Curiosis (494120) 🔎 In-depth
KOSDAQ · Price as of 2026-08-06 · Updated 2026-08-09
Curiosis makes and sells lab-automation equipment that automates laboratory work, its flagship being the Celloger series of live-cell imaging devices that automatically photograph and analyze living cells over long periods; it earns money through own-brand sales and through ODM supply to large global biotech firms. According to its IR materials, it signed two ODM supply contracts in 2025 and struck a strategic partnership with a large U.S. company, and it has raised production capacity to roughly ₩100 billion in revenue terms in preparation for scaling up. On balance, its strengths are 100% in-house sourcing of core components and a six-month mass-production structure, partnerships with large global players, 50%-range growth, and prepared capacity, while the cautions are that the operating loss still roughly matches revenue and that quarterly revenue swings with delivery timing, so it is still at the stage of gauging when it will turn profitable, something that must be checked each quarter.
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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 “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, earnings are swinging with the industry cycle right now, so this metric is best viewed alongside asset value and the demand backdrop.
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 34.9% year over year, and the pace is slowing (3-year trend: rising).
- Most recent quarter () revenue was 72.9% higher than a year earlier.
- ROE is -27.5% (controlling-interest basis). It is below the sector average.
- Operating margin is -103.0%.
- 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 Yoon Ho-young 12.37% (individual)
Controlling bloc incl. related parties 22.61%
With the controlling bloc holding 23%, control is maintained but the free float is relatively large.
🔎 In-depth analysis Reading
Curiosis makes and sells "lab-automation" equipment that automates laboratory work. Its flagship is the Celloger® series of live-cell imaging devices, which, once placed inside a cell incubator, automatically photograph and analyze living cells over long periods; beyond this it offers colony-picking equipment (CPX) that selects microbial colonies, a digital pathology scanner (MSP®), and automated cell-separation equipment (Cellpuri®). It earns money in two ways: revenue from direct sales under its own brand, and ODM revenue from taking orders from large global biotech firms and making and supplying products to them. It highlights as a strength that it has brought core components such as optics, control boards, mechanics, software, and production technology 100% in-house on its own technology, letting it move a new product to mass production in six months, and it has export track records in 37 countries and maintains supply contracts with 18 partners across 13 countries (per the company's official IR).
The latest close is ₩11,540 and the market capitalization is ₩88.0 billion. The price sits below its 20-day moving average (₩13,725) and below its 60-day moving average (₩26,050). 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 35.8, a neutral level. The one-month change is -58.5%, the three-month change is -76.4%, and the position relative to the 52-week high is -86.9%. Relative strength versus the KOSDAQ is 1 (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 1% of all stocks. Over the past three months it lagged the index by 66.4%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
For now the company is still in a loss-making phase. On a 2025 consolidated basis, revenue was ₩7.30 billion against an operating loss of ₩7.53 billion and a net loss of ₩7.76 billion, for an operating margin (operating profit against revenue) of -103% and an ROE (how much is earned in a year on equity) of -27.5%. With profit negative, the P/E (how many times a year's profit the price represents) cannot be computed at all, so the stock is viewed instead through a P/B (how many times net assets the price represents) of 3.56x and a P/S (how many times a year's revenue the price represents) of 28.8x. The absolute levels of both multiples are on the high side, but this is a common look in an early-growth company before profit is fully generated, and it is actually a lower position than its closest listed peer, so it is too early to call it excessive outright. Financial stability is relatively solid: the debt ratio (debt against equity) is 121%, not heavy, and the current ratio (liquid assets against debts due within a year) is 880%, leaving ample short-term funding room. In short, its "earning power" is yet to be proven but its "staying power" is in place.
