# Celltrion (068270.KO)

Canonical: https://gigainvestors.com/s/068270.KO

Analysis as of: 2026-10-16T07:34:15.496Z. Financial observations: FY2008–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 182,100.00 per share; close as of 2026-10-15.

Estimated value: low KRW 68,462.24 per share, central KRW 88,476.14 per share, high KRW 102,663.14 per share. Buy at or below the central value KRW 88,476.14 per share. Valuation as of 2026-10-16T07:34:15.496Z; scenarios are not confidence intervals.

Expected annual return: 6.3% at the stated quote. About 6.3% 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

- 1 revenue decline in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 1

- Years with a net loss: 0

- Operating margin variation: 0.28×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.37×

- FY2017: 0.53×

- FY2018: 0.33×

- FY2019: 0.34×

- FY2020: 0.39×

- FY2021: 0.40×

- FY2022: 0.28×

- FY2023: 0.30×

- FY2024: 0.14×

- FY2025: 0.28×

### moat: fail

- ROIC median below threshold

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

- Recent gross margin fell 7.8pp below the typical margin (limit 4pp)

- ROIC, median of available years: 11.6%

- ROIC, second-lowest year: 7.8%

- Typical minus recent gross margin: 7.8 pp

- Typical gross margin (annual median): 56.1%

- Recent gross margin (lower of latest and 3-year median): 48.3%

- Years with nonpositive capital: 0

- Capital spending / revenue: 16.5%

- ROIC including acquisitions, ten-year median: 10.2%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 8.0%

- FY2017: 16.5%

- FY2018: 10.3%

- FY2019: 11.5%

- FY2020: 17.3%

- FY2021: 17.6%

- FY2022: 12.8%

- FY2023: 7.8%

- FY2024: 5.9%

- FY2025: 11.7%

### economics: fail

- working capital as a share of revenue rose more than 10pp and ends positive

- Owner earnings / net income, 5-yr: 0.98×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: KRW 3.03T

- Net income, five-year total: KRW 3.11T

- Return on incremental invested capital: 14.8%

- Working capital / revenue, annual change: 0.1 pp

- Working capital / revenue, change between three-year averages: 10.8 pp

- Working capital / revenue, final three-year average: 132.6%

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

- FY2021: 0.94×

- FY2022: 1.00×

- FY2023: 0.79×

- FY2024: 1.19×

- FY2025: 0.99×

### 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: 10.3% vs 7.8%

- Per-share earnings: 1309.36 to 3754.81 (three-year endpoint medians)

- five-year and ten-year diluted share growth both above threshold

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 5.1%

- Ordinary dilution, 5-year annual growth: 9.9%

- Market cap gain: KRW 25.00T

- Cumulative retained earnings: KRW 3.24T

- Diluted shares, 10-year annual growth: 5.1%

- Diluted shares, 5-year annual growth: 9.9%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 14.1%

- Per-share value change: KRW 2K

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

- Per-share value, ending three-year median: KRW 4K

- Buybacks concentrated in cheaper years (correlation): 0.44

- Average buyback yield: 0.9%

- Buyback history: 10 years

- Debt-funded buybacks: Yes

- Acquisition spending: KRW 13.14T

- Cumulative net income, 10 years: KRW 4.72T

- ROIC, first three-year median: 10.3%

- ROIC, last three-year median: 7.8%

Chart: Earnings per share; fiscal year observations.

- FY2016: KRW 1K

- FY2017: KRW 3K

- FY2018: KRW 2K

- FY2019: KRW 2K

- FY2020: KRW 4K

- FY2021: KRW 4K

- FY2022: KRW 4K

- FY2023: KRW 4K

- FY2024: KRW 2K

- FY2025: KRW 5K

### accounting: pass

- Sloan accruals: 1.7%

- Receivables to sales index (DSRI): 1.26×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 6.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 0.63×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.80×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -2.4%

- FY2017: -3.6%

- FY2018: -3.4%

- FY2019: -4.5%

- FY2020: 3.3%

- FY2021: -5.8%

- FY2022: 9.1%

- FY2023: -0.0%

- FY2024: -2.3%

- FY2025: 1.7%

## Holders

## Price story

Down 24% since Feb 2026 · sales +17%

Story as of 2026-10-16T09:59:59.892Z; price observation 2026-10-15.

