PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q3–2026Q2) · Dividend yield is based on ₩105 per share · Prices as of the 2026-10-02 close
Meta Biomed is in a transition phase, expanding beyond its core dental root-canal filling and biodegradable suture businesses into medical device, cosmetics, and biomaterial segments.
Operating margin has steadily improved from 7.7% in 2022 to 20.8% in 2025, showing a sustained profitability recovery.
In Q2 2026, the medical device and cosmetics businesses grew 49.1% and 22.4% year-on-year respectively, making portfolio diversification visible.
The core suture business contracted in Q2 2026, but this was offset by dental materials and new business growth.
Capacity bottlenecks are being addressed through the Osong Plant 2 expansion and the new Materials Innovation Center, which also provides a production base for new businesses.
The company has set a 'Vision 2030' target of KRW 500 billion in revenue and KRW 1 trillion in corporate value by 2030.
Meta Biomed began as a dental material manufacturer in 1990, converted to a corporation in 1999, adopted its current name in 2001, and listed on KOSDAQ in 2008.
The business is organized into three segments: dental (root-canal filling materials and equipment), suture (biodegradable surgical sutures), and other businesses (medical devices, cosmetics, and materials).
The dental segment holds roughly 20% global market share and the top position in root-canal filling materials, while the suture segment is one of seven companies globally that hold core biodegradable suture technology in an oligopolistic market.
According to the company's own website, it supplies products through approximately 250 sales networks across more than 100 countries. As of past disclosures, the company had nine consolidated subsidiaries, two domestic and seven overseas, having established U.S. and Cambodian entities early in its globalization drive.
More recently, the company has expanded into cosmetics (fillers, skin boosters, aesthetic devices), medical devices, and biodegradable polymer materials, and it built a Materials Innovation Center in Osong as a mid- to long-term growth platform.
Governance remains centered on founder and chairman Oh Seok-song as the largest shareholder, while his daughter Oh Ji-su was promoted to president in April 2024, marking a generational transition in management.
Given its export-heavy structure, with export ratios historically exceeding 90% of revenue in past disclosures, the company carries relatively high sensitivity to currency movements and global logistics conditions.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩25.5B | ₩7.8B | 30.6% |
| 2025Q3 | ₩23.5B | ₩5.1B | 21.6% |
| 2025Q4 | ₩26.2B | ₩2.9B | 11.2% |
| 2026Q1 | ₩24.4B | ₩4.9B | 19.9% |
| 2026Q2 | ₩27B | ₩6.3B | 23.2% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩68.9B | ₩5.3B | ₩2.6B | 7.7% | 4.3% | 90.8% |
| 2023 | ₩83.1B | ₩10.7B | ₩10.1B | 12.9% | 14.4% | 79.1% |
| 2024 | ₩94B | ₩17.2B | ₩22.4B | 18.3% | 24.0% | 84.5% |
| 2025 | ₩103B | ₩21.4B | ₩11B | 20.8% | 8.8% | 49.4% |
Consolidated basis (financial statements including subsidiaries) · Final figures from DART filings · Net income attributable to owners of the parent · Data as of 2026-08-23
Annual revenue rose for four consecutive years, from KRW 68.9 billion in 2022 to KRW 83.1 billion in 2023, KRW 94.0 billion in 2024, and KRW 103.0 billion in 2025. Over the same period, operating margin steadily improved from 7.7% to 12.9%, 18.3%, and 20.8%, indicating a structural profitability recovery.
However, net income attributable to owners actually declined from KRW 22.4 billion in 2024 to KRW 11.0 billion in 2025, despite the rise in operating profit, suggesting non-operating factors weighed on the bottom line.
Indeed, in the first half of 2025, consolidated revenue rose 11.2% and operating profit rose 57.1% year-on-year, yet net income fell 49.8%, a period that warrants scrutiny of earnings quality and one-off items.
