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Mercury Biopharmaceutical Corporation (6932) fair value: what the stock is really worth

As of Nov 6, 2026: fair value (intrinsic value) of Mercury Biopharmaceutical Corporation stock TWD 8.85, price TWD 5.14, upside +72.2%, quality 40 out of 100. Rating: strongly undervalued. Calculated from audited financials with one of our 26 valuation models and 37 quality factors, updated daily.

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Healthcare TW

MB Mercury Biopharmaceutical Corporation logo Thin data Nov 9, 2026

Mercury Biopharmaceutical Corporation

6932 · TWO
Cheap, value-trap risk

The stock costs 42% less than our calculation considers fair.

Fair value 8.85 TWD · Strongly undervalued
Low debt
Even on cautious assumptions the value is 15% above the price (5.90 TWD).
Quality 40/100
Weak Growth
Negative free cash flow
Trails peers (1/8)
Narrow moat 8/100 · thin data
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

27.28 TWD 4.92 TWD Fair Value 8.85 TWD Dec 2022 Nov 2026

White line = price, green steps = our fair value per fiscal year. As of Nov 9, 2026.

How to read this chart

46‑month range 4.92 TWD – 27.28 TWD · fair‑value band 5.90 TWD – 11.14 TWD · the 5.14 TWD price screens below the 8.85 TWD fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 9, 2026.

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Company profile

Merdury Biopharmaceutical Corporation engages in the development of drugs for unmet needs in Taiwan.

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The company develops StackDose platform, a drug development technology platform that integrates drug formulation, 3D powder printing, and hardware and software technologies to create drug-specific 3D printing production equipment, which can be used as a foundation for pharmaceutical companies to provide hosted services and in-house product development.

It also offers formulation design and 3D pharmaceutical processing services. Merdury Biopharmaceutical Corporation was founded in 2019 and is headquartered in New Taipei City, Taiwan.

Stock analysis

Mercury Biopharmaceutical Corporation (6932) currently trades at 5.14 TWD, while our model-based Fair Value estimate is 8.85 TWD, implying the stock looks roughly 42% undervalued today.

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Valuation

How firm this estimate is: it rests on 1 models at a data quality of 95/100, which puts the data coverage at low.

Scenario range: 5.90 TWD (bear) to 11.14 TWD (bull), the price of 5.14 TWD sits below 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 40/100 (below-average quality), in the Healthcare sector.

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

Mercury Biopharmaceutical Corporation reported revenue of 0 TWD in FY2025 versus 0 TWD in FY2021. Reported net income was −67.2M TWD in FY2025.

Key figures

Market cap 2.2B TWD (≈ $66.4M) Micro · EPS (TTM) −0.1200 TWD · Return on equity −22.8% · Return on assets (EBIT) −20.6% (5-year average) · Revenue (TTM) 246K TWD · Revenue growth (YoY) −76.2% · Free cash flow −58.1M TWD · Net cash 1.9M TWD.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 8 out of 100 (low confidence).

What moves the price

The share trades about 55% below its 52-week high and 4% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Healthcare peers we cover trades at −27% fair-value upside, at 72%, 6932 screens cheaper than that median.

Fair Value models

Bear 5.90 TWD Fair Value 8.85 TWD Bull 11.14 TWD
Price 5.14 TWD · Upside +72.2%
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) 0.1800 TWD 0.2700 TWD 0.3400 TWD 54
All 1 models by family
Asset-Based
NCAV (Graham) 0.1800 TWD 0.2700 TWD 0.3400 TWD 54

Open the full fair value analysis →

Quality Score breakdown

Overall quality 40/100

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

Profitability 0
How much profit the company makes from its sales and capital
Quality Growth 14
Are margins and returns getting better?
Cashflow 17
Do the profits arrive as real cash?
Financial strength 89
Debt, balance sheet and risk of trouble
Investment 67
Does it invest with discipline instead of growing at any price?
Low Volatility 50
How calm the share price moves, does not count
Price momentum 35
Price momentum of the last 3 to 12 months, does not count
Near the 52-week high 14
Distance to the 52-week high, does not count
New shares 68
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.
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

