Binex: Revenue Holds Near ₩157B but Losses Widen in 2026 and Shares Fall 62.2% in a Year

Thesis

The data shows a business with steady revenue but unstable profitability. Revenue was ₩168.5B in 2025 (up 29.5%) and ₩157.3B over the trailing twelve months, yet operating margin moved from -23.6% in 2024 to -2.7% in 2025 and back to -15.4% on a trailing basis. That suggests the 2025 improvement has not held through the first half of 2026.

On the supportive side, trailing free cash flow is slightly positive at ₩1.8B and the price-to-book ratio of 1.2 is below its year-end levels of 1.6 to 3.3 in 2021-2025. Against that, the company is loss-making, with ROE of -17.1%, and borrowings of ₩61.1B exceed cash of ₩33.5B. Foreign ownership has slipped from 8.1% to 7.2% over 60 days. The data does not include guidance or news, so the reasons for the swings in profit are not available.

Business overview

Binex is a Biotech & Pharma company listed on KOSDAQ since 2001-08-07 and founded in 1985. It has 32,684,188 listed shares, a share price of ₩6,100 and a market cap of ₩199.4B. The 52-week range is ₩5,500 to ₩16,800, so the price sits near the low end.

Revenue history: ₩134.4B in 2021, ₩156.7B in 2022, ₩154.8B in 2023, ₩130.1B in 2024 and ₩168.5B in 2025. Operating profit was positive in 2021-2023 (peaking at ₩17.2B in 2022) and negative in 2024 and 2025. Filings list repeated major sales or supply contract amendments and several 5%+ holding reports, but the data gives no contract details.

Financial analysis

These figures come from filed financial statements. Trailing twelve months to H1 2026: revenue ₩157.3B, operating loss ₩24.2B (margin -15.4%), net loss ₩29.3B (margin -18.6%) and ROE of -17.1%.

Annual net income went from ₩19.1B in 2021 to ₩12.4B in 2022, ₩4.7B in 2023, a loss of ₩35.1B in 2024 and a loss of ₩3.2B in 2025. Liabilities to equity are 93.7%. Cash is ₩33.5B against borrowings of ₩61.1B. Trailing free cash flow is ₩1.8B, which is small relative to the net loss.

Valuation

With losses, the P/E and EV/EBITDA are not meaningful and are not available. The price-to-book ratio is 1.2 and price-to-sales is 1.3, with enterprise value of ₩226.9B and no dividend. Year-end P/B was 2.6 in 2025, 3.3 in 2024, 1.6 in 2023, 2.0 in 2022 and 2.8 in 2021, so the current level is below its own recent history.

Listed peers trade at much higher P/B: Samsung Biologics 7.2, Celltrion 2.5, Alteogen 30.4, Yuhan 2.5 and SK biopharmaceuticals 5.6. These are far larger companies, and most are profitable, so the comparison is limited. The valuation model has no fair value estimate for Binex (fair_value_model is null), so there is no model estimate to compare with the ₩6,100 share price.

Catalysts

• The amended half-year report filed on 2026-10-14 may update the figures that investors use to judge the loss trend.
• Amended filings on major sales or supply contracts (2026-07-28 and 2026-09-30) show contract activity, although the data does not give their size or terms.
• Frequent 5%+ holding reports, the latest on 2026-10-16, point to changes in major shareholder positions.
• The next quarterly report will show whether the operating loss narrows from the trailing -15.4% margin.
• Over 20 days, retail investors were net buyers of about ₩991M while foreign investors were net sellers of about ₩957M, so the flow balance could shift.

Risks

• Trailing operating and net losses of ₩24.2B and ₩29.3B show that profitability remains unproven after the 2025 near-breakeven result.
• Borrowings of ₩61.1B are well above cash of ₩33.5B, which limits financial flexibility if losses continue.
• The share price is down 62.2% in a year and 9.5% in three months, showing persistent selling pressure.
• Foreign ownership fell from 8.1% to 7.2% in 60 days, and foreign investors were net sellers over the last 20 days.
• No model fair value, short balance or recent news data is available, which limits how well the outlook can be assessed.

Closing view

The data presents a company with stable revenue of roughly ₩157B to ₩168B but a swing from near-breakeven in 2025 to a sizeable trailing loss. A P/B of 1.2, below the company's recent year-end history, reflects a sharply lower share price and negative returns on equity, not improved results. Positive trailing free cash flow is a modest offset, but borrowings exceed cash. With no model estimate, guidance or news available, the evidence is mixed and the key question is whether margins recover from the current level.

Model estimate of fair value

The valuation model has no estimate for this company yet (not enough data, or no positive value with the base case).

Filings and data used

• 5%+ holding reportOct 16, 2026
• Amended: Half-year report (Jun 2026)Oct 14, 2026
• Amended: Major sales or supply contractSep 30, 2026
• 5%+ holding reportSep 18, 2026
• Half-year report (Jun 2026)Aug 14, 2026
• 5%+ holding reportJul 31, 2026
• Amended: Major sales or supply contractJul 28, 2026
• 5%+ holding reportJul 24, 2026
• 5%+ holding reportJul 3, 2026
• Insider shareholding reportMay 22, 2026
• 5%+ holding reportMay 22, 2026
• Quarterly report (Mar 2026)May 15, 2026
• Daily prices up to 2026-10-16
• Financial statements, trailing 12 months as of H1 2026

Report history

1. Oct 18, 2026InitiationStart of coverage (reader request)Binex: Revenue Holds Near ₩157B but Losses Widen in 2026 and Shares Fall 62.2% in a Year