# Samsung Biologics (207940.KO)

Canonical: https://gigainvestors.com/s/207940.KO

Analysis as of: 2026-10-16T07:34:01.540Z. Financial observations: FY2014–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 1,247,000.00 per share; close as of 2026-10-15.

Estimated value: low KRW 362,361.51 per share, central KRW 498,109.30 per share, high KRW 577,155.48 per share. Buy at or below the central value KRW 498,109.30 per share. Valuation as of 2026-10-16T07:34:01.540Z; scenarios are not confidence intervals.

Expected annual return: 5.7% at the stated quote. About 5.7% 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: 2

- Operating margin variation: 0.67×

Chart: Operating margin; fiscal year observations.

- FY2016: -0.10×

- FY2017: 0.14×

- FY2018: 0.10×

- FY2019: 0.13×

- FY2020: 0.25×

- FY2021: 0.34×

- FY2022: 0.33×

- FY2023: 0.30×

- FY2024: 0.38×

- FY2025: 0.45×

### moat: fail

- ROIC median below threshold

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

- ROIC, median of available years: 6.8%

- ROIC, second-lowest year: 1.1%

- Typical minus recent gross margin: -7.9 pp

- Typical gross margin (annual median): 41.0%

- Recent gross margin (lower of latest and 3-year median): 48.9%

- Years with nonpositive capital: 0

- Capital spending / revenue: 32.1%

- ROIC including acquisitions, ten-year median: 4.9%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: -0.6%

- FY2017: 1.3%

- FY2018: 1.1%

- FY2019: 2.1%

- FY2020: 5.9%

- FY2021: 7.7%

- FY2022: 11.7%

- FY2023: 10.7%

- FY2024: 10.6%

- FY2025: 22.9%

### economics: pass

- Owner earnings / net income, 5-yr: 0.81×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: KRW 3.97T

- Net income, five-year total: KRW 4.92T

- Return on incremental invested capital: 26.8%

- Working capital / revenue, annual change: -4.3 pp

- Working capital / revenue, change between three-year averages: -36.5 pp

- Working capital / revenue, final three-year average: 32.5%

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

- FY2021: 0.99×

- FY2022: 0.90×

- FY2023: 0.93×

- FY2024: 0.25×

- FY2025: 1.00×

### management: pass

- Historical market-dollar context (not the management verdict): 2017 to 2025 (8 years)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 1.1% vs 10.7%

- Per-share earnings: 3066.64 to 23402.83 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: -6.9%

- Market cap gain: KRW 55.26T

- Cumulative retained earnings: KRW 5.54T

- Diluted shares, 5-year annual growth: -6.9%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 40.3%

- Per-share value change: KRW 20K

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

- Per-share value, ending three-year median: KRW 23K

- Average buyback yield: 0.1%

- Buyback history: 1 years

- Debt-funded buybacks: No

- Acquisition spending: KRW 5.95T

- Cumulative net income, 10 years: KRW 5.31T

- ROIC, first three-year median: 1.1%

- ROIC, last three-year median: 10.7%

Chart: Earnings per share; fiscal year observations.

- FY2017: KRW -1K

- FY2018: KRW 7K

- FY2019: KRW 3K

- FY2020: KRW 4K

- FY2021: KRW 9K

- FY2022: KRW 18K

- FY2023: KRW 19K

- FY2024: KRW 23K

- FY2025: KRW 39K

### accounting: pass

- Sloan accruals: -4.2%

- Restructuring years, last five: 0

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.26×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.01×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -1.5%

- FY2017: -3.4%

- FY2018: 4.3%

- FY2019: 3.3%

- FY2020: 0.6%

- FY2021: -0.8%

- FY2022: -0.9%

- FY2023: -5.0%

- FY2024: -3.3%

- FY2025: -4.2%

## Holders

## Price story

Down 30% since Feb 2026 · sales +30.3%

Story as of 2026-10-16T09:59:58.818Z; price observation 2026-10-15.

Price needs cash profits to grow 19% a year for ten years

### Sales · FY2024–2025

sales +30.3%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: KRW 295B 

- FY2017: KRW 465B 

- FY2018: KRW 536B 

- FY2019: KRW 702B 

- FY2020: KRW 1.16T 

- FY2021: KRW 1.57T 

- FY2022: KRW 3.00T 

- FY2023: KRW 3.69T 

- FY2024: KRW 3.50T 

- FY2025: KRW 4.56T 

### Gross margin · FY2025

gross margin 55.2%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 9.0% 

- FY2017: 28.4% 

- FY2018: 27.1% 

- FY2019: 27.4% 

- FY2020: 35.7% 

- FY2021: 46.3% 

- FY2022: 48.9% 

- FY2023: 48.8% 

- FY2024: 48.9% 

- FY2025: 55.2% 

## Owner memo

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

### How it makes money

Operates in biotechnology; annual sales are KRW 4.6 trillion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:01.540Z); FY2025: revenue 4556971695180; grossProfit 2516640411650; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 207940.KO: Samsung Biologics Co.,Ltd., together with its subsidiaries engages in the manufacturing, commercializing, distributing, and selling of biopharmaceuticals products in South Korea, Europe, the United States, and internationally. Its development services include late discovery, cell line development, process development, analytical development, and non-GMP / CGMP manufacturing. The company also offers aseptic filling, lyophilization, finishing, cold chain storage and shipping, and regulatory support services; and quality services and analytical testing services, such as IPC and release testing, stability study and testing, environmental monitoring, biosafety testing, as well as manufactures drug substance. In addition, it engages in the development and manufacture of antibody-drug conjugates and mRNA products. The company was founded in 2011 and is headquartered in Incheon, South Korea.

