PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q3–2026Q2) · Dividend yield is based on ₩200 per share · Prices as of the 2026-10-02 close
Gradiant maintains revenue in the KRW 3 trillion range anchored by the B2B distribution businesses of iMarketKorea and Anyoncare, and has posted two consecutive quarters of operating profit in early 2026, marking a shift from the weak results of 2025.
In 2025, the company posted an annual operating loss of KRW 29.6 billion and an owner net loss of KRW 35.8 billion, wider than the prior year.
Operating profit turned positive for two straight quarters in 2026, reaching KRW 5.8 billion in Q1 and KRW 7.8 billion in Q2.
Owner net income also turned positive at KRW 4.4 billion in Q2 2026, extending the quarterly improvement trend.
Core subsidiaries include iMarketKorea (B2B industrial materials and MRO distribution) and Anyoncare (pharmaceutical distribution), while Gradiant Bioconvergence and Terrapex handle organoid-based drug discovery as new growth businesses.
The stock trades at a significant discount to the company's self-calculated book value per share.
Gradiant traces its roots to the 1996 launch of the Interpark online shopping mall, and was reorganized under its current name in 2022 after spinning off its e-commerce and travel businesses and selling a 70% stake to Yanolja.
The company's core revenue currently comes from iMarketKorea, which provides B2B industrial materials distribution and MRO procurement outsourcing, and Anyoncare, a leading domestic pharmaceutical distributor, with these two subsidiaries reportedly accounting for the majority of the roughly KRW 3 trillion in annual revenue.
These distribution subsidiaries maintain stable B2B relationships with large corporate affiliates, hospitals, and pharmacies, but as is typical in distribution, low margins keep operating margins in the low single digits relative to the scale of revenue.
At the same time, Gradiant has been building bio-healthcare as a new growth pillar since 2017, led by Gradiant Bioconvergence (GBCC), which operates an organoid-based drug candidate discovery platform, and Terrapex, which researches small-molecule targeted anticancer drugs.
GBCC built Korea's first patient-derived organoid (PDO) bank for cancer patients and continues technology marketing through participation in global events such as Bio USA. Gradiant also runs an investment-oriented structure with financial stakes spanning energy, industrial technology, ICT/services, and finance/funds.
Due to its history of selling Interpark to Yanolja, it is classified as a Yanolja-related stock, and it holds a put option on its stake if Yanolja's holding company Nol Universe fails to complete a qualified IPO by April 2027.
In terms of competitive positioning, the B2B distribution segment competes with other conglomerate-affiliated MRO and pharmaceutical distributors, while the bio segment remains an early-stage business with limited revenue contribution so far.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩736.4B | -₩7.3B | −1.0% |
| 2025Q3 | ₩765B | -₩6.2B | −0.8% |
| 2025Q4 | ₩811.2B | -₩13.8B | −1.7% |
| 2026Q1 | ₩843.3B | ₩5.8B | 0.7% |
| 2026Q2 | ₩1T | ₩7.8B | 0.8% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩3.6T | ₩14.6B | ₩326.7B | 0.4% | 55.4% | 100.6% |
| 2023 | ₩3.4T | ₩2.9B | -₩15.8B | 0.1% | −2.9% | 127.5% |
| 2024 | ₩3.3T | -₩5.5B | -₩40.4B | −0.2% | −8.1% | 122.2% |
| 2025 | ₩3.1T | -₩29.6B | -₩35.8B | −1.0% | −8.1% | 141.5% |
Consolidated basis (financial statements including subsidiaries) · Final figures from DART filings · Net income attributable to owners of the parent · Data as of 2026-08-23
Gradiant's annual revenue declined for four consecutive years, from KRW 3.585 trillion in 2022 to KRW 3.424 trillion in 2023, KRW 3.318 trillion in 2024, and KRW 3.062 trillion in 2025.
Operating profit, which stood at KRW 14.6 billion in 2022 and KRW 2.9 billion in 2023, turned into a loss of KRW 5.5 billion in 2024 and widened further to a loss of KRW 29.6 billion in 2025.
Owner net income posted a large gain of KRW 326.7 billion in 2022, likely reflecting one-off factors, before recording net losses for three straight years: KRW 15.8 billion in 2023, KRW 40.4 billion in 2024, and KRW 35.8 billion in 2025. The quarterly trajectory, however, shows a clearer inflection.
