PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q3–2026Q2) · Dividend yield is based on ₩0 per share · Prices as of the 2026-10-02 close
Metacare runs a two-pillar business of pharmaceutical/medical-supply distribution (MRO) and hospital management consulting (MSO) for hair-transplant clinics, keeping operating profit positive in 2025 while restructuring affiliates and expanding into digital healthcare.
FY2025 revenue reached KRW 32.8bn with operating profit of KRW 1.32bn, but net income attributable to owners fell sharply to KRW 498mn from KRW 9.28bn a year earlier.
Over the trailing four quarters (2025Q3-2026Q2), revenue fluctuated between roughly KRW 8.8bn and KRW 10.8bn, with an operating and net loss recorded in 2025Q4.
In July 2026 the company decided to absorb its wholly owned subsidiary JK Medi via a small-scale merger, with the merger date set for October 1, 2026.
Reports indicate the company secured a 47.51% stake in Techlabs in June 2026, becoming its largest shareholder and extending its reach into digital healthcare IT.
In the pharmaceutical distribution segment, the acquisition of subsidiary J&S Pharm reportedly improved purchasing cost competitiveness.
Metacare's core businesses are pharmaceutical and medical-supply distribution (MRO) for hospitals and pharmacies, and hospital management consulting (MSO) for hair-transplant clinics.
The company operates a B2B model supplying medicine and medical consumables to hospitals and pharmacies while providing MRO services within the bio/medical industry. It is expanding its supply chain to general and semi-general hospitals while simultaneously entering the hair-loss healthcare market.
Its largest shareholder is KOSPI-listed Metalabs, under which affiliates include Meta S&C (healthcare), Momo Labs (hospital consulting), and Meta Prime (real estate development), with Metacare positioned as the affiliate handling pharmaceutical and medical-device supply.
In the medical-service consulting segment, management-consulting contracts with hair-transplant specialty hospitals support a stable revenue structure, while the pharmaceutical segment reportedly gained purchasing-cost competitiveness and synergy through the acquisition of subsidiary J&S Pharm.
In July 2026 the company decided to absorb its wholly owned subsidiary JK Medi, a quasi-drug and medical-device wholesaler, via a small-scale merger to streamline its organization.
It was also reported to have acquired a 47.51% stake in Techlabs in June 2026, becoming its largest shareholder and broadening its portfolio into digital healthcare IT.
Competitively, hospital MRO distribution is a mature market with numerous participants, while long-term contractual relationships with hair-transplant specialty hospitals form the key competitive edge in the MSO segment.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩5.8B | ₩800M | 14.2% |
| 2025Q3 | ₩10.8B | ₩100M | 1.1% |
| 2025Q4 | ₩10.3B | -₩100M | −1.4% |
| 2026Q1 | ₩10.1B | ₩600M | 5.7% |
| 2026Q2 | ₩8.8B | ₩800M | 9.1% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩19.1B | -₩300M | -₩49.6B | −1.6% | −49.9% | 46.5% |
| 2023 | ₩55.8B | -₩8.9B | -₩14.5B | −16.0% | −13.7% | 12.8% |
| 2024 | ₩20.2B | ₩1.5B | ₩9.3B | 7.4% | 8.0% | 35.5% |
| 2025 | ₩32.8B | ₩1.3B | ₩500M | 4.0% | 0.4% | 63.6% |
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
FY2025 revenue rose sharply to KRW 32.82bn from KRW 20.21bn in FY2024, while operating profit slipped slightly to KRW 1.32bn from KRW 1.50bn, pulling the operating margin down to 4.0%.
Net income attributable to owners remained positive at KRW 498mn but shrank markedly from KRW 9.28bn in FY2024, and total net income including non-controlling interests turned negative at KRW -212mn.
This compares with FY2023, when revenue was KRW 55.75bn alongside an operating loss of KRW -8.90bn and a net loss of KRW -26.02bn (KRW -14.54bn attributable to owners), and FY2022, when revenue of KRW 19.10bn came with a net loss of KRW -49.55bn — underscoring a clear improvement in the profit structure through 2024-2025.
