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JONBUR Research · Initiation

L&K Biomed · 156100 · Medical & precision devices

L&K Biomed: Sharp 3-Month Rally, Thin Margins and a Volatile Earnings History

Why this report

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

L&K Biomed shares closed at ₩6,270 on 2026-10-29, up 124.3% over three months but down 31.8% over one year, with a market value of about ₩140.1B. Revenue has grown for several years, but operating margins are thin and net results have swung between profit and loss.

Written Oct 30, 2026 · Data as of Oct 29, 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 story of growing sales: revenue rose from ₩15.4B in 2021 to ₩38.9B in 2025, and trailing revenue to H1 2026 is ₩39.9B. Operating income has been positive since 2023 but small, at 1.3% of revenue on a trailing basis.

What the data does not support is steady earnings quality. Net income was ₩9.7B in 2024, then a loss of ₩16.3B in 2025, then ₩2.8B on a trailing basis. Trailing free cash flow is negative at ₩9.5B, and borrowings of ₩26.5B far exceed cash of ₩4.6B.

News on 2026-10-29 reports a U.S. sales deal with Medtronic. The data gives no terms, volumes or financial impact, so its effect on results cannot be judged from what is available.

Business overview

L&K Biomed is listed on KOSDAQ in the medical and precision devices sector. It was founded on 2008-12-22 and listed on 2016-11-30, with 22,351,153 listed shares. The CEO is listed as 강국진 (sole representative).

Revenue growth was 28.6% in 2022, 51.3% in 2023, 20.7% in 2024 and 7.8% in 2025, so growth has slowed. The 52-week price range is ₩2,730 to ₩16,400, showing very large swings.

Financial analysis

These figures come from filed financial statements. Trailing revenue to H1 2026 is ₩39.9B, operating income ₩519M (1.3% margin) and net income ₩2.8B (6.9% margin). Net income exceeds operating income, so it is not driven by operations alone, and the data does not explain the difference.

Annual operating margin moved from -100.2% in 2021 and -66.1% in 2022 to 6.8% in 2023 and 8.5% in 2024, then fell to 1.8% in 2025. Return on equity was 25.0% in 2024, -37.0% in 2025 and is 5.2% on a trailing basis.

Liabilities are 94% of equity. Cash is ₩4.6B against borrowings of ₩26.5B. Trailing free cash flow is -₩9.5B.

Valuation

The stock trades at a trailing P/E of 50.7, P/B of 2.2 and P/S of 3.5. Enterprise value is ₩145.4B. EV/EBITDA is not available and there is no dividend. The year-end P/B was 6.4 in 2025, 3.5 in 2024 and 13.1 in 2022, so the current P/B is below its recent history.

Peers show P/E of 12.7 to 69.0 (TSE 27.5, Kctech 22.1, Classys 12.7, Park Systems 69.0, DI 42.2) and P/B of 3.2 to 6.1. L&K Biomed's P/B is lower than all of them, while its P/E sits within their range but is high relative to its thin profit base. The peers are much larger, with market values of ₩1.2T to ₩2.9T.

The valuation model estimate is not available for this company, so no comparison with the share price can be made.

Catalysts

  • The 2026-10-29 Medtronic U.S. sales deal headline could matter if it leads to revenue, though no financial terms are in the data.
  • Participation in a major international spine conference was reported on 2026-10-19, with the company saying global collaboration is on track.
  • Repeated conversion price adjustments (2026-07-28, 2026-08-19, 2026-09-09) point to convertible securities that may affect share count.
  • A 5%+ holding report was filed on 2026-10-16, indicating a change in a large holder's stake.
  • The amended half-year report filed on 2026-09-30 may refine the latest reported figures.

Risks

  • Profit is thin, with a 1.3% trailing operating margin, and net income has swung from ₩9.7B to a ₩16.3B loss within a year.
  • Trailing free cash flow of -₩9.5B and borrowings of ₩26.5B against ₩4.6B of cash create financing pressure.
  • Convertible securities with repeated conversion price adjustments could dilute existing shareholders.
  • A 224.3% gain from the low would be 124.3% over three months, and the price remains well below the 52-week high of ₩16,400, showing high volatility.
  • Foreign ownership fell from 7.4% to 5.1% in 60 days and foreigners were net sellers of ₩2.9B over 20 days, while retail investors bought ₩3.3B.

Closing view

The data shows a company with growing revenue, a sharp recent price recovery and a P/B below its own history and peers. Against that, margins are thin, earnings have been volatile, cash flow is negative and debt is large relative to cash. The Medtronic deal is a notable recent development, but its financial impact is not in the data. No valuation model estimate is available, so the evidence is mixed and this report offers no recommendation.

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 30, 2026InitiationStart of coverage (reader request)L&K Biomed: Sharp 3-Month Rally, Thin Margins and a Volatile Earnings History

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