PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q3–2026Q2) · Dividend yield is based on ₩500 per share · Prices as of the 2026-10-02 close
Macrogen posted 43.6% annual revenue growth in 2025 and swung to positive owner net income, while 2026 quarterly results continue to alternate between profit and loss as the improvement trend unfolds.
2025 revenue reached KRW 195.3bn (+43.6% YoY), with owner net income turning positive at KRW 2.03bn from a prior-year loss
Over the four quarters from 2025Q3 to 2026Q2, combined revenue reached KRW 201.6bn with owner net income of KRW 10.3bn, sustaining the improvement trend
The Songdo Global Genome Center in Incheon was completed in June 2026 and began operating as a global hub with sequencing capacity of about 300,000 samples annually
Analysts note that the enacted US Biosecure Act (within the NDAA) could benefit US subsidiary SomaGen as demand shifts away from Chinese genomics firms
The company swung back to an operating loss in 2026Q1 before recovering to KRW 698mn in operating profit in 2026Q2, underscoring continued quarter-to-quarter volatility
Founded in 1997, Macrogen is a genomics-based precision medicine company known to hold the No.1 market share in Korea's genomics analysis market and rank among the global top five in capacity.
Its core business is research sequencing services for government agencies, universities, research institutes, and pharmaceutical companies, spanning NGS-based genome and transcriptome analysis as well as more recent multiomics capabilities including single-cell and spatial transcriptomics.
For consumers, the company operates the AI-based genetic health platform GenTok, and in March 2026 launched GenTok Plus, which expanded its analysis categories to 175 items, alongside a new ancestry service called gROUTE.
As of 2025, GenTok has been integrated into Samsung Health through a partnership with Samsung Electronics, linking with Samsung Health lifelog data to deliver personalized insights.
Overseas operations are conducted through subsidiary SomaGen, dual-listed and supplying genomic analysis services to institutions including the US National Institutes of Health; according to the company, overseas revenue accounted for roughly 60.5% of consolidated sales in 2024.
On the national-project front, Macrogen was selected as the largest genome-production institution for Korea's national integrated bio big data project (K-DNA), while also expanding regionally through phased genome center establishment across Europe and the launch of a CAP-certified cancer panel in Southeast Asia.
Competitively, the company faces sequencing equipment makers such as Illumina and China-linked genomics service providers such as BGI and MGI, with the emergence of new sequencing equipment entrants like Ultima adding pressure toward lower equipment pricing.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩49B | -₩1.5B | −3.1% |
| 2025Q3 | ₩49.1B | ₩1.1B | 2.3% |
| 2025Q4 | ₩56.3B | ₩3.6B | 6.5% |
| 2026Q1 | ₩45.3B | -₩500M | −1.1% |
| 2026Q2 | ₩51B | ₩700M | 1.4% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩138.6B | ₩5.3B | -₩22.3B | 3.8% | −12.4% | 54.8% |
| 2023 | ₩132.8B | -₩400M | -₩16.8B | −0.3% | −10.5% | 60.2% |
| 2024 | ₩135.8B | -₩6.5B | -₩7.8B | −4.8% | −4.8% | 85.8% |
| 2025 | ₩195.3B | ₩200M | ₩2B | 0.1% | 1.3% | 104.1% |
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
Macrogen's annual revenue was largely stagnant at KRW 138.6bn in 2022, KRW 132.8bn in 2023, and KRW 135.8bn in 2024, before surging 43.6% to KRW 195.3bn in 2025.
Operating profit, however, declined from KRW 5.3bn (3.8% margin) in 2022 to losses of KRW -0.4bn in 2023 and KRW -6.5bn in 2024, before barely crossing breakeven in 2025 at KRW 0.18bn (0.1% margin).
On an owner-attributable basis, net losses of KRW -22.3bn in 2022, KRW -16.8bn in 2023, and KRW -7.8bn in 2024 gave way to a positive KRW 2.0bn in 2025, a result shaped by minority-interest allocation dynamics distinct from the consolidated total net result, which remained slightly negative at KRW -0.2bn.
Quarterly, an operating loss of KRW -1.5bn in 2025Q2 turned into an operating profit of KRW 1.1bn in Q3, expanding further to KRW 3.6bn in Q4 on revenue of KRW 56.3bn, the strongest quarter in the window.