Top-line growth is clear. Revenue rose from ₩3.2 billion in 2023 to ₩5.4 billion in 2024 to ₩7.3 billion in 2025, about 50% annually over three years, with a +34.9% increase in 2025 as well. Signing ODM supply contracts with large global biotech firms and broadening revenue sources through 2025 ODM product launches such as the Celloger® M26 and the colony picker (CPX), the structure of bringing core components 100% in-house to rapidly mass-produce new products, and production capacity raised to roughly ₩100 billion in revenue terms all support the top-line expansion. That said, cumulative revenue in Q1 2026 was ₩1.15 billion, down 21.6% from the same period a year earlier, which stems from the business's tendency for equipment and ODM revenue to cluster around delivery timing and thus vary quarter to quarter. With losses running for three straight years, the company is best seen as being at an early-growth stage where "fast top-line growth" and "still loss-making" go together. Because the company has not separately presented specific revenue or profit targets for this year, it is hard to pin a quantitative outlook in a single line, but the pace at which the enlarged capacity and ODM orders are filled is the key variable that will decide the extent of future growth.
Into 2026, disclosures center on routine reports (the 2025 annual report and the Q1 2026 quarterly report), IR events, changes in executive and major-shareholder holdings, and shareholder-meeting agenda items. The flow that touches company value directly lies in the official IR materials: that it signed two ODM supply contracts with large global biotech firms in 2025 and entered its ODM revenue phase in earnest by launching the Celloger® M26 in June and the colony picker (CPX) ODM product in August; that it struck a strategic partnership with a large-cap U.S.-listed company to supply new products; and that it is running a joint promotion with a global incubator maker. It has also raised production capacity (CAPA) to roughly ₩100 billion in revenue terms via a line completed in February 2026, with an additional expansion planned for Q2 2027, so if demand holds up, it is set up to grow the top line substantially. Whether these plans translate into actual orders and deliveries is the point to watch ahead.
The strengths are clear: a structure that brings core components 100% in-house to mass-produce new products in six months, the differentiation of live-cell imaging equipment usable in a GMP environment, ODM and strategic partnerships with large global players, and 50%-range top-line growth alongside production capacity built out to a ₩100 billion scale, all a foothold for profit to rise sharply once it turns profitable. On valuation, the absolute levels are high but lower than its closest peer, so within the same early-growth research-equipment group it is relatively less expensive. The cautions are just as clear: the operating loss is still large enough to roughly match revenue, and quarterly revenue swings with delivery timing, producing declines such as in Q1 2026. With profit negative, value is hard to measure by P/E, and since the company has not laid out specific profit targets for this year, the timing of a swing to profit is still at the gauging stage. In sum, it is strongest as ODM revenue accumulates into actual numbers and it nears breakeven, and weakest as orders and revenue recognition are delayed or the loss-making stretch runs long. Because the business direction and prepared capacity are clear, it is reasonable to watch quarter by quarter whether results follow that picture.
🔎 Valuation vs peers Inconclusive
Within early-growth bio research-equipment fields such as lab automation, cell analysis/processing, and digital pathology, the reference set is listed peers still ahead of meaningful profitability.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Curiox Biosystems | 0.00x | 13.97x | -51.47% |
With profit in the red, valuation by P/E is impossible, so the stock is viewed through a net-asset-based P/B and a revenue-based P/S. A P/B of 7.47x and a P/S of 28.8x are high in absolute level, but lower than the closest listed peer, Curiox Biosystems (P/B 19.25x). In other words, within the same early-growth research-equipment group it is relatively less expensive, but because the group itself is an area where prices are set with large future-growth expectations baked in, it is hard to call it cheap outright. The trailing P/E on last year's confirmed profit is meaningless because of the loss, and the forward P/E on this year's expected profit can only be computed if a swing to profit is assumed, yet the company's official IR presents only the direction of capacity and cost-ratio improvement, without specific profit targets for this year. A fair value at the current stage is therefore judgeable only after confirming how far accumulating revenue and ODM orders bring it toward breakeven, so it is left Inconclusive.
