is high versus peers, so expectations already appear priced in.
Recent news & events searched · sourced
- 2026-05-29UpdateTermination of the overseas supply contract for the hair-loss product PELO BAUM. Cumulative terminated amount ₩37.9 billion, equivalent to 104.2% of recent revenue, counterparty INNOVAHEALTH AESTHETICS SOLUTIONS. The reason is the counterparty's failure to meet its contractual obligations.The fault does not lie with Caregen, but one overseas sales channel has been cleared away, a negative factor for related revenue over the medium term. Source
- 2026-05-29UpdateTermination of the supply contract for the hair fillers DR. CYJ Hair Filler and RENOKIN. Terminated amount ₩2.0 billion (5.49% of recent revenue), counterparty MSLP QUADRIFOGLIO. The reason is the counterparty's failure to meet its obligations.The scale is small, but because both cases occurred on the same day, the issue of managing overseas partners should be examined alongside it. Source
- 2026-04-30EarningsFair disclosure of preliminary Q1 2026 results. Revenue ₩22.7 billion (+6.6%), operating profit ₩10.2 billion (+0.5%), net profit ₩11.7 billion (+38.7%), a return to profit from the prior quarter's operating loss (-₩7.1 billion).Confirms entry onto an earnings-recovery trajectory, leaving behind the 2025 trough caused by voluntary supply adjustment. Source
- 2026-04-24DividendCash and in-kind dividend decision. ₩437 per share, a dividend yield of about 0.6%. The payout ratio relative to net profit is on the high side (about 106% on a 2025 basis).A shareholder return backed by ample cash, though the dividend yield itself is low. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| Q1 2026 net profit | ₩11.7 billion(+38.7% YoY) | 11,695 | Confirmed | link |
| Q1 2026 operating profit | ₩10.2 billion(+0.5% YoY) | 10,211 | Confirmed | link |
| PELO BAUM supply-contract terminated amount | N/A | ₩37,946,972,020 | Confirmed | link |
| 2026 full-year net profit (estimate) | approx. ₩34.0 billion(self-estimate) | — | Unverified | — |
Recent filings Source
- 2026-05-29Single supply/sales contract
- 2026-05-29Single supply/sales contract
- 2026-05-27OwnershipOfficers'/major-shareholders' holdings report
- 2026-05-21OwnershipOwnership-change filing
- 2026-05-13PeriodicQuarterly report
- 2026-04-30EarningsFair-disclosure notice
- 2026-04-28OwnershipOfficers'/major-shareholders' holdings report
- 2026-04-24OwnershipOwnership-change filing
- 2026-04-24EarningsEarnings disclosure
- 2026-04-24OwnershipOfficers'/major-shareholders' holdings report
- 2026-04-22OwnershipOwnership-change filing
- 2026-04-10OwnershipOwnership-change 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.