# Daewoong Pharma (069620.KO)

Canonical: https://gigainvestors.com/s/069620.KO

Analysis as of: 2026-10-16T07:44:24.910Z. Financial observations: FY2011–FY2026.

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 105,000.00 per share; close as of 2026-10-15.

Estimated value: low KRW 71,035.39 per share, central KRW 97,295.00 per share, high KRW 112,586.02 per share. Buy at or below the central value KRW 97,295.00 per share. Valuation as of 2026-10-16T07:44:24.910Z; scenarios are not confidence intervals.

Expected annual return: 9.5% at the stated quote. About 9.5% 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

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

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 1

- Years with a net loss: 1

- Operating margin variation: 0.52×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.04×

- FY2018: 0.02×

- FY2019: 0.04×

- FY2020: 0.02×

- FY2021: 0.08×

- FY2022: 0.07×

- FY2023: 0.09×

- FY2024: 0.10×

- FY2025: 0.13×

- LTM to Jun 2026: 0.12×

### moat: fail

- ROIC median below threshold

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

- ROIC, median of available years: 6.9%

- ROIC, second-lowest year: 2.8%

- Typical minus recent gross margin: -6.5 pp

- Typical gross margin (annual median): 45.1%

- Recent gross margin (lower of latest and 3-year median): 51.6%

- Years with nonpositive capital: 0

- Capital spending / revenue: 6.4%

- ROIC including acquisitions, ten-year median: 3.9%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 3.6%

- FY2017: 5.5%

- FY2018: 2.8%

- FY2019: 6.2%

- FY2020: 2.2%

- FY2021: 11.3%

- FY2022: 11.2%

- FY2023: 10.6%

- FY2024: 7.6%

- FY2025: 12.3%

### economics: fail

- owner earnings cash conversion below threshold

- Owner earnings / net income, 5-yr: 0.20×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: KRW 80B

- Net income, five-year total: KRW 409B

- Return on incremental invested capital: 22.6%

- Working capital / revenue, annual change: -1.2 pp

- Working capital / revenue, change between three-year averages: -8.8 pp

- Working capital / revenue, final three-year average: 21.7%

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

- FY2021: 1.41×

- FY2022: 0.96×

- FY2023: 0.65×

- FY2024: -5.60×

- FY2025: 0.33×

### management: pass

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

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 3.6% vs 10.6%

- Per-share earnings: 2906.90 to 10656.00 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: 1.3%

- Market cap gain: KRW 1.35T

- Cumulative retained earnings: KRW 417B

- Diluted shares, 5-year annual growth: 1.3%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 20.4%

- Per-share value change: KRW 8K

- Per-share value, starting three-year median: KRW 3K

- Per-share value, ending three-year median: KRW 11K

- Buyback history: 0 years

- Debt-funded buybacks: No

- Acquisition spending: KRW 278B

- Cumulative net income, 10 years: KRW 487B

- ROIC, first three-year median: 3.6%

- ROIC, last three-year median: 10.6%

Chart: Earnings per share; fiscal year observations.

- FY2016: KRW 3K

- FY2017: KRW 3K

- FY2018: KRW -1K

- FY2019: KRW 2K

- FY2020: KRW 1K

- FY2021: KRW 2K

- FY2022: KRW 4K

- FY2023: KRW 11K

- FY2024: KRW 2K

- FY2025: KRW 17K

### accounting: pass

- Sloan accruals: 2.0%

- Receivables to sales index (DSRI): 0.94×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.3%

- Earnings backed by cash: Yes

- Operating cash / earnings: 0.76×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.37×

Chart: Sloan accruals; fiscal year observations.

- FY2016: 1.0%

- FY2017: -6.0%

- FY2018: -5.2%

- FY2019: -2.9%

- FY2020: -6.5%

- FY2021: -1.1%

- FY2022: -4.9%

- FY2023: -0.7%

- FY2024: -1.4%

- FY2025: 2.0%

## Holders

## Price story

Down 43% since Jul 2022 · sales +4.1%

Story as of 2026-10-16T10:00:13.039Z; price observation 2026-10-15.

