3billion sells a genetic diagnostic test (3B-EXOME) that analyzes a patient's entire exome at once to identify some 7,000 rare diseases, supplying it to hospitals and research institutions in more than 70 countries, with over 70% of revenue coming from abroad; on top of this, it is building — at an investment stage — a drug-development business grounded in the patient data accumulated through testing. In April 2026 it signed a single sales-and-supply contract that broadened its testing-revenue base, and in the same month it raised roughly ₩30 billion through a paid-in capital increase (about ₩17.5 billion) and convertible bonds (₩12.5 billion); a May first-quarter report confirmed both +67.8% revenue growth and a continuing loss. What stands out lately is that revenue has roughly doubled for two straight years, the loss has narrowed each year, and the company has secured a global testing business and financial capacity — strengths; on the other hand, operating and net profit are both still in the red, this capital raise and convertible-bond issue create equity dilution, and the share price has fallen sharply over six months.
At-a-glance assessment financial health · growth · profitability · valuation
- The most recent full-year net result was a loss.
- Revenue rose 102.8% year over year, and the pace is slowing (3-year trend: rising).
- Most recent quarter (Q1 2026) revenue was 67.8% higher than a year earlier.
- ROE is -22.9% (controlling-interest basis). It is above the sector average.
- Operating margin is -50.3%.
- P/E is hard to compute here, so this is read on P/B.
Ownership & governance As of 2025-12-31
Largest shareholder Keum Chang-won 17% (individual)
Controlling bloc incl. related parties 24.34%
With the controlling bloc holding 24%, control is maintained but the free float is relatively large.
🔎 In-depth analysis
- 3billion sells a genetic diagnostic test that analyzes a patient's entire exome at once to identify some 7,000 rare diseases.
- Its core product is the exome-analysis test (3B-EXOME): the main revenue source is analyzing a physician-requested patient sample and returning, as a clinical-grade report, which genetic variant caused the disease.
- The tests are supplied to hospitals and research institutions in more than 70 countries, and over 70% of revenue comes from abroad.
- On top of this, the company is building a drug-development business that mines drug candidates from the large-scale rare-disease patient data accumulated through testing and hands them to pharmaceutical firms; this part is still at a cost-bearing investment stage rather than a revenue contributor.
- The latest close is ₩5,440 and market capitalization is ₩173.1 billion.
- The price sits below its 20-day line (₩6,349) and below its 60-day line (₩9,244).
- Trading under both its short- and medium-term moving averages, the trend is on the soft side.
- The RSI (a supplementary gauge that weighs upward versus downward force over the past 14 days on a 0-100 scale) is 32.2, a neutral reading.
- The one-month change is -24.3%, the three-month change is -52.3%, and the position versus the 52-week high is -71.1%.
- Relative strength against the KOSDAQ is 54 (on a 1-99 scale, computed from returns versus the index over the past year with more weight on recent performance; higher means stronger than the market).
- That places it at roughly the top 46% of all stocks by strength.
- Over the past three months it has lagged the index by 37.7%.
- Chart reading is best done alongside trading volume and disclosure dates.
- The P/E (how many times one year's earnings the price represents) cannot be computed because the company is still loss-making, and the P/B (how many times the company's net assets the price represents) is 7.34x.
- At a stage with no profit, the P/B — an asset-based metric — is used instead of the P/E, and the meaning behind the figure matters more than the number of 8x itself.
- The market is currently pricing not the assets recorded on the books but rapidly growing revenue and the prospect of a future swing to profit.
- On profitability, ROE (how much is earned in a year on equity) is -22.9% and the operating margin is -50.3%, still a loss structure where costs exceed revenue, but the size of the loss is narrowing year by year.
- The financial safety net is fairly firm as well: with a current ratio (cash-like assets relative to debt due within a year) of 6.23x, short-term funding capacity is ample and the debt ratio is low.
- In sum, metrics based on past finalized earnings carry little meaning because of the loss, and this company is better read as a stage on the cusp of the inflection where revenue growth turns into profit.
