Jetema제테마

Jetema's revenue keeps growing, but it swung to losses in 2025 and H1 2026 and its shares have fallen sharply over the past month.

Jetema makes botulinum toxin, hyaluronic acid fillers and PDO threads for facial aesthetics, and is expanding its toxin sales abroad. Trailing twelve-month revenue is ₩76.6B with a small operating profit of ₩3.8B, but net income is negative at -₩1.3B and the balance sheet carries ₩122.4B of borrowings against ₩37.6B of cash. The share price is ₩5,920, down 12% over one month but up 41.5% over three months.

What stands out

• 2025 revenue rose 12.2% to ₩76.9B, but net income fell to a loss of ₩6.6B from a small loss in 2024 and a profit in 2023.
• Operating margin has stayed around 5% in recent years, while net margin is -1.7% on a trailing basis.
• Liabilities are 201.9% of equity and trailing free cash flow is negative at -₩3.5B.
• Recent filings include a major sales or supply contract dated 2026-10-15, and news reports a ₩40.2B exclusive supply deal for botox and fillers and the start of toxin exports to Thailand.
• Foreign ownership fell from 2.9% to 2.3% over the past 60 days, while institutions were net sellers over the last 20 days; the filings list shows several 5%+ holding reports in September and October.

What to watch

• Upcoming full-year and quarterly results, to see whether the contract wins turn into profit and positive free cash flow.
• Further 5%+ holding and insider shareholding filings, which may show who is buying or selling.
• Debt levels versus cash, since the data shows borrowings well above cash and the company is loss-making at the net level.