# Hanmi Science (008930.KO)

Canonical: https://gigainvestors.com/s/008930.KO

Analysis as of: 2026-10-16T07:40:18.360Z. Financial observations: FY2000–FY2025.

Listing currency: KRW. Reporting currency: KRW.

## Verdict

Not a wonderful business

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

Share price: KRW 45,450.00 per share; close as of 2026-10-15.

Estimated value: low KRW 11,379.07 per share, central KRW 12,803.31 per share, high KRW 14,699.27 per share. Buy at or below the central value KRW 12,803.31 per share. Valuation as of 2026-10-16T07:40:18.360Z; scenarios are not confidence intervals.

Expected annual return: 4.8% at the stated quote. About 4.8% 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: pass

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

- Financial history: 10 years

- Years with declining revenue: 2

- Years with a net loss: 0

- Operating margin variation: 0.32×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.02×

- FY2017: 0.02×

- FY2018: 0.02×

- FY2019: 0.02×

- FY2020: 0.03×

- FY2021: 0.03×

- FY2022: 0.03×

- FY2023: 0.05×

- FY2024: 0.03×

- FY2025: 0.04×

### moat: fail

- ROIC median below threshold

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

- ROIC, median of available years: 2.8%

- ROIC, second-lowest year: 1.7%

- Typical minus recent gross margin: -2.9 pp

- Typical gross margin (annual median): 18.4%

- Recent gross margin (lower of latest and 3-year median): 21.2%

- Years with nonpositive capital: 0

- Capital spending / revenue: 0.5%

- ROIC including acquisitions, ten-year median: 1.7%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 1.7%

- FY2017: 2.0%

- FY2018: 1.6%

- FY2019: 2.1%

- FY2020: 2.7%

- FY2021: 3.4%

- FY2022: 2.9%

- FY2023: 5.2%

- FY2024: 3.5%

- FY2025: 4.8%

### economics: fail

- owner earnings cash conversion below threshold

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 0.74×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: KRW 301B

- Net income, five-year total: KRW 405B

- Return on incremental invested capital: 0.0%

- Working capital / revenue, annual change: 0.6 pp

- Working capital / revenue, change between three-year averages: 3.7 pp

- Working capital / revenue, final three-year average: 9.3%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 0.27×

- FY2022: 0.05×

- FY2023: 1.00×

- FY2024: 0.99×

- FY2025: 0.94×

### management: pass

- 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: 1.7% vs 4.8%

- Per-share earnings: 284.12 to 1694.00 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: 0.9%

- Market cap gain: KRW -1.50T

- Cumulative retained earnings: KRW 434B

- Diluted shares, 5-year annual growth: 0.9%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 29.1%

- Per-share value change: KRW 1K

- Per-share value, starting three-year median: KRW 284.12

- Per-share value, ending three-year median: KRW 2K

- Buybacks concentrated in cheaper years (correlation): 0.53

- Average buyback yield: 0.1%

- Buyback history: 9 years

- Debt-funded buybacks: Yes

- Acquisition spending: KRW 65B

- Cumulative net income, 10 years: KRW 514B

- ROIC, first three-year median: 1.7%

- ROIC, last three-year median: 4.8%

Chart: Earnings per share; fiscal year observations.

- FY2016: KRW 122.65

- FY2017: KRW 464.73

- FY2018: KRW 284.12

- FY2019: KRW 484.77

- FY2020: KRW 349.47

- FY2021: KRW 638.33

- FY2022: KRW 1K

- FY2023: KRW 2K

- FY2024: KRW 878.00

- FY2025: KRW 2K

### accounting: pass

- Sloan accruals: 4.7%

- Receivables to sales index (DSRI): 0.97×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.4%

- Earnings backed by cash: Yes

- Operating cash / earnings: 0.40×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.02×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -7.1%

- FY2017: 6.8%

- FY2018: 1.7%

- FY2019: 1.9%

- FY2020: 1.0%

- FY2021: 3.1%

- FY2022: 5.4%

- FY2023: 6.5%

- FY2024: -1.7%

- FY2025: 4.7%

## Holders

## Price story

Down 20% since Oct 2021 · sales +5.7%

Story as of 2026-10-16T10:00:11.367Z; price observation 2026-10-15.

