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041830KOSDAQ

In Body

51,000
-2,100 (-3.95%)

Price chart

  • MA5
  • MA20
  • MA60
Market capitalizationKRW 100M

Each day's close multiplied by the listed share count of this share class alone, sampled weekly. It is the figure for this issue only, not a combined total across common and preferred shares.

Overview

Summary

In Body is a medical device company established in 1996. Headquartered in Seoul, the company is listed on the KOSDAQ market.

The company develops and manufactures body composition analyzers, automatic blood pressure monitors, and height meters. It distributes these products to hospitals, fitness centers, and general consumers through direct sales and global agency networks.

Business overview as filed

당사는 1996년 회사 설립 이후 서울에 본사를 두고 국내 4개, 해외 14개 법인 등 총 18개 종속회사로 구성된 글로벌 의료기기 제조회사입니다. 주요 제품은 체성분분석기, 자동혈압계, 가정용 체성분분석기, 신장계, 소프트웨어 등이며 이들 제품 판매는 직판 및 국내외 대리점망을 통해 이뤄지고 있습니다. 해외시장 공략을 위하여 미국, 중국, 일본, 유럽, 말레이시아, 인도, 멕시코, 호주, 베트남, 튀르키예 등에 해외법인을 설립하여 운영하고 있습니다. 제품별 매출은 전문가용 체성분분석기와 전문가용 체수분분석기(BWA)를 포함한 전문가용 체성분분석기 비중이 69%로 가장 높고 가정용 체성분 분석기 12%, 자동혈압계 4% 등의 순으로 나머지 비중을 차지하고 있습니다. 지역별 매출비중은 해외가 83%, 국내 17%로 해외지역 매출비중이 절대적으로 높으며, 미국 34%, 한국 17%, 유럽 12%, 중국 8% 등 순입니다. 2025년 당사의 매출은 2,339억원으로 전년 대비 14.4% 증가하였으며, 주요 매출처는 양방/한방 병원, 피트니스센터, 비만클리닉, 군부대, 학교 및 관공서, 기업 그리고 일반 소비자들입니다.

Company overview

가. 연결대상 종속회사 현황(요약)

나. 연결대상회사의 변동내용

다. 회사의 법적ㆍ상업적 명칭

당사의 명칭은 주식회사 인바디로 표기합니다. 또한, 영문으로는 InBody Co.,Ltd로 표기합니다.

라. 설립일자

당사는 1996년 5월 15일에 전자의료기기 및 생체신호 측정장치의 제조 및 판매를 목적으로 설립되어, 1998년 9월 24일 벤처기업육성에관한특별조치법에 의한 벤처기업으로 등록되었으며, 2000년 12월 한국증권업협회에 주식을 상장하였습니다. 2014년 9월 상호를 주식회사 바이오스페이스에서 주식회사 인바디로 변경하였습니다.

마. 본사의 주소, 전화번호, 홈페이지 주소

주소: 서울 강남구 언주로 625(논현동)전화번호: 02-501-3939홈페이지 주소: https://www.inbody.co.kr

바. 중소기업 등 해당 여부

사. 주요 사업의 내용 및 향후 추진하려는 신규 사업에 관한 간략한 설명

당사와 연결대상 종속회사는 전자의료기기의 하나인 체성분분석기를 주요제품으로 개발ㆍ생산ㆍ판매하고 있습니다.

(1) 회사가 영위하는 목적사업

(2) 종속기업이 영위하는 목적사업

아. 신용평가에 관한 사항

신용등급의 정의

A등급은 상거래를 위한 신용능력이 양호하며, 환경변화에 대한 대처능력이 제한적인 기업으로 평가한다는 것을 의미하며, 등급 내 우열에 따라 +,0,-의 세부등급이 부여됩니다.

자. 회사의 주권상장(또는 등록ㆍ지정) 및 특례상장에 관한 사항

Transcribed verbatim from the sentences the filer wrote in the fiscal 2025 business report (received 2026.03.18), tables and figures omitted.

  • The summary is written separately from the filed text and is not the filer's wording, so it may phrase things differently from or omit parts of the original, which is shown alongside for checking.
  • The company introduction reproduces the sentences the filer wrote in its business report, with tables, figures and the sentences that point to other sections of the report omitted, and the accuracy of their content has not been separately verified.