- Revenue grew more than fourfold in two years, from ₩2.73 billion in 2023 to ₩5.77 billion in 2024 to ₩11.71 billion in 2025 (+102.8% year on year in 2025), and first-quarter 2026 revenue of ₩3.36 billion was up 67.8% year on year, extending the growth.
- This growth is not temporary but a structural increase supported by a testing supply network broadened to more than 70 countries and expanding rare-disease diagnostic demand at overseas hospitals and research institutions.
- At the same time, the operating loss is narrowing each year, from -₩8.35 billion in 2023 to -₩7.42 billion in 2024 to -₩5.89 billion in 2025.
- In other words, it is the classic look of a growth-stage biotech just before a swing to profit — 'revenue rising fast while the loss narrows.' Given the nature of a testing business, where per-case costs disperse as revenue grows, if this trend continues the loss reduction may proceed alongside it.
- Because earnings have not yet turned positive, a forward P/E based on future earnings cannot be computed, and when the swing to profit occurs is the single most important thing to watch.
- The core of the recent flow is twofold.
- First, on 2026-04-09 the company signed a single sales-and-supply contract (voluntary disclosure), broadening its testing-supply revenue base.
- Second, on 2026-04-23 it simultaneously decided on a paid-in capital increase (third-party allotment of convertible preferred stock, about ₩17.5 billion) and a convertible-bond issue (first tranche, ₩12.5 billion), raising a total of roughly ₩30 billion, with issuance completed on 2026-05-13.
- Securing operating and R&D funds in advance while the loss continues is positive in that it lines up the ammunition needed for growth; that said, the increase in share count and the future conversion of the convertible bonds also carry a dilution dimension in which existing shareholders' stakes are split.
- Then, on 2026-05-12, the first-quarter report confirmed both continued +67.8% revenue growth and a continuing loss.
- This company's strengths are clear.
- Revenue has roughly doubled for two straight years, the loss narrows each year, over 70% of revenue comes from abroad through a global testing business, and the recent roughly ₩30 billion capital raise has secured the funding capacity needed for growth.
- The P/B of 8.02x is higher than comparable companies at the same loss-making stage, but that reflects the high growth and swing-to-profit expectations this company has shown, and it is not something to view solely as a risk.
- Points to watch together are that operating and net profit are both still in the red, making it hard to gauge value on an earnings basis; that this capital increase and convertible-bond issue create equity dilution; and that the share price has been in a sharply weak trend over six months.
- In sum, it is a stock that is strong under conditions where revenue growth carries through to a swing to profit and overseas testing demand keeps expanding, and weak under conditions where the swing to profit is delayed or additional fundraising is repeated.
- Which way it goes is best judged by checking each quarter whether revenue growth and loss reduction proceed together.
🔎 Valuation vs peers Inconclusive
Given the nature of an R&D and diagnostics biotech with no profit yet, we gauge its position by comparing it against both R&D biotechs at the same loss-making growth stage and diagnostics companies already turning a profit.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Helixmith | 0.00x | 1.21x | -0.31% |
| Boditech Med | 10.15x | 1.04x | 10.23% |
| i-SENS | 0.00x | 1.40x | -1.63% |
Because 3billion is loss-making, the P/E (an earnings-based multiple) cannot be computed, so we compare it on an asset basis against R&D biotechs at the same loss-making stage (Helixmith P/B 1.58, i-SENS P/B 1.47) and a diagnostics company already turning a profit (BodiTech Med P/E 9.95, P/B 1.02). 3billion's P/B of 7.34x is far higher than the comparison set, which reflects the market placing a premium not on current assets but on fast revenue growth and the prospect of a swing to profit. On a past finalized-results (trailing) basis, valuation is impossible because of the loss, and a future-basis valuation depends entirely on the timing of the swing to profit, so at present it is hard to conclude in either direction. Accordingly, we mark it inconclusive, with checking each quarter whether revenue growth connects to profit being appropriate.