Price needs cash profits to grow 17.8% a year for ten years

### Sales · FY2024–2025

sales +5.7%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: KRW 665B 

- FY2017: KRW 652B 

- FY2018: KRW 708B 

- FY2019: KRW 817B 

- FY2020: KRW 857B 

- FY2021: KRW 950B 

- FY2022: KRW 1.05T 

- FY2023: KRW 1.25T 

- FY2024: KRW 1.28T 

- FY2025: KRW 1.36T 

### Gross margin · FY2025

gross margin 23.3%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2018: 13.1% 

- FY2019: 13.3% 

- FY2020: 14.1% 

- FY2021: 14.0% 

- FY2022: 15.5% 

- FY2023: 21.2% 

- FY2024: 21.2% 

- FY2025: 23.3% 

## Owner memo

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

### How it makes money

Operates in medical distribution; annual sales are KRW 1.4 trillion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:18.360Z); FY2025: revenue 1356957532840; grossProfit 315537133840; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 008930.KO: Hanmi Science Co., Ltd., through its subsidiaries, manufactures and sells pharmaceutical products in Korea and internationally. It develops drugs in the areas of diabetes and anti-cancer, as well as children's and adult's bowel preparation and cold medicines, and cephalosporin antibiotics. The company also offers general foods, health functional foods, soy milk, and medical equipment. In addition, it offers automated drug management systems. The company sells its products through online and offline pharmacies. The company was formerly known as Hanmi Holdings Co., Ltd. and changed its name to Hanmi Science Co., Ltd. in March 2012. Hanmi Science Co., Ltd. was founded in 1973 and is headquartered in Seoul, South Korea.

### Why customers stay

Margins ranged from 21.2% to 23.3% during 2023–25; it earns 2.8% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:18.360Z); FY2023: grossProfit / revenue = 21.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:18.360Z); FY2024: grossProfit / revenue = 21.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:18.360Z); FY2025: grossProfit / revenue = 23.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:18.360Z); 10-year return on capital observations [[2016,0.01725039831094491],[2017,0.01994795493323835],[2018,0.016295021010093984],[2019,0.020784233714764642],[2020,0.027284132500116836],[2021,0.03442269417175378],[2022,0.0292956783676538],[2023,0.05200669769529379],[2024,0.03519668851726516],[2025,0.04809530977202227]]; median 0.028289905433885317. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Spends 4.6% of cash earnings on expansion; paid dividends in 10 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:18.360Z); FY2016: growth capex 0; upkeep 6028127750; owner earnings 5114453900. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:18.360Z); FY2017: growth capex 0; upkeep 2208088050; owner earnings 32544800560. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:18.360Z); FY2018: growth capex 0; upkeep 769553020; owner earnings 1931817410. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:18.360Z); FY2019: growth capex 0; upkeep 1252769180; owner earnings 11486769590. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:18.360Z); FY2020: growth capex 0; upkeep 958351930; owner earnings 12573308810. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:18.360Z); FY2021: growth capex 0; upkeep 1815681760; owner earnings 11575258340. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:18.360Z); FY2022: growth capex 2863939450; upkeep 5478447090; owner earnings 3507873740. Growth capex / owner earnings = 0.8164317367933545.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:18.360Z); FY2023: growth capex 0; upkeep 8677559350; owner earnings 114900837220. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:18.360Z); FY2024: growth capex 1927738230; upkeep 9710609670; owner earnings 59066600240. Growth capex / owner earnings = 0.03263668845281758.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:18.360Z); FY2025: growth capex 5087285988.810503; upkeep 15825886611.189497; owner earnings 111782326888.8105. Growth capex / owner earnings = 0.04551064672209596.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:18.360Z); Dividend observations: [[2016,27619670500],[2017,12193932400],[2018,12193932400],[2019,12435936600],[2020,12682898800],[2021,12934621600],[2022,13190733000],[2023,13332560200],[2024,20324103200],[2025,13542741200]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 69.9% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 008930.KO SharesStats.PercentInsiders = 69.947 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 17.8% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:18.360Z); Ten-year compound average after fade. Initial solved rate 0.24511748864120808. Price 45450; 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 76,099.88 per share