Price needs cash profits to grow 7.5% a year for ten years

### Sales · FY2025–2026

sales +4.1%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: KRW 960B 

- FY2018: KRW 1.03T 

- FY2019: KRW 1.11T 

- FY2020: KRW 1.06T 

- FY2021: KRW 1.15T 

- FY2022: KRW 1.28T 

- FY2023: KRW 1.38T 

- FY2024: KRW 1.42T 

- FY2025: KRW 1.57T 

- FY2026: KRW 1.64T 

### Gross margin · FY2025

gross margin 52.4%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 42.3% 

- FY2017: 42.4% 

- FY2018: 39.7% 

- FY2019: 43.0% 

- FY2020: 42.3% 

- FY2021: 47.2% 

- FY2022: 49.9% 

- FY2023: 50.0% 

- FY2024: 51.6% 

- FY2025: 52.4% 

## Owner memo

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

### How it makes money

Operates in drug manufacturers specialty & generic; annual sales are KRW 1.6 trillion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:44:24.910Z); FY2025: revenue 1570891005320; grossProfit 822531786460; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 069620.KO: Daewoong Pharmaceutical Co., Ltd. develops, manufactures and commercializes pharmaceutical products in South Korea and internationally. It offers products in therapeutic areas, such as central nervous system, endocrinology, musculoskeletal, nephrology, antineoplastic, cardiovascular, gastrointestinal, metabolic, antiviral, analgesic, antacid, and digestive diseases, as well as wound, iron supplements, and muti-vitamins. The company also provides COVID-19 PCR kit, COVID-19 IgG/IgM RDT, and viral transport medium medical devices. The company was founded in 1945 and is headquartered in Seoul, South Korea.

### Why customers stay

Margins ranged from 50% to 52.4% during 2023–25; it earns 6.9% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:44:24.910Z); FY2023: grossProfit / revenue = 50%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:44:24.910Z); FY2024: grossProfit / revenue = 51.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:44:24.910Z); FY2025: grossProfit / revenue = 52.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:44:24.910Z); 10-year return on capital observations [[2016,0.0363147945146542],[2017,0.0548491011405015],[2018,0.028226574579603213],[2019,0.061930735976874415],[2020,0.02237955378283769],[2021,0.1132973929651818],[2022,0.1122759441447823],[2023,0.106202029546538],[2024,0.07591610395629791],[2025,0.12284821096307742]]; median 0.06892341996658616. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Spends 92% of cash earnings on expansion; earns 22.6% on new investment.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:44:24.910Z); FY2017: growth capex 0; upkeep 69124457490; owner earnings 34813715250. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:44:24.910Z); FY2019: growth capex 0; upkeep 22314486680; owner earnings 39007179142. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:44:24.910Z); FY2020: growth capex 0; upkeep 26486239340; owner earnings 25639569434. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:44:24.910Z); FY2021: growth capex 0; upkeep 29087907810; owner earnings 34857457038. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:44:24.910Z); FY2022: growth capex 25531954210; upkeep 39694664000; owner earnings 40599864696. Growth capex / owner earnings = 0.6288679630135682.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:44:24.910Z); FY2023: growth capex 32470197920.38414; upkeep 86204795669.61586; owner earnings 78827443196.38414. Growth capex / owner earnings = 0.411914894150386.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:44:24.910Z); FY2025: growth capex 59017152731.4939; upkeep 182350016348.5061; owner earnings 64167265817.4939. Growth capex / owner earnings = 0.9197392467890392.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:44:24.910Z); Incremental return on capital 0.22598303006192605, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:44:24.910Z); Dividend observations: [[2016,7224609000],[2017,6192522000],[2018,6192522000],[2019,6192522000],[2020,6192521400],[2021,6457617000],[2022,8065728900],[2023,6641524800],[2024,7740654000],[2025,8075112000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 61.5% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 069620.KO SharesStats.PercentInsiders = 61.480000000000004 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 7.5% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:44:24.910Z); Ten-year compound average after fade. Initial solved rate 0.09534208605658179. Price 105000; 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 68,300.00 per share

