# SD Biosensor (137310.KO)

Canonical: https://gigainvestors.com/s/137310.KO

Analysis as of: 2026-10-16T07:46:13.538Z. Financial observations: FY2019–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 6,630.00 per share; close as of 2026-10-15.

## Checklist

### understandable: fail

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

- more than 2 net loss years

- operating margin variation exceeds 0.35

- Financial history: 8 years

- Years with declining revenue: 1

- Years with a net loss: 4

- Operating margin variation: 3.54×

Chart: Operating margin; fiscal year observations.

- FY2019: 0.02×

- FY2020: 0.44×

- FY2021: 0.47×

- FY2022: 0.39×

- FY2023: -0.38×

- FY2024: -0.08×

- FY2025: -0.11×

- LTM to Jun 2026: -0.09×

### moat: fail

- ROIC median below threshold

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

- ROIC, median of available years: 1.5%

- ROIC, second-lowest year: -4.4%

- Typical minus recent gross margin: 1.7 pp

- Typical gross margin (annual median): 47.5%

- Recent gross margin (lower of latest and 3-year median): 45.8%

- Years with nonpositive capital: 0

- Capital spending / revenue: 10.2%

- ROIC including acquisitions, ten-year median: -0.2%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2019: 1.5%

- FY2020: >100%

- FY2021: >100%

- FY2022: 98.1%

- FY2023: -11.8%

- FY2024: -2.5%

- FY2025: -4.4%

### economics: fail

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 0.83×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: KRW 749B

- Net income, five-year total: KRW 898B

- Return on incremental invested capital: -10.8%

- Working capital / revenue, annual change: 0.3 pp

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

- FY2021: 1.00×

- FY2022: 0.71×

- FY2023: 1.02×

- FY2024: 0.42×

- FY2025: 0.86×

### management: fail

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 213.8% vs -4.4%

- Per-share earnings: 6597.21 to -4219.00 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: 5.1%

- Diluted shares, 5-year annual growth: 5.1%

- Per-share value change: KRW -11K

- Per-share value, starting three-year median: KRW 7K

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

- Buybacks concentrated in cheaper years (correlation): 1.00

- Average buyback yield: 1.6%

- Buyback history: 4 years

- Debt-funded buybacks: No

- ROIC, first three-year median: >100%

- ROIC, last three-year median: -4.4%

Chart: Earnings per share; fiscal year observations.

- FY2019: KRW 33.79

- FY2020: KRW 7K

- FY2021: KRW 10K

- FY2022: KRW 9K

- FY2023: KRW -4K

- FY2024: KRW -805.00

- FY2025: KRW -4K

### accounting: pass

- Sloan accruals: -26.8%

- Receivables to sales index (DSRI): 0.99×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.2%

- Earnings backed by cash: Yes

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.54×

Chart: Sloan accruals; fiscal year observations.

- FY2019: 2.8%

- FY2020: 8.2%

- FY2021: -5.7%

- FY2022: 0.6%

- FY2023: -5.9%

- FY2024: -6.6%

- FY2025: -26.8%

## Holders

## Price story

Down 89% since Jan 2022 · sales +4%

Story as of 2026-10-16T10:00:13.542Z; price observation 2026-10-15.

### Sales · FY2025–2026

sales +4%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2019: KRW 73B 

- FY2020: KRW 1.69T 

- FY2021: KRW 2.93T 

- FY2022: KRW 2.93T 

- FY2023: KRW 656B 

- FY2024: KRW 695B 

- FY2025: KRW 711B 

- FY2026: KRW 739B 

### Gross margin · FY2025

gross margin 45.8%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2019: 28.5% 

- FY2020: 50.9% 

- FY2021: 53.6% 

- FY2022: 47.5% 

- FY2023: 19.2% 

- FY2024: 48.9% 

- FY2025: 45.8% 

## Owner memo

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

### How it makes money

Operates in medical devices; annual sales are KRW 710.6 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:46:13.538Z); FY2025: revenue 710580825150; grossProfit 325528012330; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 137310.KO: SD Biosensor, Inc., together with its subsidiaries, operates as an in-vitro diagnostic company in South Korea, India, Asia, Europe, the Americas, and Africa. The company offers STANDARD Q, which provides rapid diagnostic products; STANDARD F, a fluorescence immunodiagnostic system for various qualitative and quantitative diagnosis items; STANDARD E, an enzyme immunoassay diagnosis for large-volume tests; and STANDARD M, a field molecular diagnosis system for infectious disease diagnosis, drug resistance, and genetic testing. It also provides STANDARD i, an analyzer based on chemiluminescence immunoassay technology for detection of clinical biomarkers, including hormones, tumor markers, and infectious diseases; blood glucose meter products; and other products, such as transport medium, d-BLOCK incubator, G6PD analyzer, LipidoCare analyzer, MultiCare analyzer, and Pilot COVID-19 at-home test. The company exports its products. SD Biosensor, Inc. was founded in 1999 and is headquartered in Suwon-si, South Korea.

