GC WellBeing녹십자웰빙

GC WellBeing shows strong recent revenue growth and a higher share price, but thin margins and negative free cash flow keep the picture mixed.

GC WellBeing makes prescription nutritional injections, dietary supplements and aesthetic products, selling mainly to hospitals, clinics and wholesalers in Korea with some exports to China. On trailing twelve-month figures to H1 2026 it reported revenue of ₩192B and operating income of ₩17.5B, and its shares closed at ₩10,330 on 2026-10-15, up 27.7% over three months but about 35% below its 52-week high of ₩15,890.

What stands out

• Revenue rose 23.1% in 2025 to ₩165B, and trailing revenue reached ₩192B, though 2025 net income of ₩10.0B was well below operating income of ₩17.3B.
• Trailing operating margin is 9.1% and net margin 7.1%, with ROE of 12.4%.
• Trailing free cash flow is negative at about -₩10.0B, and borrowings stand at ₩64.2B against cash of ₩2.9B, with liabilities at 113.4% of equity.
• The company's own DCF-based fair value model gives a base of ₩13,464, a bear case of ₩5,468 and a bull case of ₩27,766; these are model outputs, not forecasts or price targets.
• Valuation is around 13.6x P/E, 1.6x P/B and 1.4% dividend yield, and recent filings include a derivatives trading loss notice in May 2026 and an equity-linked bond acquisition in June 2026.

What to watch

• Next periodic results and any further filings on the derivatives trading loss and equity-linked bond transactions.
• Whether free cash flow turns positive given the trailing negative figure and the sizeable borrowings.
• Foreign ownership and short-selling data are not available in the data provided, so investor flow trends cannot be assessed.