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Data-driven stock valuation

Formosa Pharmaceuticals, Inc. (6838) fair value: what the stock is really worth

As of Nov 9, 2026: fair value (intrinsic value) of Formosa Pharmaceuticals, Inc. stock TWD 5.97, price TWD 21.20, that is 71.8% below the price, quality 31 out of 100. Rating: strongly overvalued. Calculated from audited financials with one of our 26 valuation models and 37 quality factors, updated daily.

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Healthcare TW

FP Formosa Pharmaceuticals, Inc. logo Thin data Nov 6, 2026

Formosa Pharmaceuticals, Inc.

6838 · TW
Very expensive, weak quality

Our calculation puts a fair price 72% below what the stock costs today.

Revenue last quarter 37% below a year ago.
Fair value 5.97 TWD · Strongly overvalued
Quality 31/100
Weak Growth (revenue YoY −93.4 %/yr in TWD)
Negative free cash flow
Trails peers (2/7)
Narrow moat 9/100
Thin data
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What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

68.60 TWD 21.00 TWD Fair Value 5.97 TWD Oct 2021 Nov 2026

White line = price, green steps = our fair value per fiscal year. As of Nov 6, 2026.

How to read this chart

60‑month range 21.00 TWD – 68.60 TWD · fair‑value band 3.94 TWD – 7.46 TWD · the 21.20 TWD price screens above the 5.97 TWD fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 6, 2026.

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Company profile

Formosa Pharmaceuticals, Inc., a clinical stage biopharmaceutical company, engages in developing drug candidates for ophthalmology, oncology, and anti-infectives in Taiwan. It is involved in developing TSY-110, an antibody-drug conjugate; and TSY-0210, an antibiotic for drug resistant infections.

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The company also develops APP13002 to treat infectious eye diseases, such as conjunctivitis, keratitis, blepharitis, and meibomian gland dysfunction; and MPT0E028, a novel pan- histone deacetylase inhibitor for solid tumors, such as hepatomas and colorectal cancer.

It has a strategic partnership with Eyenovia, Inc. for the development of novel ophthalmic therapeutic; and Singapore Eye Research Institute to develop ophthalmic formulations for corneal diseases. Formosa Pharmaceuticals, Inc. was founded in 2010 and is headquartered in Taipei City, Taiwan.

Stock analysis

Formosa Pharmaceuticals, Inc. (6838) currently trades at 21.20 TWD, while our model-based Fair Value estimate is 5.97 TWD, 72% below the price, so the stock looks overvalued today.

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Valuation

How firm this estimate is: it rests on 1 models at a data quality of 96/100, which puts the data coverage at low.

Scenario range: 3.94 TWD (bear) to 7.46 TWD (bull), the price of 21.20 TWD sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.

Quality & growth

The Quality Score stands at 31/100 (below-average quality), in the Healthcare sector.

Weak Growth: Revenue growth is weak, negative or inconsistent.

Formosa Pharmaceuticals, Inc. reported revenue of 9.5M TWD in FY2025 versus 28.5M TWD in FY2021, a compound −24.0%/yr. Reported net income was −83.6M TWD in FY2025.

Key figures

Market cap 3.2B TWD (≈ $97.5M) Micro · P/S ratio 71.2 · EPS (TTM) −1.25 TWD · Return on equity −12.9% · Return on assets (EBIT) −26.2% (5-year average) · Operating margin −2,501% · Revenue growth (YoY) −36.5% · Free cash flow −138M TWD.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 9 out of 100 (medium confidence).

What moves the price

The share trades about 34% below its 52-week high and 1% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Healthcare peers we cover trades at 10% fair-value upside, at −72%, 6838 screens richer than that median.

Fair Value models

Bear 3.94 TWD Fair Value 5.97 TWD Bull 7.46 TWD
Price 21.20 TWD · Downside -71.8%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds. Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Best data coverage
NCAV (Graham) 3.94 TWD 5.97 TWD 7.46 TWD 52
All 1 models by family
Asset-Based
NCAV (Graham) 3.94 TWD 5.97 TWD 7.46 TWD 52

Open the full fair value analysis →

Quality Score breakdown

Overall quality 31/100

It rates the business: profits, how they develop, real cash, balance sheet, investing and share count.

