Tomocube (475960) 🔎 In-depth
KOSDAQ · Price as of 2026-08-06 · Updated 2026-08-09
Tomocube sells holotomography microscopes (such as the HT-X1) and analysis software that image the inside of living cells in three dimensions using only differences in refractive index, without fluorescent staining, to research labs at universities, hospitals and drugmakers; because each instrument carries a high unit price, quarterly revenue swings sharply with the timing of deliveries. It posted 2025 annual revenue of ₩11.3 billion (+90.4%) and an operating loss of ₩5.6 billion, and Q1 2026 revenue of ₩2.7 billion and an operating loss of ₩1.9 billion, while the fourth quarter of 2025 produced its first quarterly operating profit, and short-term funding capacity is ample. What stands out recently is that its differentiated stain-free 3D cell-imaging technology has driven revenue up fast for three years running; if quarterly profit firms up across the year, the P/B above peers could be explained by growth, whereas the company is still loss-making on an annual basis, so the durability of that profit remains the point to confirm.
This page organises public market and filing data for information purposes. It is not a recommendation to buy or sell, nor investment advice. Metrics labelled “forward” are our own unverified estimates. Please verify with the original DART filings and decide at your own responsibility.
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 “IT Hardware & Equipment” (Semiconductors & IT Components), a type typically read first through forward P/E.
IT hardware and equipment makers see orders and earnings swing with their customers' investment cycles and new-product launches, so what matters is the profit still to come, not the profit already booked. That is why forward P/E, based on expected earnings, is the first lens here.
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
- The most recent full-year net result was a loss.
- Revenue rose 90.4% year over year, and the pace is quickening (3-year trend: rising).
- Most recent quarter (Q1 2026) revenue was 320.6% higher than a year earlier.
- ROE is -12.4% (controlling-interest basis). It is below the sector average.
- Operating margin is -49.2%.
- P/E is hard to compute here, so this is read on P/B.
Ownership & governance As of 2025-12-31
Largest shareholder Park Yong-keun 17.26% (individual)
Controlling bloc incl. related parties 26.55%
With the controlling bloc holding 27%, control is maintained but the free float is relatively large.
🔎 In-depth analysis Reading
The heart of how Tomocube earns money is its holotomography (HT) microscope. An ordinary microscope needs a fluorescent stain to see cells, which can damage or kill them, whereas Tomocube's instrument images the inside of a living cell in three dimensions without staining, using only differences in the refractive index of light. Revenue comes from its main instruments, the HT-X1 and HT-X1 Plus, the compact HT-X1 mini launched in 2025, the TomoAnalysis image-analysis software, and accessories. Customers are mainly cell-biology, regenerative-medicine, organoid and immunology labs at universities, hospitals and drugmakers. Because each instrument is a high-unit-price research capital good, revenue swings sharply with the timing of when deliveries cluster within a quarter.
The latest close is ₩36,900 and the market capitalization is ₩497.3 billion. The price sits above its 20-day moving average (₩34,275) and below its 60-day moving average (₩38,208). 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 55.0, a neutral level. The one-month change is +5.6%, the three-month change is -40.9%, and the position relative to the 52-week high is -44.3%. Relative strength versus the KOSDAQ is 67 (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 67% of all stocks. Over the past three months it lagged the index by 2.8%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
On confirmed 2025 results, net profit is still in the red, so the P/E (how many times one year's earnings the price represents) cannot be calculated. The P/B (how many times the company's net assets) is 13.10x, above the sector median (about 2x). ROE (how much it earns in a year on shareholders' equity) is -12.4% and the operating margin is -49.2%, so profitability is still in loss. Financial safety is sound, though: the debt ratio (debt to equity) is 107.0%, not heavy, and the current ratio (assets convertible to cash within a year against debt due within a year) exceeds 2,300%, leaving short-term funding ample. For a company at this kind of earnings-inflection stage, it is hard to call it cheap or expensive on last year's numbers alone. A company just crossing from loss to profit has small earnings, so the P/E naturally reads very high; rather than trailing (already-ended one year) metrics, you have to watch whether quarterly results turn toward profit to see the picture properly.
