Caregen케어젠

Caregen's share price has fallen sharply over the past year, even though trailing profits remain well above the level of 2021.

Caregen sells peptide-based skincare, dermal fillers and raw materials, and is developing eye-disease drug candidates. Trailing twelve-month revenue of ₩74.9B and net income of ₩22.9B to H1 2026 look solid, but full-year 2025 revenue fell 11.8% and the share price is down 43.6% over one year, to ₩33,500 near its 52-week low of ₩33,300. The data does not explain the drop.

What stands out

• Trailing operating margin is 24.4%, down from 51% in 2023 and 28% in 2025, so profitability has been declining from its peak.
• Trailing net income (₩22.9B) is above trailing operating income (₩18.2B), which the data does not explain; it may reflect non-operating items.
• Valuation is high against the business: P/E 78.7 and P/B 8.2 on the current price, and the DCF fair value model gives a base of ₩7,603, well below the current price.
• Trailing free cash flow is ₩22.2B against cash of ₩5.9B and borrowings of ₩3.1B, and liabilities are 10.3% of equity.
• Filings in June 2026 designated the company as an Unfaithful Disclosure Company over one disclosure reversal and one modification; no news headlines were provided to explain the share price move.

What to watch

• The next half-year or annual results, to see whether revenue and margins keep falling from 2025 levels.
• Any further filings on the unfaithful disclosure designation and the cash dividend decided in July 2026 (dividend yield 1.3%).
• Recent foreign and institutional flows are mixed over 20 days (foreign net buying ₩3.6B, retail net selling ₩3.4B), so watch whether ownership shifts further.