# Hanmi Pharm (128940.KO)

Canonical: https://gigainvestors.com/s/128940.KO

Analysis as of: 2026-10-16T07:38:32.430Z. Financial observations: FY2010–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 386,000.00 per share; close as of 2026-10-15.

Estimated value: low KRW 196,798.86 per share, central KRW 253,828.95 per share, high KRW 292,635.94 per share. Buy at or below the central value KRW 253,828.95 per share. Valuation as of 2026-10-16T07:38:32.430Z; scenarios are not confidence intervals.

Expected annual return: 7.5% at the stated quote. About 7.5% 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)

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 2

- Years with a net loss: 0

- Operating margin variation: 0.41×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.03×

- FY2017: 0.09×

- FY2018: 0.08×

- FY2019: 0.09×

- FY2020: 0.05×

- FY2021: 0.10×

- FY2022: 0.12×

- FY2023: 0.15×

- FY2024: 0.14×

- FY2025: 0.17×

### moat: fail

- ROIC median below threshold

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

- ROIC, median of available years: 7.6%

- ROIC, second-lowest year: 4.0%

- Typical minus recent gross margin: -1.3 pp

- Typical gross margin (annual median): 54.3%

- Recent gross margin (lower of latest and 3-year median): 55.6%

- Years with nonpositive capital: 0

- Capital spending / revenue: 4.6%

- ROIC including acquisitions, ten-year median: 5.5%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 4.0%

- FY2017: 7.8%

- FY2018: 4.6%

- FY2019: 5.4%

- FY2020: 2.8%

- FY2021: 7.3%

- FY2022: 9.8%

- FY2023: 15.1%

- FY2024: 12.8%

- FY2025: 15.2%

### economics: pass

- Owner earnings / net income, 5-yr: 1.33×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: KRW 783B

- Net income, five-year total: KRW 587B

- Return on incremental invested capital: 56.7%

- Working capital / revenue, annual change: -1.5 pp

- Working capital / revenue, change between three-year averages: -10.3 pp

- Working capital / revenue, final three-year average: 33.8%

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

- FY2021: 1.84×

- FY2022: 1.56×

- FY2023: 1.32×

- FY2024: 1.23×

- FY2025: 1.11×

### management: pass

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

- potential debt-funded buybacks (informational)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 4.6% vs 15.1%

- Per-share earnings: 2112.60 to 11522.00 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: 1.5%

- Market cap gain: KRW 2.13T

- Cumulative retained earnings: KRW 608B

- Diluted shares, 5-year annual growth: 1.5%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 27.4%

- Per-share value change: KRW 9K

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

- Per-share value, ending three-year median: KRW 12K

- Buybacks concentrated in cheaper years (correlation): -0.17

- Average buyback yield: 0.1%

- Buyback history: 9 years

- Debt-funded buybacks: Yes

- Acquisition spending: KRW 96B

- Cumulative net income, 10 years: KRW 760B

- ROIC, first three-year median: 4.6%

- ROIC, last three-year median: 15.1%

Chart: Earnings per share; fiscal year observations.

- FY2016: KRW 2K

- FY2017: KRW 4K

- FY2018: KRW 2K

- FY2019: KRW 5K

- FY2020: KRW 1K

- FY2021: KRW 5K

- FY2022: KRW 6K

- FY2023: KRW 12K

- FY2024: KRW 10K

- FY2025: KRW 13K

### accounting: pass

- Sloan accruals: -0.2%

- Receivables to sales index (DSRI): 1.37×

- Restructuring years, last five: 0

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.02×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.09×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -24.4%

- FY2017: 7.4%

- FY2018: -0.1%

- FY2019: 2.1%

- FY2020: -7.4%

- FY2021: -7.0%

- FY2022: -4.1%

- FY2023: -3.7%

- FY2024: -3.6%

- FY2025: -0.2%

## Holders

## Price story

Down 35% since Feb 2026 · sales +3.5%

Story as of 2026-10-16T10:00:10.038Z; price observation 2026-10-15.

