PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q3–2026Q2) · Dividend yield is based on ₩80 per share · Prices as of the 2026-10-02 close
Eagle Vet has shown sequential improvement in operating and net profit through the second quarter of 2026, alongside a steadily stabilizing balance sheet.
Second-quarter 2026 revenue reached KRW 12.1 billion with operating profit of KRW 1.74 billion, the highest level among the last five quarters.
Annual revenue moved past a KRW 40 billion-range plateau from 2022-2024 to rebound to KRW 43.3 billion in 2025.
The operating margin improved gradually from 8.2% in 2022 to 9.8% in 2025.
The debt ratio has declined for four consecutive years, from 29.0% in 2023 to 23.3% in 2025.
Expansion continues in companion animal and overseas segments, including new product launches under the Haruwell brand and CMO supply to Orion in Europe.
Founded in 1970 and listed on KOSDAQ in 2000, Eagle Vet is a veterinary pharmaceutical manufacturer whose core business is the production and import/distribution of animal medicines, alongside veterinary devices, health supplements, and feed.
It is the only Korean animal pharmaceutical company with an EU GMP-certified sterile injectable manufacturing facility, which has served as a foundation for European exports.
The business is broadly divided into an animal pharmaceutical segment serving pigs, poultry, and cattle, and a companion animal segment under the Haruwell brand, which distributes premium imported feed brands such as NOW, GO, and Gather as well as in-house developed products like Rabivet probiotics.
Overseas, the company supplies the sterile liquid injectable 'Oriverm' to Finland's Orion under a contract manufacturing (CMO) arrangement and also supplies injectables to Australia's Abbey and Randlab, with an export network spanning more than 20 countries.
Eagle Vet has continued to expand its 'NOW FRESH' premium feed lineup under the Haruwell brand, and on October 1, 2026, launched a limited-quantity NOW FRESH sample kit.
The domestic animal pharmaceutical market is highly competitive, with several KOSDAQ-listed peers including Komipharm, Daesung Microbiological Labs, Cheil Bio, and Hanjau Pharm.
Eagle Vet seeks differentiation through certification-based quality competitiveness and diversification into companion animal and overseas CMO business. The companion animal segment is reported to have grown its revenue share through distribution channel diversification.
Overall, the company is reshaping its portfolio by adding companion animal and overseas CMO growth pillars onto its traditional livestock pharmaceutical base.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩11B | ₩1.6B | 14.7% |
| 2025Q3 | ₩10.5B | ₩300M | 2.7% |
| 2025Q4 | ₩11.1B | ₩1.1B | 9.7% |
| 2026Q1 | ₩11B | ₩1.4B | 12.4% |
| 2026Q2 | ₩12.1B | ₩1.7B | 14.4% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩43.5B | ₩3.6B | ₩2.6B | 8.2% | 6.2% | 27.7% |
| 2023 | ₩42.8B | ₩3.3B | ₩3B | 7.8% | 6.6% | 29.0% |
| 2024 | ₩41.7B | ₩3.5B | ₩3.7B | 8.3% | 7.6% | 26.0% |
| 2025 | ₩43.3B | ₩4.3B | ₩3.9B | 9.8% | 7.6% | 23.3% |
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
Full-year 2025 revenue reached KRW 43.3 billion, up from KRW 41.7 billion in 2024, with operating profit of KRW 4.3 billion and owner's net profit of KRW 3.9 billion, marking a break from the stagnation seen in 2022-2023.
The operating margin, which had dipped to 8.2% in 2022 and 7.8% in 2023, recovered for two consecutive years to 8.3% in 2024 and 9.8% in 2025, indicating a clear profitability recovery trend.
On a quarterly basis, operating profit was a solid KRW 1.63 billion in the second quarter of 2025 but dropped sharply to KRW 0.29 billion in the third quarter, with net profit falling to just KRW 0.42 billion, revealing seasonal volatility.
Operating profit then rebounded to KRW 1.08 billion in the fourth quarter with net profit of KRW 1.32 billion, and the improving trend continued into 2026 with first-quarter operating profit of KRW 1.37 billion and net profit of KRW 1.45 billion, followed by second-quarter operating profit of KRW 1.74 billion and net profit of KRW 2.26 billion.
