Seers (458870) 🔎 In-depth
KOSDAQ · Price as of 2026-08-06 · Updated 2026-08-09
Seers analyzes the biosignals from body-worn wearable medical devices with its own AI and sells them to hospitals as a subscription service, with the wearable ECG patch mobiCARE and the real-time inpatient-monitoring platform thynC as its core products. thynC is the growth engine, its 2025 revenue of ₩42.9 billion up more than roughly tenfold year on year; February preliminary results revealed a 2025 swing to profit (revenue ₩48.2 billion, operating profit ₩16.3 billion), and a March bonus issue (two new shares per share) increased the share count as the company renamed itself Seers, redefining its identity as a healthcare platform. What stands out lately is that its strengths - already profitable in an AI-healthcare field where many firms are loss-making, ROE in the 40% range, an operating margin in the 30% range, and recurring revenue that builds as more hospital beds are installed - sit alongside cautions: growth is concentrated in the single product thynC and the pace of adoption at large domestic hospitals, and health-insurance reimbursement policy has a direct effect.
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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.
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 rose 494.7% year over year, and the pace is quickening (3-year trend: rising).
- Net profit swung from a loss a year earlier back into the black (a turnaround).
- Most recent quarter (Q1 2026) revenue was 699.6% higher than a year earlier.
- ROE is 40.7% (controlling-interest basis). It is above the sector average.
- Operating margin is 33.9%.
- 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 Lee Young-shin 26.74% (individual)
Controlling bloc incl. related parties 28.36%
With the controlling bloc holding 28%, control is maintained but the free float is relatively large.
🔎 In-depth analysis Reading
Seers analyzes the biosignals (such as ECG) coming from body-worn wearable medical devices with its own AI algorithms and sells them to hospitals as a subscription service. It has two core products. First, mobiCARE is a wearable ECG patch, a diagnostic-support service that screens for arrhythmias; as of March 2026 about 1,000 medical institutions nationwide had adopted it and cumulative tests topped 670,000 (2025 revenue: ₩3.3 billion in outpatient diagnostics, ₩1.7 billion in health check-ups). Second, thynC is a monitoring platform that watches inpatients' condition in real time; with 2025 revenue of ₩42.9 billion, up more than roughly tenfold year on year, it is the core growth engine. Because hospitals do not buy expensive equipment all at once but pay a monthly usage fee per bed within the health-insurance reimbursement framework, this is a business where recurring revenue builds as adopting hospitals and beds increase.
The latest close is ₩23,900 and the market capitalization is ₩909.6 billion. The price sits below its 20-day moving average (₩28,032) and below its 60-day moving average (₩31,748). 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 39.6, a neutral level. The one-month change is -32.3%, the three-month change is -47.4%, and the position relative to the 52-week high is -87.4%. Relative strength versus the KOSDAQ is 47 (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 47% of all stocks. Over the past three months it lagged the index by 17.2%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
Judged by valuation metrics alone, this looks burdensome. The P/E ratio (how many times a year's earnings the share price is) is about 90x and the P/B (how many times book net assets the price is) is about 37x, both high. But these figures contain a trap. The 2025 net profit of ₩16.1 billion in the P/E denominator is the value of the first year the company just turned profitable, small like a starting line, whereas Q1 2026 operating profit for a single quarter (₩13.9 billion) already reached about 85% of last year's full-year figure (₩16.3 billion). For a stock where earnings grow this sharply within a year, a trailing multiple divided by a single past year's results greatly understates the true earning power. The P/B is high because there were no accumulated profits, having been loss-making, so book equity (₩39.6 billion) is small, and platform and technology value are not well captured on the books. On the other hand, profitability is already excellent. ROE (how much is earned in a year on equity) is 40.7% and the operating margin is 33.9%, rare levels in the medical-device sector, and the financial structure is stable with a debt ratio of 37% and a current ratio of 3.7x.