- 2016-11: KRW 74,999.88 per share

- 2016-12: KRW 61,099.91 per share

- 2017-01: KRW 57,699.91 per share

- 2017-02: KRW 65,599.93 per share

- 2017-03: KRW 58,399.94 per share

- 2017-04: KRW 60,699.93 per share

- 2017-05: KRW 73,999.92 per share

- 2017-06: KRW 84,399.91 per share

- 2017-07: KRW 83,299.91 per share

- 2017-08: KRW 89,499.90 per share

- 2017-09: KRW 91,899.90 per share

- 2017-10: KRW 91,799.90 per share

- 2017-11: KRW 113,999.88 per share

- 2017-12: KRW 110,999.90 per share

- 2018-01: KRW 104,999.90 per share

- 2018-02: KRW 83,999.92 per share

- 2018-03: KRW 92,999.92 per share

- 2018-04: KRW 77,799.93 per share

- 2018-05: KRW 70,999.94 per share

- 2018-06: KRW 64,599.94 per share

- 2018-07: KRW 69,299.94 per share

- 2018-08: KRW 86,899.92 per share

- 2018-09: KRW 87,799.92 per share

- 2018-10: KRW 66,699.94 per share

- 2018-11: KRW 74,299.93 per share

- 2018-12: KRW 78,999.94 per share

- 2019-01: KRW 73,299.95 per share

- 2019-02: KRW 81,299.94 per share

- 2019-03: KRW 77,399.94 per share

- 2019-04: KRW 75,199.95 per share

- 2019-05: KRW 68,899.95 per share

- 2019-06: KRW 68,199.95 per share

- 2019-07: KRW 46,949.97 per share

- 2019-08: KRW 40,899.97 per share

- 2019-09: KRW 39,599.97 per share

- 2019-10: KRW 43,599.97 per share

- 2019-11: KRW 38,949.97 per share

- 2019-12: KRW 38,349.98 per share

- 2020-01: KRW 32,199.98 per share

- 2020-02: KRW 29,699.98 per share

- 2020-03: KRW 26,949.99 per share

- 2020-04: KRW 28,599.98 per share

- 2020-05: KRW 27,449.99 per share

- 2020-06: KRW 33,299.98 per share

- 2020-07: KRW 42,199.98 per share

- 2020-08: KRW 58,599.97 per share

- 2020-09: KRW 58,799.97 per share

- 2020-10: KRW 53,199.97 per share

- 2020-11: KRW 70,299.96 per share

- 2020-12: KRW 76,099.97 per share

- 2021-01: KRW 80,599.97 per share

- 2021-02: KRW 64,499.98 per share

- 2021-03: KRW 57,999.98 per share

- 2021-04: KRW 69,199.97 per share

- 2021-05: KRW 70,099.97 per share

- 2021-06: KRW 76,499.97 per share

- 2021-07: KRW 71,699.97 per share

- 2021-08: KRW 73,399.97 per share

- 2021-09: KRW 62,099.98 per share

- 2021-10: KRW 56,999.98 per share

- 2021-11: KRW 50,099.98 per share

- 2021-12: KRW 54,199.99 per share

- 2022-01: KRW 44,899.99 per share

- 2022-02: KRW 45,449.99 per share

- 2022-03: KRW 44,649.99 per share

- 2022-04: KRW 51,199.99 per share

- 2022-05: KRW 48,999.99 per share

- 2022-06: KRW 40,049.99 per share

- 2022-07: KRW 40,899.99 per share

- 2022-08: KRW 43,299.99 per share

- 2022-09: KRW 31,549.99 per share

- 2022-10: KRW 32,049.99 per share

- 2022-11: KRW 31,399.99 per share

- 2022-12: KRW 32,450.00 per share

- 2023-01: KRW 30,100.00 per share

