L&K Biomed엘앤케이바이오

L&K Biomed is only marginally profitable on a trailing basis, and its share price has swung sharply over the past year.

L&K Biomed makes spinal fixation implants, mostly sold overseas, with most overseas revenue from the Americas. Trailing twelve-month revenue to H1 2026 was ₩39.9B with a 1.3% operating margin, after a ₩16.3B net loss in 2025. The shares closed at ₩6,130 on 19 October 2026, with a market cap of ₩137.0B, well below the 52-week high of ₩16,400 but far above the low of ₩2,730.

What stands out

• Trailing operating income is about ₩0.5B on ₩39.9B of revenue, a 1.3% margin, while trailing net income is ₩2.8B; the data does not explain the gap between the two.
• Free cash flow was negative ₩9.5B on a trailing basis, against ₩4.6B of cash and ₩1.1B of borrowings.
• The company was profitable in 2024 (net income ₩9.7B) but posted a ₩16.3B net loss in 2025 despite 7.8% revenue growth.
• Valuation is high against the business's current earnings: P/E of 49.5 and P/B of 2.1, with no dividend, while peers range from a P/E of 14.2 to 77.
• Filings in July to September 2026 include several conversion price adjustments and a decision on a debt guarantee for another party. Foreign ownership fell from 6.0% to 5.6% over the past 60 days.

What to watch

• Upcoming results and any further conversion price adjustments, which could affect the share count; the data does not state the terms of the convertible securities.
• Cash flow and debt levels, given negative free cash flow and the debt guarantee for another party.
• Whether the company's overseas business collaborations, mentioned in the 19 October news item, lead to disclosed contracts or revenue growth.