- 2016-11: KRW 67,100.00 per share

- 2016-12: KRW 68,700.00 per share

- 2017-01: KRW 68,200.00 per share

- 2017-02: KRW 83,000.00 per share

- 2017-03: KRW 84,100.00 per share

- 2017-04: KRW 90,200.00 per share

- 2017-05: KRW 96,900.00 per share

- 2017-06: KRW 85,900.00 per share

- 2017-07: KRW 93,200.00 per share

- 2017-08: KRW 101,000.00 per share

- 2017-09: KRW 106,000.00 per share

- 2017-10: KRW 113,500.00 per share

- 2017-11: KRW 136,000.00 per share

- 2017-12: KRW 164,500.00 per share

- 2018-01: KRW 180,500.00 per share

- 2018-02: KRW 183,000.00 per share

- 2018-03: KRW 199,500.00 per share

- 2018-04: KRW 178,000.00 per share

- 2018-05: KRW 209,000.00 per share

- 2018-06: KRW 196,000.00 per share

- 2018-07: KRW 183,000.00 per share

- 2018-08: KRW 205,000.00 per share

- 2018-09: KRW 194,000.00 per share

- 2018-10: KRW 141,000.00 per share

- 2018-11: KRW 189,500.00 per share

- 2018-12: KRW 188,500.00 per share

- 2019-01: KRW 193,500.00 per share

- 2019-02: KRW 194,000.00 per share

- 2019-03: KRW 184,000.00 per share

- 2019-04: KRW 203,000.00 per share

- 2019-05: KRW 153,000.00 per share

- 2019-06: KRW 150,000.00 per share

- 2019-07: KRW 158,500.00 per share

- 2019-08: KRW 167,500.00 per share

- 2019-09: KRW 149,000.00 per share

- 2019-10: KRW 152,500.00 per share

- 2019-11: KRW 132,500.00 per share

- 2019-12: KRW 137,500.00 per share

- 2020-01: KRW 118,000.00 per share

- 2020-02: KRW 105,000.00 per share

- 2020-03: KRW 84,700.00 per share

- 2020-04: KRW 107,000.00 per share

- 2020-05: KRW 102,500.00 per share

- 2020-06: KRW 132,500.00 per share

- 2020-07: KRW 110,000.00 per share

- 2020-08: KRW 116,000.00 per share

- 2020-09: KRW 105,000.00 per share

- 2020-10: KRW 91,200.00 per share

- 2020-11: KRW 103,500.00 per share

- 2020-12: KRW 165,000.00 per share

- 2021-01: KRW 151,500.00 per share

- 2021-02: KRW 135,500.00 per share

- 2021-03: KRW 133,500.00 per share

- 2021-04: KRW 133,500.00 per share

- 2021-05: KRW 153,500.00 per share

- 2021-06: KRW 172,000.00 per share

- 2021-07: KRW 171,000.00 per share

- 2021-08: KRW 166,000.00 per share

- 2021-09: KRW 145,500.00 per share

- 2021-10: KRW 140,000.00 per share

- 2021-11: KRW 132,500.00 per share

- 2021-12: KRW 148,000.00 per share

- 2022-01: KRW 130,500.00 per share

- 2022-02: KRW 166,000.00 per share

- 2022-03: KRW 164,000.00 per share

- 2022-04: KRW 183,000.00 per share

- 2022-05: KRW 172,000.00 per share

- 2022-06: KRW 176,500.00 per share

- 2022-07: KRW 183,500.00 per share

- 2022-08: KRW 175,500.00 per share

- 2022-09: KRW 158,000.00 per share

- 2022-10: KRW 161,500.00 per share

- 2022-11: KRW 147,500.00 per share

- 2022-12: KRW 158,500.00 per share

- 2023-01: KRW 152,300.00 per share

- 2023-02: KRW 116,700.00 per share

- 2023-03: KRW 105,200.00 per share

- 2023-04: KRW 110,400.00 per share

- 2023-05: KRW 110,500.00 per share

- 2023-06: KRW 96,300.00 per share

- 2023-07: KRW 102,000.00 per share

- 2023-08: KRW 104,300.00 per share

- 2023-09: KRW 112,800.00 per share

- 2023-10: KRW 99,900.00 per share

- 2023-11: KRW 104,900.00 per share

- 2023-12: KRW 116,800.00 per share

- 2024-01: KRW 110,700.00 per share

- 2024-02: KRW 114,600.00 per share

- 2024-03: KRW 121,300.00 per share

- 2024-04: KRW 111,900.00 per share

- 2024-05: KRW 106,900.00 per share

- 2024-06: KRW 102,400.00 per share

- 2024-07: KRW 124,600.00 per share

- 2024-08: KRW 150,000.00 per share

- 2024-09: KRW 138,300.00 per share

- 2024-10: KRW 159,000.00 per share

- 2024-11: KRW 122,500.00 per share

- 2024-12: KRW 126,400.00 per share

- 2025-01: KRW 137,700.00 per share

- 2025-02: KRW 126,800.00 per share

- 2025-03: KRW 113,000.00 per share

- 2025-04: KRW 138,000.00 per share

- 2025-05: KRW 158,700.00 per share

- 2025-06: KRW 144,000.00 per share

- 2025-07: KRW 147,200.00 per share

- 2025-08: KRW 136,000.00 per share

- 2025-09: KRW 134,000.00 per share

- 2025-10: KRW 139,400.00 per share

- 2025-11: KRW 176,300.00 per share

- 2025-12: KRW 172,300.00 per share

- 2026-01: KRW 168,900.00 per share

- 2026-02: KRW 176,300.00 per share

- 2026-03: KRW 160,000.00 per share

- 2026-04: KRW 148,300.00 per share

- 2026-05: KRW 130,600.00 per share

- 2026-06: KRW 112,700.00 per share

- 2026-07: KRW 113,800.00 per share

- 2026-08: KRW 127,000.00 per share

- 2026-09: KRW 106,300.00 per share

- 2026-10: KRW 107,300.00 per share

## Annual estimated value (KRW per share)

- FY2020: low KRW 40,534.31 per share, central KRW 44,124.48 per share, high KRW 48,903.76 per share

- FY2021: low KRW 48,031.90 per share, central KRW 52,777.64 per share, high KRW 59,095.24 per share

- FY2022: low KRW 56,057.85 per share, central KRW 76,426.46 per share, high KRW 88,287.14 per share

- FY2023: low KRW 53,086.19 per share, central KRW 75,330.09 per share, high KRW 88,282.76 per share

- FY2024: low KRW 57,376.72 per share, central KRW 79,157.54 per share, high KRW 91,840.56 per share

- FY2025: low KRW 69,764.13 per share, central KRW 94,990.78 per share, high KRW 109,680.30 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 2026-10-15T06:50:11.558Z 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.