Combined owner's net profit over the most recent four quarters (Q3 2025 through Q2 2026) totaled KRW 5.45 billion, already exceeding the full-year 2025 net profit of KRW 3.9 billion.
Operating cash flow, which had been negative at KRW -0.32 billion in 2022, turned consistently positive at KRW 4.9 billion in 2023, KRW 4.3 billion in 2024, and KRW 5.5 billion in 2025, indicating improving quality of earnings conversion to cash.
Total equity rose for four consecutive years from KRW 43.0 billion in 2022 to KRW 51.9 billion in 2025, while the debt ratio fell from 27.7% to 23.3% over the same period, reflecting gradually strengthening financial stability.
The earnings dip in the third quarter of 2025, which was subsequently reversed in later quarters, may reflect a one-time factor at that point, though the specific cause would require further verification from quarterly report footnotes.
The domestic animal pharmaceutical industry reportedly recorded its first contraction in roughly a decade in 2024, as the surge in emergency vaccine demand from the 2023 foot-and-mouth disease outbreaks in Cheongju and Jeungpyeong, along with disinfectant and parasiticide demand from lumpy skin disease outbreaks, normalized in 2024.
In contrast, the share of the companion animal pharmaceutical market is said to have doubled over the past six years, suggesting a shift in the industry's growth axis.
On the currency front, industry experts have flagged that a continued rise in the won-dollar exchange rate could erode profitability for animal pharmaceutical companies with import-dependent cost structures.
At the same time, it has also been suggested that 2026 could present further growth opportunities in Asian and Latin American markets for companies that built export capabilities early.
On the policy front, lumpy skin disease has been reclassified as a Category 2 livestock disease, with a structural shift underway toward voluntary farm-level vaccination starting next year; three companies are reportedly pursuing expedited authorization procedures, with product approval targeted within this year.
The domestic competitive landscape remains fully competitive, with multiple KOSDAQ-listed peers including Komipharm, Daesung Microbiological Labs, Cheil Bio, and Hanjau Pharm, sustaining pricing pressure.
Eagle Vet is seen as seeking differentiation within this competitive landscape through its EU GMP certification and diversification into companion animal and overseas CMO business.
The company has continued to launch new companion animal feed products under the Haruwell brand through 2026, following the April 2026 launch of 'NOW FRESH Good Gravy Cat' with a limited-quantity NOW FRESH sample kit on October 1, strengthening experiential marketing for pet owners.
In the livestock segment, reports indicate three companies are pursuing product authorization amid the policy shift toward voluntary farm-level vaccination for lumpy skin disease, meaning related regulatory developments could affect future revenue composition.
Overseas, the existing CMO supply relationship with Finland's Orion and supply ties with Australia's Abbey and Randlab leave room for further export expansion in Europe and Oceania, while securing additional customers across the company's existing network spanning more than 20 countries remains an ongoing task.
The sequential improvement in operating and net profit through the second quarter of 2026 may reflect a combination of growing companion animal revenue share and stabilization in the livestock segment base, though no specific segment-level guidance from the company has been confirmed.
The next regular disclosure, the third-quarter 2026 report, is legally due by November 16, 2026 under the Capital Markets Act, and actual filings often precede the statutory deadline.
Currency fluctuations and livestock disease outbreaks remain potential sources of quarterly earnings variability, warranting continued monitoring of upcoming disclosures and industry developments.
Over the past several years, Eagle Vet's price-to-earnings ratio has trended down from levels above 50x to the low teens alongside earnings recovery, while its price-to-book ratio has similarly declined from around 3x toward roughly 1x.
With recent quarterly earnings showing sequential improvement, the premium of share price over net asset value appears to sit in a narrower band compared to the past.
Per-share cash dividends have shown a gradual upward trend in recent years, and dividend capacity appears to be expanding gradually alongside the earnings recovery.
The stabilization of the balance sheet—with total equity rising for four consecutive years and the debt ratio declining—is a notable qualitative factor regarding the quality of net asset value.