Price needs cash profits to grow 14% a year for ten years

### Sales · FY2024–2025

sales +17%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: KRW 671B 

- FY2017: KRW 949B 

- FY2018: KRW 982B 

- FY2019: KRW 1.13T 

- FY2020: KRW 1.85T 

- FY2021: KRW 1.91T 

- FY2022: KRW 2.28T 

- FY2023: KRW 2.18T 

- FY2024: KRW 3.56T 

- FY2025: KRW 4.16T 

### Gross margin · FY2025

gross margin 59.3%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 59.1% 

- FY2017: 73.5% 

- FY2018: 56.1% 

- FY2019: 56.1% 

- FY2020: 55.6% 

- FY2021: 57.8% 

- FY2022: 45.2% 

- FY2023: 48.3% 

- FY2024: 47.3% 

- FY2025: 59.3% 

## Owner memo

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

### How it makes money

Operates in biotechnology; annual sales are KRW 4.2 trillion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:15.496Z); FY2025: revenue 4162495108880; grossProfit 2467027376540; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 068270.KO: Celltrion, Inc., a biopharmaceutical company, engages in the development, production, and sale of development, production, and sale of medicinal products. It offers biosimilars, including Remsima for rheumatoid arthritis and inflammatory bowel disease; Truxima for non-hodgkin's lymphoma and chronic lymphocytic leukemia; Herzuma for metastatic breast and gastric cancer; Remsima SC and Yuflyma for rheumatoid arthritis and inflammatory bowel disease; Vegzelma for metastatic colorectal cancer and non-small cell lung cancer; Omlyclo for Asthma and urticaria; Eydenzelt for diabetic macular edema and wet age-related macular degeneration; Steqeyma for psoriasis and inflammatory bowel disease; Stoboclo/Osenvelt for osteoporosis; Avtozma for rheumatoid arthritis and active systemic juvenile idiopathic arthritis; Zymfentra for inflammatory bowel disease; and Regkirona for COVID-19, as well as CT-G07 for HIV/AIDS and Donerion Patch for Alzheimer's dementia symptoms. The company is also developing biosimilars, which are in Phase 3 clinical trials include CT-P44 for multiple myeloma, CT-P51 for melanoma and lung cancer, CT-P53 for multiple sclerosis, and CT-P55 for psoriasis, as well as CT-G20 for hypertrophic cardiomyopathy. It distributes its products in approximately 100 countries, including the United States and Europe. The company was founded in 2002 and is headquartered in Incheon, South Korea.

### Why customers stay

Margins ranged from 47.3% to 59.3% during 2023–25; it earns 11.6% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:15.496Z); FY2023: grossProfit / revenue = 48.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:15.496Z); FY2024: grossProfit / revenue = 47.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:15.496Z); FY2025: grossProfit / revenue = 59.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:15.496Z); 10-year return on capital observations [[2016,0.08003214088421837],[2017,0.16500507250891439],[2018,0.103084412256988],[2019,0.11470153610004505],[2020,0.17310183025089426],[2021,0.17607343072069326],[2022,0.1276565943861274],[2023,0.07753135113326323],[2024,0.05911703120412522],[2025,0.11682300041492959]]; median 0.11576226825748731. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Spends 4.3% of cash earnings on expansion; earns 14.8% on new investment.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:15.496Z); FY2016: growth capex 89610369710; upkeep 88675327000; owner earnings 177994501810. Growth capex / owner earnings = 0.5034445940675992.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:15.496Z); FY2017: growth capex 0; upkeep 96985956330; owner earnings 369186306670. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:15.496Z); FY2018: growth capex 42733440669.78052; upkeep 145083834450.21948; owner earnings 225497653549.78052. Growth capex / owner earnings = 0.18950725205815389.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:15.496Z); FY2019: growth capex 121887079660; upkeep 164250688000; owner earnings 299874935400. Growth capex / owner earnings = 0.4064597112706873.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:15.496Z); FY2020: growth capex 419461332540; upkeep 121931119000; owner earnings 516657064200. Growth capex / owner earnings = 0.8118757326767623.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:15.496Z); FY2021: growth capex 45169870361.065; upkeep 276395618198.935; owner earnings 543511123001.065. Growth capex / owner earnings = 0.083107536257315.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:15.496Z); FY2022: growth capex 86016595410; upkeep 225969105040; owner earnings 536712337880. Growth capex / owner earnings = 0.16026573145264994.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:15.496Z); FY2023: growth capex 0; upkeep 353732173460; owner earnings 424512478090. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:15.496Z); FY2024: growth capex 0; upkeep 333524012440; owner earnings 501264975510. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:15.496Z); FY2025: growth capex 44205864440; upkeep 287528386000; owner earnings 1021898922220. Growth capex / owner earnings = 0.04325854884352556.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:15.496Z); Incremental return on capital 0.14815624862293567, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:15.496Z); Dividend observations: [[2016,0],[2017,0],[2018,3780990],[2019,3780990],[2020,3780990],[2021,3780990],[2022,102450966000],[2023,51663582000],[2024,103604041760],[2025,153763509730]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:15.496Z); FY2025: cash repurchases 908401405350 KRW.