Price history Close · MA20 · MA60
The latest close is ₩11,540 and the market capitalization is ₩88.0 billion. The price sits below its 20-day moving average (₩13,725) and below its 60-day moving average (₩26,050). 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 35.8, a neutral level. The one-month change is -58.5%, the three-month change is -76.4%, and the position relative to the 52-week high is -86.9%. Relative strength versus the KOSDAQ is 1 (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 1% of all stocks. Over the past three months it lagged the index by 66.4%. 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 -66.42% / 6M -76.58% / 12M -84.98%
Key metrics Computed vs sector median
Valuation
A net loss makes the P/E an unreliable valuation gauge. The P/B of 3.56x 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 -27.5%, below the sector average (2.0%). The operating margin is -103.0%. The debt ratio is 29.2%, so the financial structure is stable.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $2.3M | $3.8M | $5.1M | +34.86% ↓ slower |
| Operating profit | -$4.6M | -$4.4M | -$5.3M | — |
| Net profit | -$6.9M | -$3.4M | -$5.4M | — |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | — | — | $2.3M | $3.8M | $5.1M |
| Operating profit | — | — | -$4.6M | -$4.4M | -$5.3M |
| Net profit | — | — | -$6.9M | -$3.4M | -$5.4M |
| Revenue CAGR | 2-yr avg 50.73% | ||||
Revenue rose 34.9% year over year (2023 ₩3.2 billion → 2024 ₩5.4 billion → 2025 ₩7.3 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 50.7%. The two-year revenue CAGR is 50.7%. In the most recent quarter (2026 반기), revenue was 72.9% higher than the same period a year earlier.
Latest quarterly results Source 2026 반기 · vs year-ago
Technical indicators Computed
What stands out
- Revenue grew 34.9% 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
- 2026-05-15FilingQ1 2026 quarterly report filed. Cumulative Q1 revenue of ₩1.15 billion (-21.6% year on year), an operating loss of ₩1.61 billion, and a net loss of ₩1.48 billion, confirming quarterly revenue volatility and continued losses.Near term: quarterly revenue decline and continued losses are a burden. Medium term: quarterly swings may continue depending on ODM revenue-recognition timing, so it should be read on an annual trend. Source
- 2026-05-14IRInvestor briefing (IR) held. In the official IR materials, growth strategy was presented, including ODM supply to large global biotech firms, 100% in-house sourcing of core components, and capacity-expansion plans.Medium term: ODM and strategic partnerships and expansion plans are presented as grounds for revenue growth. Whether they translate into actual orders and deliveries is the key. Source
- 2026-04-14IRInvestor briefing (IR) held. Explained the growth of the lab-automation market, the product lineup including the Celloger® and CPX, and the direction of ODM business expansion.Medium term: shares business direction and market opportunity with investors. Reinforces the medium- to long-term story, separate from near-term results. Source
- 2026-03-16Earnings2025 annual report filed. Consolidated revenue of ₩7.30 billion (+34.9% year on year), an operating loss of ₩7.53 billion, and a net loss of ₩7.76 billion, recording top-line growth and continued losses at once.Medium term: revenue grows about 50% annually over three years, but the loss continues, so the timing of a swing to profit is the key variable. Source
- 2026-06-09FilingReport on holdings of specific securities by executives and major shareholders filed. Discloses insider-holding changes (several cumulative).Near term: holding changes are a reference on supply-demand and confidence. Not directly linked to business fundamentals. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| 2025 consolidated revenue | ₩7.3 billion | (2025.12) IR revenue | Confirmed | link |
| ODM supply and global partnership (business momentum) | ODM revenue | IR: 2025 2 ODM , 6 Celloger® M26·8 CPX ODM | Confirmed | link |
| P/B (position versus peers) | PBR 3.56x | (445680) PBR 19.25x | Unverified | link |
| Company's official profit-and-loss guidance for this year | — | — | Unverified | link |
Recent filings Source
- 2026-06-09OwnershipOfficers'/major-shareholders' holdings report
- 2026-05-15PeriodicQuarterly report
- 2026-05-14Disclosure
- 2026-05-12OwnershipOfficers'/major-shareholders' holdings report
- 2026-05-12OwnershipOfficers'/major-shareholders' holdings report
- 2026-05-12OwnershipOfficers'/major-shareholders' holdings report
- 2026-04-14Disclosure
- 2026-03-24Disclosure
- 2026-03-24Shareholders' meeting notice
- 2026-03-16PeriodicAnnual business report
- 2026-03-13Audit report
- 2026-03-09Shareholders' meeting notice
📖 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.