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JONBUR Research · Initiation

Nibec · 138610 · Biotech & Pharma

Nibec: Revenue Recovered in 2025, but Losses Returned in the Latest Twelve Months and the Share Price Is Down 67.0% Over a Year

Why this report

Start of coverage: written when a reader opened this company and there was no report yet.

Nibec, a KOSDAQ-listed biotech and pharma company, swung to an operating profit of ₩5.0B in 2025 but posted an operating loss of ₩1.9B over the twelve months to H1 2026. The shares closed at ₩15,100 on 2026-10-16, down 67.0% over one year and 72.2% below the 52-week high of ₩54,300.

Written Oct 18, 2026 · Data as of Oct 16, 2026 · 0 views

This is not financial advice. The report does not recommend buying or selling anything.

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Thesis

The data supports a business with growing revenue over the longer run: revenue rose from ₩13.6B in 2021 to ₩32.7B in 2025. The 2025 profit, however, looks like a single year in a record of mostly losses, and the trailing figures to H1 2026 show a return to losses with revenue of ₩22.6B. The data does not explain why revenue or margins changed, and no news headlines are available. Investor flows over the last 20 days are mixed: retail investors were net buyers of about ₩9.5B, while foreigners sold about ₩4.1B and institutions about ₩5.5B. Foreign ownership fell from 5.9% to 2.8% over 60 days. The balance sheet looks sound, with cash well above borrowings, but cash flow is negative.

Business overview

Nibec is a biotech and pharma company founded on 2004-02-20 and listed on KOSDAQ on 2011-07-13, with 11,368,297 listed shares. Market capitalisation is about ₩171.7B and enterprise value about ₩150.1B. Annual revenue figures in the data run from ₩13.6B in 2021 to ₩21.7B in 2022, ₩15.7B in 2023, ₩24.6B in 2024 and ₩32.7B in 2025. Details on products, customers or guidance are not available in the data.

Financial analysis

These figures come from filed financial statements. Revenue grew 33.3% in 2025 after 56.3% in 2024, following a 27.5% decline in 2023. Operating income was ₩5.0B in 2025 (15.4% margin) and net income was ₩4.6B, with ROE of 11.9%. In 2024 the company lost ₩4.9B at the operating level and ₩9.3B at the net level. Over the twelve months to H1 2026, revenue was ₩22.6B, operating income was -₩1.9B (-8.4% margin), net income was -₩2.7B (-11.9% margin) and ROE was -6.7%. Cash was ₩22.0B against borrowings of ₩436.3M, and liabilities to equity were 34.6%. Free cash flow over the period was -₩2.8B.

Valuation

On trailing figures, the price-to-book ratio is 3.6 and price-to-sales is 7.6. The P/E and EV/EBITDA cannot be worked out because earnings are negative, and the dividend yield is 0.0%. Year-end P/B was 9.3 in 2025, 5.6 in 2024, 8.5 in 2023, 6.5 in 2022 and 12.1 in 2021, so the current P/B is lower than at each of those year-ends. Among the listed peers, P/B ranges from 2.5 (Celltrion and Yuhan) to 30.4 (Alteogen), with Samsung Biologics at 7.2 and SK biopharmaceuticals at 5.6. Peer P/E ranges from 14.3 to 84.4. These peers are far larger by market capitalisation. A model estimate of value per share is not available because the valuation model could not be worked out from the data, so no comparison with the ₩15,100 share price can be made.

Catalysts

  • The half-year report filed on 2026-08-14 showed the return to trailing losses, and the next quarterly filing will show whether that trend continues.
  • A filing on 2026-08-24 reported the acquisition of convertible bonds after issuance and before maturity, though the data gives no details on its terms or effect.
  • An insider shareholding report was filed on 2026-08-05, and further insider filings could add information on ownership.
  • The company granted stock purchase options on 2026-03-30, around the time of its annual general meeting.
  • Foreign ownership dropped from 5.9% to 2.8% in 60 days, so a change in direction of investor flows could matter for trading.

Risks

  • Operating and net losses have been recorded in most years shown, and the 2025 profit was not sustained in the latest twelve months.
  • Free cash flow is negative at -₩2.8B, which could reduce the cash balance of ₩22.0B if it continues.
  • The share price has fallen 67.0% in a year and remains volatile, with a 52-week range of ₩11,230 to ₩54,300.
  • Valuation multiples such as P/B of 3.6 and P/S of 7.6 are high relative to current earnings, which are negative.
  • Selling by foreign and institutional investors over the last 20 days, and the fall in foreign ownership, point to weak demand from those groups.

Closing view

The data shows a company with growing revenue over five years but an unstable profit record: one profitable year in 2025 followed by trailing losses. The balance sheet has low debt and a sizeable cash balance, which offers some cushion, but cash flow is negative and recent flows from foreign and institutional investors have been negative. No model estimate of value per share is available, and there are no news headlines to explain the recent changes. The evidence is mixed and does not support a firm conclusion either way.

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

Report history

  1. Oct 18, 2026InitiationStart of coverage (reader request)Nibec: Revenue Recovered in 2025, but Losses Returned in the Latest Twelve Months and the Share Price Is Down 67.0% Over a Year

Built only from jonbur's own data: prices and investor flows, filed financial statements and filings, and news headlines. Disclosed (filed) data is labelled as such. Written by AI and may contain mistakes.

This is not financial advice. The report does not recommend buying or selling anything.

Source: KRX statistical information