Profitability 1
How much profit the company makes from its sales and capital
Quality Growth 24
Are margins and returns getting better?
Cashflow 14
Do the profits arrive as real cash?
Financial strength 80
Debt, balance sheet and risk of trouble
Investment 0
Does it invest with discipline instead of growing at any price?
Low Volatility 75
How calm the share price moves, does not count
Price momentum 24
Price momentum of the last 3 to 12 months, does not count
Near the 52-week high 3
Distance to the 52-week high, does not count
New shares 61
Buys back shares or issues new ones?

Open the full quality analysis →

Revenue & earnings trend

Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card. 0/100
Revenue growth is weak, negative or inconsistent.
Profit margin (trend) ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.
−1,332.0% (2021) → −1,796.9% (2025)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2025 is a loss year, no rate is defined from a loss
not computed

6838 screens overvalued: fair value 72% below the price. Compare with Vertex Pharmaceuticals Incorporated →

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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Biotechnology · 558 stocks

Beats the industry median on 1/6 measures
Overall it trails its industry peers.
Valuation
Quality Score 31 · Bottom 25%
Fair Value upside −71.8% · Below median
Profitability
Return on assets −4.0% · Above median
Growth and dividend
Revenue growth (quarter YoY) −36.5% · Bottom 25%

Valuation Multiplesvs Biotechnology median · lower = cheaper

P/B 2.20× · Pricier than median
P/S (12 months) 60.87× · Priciest 25%

Context: sector, industry, market

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Biotechnology stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value Compare
Incyte Corporation INCY $119.65 $199.23 +67% vs 6838
Regeneron Pharmaceuticals, Inc REGN $904.35 $1,275 +41% vs 6838
Vertex Pharmaceuticals Incorporated VRTX $547.09 $601.80 +10% vs 6838
Samsung Biologics Co 207940 1,516,000 KRW 1,667,600 KRW +10% vs 6838
Genmab A/S GMAB kr 3,527 kr 3,880 +10% vs 6838
WuXi Biologics (Cayman) Inc 2269 HK$47.62 HK$52.38 +10% vs 6838
argenx SE ARGX $927.21 $908.40 −2% vs 6838
CSL Limited CSL A$200.77 A$183.04 −9% vs 6838
Celltrion, Inc 068270 211,000 KRW 74,945 KRW −64% vs 6838
Royalty Pharma plc RPRX $67.30 $19.01 −72% vs 6838

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Formosa Pharmaceuticals, Inc.: fair value per Fair Value Calculator

Cite: Fair Value Calculator (2026). "Formosa Pharmaceuticals, Inc. Fair Value". https://www.fairvalue-calculator.com/stock/6838

