Theragen Etex테라젠이텍스

Theragen Etex shows slim profitability on flat-to-modest revenue, and its shares are well below their 52-week high.

Trailing twelve-month revenue is about ₩275B with operating income of ₩10.8B (3.9% margin) and net income of ₩2.6B, based on filings through H1 2026. The share price is ₩2,020, down 22.5% over one year and roughly 42% below its 52-week high of ₩3,470, with a market value of about ₩75B.

What stands out

• Revenue rose from ₩222B in 2023 to ₩272B in 2025, but operating margin has eased from 5.2% to 3.8% over the same period.
• 2024 net income was a loss of ₩41B, while 2025 net income recovered to ₩10.6B; the trailing figure to H1 2026 is much smaller at ₩2.6B.
• Trailing borrowings of ₩40B exceed cash of ₩40B roughly evenly, and liabilities are 67.5% of equity.
• Trailing free cash flow of ₩10.4B is positive, and the company pays no dividend.
• The data shows a DCF-based base value of ₩3,157 against the ₩2,020 close, with a wide bear-to-bull range of ₩376 to ₩8,244; this is a model output, not a forecast, and the range shows how uncertain the estimate is.
• Recent filings are mostly administrative, including conversion price adjustments, insider shareholding reports and a share cancellation decision; no news headlines were in the data.

What to watch

• The next quarterly and annual results, to see whether margins hold near 4% and net income stays positive.
• The share cancellation and conversion price adjustments, which could affect the share count and dilution; the data does not give the details.
• Trading flows are mixed: retail investors were net sellers over the last 20 days while foreign and institutional investors were net buyers, and foreign ownership is small at 2.3%.