Price needs cash profits to grow 10.6% a year for ten years

### Sales · FY2024–2025

sales +3.5%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: KRW 883B 

- FY2017: KRW 917B 

- FY2018: KRW 1.02T 

- FY2019: KRW 1.11T 

- FY2020: KRW 1.08T 

- FY2021: KRW 1.20T 

- FY2022: KRW 1.33T 

- FY2023: KRW 1.49T 

- FY2024: KRW 1.50T 

- FY2025: KRW 1.55T 

### Gross margin · FY2025

gross margin 57.1%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 52.2% 

- FY2017: 56.6% 

- FY2018: 53.2% 

- FY2019: 56.8% 

- FY2020: 54.0% 

- FY2021: 52.6% 

- FY2022: 54.0% 

- FY2023: 55.6% 

- FY2024: 54.6% 

- FY2025: 57.1% 

## 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 1.5 trillion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:32.430Z); FY2025: revenue 1547531098760; grossProfit 884406924330; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 128940.KO: Hanmi Pharm. Co., Ltd., a biopharmaceutical company, engages in the manufacture and sale of pharmaceutical products in South Korea, China, Japan, the United States, and internationally. It focuses on research areas with high unmet medical needs, including obesity, metabolism, oncology, and rare diseases. The company's products include Gugutams, a urological combination therapy combining two active ingredients: tamsulosin, a treatment for Obstructive Prostatic Growth (OPG), and tadalafil, a treatment for erectile dysfunction (ED). The company has a research collaboration with MEDIC Life Sciences Inc. to identify cancer biomarkers. The company was founded in 1973 and is based in Hwaseong-si, South Korea.

### Why customers stay

Margins ranged from 54.6% to 57.1% during 2023–25; it earns 7.6% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:32.430Z); FY2023: grossProfit / revenue = 55.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:32.430Z); FY2024: grossProfit / revenue = 54.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:32.430Z); FY2025: grossProfit / revenue = 57.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:32.430Z); 10-year return on capital observations [[2016,0.0404727075449142],[2017,0.07843278370620045],[2018,0.045874935285169],[2019,0.05430056392655336],[2020,0.027644180965117403],[2021,0.0731338587457188],[2022,0.09826792622628129],[2023,0.15059410785901647],[2024,0.1276851566731677],[2025,0.15242201730025104]]; median 0.07578332122595963. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:32.430Z); FY2019: growth capex 87675546378.26859; upkeep 78455777161.73141; owner earnings 27108415378.268585. Growth capex / owner earnings = 3.2342556787201047.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:32.430Z); FY2020: growth capex 0; upkeep 41815495350; owner earnings 28802445660. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:32.430Z); FY2021: growth capex 0; upkeep 19949004200; owner earnings 123038271450. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:32.430Z); FY2022: growth capex 0; upkeep 30378468940; owner earnings 129112653832.48746. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:32.430Z); FY2023: growth capex 0; upkeep 43736284870; owner earnings 192956946758.81546. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:32.430Z); FY2024: growth capex 0; upkeep 62554422690; owner earnings 149805059386.29654. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:32.430Z); FY2025: growth capex 0; upkeep 76547028920; owner earnings 188030666289.60037. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:32.430Z); Dividend observations: [[2016,20420260000],[2017,8956206900],[2018,8956206900],[2019,5662345000],[2020,8140389600],[2021,5881330000],[2022,5992225000],[2023,17995573260],[2024,12555417680],[2025,30855397670]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 49.6% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 128940.KO SharesStats.PercentInsiders = 49.584 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 10.6% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:32.430Z); Ten-year compound average after fade. Initial solved rate 0.13982137359943703. Price 386000; 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 361,999.38 per share