### Why customers stay

Margins ranged from 19.2% to 48.9% during 2023–25; it earns 1.5% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:46:13.538Z); FY2023: grossProfit / revenue = 19.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:46:13.538Z); FY2024: grossProfit / revenue = 48.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:46:13.538Z); FY2025: grossProfit / revenue = 45.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:46:13.538Z); 7-year return on capital observations [[2019,0.01466272441922116],[2020,2.13787489879052],[2021,3.5396449363283446],[2022,0.9810886784579395],[2023,-0.11818831567926666],[2024,-0.02525731712799245],[2025,-0.04442076577023705]]; median 0.01466272441922116. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 7 of 7 years; bought back KRW 11.6 billion of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:46:13.538Z); FY2020: growth capex 46929784640; upkeep 7974206000; owner earnings 611875298490. Growth capex / owner earnings = 0.0766982827314886.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:46:13.538Z); FY2021: growth capex 170938360920; upkeep 19114677000; owner earnings 1059839736492. Growth capex / owner earnings = 0.1612869899422669.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:46:13.538Z); FY2022: growth capex 503039611.58483887; upkeep 299948206518.41516; owner earnings 647396323261.5848. Growth capex / owner earnings = 0.0007770195682461149.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:46:13.538Z); Dividend observations: [[2019,49831150280],[2020,49831150280],[2021,49831150280],[2022,198735119540],[2023,29549597860],[2024,38065910],[2025,24183414160]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:46:13.538Z); FY2025: cash repurchases 11574629460 KRW.

### Are managers owners

Insiders own 72.8% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 137310.KO SharesStats.PercentInsiders = 72.773 percentage points; cache date 2026-10-16.

### What the price says

The price is 1.1 times annual sales; cash earnings are negative.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:46:13.538Z); Closing price 6630 KRW; reporting-to-trading FX 1; FY2025 annual sales per share 5937.393560199024; price multiple 1.1166515968292592. FY2025 cash earnings/share -3665.846930247931. Closing-price date 2026-10-15.

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

- 2021-07: KRW 56,400.00 per share

- 2021-08: KRW 49,000.00 per share

- 2021-09: KRW 45,150.00 per share

- 2021-10: KRW 45,800.00 per share

- 2021-11: KRW 58,400.00 per share

- 2021-12: KRW 55,900.00 per share

- 2022-01: KRW 60,500.00 per share

- 2022-02: KRW 54,600.00 per share

- 2022-03: KRW 55,800.00 per share

- 2022-04: KRW 45,600.00 per share

- 2022-05: KRW 50,000.00 per share

- 2022-06: KRW 38,850.00 per share

- 2022-07: KRW 40,300.00 per share

- 2022-08: KRW 35,150.00 per share

- 2022-09: KRW 26,600.00 per share

- 2022-10: KRW 29,550.00 per share

- 2022-11: KRW 32,900.00 per share

- 2022-12: KRW 30,150.00 per share

- 2023-01: KRW 28,600.00 per share

- 2023-02: KRW 23,000.00 per share

- 2023-03: KRW 21,100.00 per share

- 2023-04: KRW 20,800.00 per share

- 2023-05: KRW 16,930.00 per share

- 2023-06: KRW 12,230.00 per share

- 2023-07: KRW 12,950.00 per share

- 2023-08: KRW 12,510.00 per share

- 2023-09: KRW 11,370.00 per share

- 2023-10: KRW 9,640.00 per share

- 2023-11: KRW 11,360.00 per share

- 2023-12: KRW 11,440.00 per share

- 2024-01: KRW 10,390.00 per share

- 2024-02: KRW 12,550.00 per share

- 2024-03: KRW 11,800.00 per share

- 2024-04: KRW 10,540.00 per share

- 2024-05: KRW 10,040.00 per share

- 2024-06: KRW 9,850.00 per share

- 2024-07: KRW 9,610.00 per share

- 2024-08: KRW 10,710.00 per share

- 2024-09: KRW 9,180.00 per share

- 2024-10: KRW 9,070.00 per share

- 2024-11: KRW 11,010.00 per share

- 2024-12: KRW 10,280.00 per share

- 2025-01: KRW 11,240.00 per share

- 2025-02: KRW 10,570.00 per share

- 2025-03: KRW 9,210.00 per share

- 2025-04: KRW 9,400.00 per share

- 2025-05: KRW 11,660.00 per share

- 2025-06: KRW 10,440.00 per share

- 2025-07: KRW 10,020.00 per share

- 2025-08: KRW 10,020.00 per share

- 2025-09: KRW 9,930.00 per share

- 2025-10: KRW 9,550.00 per share

- 2025-11: KRW 9,470.00 per share

- 2025-12: KRW 8,900.00 per share

- 2026-01: KRW 9,020.00 per share

- 2026-02: KRW 8,440.00 per share

- 2026-03: KRW 7,650.00 per share

- 2026-04: KRW 8,420.00 per share

- 2026-05: KRW 7,780.00 per share

- 2026-06: KRW 6,380.00 per share

- 2026-07: KRW 6,350.00 per share

- 2026-08: KRW 6,120.00 per share

- 2026-09: KRW 6,130.00 per share

- 2026-10: KRW 6,700.00 per share

## Annual estimated value (KRW per share)

- FY2023: low KRW 19,186.98 per share, central KRW 21,155.11 per share, high KRW 23,775.10 per share

- FY2024: low KRW 17,424.75 per share, central KRW 19,315.37 per share, high KRW 21,832.17 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

## 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