# Green Cross (005250.KO)

Canonical: https://gigainvestors.com/s/005250.KO

Analysis as of: 2026-10-16T07:49:09.612Z. Financial observations: FY2000–FY2026.

Listing currency: KRW. Reporting currency: KRW.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: KRW 9,110.00 per share; close as of 2026-10-15.

Estimated value: low KRW 8,596.20 per share, central KRW 9,693.54 per share, high KRW 11,154.34 per share. Buy at or below the central value KRW 9,693.54 per share. Valuation as of 2026-10-16T07:49:09.612Z; scenarios are not confidence intervals.

Expected annual return: 10.5% at the stated quote. About 10.5% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; KR 10-year bond 4.2% + 4 points).

## Checklist

### understandable: fail

- 2 revenue declines in the last 10 years (informational)

- more than 2 net loss years

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 2

- Years with a net loss: 3

- Operating margin variation: 0.92×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.08×

- FY2018: 0.03×

- FY2019: 0.02×

- FY2020: 0.04×

- FY2021: 0.05×

- FY2022: 0.03×

- FY2023: -0.01×

- FY2024: -0.00×

- FY2025: 0.01×

- LTM to Jun 2026: 0.01×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 3.2%

- ROIC, second-lowest year: -0.4%

- Typical minus recent gross margin: 0.7 pp

- Typical gross margin (annual median): 28.6%

- Recent gross margin (lower of latest and 3-year median): 27.9%

- Years with nonpositive capital: 0

- Capital spending / revenue: 6.4%

- ROIC including acquisitions, ten-year median: -4.1%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 7.0%

- FY2017: 6.8%

- FY2018: 2.4%

- FY2019: 1.5%

- FY2020: 3.9%

- FY2021: 5.1%

- FY2022: 5.4%

- FY2023: -0.9%

- FY2024: -0.4%

- FY2025: 1.6%

### economics: fail

- owner earnings cash conversion below threshold

- incremental invested capital return below threshold

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: KRW -57B

- Net income, five-year total: KRW -12B

- Return on incremental invested capital: -4.4%

- Working capital / revenue, annual change: -0.5 pp

- Working capital / revenue, change between three-year averages: -2.3 pp

- Working capital / revenue, final three-year average: 45.8%

Chart: Owner earnings · five years; fiscal year observations.

- FY2021: KRW 50B

- FY2022: KRW 28B

- FY2023: KRW -102B

- FY2024: KRW 63B

- FY2025: KRW -95B

### management: fail

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- potential debt-funded buybacks (informational)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 6.8% vs -0.4%

- Per-share earnings: 955.12 to -1210.00 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- acquired goodwill and intangibles (proxy) exceeds half of ten-year net income with low and deteriorating ROIC

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: 0.2%

- Market cap gain: KRW -358B

- Cumulative retained earnings: KRW 101B

- Diluted shares, 5-year annual growth: 0.2%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value change: KRW -2K

- Per-share value, starting three-year median: KRW 955.12

- Per-share value, ending three-year median: KRW -1K

- Buybacks concentrated in cheaper years (correlation): 0.50

- Average buyback yield: 1.1%

- Buyback history: 3 years

- Debt-funded buybacks: Yes

- Acquisition spending: KRW 706B

- Cumulative net income, 10 years: KRW 271B

- ROIC, first three-year median: 6.8%

- ROIC, last three-year median: -0.4%

Chart: Earnings per share; fiscal year observations.

- FY2016: KRW 1K

- FY2017: KRW 955.12

- FY2018: KRW 406.74

- FY2019: KRW 65.14

- FY2020: KRW 4K

- FY2021: KRW 1K

- FY2022: KRW 709.00

- FY2023: KRW -1K

- FY2024: KRW 529.00

- FY2025: KRW -2K

### accounting: pass

- Sloan accruals: -2.3%

- Receivables to sales index (DSRI): 0.95×

- Restructuring years, last five: 0

- Earnings backed by cash: Yes

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.80×

Chart: Sloan accruals; fiscal year observations.

- FY2016: 2.1%

- FY2017: -3.9%

- FY2018: -0.7%

- FY2019: -0.2%

- FY2020: 4.2%

- FY2021: -1.4%

- FY2022: -1.8%

- FY2023: -0.4%

- FY2024: 3.1%

- FY2025: -2.3%

## Holders

## Price story

Down 69% since Oct 2021 · sales +1.5%

Story as of 2026-10-16T10:00:13.779Z; price observation 2026-10-15.

