Lunit (328130) 🔎 In-depth
KOSDAQ · Price as of 2026-08-06 · Updated 2026-08-09
Lunit analyzes medical images and data with AI. It earns money through two pillars: Lunit INSIGHT, which flags suspected cancer on mammograms and chest X-rays, and Lunit SCOPE, which helps select patients for chemotherapy and immunotherapy (revenue passed ₩10.0 billion in 2025); its 2024 acquisition of Volpara widened its foothold in U.S. breast-cancer screening. In the first half of 2026 the company raised about ₩211.5 billion through a rights offering with a public placement of forfeited shares (a 104.7% subscription rate) and carried out a 100% bonus issue, using much of the proceeds to redeem the convertible bonds issued for the Volpara acquisition and thereby easing early-redemption risk. The strengths are years of fast revenue growth, the company's stated goals of 40-50% growth in 2026 and an EBITDA turn to positive by year-end, and reduced financial risk. The cautions are that operating and net losses and negative cash flow continue, so whether growth translates into profit is the key question, and that per-share value has been diluted by the rights and bonus issues.
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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 “Software” (Internet, Platforms & Software), a type typically read first through forward P/E.
Software scales cheaply — once a product is built, serving another customer costs little, so profit can grow quickly as revenue climbs. Early on, though, spending on development and marketing runs ahead of earnings, which makes the forward P/E — based on expected earnings — the better starting point.
Price against earnings alone becomes unstable when earnings swing. Reading it together with price against assets helps gauge the downside.
That said, the company is currently in a revenue-growth rather than a profit phase, so this metric alone offers only a limited read.
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 is somewhat higher than equity (debt ratio 212.4%).
- Assets that can be turned to cash within a year fall short of near-term liabilities (current ratio 31.7%).
- The most recent full-year net result was a loss.
- Revenue rose 53.4% year over year, and the pace is slowing (3-year trend: rising).
- Most recent quarter (Q1 2026) revenue was 24.7% higher than a year earlier.
- ROE is -34.5% (controlling-interest basis). It is below the sector average.
- Operating margin is -100.0%.
- 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 Baek Seung-wook 6.76% (individual)
Controlling bloc incl. related parties 17.58%
With the controlling bloc holding 18%, control is maintained but the free float is relatively large.
🔎 In-depth analysis Reading
Lunit analyzes medical images and data with artificial intelligence. It earns money along two main lines. The first is cancer screening and diagnosis (Lunit INSIGHT): software that uses AI to flag suspected cancer on mammograms and chest X-rays, supplied to hospitals and screening centers. With the 2024 acquisition of New Zealand's Volpara (now Lunit International), breast-cancer screening became the core axis of this segment, and contracts are growing, centered on the United States. The second is precision medicine and biomarkers (Lunit SCOPE), which analyzes tissue images to help identify patients likely to respond well to chemotherapy and immunotherapy; this business passed ₩10.0 billion in revenue in 2025. In short, two lines of software - reading assistance and treatment-response selection - are the root of revenue.
The latest close is ₩10,740 and the market capitalization is ₩799.7 billion. The price sits above its 20-day moving average (₩9,784) and below its 60-day moving average (₩12,931). 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 50.6, a neutral level. The one-month change is -3.0%, the three-month change is -51.8%, and the position relative to the 52-week high is -78.1%. Relative strength versus the KOSDAQ is 3 (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 2% of all stocks. Over the past three months it lagged the index by 22.9%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
The company is still in a growth stage without profit. In 2025 it posted an operating loss of ₩83.1 billion and a net loss of ₩47.4 billion; losses continued, though the net loss narrowed by nearly half from ₩82.7 billion in 2024. The P/E (how many times one year's earnings the price represents) cannot be computed given the loss, the P/B (how many times book equity the price represents) is 6.41x, and the P/S (how many times one year's revenue the price represents) is about 10x. For a company without profit, it is realistic to gauge valuation by revenue and growth. EV/Sales (enterprise value including debt divided by revenue) is 10.9x, and net debt (total borrowings minus cash) is ₩79.3 billion, a net-borrowing position. The FCF yield (actual cash generated relative to market cap) is negative, so the company is still spending cash to grow. The key is when revenue growth meets cost cuts and turns cash flow positive.