### Are managers owners

Insiders own 36.2% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 068270.KO SharesStats.PercentInsiders = 36.172 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 14% yearly over ten years; actual growth was 15%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:15.496Z); Ten-year compound average after fade. Initial solved rate 0.18926350632726086. Price 182100; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 1156.934887880121 → FY2025 4670.997012679656. Closing-price date 2026-10-15.

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

- 2016-10: KRW 106,199.85 per share

- 2016-11: KRW 102,399.86 per share

- 2016-12: KRW 107,399.84 per share

- 2017-01: KRW 100,199.85 per share

- 2017-02: KRW 101,499.85 per share

- 2017-03: KRW 90,099.87 per share

- 2017-04: KRW 89,599.87 per share

- 2017-05: KRW 95,599.86 per share

- 2017-06: KRW 115,099.83 per share

- 2017-07: KRW 108,499.84 per share

- 2017-08: KRW 115,099.83 per share

- 2017-09: KRW 141,999.79 per share

- 2017-10: KRW 173,099.75 per share

- 2017-11: KRW 200,099.71 per share

- 2017-12: KRW 221,099.72 per share

- 2018-01: KRW 315,699.60 per share

- 2018-02: KRW 352,999.55 per share

- 2018-03: KRW 309,499.61 per share

- 2018-04: KRW 270,999.66 per share

- 2018-05: KRW 265,499.66 per share

- 2018-06: KRW 303,499.61 per share

- 2018-07: KRW 271,499.65 per share

- 2018-08: KRW 269,999.66 per share

- 2018-09: KRW 296,999.62 per share

- 2018-10: KRW 217,499.72 per share

- 2018-11: KRW 239,499.70 per share

- 2018-12: KRW 222,499.76 per share

- 2019-01: KRW 218,999.76 per share

- 2019-02: KRW 204,499.78 per share

- 2019-03: KRW 180,999.80 per share

- 2019-04: KRW 211,999.77 per share

- 2019-05: KRW 189,999.79 per share

- 2019-06: KRW 205,499.78 per share

- 2019-07: KRW 170,499.81 per share

- 2019-08: KRW 156,999.83 per share

- 2019-09: KRW 163,999.82 per share

- 2019-10: KRW 199,999.78 per share

- 2019-11: KRW 173,999.81 per share

- 2019-12: KRW 180,999.79 per share

- 2020-01: KRW 164,999.81 per share

- 2020-02: KRW 169,999.80 per share

- 2020-03: KRW 228,999.74 per share

- 2020-04: KRW 210,499.76 per share

- 2020-05: KRW 213,499.75 per share

- 2020-06: KRW 305,999.65 per share

- 2020-07: KRW 296,499.66 per share

- 2020-08: KRW 296,999.66 per share

- 2020-09: KRW 257,499.70 per share

- 2020-10: KRW 240,999.72 per share

- 2020-11: KRW 339,999.61 per share

- 2020-12: KRW 358,999.65 per share

- 2021-01: KRW 323,999.68 per share

- 2021-02: KRW 297,499.71 per share

- 2021-03: KRW 324,499.68 per share

- 2021-04: KRW 265,999.74 per share

- 2021-05: KRW 274,499.73 per share

- 2021-06: KRW 268,499.74 per share

- 2021-07: KRW 253,499.75 per share

- 2021-08: KRW 292,999.71 per share

- 2021-09: KRW 259,499.75 per share

- 2021-10: KRW 200,499.80 per share

- 2021-11: KRW 206,999.80 per share

- 2021-12: KRW 197,999.84 per share

- 2022-01: KRW 150,999.88 per share

- 2022-02: KRW 159,499.87 per share

- 2022-03: KRW 171,499.86 per share

- 2022-04: KRW 175,999.86 per share

- 2022-05: KRW 160,499.87 per share

- 2022-06: KRW 178,499.86 per share

