PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q3–2026Q2) · Dividend yield is based on ₩650 per share · Prices as of the 2026-10-02 close
JVM posted a record quarterly revenue in the second quarter of 2026 with export revenue surpassing domestic sales for the first time, continuing its growth as a pharmacy automation specialist.
Second-quarter 2026 consolidated revenue reached about KRW 49.3 billion with operating profit of about KRW 13.5 billion (operating margin 27.4%), a record quarterly high.
In the second quarter of 2026, overseas revenue accounted for 50.8% of the total, surpassing domestic sales (49.2%) for the first time, with Europe the largest region at 29.0%.
Full-year 2025 revenue reached a record KRW 173.1 billion, with the operating margin staying in the high-teens percentage range for a third consecutive year.
The company has set up a production subsidiary in Suzhou, China, and is running pilot production, while the North American vial-type device COUNTMATE and the robotic-arm-based MENITH remain the key drivers of overseas growth.
Growth momentum temporarily slowed in the third and fourth quarters of 2025 due to the depletion of pre-orders domestically and inventory adjustments overseas, before turning to recovery from the first quarter of 2026.
JVM is a total-solution provider that automates dispensing and inventory management for hospitals and pharmacies, with its core product being the Automatic Tablet Dispensing and Packaging System (ATDPS).
The business is divided into dispensing/management automation systems, consumables such as pouch rolls (MRO), and other goods; in 2025, dispensing/management system revenue reached about KRW 82.9 billion (up 11.0% year on year), consumables about KRW 72.8 billion (up 5.2%), and other goods about KRW 17.4 billion (up 12.2%).
The company holds the leading global share in pouch-type automated dispensing, and has diversified its product lineup with the robotic-arm-based next-generation MENITH system, the vial-type COUNTMATE aimed at the North American market, and the verification system VIZEN EX.
By region, sales are split between domestic and overseas (Europe, North America, others), and in 2025 overseas revenue (about KRW 86.6 billion) exceeded domestic revenue (about KRW 86.5 billion) for the first time.
Domestic sales are handled exclusively by Online Pharm, a Hanmi Pharm Group affiliate, while overseas operations are managed by Hanmi Pharm, which supplies JVM equipment to 60 countries through 35 global partners.
In Europe, JVM Europe combines direct sales with indirect sales through the France- and Italy-based partner Ti-Medi.
In terms of competitive landscape, Japan's Yuyama, Panasonic and Toshiba, and the United States' Omnicell operate similar businesses, but because packaging conventions differ by country (pouch, vial, blister, box types), players with strengths in each region's standard method tend to hold an advantage.
Since being absorbed into Hanmi Science in 2016, JVM has leveraged the group's sales network and financial resources to accelerate its overseas expansion.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩47.5B | ₩10.9B | 22.9% |
| 2025Q3 | ₩39.7B | ₩7.6B | 19.1% |
| 2025Q4 | ₩43.1B | ₩5.9B | 13.7% |
| 2026Q1 | ₩45.5B | ₩9.3B | 20.4% |
| 2026Q2 | ₩49.3B | ₩13.5B | 27.4% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩142B | ₩22B | ₩15.8B | 15.5% | 10.0% | 46.5% |
| 2023 | ₩157.1B | ₩29.8B | ₩26.2B | 19.0% | 14.6% | 43.5% |
| 2024 | ₩159.4B | ₩30.7B | ₩28.8B | 19.2% | 14.3% | 40.8% |
| 2025 | ₩173.1B | ₩33.3B | ₩28.4B | 19.2% | 12.1% | 36.4% |
Consolidated basis (financial statements including subsidiaries) · Final figures from DART filings · Net income attributable to owners of the parent · Data as of 2026-08-21
JVM's annual revenue rose for four consecutive years, from about KRW 142.0 billion in 2022 to KRW 157.1 billion in 2023, KRW 159.4 billion in 2024, and KRW 173.1 billion in 2025, while the operating margin improved from 15.5% in 2022 to the high-teens percentage range for three straight years from 2023 through 2025.
Net income attributable to owners in 2025 was about KRW 28.4 billion, similar to 2024's KRW 28.8 billion, indicating that net income growth lagged behind the increases in revenue and operating profit.
On a quarterly basis, third-quarter 2025 revenue was about KRW 39.7 billion with operating profit of about KRW 7.6 billion, a sharp slowdown from the prior quarter (second quarter 2025: revenue about KRW 47.5 billion, operating profit about KRW 10.9 billion), as domestic pre-order demand ahead of an equipment price increase was concentrated in the first half, and overseas COUNTMATE inventory-build orders were similarly front-loaded, leaving a revenue gap in the third quarter.
