# SK Bioscience (302440.KO)

Canonical: https://gigainvestors.com/s/302440.KO

Analysis as of: 2026-10-16T07:40:47.430Z. Financial observations: FY2018–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 35,350.00 per share; close as of 2026-10-15.

Estimated value: low KRW 9,765.91 per share, central KRW 9,857.63 per share, high KRW 9,979.72 per share. Buy at or below the central value KRW 9,857.63 per share. Valuation as of 2026-10-16T07:40:47.430Z; scenarios are not confidence intervals.

Expected annual return: 3.2% at the stated quote. About 3.2% 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

- 3 revenue declines in the last 10 years (informational)

- more than 2 net loss years

- operating margin variation exceeds 0.35

- Financial history: 9 years

- Years with declining revenue: 3

- Years with a net loss: 3

- Operating margin variation: 12.85×

Chart: Operating margin; fiscal year observations.

- FY2018: 0.17×

- FY2019: 0.04×

- FY2020: 0.17×

- FY2021: 0.51×

- FY2022: 0.25×

- FY2023: -0.03×

- FY2024: -0.52×

- FY2025: -0.19×

- LTM to Jun 2026: -0.20×

### moat: fail

- ROIC median below threshold

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

- Recent gross margin fell 31.1pp below the typical margin (limit 4pp)

- ROIC, median of available years: 3.4%

- ROIC, second-lowest year: -7.5%

- Typical minus recent gross margin: 31.1 pp

- Typical gross margin (annual median): 42.8%

- Recent gross margin (lower of latest and 3-year median): 11.7%

- Years with nonpositive capital: 0

- Capital spending / revenue: 13.3%

- ROIC including acquisitions, ten-year median: 2.7%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2018: 4.9%

- FY2019: 1.9%

- FY2020: 18.8%

- FY2021: >100%

- FY2022: 26.6%

- FY2023: -2.7%

- FY2024: -11.2%

- FY2025: -7.5%

### economics: fail

- owner earnings cash conversion below threshold

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 0.48×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: KRW 186B

- Net income, five-year total: KRW 389B

- Return on incremental invested capital: -18.4%

- Working capital / revenue, annual change: 2.3 pp

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

- FY2021: 0.99×

- FY2022: 0.55×

- FY2023: 0.12×

- FY2024: 3.32×

- FY2025: 1.02×

### management: fail

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 4.9% vs -7.5%

- Per-share earnings: 239.83 to -698.00 (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 -937.83

- Per-share value, starting three-year median: KRW 239.83

- Per-share value, ending three-year median: KRW -698.00

- Average buyback yield: 0.1%

- Buyback history: 1 years

- Debt-funded buybacks: No

- ROIC, first three-year median: 4.9%

- ROIC, last three-year median: -7.5%

Chart: Earnings per share; fiscal year observations.

- FY2018: KRW 6.88

- FY2019: KRW 239.83

- FY2020: KRW 537.41

- FY2021: KRW 5K

- FY2022: KRW 2K

- FY2023: KRW 290.00

- FY2024: KRW -698.00

- FY2025: KRW -733.00

### accounting: pass

- Sloan accruals: -5.4%

- Receivables to sales index (DSRI): 0.53×

- Restructuring years, last five: 0

- Earnings backed by cash: Yes

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.11×

Chart: Sloan accruals; fiscal year observations.

- FY2018: -3.6%

- FY2019: -1.8%

- FY2020: -15.5%

- FY2021: -8.6%

- FY2022: 11.6%

- FY2023: -0.4%

- FY2024: 2.6%

- FY2025: -5.4%

## Holders

## Price story

Down 87% since Nov 2021 · sales +1.2%

Story as of 2026-10-16T10:00:11.640Z; price observation 2026-10-15.

Price needs cash profits to grow 49.3% a year for ten years

### Sales · FY2025–2026

sales +1.2%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2018: KRW 88B 

- FY2019: KRW 184B 

- FY2020: KRW 226B 

- FY2021: KRW 929B 

- FY2022: KRW 457B 

- FY2023: KRW 370B 

- FY2024: KRW 268B 

- FY2025: KRW 651B 

- FY2026: KRW 659B 

### Gross margin · FY2025

gross margin 11.7%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2018: 44.5% 