- 2022-07: KRW 189,999.85 per share

- 2022-08: KRW 189,499.85 per share

- 2022-09: KRW 175,499.86 per share

- 2022-10: KRW 191,999.85 per share

- 2022-11: KRW 175,999.86 per share

- 2022-12: KRW 160,499.95 per share

- 2023-01: KRW 161,599.95 per share

- 2023-02: KRW 145,199.95 per share

- 2023-03: KRW 149,799.95 per share

- 2023-04: KRW 160,599.95 per share

- 2023-05: KRW 171,299.94 per share

- 2023-06: KRW 152,899.95 per share

- 2023-07: KRW 146,599.95 per share

- 2023-08: KRW 143,899.95 per share

- 2023-09: KRW 139,199.95 per share

- 2023-10: KRW 149,499.95 per share

- 2023-11: KRW 162,899.95 per share

- 2023-12: KRW 201,499.93 per share

- 2024-01: KRW 179,699.94 per share

- 2024-02: KRW 179,699.94 per share

- 2024-03: KRW 191,199.94 per share

- 2024-04: KRW 188,999.94 per share

- 2024-05: KRW 176,199.94 per share

- 2024-06: KRW 174,299.94 per share

- 2024-07: KRW 204,499.93 per share

- 2024-08: KRW 202,999.93 per share

- 2024-09: KRW 195,399.94 per share

- 2024-10: KRW 182,499.94 per share

- 2024-11: KRW 186,999.94 per share

- 2024-12: KRW 187,499.93 per share

- 2025-01: KRW 179,699.93 per share

- 2025-02: KRW 183,999.93 per share

- 2025-03: KRW 168,999.93 per share

- 2025-04: KRW 161,299.94 per share

- 2025-05: KRW 160,999.94 per share

- 2025-06: KRW 159,600.01 per share

- 2025-07: KRW 178,900.01 per share

- 2025-08: KRW 167,600.01 per share

- 2025-09: KRW 173,400.01 per share

- 2025-10: KRW 175,600.01 per share

- 2025-11: KRW 185,600.01 per share

- 2025-12: KRW 181,000.01 per share

- 2026-01: KRW 210,000.01 per share

- 2026-02: KRW 238,500.02 per share

- 2026-03: KRW 197,200.01 per share

- 2026-04: KRW 200,500.01 per share

- 2026-05: KRW 192,900.01 per share

- 2026-06: KRW 173,300.00 per share

- 2026-07: KRW 186,700.00 per share

- 2026-08: KRW 188,900.00 per share

- 2026-09: KRW 177,700.00 per share

- 2026-10: KRW 179,700.00 per share

## Annual estimated value (KRW per share)

- FY2016: low KRW 16,229.86 per share, central KRW 18,203.13 per share, high KRW 20,829.96 per share

- FY2017: low KRW 24,208.29 per share, central KRW 26,999.72 per share, high KRW 30,715.71 per share

- FY2018: low KRW 28,770.78 per share, central KRW 39,488.55 per share, high KRW 45,729.54 per share

- FY2019: low KRW 34,333.19 per share, central KRW 47,142.00 per share, high KRW 54,600.60 per share

- FY2020: low KRW 53,808.49 per share, central KRW 74,789.64 per share, high KRW 87,007.00 per share

- FY2021: low KRW 61,813.60 per share, central KRW 84,594.94 per share, high KRW 97,860.55 per share

- FY2022: low KRW 59,198.71 per share, central KRW 76,828.78 per share, high KRW 89,235.57 per share

- FY2023: low KRW 58,294.90 per share, central KRW 78,532.52 per share, high KRW 91,237.69 per share

- FY2024: low KRW 53,415.90 per share, central KRW 68,251.06 per share, high KRW 78,988.98 per share

- FY2025: low KRW 61,420.46 per share, central KRW 79,148.87 per share, high KRW 91,715.79 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 2026-10-15T06:40:05.879Z 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