Fourth-quarter 2025 revenue recovered to about KRW 43.1 billion versus the third quarter, but operating profit fell to about KRW 5.9 billion with the operating margin dropping to 13.7%, indicating margin pressure.
The first quarter of 2026 showed a clear recovery with revenue of about KRW 45.5 billion, operating profit of about KRW 9.3 billion (margin roughly 20.4%), and owners' net income of about KRW 7.6 billion.
The second quarter of 2026 then set a new record with revenue of about KRW 49.3 billion, operating profit of about KRW 13.5 billion, and owners' net income of about KRW 11.6 billion, with the operating margin improving to 27.4%, representing year-on-year growth of 3.7% in revenue and 24% in operating profit.
Summing the most recent four quarters from the third quarter of 2025 through the second quarter of 2026, owners' net income totaled about KRW 30.8 billion, with quarterly swings but a recovery trend sustained over the last two quarters.
Because consumables and maintenance revenue continues to accrue after equipment installation, this recurring revenue base helps cushion quarter-to-quarter volatility in equipment sales.
The global pharmacy automation market is in a structural growth phase, driven by pharmacist labor shortages, rising labor costs, and the spread of policy incentives aimed at improving medication adherence.
A notable feature of the industry is that standard packaging formats differ by country: pouch-type packaging is common in Korea, Japan, and Taiwan, while North America mainly uses vial (bottle) formats, Europe uses blister formats, and China uses box formats.
JVM has long held a leading position in dispensing automation systems in Korea and is regarded as having the leading global share in pouch-type automated dispensing.
However, pouch-type penetration remains relatively low in North America and Europe, meaning growth in those regions depends on the market penetration speed of new products such as COUNTMATE and MENITH, which are tailored to local standard formats (vial and blister).
Competitors include Japan's Yuyama, Panasonic, and Toshiba, and the United States' Omnicell, each of which holds strengths in its own domestic standard format.
Shinhan Investment Corp analyzed that the consolidation of small pharmacies into larger chains in North America, along with the expansion of automation from pharmacy-centric to hospital-centric adoption in France, would provide a sustained demand base.
In terms of the industry cycle, domestic replacement demand for aging equipment and new pharmacy openings provide a stable base of revenue, while overseas growth is judged to hinge on the pace of new-product penetration in markets where adoption rates remain low.
In a July 2026 report, the Korea IR Service Corporate Research Center forecast JVM's 2026 consolidated revenue at about KRW 186.8 billion (up 7.9% year on year), operating profit at about KRW 38.0 billion (up 14.3%), and the operating margin entering the 20% range for the first time at 20.4%, with owners' net income projected at about KRW 34.1 billion (up 20.2%).
Around the same period, Sangsangin Securities estimated 2026 revenue of about KRW 182.1 billion (up 5.2%) and operating profit of about KRW 36.7 billion (up 10.3%), with both institutions expecting the second half to be stronger than the first.
The company has built a new plant in Suzhou, China for pharmaceutical automatic-dispensing equipment production and is currently running pilot production, aimed at expanding capacity and strengthening supply stability.
In North America, as inventory adjustments for the vial-type COUNTMATE are partially worked through, additional orders are expected to resume in the fourth quarter or in 2026, with the possibility of entry into large-scale tender markets also being raised from 2026.
The robotic-arm-based MENITH has completed function upgrades including camera improvements and is scheduled for expanded sales focused on Europe, while the company is broadening its product lineup with the new ATDPS DOC3 and a narcotics storage and management system.
Domestically, replacement demand for aging equipment and demand from roughly 1,500 newly opened pharmacies per year are expected to serve as a stable revenue base.
That said, the pace of new-product adoption and the timing of customers' investment decisions may continue to create quarter-to-quarter volatility in revenue recognition, which warrants ongoing observation.
JVM's revenue and operating profit rose steadily from 2022 through 2025, with the operating margin improving from the mid-teens percentage range to the high-teens, and net income also trended toward recovery over the period in directional terms.
On a trailing four-quarter basis (third quarter of 2025 through second quarter of 2026), quarterly results fluctuated but a clear profit recovery emerged in the first and second quarters of 2026.
On valuation, past domestic brokerage reports have cited estimated-earnings-based price-to-earnings ratios for this stock in the vicinity of 10 times, so where the current level sits within that historical band can vary depending on the point in time.
The price-to-book ratio is a function of both growing equity (which expanded from about KRW 158.1 billion in 2022 to about KRW 233.9 billion in 2025) and share-price movement, so the premium level relative to net assets has shifted along with market conditions.
On dividends, the company has raised its total cash dividend payout each year, from about KRW 3.4 billion in 2022 to KRW 4.6 billion in 2023 and KRW 5.7 billion in 2024, with the fiscal 2025 payout also set at a larger total than the prior year.
