Rokit Healthcare (376900) 🔎 In-depth
KOSDAQ · Price as of 2026-08-06 · Updated 2026-08-09
Rokit Healthcare combines artificial intelligence with 3D bioprinting to sell a treatment platform that regenerates tissue such as skin, cartilage and kidney, along with bioprinters and biomaterials. 2025 revenue rose 100.2% year on year to ₩26.2 billion and operating profit turned positive, though a net loss of ₩2.8 billion remained; in the first quarter of 2026 revenue rose 118% to ₩8.0 billion but the company posted operating and net losses again. What stands out most recently is that its wholly owned U.S. subsidiary has entered the final stage of a Nasdaq listing, raising hopes that the platform's value could be priced separately, while the core technology rights have been transferred to that subsidiary and the company itself is still loss-making, so it is the value of the subsidiary stake and whether the listing succeeds, rather than earnings, that drive the share price.
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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 “Medical Devices & Healthcare” (Biotech & Pharmaceuticals), a type typically read first through forward P/E.
In medical devices and healthcare, growth hinges on regulatory approval and product adoption, and profits often lag during the early investment phase. So forward P/E, which reflects expected earnings, is the first lens. But in a loss-making year an earnings multiple breaks down, so the focus shifts to EV/Sales — enterprise value against revenue — to size the business against its scale.
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 far exceeds equity (debt ratio 932.2%).
- Operating profit barely covers the interest bill (interest coverage below 1x).
- The most recent full-year net result was a loss.
- Revenue rose 100.2% year over year, and the pace is quickening (3-year trend: rising).
- Most recent quarter (Q1 2026) revenue was 118.1% higher than a year earlier.
- ROE is -24.6% (controlling-interest basis). It is below the sector average.
- Operating margin is 1.7%.
- 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 Yoo Seok-hwan 24.18% (individual)
Controlling bloc incl. related parties 24.87%
With the controlling bloc holding 25%, control is maintained but the free float is relatively large.
🔎 In-depth analysis Reading
Rokit Healthcare's business is 'regenerative medicine' that brings damaged tissue back to life. It uses artificial intelligence to image a patient's wound and reconstruct it in 3D, then uses a bioprinter to build and apply a scaffold on which cells can grow. Its mainstay is regenerative treatment of chronic skin wounds such as diabetic foot ulcers, and it is broadening application into cartilage and kidney regeneration. It earns money in three ways. First is revenue from the treatment platform and procedures it supplies to hospitals. Second is sales of bioprinter equipment and biomaterials (inks). Third is related education programs. It is not yet at a stage of generating large-scale revenue like a drug company; it is in an early growth phase, expanding revenue by widening its hospital base and clinical trials.
The latest close is ₩35,600 and the market capitalization is ₩565.1 billion. The price sits below its 20-day moving average (₩41,192) and below its 60-day moving average (₩47,702). 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 44.0, a neutral level. The one-month change is -4.6%, the three-month change is -53.2%, and the position relative to the 52-week high is -75.9%. Relative strength versus the KOSDAQ is 74 (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 74% of all stocks. Over the past three months it lagged the index by 22.1%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
Read at face value, the valuation metrics look burdensome. Because it is in a net-loss position, the P/E ratio (how many times a year's profit the share price represents) cannot be computed. The P/B ratio (the share price relative to book equity) is 49.86x and the P/S ratio (the share price relative to a year's revenue) is 21.5x, both very high. That said, this is an early-stage bio company priced on platform and technology value rather than on profit, so rather than the multiples themselves, one should look at 'what is being priced.' Profitability is still weak. ROE (how much it earns in a year on its equity) is -24.6% and the operating margin is 1.7%, barely over the break-even threshold. The finances are a point for caution. The debt ratio (borrowings relative to equity) is a high 476%, and operating profit only barely covers interest. However, cash and equivalents exceed borrowings, so net debt (total borrowings less cash) is -₩4.9 billion, i.e. a net-cash position. Free cash flow is -₩17.8 billion, meaning it is still at a stage of consuming cash in the business, so the FCF yield (cash generated relative to market cap) is -2.9%. In sum, this is an early-growth financial structure with cash in the coffers but not yet able to generate cash on its own.