Revenue steepened from ₩1.9 billion in 2023 to ₩8.1 billion in 2024 to ₩48.2 billion in 2025 (+494.7% year on year), and operating results swung from losses in 2023 and 2024 to a ₩16.3 billion profit in 2025. The core of the growth is the inpatient-monitoring platform thynC, which recorded 2025 revenue of ₩42.9 billion (up about +1,046% year on year), lifting the overall top line. Acceleration continued into Q1 2026 with revenue of ₩32.5 billion (+699.6% year on year), operating profit of ₩13.9 billion and net profit of ₩13.7 billion, so the first quarter alone came close to last year's full-year net profit (₩16.1 billion). The reason earnings come out this large is clear. thynC has a recurring-revenue structure where, once a hospital adopts it, reimbursement flows in monthly per inpatient bed, so as large-hospital bed installations accumulate, revenue grows in steps and, once fixed costs are covered, the margin improves quickly. Bed installations tend to accumulate more toward the second half than early in the year, so there is room for full-year profit to exceed a simple fourfold of Q1 results. Read against this year's expanding earnings (forward), the outwardly high P/E in fact falls sharply toward levels similar to profitable medical-device peers. In other words, rather than judging the stock expensive just because last year's P/E is high, it should be read against this year's growing earnings.
The 2026 disclosures have two axes: results confirmation and share-count change. On February 4, a fair disclosure of preliminary results first revealed the 2025 swing to profit (revenue ₩48.2 billion, operating profit ₩16.3 billion), which was finalized in the March annual report. A March 10 bonus-issue decision (two new shares per share) and the March 25 ex-rights date increased the share count from 12,686,580 shares to 38,059,740 shares. On March 27 the company changed its name from 'Seers Technology' to 'Seers,' redefining its business identity from a diagnostic-device maker to a healthcare platform. It then held several investor briefings (IR) across April and June to directly explain thynC's progress and overseas-expansion plans; rather than separate large single-supply-contract disclosures, results emerge as bed installations accumulate in quarterly reports.
This is a stock with clear strengths. In an AI-healthcare field where many firms are loss-making, it is already profitable and recording ROE in the 40% range and an operating margin in the 30% range, and because of its subscription-reimbursement model, recurring revenue builds as large-hospital bed installations increase. That Q1 earnings alone filled most of last year's full year shows earnings acceleration is underway. Read on a forward basis reflecting this year's expanding earnings, the valuation multiple comes down to levels similar to profitable medical-device peers, not heavy for a company with this much growth and profitability. Points to watch together: most of the growth is concentrated in the single product thynC and the pace of adoption at large domestic hospitals, and health-insurance reimbursement policy has a direct effect on results. In short, in a phase where bed installations accumulate as planned and earnings jump, the current valuation may in fact look low, while conversely, if the adoption schedule slips or reimbursement policy changes, single-product dependence could show up as swings in results.
🔎 Valuation vs peers Fairly valued
Because the base sector (medical, precision and optical instruments) is a KSIC classification and thus coarse, the comparison uses digital healthcare and medical AI that are closer to the actual business, together with profitable medical devices. Lunit and VUNO are in the same AI-healthcare area but are still loss-making so no P/E is formed, while Classys and InBody are reference points for the profitability and multiples of mature, profitable medical devices.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Classys | 22.52x | 5.69x | 25.94% |
| InBody | 30.81x | 2.87x | 12.20% |
| Lunit | 0.00x | 6.41x | -34.48% |
| VUNO | 0.00x | 2.78x | -16.00% |
Looked at only through last year's P/E of 90x and P/B of 37x, it appears far more expensive than the profitable medical-device makers Classys (P/E 23.7, P/B 5.7) or InBody (P/E 25.8). But this is heavily limited by being computed on the small earnings of the first year of turning profitable. Read against this year's earnings, which expand as thynC bed installations accumulate, the valuation multiple falls sharply, converging toward levels similar to the much slower-growing Classys and InBody. Considered together with the fact that, unlike the still-loss-making Lunit and VUNO, it already delivers ROE in the 40% range while showing growth on par with them, it is hard to declare it overvalued on trailing metrics alone. However, because earnings swing widely with the pace of bed installations and a single product, it is a conditional judgment where the growth continuity underpinning the premium must be confirmed in results, so we see it as fairly valued.
Price history Close · MA20 · MA60
The latest close is ₩23,900 and the market capitalization is ₩909.6 billion. The price sits below its 20-day moving average (₩28,032) and below its 60-day moving average (₩31,748). 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 39.6, a neutral level. The one-month change is -32.3%, the three-month change is -47.4%, and the position relative to the 52-week high is -87.4%. Relative strength versus the KOSDAQ is 47 (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 47% of all stocks. Over the past three months it lagged the index by 17.2%. 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 -17.15% / 6M -79.91% / 12M -27.06%
Key metrics Computed vs sector median
Valuation
The P/E of 56.54x is above the sector median (21.36x). The P/B of 16.81x is above the sector median (1.23x).