- FY2019: 43.3% 

- FY2020: 42.3% 

- FY2021: 61.4% 

- FY2022: 52.5% 

- FY2023: 38.5% 

- FY2024: 11.6% 

- FY2025: 11.7% 

## Owner memo

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

### How it makes money

Operates in biotechnology; annual sales are KRW 651.4 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:47.430Z); FY2025: revenue 651368342530; grossProfit 75924199580; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 11.6% to 38.5% during 2023–25; it earns 3.4% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:47.430Z); FY2023: grossProfit / revenue = 38.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:47.430Z); FY2024: grossProfit / revenue = 11.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:47.430Z); FY2025: grossProfit / revenue = 11.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:47.430Z); 8-year return on capital observations [[2018,0.049030538772540516],[2019,0.019405305912315877],[2020,0.18784419956685522],[2021,5.776429182001985],[2022,0.2655227849773944],[2023,-0.02662246307565511],[2024,-0.11161139421898376],[2025,-0.07521106146693975]]; median 0.034217922342428195. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid no dividends in 2 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:47.430Z); FY2018: growth capex 0; upkeep 6309971550; owner earnings 705798980. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:47.430Z); FY2019: growth capex 8620557390; upkeep 15347851000; owner earnings 12988648656. Growth capex / owner earnings = 0.6636993284145695.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:47.430Z); FY2020: growth capex 0; upkeep 9926187000; owner earnings 37743049248. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:47.430Z); FY2021: growth capex 24131919000; upkeep 18775305000; owner earnings 352922499876. Growth capex / owner earnings = 0.06837738882751537.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:47.430Z); FY2022: growth capex 0; upkeep 76489443390; owner earnings 67243368098. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:47.430Z); FY2023: growth capex 0; upkeep 50295489140; owner earnings 2672227384. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:47.430Z); Dividend observations: [[2020,0],[2021,0]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 68.7% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 302440.KO SharesStats.PercentInsiders = 68.69 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 49.3% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:47.430Z); Ten-year compound average after fade. Initial solved rate 0.7236900631257752. Price 35350; 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)

- 2021-03: KRW 120,500.00 per share

- 2021-04: KRW 152,000.00 per share

- 2021-05: KRW 152,000.00 per share

- 2021-06: KRW 158,500.00 per share

- 2021-07: KRW 170,500.00 per share

- 2021-08: KRW 313,500.00 per share

- 2021-09: KRW 270,500.00 per share

- 2021-10: KRW 230,000.00 per share

- 2021-11: KRW 280,500.00 per share

- 2021-12: KRW 225,000.00 per share

- 2022-01: KRW 165,000.00 per share

- 2022-02: KRW 146,000.00 per share

- 2022-03: KRW 157,000.00 per share

- 2022-04: KRW 135,500.00 per share

- 2022-05: KRW 135,500.00 per share

- 2022-06: KRW 100,500.00 per share

- 2022-07: KRW 122,000.00 per share

- 2022-08: KRW 113,000.00 per share

- 2022-09: KRW 80,300.00 per share

- 2022-10: KRW 75,600.00 per share

- 2022-11: KRW 82,800.00 per share

- 2022-12: KRW 73,500.00 per share

- 2023-01: KRW 75,000.00 per share

- 2023-02: KRW 69,700.00 per share

- 2023-03: KRW 72,100.00 per share

- 2023-04: KRW 70,400.00 per share

- 2023-05: KRW 82,900.00 per share

- 2023-06: KRW 79,500.00 per share

- 2023-07: KRW 73,300.00 per share

- 2023-08: KRW 73,400.00 per share

- 2023-09: KRW 67,700.00 per share

- 2023-10: KRW 60,600.00 per share

- 2023-11: KRW 68,000.00 per share

- 2023-12: KRW 72,000.00 per share

- 2024-01: KRW 63,500.00 per share

- 2024-02: KRW 61,400.00 per share

- 2024-03: KRW 61,300.00 per share

- 2024-04: KRW 58,600.00 per share

- 2024-05: KRW 51,700.00 per share

- 2024-06: KRW 52,600.00 per share

- 2024-07: KRW 55,500.00 per share

- 2024-08: KRW 55,500.00 per share

- 2024-09: KRW 55,400.00 per share

- 2024-10: KRW 54,100.00 per share

- 2024-11: KRW 47,100.00 per share

- 2024-12: KRW 50,400.00 per share

- 2025-01: KRW 49,000.00 per share

- 2025-02: KRW 42,550.00 per share

- 2025-03: KRW 39,200.00 per share

- 2025-04: KRW 39,600.00 per share

- 2025-05: KRW 45,100.00 per share

- 2025-06: KRW 47,750.00 per share

- 2025-07: KRW 45,750.00 per share

- 2025-08: KRW 47,250.00 per share

- 2025-09: KRW 46,800.00 per share

- 2025-10: KRW 50,700.00 per share

- 2025-11: KRW 54,800.00 per share

- 2025-12: KRW 48,200.00 per share

- 2026-01: KRW 50,700.00 per share

- 2026-02: KRW 48,950.00 per share

- 2026-03: KRW 41,700.00 per share

- 2026-04: KRW 43,050.00 per share

- 2026-05: KRW 40,900.00 per share

- 2026-06: KRW 35,750.00 per share

- 2026-07: KRW 33,850.00 per share

- 2026-08: KRW 38,400.00 per share

- 2026-09: KRW 36,100.00 per share

- 2026-10: KRW 36,450.00 per share

## Annual estimated value (KRW per share)

- FY2022: low KRW 28,652.76 per share, central KRW 29,968.61 per share, high KRW 31,720.28 per share

- FY2023: low KRW 24,187.05 per share, central KRW 25,252.39 per share, high KRW 26,670.58 per share

- FY2024: low KRW 18,887.21 per share, central KRW 19,656.22 per share, high KRW 20,679.94 per share

- FY2025: low KRW 10,667.95 per share, central KRW 10,758.56 per share, high KRW 10,879.20 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