Quarterly volatility is also evident: in Q2 2025, operating profit reached KRW 7.8 billion, yet owner net income posted a loss of KRW 0.9 billion, before recovering to KRW 4.5 billion in Q3 2025, KRW 1.7 billion in Q4 2025, KRW 4.5 billion in Q1 2026, and KRW 6.3 billion in Q2 2026.
Q2 2026 revenue of KRW 27.0 billion matched the company's own announcement, with the medical device segment posting KRW 1.4 billion in revenue, up 49.1% year-on-year, the fastest growth among all segments, and turning profitable for the first time.
Cosmetics segment revenue also rose 22.4% to KRW 1.3 billion, bringing combined new-business revenue to KRW 2.7 billion, up 34.7% year-on-year, though the core suture segment contracted and constrained overall growth.
The company attributed the weak Q1 2026 results to export delays tied to the U.S.-Iran conflict, and explained the high base in H1 2025 as reflecting one-off factors related to U.S. tariff response strategies.
The dental root-canal filling materials market is driven by structurally growing demand from an aging population, with recovery in developed markets such as North America and Europe influencing results.
The biodegradable suture market is an oligopoly of seven global players with relatively high entry barriers, amid an ongoing shift from non-absorbable to absorbable sutures and from animal-derived to synthetic materials.
Industry commentary has pointed to a persistent global shortage of biodegradable sutures, making capacity expansion a key competitive factor.
The cosmetics and aesthetic device market is growing alongside the K-beauty trend, with the company competing against numerous domestic and international players in categories such as fillers and skin boosters.
The medical device segment spans multiple clinical areas including orthopedics, neurosurgery, and obstetrics/gynecology, reducing reliance on any single end market.
Relative to peers, the company holds a long track record and specialized technology in dental materials and sutures, but remains a relative latecomer in the cosmetics and medical device segments, where establishing market position remains a future challenge.
For H2 2026, the company has outlined plans to launch new medical device products, expand domestic and international supply, and strengthen competitiveness in its biopolymer materials business.
On the production side, the company is investing roughly KRW 7 billion to build a second plant of about 4,500 pyeong in Osong, aimed simultaneously at automating dental product manufacturing, expanding suture capacity, and establishing a production base for cosmetics and medical device businesses.
New product pipelines mentioned in a broker report as of September 2025 include xenograft bone and membrane products targeting entry into the implant materials market, along with efforts to register the Ceraseal bioceramic sealer as a new global material.
The materials business is being cultivated as a mid- to long-term growth driver through the completed Osong Materials Innovation Center, and in 2026 a biodegradable polymer materials project was selected for government R&D support, running from April 2026 to March 2028 with a total budget of KRW 1.6 billion including KRW 1 billion in government funding.
To mark its 35th anniversary in 2025, the company unveiled its 'Vision 2030' strategy, positioning biodegradable polymer raw materials, polymer fillers, aesthetic devices, and bio-composite anchors as new growth pillars, with a target of KRW 500 billion in revenue and KRW 1 trillion in corporate value by 2030.
These are targets the company has publicly stated as its medium- to long-term direction, and actual achievement will need to be verified progressively through future quarterly results and the revenue contribution of new businesses.
The current share price trades below the company's book value per share, placing it at a discount relative to net assets.
On the earnings side, operating margin improved steadily from 2022 through 2025, sustaining a profitability recovery trend, but owner net income peaked in 2024, declined in 2025, and has since shown recovery in recent quarters, reflecting notable period-to-period variability.
Dividends have been paid annually, but the yield level is known to run below the industry average, suggesting the stock's appeal centers more on its growth narrative than on income.
Given that new businesses (cosmetics, medical devices, materials) still represent a relatively small share of total revenue, the market appears to focus on their growth pace and profitability improvement as key variables.
Overall, valuation can be viewed as reflecting both the stable cash-generating capacity of the existing dental and suture businesses and the market's confidence in the expansion of new businesses and the achievement of the Vision 2030 targets.
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 margin improved for four consecutive years, from 7.7% in 2022 to 20.8% in 2025, showing a clear profitability recovery. This appears to reflect both revenue growth and improved cost structure, providing a cash-generation base for investment in new businesses.