Revenue growth is clear. Over the past five years revenue went ₩6.6 billion → ₩13.9 billion → ₩25.1 billion → ₩54.2 billion → ₩83.1 billion, an 88% annual average, and 2025 alone was up 53% year on year. Cumulative first-quarter 2026 revenue of ₩24.0 billion also continued the growth, up 24.7% from a year earlier. The company set a goal of raising 2026 revenue 40-50% over the prior year, citing 20-30% growth in cancer screening from the Volpara integration, a large expansion in precision medicine (oncology), and roughly 20% cuts in operating costs. If met, that puts 2026 revenue at roughly ₩116.4 billion to ₩124.7 billion. In that case the revenue-based valuation (P/S) falls to about 7x, and the company set a goal of turning EBITDA (cash operating profit) positive around year-end. That said, this is a revenue target and a year-end-point target; it is worth being clear that the full year is not a net-profit turn to positive.
The heart of the first half of 2026 was balance-sheet repair. The company raised about ₩211.5 billion through a rights offering with a public placement of forfeited shares, and existing shareholders subscribed at 104.7%, with over-subscription. It then carried out a bonus issue equal to 100% of shares outstanding. Much of the proceeds went to redeeming the large convertible bonds issued for the 2024 Volpara acquisition, easing the early-redemption (put option) risk on those bonds. In fact, disclosures of acquiring the convertible bonds before maturity followed in May and June. On June 18 it held an IR presentation to share progress on the business. In short, this half was a period of repair - reducing debt and rebuilding capital - rather than growth itself.
The strengths are clear. Revenue has grown fast for years, and the Volpara integration widened its foothold in the large U.S. breast-cancer screening market. The company set out concrete goals of its own: 40-50% growth in 2026 and an EBITDA turn to positive by year-end. A large capital raise repaid the debt taken on in the acquisition, sharply reducing financial risk. On the other side, the cautions are just as clear. The company is still in a stage of operating and net losses and cash outflow, so whether growth meets cost cuts and leads to profit is the key variable. Per-share value has been diluted by the sharp rise in share count from the rights and bonus issues, which must also be weighed. In sum, this is a growth stock that looks stronger the more revenue growth and execution of the profit turn are confirmed, and weaker if losses and cash burn run longer than expected.
🔎 Valuation vs peers Inconclusive
The comparison axis uses domestic peers that analyze medical images and data with AI, alongside a mature, profitable in-vitro diagnostics company. Officially classified as software, the company is in substance a medical-AI firm.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| VUNO | 0.00x | 2.78x | -16.00% |
| Boditech Med | 10.45x | 1.02x | 10.72% |
Lunit is still in the red, so it is hard to gauge on a P/E basis, and it differs in business maturity from the profitable Boditech Med (P/E 9.7x, P/B 1.0x). Against Vuno, another medical-imaging AI firm, its P/B is higher, but the difference is that Lunit has larger revenue and, via Volpara, has entered the large market of U.S. breast-cancer screening. On last year's figures alone, a P/S of about 10x may look expensive, but if the company's stated 40-50% growth for 2026 materializes, the revenue-based multiple falls to about 7x. That said, the turn to profit is still only a target and cash is flowing out, so until growth and profitability are confirmed in practice, it is hard to conclude either undervalued or overvalued. Hence an inconclusive reading.
