Samsung Biologics Co Ltd

Samsung Biologics maintains a conservative capital structure with a debt-to-equity ratio of 0.12 and a current ratio of 1.74, indicating strong short-term liquidity coverage. The balance sheet shows total equity of 7.45 trillion KRW against total liabilities of 3.61 trillion KRW, with long-term debt standing at 927 billion KRW. Despite holding 149 billion KRW in cash and equivalents, the company reports negative net cash after subtracting total debt, a key flag in the risk assessment. Operating cash flow is robust at 2.25 trillion KRW, significantly exceeding free cash flow of 772 billion KRW due to heavy capital expenditures of 1.48 trillion KRW, reflecting ongoing capacity expansion.

Profitability metrics are strong, with a return on equity (ROE) of 25.2% and return on assets (ROA) of 17.0%, suggesting efficient use of capital. The company generated net income of 1.78 trillion KRW on revenue of 4.56 trillion KRW, resulting in a net margin of approximately 39%. Operating income of 2.07 trillion KRW indicates high operational leverage. While cohort medians are not provided for direct comparison, these returns are indicative of a high-margin, asset-light business model relative to traditional manufacturing, though the heavy capex suggests a capital-intensive growth phase.

Revenue concentration and geographic exposure details are absent from the provided data, preventing a detailed analysis of segment mix or regional risk. The company’s business model relies on long-term contracts with major pharmaceutical partners, which typically provides visibility into future cash flows, but specific customer concentration risks cannot be quantified from the current input.

Growth trajectory analysis is limited by the absence of historical period data. However, the current revenue base of 4.56 trillion KRW and the significant capital expenditure of 1.48 trillion KRW suggest the company is in an aggressive expansion phase, likely building new facilities to meet future demand. The high level of capex relative to free cash flow indicates that growth is currently funded through operating cash generation rather than external financing.

Risk factors include medium liquidity risk, primarily driven by the negative net cash position despite strong operating cash flows. Dilution risk is assessed as low, with basic and diluted shares outstanding being identical at 46.2 million shares, indicating no current options or convertible securities impacting share count. The key flag of negative net cash highlights the burden of debt servicing and capex funding, though the low debt-to-equity ratio mitigates solvency concerns.

Recent events and market sentiment are positive, with a mean analyst recommendation of 1.64 (strong buy) and a mean price target of 2.07 million KRW, implying significant upside from the current market price of 1.44 million KRW. The high count of strong buy (10) and buy (18) ratings, with zero holds, reflects strong institutional confidence in the company’s growth prospects and market position.

Samsung Biologics Co Ltd (207940.KS) has experienced no material changes in its fundamental profile or market signals during the recent analysis period. A comprehensive review of 17 key fields, excluding four schema-expansion fields, confirmed that the company’s status remains static compared to prior assessments. This lack of movement is corroborated by a complete absence of watcher signals and cross-source activity. Data indicates zero dispatches per day across the monitored timeframe from late June through mid-July 2026, with no associated sentiment recorded for any of these dates. The company’s structural footprint remains minimal in terms of external coverage and ownership concentration. Current metrics show zero officers, zero index memberships, and zero top holders recorded in the system. Furthermore, analyst engagement is limited, with only one analyst currently covering the stock. This quiet period suggests a stable but low-activity environment for Samsung Biologics, with no new events, ratings, or holder shifts to report based on available facts.

Net income surged 64.7% year-over-year to KRW 1.78 trillion in fiscal 2026, demonstrating robust profitability growth.

Free cash flow exploded 196.3% year-over-year to KRW 771.8 billion, highlighting exceptional cash generation capabilities.

Analysts project 38.9% upside to a mean price target of KRW 2.07 million, reflecting strong market confidence.

Revenue declined 5.3% year-over-year in fiscal 2026 to KRW 4.56 trillion, signaling potential top-line growth stagnation.

Cash conversion ratio of 1.2 falls below the 1.22 cohort median, suggesting slightly weaker cash generation relative to peers.

The company faces medium liquidity risk, which could constrain financial flexibility during periods of market stress.

Revenue KRW 1.26T, +25,8% YoY; Operating income +35,0% YoY.

• ▍Revenue KRW 1.26T, +25,8% YoY
• ▍Operating income +35,0% YoY
• ▍Net income +24,9% YoY
• ▍Free cash flow +404,2% YoY
• ▍Net margin 37.3%

Revenue KRW 308.57B, +49,6% YoY; Operating income +15,9% YoY.

• ▍Revenue KRW 308.57B, +49,6% YoY
• ▍Operating income +15,9% YoY
• ▍Net income +58,6% YoY
• ▍Free cash flow +28,7% YoY
• ▍Net margin 165.3%

Revenue KRW 1.66T, +39,9% YoY; Operating income +115,3% YoY.

• ▍Revenue KRW 1.66T, +39,9% YoY
• ▍Operating income +115,3% YoY
• ▍Net income +117,2% YoY
• ▍Free cash flow +530,3% YoY
• ▍Net margin 34.6%

Revenue KRW 1.29T, +11,5% YoY; Operating income +9,5% YoY.

• ▍Revenue KRW 1.29T, +11,5% YoY
• ▍Operating income +9,5% YoY
• ▍Net income +2,0% YoY
• ▍Free cash flow +0,3% YoY
• ▍Net margin 25.1%

Revenue KRW 999.54B; Operating income KRW 430.24B.

• ▍Revenue KRW 999.54B
• ▍Operating income KRW 430.24B
• ▍Net margin 37.6%

Revenue KRW 206.26B; Operating income KRW 326.30B.

• ▍Revenue KRW 206.26B
• ▍Operating income KRW 326.30B
• ▍Net margin 155.9%

Revenue KRW 1.19T; Operating income KRW 338.58B.

• ▍Revenue KRW 1.19T
• ▍Operating income KRW 338.58B
• ▍Net margin 22.3%

Revenue KRW 1.16T; Operating income KRW 434.51B.

• ▍Revenue KRW 1.16T
• ▍Operating income KRW 434.51B
• ▍Net margin 27.5%

Revenue KRW 4.56T, +30,3% YoY; Operating income +56,7% YoY.

• ▍Revenue KRW 4.56T, +30,3% YoY
• ▍Operating income +56,7% YoY
• ▍Net income +64,7% YoY
• ▍Free cash flow +196,3% YoY
• ▍Net margin 39.2%

Revenue KRW 3.50T, −5,3% YoY; Operating income +18,0% YoY.

• ▍Revenue KRW 3.50T, −5,3% YoY
• ▍Operating income +18,0% YoY
• ▍Net income +26,3% YoY
• ▍Free cash flow +7,6% YoY
• ▍Net margin 31.0%

Revenue KRW 3.69T, +23,1% YoY; Operating income +6,7% YoY.

• ▍Revenue KRW 3.69T, +23,1% YoY
• ▍Operating income +6,7% YoY
• ▍Net income +7,5% YoY
• ▍Free cash flow +145,9% YoY
• ▍Net margin 23.2%

Revenue KRW 3.00T, +91,4% YoY; Operating income +95,2% YoY.

• ▍Revenue KRW 3.00T, +91,4% YoY
• ▍Operating income +95,2% YoY
• ▍Net income +102,8% YoY
• ▍Free cash flow −26,6% YoY
• ▍Net margin 26.6%