VaR

3.97%
[1.53%, 10.21%] · As of 2026-10-02
VaR by window

The headline's measure for each of the three windows on one scale, the dot being the estimate and the bar its interval. The windows are nested and share their observations, so the three readings are not three independent measurements. The selected window is highlighted.

Daily return distribution

The issue's daily returns over the chosen window counted into equal-width bins. The vertical lines mark the VaR and cVaR above on the loss side. The published VaR sample applies exclusion rules for halts and first sessions that this raw daily series does not, so the bars and the marks can differ slightly at the edges.

Drawdown

Deepest drawdown 28.0% (2026-10-08). How far below its previous peak the issue stood each day over the chosen window, a description of the path already travelled.

If these numbers are unfamiliarThere is a guide that walks through VaR, cVaR and annualized volatility in plain language.Read the guide

Characteristic line

0.47
Beta [0.34, 0.60] · KOSDAQ150 · As of 2026-10-08
Intercept
+0.287%[-0.255%, +0.828%]
R squared
0.14
Observations
252
Trading-time corrected beta
0.42[0.14, 0.70]
252-day rolling beta

A 252-day window rolled one day at a time over the longest daily span of the characteristic line. It shows when the beta against the KOSDAQ150 and the annualized volatility of the issue's excess return rose and fell, and unlike the headline figures above it carries no interval.

252-day rolling annualized volatility

Each point is one period's index excess return and issue excess return, and the line is the regression fitted to those points. The risk-free rate is the certificate of deposit rate.

Financials

20152016201720182019202020212022202320242025TTM
RevenueKRW 100M6897989339961,1711,0711,3781,6001,7042,0452,3392,639
Revenue growth%—15.8116.796.8417.49-8.4928.6716.086.4720.0314.42—
Operating incomeKRW 100M200220249237276191359407383367368501
Operating income growth%—10.1612.97-4.9116.68-30.8787.7413.53-5.79-4.200.04—
Net incomeKRW 100M173170193196204176340338366327300466
Net income growth%—-1.8813.781.144.37-13.9793.58-0.468.08-10.54-8.31—
Attributable to ownersKRW 100M173170193197204175340338367331306465
Attributable to minoritiesKRW 100M000-1-00-10-2-4-60
Operating margin%29.0227.6026.7023.7623.6017.8326.0125.4422.5117.9715.7118.99
Net margin%25.1121.2820.7319.6217.4316.3924.6521.1421.4616.0012.8217.65
ROE%——18.1515.8114.6211.6718.5215.7114.7612.149.6413.53
ROA%20.9817.5017.2614.8513.1710.5716.6813.9413.3210.708.3111.99
Debt ratio%8.095.125.175.7410.7810.6310.8712.329.8611.6512.9112.09
Current ratio%875.821,563.861,509.12867.66682.14759.01677.48705.50853.61663.65648.27666.85
Quick ratio%730.371,338.831,296.08619.91498.75612.08564.53560.38685.03517.19534.19542.23
Reserve ratio%—————2,281.492,752.263,208.423,688.044,105.914,407.134,736.11
Free cash flowKRW 100M—106133-232211268191250312223289—
FCF margin%—13.2814.22-23.2418.0525.0313.8315.6518.3410.9112.34—
OCF conversion%64.56107.3596.1090.56118.62162.3589.3189.93105.8187.37119.31—
Capex to revenue%—9.565.7041.012.621.578.193.364.373.062.95—
Receivable daysdays—47.8——————————
Inventory daysdays—151.3152.4180.8211.9222.9173.3216.7275.9265.4259.7—
Payable daysdays—29.417.48.3————————
Cash conversion cycledays—169.8——————————
EPSKRW1,2721,2481,4301,4591,5321,3352,6132,5962,8192,5572,4233,453
PERx—21.6328.0414.8715.4413.008.867.788.999.0713.5216.74
BPSKRW——7,7819,09010,20910,96713,42715,73118,18019,94823,57825,522
PBRx——5.152.392.321.581.721.281.391.161.392.26
Dividend per shareKRW80100120120140140200300350—400—
Payout ratio%6.298.018.398.229.1410.497.6511.5612.42—16.51—

Consolidated basis

Profit flowKRW 100M

Revenue
2,339
Gross profit
1,810
Cost of sales
529
SG&A expenses
1,443
Operating income
368
Non-operating income
19
Profit before tax
386
Net income
300
Income tax expense
86

This diagram traces where revenue goes at each step on its way to net income, using the filed amounts as they are. The non-operating result is taken as the difference between profit before tax and operating income and is shown as income or expense by its sign, and whatever a step's items leave unexplained is shown separately as other.