Earnings outlook Estimate company-stated · verified
| Type | Period | Revenue | Operating profit | Net profit |
|---|---|---|---|---|
| This year | 2026 | approx. 1,164~₩124.7 billion | — | — |
Price history Close · MA20 · MA60
The latest close is ₩10,740 and the market capitalization is ₩799.7 billion. The price sits above its 20-day moving average (₩9,784) and below its 60-day moving average (₩12,931). 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 50.6, a neutral level. The one-month change is -3.0%, the three-month change is -51.8%, and the position relative to the 52-week high is -78.1%. Relative strength versus the KOSDAQ is 3 (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 2% of all stocks. Over the past three months it lagged the index by 22.9%. 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 -22.95% / 6M -62.65% / 12M -76.41%
Key metrics Computed vs sector median
Valuation
A net loss makes the P/E an unreliable valuation gauge. The P/B of 6.41x 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 -34.5%, below the sector average (1.0%). The operating margin is -100.0%. The debt ratio is 212.4%, so the financial structure is somewhat high.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $17.6M | $38.1M | $58.4M | +53.43% ↓ slower |
| Operating profit | -$29.7M | -$47.7M | -$58.4M | — |
| Net profit | -$25.9M | -$58.1M | -$33.3M | — |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $4.7M | $9.7M | $17.6M | $38.1M | $58.4M |
| Operating profit | -$32.1M | -$35.6M | -$29.7M | -$47.7M | -$58.4M |
| Net profit | -$51.8M | -$27.5M | -$25.9M | -$58.1M | -$33.3M |
| Revenue CAGR | 4-yr avg 88.11% | ||||
Revenue rose 53.4% year over year (2023 ₩25.1 billion → 2024 ₩54.2 billion → 2025 ₩83.1 billion), and the three-year trend is 'rising'. That said, the pace of growth slowed from the prior year. Operating results are in the red, so a swing back to profit matters more than the growth rate here. Over the 5 years on record, revenue compound annual growth (CAGR) is 88.1%. The two-year revenue CAGR is 82.1%. In the most recent quarter (Q1 2026), revenue was 24.7% higher than the same period a year earlier.
Latest quarterly results Source Q1 2026 · vs year-ago
Technical indicators Computed
What stands out
- Revenue grew 53.4% year over year, a sign of growth.
Points to watch
- Debt is somewhat higher than equity (debt ratio 212.4%).
- Assets that can be turned to cash within a year fall short of near-term liabilities (current ratio 31.7%).
- 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
- 2026-04-24FilingRights offering with a public placement of forfeited shares completed subscription. Raised about ₩211.5 billion, with existing shareholders subscribing at 104.7%, an over-subscription.A large capital raise that secured funds to repay acquisition-related debt. A decisive step in easing financial risk, though accompanied by dilution from the increase in share count. Source
- 2026-04-30FilingEx-rights date for a bonus issue equal to 100% of shares outstanding, and reflection of the rights-offering share-issuance results.Aimed at widening the shareholder base and liquidity. The new shares appear in the per-share price and moving averages, partly explaining the decline seen in the indicators. Source
- 2026-06-01FilingAcquisition of overseas convertible bonds before maturity (series 1 and 2). Bought back early the convertible bonds issued at the time of the acquisition.Reduces the financial burden by removing early-redemption (put option) risk. Confirms that the raised funds were actually put toward clearing debt. Source
- 2026-06-18IRIR presentation held. Shared progress on the business and its growth plans.Communicating the growth and profitability path to the market after the balance-sheet repair. A reference point for checking execution progress. Source
- 2026-05-12EarningsFirst-quarter 2026 report filed. Cumulative revenue ₩24.0 billion, up 24.7% year on year, with an operating loss of ₩13.6 billion.Growth continues but the loss persists. A quarterly benchmark for gauging progress against the year-end goal of turning positive. Source
Figure cross-check computed ↔ external
Recent filings Source
- 2026-06-01Convertible-bond issuance
- 2026-06-01Convertible-bond issuance (amended)
- 2026-05-29Disclosure
- 2026-05-12PeriodicQuarterly report
- 2026-05-08OwnershipOwnership-change filing
- 2026-05-08OwnershipOfficers'/major-shareholders' holdings report
- 2026-05-08OwnershipOfficers'/major-shareholders' holdings report
- 2026-05-08OwnershipOfficers'/major-shareholders' holdings report
- 2026-05-08OwnershipOfficers'/major-shareholders' holdings report
- 2026-05-08OwnershipOfficers'/major-shareholders' holdings report
- 2026-05-08OwnershipOfficers'/major-shareholders' holdings report
- 2026-05-08OwnershipOfficers'/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.