### Why customers stay

Margins ranged from 48.8% to 55.2% during 2023–25; it earns 6.8% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:01.540Z); FY2023: grossProfit / revenue = 48.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:01.540Z); FY2024: grossProfit / revenue = 48.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:01.540Z); FY2025: grossProfit / revenue = 55.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:01.540Z); 10-year return on capital observations [[2016,-0.006480214883188445],[2017,0.012585195871043795],[2018,0.01056143669788064],[2019,0.021245333099710263],[2020,0.05853790922022562],[2021,0.07669929214776447],[2022,0.11738744608729759],[2023,0.10652856330235408],[2024,0.10579802403880813],[2025,0.22873256519477703]]; median 0.06761860068399504. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Spends 47.2% of cash earnings on expansion; earns 26.8% on new investment.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:01.540Z); FY2019: growth capex 59952436110; upkeep 132885102560; owner earnings 199726242288. Growth capex / owner earnings = 0.30017305399232497.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:01.540Z); FY2020: growth capex 0; upkeep 139664805060; owner earnings 240488618936. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:01.540Z); FY2021: growth capex 244464865040; upkeep 161788649870; owner earnings 389947807978. Growth capex / owner earnings = 0.6269168848714035.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:01.540Z); FY2022: growth capex 648575381550; upkeep 308264320900; owner earnings 716027692488. Growth capex / owner earnings = 0.9057965052948976.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:01.540Z); FY2023: growth capex 615542668360; upkeep 489781994650; owner earnings 801362295734. Growth capex / owner earnings = 0.7681203266447665.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:01.540Z); FY2024: growth capex 0; upkeep 1377525533930; owner earnings 275594942890. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:01.540Z); FY2025: growth capex 841436599080; upkeep 633636916200; owner earnings 1782678053070. Growth capex / owner earnings = 0.47200704447499.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:01.540Z); Incremental return on capital 0.2677465334262668, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:01.540Z); Dividend observations: [[2016,0],[2017,0],[2018,0],[2019,0],[2020,0],[2021,0],[2022,0]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:01.540Z); FY2025: cash repurchases 92012513650 KRW.

### Are managers owners

Insiders own 74.4% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 207940.KO SharesStats.PercentInsiders = 74.362 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 19% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:01.540Z); Ten-year compound average after fade. Initial solved rate 0.26316609732498. Price 1247000; 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)