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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.Drug Manufacturers - Specialty & Generic · 549 stocks

Beats the industry median on 1/7 measures
Overall it trails its industry peers.
Valuation
Quality Score 40 · Bottom 25%
Fair Value upside +72.2% · Top 25%
Profitability
Return on assets −24.2% · Bottom 25%
Operating margin (12 months) 0.0% · Bottom 25%
Growth and dividend
Revenue growth (quarter YoY) −76.2% · Bottom 25%
Balance sheet
Debt / equity 0.17× · Above median

Valuation Multiplesvs Drug Manufacturers - Specialty & Generic median · lower = cheaper

P/B 9.92× · Priciest 25%

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)100 · sector 15
FUTURE (revenue growth)0 · sector 25
PAST (return on equity)0 · sector 29
HEALTH (low debt)91 · sector 96
DIVIDEND (yield)0 · sector 32

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 Drug Manufacturers - Specialty & Generic stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value Compare
Zoetis Inc ZTS $79.40 $113.53 +43% vs 6932
Jiangsu Hengrui Pharmaceuticals Co 600276 ¥50.43 ¥55.21 +9% vs 6932
Sun Pharmaceutical Industries Limited SUNPHARMA ₹1,860 ₹1,947 +5% vs 6932
Haleon plc HLN $9.14 $8.61 −6% vs 6932
Merck KGaA MRK €148.75 €109.18 −27% vs 6932
Galderma Group GALD CHF 191.75 CHF 109.86 −43% vs 6932
Takeda Pharmaceutical Company TAK $21.02 $11.31 −46% vs 6932
Teva Pharmaceutical Industries Limited TEVA $42.61 $20.74 −51% vs 6932
Sandoz Group SDZ CHF 83.78 CHF 39.70 −53% vs 6932
Divi's Laboratories Limited DIVISLAB ₹10,321 ₹1,567 −85% vs 6932

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Mercury Biopharmaceutical Corporation: fair value per Fair Value Calculator

Cite: Fair Value Calculator (2026). "Mercury Biopharmaceutical Corporation Fair Value". https://www.fairvalue-calculator.com/stock/6932