Revenue compositionKRW 100M

Margins%

Cash flow by activityKRW 100M

Balance sheet compositionKRW 100M

Debt ratio%

The left bar splits assets into current and non-current and the right bar splits the financing of those assets into liabilities and equity, so the two bars stand at the same height. Where a filing itemized no non-current line, that half is the filed total less the filed current part.

Quarterly resultsKRW 100M

Year-on-year growth%

Each quarterly bar is that quarter's three months and is never mixed with an annual figure. The growth rate is computed only where the same quarter a year earlier is also shown here, and is left blank when the base was a loss.

Cash conversion cycledays

Free cash flow breakdownKRW 100M

Inventory days and receivable days stack upward, payable days hang downward, and the cash conversion cycle they net to is drawn as the line. Each day count uses the average balance with the prior year, so the oldest year is not drawn. A day count whose line was not filed is left out, and the cycle is shown only for years that carry all three.

Free cash flow is cash from operating activities less spending on property, plant and equipment, and all three bars keep the sign as filed.

Owners' net margin%

Asset turnoverx

Financial leveragex

ROE%

ROE is the product of the owners' net margin, asset turnover and financial leverage. All three use period-end balances as denominators, and profit and equity are on the owners' basis, so the product matches the ROE in the table.

Financial statements

Balance sheet

20152016201720182019202020212022202320242025
825*9711,1201,3171,5491,6622,0382,4272,7453,0583,611
62*475572151160200266246319413
7639231,0651,2451,3981,5021,8382,1602,4982,7393,198

Income statement

20152016201720182019202020212022202320242025
6897989339961,1711,0711,3781,6001,7042,0452,339
200220249237276191359407383367368
208208234246282207393425446439386
173170193196204176340338366327300
Basic earnings per shareKRW1,2721,2481,4301,4591,5321,3352,6132,5962,8192,5572,423
Diluted earnings per shareKRWNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicable2,423
176Not applicable184197207172355341372358306

Cash flow statement

20152016201720182019202020212022202320242025
Net incomefrom the income statement173170193196204176340338366327300
Total adjustments to operating cash flowcomputed-6112-8-1838109-36-3421-4158
112182186177242285304304387286358
-97-126-131-177-120-163-251-220-323-57-295
-8-11-42-17-74-92-43-53-62-151133
Cash at beginning of periodKRW 100M475610311296144170186216223310
5610311296144170186216223310524
Net change in cash and cash equivalentsKRW 100M9Not applicable10Not applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicable

In the latest fiscal year operating and financing activities brought cash in while investing activities spent it.

A year whose own filing is absent is filled from the restated comparative in the following filing, and is marked as such. Operating indicators outside the statements, such as order backlogs, and audit opinions are not covered here, and per-share figures follow the filed values without retroactive adjustment for share splits.

Transcribed verbatim from the sentences the filer wrote in the fiscal {year} business report (received {date}), with tables, figures and cross-references to other sections omitted.

The newest annual filing shown was received on 2026.03.18.

Audit opinion

Fiscal yearOpinionAuditorFiscal year end
2025적정의견Term 30성현회계법인2025-12-31
2024적정의견Term 29성현회계법인2025-12-31
2023적정의견Term 28안진회계법인2025-12-31
2022적정Term 27안진회계법인2022-12-31
2021적정Term 26안진회계법인2022-12-31
2020적정Term 25삼도회계법인2022-12-31
2019적정Term 24선진회계법인2019-12-31
2018적정Term 23선진회계법인2019-12-31
2017적정Term 22선진회계법인2019-12-31
2016적정Term 21한영회계법인2016-12-31
2015적정Term 20선진회계법인2016-12-31
2014적정Term 19선진회계법인2016-12-31

The auditor's name and the opinion are transcribed verbatim from the filed audit report, and the wording follows the filer. A fiscal year shown twice means the filing carried two entries that the source does not distinguish.

Korean audit opinions come in four kinds, where an unqualified opinion (적정) finds the statements fairly presented, a qualified opinion (한정) does so except for a stated matter, an adverse opinion (부적정) finds them not fairly presented, and a disclaimer of opinion (의견거절) means the auditor could not obtain enough evidence to form a view.