Annual operating cash flow also rose from KRW 9.2 billion in 2022 to KRW 22.6 billion in 2024, contributing to improved financial stability.
In Q2 2026, the medical device segment grew 49.1% year-on-year to KRW 1.4 billion in revenue and turned profitable for the first time, while the cosmetics segment grew 22.4%. Combined growth of the two new businesses reached 34.7%, the highest among all segments.
Although revenue share remains small, the simultaneous confirmation of growth speed and profitability represents an early result of portfolio diversification.
The Osong Plant 2 expansion addresses the full-capacity constraint on dental products while simultaneously expanding capacity for sutures and new businesses.
In 2026, a biodegradable polymer materials project was selected for government R&D support, running through March 2028 with a total budget of KRW 1.6 billion including KRW 1 billion in government funding, which can be viewed as bolstering the technical credibility of the materials business.
Owner net income fell from KRW 22.4 billion in 2024 to KRW 11.0 billion in 2025, even as operating profit rose, suggesting a substantial impact from non-operating factors. In H1 2025, operating profit rose 57.1% while net income fell 49.8%, indicating that quarterly comparisons require caution regarding base effects. In Q2 2025, despite operating profit of KRW 7.8 billion, owner net income posted a loss of KRW 0.9 billion.
In Q2 2026, the surgical suture business, one of the company's core segments, contracted, constraining overall revenue growth. Since the suture segment had been a key growth driver with high growth rates over the prior four years, it remains to be seen whether the recent slowdown is temporary or structural.
New businesses such as medical devices, cosmetics, and materials show high growth rates but still account for a small share of total revenue.
The Vision 2030 target of KRW 500 billion in revenue and KRW 1 trillion in corporate value by 2030 implies substantial expansion from current revenue (KRW 103.0 billion in 2025), so a gap between the stated target and the actual pace of progress cannot be ruled out.
Given the export-heavy business structure, the company faces significant exposure to currency fluctuations and changes in global logistics conditions. In Q1 2026, export delays tied to the U.S.-Iran conflict affected results. Should geopolitical uncertainty recur, similar logistics and export disruptions could reappear.
The cosmetics, medical device, and materials businesses show high growth rates but remain in early stages, and growth pace could diverge from plans due to intensifying competition, regulatory changes, or delays in new product approvals.
Multiple new product and certification schedules, including implant products and Ceraseal's global material registration, need to be monitored sequentially.
Historical results have repeatedly shown a gap between operating profit and owner net income, which appears attributable to non-operating gains/losses or tax-related factors. If this volatility persists, the predictability of quarterly results could remain limited.
Expected filing date for the Q3 2026 quarterly report, allowing confirmation of new business growth and whether the suture segment recovers.
Check whether the Osong Plant 2 utilization rate rises and begins to be reflected in results.
Watch for the launch of the implant xenograft bone and membrane products and their initial revenue contribution.
Monitor progress on the global new-material registration of the Ceraseal bioceramic sealer.
The FY2026 annual results and dividend disclosure will allow a comprehensive check of changes in new business revenue share and annual profitability.
Meta Biomed is in a transitional phase, expanding its portfolio into cosmetics, medical devices, and materials businesses while building on its established market position in dental root-canal filling materials and biodegradable sutures.
While operating margin improved steadily from 2022 through 2025, owner net income showed considerable year-to-year and quarter-to-quarter volatility due to non-operating factors.
In Q2 2026, new businesses (medical devices and cosmetics) grew rapidly and began contributing to profit for the first time, but the core suture business contracted, warranting a balanced view.
The Osong Plant 2 expansion and selection for government R&D support serve as factors supporting the mid- to long-term growth base, though the revenue and corporate value targets under Vision 2030 assume substantial expansion from current revenue levels.
Given the export-heavy business structure, exposure to currency and geopolitical variables should also be considered.
Future quarterly results, changes in the revenue share of new businesses, and the execution of new product and capacity expansion schedules will be the key points to watch in assessing the company's direction.
Report written 2026-09-05 · Data as of 2026-09-04
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