Osang Healthcare오상헬스케어

Osang Healthcare's trailing revenue is still sizeable, but losses at the operating line and a steep share price fall over the past year dominate the picture.

Osang Healthcare, a Korean maker of in vitro diagnostic test products, reported trailing twelve-month revenue of about ₩96B to H1 2026, with an operating loss of about ₩21B and a net loss of about ₩8B. Its 2025 full-year filings showed a small operating profit after a loss-making 2024, and the shares trade near ₩5,510, close to the 52-week low of ₩5,200.

What stands out

• Trailing revenue is about ₩96B, but the operating margin is -21.3% and the net margin is -8.8%, so the business is currently loss-making at the operating level.
• Revenue was ₩128.6B in 2025 (up 59.8%) after falling 77.4% in 2024, and the company went from a ₩142.8B operating profit in 2023 to losses in 2024 and H1 2026, so results have been very volatile.
• The balance sheet looks modest: liabilities are 22.3% of equity, cash is about ₩17.1B against borrowings of about ₩19.6B, and trailing free cash flow is about ₩7.2B.
• The share price is down 58.7% over one year and 13.6% over one month, and the stock trades at about 0.3 times book value, but the filed data shows a DCF fair value estimate of ₩54 that sits far below the current price.
• Recent filings include the H1 2026 half-year report, a major sales or supply contract in May 2026, and an updated corporate value-up plan in April 2026; the news feed had no headlines in the data.

What to watch

• The next quarterly and annual filings, to see whether operating losses narrow from the H1 2026 trailing level.
• Whether the cash position of about ₩17.1B stays comfortably ahead of ₩19.6B in borrowings, as the data shows foreign ownership slipping from 1.3% to 1%.
• Details of the contract and value-up plan referenced in filings, which the data does not describe in full; the dividend yield of 3.6% is shown in the data but its sustainability is not explained.