Sangsangin Securities, in an April 2026 report, set a target price of KRW 35,000, unchanged from its previous target.
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 2026-08-21
Overseas revenue exceeded domestic sales for the first time in 2025, and the overseas mix expanded to 50.8% in the second quarter of 2026. Standalone European revenue grew 37.7% year on year, with sales network expansion continuing through partners in France and Italy.
In North America, the company is attempting to penetrate the vial-type market with COUNTMATE, gradually reducing reliance on any single market.
The business model generates ongoing consumables (pouch rolls) and maintenance (MRO) revenue after equipment installation. This recurring revenue is cited as one factor supporting the operating margin's high-teens percentage range for three consecutive years from 2023 through 2025.
As more equipment is installed, the installed base grows, expanding the absolute scale of recurring revenue as well.
New products such as the robotic-arm-based MENITH and vial-type COUNTMATE are becoming pillars of overseas growth, while the establishment of a production subsidiary in Suzhou, China is diversifying manufacturing capacity.
These investments are seen as aimed at improving responsiveness to large-scale projects and cost competitiveness going forward.
In the third quarter of 2025, revenue and profit slowed sharply from the prior quarter as domestic pre-order demand was depleted and overseas inventory adjustments overlapped; in the fourth quarter, revenue recovered but the operating margin fell to 13.7%.
Given the high-value nature of the equipment, revenue can be bunched into or absent from particular quarters depending on when customers make investment decisions.
Revenue growth in North America and Europe depends heavily on the pace of sales expansion for COUNTMATE and the upgraded MENITH.
Because pouch-type penetration remains low in North America and Europe, there is a possibility that customer validation and reference-building for products tailored to local standard formats (vial, blister) could proceed more slowly than expected.
Owners' net income in 2025 was about KRW 28.4 billion, similar to 2024's KRW 28.8 billion, showing that net income growth did not track revenue and operating profit growth at the same pace.
Non-operating factors, taxes, and financial costs can constrain how fully revenue and operating profit growth translate into net income.
With the overseas revenue mix now exceeding 50%, fluctuations in the won-dollar and won-euro exchange rates can affect revenue and margins. In addition, changes in tariff and trade policy in major export markets such as the United States could affect price competitiveness.
Because the equipment is high-value, revenue in a particular quarter can rise or fall sharply depending on the budgeting and investment decision timing of hospital and pharmacy chains.
If enhancement of verification functions and the building of regional references for new products are delayed, revenue recognition timing could be pushed back.
The new production subsidiary in Suzhou, China is still at the pilot production stage, and issues such as quality control, certification, and lower initial utilization rates could arise during the transition to mass production.
If manufacturing base diversification does not translate into the expected cost competitiveness and supply stability, the benefits of the investment could be delayed.
Check the third-quarter 2026 earnings disclosure to see whether the recent recovery (seen in the first and second quarters of 2026) continues, and monitor changes in the domestic-versus-overseas revenue mix.
Monitor whether COUNTMATE orders in North America resume following the earlier inventory adjustment, and watch for any news on entry into large-scale tender markets.
Check whether the Suzhou, China production subsidiary transitions from pilot to mass production, along with initial utilization rates and progress on quality certification.
Monitor the pace at which the upgraded version of MENITH gains sales traction in Europe, and track progress on securing new partner and hospital references.
JVM has secured both a leading domestic position and overseas growth in the pharmacy automation field, recording its highest-ever annual revenue in 2025 and its largest-ever quarterly results in the second quarter of 2026.
The fact that overseas revenue exceeded domestic sales for the first time, alongside continued market penetration in Europe and North America centered on new products (MENITH, COUNTMATE), shows that the growth base is diversifying.
That said, the revenue and margin slowdown seen in the third and fourth quarters of 2025 illustrates the quarter-to-quarter volatility inherent in selling high-value equipment, and the possibility of such patterns recurring remains open.
The establishment of the China production subsidiary and new-product expansion are cited as mid- to long-term growth drivers, but as they remain at an early stage, the timing of visible results warrants continued observation.
The steady annual increase in total dividend payout and the recurring-revenue business structure are noted as positive factors for business stability.
Investors will need to continue monitoring upcoming quarterly earnings disclosures, the pace of new-product sales expansion overseas, and the operational status of the China production base to assess whether these trends persist.
This report is intended for informational purposes and does not include a buy or sell recommendation for any specific stock.
Report written 2026-09-05 · Data as of 2026-09-04
This content is AI analysis of market data and web search results, provided for information only. It is not a solicitation or recommendation to invest. Investment decisions and their consequences are the investor's own responsibility. Data may be delayed or contain errors.