Jetema is a company whose revenue comes steadily from its actual business — last year it posted revenue of ₩76.9 billion and operating profit of ₩3.8 billion, though net profit was a loss of -₩6.6 billion — and with a market cap of ₩164.6 billion it is not large, so it is worth watching how a single fundraising disclosure affects its finances and share count. On June 19, 2026, a ₩7.0 billion rights offering for working capital and a ₩3.0 billion convertible bond issue at a conversion price of ₩5,451 were decided together, bringing in cash while opening the door to more shares ahead. What stands out is that its strengths are three straight years of rising revenue expanding the top line, profitability at the operating level, and a price that has come well down from its high. On the other hand, last year's net profit was a loss, the debt ratio of 319.5% and current ratio of 37.4% mean a heavy debt burden, and the recent rights offering and convertible bond raise the chance of more shares.
At-a-glance assessment financial health · growth · profitability · valuation
- Debt far exceeds equity (debt ratio 319.5%).
- Assets that can be turned to cash within a year fall short of near-term liabilities (current ratio 37.4%).
- Operating profit barely covers the interest bill (interest coverage below 1x).
- The most recent full-year net result was a loss.
- Revenue rose 12.2% year over year, and the pace is slowing (3-year trend: rising).
- Most recent quarter (Q1 2026) revenue was 1.1% higher than a year earlier.
- ROE is -10.1% (controlling-interest basis). It is below the sector average.
- Operating margin is 5.0%.
- P/E is hard to compute here, so this is read on P/B.
Ownership & governance As of 2025-12-31
Largest shareholder Kim Jae-young 23.52% (individual)
Controlling bloc incl. related parties 30.25%
With the controlling bloc holding 30%, the ownership structure is stable.
🔎 In-depth analysis
- Last year the company posted revenue of ₩76.9 billion, and the fact that this revenue comes steadily from its actual business is the company's foundation.
- That said, with a market cap of ₩164.6 billion it is not large, so it is worth watching not only the flow of the business itself but also how a single disclosure such as a fundraising affects its finances and share count.
- The latest closing price is ₩4,575 and the market capitalization is ₩170.6 billion.
- The price sits below both its 20-day moving average (₩4,893) and its 60-day line (₩5,731).
- 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 39.8, a neutral level.
- The price is down 2.6% over one month and down 36.5% over three months, and sits 58.0% below its 52-week high.
- Its relative strength versus the KOSDAQ is 52 (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 48% of all stocks by strength.
- Over the past three months it lagged the index by 17.9%.
- Chart readings are best interpreted alongside trading volume and disclosure dates.
- Last year's revenue was ₩76.9 billion and operating profit was ₩3.8 billion, so it was profitable at the operating level, but net profit was a loss of -₩6.6 billion.
- In effect, more costs were stripped out below the operating line, ending in a loss.
- The ROE (how much is earned on equity in a year) is -10.1% and the debt ratio (debt against equity) is 319.5%, so the high debt share and the fact that assets readily convertible to cash fall short of debts due within a year (a current ratio of 37.4%) are clear weaknesses.
- The P/B (how many times book value the price is worth) is 2.61x, but rather than declaring the shares expensive on this figure alone, it takes on meaning only alongside whether the loss turns to profit and whether the debt burden eases.
- Revenue climbed a step each year, from ₩58.7 billion in 2023 to ₩68.5 billion in 2024 to ₩76.9 billion in 2025, rising 12.2% year on year last year as well.
- Operating profit also settled in, from ₩2.6 billion in 2023 to ₩3.8 billion in 2025, so the structure of money coming in from the core business itself is holding.
- This year's revenue is on a path expected to be similar to last year, in the ₩70 billion range, and in the most recent quarter (Q1 2026) revenue was ₩16.0 billion, up 1.1% from a year earlier.
- In the same quarter, however, operating profit was -₩0.7 billion and net profit was -₩2.4 billion, both losses.
- In other words, revenue is steady, and this year's key is whether profit follows; if the cost structure stabilizes, there is room for the operating-profit footing to carry through to net profit.
- Recently, fundraising and results-related disclosures have followed.
- On June 19, 2026, a ₩7.0 billion rights offering for working capital (raising funds by issuing new shares) and a ₩3.0 billion convertible bond issue for working capital at a conversion price of ₩5,451 (bonds that can later be converted into shares) were decided together.
- Both disclosures mean cash comes into the company while the share count may rise ahead, so it is important to watch whether the money raised leads to actual business and revenue.
- Earlier, on March 10, 2026, there was a profit-structure change disclosure reporting last year's results (revenue ₩76.9 billion, operating profit ₩3.8 billion, net profit -₩6.6 billion).
- The strengths are clear.
- Revenue has risen three years running, expanding the core-business top line, and the company is profitable at the operating level, so the business itself is turning.
- The price has also come well down from its high, sitting at a spot where expectations have cooled considerably.
- The cautions are just as sharp.
- Last year's net profit was a loss, the debt ratio of 319.5% and current ratio of 37.4% mean a heavy debt burden, and the recent rights offering and convertible bond raise the chance of more shares.
- In short, this is a stock that strengthens when the picture is confirmed of rising revenue carrying through to a net profit and of the money raised reducing the debt burden and going into the business, and weakens if losses continue or fundraising repeats and only the share count grows.
- It is right to watch both axes together — revenue growth and financial burden.