Frequently asked questions

Is Formosa Pharmaceuticals, Inc. (6838) overvalued or undervalued?
As of Nov 6, 2026, our model estimates a fair value of 5.97 TWD versus a price of 21.20 TWD, about 72% lower (overvalued).
What is the fair value of 6838?
Our model-based fair value for Formosa Pharmaceuticals, Inc. is 5.97 TWD (as of Nov 6, 2026), built from audited fundamentals. The current price: 21.20 TWD.
What is the quality score of 6838?
Formosa Pharmaceuticals, Inc. has a Quality Score of 31/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Formosa Pharmaceuticals, Inc. (6838)?
Our model-based price target is the fair value of 5.97 TWD (as of Nov 6, 2026) from 1 valuation models. Cautious scenario 3.94 TWD, optimistic scenario 7.46 TWD. It is a calculation from audited fundamentals, not an analyst target.
What is the Formosa Pharmaceuticals, Inc. stock forecast for 2026?
Our models put fair value at 5.97 TWD, about 72% lower versus a price of 21.20 TWD (overvalued). Cautious scenario 3.94 TWD, optimistic scenario 7.46 TWD. The calculation is refreshed regularly with new filings.
What is the intrinsic value of Formosa Pharmaceuticals, Inc. (6838)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Formosa Pharmaceuticals, Inc. it is 5.97 TWD per share (as of Nov 6, 2026), against a price of 21.20 TWD. It is the blended result of 1 valuation models in 1 family (Asset-Based).
Is Formosa Pharmaceuticals, Inc. stock overvalued or undervalued in 2026?
As of Nov 6, 2026, 6838 trades above its calculated fair value: price 21.20 TWD, fair value 5.97 TWD, a gap of about −72% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of 6838?
No. The price is what the market pays today (21.20 TWD); the fair value is what the company's own numbers justify (5.97 TWD). For Formosa Pharmaceuticals, Inc. the two are 15.23 TWD per share apart. That gap is exactly why we show both numbers side by side.
How much is Formosa Pharmaceuticals, Inc. worth?
The market values Formosa Pharmaceuticals, Inc. at about 3.2B TWD (market capitalisation, as of Nov 6, 2026). Per share that is 21.20 TWD; our models calculate a fair value of 5.97 TWD per share.
What do the bullish and bearish scenarios say about 6838?
Our models span a range for Formosa Pharmaceuticals, Inc.: cautious scenario 3.94 TWD, base 5.97 TWD, optimistic 7.46 TWD per share (as of Nov 6, 2026, price 21.20 TWD). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Formosa Pharmaceuticals, Inc. (6838)?
Balance-sheet figures for Formosa Pharmaceuticals, Inc. (as of Nov 6, 2026): return on equity −12.9%. They feed the Quality Score of 31/100, which measures business quality independently of the share price.
How far is 6838 from its 52-week high?
Formosa Pharmaceuticals, Inc. trades at 21.20 TWD, about 34% below its 52-week high of 32.00 TWD and 1% above the low of 21.00 TWD (as of Nov 9, 2026). Distance from the high says nothing about value: that is what the fair value of 5.97 TWD is for.
Which stocks are comparable to Formosa Pharmaceuticals, Inc.?
From the same area (Healthcare) we also value Vertex Pharmaceuticals Incorporated, Regeneron Pharmaceuticals, Inc, CSL Limited, argenx SE, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Formosa Pharmaceuticals, Inc. stock attractive at the current price?
The data as of Nov 6, 2026: price 21.20 TWD, calculated fair value 5.97 TWD (−72%), Quality Score 31/100, from 1 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of 6838 calculated?
We run Formosa Pharmaceuticals, Inc. through 1 models from 1 family: Asset-Based. Every model gets the same audited fundamentals; the fair value of 5.97 TWD builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.3% above its aggregate fair value. Formosa Pharmaceuticals, Inc. itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Formosa Pharmaceuticals, Inc. (6838)?
The closing price on Nov 9, 2026 was 21.20 TWD. Our model-based fair value is 5.97 TWD, about 72% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Formosa Pharmaceuticals, Inc. right now?
The price sits above even our optimistic bull case (7.46 TWD). The favourable scenario is already priced in. Weak quality (31/100) and above fair value at the same time, the margin of safety is missing on both counts. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. A fairly wide model range (3.94 TWD to 7.46 TWD) leaves room in how you read the outcome.

Key figures of Formosa Pharmaceuticals, Inc.

How large is the market capitalisation of Formosa Pharmaceuticals, Inc. (6838)?
The market capitalisation of Formosa Pharmaceuticals, Inc. is 3.2B TWD (≈ $97.5M). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Formosa Pharmaceuticals, Inc. (6838)?
The price-to-sales ratio of Formosa Pharmaceuticals, Inc. is 71.2 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Formosa Pharmaceuticals, Inc. (6838)?
Earnings per share at Formosa Pharmaceuticals, Inc. are −1.25 TWD. Earnings per share over the last twelve months: total profit spread across every single share.
What is the return on equity of Formosa Pharmaceuticals, Inc. (6838)?
The return on equity (ROE) of Formosa Pharmaceuticals, Inc. is −12.9% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Formosa Pharmaceuticals, Inc. (6838)?
On an EBIT basis the return on assets of Formosa Pharmaceuticals, Inc. is −26.2% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Formosa Pharmaceuticals, Inc. (6838)?
The operating margin of Formosa Pharmaceuticals, Inc. is −2,501% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Formosa Pharmaceuticals, Inc. (6838)?
Revenue at Formosa Pharmaceuticals, Inc. is growing −36.5% versus a year earlier (3y avg +93.3%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How much free cash flow does Formosa Pharmaceuticals, Inc. (6838) generate?
The free cash flow of Formosa Pharmaceuticals, Inc. is −138M TWD (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
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