However, 2026Q1 saw revenue decline to KRW 45.3bn with a return to an operating loss of KRW -0.5bn, highlighting pronounced seasonal volatility, before Q2 swung back to an operating profit of KRW 0.7bn on revenue of KRW 51.0bn.
Notably, 2026Q2 owner net income reached KRW 4.9bn, far exceeding the quarter's operating profit of KRW 0.7bn, suggesting non-operating items or minority-interest allocation effects that warrant confirmation through subsequent disclosures.
Over the trailing four quarters from 2025Q3 to 2026Q2, combined revenue reached KRW 201.6bn, operating profit KRW 4.9bn, and owner net income KRW 10.3bn, indicating the improving trend has persisted on a rolling annual basis.
On cash flow, 2025 operating cash flow of KRW 22.3bn substantially exceeded KRW 7.1bn in 2024, KRW 4.8bn in 2023, and KRW 10.8bn in 2022, showing cash generation improving ahead of headline profit metrics.
The global genomics analysis industry is being reshaped along two axes: falling next-generation sequencing (NGS) equipment prices and the proliferation of national-scale bio big data projects.
The emergence of new sequencing equipment entrants such as Ultima has intensified competition among manufacturers and increased pressure toward lower equipment pricing, which can be read as a favorable cost environment for service providers like Macrogen.
At the same time, national genomics big data initiatives similar to Korea's K-DNA are spreading across Asia and Europe, raising the possibility of additional order opportunities tied to expanding processing volumes.
In the United States, the Biosecure Act restricting transactions with Chinese genomics and biotech firms was finally enacted in December 2025 as part of the National Defense Authorization Act (NDAA), raising discussion of Korean, Japanese, and European firms filling the gap left by Chinese players such as BGI and MGI.
Macrogen is cited as a potential beneficiary given its track record of providing services to the US National Institutes of Health through subsidiary SomaGen, though finalizing the list of concerned entities and detailed implementing rules is expected to take time.
Competitively, Macrogen retains its No.1 domestic market position, though a gap remains versus large equipment makers such as Illumina and major global CROs, while competition is also intensifying in adjacent fields such as proteomics.
In terms of the industry cycle, some view the company as entering an early recovery phase after a prolonged period of stagnant revenue and losses, aided by fixed-cost dilution from rising processing volumes.
In June 2026, Macrogen held a completion ceremony for the Songdo Global Genome Center in Incheon's Songdo International City, formally advancing its precision medicine strategy combining genomic big data with AI technology.
The center spans 18,500 square meters across eight floors above ground and is designed to handle everything from genomic data production to AI-based interpretation and clinical analysis under one roof, with the company stating it currently has capacity for roughly 300,000 samples of sequencing per year.
The company said it plans to operate the center as a global hub linking its US subsidiary SomaGen with Japanese and European sites, with ambitions to pursue a genomic big data project covering up to 10 million people going forward.
Alongside the center's completion, the company is pursuing a company-wide AI transformation, including building a Google Workspace-based cloud and AI collaboration environment.
On the national-project front, the company maintains infrastructure to execute large government initiatives such as K-DNA and has continued signing related contracts, including an AI-based personalized care national project agreement with Kangbuk Samsung Hospital.
In the US market, subsidiary SomaGen is reported to have secured more than half of a targeted 150,000-sample allocation for the Parkinson's disease genomics project (GP2) with the Michael J. Fox Foundation, drawing attention to potential further contract expansion as the Biosecure Act takes effect.
On the consumer side, the company is expanding its data assets through new service launches such as GenTok Plus and gROUTE, alongside ongoing customer-touchpoint expansion via Samsung Health integration.
How quickly these new infrastructure and service investments translate into actual revenue and profit, however, remains something to be confirmed in coming quarterly results.
Macrogen moved from consecutive annual losses in 2023-2024 to a positive owner net income in 2025, and the trailing four-quarter figures also show profit accumulating, a pattern that can be read as reflecting market attention on the profit-recovery phase.
The price-to-book ratio appears to trade at a discount to net asset value, which can be interpreted as reflecting both the historical erosion of equity from accumulated losses and the fact that earnings stability has not yet been fully established.
The price-to-earnings ratio, given the early stage of the earnings recovery, is a valuation metric whose significance may shift depending on whether quarterly profits prove sustainable going forward.
On dividends, while the company does pay a cash dividend, the stability of that policy relative to earnings scale warrants continued observation given the multi-year loss history. The debt ratio rose from 54.8% in 2022 to 104.1% in 2025, a shift in financial structure that also merits attention.