On growth speed alone, this is its clearest strength. Revenue jumped from ₩12.4 billion in 2023 and ₩13.1 billion in 2024 to ₩26.2 billion in 2025, up 100.2% in a single year. This is accelerating growth, with the pace quickening year by year. First-quarter 2026 revenue was ₩8.0 billion, up 118% from the same period a year earlier, so the growth streak continues this year too. On the profit side, things are improving but still incomplete. Operating profit turned positive, from -₩5.6 billion in 2024 to +₩0.45 billion in 2025. The net loss narrowed from -₩7.6 billion to -₩2.8 billion. However, in the first quarter of 2026 it swung back to losses, with an operating loss of ₩2.35 billion and a net loss of ₩1.88 billion. Revenue is growing, but money is going into clinical trials, R&D and U.S. expansion, so a settled swing to profit is still at the confirmation stage. The company has not disclosed any official revenue or profit plan for this year, so an earnings-based outlook was not forced.
The center of recent activity is the overseas listing of the U.S. subsidiary. The company disclosed a decision to list a subsidiary on an overseas securities market, then updated progress via a correction disclosure. This is an attempt to list the tissue-regeneration platform business separately at the U.S. corporate level so that its value is recognized on its own. If it succeeds, it becomes an occasion for the stake's value to be revealed. However, because the core technology rights have been transferred to the subsidiary, the gains and losses for the parent's shareholders must be weighed together. In May 2026, several reports on holding changes by executives and major shareholders and on large-holding status appeared. In April it disclosed a decision to pay an advance, showing that it is deploying funds to expand the business. In May it filed the first-quarter 2026 report (including a correction), disclosing both the surge in revenue and the quarterly loss.
The strengths are clear. Revenue has grown more than 100% for two straight years. Operating profit has reached the break-even threshold. The U.S. subsidiary's listing has opened a path for the platform's value to be assessed separately. In a net-cash position, near-term liquidity risk is also small. The cautions are just as clear. The company itself is still in a net loss and swung back to an operating loss in the first quarter. Its P/B and P/S are set high, leaning on future expectations rather than profit, so if growth stalls or the subsidiary listing is delayed, the pullback could be large. The debt ratio is also on the high side. In sum, it is strong in phases where revenue growth and the subsidiary listing come to fruition, and weak in phases where a settled swing to profit is delayed or uncertainty over the listing schedule and the transfer of rights comes to the fore. This is a stock to be read through the value of the subsidiary stake and the growth trajectory rather than through earnings multiples.
🔎 Valuation vs peers Inconclusive
Reflecting the nature of regenerative medicine and an early-growth bio company, the peer set comprises Caregen (which earns profit from regenerative-medicine peptides), Helixmith (at the R&D stage), and Classys (a medical-device maker with already-mature margins).
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Caregen | 178.51x | 16.73x | 10.89% |
| Helixmith | — | 1.11x | -0.31% |
| Classys | 22.52x | 5.69x | 25.94% |
This stock is hard to price on earnings multiples. Because it is in a net loss there is no P/E, and its 48.8x P/B and 21.5x P/S reflect platform and growth expectations rather than profit. Among the peers, the regenerative-medicine peptide maker Caregen posts profit yet still trades on a P/S in the 40x range, showing the high revenue multiples characteristic of this sector. By contrast, Helixmith, at the R&D stage, sits at a P/B of only around 1x. Classys, with mature margins, at a P/E of 24x and ROE of 24%, shows what it looks like 'once profit has taken hold.' Rokit Healthcare sits in the 'high-growth but not yet profitable' spot among these, so it is hard to conclude cheap or expensive from multiples alone. Its face-value P/B and P/S are high, but ahead of an earnings inflection these figures do not necessarily mean the stock is overvalued. Its true value depends on the platform-stake value that the U.S. subsidiary's listing would reveal and on whether revenue growth is sustained, so at this point the judgment is inconclusive.