Looking at the trailing four quarters (2025Q3-2026Q2), however, revenue trended gently lower from KRW 10.75bn to KRW 10.31bn to KRW 10.12bn to KRW 8.76bn. Operating profit swung from KRW 119mn in 2025Q3 to an operating loss of KRW -143mn in 2025Q4, before recovering to KRW 577mn in 2026Q1 and KRW 796mn in 2026Q2.
Net income attributable to owners likewise deteriorated sharply from KRW 1.30bn in 2025Q3 to KRW -3.72bn in 2025Q4, before returning to modest profits of KRW 417mn in 2026Q1 and KRW 412mn in 2026Q2.
Notably, 2025Q2 posted operating profit of KRW 816mn and owner net income of KRW 2.93bn, higher than the more recent quarters, illustrating a fairly volatile quarterly earnings pattern. Overall, while the top line has expanded, the quality and stability of earnings have continued to fluctuate on a quarterly basis.
Korea's hospital/pharmacy pharmaceutical and medical-supply distribution (MRO) market is a mature industry with numerous distributors competing on thin margins, where long-term contractual relationships with client institutions are the key driver of stable revenue.
In contrast, the hair-loss healthcare market is in a growth phase, with an aging population, rising stress-related hair loss, and the spread of non-face-to-face treatment and subscription-style management services drawing expanded entry from pharmaceutical and healthcare firms.
Metacare is exposed to this market through management-consulting contracts with hair-transplant specialty hospitals, forming part of a hair-care value chain within the Metalabs group alongside affiliates such as Meta S&C and Momo Labs.
Competitors include companies such as Withus Pharmaceutical and Inventage Lab, which are developing new hair-loss drugs and injectable formulations, alongside large pharmaceutical distributors — reflecting different approaches to the market (drug-development-led versus distribution/consulting-led).
In terms of industry cycle, the hospital MRO segment sits in a stable, low-growth phase, while the hair-care and digital healthcare IT segments are in a relatively early growth stage, giving the company's two business pillars contrasting characteristics.
The company has stated it is pursuing revenue diversification by leveraging medical data accumulated through hospital management consulting to expand B2B and B2C business in the non-reimbursed hospital segment.
The absorption merger of wholly owned subsidiary JK Medi, decided in July 2026, has a creditor-objection period running through September 30, 2026, with the merger date and registration date set for October 1, 2026 — a process whose completion will need to be confirmed.
The merger involves no new share issuance, so no change to the shareholding structure was indicated.
The 47.51% stake in Techlabs acquired in June 2026 reportedly resulted in Metacare becoming its largest shareholder, potentially extending the business portfolio into digital healthcare IT, though the timing and method of consolidating Techlabs' results into Metacare's financial statements still need to be confirmed through future quarterly disclosures.
In the pharmaceutical distribution segment, whether the J&S Pharm acquisition synergy persists, and in the hair-loss MSO segment, whether affiliated-hospital partnerships expand or new contracts are signed, remain key variables for future earnings direction.
Metacare's earnings trajectory turned from a large loss in 2023 to profitability in 2024-2025, but the scale of net income attributable to owners remains small and quarter-to-quarter volatility is significant, making per-share-based valuation metrics sensitive to swings.
According to FnGuide data, the price-to-earnings ratio calculated on FY2024 results stood in the high single digits, offering a historical multiple reference point from the period when the company was consistently profitable.
The stock is understood to trade at a discount to net asset value, and with no recent dividend payment history, its dividend yield trails the industry average.
Going forward, how the JK Medi merger and the Techlabs stake integration actually flow through to profit and loss is likely to be a key variable for valuation assessment.
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
The company posted annual operating profit in both 2024 and 2025, and both quarters of the first half of 2026 (Q1 and Q2) showed positive operating profit and owner net income. This marks a clear improvement compared with the large losses recorded in 2023.
Improved purchasing-cost competitiveness from the J&S Pharm acquisition is also understood to have helped defend margins.