Revenue rose three years running, from ₩3.7 billion in 2023 to ₩5.9 billion in 2024 and ₩11.3 billion in 2025, with the pace of growth quickening from 58% to 90% year on year. The three-year revenue CAGR is 73.7%. Set against peers (Park Systems, Classys, TSE), whose revenue growth is mostly in the 10-30% range, its top-line expansion is a step faster. Q1 2026 revenue of ₩2.7 billion was up +320.6% from a year earlier; because deliveries cluster in the fourth quarter (about 44% of revenue in 2025), the first quarter is best viewed in absolute terms as well. The most important change in the trend is that in the fourth quarter of 2025, quarterly operating profit turned positive for the first time at +₩0.4 billion. With label-free 3D cell imaging as a differentiated technology, demand in research settings is rising and the new product (mini) has broadened the price range, so instrument sales are accumulating, and the swing to profit is the first sign of that showing up in the bottom line. The high P/E assigned to this year's forward outlook stems from earnings just crossing from loss to profit, when the earnings that form the denominator are still small, and points less to the company being at a cycle top than to monetization only now beginning.
Recent activity centers on regular disclosures and IR. On March 20, 2026 the business report (as of December 2025) confirmed annual revenue of ₩11.3 billion (+90.4%) and an operating loss of ₩5.6 billion, and on May 14 the quarterly report (as of March 2026) confirmed Q1 revenue of ₩2.7 billion and an operating loss of ₩1.9 billion. The company held two investor briefings (IR), on March 25 and May 15, to explain its results and business status directly, and at the March 30 annual general meeting it approved the appointment of officers along with stock-option grants as staff compensation. On May 28, a large-holdings report from a holder of 5% or more was filed, indicating a change in a major shareholder's stake. No direct disclosures such as single sales/supply contracts or dividends were noted in this period.
The strengths are clear. On the strength of differentiated stain-free 3D cell-imaging technology, revenue rose fast for three years running, and on top of growth outpacing peers, the fourth quarter of 2025 produced its first quarterly operating profit. Short-term funding capacity is ample, so the financial burden while it scales up is limited. On the other hand, it is still loss-making annually and ROE is negative, so the basis for the company's value lies not in past earnings but in how fast future earnings take hold. The P/B above peers likewise reflects expectations for this growth and swing to profit, and whether those expectations flow through to results is the point to watch. In short, if profit does not stop at a single fourth quarter but firms up across the year while instrument sales accumulate, the current valuation can be fully explained; conversely, if profit slips back into loss or growth slows noticeably, expectations can cool. Rather than calling it good or bad in a word, this is a stock to watch for whether the condition of durable profitability is met.
🔎 Valuation vs peers Overvalued
Within the same medical, precision and optical-instruments sector, we directly picked listed companies that make research, measurement and precision optical equipment and are close in business character. Park Systems in particular (research measurement equipment such as atomic-force microscopes) is closest on the instrument-sales model, and the key difference is that Tomocube, unlike them, is still loss-making.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Park Systems | 51.39x | 7.72x | 10.74% |
| Classys | 22.52x | 5.69x | 25.94% |
| TSE | 59.89x | 5.38x | 17.95% |
Tomocube's P/B of 13.28x is clearly above peers (Park Systems 8.21x, TSE 7.35x, Classys 5.53x), the most expensive on a net-asset basis. That premium is explained by revenue growth that overwhelms peers and by expectations for the scarcity of the technology, but at the same time it carries a discount factor: peers are all profitable (ROE 9.8-23.9%) while only Tomocube is loss-making (ROE -12.4%). Being loss-making, comparison by P/E is impossible, and last year's trailing results, coming just before an earnings inflection, do not fully capture current value. The forward can only be gauged via a DART seasonality approximation (2026 revenue of about ₩47.6 billion), an unverified estimate. On balance, we see it as an overvalued zone with growth expectations priced in ahead, but whether it is cheap or expensive is hard to call outright until the durability of profit is confirmed.