Frequently asked questions

Is Mercury Biopharmaceutical Corporation (6932) overvalued or undervalued?
As of Nov 9, 2026, our model estimates a fair value of 8.85 TWD versus a price of 5.14 TWD, about +72% upside (undervalued).
What is the fair value of 6932?
Our model-based fair value for Mercury Biopharmaceutical Corporation is 8.85 TWD (as of Nov 9, 2026), built from audited fundamentals. The current price: 5.14 TWD.
What is the quality score of 6932?
Mercury Biopharmaceutical Corporation has a Quality Score of 40/100. 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 Mercury Biopharmaceutical Corporation (6932)?
Our model-based price target is the fair value of 8.85 TWD (as of Nov 9, 2026) from 1 valuation models. Cautious scenario 5.90 TWD, optimistic scenario 11.14 TWD. It is a calculation from audited fundamentals, not an analyst target.
What is the Mercury Biopharmaceutical Corporation stock forecast for 2026?
Our models put fair value at 8.85 TWD, about +72% upside versus a price of 5.14 TWD (undervalued). Cautious scenario 5.90 TWD, optimistic scenario 11.14 TWD. The calculation is refreshed regularly with new filings.
What is the revenue of Mercury Biopharmaceutical Corporation (6932)?
Mercury Biopharmaceutical Corporation reported trailing-twelve-month revenue of about 246K TWD (latest available figure, as of Nov 9, 2026).
What is the intrinsic value of Mercury Biopharmaceutical Corporation (6932)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Mercury Biopharmaceutical Corporation it is 8.85 TWD per share (as of Nov 9, 2026), against a price of 5.14 TWD. It is the blended result of 1 valuation models in 1 family (Asset-Based).
Is Mercury Biopharmaceutical Corporation stock overvalued or undervalued in 2026?
As of Nov 9, 2026, 6932 trades below its calculated fair value: price 5.14 TWD, fair value 8.85 TWD, a gap of about +72% (undervalued). 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 6932?
No. The price is what the market pays today (5.14 TWD); the fair value is what the company's own numbers justify (8.85 TWD). For Mercury Biopharmaceutical Corporation the two are 3.71 TWD per share apart. That gap is exactly why we show both numbers side by side.
How much is Mercury Biopharmaceutical Corporation worth?
The market values Mercury Biopharmaceutical Corporation at about 2.2B TWD (market capitalisation, as of Nov 9, 2026). Per share that is 5.14 TWD; our models calculate a fair value of 8.85 TWD per share.
What do the bullish and bearish scenarios say about 6932?
Our models span a range for Mercury Biopharmaceutical Corporation: cautious scenario 5.90 TWD, base 8.85 TWD, optimistic 11.14 TWD per share (as of Nov 9, 2026, price 5.14 TWD). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Mercury Biopharmaceutical Corporation (6932)?
Balance-sheet figures for Mercury Biopharmaceutical Corporation (as of Nov 9, 2026): return on equity −22.8%, debt of 0.17 per unit of equity. They feed the Quality Score of 40/100, which measures business quality independently of the share price.
How far is 6932 from its 52-week high?
Mercury Biopharmaceutical Corporation trades at 5.14 TWD, about 55% below its 52-week high of 11.45 TWD and 4% above the low of 4.92 TWD (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of 8.85 TWD is for.
Which stocks are comparable to Mercury Biopharmaceutical Corporation?
From the same area (Healthcare) we also value Merck KGaA, Takeda Pharmaceutical Company, Galderma Group, Teva Pharmaceutical Industries Limited, 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 Mercury Biopharmaceutical Corporation stock attractive at the current price?
The data as of Nov 9, 2026: price 5.14 TWD, calculated fair value 8.85 TWD (+72%), Quality Score 40/100, 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 6932 calculated?
We run Mercury Biopharmaceutical Corporation through 1 models from 1 family: Asset-Based. Every model gets the same audited fundamentals; the fair value of 8.85 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. Mercury Biopharmaceutical Corporation currently trades 42% below its own fair value, and the market average says nothing about that. 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 Mercury Biopharmaceutical Corporation (6932)?
The closing price on Nov 6, 2026 was 5.14 TWD. Our model-based fair value is 8.85 TWD, about +72% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Mercury Biopharmaceutical Corporation right now?
The large discount to fair value meets weak quality (40/100). That raises the risk this is a value trap rather than a bargain. The price is below even our cautious bear case (5.90 TWD). The market is more pessimistic than our downside scenario. 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 (5.90 TWD to 11.14 TWD) leaves room in how you read the outcome.

Key figures of Mercury Biopharmaceutical Corporation

How large is the market capitalisation of Mercury Biopharmaceutical Corporation (6932)?
The market capitalisation of Mercury Biopharmaceutical Corporation is 2.2B TWD (≈ $66.4M). 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 are the earnings per share of Mercury Biopharmaceutical Corporation (6932)?
Earnings per share at Mercury Biopharmaceutical Corporation are −0.1200 TWD. Earnings per share over the last twelve months: total profit spread across every single share.
What is the return on equity of Mercury Biopharmaceutical Corporation (6932)?
The return on equity (ROE) of Mercury Biopharmaceutical Corporation is −22.8% (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 Mercury Biopharmaceutical Corporation (6932)?
On an EBIT basis the return on assets of Mercury Biopharmaceutical Corporation is −20.6% (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.
How fast is revenue growing at Mercury Biopharmaceutical Corporation (6932)?
Revenue at Mercury Biopharmaceutical Corporation is growing −76.2% versus a year earlier. 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 Mercury Biopharmaceutical Corporation (6932) generate?
The free cash flow of Mercury Biopharmaceutical Corporation is −58.1M TWD (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net cash does Mercury Biopharmaceutical Corporation (6932) hold?
Mercury Biopharmaceutical Corporation holds more cash than debt, 1.9M TWD net (fiscal year 2023). The company holds more cash than debt, a safety cushion.
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