- 2016-11: KRW 145,861.85 per share

- 2016-12: KRW 143,020.39 per share

- 2017-01: KRW 152,491.94 per share

- 2017-02: KRW 155,806.98 per share

- 2017-03: KRW 163,857.79 per share

- 2017-04: KRW 165,752.10 per share

- 2017-05: KRW 208,374.07 per share

- 2017-06: KRW 276,569.23 per share

- 2017-07: KRW 257,626.13 per share

- 2017-08: KRW 268,044.83 per share

- 2017-09: KRW 319,664.77 per share

- 2017-10: KRW 363,707.47 per share

- 2017-11: KRW 324,400.55 per share

- 2017-12: KRW 351,394.46 per share

- 2018-01: KRW 415,327.42 per share

- 2018-02: KRW 426,219.70 per share

- 2018-03: KRW 461,264.43 per share

- 2018-04: KRW 462,211.58 per share

- 2018-05: KRW 412,012.37 per share

- 2018-06: KRW 394,963.59 per share

- 2018-07: KRW 353,288.77 per share

- 2018-08: KRW 438,532.71 per share

- 2018-09: KRW 505,780.71 per share

- 2018-10: KRW 367,022.52 per share

- 2018-11: KRW 316,823.31 per share

- 2018-12: KRW 366,075.36 per share

- 2019-01: KRW 377,914.80 per share

- 2019-02: KRW 356,130.24 per share

- 2019-03: KRW 302,615.98 per share

- 2019-04: KRW 322,032.66 per share

- 2019-05: KRW 284,146.46 per share

- 2019-06: KRW 303,089.56 per share

- 2019-07: KRW 265,203.37 per share

- 2019-08: KRW 254,784.66 per share

- 2019-09: KRW 291,250.13 per share

- 2019-10: KRW 377,441.22 per share

- 2019-11: KRW 372,705.45 per share

- 2019-12: KRW 410,118.06 per share

- 2020-01: KRW 458,896.54 per share

- 2020-02: KRW 439,006.29 per share

- 2020-03: KRW 456,528.65 per share

- 2020-04: KRW 550,296.99 per share

- 2020-05: KRW 589,130.34 per share

- 2020-06: KRW 734,045.03 per share

- 2020-07: KRW 694,264.53 per share

- 2020-08: KRW 736,886.50 per share

- 2020-09: KRW 653,536.87 per share

- 2020-10: KRW 645,959.63 per share

- 2020-11: KRW 744,463.74 per share

- 2020-12: KRW 782,349.93 per share

- 2021-01: KRW 751,093.82 per share

- 2021-02: KRW 710,366.16 per share

- 2021-03: KRW 708,471.85 per share

- 2021-04: KRW 761,512.52 per share

- 2021-05: KRW 800,345.87 per share

- 2021-06: KRW 796,557.25 per share

- 2021-07: KRW 842,967.84 per share

- 2021-08: KRW 914,004.46 per share

- 2021-09: KRW 827,813.37 per share

- 2021-10: KRW 824,971.90 per share

- 2021-11: KRW 842,020.69 per share

- 2021-12: KRW 855,280.86 per share

- 2022-01: KRW 699,947.46 per share

- 2022-02: KRW 745,666.13 per share

- 2022-03: KRW 791,612.19 per share

- 2022-04: KRW 802,141.49 per share

- 2022-05: KRW 810,756.37 per share

- 2022-06: KRW 756,195.44 per share

- 2022-07: KRW 827,986.14 per share

- 2022-08: KRW 799,269.86 per share

- 2022-09: KRW 772,468.00 per share

- 2022-10: KRW 839,472.66 per share

- 2022-11: KRW 849,044.75 per share

- 2022-12: KRW 785,868.93 per share

- 2023-01: KRW 759,067.07 per share

- 2023-02: KRW 739,922.88 per share

- 2023-03: KRW 754,281.02 per share

- 2023-04: KRW 747,580.55 per share

- 2023-05: KRW 750,452.18 per share

- 2023-06: KRW 712,163.80 per share

- 2023-07: KRW 733,222.41 per share

- 2023-08: KRW 705,463.34 per share

- 2023-09: KRW 651,859.61 per share

- 2023-10: KRW 678,661.48 per share

- 2023-11: KRW 693,976.83 per share

- 2023-12: KRW 727,479.16 per share

- 2024-01: KRW 804,055.91 per share

- 2024-02: KRW 740,880.09 per share

- 2024-03: KRW 795,441.02 per share

- 2024-04: KRW 747,580.55 per share

- 2024-05: KRW 698,762.87 per share

- 2024-06: KRW 695,891.24 per share

- 2024-07: KRW 897,862.43 per share

- 2024-08: KRW 938,065.23 per share

- 2024-09: KRW 935,193.60 per share

- 2024-10: KRW 959,123.83 per share

- 2024-11: KRW 933,279.18 per share

- 2024-12: KRW 908,391.74 per share

- 2025-01: KRW 1,034,743.38 per share

- 2025-02: KRW 1,068,245.71 per share

- 2025-03: KRW 970,610.35 per share

- 2025-04: KRW 1,006,984.30 per share

- 2025-05: KRW 987,840.12 per share

- 2025-06: KRW 949,551.74 per share

- 2025-07: KRW 1,021,342.45 per share

- 2025-08: KRW 958,166.62 per share

- 2025-09: KRW 954,337.79 per share

- 2025-10: KRW 1,168,752.70 per share

- 2025-11: KRW 1,607,000.00 per share

- 2025-12: KRW 1,695,000.00 per share

- 2026-01: KRW 1,745,000.00 per share

- 2026-02: KRW 1,778,000.00 per share

- 2026-03: KRW 1,504,000.00 per share

- 2026-04: KRW 1,470,000.00 per share

- 2026-05: KRW 1,363,000.00 per share

- 2026-06: KRW 1,391,000.00 per share

- 2026-07: KRW 1,485,000.00 per share

- 2026-08: KRW 1,518,000.00 per share

- 2026-09: KRW 1,381,620.47 per share

- 2026-10: KRW 1,206,000.00 per share

## Annual estimated value (KRW per share)

- FY2021: low KRW 112,186.53 per share, central KRW 123,405.82 per share, high KRW 138,341.07 per share

- FY2022: low KRW 241,390.12 per share, central KRW 265,156.84 per share, high KRW 296,795.39 per share

- FY2023: low KRW 250,955.72 per share, central KRW 279,652.29 per share, high KRW 317,853.52 per share

- FY2024: low KRW 250,025.39 per share, central KRW 345,490.64 per share, high KRW 401,080.22 per share

- FY2025: low KRW 349,399.48 per share, central KRW 486,221.74 per share, high KRW 565,893.58 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 2026-10-15T06:39:50.531Z 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.