InBody: Profit Recovery and a Sharp One-Year Rally Leave the Shares Near the Model Estimate

Thesis

The data supports a business with improving profitability: the trailing operating margin of 19.0% is up from 15.7% in 2025, and ROE has recovered to 15.1% from 10.4%. The balance sheet is conservative, with liabilities at 12.1% of equity. The multiples have risen, though. P/E is 14.9 versus a year-end 2025 level of 14.4 and 8.1 to 9.4 in 2021-2024, and P/B is 2.0 versus 1.1 to 1.7 at past year-ends. The data does not show what drove the recent margin gain, and the model estimate is sensitive to its assumptions, as the wide bear-to-bull range shows. Foreign investors were small net buyers over 20 days, but foreign ownership slipped to 33.8% from 34.3% sixty days earlier.

Business overview

InBody is a KOSDAQ-listed company in medical and precision devices. It was founded on 1996-05-15 and listed on 2000-12-14, and has 13,480,882 listed shares. Its market capitalisation is about ₩692.9B. The CEO is 차기철 (sole representative). Revenue grew each year in the data, from ₩137.8B in 2021 to ₩233.9B in 2025. The data does not break revenue down by product or region.

Financial analysis

These figures come from filed financial statements. Revenue was ₩233.9B in 2025, up 14.4%, after growth of 20.0% in 2024 and 6.5% in 2023. Operating income was ₩36.8B in 2025, nearly flat versus ₩36.7B in 2024 and below ₩40.7B in 2022. Operating margin fell from 26.0% in 2021 to 15.7% in 2025. Net income was ₩30.6B in 2025. In the twelve months to H1 2026, revenue was ₩263.9B, operating income ₩50.1B (19.0% margin), and net income ₩46.5B (17.6% margin). ROE was 15.1%. Cash was ₩72.6B, free cash flow was ₩33.4B, and no borrowings figure is available.

Valuation

At the current price, P/E is 14.9, P/B is 2.0, P/S is 2.6 and the dividend yield is 1.2%. Enterprise value is ₩620.3B, and EV/EBITDA is not available. Year-end P/E was 8.1 to 9.4 in 2021-2024 and 14.4 in 2025, so the shares now trade at the upper end of the company's own history. Among the listed peers, P/E is 29.6 for TSE, 22.8 for Kctech, 14.2 for Classys and 77.0 for Park Systems. Curiox Biosystems has no P/E available. Peer P/B ranges from 3.5 to 24.4, all above InBody's 2.0. The peers are much larger by market cap, so comparability is limited. The 5-year discounted cash flow model, at a 7.5% rate, gives a base estimate of ₩60,970 per share, with a bear case of ₩41,596 and a bull case of ₩92,383. The ₩51,400 close sits below the base case and above the bear case. This is a model estimate based on the assumptions shown, not a target or a reason to buy or sell.

Catalysts

• Several 5%+ holding reports (2026-08-03 to 2026-10-02) and insider shareholding reports in September show ownership changes worth watching.
• The treasury share sale decision and the disposal results report, filed in August, relate to the company's share count and capital management.
• The half-year report for June 2026 showed trailing operating income of ₩50.1B, and how this carries into later periods will matter.
• On 2026-10-19 Money Today reported that MyBenefit raised ₩3B in Series A funding with InBody's strategic investor joining.
• Asia Economy on 2026-10-13 ran a piece on InBody's body composition analyzers in the weight-loss drug era, showing media attention on the theme.

Risks

• The shares rose 81.3% in a year and trade at higher multiples than their own history, leaving less room if earnings disappoint.
• Operating margin of 19.0% remains below the 22.5% to 26.0% of 2021-2023, so the recovery is not yet complete.
• The model range is wide (₩41,596 to ₩92,383), showing high sensitivity to cash flow assumptions.
• The stock fell 10.6% in the last month, and retail and institutional investors were net sellers over 20 days.
• Foreign ownership edged down to 33.8% from 34.3%, and the data gives no detail on revenue concentration or competition.

Closing view

The filings show a financially sound company with no reported borrowings, a recovering margin and growing revenue. The market has already re-rated the shares well above past multiples. The model's base estimate of ₩60,970 is above the current price, but the bear case is below it and the range is wide. The evidence is mixed: improving fundamentals set against a richer valuation relative to history, with no way to judge the durability of the margin gain from this data alone.

Model estimate of fair value

Bear

₩41,596

-10%

Base

₩60,970

+31%

Bull

₩92,383

+99%

Model estimate based on the assumptions shown. Not a price target and not a buy or sell signal.

Base case of the 5-year discounted cash flow model on the stock's Valuation tab (statements TTM to H1 2026; discount rate 7.5%). Bear and Bull move the main assumptions by fixed steps. See and change the assumptions

Filings and data used

• 5%+ holding reportOct 2, 2026
• Insider shareholding reportSep 30, 2026
• 5%+ holding reportSep 21, 2026
• Insider shareholding reportSep 21, 2026
• 5%+ holding reportSep 10, 2026
• Report on Results of Disposal of Treasury SharesAug 14, 2026
• Half-year report (Jun 2026)Aug 14, 2026
• 5%+ holding reportAug 12, 2026
• Preliminary earnings (consolidated)Aug 6, 2026
• Amended: Treasury share sale decisionAug 6, 2026
• Treasury share sale decisionAug 6, 2026
• 5%+ holding reportAug 3, 2026
• MyBenefit raises ₩3B in Series A funding… InBody's strategic investor joinsOct 19, 2026
• Body Composition Analyzer InBody Grows as Essential Gear for the Weight-Loss Drug Era [Click e-Stock]Oct 13, 2026
• Daily prices up to 2026-10-19
• Financial statements, trailing 12 months as of H1 2026
• Our fair value model, statements as of TTM to H1 2026

Report history

1. Oct 20, 2026InitiationStart of coverage (reader request)InBody: Profit Recovery and a Sharp One-Year Rally Leave the Shares Near the Model Estimate