Operating losses widened from KRW 7.3 billion in Q2 2025 to KRW 6.2 billion in Q3 and KRW 13.8 billion in Q4, dragging down the full-year 2025 result. Operating profit then turned positive at KRW 5.8 billion in Q1 2026 and improved further to KRW 7.8 billion in Q2.
Owner net income also improved sharply, narrowing from a KRW 17.2 billion loss in Q4 2025 to a KRW 1.1 billion loss in Q1 2026, before turning positive at KRW 4.4 billion in Q2 2026.
Revenue has grown quarter by quarter as well, from KRW 736.4 billion in Q2 2025 to over KRW 1 trillion in Q2 2026, suggesting a simultaneous recovery in distribution revenue and profitability.
On the cash flow side, operating cash flow swung from an outflow of KRW 30.4 billion in 2024 to an inflow of KRW 12.9 billion in 2025, while the debt ratio rose steadily from 100.6% in 2022 to 141.5% in 2025, indicating somewhat greater financial leverage.
The B2B industrial materials/MRO distribution and pharmaceutical distribution markets that account for most of Gradiant's revenue are structurally stable, serving large corporate affiliates and medical institutions as key customers, but are characterized by low margins and intense competition.
The MRO procurement outsourcing market has grown alongside expanding corporate outsourcing, but remains sensitive to raw material and logistics cost fluctuations, while pharmaceutical distribution is affected by government drug pricing policy and payment terms with hospitals and pharmacies.
In contrast, the organoid-based drug discovery market that Gradiant is cultivating as a new growth driver is still at an early stage, with growing demand from global pharmaceutical companies for preclinical platforms to reduce clinical trial failure rates seen as offering mid- to long-term growth potential.
Gradiant Bioconvergence claims a leading domestic position in the scale of its patient-derived organoid bank for cancer patients and seeks collaboration opportunities with overseas pharmaceutical companies through participation in global events such as Bio USA.
However, this segment still has limited revenue contribution and continues to require R&D spending, so its impact on overall group earnings appears modest.
Since the distribution and bio segments are at different points in their business cycles, the company's overall results are shaped by both the pace of revenue recovery in distribution and the investment burden in the bio segment.
Gradiant's near-term outlook hinges on whether the recovery in distribution revenue continues and whether its bio subsidiaries can deliver visible licensing deals or pipeline milestones.
The consecutive operating profits in Q1 and Q2 2026, along with rising revenue, suggest a recovery in transaction volumes at iMarketKorea and Anyoncare, but whether this trend persists through the second half will need to be confirmed in upcoming quarterly disclosures.
Gradiant Bioconvergence has announced a global collaboration related to an Alzheimer's disease organoid model and has continued to expand its pipeline, including presenting biomarker research results for non-small cell lung cancer at academic conferences.
Subsidiary Terrapex also continues to participate in global events such as Bio USA, seeking development partnerships for small-molecule targeted anticancer drugs.
However, it may take time for these activities to translate into actual contracts or revenue, so in the near term, the profitability trend in the distribution segment is likely to be the main driver of overall results.
The put option on the Yanolja holding company stake tied to the earlier Interpark sale has an April 2027 deadline, leaving the progress of Yanolja's IPO as a variable that could affect Gradiant's future financial structure.
Gradiant's shares trade at a level that reflects a substantial discount to the company's self-calculated book value per share, which can be interpreted as reflecting the accumulation of net losses in recent years and the inherently low-margin structure of the distribution business.
With net income negative for an extended period, conventional earnings-based valuation metrics were difficult to apply for a stretch, but as quarterly profitability turned positive in 2026, the interpretive basis for valuation metrics may shift as more quarters of results accumulate.
On the dividend front, a per-share cash dividend has been set, maintaining some level of shareholder return, though the fact that dividends were paid even in years of net loss highlights a gap between dividend policy and earnings performance.
The steady rise in the debt ratio over recent years is a financial variable worth considering alongside the discount to book value.
PER, EPS, PBR and BPS are all calculated in-house (the same method as Naver and Toss) · Dividend yield = cash dividend per share from DART filings (supplemented by KRX) ÷ current price · As of 2026-08-23
Operating profit posted two consecutive quarters of gains in 2026, reaching KRW 5.8 billion in Q1 and KRW 7.8 billion in Q2, signaling a break from the weakness seen in the second half of 2025. Owner net income also turned positive at KRW 4.4 billion in Q2, indicating a recovery centered on the distribution segment. Revenue has also grown quarter over quarter, surpassing KRW 1 trillion in Q2 2026.