Earnings outlook Estimate company-stated · verified
| Type | Period | Revenue | Operating profit | Net profit |
|---|---|---|---|---|
| Next quarter | Q2 2026 | approx. ₩13.2 billion | — | — |
Price history Close · MA20 · MA60
The latest close is ₩36,900 and the market capitalization is ₩497.3 billion. The price sits above its 20-day moving average (₩34,275) and below its 60-day moving average (₩38,208). 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 55.0, a neutral level. The one-month change is +5.6%, the three-month change is -40.9%, and the position relative to the 52-week high is -44.3%. Relative strength versus the KOSDAQ is 67 (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 67% of all stocks. Over the past three months it lagged the index by 2.8%. 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 -2.82% / 6M +5.33% / 12M +55.43%
Key metrics Computed vs sector median
Valuation
A net loss makes the P/E an unreliable valuation gauge. The P/B of 13.10x 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 -12.4%, below the sector average (2.0%). The operating margin is -49.2%. The debt ratio is 7.7%, so the financial structure is stable.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $2.6M | $4.2M | $7.9M | +90.39% ↑ faster |
| Operating profit | -$4.7M | -$6.2M | -$3.9M | — |
| Net profit | -$16.5M | -$5.8M | -$3.4M | — |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | — | — | $2.6M | $4.2M | $7.9M |
| Operating profit | — | — | -$4.7M | -$6.2M | -$3.9M |
| Net profit | — | — | -$16.5M | -$5.8M | -$3.4M |
| Revenue CAGR | 2-yr avg 73.70% | ||||
Revenue rose 90.4% year over year (2023 ₩3.7 billion → 2024 ₩5.9 billion → 2025 ₩11.3 billion), and the three-year trend is 'rising'. The pace of growth also quickened 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 73.7%. The two-year revenue CAGR is 73.7%. In the most recent quarter (Q1 2026), revenue was 320.6% 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 90.4% 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.
- The price is high versus peers, so expectations already appear priced in.
Recent news & events searched · sourced
- 2026-05-14EarningsQ1 2026 quarterly report filed - revenue of about ₩2.7 billion and an operating loss of about ₩1.9 billion; revenue rose sharply year on year but the loss persistedShort term: a factor that cools swing-to-profit expectations. Medium term: with revenue clustering seasonally in the second half, those results will decide the annual direction. Source
- 2026-05-15IRInvestor briefing (IR) held - the company sets up a session to explain results and business status directly to investorsShort term: sharing progress eases information asymmetry. Medium term: a channel for confirming the company's official message. Source
- 2026-05-28FilingLarge-holdings report (general) filed - notification of a change in the holdings of a holder of 5% or moreShort term: possible shift in supply and demand from a major shareholder's stake change. Medium term: changes in governance and ownership distribution need monitoring. Source
- 2026-03-30FilingAnnual general meeting results and stock-option grant filing - appointment of officers along with stock-option grants as staff compensationShort term: limited impact. Medium term: an incentive for key staff, but a potential dilution factor from a future rise in the share count. Source
- 2026-03-20Earnings2025 business report filed - annual revenue of ₩11.3 billion (+90.4%) and an operating loss of ₩5.6 billion; top-line growth continues but the annual loss persistsShort term: confirms the growth trend. Medium term: the timing of the swing to profit and whether the quarterly operating profit (Q4 2025, +₩0.4 billion) is sustained are the points to watch. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| 2025 annual revenue | ₩11.3 billion | ₩11,306,726,320 | Confirmed | link |
| Q1 2026 cumulative revenue | ₩2.7 billion | ₩2,746,008,772 | Confirmed | link |
| Main products (revenue source) | HT-X1 + SW | HT-X1 / HT-X1 Plus / HT-X1 mini, TomoAnalysis | Confirmed | link |
| 2026 annual revenue (seasonality approximation) | ₩47.6 billion | — | Unverified | link |
Recent filings Source
- 2026-05-28OwnershipOwnership-change filing
- 2026-05-15Disclosure
- 2026-05-14PeriodicQuarterly report
- 2026-03-30Disclosure
- 2026-03-30Disclosure
- 2026-03-30Shareholders' meeting notice
- 2026-03-25Disclosure
- 2026-03-20PeriodicAnnual business report
- 2026-03-18Audit report
- 2026-03-10Disclosure
- 2026-03-10Shareholders' meeting notice
- 2026-03-09Amended 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.