InBody인바디

InBody is still very profitable on trailing numbers, but its shares have pulled back about 12% over the past month after a strong year.

InBody, a Seoul-based maker of body composition analyzers and blood pressure monitors, reported trailing twelve-month revenue of ₩263.9B and operating income of ₩50.1B through H1 2026, with a 19% operating margin and a net cash position (cash ₩72.6B against borrowings ₩7.0B). Most revenue comes from overseas, with the United States as the largest market. At ₩47,050 the shares trade at a 13.6x P/E, below the ₩71,616 base-case DCF value in the data, but well above the ₩49,580 bear case.

What stands out

• Revenue grew 14.4% in 2025 to ₩233.9B, but operating margin fell from 18% in 2024 and 22.5% in 2023 to 15.7% in 2025, so profit growth has lagged sales growth.
• Trailing operating margin is 19% and net margin 17.6%, an improvement on 2025 levels.
• Free cash flow on a trailing basis is ₩33.4B and liabilities are 12.1% of equity, so the balance sheet looks conservative.
• The stock is up 70.8% over one year but down 11.6% over one month and 0.9% over three months, and sits between its 52-week low of ₩26,200 and high of ₩73,500.
• Recent filings are mostly shareholder disclosures (5%+ holding and insider reports) plus H1 2026 results and a treasury share sale decision in August; there are no filings in the data showing a dividend change.

What to watch

• Next earnings release and whether operating margin recovers toward the 2021–2022 levels of 25–26%.
• Further 5%+ holding and insider shareholding filings, which have been frequent since August.
• Recent news links the product to demand for weight-loss-era body composition tools, but the data does not show the effect on future sales; the 20-day investor flows (foreign net buying, institutional and retail net selling) are small and could reverse.