Core subsidiaries iMarketKorea and Anyoncare operate with relatively stable demand by serving B2B customer bases such as large corporate affiliates, hospitals, and pharmacies. Revenue scale in the KRW 3 trillion range provides a degree of negotiating leverage from economies of scale. The long-standing business structure is viewed as supporting stable transactional relationships.
Gradiant Bioconvergence operates Korea's first patient-derived organoid bank for cancer patients and has announced a global collaboration related to an Alzheimer's disease organoid model.
Its pipeline continues to expand, including presenting biomarker research results for a targeted lung cancer therapy at academic conferences. Subsidiary Terrapex also continues to participate in Bio USA while developing small-molecule targeted anticancer drugs.
Annual revenue declined for four consecutive years, from KRW 3.585 trillion in 2022 to KRW 3.062 trillion in 2025. In 2025, the operating loss widened to KRW 29.6 billion and the owner net loss to KRW 35.8 billion, both larger than the prior year.
In particular, the Q4 2025 operating loss expanded to KRW 13.8 billion, dragging down the full-year result significantly.
The debt ratio has risen steadily, from 100.6% in 2022 to 141.5% in 2025. Owner equity also declined, from KRW 589.4 billion in 2022 to KRW 442.5 billion in 2025. With net losses accumulating, the increase in financial leverage is a factor worth monitoring as the pace of earnings recovery unfolds.
Bio subsidiaries such as Gradiant Bioconvergence and Terrapex continue R&D and participation in conferences and exhibitions, but publicly confirmed contracts or licensing deals that translate into revenue have not yet been disclosed.
The drug discovery platform business carries significant uncertainty given that outcomes depend heavily on clinical success. As a result, the bio segment may find it difficult to contribute to group-wide profitability in the near term.
The B2B distribution businesses of iMarketKorea and Anyoncare have large revenue scale but low margins, making profitability sensitive to shifts in cost, logistics expenses, or customer procurement policies. The operating losses in 2024-2025 can be seen as an instance of such margin pressure materializing.
Gradiant holds a put option, exercisable through April 2027, on its stake in Nol Universe (Yanolja's holding company) related to the prior sale of Interpark. The actual amount Gradiant could realize may vary depending on Yanolja's IPO timeline and valuation methodology, leaving this as a financial variable.
The organoid and drug candidate discovery business requires continuous investment in clinical and preclinical R&D by nature. With revenue contribution still limited, ongoing R&D spending could act as an additional burden on group-wide profitability.
Q3 2026 earnings disclosure will show whether the operating profit trend seen in Q1 and Q2 continues into the third quarter.
Watch for any additional partnership agreements or licensing news related to the pipelines of Gradiant Bioconvergence and Terrapex.
Check whether Nol Universe (Yanolja's holding company) completes a qualified IPO and whether Gradiant exercises its related put option.
Monitor whether balance sheet metrics such as the debt ratio and owner equity trend show improvement.
Gradiant has maintained revenue in the KRW 3 trillion range centered on the B2B distribution businesses of iMarketKorea and Anyoncare, but went through a period of weakness marked by revenue declines from 2022 to 2025 and an operating loss turnaround in 2024-2025.
However, with operating profit turning positive for two consecutive quarters in Q1 and Q2 2026, and owner net income also turning positive in Q2, signs of improvement in the distribution segment's profitability are emerging.
At the same time, the organoid-based drug candidate discovery business through Gradiant Bioconvergence and Terrapex is being cultivated as a new growth pillar, though its revenue contribution remains limited so far.
The rising debt ratio and shrinking owner equity are balance sheet aspects worth watching, and the put option on the Yanolja stake tied to the earlier Interpark sale remains a financial variable valid through April 2027.
The stock trades at a substantial discount to the company's self-calculated book value per share, making the sustainability of future quarterly results and changes in the balance sheet worth continued observation.
Overall, the situation reflects a mix of recovery signs in distribution, growth potential in the bio segment, and ongoing financial burden.
Report written 2026-09-05 · Data as of 2026-09-04
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