Price history Close · MA20 · MA60
The latest close is ₩5,440 and the market capitalization is ₩173.1 billion. The price sits below its 20-day moving average (₩6,349) and below its 60-day moving average (₩9,244). 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 32.2, a neutral level. The one-month change is -24.3%, the three-month change is -52.3%, and the position relative to the 52-week high is -71.1%. Relative strength versus the KOSDAQ is 54 (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 54% of all stocks. Over the past three months it lagged the index by 37.7%. 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 -37.72% / 6M -58.15% / 12M -29.32%
Key metrics vs sector median
Valuation
A net loss makes the P/E an unreliable valuation gauge. The P/B of 7.34x is in line with the sector median (7.05x).
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
The operating margin is -50.3%. The debt ratio is 125.7%, so the financial structure is moderate.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $1.8M | $3.8M | $7.8M | +102.85% ↓ slower |
| Operating profit | -$5.5M | -$4.9M | -$3.9M | — |
| Net profit | -$3.4M | -$4.4M | -$3.6M | — |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | — | — | $1.8M | $3.8M | $7.8M |
| Operating profit | — | — | -$5.5M | -$4.9M | -$3.9M |
| Net profit | — | — | -$3.4M | -$4.4M | -$3.6M |
| Revenue CAGR | 2-yr avg 107.08% | ||||
Revenue rose 102.8% year over year (2023 ₩2.7 billion → 2024 ₩5.8 billion → 2025 ₩11.7 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 3 years on record, revenue compound annual growth (CAGR) is 107.1%. The two-year revenue CAGR is 107.1%. In the most recent quarter (Q1 2026), revenue was 67.8% higher than the same period a year earlier.
Latest quarterly results Q1 2026 · vs year-ago
Technical indicators
What stands out
- Revenue grew 102.8% year over year, a sign of growth.
Points to watch
- The most recent full year was a loss, so it is worth checking whether profitability recovers.
Recent news & events searched · sourced
- 2026-04-09UpdateSingle sales-and-supply contract signed (voluntary disclosure) — a genetic-testing supply contract expanding the revenue base.A positive that raises near-term visibility of testing revenue. That said, whether it is large enough to reverse the loss structure at a stroke needs separate confirmation. Source
- 2026-04-23FilingPaid-in capital increase decision (third-party allotment of convertible preferred stock, about ₩17.5 billion) — raising operating funds.Securing medium-term funding capacity (positive) coexists with equity dilution from new-share issuance (a burden). Source
- 2026-04-23FilingConvertible-bond issuance decision (first tranche, ₩12.5 billion, private placement) — raising funds.Securing cash (positive) but with the possibility of further dilution upon future share conversion (a burden). Source
- 2026-05-13FilingSecurities-issuance result (voluntary disclosure) — issuance of convertible preferred stock and the first-tranche convertible bond completed (wrapping up the total raise of about ₩30 billion).The raised funds actually flow in, improving near-term funding stability. The dilution effect is reflected in shareholders' stakes. Source
- 2026-05-12EarningsFirst-quarter 2026 quarterly report — revenue ₩3.36 billion (+67.8% year on year), operating loss of -₩1.66 billion continuing.Revenue growth is sustained but the loss continues, leaving the timing of the swing to profit as the key variable. Source
Figure cross-check computed ↔ external
Recent filings
- 2026-05-26OwnershipOfficers'/major-shareholders' holdings report
- 2026-05-26OwnershipOfficers'/major-shareholders' holdings report
- 2026-05-26OwnershipOfficers'/major-shareholders' holdings report
- 2026-05-26OwnershipOfficers'/major-shareholders' holdings report
- 2026-05-26OwnershipOwnership-change filing
- 2026-05-13Disclosure
- 2026-05-13Disclosure
- 2026-05-12PeriodicQuarterly report
- 2026-04-23Material-fact report
- 2026-04-23Material-fact report
- 2026-04-09Single supply/sales contract
- 2026-04-01OwnershipOwnership-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.