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JONBUR Research · Initiation

Bio-Fd&C · 251120 · Biotech & Pharma

Bio-Fd&C: High Margins and Net Cash Balance Sheet, Shares Down 45.1% Over One Year

Why this report

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Bio-Fd&C, a KOSDAQ biotech and pharma company with a market cap of ₩80.0B, closed at ₩9,200 on 2026-10-29, up 28.3% over three months but down 45.1% over one year. Filed statements show operating margins above 30% and very low leverage, and a model estimate sits above the current share price.

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 profitable, lightly indebted small company: trailing operating margin is 31.2%, net margin 32.8%, and liabilities to equity just 4.7%. Revenue has grown from ₩12.0B in 2021 to ₩19.2B in 2025, though growth has been uneven, including a 1.7% decline in 2023 and 3.0% growth in 2024.

The shares trade at 12.5x earnings and 1.1x book, below their own year-end history (P/E 20.6x to 34.1x, P/B 1.9x to 2.8x since 2022). The data does not explain why the price fell so much over the year; no news headlines are available. Return on equity of 9.4% is modest, and below the 12.6% to 18.3% seen in 2021-2022. Foreign ownership has slipped from 11.7% to 10.6% in 60 days, while the stock remains thinly traded in value terms.

Business overview

Bio-Fd&C (code 251120) is listed on KOSDAQ in the Biotech & Pharma sector. It was founded on 2005-11-11 and listed on 2022-02-21, with 8,695,700 shares outstanding. The CEOs are listed as 모상현 and 정대현. Market capitalization is ₩80.0B and enterprise value is ₩25.6B. Details on products or customers are not available in the data provided.

Financial analysis

These figures come from filed financial statements. For the twelve months to H1 2026, revenue was ₩19.5B, operating income ₩6.1B and net income ₩6.4B. Free cash flow was ₩5.7B.

For full-year 2025, revenue was ₩19.2B (up 19.4%), operating income ₩6.3B (margin 32.6%) and net income ₩6.7B. In 2024, revenue was ₩16.1B, operating income ₩4.9B and net income ₩4.5B. In 2023, revenue was ₩15.6B and net income ₩5.6B. Operating margin has stayed between 26.2% and 32.6% over five years.

The balance sheet shows cash of ₩12.4B against borrowings of ₩1.1B. Liabilities to equity is 4.7%. ROE was 10.0% in 2025 and 9.4% on a trailing basis.

Valuation

Current multiples are P/E 12.5x, P/B 1.1x and P/S 4.1x. The dividend yield is 0.0%. EV/EBITDA is not available. Year-end P/E in 2022-2025 ranged from 20.6x to 34.1x, so the current level is lower than its own history.

Listed biotech peers show P/E of 15.2x to 79.4x and P/B of 2.3x to 28.6x, though these are far larger companies with different profiles, so comparability is limited.

The valuation model (5-year discounted cash flow, 7.3% discount rate, based on trailing figures to H1 2026) gives a base case of ₩16,699 per share, with a bear case of ₩13,472 and a bull case of ₩21,918. All three are above the ₩9,200 close. This is a model estimate based on the assumptions shown, not a target or a reason to buy or sell, and it is sensitive to those assumptions.

Catalysts

  • The half-year report filed on 2026-08-14 showed trailing revenue of ₩19.5B and operating margin of 31.2%, and the next periodic filing will update these figures.
  • Several 5%+ holding reports were filed, including an original and an amended report on 2026-10-06, indicating changes in large shareholder positions.
  • An investor relations event was held on 2026-09-07, though its content is not in the data.
  • The share price rose 28.3% over three months, showing a recovery from the 52-week low of ₩6,330, though it remains well below the high of ₩17,300.

Risks

  • The share price fell 45.1% over one year, and the data does not explain the cause.
  • Foreign investors were net sellers over the last 20 days (about ₩303M) and foreign ownership fell from 11.7% to 10.6%.
  • Revenue growth has been uneven, with a decline in 2023 and only 3.0% growth in 2024.
  • ROE of 9.4% is below earlier years, and the dividend yield is 0.0%, so shareholders receive no cash return currently.
  • The small market cap of ₩80.0B and low trading flows may mean larger price swings, and the model estimate depends heavily on its assumptions.

Closing view

The filings show a consistently profitable company with margins above 30%, net cash and minimal leverage, and current multiples sit below the company's own year-end history. Against that, the 45.1% one-year share price fall is unexplained in the data, ROE has softened, growth has been uneven and foreign ownership is easing. The model estimate of ₩16,699 per share is above the ₩9,200 close, but it rests on assumptions and is only one input. Investors should weigh the strong reported numbers against the unexplained market reaction and the limited information available.

Model estimate of fair value

Bear
₩13,472
+47%
Base
₩16,699
+83%
Bull
₩21,918
+140%

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 7.3%). Bear and Bull move the main assumptions by fixed steps. See and change the assumptions

Filings and data used

Report history

  1. Oct 30, 2026InitiationStart of coverage (reader request)Bio-Fd&C: High Margins and Net Cash Balance Sheet, Shares Down 45.1% Over One 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