Price history Close · MA20 · MA60
The latest close is ₩35,600 and the market capitalization is ₩565.1 billion. The price sits below its 20-day moving average (₩41,192) and below its 60-day moving average (₩47,702). 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 44.0, a neutral level. The one-month change is -4.6%, the three-month change is -53.2%, and the position relative to the 52-week high is -75.9%. Relative strength versus the KOSDAQ is 74 (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 74% of all stocks. Over the past three months it lagged the index by 22.1%. 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 -22.15% / 6M -18.98% / 12M +136.19%
Key metrics Computed vs sector median
Valuation
A net loss makes the P/E an unreliable valuation gauge. The P/B of 49.86x 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 -24.6%, below the sector average (1.0%). The operating margin is 1.7%. The debt ratio is 932.2%, so the financial structure is somewhat high.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $8.7M | $9.2M | $18.4M | +100.19% ↑ faster |
| Operating profit | -$5.2M | -$3.9M | $318,153 | — |
| Net profit | $11.7M | -$5.4M | -$2.0M | — |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | — | — | $8.7M | $9.2M | $18.4M |
| Operating profit | — | — | -$5.2M | -$3.9M | $318,153 |
| Net profit | — | — | $11.7M | -$5.4M | -$2.0M |
| Revenue CAGR | 2-yr avg 45.39% | ||||
Revenue rose 100.2% year over year (2023 ₩12.4 billion → 2024 ₩13.1 billion → 2025 ₩26.2 billion), and the three-year trend is 'rising'. The pace of growth also quickened from the prior year. Over the 3 years on record, revenue compound annual growth (CAGR) is 45.4%. The two-year revenue CAGR is 45.4%. In the most recent quarter (Q1 2026), revenue was 118.1% 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 100.2% year over year, a sign of growth.
Points to watch
- Debt far exceeds equity (debt ratio 932.2%).
- Operating profit barely covers the interest bill (interest coverage below 1x).
- 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
- 2026-05-11FilingCorrection disclosure on the decision to list the subsidiary (the U.S. subsidiary) on an overseas securities market — pursuing a separate overseas listing of the tissue-regeneration platform business.If it succeeds, the subsidiary stake's value would be priced separately in the market, providing a basis for the parent's valuation (medium-term upside). However, with the transfer of the core rights and uncertainty over the listing schedule, there is a coexisting risk of expectations unwinding if it is delayed or falls through. Source
- 2026-05-15EarningsFiling of the first-quarter 2026 report (including a correction) — revenue ₩8.0 billion (up 118% year on year), with operating and net losses continuing.Continued high revenue growth is positive. However, the recurrence of a quarterly operating and net loss means a settled swing to profit still needs confirming (short-term neutral to bearish). Source
- 2026-05-21FilingMultiple filings received on holdings of specific securities by executives and major shareholders and on large-holding status — changes in the ownership structure.Changes in major shareholders' stakes are a matter to check from a supply-and-demand and governance perspective (short-term neutral). Source
- 2026-04-15FilingDecision to pay an advance — deployment of funds for business expansion.Supports continued growth investment but is a factor in short-term cash outflow (short-term neutral). Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| 2025 consolidated revenue | ₩26.2 billion | ₩26.2 billion | Confirmed | link |
| First-quarter 2026 revenue and profit/loss | revenue ₩8.1 billion(+118%), ₩2.4 billion, ₩1.9 billion | 1 revenue | Confirmed | link |
| Pursuit of an overseas listing for the U.S. subsidiary | — | — | Confirmed | link |
| This year's revenue and profit outlook (company official) | — | — | Unverified | — |
Recent filings Source
- 2026-05-21OwnershipOfficers'/major-shareholders' holdings report
- 2026-05-21OwnershipOfficers'/major-shareholders' holdings report
- 2026-05-21OwnershipOfficers'/major-shareholders' holdings report
- 2026-05-21OwnershipOfficers'/major-shareholders' holdings report
- 2026-05-21OwnershipOfficers'/major-shareholders' holdings report
- 2026-05-21OwnershipOfficers'/major-shareholders' holdings report
- 2026-05-21OwnershipOwnership-change filing
- 2026-05-15PeriodicQuarterly report (amended)
- 2026-05-15PeriodicQuarterly report
- 2026-05-11Amended filing
- 2026-04-16Disclosure
- 2026-04-15Disclosure
📖 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.