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 40.7%, above the sector average (2.0%). The operating margin is 33.9%. The debt ratio is 36.0%, so the financial structure is stable.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $1.3M | $5.7M | $33.8M | +494.72% ↑ faster |
| Operating profit | -$6.9M | -$6.1M | $11.5M | — |
| Net profit | -$7.0M | -$6.2M | $11.3M | — |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | — | — | $1.3M | $5.7M | $33.8M |
| Operating profit | — | — | -$6.9M | -$6.1M | $11.5M |
| Net profit | — | — | -$7.0M | -$6.2M | $11.3M |
| Revenue CAGR | 2-yr avg 405.52% | ||||
Revenue rose 494.7% year over year (2023 ₩1.9 billion → 2024 ₩8.1 billion → 2025 ₩48.2 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 405.5%. The two-year revenue CAGR is 405.5%. In the most recent quarter (Q1 2026), revenue was 699.6% 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 40.7% points to solid profitability.
- Revenue grew 494.7% year over year, a sign of growth.
- The balance sheet is stable in terms of debt and liquidity.
Points to watch
- The price is high versus peers, so expectations already appear priced in.
Recent news & events searched · sourced
- 2026-02-04EarningsFair disclosure of preliminary 2025 results - revenue ₩48.2 billion (+494.7%), operating profit ₩16.3 billion and net profit ₩16.2 billion, a swing to profit. The main drivers the company cited were thynC revenue of ₩42.9 billion (+1,046%) and mobiCARE outpatient revenue of ₩3.3 billion and check-up revenue of ₩1.7 billion.Confirmed the structural shift from loss to profit in official figures. This is the starting point of the gap between last year's trailing metrics and this year's earnings pace. Source
- 2026-03-10FilingBonus-issue decision - two new shares allotted per share, increasing shares outstanding from 12,686,580 to 38,059,740. New-share allotment record date March 25, 2026.As the share count tripled, the price was mechanically adjusted to about one-third on the ex-rights date. Surface metrics such as the drop from the high need split adjustment. Source
- 2026-03-27FilingCompany-name change - from 'Seers Technology' to 'Seers.' The company stated this was to clarify its direction from a diagnostic-device maker to a patient-centered healthcare platform.Easy to mistake for a different company from the name alone, but it is the same legal entity. A signal of redefining its business identity. Source
- 2026-05-12EarningsQ1 2026 quarterly report - revenue ₩32.5 billion (+699.6% year on year), operating profit ₩13.9 billion and net profit ₩13.7 billion. In the business content, the company itself stated that mobiCARE cumulative tests topped 670,000 and that about 1,000 medical institutions nationwide had adopted it.Q1 earnings alone filled most of the 2025 full-year earnings, a core event confirming earnings acceleration in finalized results. Source
- 2026-06-02IRHeld an investor briefing (IR) - the company directly explained thynC's business progress and overseas-expansion plans. The IR materials were posted on the Korea Exchange's KIND.Given the business's trait of few separate large disclosures, IR is a key window for confirming business progress and overseas expansion. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| 2025 full-year swing to profit in revenue and operating profit | revenue ₩48.2 billion(₩48,170,737,719) · ₩16.3 billion(₩16,327,166,470) | ₩48,170,737,719 / ₩16,327,166,470 | Confirmed | link |
| Shares outstanding (after bonus issue) | 38,059,740 | 38,059,740 | Confirmed | link |
| Q1 2026 revenue and operating profit | revenue ₩32.5 billion(₩32,525,756,271) · ₩13.9 billion(₩13,854,047,603) | 1 | Confirmed | link |
| 2026 full-year net profit (own estimate) | approx. ₩62.0 billion | — | Unverified | link |
Recent filings Source
- 2026-06-02Disclosure
- 2026-05-12PeriodicQuarterly report
- 2026-04-17Disclosure
- 2026-04-10OwnershipOfficers'/major-shareholders' holdings report
- 2026-04-10OwnershipOfficers'/major-shareholders' holdings report
- 2026-04-10OwnershipOfficers'/major-shareholders' holdings report
- 2026-04-10OwnershipOfficers'/major-shareholders' holdings report
- 2026-04-10OwnershipOfficers'/major-shareholders' holdings report
- 2026-04-10OwnershipOfficers'/major-shareholders' holdings report
- 2026-04-01OwnershipOfficers'/major-shareholders' holdings report
- 2026-03-27Disclosure
- 2026-03-27Disclosure
📖 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.