🔎 Valuation vs peers Overvalued
A comparison group within pharma and biotech close in market capitalization.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Biosolution | 535.24x | 4.55x | 0.85% |
| JW Life Science | 6.18x | 0.80x | 12.97% |
| Yeon Pharmaceutical | — | 0.83x | -13.45% |
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) cannot be determined, and the P/B (how many times book value the price is worth) is 2.61x. 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 | ₩70.1 billion | — | — |
| Next quarter | Q2 2026 | ₩18.5 billion | — | — |
Price history Close · MA20 · MA60
The latest close is ₩4,575 and the market capitalization is ₩170.6 billion. The price sits below its 20-day moving average (₩4,893) and below its 60-day moving average (₩5,731). 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 39.8, a neutral level. The one-month change is -2.6%, the three-month change is -36.5%, and the position relative to the 52-week high is -58.0%. Relative strength versus the KOSDAQ is 52 (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 52% of all stocks. Over the past three months it lagged the index by 17.9%. 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 -17.91% / 6M -18.40% / 12M -36.60%
Key metrics vs sector median
Valuation
A net loss makes the P/E an unreliable valuation gauge. The P/B of 2.61x 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.
Profitability & financials
Return on equity (ROE) is -10.1%, below the sector average (3.0%). The operating margin is 5.0%. The debt ratio is 319.5%, so the financial structure is somewhat high.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $38.9M | $45.4M | $51.0M | +12.23% ↓ slower |
| Operating profit | $1.7M | $2.7M | $2.5M | -7.10% ↓ slower |
| Net profit | $9.3M | -$124,769 | -$4.4M | — |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $22.0M | $30.5M | $38.9M | $45.4M | $51.0M |
| Operating profit | $1.5M | $2.7M | $1.7M | $2.7M | $2.5M |
| Net profit | $7.2M | $964,339 | $9.3M | -$124,769 | -$4.4M |
| Revenue CAGR | 4-yr avg 23.35% | ||||
Revenue rose 12.2% year over year (2023 ₩58.7 billion → 2024 ₩68.5 billion → 2025 ₩76.9 billion), and the three-year trend is 'rising'. That said, the pace of growth slowed from the prior year. Operating profit fell 7.1% year over year. The decline widened. Over the 5 years on record, revenue compound annual growth (CAGR) is 23.4%. The two-year revenue CAGR is 14.4%. In the most recent quarter (Q1 2026), revenue was 1.1% higher than the same period a year earlier.
Latest quarterly results Q1 2026 · vs year-ago
Technical indicators
What stands out
- Revenue grew 12.2% year over year, a sign of growth.
Points to watch
- Debt far exceeds equity (debt ratio 319.5%).
- Assets that can be turned to cash within a year fall short of near-term liabilities (current ratio 37.4%).
- The most recent full year was a loss, so it is worth checking whether profitability recovers.
- The price is high versus peers, so expectations already appear priced in.
Recent news & events searched · sourced
- 2026-06-19UpdateReport on material matters (rights offering decision): working capital of ₩7.0 billionA disclosure to be viewed alongside both the purpose of the fund inflow and the change in share count. Where a facility or working-capital purpose is stated, the key is whether the investment is actually executed and connects to revenue. Source
- 2026-06-19UpdateReport on material matters (convertible bond issue decision): conversion price ₩5,451, working capital of ₩3.0 billionA disclosure to be viewed alongside both the purpose of the fund inflow and the change in share count. Where a facility or working-capital purpose is stated, the key is whether the investment is actually executed and connects to revenue. Source
- 2026-03-10EarningsChange of 30% or more (15% for large corporations) in revenue or profit structure: annual revenue ₩76.9 billion, operating profit ₩3.8 billion, net profit -₩6.6 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 | ₩4,575 | ₩4,575 | Confirmed | link |
| Latest quarterly results | revenue ₩16.0 billion, operating profit -₩0.7 billion | revenue ₩16.0 billion, operating profit -₩0.7 billion | Confirmed | link |
| Annual results | revenue ₩76.9 billion, operating profit ₩3.8 billion | revenue ₩76.9 billion, operating profit ₩3.8 billion | Confirmed | link |
| Fundraising disclosure text | : ₩7.0 billion | : ₩7.0 billion | Confirmed | link |
| Fundraising disclosure text | : ₩5,451 · ₩3.0 billion | : ₩5,451 · ₩3.0 billion | Confirmed | link |
| Results disclosure text | revenue30%: revenue ₩76.9 billion · operating profit ₩3.8 billion · net profit -₩6.6 billion | revenue30%: revenue ₩76.9 billion · operating profit ₩3.8 billion · net profit -₩6.6 billion | Confirmed | link |
| Outlook box basis | DART | DART | Confirmed | link |
Recent filings
- 2026-06-04OwnershipOwnership-change filing
- 2026-05-29Disclosure
- 2026-05-28OwnershipOfficers'/major-shareholders' holdings report
- 2026-05-15PeriodicQuarterly report
- 2026-05-13Amended filing
- 2026-05-08OwnershipOwnership-change filing
- 2026-05-08OwnershipOwnership-change filing
- 2026-04-30Disclosure
- 2026-04-08OwnershipOfficers'/major-shareholders' holdings report
- 2026-04-08OwnershipOfficers'/major-shareholders' holdings report
- 2026-04-08OwnershipOfficers'/major-shareholders' holdings report
- 2026-04-03OwnershipOfficers'/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.