The company is pursuing organizational efficiency through the absorption merger of wholly owned subsidiary JK Medi, and reports indicate it has expanded its portfolio into digital healthcare IT by acquiring a 47.51% stake in Techlabs.
This raises the possibility of adding a new growth pillar to the existing hair-care MSO and pharmaceutical distribution businesses. Expansion into non-reimbursed hospital B2B/B2C business leveraging medical data accumulated through hospital management consulting is also underway.
Long-term management-consulting contracts with hair-transplant specialty hospitals provide a relatively stable stream of fee income. The B2B-based pharmaceutical and medical-supply distribution business likewise builds its revenue base on long-standing client relationships.
This contract-based revenue structure can partly cushion against sharp swings in sales tied to market conditions.
Owner net income fell sharply to KRW 498mn in 2025 from KRW 9.28bn in 2024, and total net income including non-controlling interests turned negative at KRW -212mn. In 2025Q4 the company posted an operating loss alongside an owner net loss of KRW -3.72bn, illustrating substantial quarter-to-quarter earnings volatility. This volatility raises uncertainty around forecasting future results.
The 2025 operating margin stood at 4.0%, reflecting the inherently thin-margin nature of the distribution business. Even as revenue expanded, absolute operating profit actually declined year over year.
This suggests margin improvement may be difficult to achieve in the highly competitive hospital MRO distribution market.
A series of affiliate restructurings, including the JK Medi absorption merger and the Techlabs stake acquisition, could generate integration costs and management burden. The timing and method for consolidating Techlabs' results have not yet been specifically confirmed, adding to the uncertainty.
A structure with frequent inter-affiliate share transfers warrants ongoing monitoring of governance and capital-allocation transparency.
Over the trailing four quarters, revenue and profit swung significantly, with an operating and net loss occurring simultaneously in 2025Q4. This volatility may stem from timing differences in consulting contracts or distribution trade terms, and similar swings cannot be ruled out in future quarters.
Metacare has KOSPI-listed Metalabs as its largest shareholder, within a structure where inter-affiliate stake acquisitions and mergers occur frequently.
If recent restructuring actions such as the JK Medi merger and the Techlabs stake acquisition are not completed as planned or proceed differently than expected, this could affect financial and business plans.
The hospital MRO distribution market is highly competitive with thin margins, which may limit profitability improvement.
While the hair-care market is in a growth phase, it is exposed to external variables such as policy changes or shifts in health-insurance coverage scope, meaning the business environment could shift depending on policy direction.
This is the deadline for the creditor-objection period related to the JK Medi absorption merger; whether objections are raised will indicate if the merger process is proceeding smoothly.
This is the scheduled merger date and registration date for the JK Medi absorption merger, a point to confirm whether the merger is actually completed and to gauge the organizational-efficiency effect.
Through the Q3 2026 earnings disclosure, it will be important to check whether recent quarterly earnings volatility eases and whether the effect of the Techlabs stake begins to show up in results.
Subsequent disclosures should be checked for the timing and method of consolidating Techlabs into the financial statements, as well as concrete plans for the digital healthcare IT business.
Metacare, built on two pillars of hospital-facing pharmaceutical/medical-supply distribution and hair-transplant hospital management consulting, has moved from a large loss in 2023 to a profitable trend in 2024-2025.
However, 2025 owner net income fell sharply from the prior year, and results over the trailing four quarters swung considerably, including a loss in 2025Q4.
The company is simultaneously pursuing several restructuring moves — pharmaceutical distribution synergy via the J&S Pharm acquisition, organizational streamlining via the JK Medi absorption merger, and expansion into digital healthcare IT via the Techlabs stake acquisition.
How these restructuring efforts actually flow through to profit and loss is something that will need to be confirmed sequentially through future quarterly disclosures.
Given the frequent inter-affiliate share transfers within the Metalabs group, which is the largest shareholder, governance changes also warrant continued observation.
Overall, a directional profit recovery and diversification efforts are proceeding in parallel, but the durability of these outcomes still appears to require further verification.
Report written 2026-09-05 · Data as of 2026-09-04
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