Price needs cash profits to grow 0.1% a year for ten years

### Sales · FY2025–2026

sales +1.5%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: KRW 1.46T 

- FY2018: KRW 1.55T 

- FY2019: KRW 1.52T 

- FY2020: KRW 1.72T 

- FY2021: KRW 1.84T 

- FY2022: KRW 2.08T 

- FY2023: KRW 2.06T 

- FY2024: KRW 2.20T 

- FY2025: KRW 2.45T 

- FY2026: KRW 2.49T 

### Gross margin · FY2025

gross margin 27.9%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 29.0% 

- FY2017: 28.1% 

- FY2018: 26.2% 

- FY2019: 28.0% 

- FY2020: 30.8% 

- FY2021: 34.1% 

- FY2022: 33.6% 

- FY2023: 29.3% 

- FY2024: 28.1% 

- FY2025: 27.9% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in biotechnology; annual sales are KRW 2.5 trillion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:49:09.612Z); FY2025: revenue 2451476280920; grossProfit 682742920520; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 005250.KO: GC Corp. operates as a biotechnology company. The company provides prescription drugs and over-the-counter drugs; aseptic fill and finish services for drug manufacturing; and pharmaceutical logistics services. It also researches and develops plasma derivatives for von Willebrand disease and primary immunodeficiency; vaccines for mRNA flu, anthrax, tetanus, diphtheria, pertussis, tuberculosis, and varicella; recombinant treatments for acquired thrombotic thrombocytopenic purpura, fabry, hemophilia, hunterase, colon cancer, and hunter syndrome; and small molecules for gangliosidosis andalagille's syndrome. The company has partnerships and collaborations with biotech companies and academia for development of new drugs and technologies, and clinical trials. Additionally, the company provides personalized nutrition injections. The company was formerly known as Green Cross Holdings Corporation and changed its name to GC Corp. in April 2026. The company was founded in 1967 and is headquartered in Yongin-Si, South Korea.

### Why customers stay

Margins ranged from 27.9% to 29.3% during 2023–25; it earns 3.2% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:49:09.612Z); FY2023: grossProfit / revenue = 29.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:49:09.612Z); FY2024: grossProfit / revenue = 28.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:49:09.612Z); FY2025: grossProfit / revenue = 27.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:49:09.612Z); 10-year return on capital observations [[2016,0.07042770311645856],[2017,0.06788343835249307],[2018,0.024251831265283845],[2019,0.015165500456526806],[2020,0.03904157250827758],[2021,0.05133132338916563],[2022,0.054089732560565505],[2023,-0.008967124886305891],[2024,-0.004371103390834951],[2025,0.015700281039940867]]; median 0.03164670188678072. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back KRW 185.5 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:49:09.612Z); FY2020: growth capex 55645549470; upkeep 52831000000; owner earnings 165589633936. Growth capex / owner earnings = 0.3360448848598027.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:49:09.612Z); FY2021: growth capex 54156315380; upkeep 62443536000; owner earnings 49756004506. Growth capex / owner earnings = 1.0884377859052041.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:49:09.612Z); FY2022: growth capex 48524741220; upkeep 78655835000; owner earnings 27639859683.68461. Growth capex / owner earnings = 1.7556073647017616.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:49:09.612Z); FY2024: growth capex 0; upkeep 57723809670; owner earnings 62790968364. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:49:09.612Z); Dividend observations: [[2016,23870028050],[2017,22064494000],[2018,22113466000],[2019,18278759160],[2020,21458343250],[2021,32237785620],[2022,31499997650],[2023,29933110600],[2024,25432020640],[2025,33206604450]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:49:09.612Z); FY2025: cash repurchases 185474913.3333333 KRW.

### Are managers owners

Insiders own 49.8% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 005250.KO SharesStats.PercentInsiders = 49.828 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 0.1% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:49:09.612Z); Ten-year compound average after fade. Initial solved rate -0.011839267880768618. Price 9110; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03.  Closing-price date 2026-10-15.

