GL Pharm Tech지엘팜텍

GL Pharm Tech shows a small H1 2026 operating profit after years of losses, but its valuation, debt and negative free cash flow remain stretched.

The company, listed on KOSDAQ, reports trailing twelve-month revenue of ₩38.2B with operating income of ₩0.2B and net income of ₩0.04B as of H1 2026. Its 2025 annual results showed revenue of ₩35.3B and a small profit after heavy losses in 2021 to 2024. The share price closed at ₩3,820 on 2026-10-20, down 36.8% over one year, with market capitalisation of about ₩59.2B.

What stands out

• Trailing revenue is ₩38.2B, and margins are very thin: operating margin 0.6% and net margin 0.1%.
• Borrowings are ₩20.6B against cash of ₩3.3B, with liabilities at 146.4% of equity.
• Trailing free cash flow is negative at about -₩3.3B, so the business is consuming cash.
• Valuation is high relative to earnings, with a trailing P/E of about 1,603 and P/B of 3.0, versus much lower multiples for the listed peers provided.
• Foreign ownership rose from 0.9% to 1.2% over the last 60 days, while retail investors were net sellers over the last 20 days.

What to watch

• The H1 2026 half-year report was filed on 2026-08-13; the next full-year results are not in the data provided.
• An amended major sales or supply contract filing dated 2026-09-21 and an August major management matter filing; the details are not in the data provided.
• Debt levels and negative free cash flow, which the data does not show being addressed by any named plan.