- 2023-02: KRW 32,550.00 per share

- 2023-03: KRW 38,950.00 per share

- 2023-04: KRW 43,800.00 per share

- 2023-05: KRW 36,150.00 per share

- 2023-06: KRW 33,150.00 per share

- 2023-07: KRW 31,850.00 per share

- 2023-08: KRW 36,000.00 per share

- 2023-09: KRW 32,950.00 per share

- 2023-10: KRW 31,650.00 per share

- 2023-11: KRW 35,800.00 per share

- 2023-12: KRW 39,200.00 per share

- 2024-01: KRW 39,200.00 per share

- 2024-02: KRW 41,200.00 per share

- 2024-03: KRW 38,300.00 per share

- 2024-04: KRW 34,000.00 per share

- 2024-05: KRW 31,550.00 per share

- 2024-06: KRW 31,050.00 per share

- 2024-07: KRW 31,000.00 per share

- 2024-08: KRW 32,950.00 per share

- 2024-09: KRW 31,900.00 per share

- 2024-10: KRW 47,750.00 per share

- 2024-11: KRW 32,900.00 per share

- 2024-12: KRW 29,450.00 per share

- 2025-01: KRW 27,700.00 per share

- 2025-02: KRW 28,150.00 per share

- 2025-03: KRW 26,350.00 per share

- 2025-04: KRW 29,100.00 per share

- 2025-05: KRW 35,400.00 per share

- 2025-06: KRW 44,800.00 per share

- 2025-07: KRW 50,700.00 per share

- 2025-08: KRW 41,050.00 per share

- 2025-09: KRW 38,900.00 per share

- 2025-10: KRW 39,400.00 per share

- 2025-11: KRW 38,850.00 per share

- 2025-12: KRW 36,250.00 per share

- 2026-01: KRW 42,500.00 per share

- 2026-02: KRW 43,600.00 per share

- 2026-03: KRW 37,100.00 per share

- 2026-04: KRW 37,700.00 per share

- 2026-05: KRW 31,750.00 per share

- 2026-06: KRW 30,150.00 per share

- 2026-07: KRW 35,850.00 per share

- 2026-08: KRW 44,800.00 per share

- 2026-09: KRW 52,800.00 per share

- 2026-10: KRW 50,200.00 per share

## Annual estimated value (KRW per share)

- FY2017: low KRW 1,457.66 per share, central KRW 1,597.65 per share, high KRW 1,784.01 per share

- FY2018: low KRW 1,324.37 per share, central KRW 1,479.37 per share, high KRW 1,685.70 per share

- FY2019: low KRW 6,144.77 per share, central KRW 6,990.30 per share, high KRW 8,115.89 per share

- FY2020: low KRW 2,038.26 per share, central KRW 2,319.29 per share, high KRW 2,693.41 per share

- FY2021: low KRW 2,171.54 per share, central KRW 2,470.95 per share, high KRW 2,869.53 per share

- FY2022: low KRW 2,536.90 per share, central KRW 3,620.32 per share, high KRW 4,251.19 per share

- FY2023: low KRW 3,652.06 per share, central KRW 5,156.84 per share, high KRW 6,033.07 per share

- FY2024: low KRW 4,490.54 per share, central KRW 6,092.28 per share, high KRW 7,030.02 per share

- FY2025: low KRW 11,565.48 per share, central KRW 12,954.51 per share, high KRW 14,803.61 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 2026-10-15T06:46:10.616Z 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