## Monthly share-price history (KRW per share)

- 2016-10: KRW 22,200.00 per share

- 2016-11: KRW 22,500.00 per share

- 2016-12: KRW 23,800.00 per share

- 2017-01: KRW 21,350.00 per share

- 2017-02: KRW 26,600.00 per share

- 2017-03: KRW 28,650.00 per share

- 2017-04: KRW 32,600.00 per share

- 2017-05: KRW 35,500.00 per share

- 2017-06: KRW 31,800.00 per share

- 2017-07: KRW 32,800.00 per share

- 2017-08: KRW 33,750.00 per share

- 2017-09: KRW 38,200.00 per share

- 2017-10: KRW 37,850.00 per share

- 2017-11: KRW 39,200.00 per share

- 2017-12: KRW 39,250.00 per share

- 2018-01: KRW 42,500.00 per share

- 2018-02: KRW 41,100.00 per share

- 2018-03: KRW 40,200.00 per share

- 2018-04: KRW 38,200.00 per share

- 2018-05: KRW 37,950.00 per share

- 2018-06: KRW 33,250.00 per share

- 2018-07: KRW 29,800.00 per share

- 2018-08: KRW 30,650.00 per share

- 2018-09: KRW 28,850.00 per share

- 2018-10: KRW 20,750.00 per share

- 2018-11: KRW 24,200.00 per share

- 2018-12: KRW 25,100.00 per share

- 2019-01: KRW 23,900.00 per share

- 2019-02: KRW 26,150.00 per share

- 2019-03: KRW 24,100.00 per share

- 2019-04: KRW 24,350.00 per share

- 2019-05: KRW 21,400.00 per share

- 2019-06: KRW 21,700.00 per share

- 2019-07: KRW 19,600.00 per share

- 2019-08: KRW 18,500.00 per share

- 2019-09: KRW 20,850.00 per share

- 2019-10: KRW 20,800.00 per share

- 2019-11: KRW 21,700.00 per share

- 2019-12: KRW 22,250.00 per share

- 2020-01: KRW 20,450.00 per share

- 2020-02: KRW 17,550.00 per share

- 2020-03: KRW 19,950.00 per share

- 2020-04: KRW 21,050.00 per share

- 2020-05: KRW 21,400.00 per share

- 2020-06: KRW 24,000.00 per share

- 2020-07: KRW 26,450.00 per share

- 2020-08: KRW 27,500.00 per share

- 2020-09: KRW 23,300.00 per share

- 2020-10: KRW 22,500.00 per share

- 2020-11: KRW 35,600.00 per share

- 2020-12: KRW 41,500.00 per share

- 2021-01: KRW 44,000.00 per share

- 2021-02: KRW 37,100.00 per share

- 2021-03: KRW 34,850.00 per share

- 2021-04: KRW 36,600.00 per share

- 2021-05: KRW 34,250.00 per share

- 2021-06: KRW 34,100.00 per share

- 2021-07: KRW 31,500.00 per share

- 2021-08: KRW 34,650.00 per share

- 2021-09: KRW 31,550.00 per share

- 2021-10: KRW 29,300.00 per share

- 2021-11: KRW 24,600.00 per share

- 2021-12: KRW 27,150.00 per share

- 2022-01: KRW 22,050.00 per share

- 2022-02: KRW 22,300.00 per share

- 2022-03: KRW 23,900.00 per share

- 2022-04: KRW 22,150.00 per share

- 2022-05: KRW 21,850.00 per share

- 2022-06: KRW 19,600.00 per share

- 2022-07: KRW 20,600.00 per share

- 2022-08: KRW 18,800.00 per share

- 2022-09: KRW 16,300.00 per share

- 2022-10: KRW 17,350.00 per share

- 2022-11: KRW 17,300.00 per share

- 2022-12: KRW 17,000.00 per share

- 2023-01: KRW 16,900.00 per share

- 2023-02: KRW 15,900.00 per share

- 2023-03: KRW 15,420.00 per share

- 2023-04: KRW 15,600.00 per share

- 2023-05: KRW 15,500.00 per share

- 2023-06: KRW 14,250.00 per share

- 2023-07: KRW 13,710.00 per share

- 2023-08: KRW 13,980.00 per share

- 2023-09: KRW 13,940.00 per share

- 2023-10: KRW 13,540.00 per share

- 2023-11: KRW 14,750.00 per share

- 2023-12: KRW 16,350.00 per share

- 2024-01: KRW 14,780.00 per share

- 2024-02: KRW 16,500.00 per share

- 2024-03: KRW 17,190.00 per share

- 2024-04: KRW 16,050.00 per share

- 2024-05: KRW 13,950.00 per share

- 2024-06: KRW 13,990.00 per share

- 2024-07: KRW 15,220.00 per share

- 2024-08: KRW 16,650.00 per share

- 2024-09: KRW 15,490.00 per share

- 2024-10: KRW 16,380.00 per share

- 2024-11: KRW 15,480.00 per share

- 2024-12: KRW 17,320.00 per share

- 2025-01: KRW 14,630.00 per share

- 2025-02: KRW 13,900.00 per share

- 2025-03: KRW 13,000.00 per share

- 2025-04: KRW 14,000.00 per share

- 2025-05: KRW 14,700.00 per share

- 2025-06: KRW 16,070.00 per share

- 2025-07: KRW 16,000.00 per share

- 2025-08: KRW 15,140.00 per share

- 2025-09: KRW 15,700.00 per share

- 2025-10: KRW 15,760.00 per share

- 2025-11: KRW 16,190.00 per share

- 2025-12: KRW 15,920.00 per share

- 2026-01: KRW 15,620.00 per share

- 2026-02: KRW 15,930.00 per share

- 2026-03: KRW 13,330.00 per share

- 2026-04: KRW 13,960.00 per share

- 2026-05: KRW 12,920.00 per share

- 2026-06: KRW 10,250.00 per share

- 2026-07: KRW 9,300.00 per share

- 2026-08: KRW 10,030.00 per share

- 2026-09: KRW 9,510.00 per share

- 2026-10: KRW 9,510.00 per share

## Annual estimated value (KRW per share)

- FY2022: low KRW 9,308.47 per share, central KRW 10,764.44 per share, high KRW 12,148.10 per share

- FY2023: low KRW 8,486.60 per share, central KRW 9,407.93 per share, high KRW 10,634.43 per share

- FY2024: low KRW 14,817.63 per share, central KRW 16,795.48 per share, high KRW 19,428.41 per share

- FY2025: low KRW 8,409.25 per share, central KRW 9,490.75 per share, high KRW 10,930.46 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:54:54.555Z where newer inputs omit a numeric field or fiscal period.

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

## Reported holder observations