C&R Research씨엔알리서치

C&R Research shares have fallen about 50% over the past year, while the latest half-year figures show a small operating loss on ₩63.5B of trailing revenue.

C&R Research is a Korean clinical trial services firm (contract research) serving pharmaceutical and biotech clients, with a subsidiary developing trial IT software. Trailing figures to H1 2026 show revenue of about ₩63.5B but a small operating loss of about ₩0.5B, after profitable years in 2022 to 2024 and a sharp slowdown in 2025. The share price closed at ₩2,315 on 19 October 2026, with a market value of about ₩26.6B.

What stands out

• Revenue has grown most years, from about ₩43.2B in 2021 to about ₩65.0B in 2025, but operating margin has fallen from 13.5% in 2021 to 2.1% in 2025 and is slightly negative on a trailing basis.
• Trailing net income of about ₩1.7B is positive despite the operating loss, so the gap likely reflects non-operating items, though the data does not explain the cause.
• Trailing free cash flow is about -₩3.4B and borrowings are about ₩15.0B against ₩13.5B of cash, with liabilities at about 102% of equity.
• The stock is down 50.6% over one year but up 20.5% over three months; the 52-week range runs from ₩0 to about ₩5,890, and the data does not explain the low end.
• Foreign ownership fell from 0.9% to 0.4% over 60 days, and the 20-day flows show foreign net selling while retail was a net buyer.

What to watch

• The half-year report (filed 14 August 2026) and the next quarterly report, to see whether operating profit returns to positive territory.
• Two trading halts (2 June and 29 June 2026); the filings do not state the reasons in the data provided.
• The DCF fair value model gives a base of ₩1,279 and a wide bull-to-bear range, and it is not a forecast; the company's expansion into global trial markets is a stated plan with no figures given.