Valuation

Valuation multiplesx

PER and PBR divide each period's closing price by the per-share figure filed for that same period, and a loss period is left blank. The quarterly view is a multiple of quarterly EPS.

Dividend historyKRW

The dividend-per-share bars are restated onto the current share basis for splits and par-value changes. The payout ratio and the dividend yield divide figures filed for the same period and are left unadjusted.

Payout ratio and dividend yield%

PER bandKRW

The price is the adjusted close and each band line multiplies the EPS of the latest completed fiscal year by a fixed multiple. The previous year's EPS stays in force until the next fiscal year ends, and the multiples divide the range between the lowest and highest annual PER on record into equal steps.

Valuation models

Five models priced under one set of assumptions, set beside the current price, with how each has moved by fiscal year.

Assumptions

Risk-free rate10-year treasury yield · 2026-10-084.40%
BetaDaily 5Y0.43
%
%
Cost of equity6.53%
Weighted average cost of capital6.53%
Initial growth8.0%
Effective tax rate22.3%
Base fiscal year2025
Current priceKRW51,000

The risk premium and the terminal growth rate are adjustable assumptions, and the rest follow from the data and the formulas.

ModelModel priceKRWVersus current price
Gordon growth model9,004-82.3%
Dividend discount model DDM10,348-79.7%
Discounted cash flow FCFF59,989+17.6%
Discounted cash flow FCFE55,390+8.6%
Residual income model RIM43,488-14.7%
The table prices the newest fiscal year's accounts at today's treasury yield and the current price.

Dividend and residual income familyKRW

Discounted cash flow familyKRW

Each fiscal year's figures use that year's accounts and the treasury yield at its period end, with beta held at its current value, and splits or par changes are restated to the current share basis.

How the figures are calculated

Each model's formula is shown in symbols and then with this issue's own numbers substituted, step by step. Changing a value in the assumptions panel changes the numbers here too. Firm-level amounts are in hundred million won and per-share values in won.

Cost of equity

r=rf+β×ERPr = r_f + \beta \times \mathit{ERP}

r = 4.40% + 0.43 × 5.00% = 6.53%

Initial growth

g1=max⁡{ROE×(1−payout), 0},gt=g1+(gT−g1) t−1N−1g_1 = \max\{\mathit{ROE} \times (1 - \text{payout}),\,0\},\qquad g_t = g_1 + (g_T - g_1)\,\frac{t-1}{N-1}

g_1 = max(9.64% × (1 − 16.51%), 0) = 8.05%

Growth starts at this value in the first year and falls by equal steps each year to reach the terminal rate in the fifth

Gordon growth model

P0=D0 (1+gT)r−gTP_0 = \frac{D_0\,(1 + g_T)}{r - g_T}

P_0 = 400 × (1 + 2.00%) / (6.53% − 2.00%) = 408 / 0.0453 = 9,004 KRW

Dividend discount model DDM

P0=∑t=1NDt(1+r)t+DN(1+gT)(r−gT) (1+r)N,Dt=Dt−1(1+gt)P_0 = \sum_{t=1}^{N} \frac{D_t}{(1+r)^t} + \frac{D_N (1+g_T)}{(r - g_T)\,(1+r)^N},\qquad D_t = D_{t-1}(1+g_t)

D_0 = 400, g_1 = 8.05%, g_T = 2.00%, r = 6.53%

YearGrowthDividend KRWDiscount factorPresent value KRW
18.05%4320.9387406
26.53%4600.8811406
35.02%4840.8271400
43.51%5010.7764389
52.00%5110.7288372
Terminal value2.00%11,4920.72888,376
Total10,348

P_0 = 10,348 KRW

Residual income model RIM

P0=B0+∑t=1NRIt(1+r)t+RIN(1+gT)(r−gT) (1+r)N,RIt=(ROE−r) Bt−1P_0 = B_0 + \sum_{t=1}^{N} \frac{\mathit{RI}_t}{(1+r)^t} + \frac{\mathit{RI}_N (1+g_T)}{(r - g_T)\,(1+r)^N},\qquad \mathit{RI}_t = (\mathit{ROE} - r)\,B_{t-1}

B_0 = 23,578 KRW, ROE = 9.64%, payout ratio = 16.51%, r = 6.53%, g_T = 2.00%

YearOpening book valueEarningsEquity chargeResidual incomeDiscount factorPresent value
123,5782,2721,5407320.9387687
225,4752,4551,6647910.8811697
327,5252,6531,7988550.8271707
429,7392,8661,9429240.7764717
532,1323,0972,0999980.7288727
Terminal value22,4670.728816,374

