SunBio선바이오

SunBio is highly profitable on trailing results but has shrunk sharply from its 2023 peak, carries heavy borrowings, and its shares sit well below their 52-week high.

On trailing twelve months to H1 2026, SunBio reported revenue of ₩12.5B, operating income of ₩4.5B and net income of ₩4.3B, with a 35.9% operating margin. The share price is ₩5,620, about 34% below its 52-week high of ₩8,500, and the company pays no dividend. Borrowings of ₩29.3B against cash of ₩3.9B leave a liabilities-to-equity ratio of 114.2%.

What stands out

• Annual revenue rose 57.5% in 2025 to ₩13.7B after falling 29.4% in 2024, showing the sales base is volatile year to year.
• Operating income was ₩5.0B in 2025 but a loss of ₩0.5B in 2024, so profitability has swung widely.
• Trailing free cash flow is ₩1.3B, which is much smaller than reported net income.
• Valuation markers are a P/E of 15.9 and P/B of 2.3 on the data provided, and the discounted cash flow model gives a base fair value of ₩733 with a bull case of ₩3,091, far below the current price.
• Recent filings are mostly routine: a half-year report, quarterly report, insider shareholding reports, a convertible bond conversion price adjustment and an acquisition of convertible bonds. No news headlines were included in the data.

What to watch

• Upcoming quarterly or annual results, to see whether 2026 margins hold near the trailing levels.
• Debt levels and cash flow, given borrowings of ₩29.3B against ₩3.9B of cash.
• Further convertible bond filings, since the 4th series conversion price was adjusted in June 2026 and bonds were acquired in September 2026.