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
2025 revenue surged 43.6% year-over-year to KRW 195.3bn, and owner net income turned positive after three consecutive years of losses. The trailing four-quarter figures also show both revenue and profit expanding together. Growing volumes from national-scale bio big data projects are cited as a key driver of this top-line growth.
The Songdo Global Genome Center, completed in June 2026, serves as a global hub with capacity for roughly 300,000 samples of sequencing annually, acting as a central node linking US, Japanese, and European sites.
The company stated it plans to pursue a genomic big data project covering up to 10 million people based on this infrastructure. Because per-unit fixed costs dilute as processing volumes rise, higher utilization carries potential to translate into margin improvement.
The US Biosecure Act, finally enacted in December 2025, restricts transactions with Chinese-linked genomics firms such as BGI and MGI, making Macrogen—through its US subsidiary SomaGen—a candidate to absorb displaced demand.
SomaGen already has a track record of providing genomic analysis services to institutions including the US National Institutes of Health and is reported to have secured more than half of a targeted allocation for a Parkinson's disease genomics project with the Michael J. Fox Foundation.
The 2025 annual operating margin was just 0.1%, indicating that absolute profitability remains fragile despite revenue growth.
The company swung back to an operating loss in 2026Q1 before returning to profit in Q2, showing wide quarter-to-quarter earnings swings that suggest the sustainability of profitability has not yet been fully proven.
The debt ratio nearly doubled from 54.8% in 2022 to 104.1% in 2025. With large infrastructure investments such as the Songdo Global Genome Center continuing, the trajectory of the balance sheet structure warrants ongoing attention. Equity has also historically contracted amid years of accumulated net losses.
In 2025, total consolidated net income remained negative at KRW -0.2bn even as owner net income turned positive at KRW 2.0bn, a divergence stemming from minority-interest allocation.
In 2026Q2 as well, owner net income (KRW 4.9bn) expanded far more than operating profit (KRW 0.7bn), warranting further confirmation of whether non-recurring items were involved.
Quarterly revenue and profit fluctuate significantly depending on the timing of national-scale projects or large contract awards. The sharp sequential revenue decline and return to loss in 2026Q1 illustrates this pattern. Caution is warranted against simply extrapolating any single quarter's results into an annual trend.
Detailed implementing rules and the list of concerned entities under the US Biosecure Act have not yet been finalized, with the list expected to be published within 365 days of enactment, leaving uncertainty over the actual timing and scale of any benefit.
Consumer-facing services such as DTC genetic testing may also be affected by evolving domestic and international personal data and medical data regulations.
While falling equipment prices from new sequencing entrants are favorable on the cost side, they could simultaneously intensify competition and downward pricing pressure within the service market itself.
The exit of Chinese firms from the US market does not necessarily translate into volume shifting to Korean companies, and competition from Indian, Japanese, and European firms must also be factored in.
The 2026Q3 earnings disclosure should be checked to see whether the profit-improvement trend continues into the second half, particularly whether the expansion in owner net income is sustained.
As the Biosecure Act requires publication of the concerned-entities list within 365 days of enactment (December 2025), this is the window to check whether the list is finalized and whether SomaGen-related contracts expand.
Whether rising utilization and cost savings at the Songdo Global Genome Center translate into actual operating margin improvement should be monitored through quarterly margin trends.
It is worth checking whether national-scale projects similar to K-DNA spread further across Asia and Europe, and whether new order announcements follow.
Macrogen turned to owner-attributable net profit in 2025 after three consecutive years of net losses from 2022 to 2024, and the trailing four-quarter figures also show earnings continuing to accumulate.
Revenue growth was pronounced, surging 43.6% in 2025, though the operating margin remains thin at 0.1%, leaving profitability stabilization as an ongoing task.
The Songdo Global Genome Center, completed in June 2026, provides infrastructure that could support expanded processing capacity and cost reduction, while enactment of the US Biosecure Act opens a potential spillover benefit channel through subsidiary SomaGen.
That said, a rising debt ratio, quarter-to-quarter earnings volatility, and the divergence between owner net income and total consolidated net income remain factors requiring continued observation.
Going forward, the sustainability of profits and how concretely the new infrastructure and overseas contracts contribute to revenue will likely be the key variables to watch. This report is intended to provide reference information for investment judgment and does not include a buy or sell recommendation.
Report written 2026-09-05 · Data as of 2026-09-04
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