P_0 = 23,578 + 3,536 + 16,374 = 43,488 KRW

Discounted cash flow FCFF

FCFF0=CFO−CapEx+Int (1−τ),WACC=ED+E r+DD+E kd (1−τ)\mathit{FCFF}_0 = \mathit{CFO} - \mathit{CapEx} + \mathit{Int}\,(1-\tau),\qquad \mathit{WACC} = \frac{E}{D+E}\,r + \frac{D}{D+E}\,k_d\,(1-\tau)

Base-year cash flow FCFF

FCFF_0 = 357.8 − 69.1 + 5.0 × (1 − 22.33%) = 292.5 KRW hundred million

Weighted average cost of capital

E = 6,875.2, D = 5.6 KRW hundred million; equity weight = 99.92%, debt weight = 0.08%; cost of debt k_d = 6.53%

WACC = 99.92% × 6.53% + 0.08% × 6.53% × (1 − 22.33%) = 6.53%

Vfirm=∑t=1NFCFFt(1+WACC)t+FCFFN(1+gT)(WACC−gT) (1+WACC)N,FCFFt=FCFFt−1(1+gt),P0=Vfirm−D+CashSharesV_{\text{firm}} = \sum_{t=1}^{N} \frac{\mathit{FCFF}_t}{(1+\mathit{WACC})^t} + \frac{\mathit{FCFF}_N (1+g_T)}{(\mathit{WACC} - g_T)\,(1+\mathit{WACC})^N},\qquad \mathit{FCFF}_t = \mathit{FCFF}_{t-1}(1+g_t),\qquad P_0 = \frac{V_{\text{firm}} - D + \text{Cash}}{\text{Shares}}
YearGrowthCash flow KRW hundred millionDiscount factorPresent value KRW hundred million
18.05%316.00.9387296.7
26.53%336.70.8812296.7
35.02%353.60.8271292.5
43.51%366.00.7764284.2
52.00%373.30.7288272.1
Terminal value2.00%8,406.10.72886,126.8
Total7,568.9

Firm value = 7,568.9; less borrowings 5.6; plus cash 523.7 → 8,087.1 KRW hundred million

P_0 = 8,087.1 KRW hundred million ÷ 13,480,882 (shares) = 59,989 KRW

Discounted cash flow FCFE

FCFE0=CFO−CapEx+ΔD,P0=1Shares[∑t=1NFCFEt(1+r)t+FCFEN(1+gT)(r−gT) (1+r)N],FCFEt=FCFEt−1(1+gt)\mathit{FCFE}_0 = \mathit{CFO} - \mathit{CapEx} + \Delta D,\qquad P_0 = \frac{1}{\text{Shares}}\left[\sum_{t=1}^{N} \frac{\mathit{FCFE}_t}{(1+r)^t} + \frac{\mathit{FCFE}_N (1+g_T)}{(r - g_T)\,(1+r)^N}\right],\qquad \mathit{FCFE}_t = \mathit{FCFE}_{t-1}(1+g_t)

Base-year cash flow FCFE

FCFE_0 = 357.8 − 69.1 + 0.0 (net borrowing) = 288.6 KRW hundred million

YearGrowthCash flow KRW hundred millionDiscount factorPresent value KRW hundred million
18.05%311.90.9387292.8
26.53%332.30.8811292.8
35.02%348.90.8271288.6
43.51%361.20.7764280.4
52.00%368.40.7288268.5
Terminal value2.00%8,293.00.72886,044.0
Total7,467.1

P_0 = 7,467.1 KRW hundred million ÷ 13,480,882 (shares) = 55,390 KRW

The cost of equity is the risk-free rate plus beta times the equity risk premium. Initial growth is the newest fiscal year's return on equity times its retention ratio, floored at zero, and falls by equal steps from that value in the first year to the terminal rate in the fifth. Only the Gordon model grows at the terminal rate from the start. Discounted cash flow starts from operating cash flow less capital expenditure, where FCFF adds after-tax interest paid and discounts at the weighted average cost of capital, and FCFE adds net borrowing and discounts at the cost of equity. The residual income model adds to book value per share the present value of earnings above the equity charge.

Other issues on the same market

Neighbours in the market capitalisation order.

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