- 2016-11: KRW 368,499.36 per share

- 2016-12: KRW 305,499.47 per share

- 2017-01: KRW 287,999.50 per share

- 2017-02: KRW 320,999.59 per share

- 2017-03: KRW 298,999.62 per share

- 2017-04: KRW 308,499.61 per share

- 2017-05: KRW 381,999.51 per share

- 2017-06: KRW 372,999.53 per share

- 2017-07: KRW 367,999.53 per share

- 2017-08: KRW 402,999.49 per share

- 2017-09: KRW 454,499.42 per share

- 2017-10: KRW 463,499.41 per share

- 2017-11: KRW 568,999.28 per share

- 2017-12: KRW 583,999.36 per share

- 2018-01: KRW 596,999.35 per share

- 2018-02: KRW 462,999.50 per share

- 2018-03: KRW 510,999.44 per share

- 2018-04: KRW 465,999.49 per share

- 2018-05: KRW 482,999.47 per share

- 2018-06: KRW 420,999.54 per share

- 2018-07: KRW 424,499.54 per share

- 2018-08: KRW 497,499.46 per share

- 2018-09: KRW 499,999.46 per share

- 2018-10: KRW 389,499.58 per share

- 2018-11: KRW 442,499.52 per share

- 2018-12: KRW 463,999.58 per share

- 2019-01: KRW 433,999.61 per share

- 2019-02: KRW 493,999.55 per share

- 2019-03: KRW 455,999.59 per share

- 2019-04: KRW 434,499.61 per share

- 2019-05: KRW 408,499.63 per share

- 2019-06: KRW 403,999.63 per share

- 2019-07: KRW 289,999.74 per share

- 2019-08: KRW 280,499.75 per share

- 2019-09: KRW 275,999.75 per share

- 2019-10: KRW 333,499.70 per share

- 2019-11: KRW 319,499.71 per share

- 2019-12: KRW 296,499.78 per share

- 2020-01: KRW 280,999.80 per share

- 2020-02: KRW 260,999.81 per share

- 2020-03: KRW 261,499.81 per share

- 2020-04: KRW 258,999.81 per share

- 2020-05: KRW 236,999.83 per share

- 2020-06: KRW 243,499.82 per share

- 2020-07: KRW 263,499.81 per share

- 2020-08: KRW 306,499.78 per share

- 2020-09: KRW 273,499.80 per share

- 2020-10: KRW 262,499.81 per share

- 2020-11: KRW 358,499.74 per share

- 2020-12: KRW 366,499.80 per share

- 2021-01: KRW 382,999.79 per share

- 2021-02: KRW 342,999.81 per share

- 2021-03: KRW 316,499.83 per share

- 2021-04: KRW 337,999.82 per share

- 2021-05: KRW 355,499.81 per share

- 2021-06: KRW 334,499.82 per share

- 2021-07: KRW 319,999.83 per share

- 2021-08: KRW 308,999.83 per share

- 2021-09: KRW 274,999.85 per share

- 2021-10: KRW 263,999.86 per share

- 2021-11: KRW 252,499.86 per share

- 2021-12: KRW 275,999.90 per share

- 2022-01: KRW 246,999.91 per share

- 2022-02: KRW 264,999.90 per share

- 2022-03: KRW 273,999.90 per share

- 2022-04: KRW 311,999.89 per share

- 2022-05: KRW 309,499.89 per share

- 2022-06: KRW 307,999.89 per share

- 2022-07: KRW 309,499.89 per share

- 2022-08: KRW 307,999.89 per share

- 2022-09: KRW 228,999.92 per share

- 2022-10: KRW 252,999.91 per share

- 2022-11: KRW 261,499.91 per share

- 2022-12: KRW 297,999.95 per share

- 2023-01: KRW 256,499.95 per share

- 2023-02: KRW 258,999.95 per share

- 2023-03: KRW 255,999.95 per share

- 2023-04: KRW 322,999.94 per share

- 2023-05: KRW 292,499.95 per share

- 2023-06: KRW 308,499.94 per share

- 2023-07: KRW 266,499.95 per share

- 2023-08: KRW 294,499.95 per share

- 2023-09: KRW 298,999.95 per share

- 2023-10: KRW 281,999.95 per share

- 2023-11: KRW 307,499.94 per share

- 2023-12: KRW 352,500.00 per share

- 2024-01: KRW 324,000.00 per share

- 2024-02: KRW 334,000.00 per share

- 2024-03: KRW 333,000.00 per share

- 2024-04: KRW 316,500.00 per share

- 2024-05: KRW 283,500.00 per share

- 2024-06: KRW 270,500.00 per share

- 2024-07: KRW 289,000.00 per share

- 2024-08: KRW 315,500.00 per share

- 2024-09: KRW 321,500.00 per share

- 2024-10: KRW 320,500.00 per share

- 2024-11: KRW 272,500.00 per share

- 2024-12: KRW 280,500.00 per share

- 2025-01: KRW 244,000.00 per share

- 2025-02: KRW 240,000.00 per share

- 2025-03: KRW 225,500.00 per share

- 2025-04: KRW 269,000.00 per share

- 2025-05: KRW 311,500.00 per share

- 2025-06: KRW 286,000.00 per share

- 2025-07: KRW 279,500.00 per share

- 2025-08: KRW 303,000.00 per share

- 2025-09: KRW 367,000.00 per share

- 2025-10: KRW 425,000.00 per share

- 2025-11: KRW 456,500.00 per share

- 2025-12: KRW 452,000.00 per share

- 2026-01: KRW 484,000.00 per share

- 2026-02: KRW 593,000.00 per share

- 2026-03: KRW 515,000.00 per share

- 2026-04: KRW 460,000.00 per share

- 2026-05: KRW 491,000.00 per share

- 2026-06: KRW 397,500.00 per share

- 2026-07: KRW 333,500.00 per share

- 2026-08: KRW 492,500.00 per share

- 2026-09: KRW 499,000.00 per share

- 2026-10: KRW 453,000.00 per share

## Annual estimated value (KRW per share)

- FY2021: low KRW 41,494.61 per share, central KRW 45,101.38 per share, high KRW 49,902.74 per share

- FY2022: low KRW 50,618.23 per share, central KRW 66,645.09 per share, high KRW 75,977.56 per share

- FY2023: low KRW 170,557.34 per share, central KRW 236,916.46 per share, high KRW 275,557.50 per share

- FY2024: low KRW 171,731.91 per share, central KRW 240,556.37 per share, high KRW 280,632.98 per share

- FY2025: low KRW 171,018.58 per share, central KRW 224,329.20 per share, high KRW 260,605.21 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 2026-10-15T06:44:06.499Z 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.