That said, judgments about valuation levels can vary by investor criteria, and this report provides only factual comparisons of historical trading bands and financial trends.
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 has risen for four straight quarters from KRW 0.29 billion to KRW 1.08 billion to KRW 1.37 billion to KRW 1.74 billion since the third-quarter 2025 trough. Net profit over the same span expanded from KRW 0.42 billion to KRW 2.26 billion, showing a clear recovery trend. The combined net profit of the most recent four quarters already exceeds full-year 2025 net profit.
The debt ratio fell from 29.0% in 2023 to 23.3% in 2025, and operating cash flow turned positive for three straight years from 2023 to 2025 after a deficit in 2022. Total equity also rose steadily from KRW 43.0 billion to KRW 51.9 billion. The company maintains a financial structure combining low leverage with cash-generating capacity.
New companion animal feed product launches under the Haruwell brand have continued into 2026, alongside sustained overseas CMO supply relationships including with Finland's Orion. The traditional livestock-centered business is being supplemented by two growth pillars in companion animal products and overseas exports.
Operating profit sharply declined from KRW 1.63 billion in the second quarter of 2025 to KRW 0.29 billion in the third quarter. The business structure can be subject to significant quarterly variance from seasonal factors or the fading of disease-related demand surges.
The domestic animal pharmaceutical industry reportedly recorded its first contraction in roughly a decade in 2024, largely due to the fading of emergency foot-and-mouth disease vaccine and lumpy skin disease disinfectant-related demand surges.
Concerns have also been raised that a continued rise in the exchange rate could burden the company's import-dependent cost structure.
Given its small market capitalization, trading value and liquidity can be limited. The structure may be subject to relatively greater price volatility from shifts in supply and demand.
Demand for vaccines and disinfectants can shift sharply depending on outbreaks of livestock diseases such as foot-and-mouth disease, lumpy skin disease, and avian influenza.
Policy changes such as the shift to voluntary farm-level vaccination for lumpy skin disease are also a variable that could affect revenue composition.
With a business structure that includes imported raw materials and finished products, a rise in the won-dollar exchange rate can increase the cost of revenue. Industry experts have also flagged concerns about profitability deterioration from a rising exchange rate.
The domestic animal pharmaceutical market is a fully competitive structure involving peers such as Komipharm, Daesung Microbiological Labs, Cheil Bio, and Hanjau Pharm, sustaining pricing pressure.
The company must also compete against numerous domestic and international brands in the companion animal feed and supplement market.
The statutory filing deadline under the Capital Markets Act for the third-quarter 2026 report (November 16), warranting a check on third-quarter operating and net profit trends given the historically large quarterly variance.
Whether the product authorizations being pursued by three companies ahead of the shift to voluntary lumpy skin disease vaccination are completed within the year should be checked, as this could affect livestock segment revenue.
Winter-season outbreaks of livestock diseases such as foot-and-mouth disease, lumpy skin disease, and avian influenza should be monitored, as occurrences could affect vaccine and disinfectant demand.
Further new companion animal product launches under the Haruwell brand's NOW FRESH lineup and distribution channel expansion can be tracked.
Eagle Vet has shown four consecutive quarters of improving operating and net profit following the earnings dip in the third quarter of 2025, with full-year 2025 results also improving year-over-year to KRW 43.3 billion in revenue and a 9.8% operating margin.
Over the same period, the debt ratio has steadily declined and operating cash flow has remained positive for three consecutive years, strengthening financial stability alongside earnings.
On the business front, diversification is underway, adding the companion animal segment under the Haruwell brand and overseas CMO supply onto the traditional livestock pharmaceutical base.
However, notable variables include significant quarterly earnings volatility, the industry-wide contraction experienced in 2024, and concerns about cost pressure from a rising exchange rate.
Policy changes such as the shift to voluntary lumpy skin disease vaccination and the upcoming third-quarter 2026 earnings disclosure will likely serve as key indicators of future business direction.
Investment judgments should be made by readers themselves after weighing these bullish and bearish factors comprehensively.
Report written 2026-10-01 · Data as of 2026-09-30
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