RAY Co (228670) Fair Value & Analysis
Healthcare · KR · Market cap 70.6B KRW
Fair value as of: Jul 20, 2026
From 18 valuation models · updated 21 days ago
Fair value updated Jul 20, 2026, revised from 3,628 KRW to 3,619 KRW (−0.2%) since Jul 7, 2026. Share price +20.2% over the past month.
A solid business, but screening 37% overvalued on our models.
What matters now
- The price sits above even our optimistic bull case (4,274 KRW). The favourable scenario is already priced in.
- Solid but not exceptional quality (61/100) and above fair value, neither a clear bargain nor a standout compounder.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 20, 2026.
How to read this chart
60‑month range 3,940 KRW – 40,400 KRW · fair‑value band 3,619 KRW – 4,274 KRW · the 5,710 KRW price screens above the 3,619 KRW fair value. Dashed = 300-day average. As of Jul 20, 2026.
Analysis
RAY Co (228670) currently trades at 5,710 KRW, while our model-based Fair Value estimate is 3,619 KRW, implying the stock looks roughly 36.6% overvalued today. The Quality Score stands at 61/100 (solid quality), in the Healthcare sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: high).
Over the trailing twelve months, RAY Co generated revenue of 113B KRW at a net margin of 3.2%. Revenue grew 4.9% year over year. It earns a return on equity of 1.3%. Net debt stands at 47.0B KRW. Fundamentals as of Jul 20, 2026
Our scenario range runs from 3,619 KRW (bear case) to 4,274 KRW (bull case); at 5,710 KRW, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 51% below its 52-week high and 41% above its 52-week low, currently below its 200-day average. For context, the median of 10 Healthcare peers we cover trades at -26% fair-value upside, at -37%, 228670 screens richer than that median.
Fair Value models
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.
All 18 models by family
Widest divergence: Growth DCF (15,458 KRW) versus Asset-Based (3,285 KRW). Highest evidence: Growth DCF (80).
Notify me when 228670 reaches fair value
Free. You confirm by email (double opt-in) and can unsubscribe anytime in one click.
Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Jul 20, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 59 · Market factors (momentum, volatility) 18
Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.
About the company
RAY Co., Ltd. provides x-ray diagnostic equipment in the dental industry. The company offers RAYSACN Series, RAYios, RAYFace, RAYDENT Microscan, RIO Series, RAYDENT designer and tray, RAYSmiler, RAYDENT Studio, and RAYDENT Mill 4X and 5X, as well as consumables. RAY Co., Ltd. was incorporated in 2004 and is headquartered in Seongnam-si, South Korea.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
RAY Co reported revenue of 111B KRW in FY2025 versus 90.3B KRW in FY2021, a compound +5.4%/yr. Reported net income was 3.1B KRW in FY2025.
228670 screens 37% overvalued. Compare with Abbott Laboratories, →
Peer Group
Medical Devices · 352 stocks
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.
Valuation Multiples vs Medical Devices median · lower = cheaper
Snowflake
Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.
VALUE 0: the price sits above our fair-value range.
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.
Similar stocks
10 more Medical Devices stocks, each showing price versus our Fair Value estimate (as of Jul 20, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Abbott Laboratories, ABT | $100.68 | $74.79 | -26% |
| Stryker Corporation SYK | $316.44 | $186.28 | -41% |
| Medtronic plc MDT | $83.56 | $65.57 | -22% |
| Boston Scientific Corporation BSX | $43.04 | $38.44 | -11% |
| Edwards Lifesciences Corporation EW | $85.73 | $41.02 | -52% |
| Siemens Healthineers AG SHL | €34.59 | €33.87 | -2% |
| DexCom, Inc DXCM | $74.96 | $38.95 | -48% |
| Shenzhen Mindray Bio-Medical Electronics Co 300760 | ¥149.43 | ¥147.63 | -1% |
| Shanghai United Imaging Healthcare Co 688271 | ¥109.00 | ¥43.60 | -60% |
| Demant A/S DEMANT | kr 276.60 | kr 161.17 | -42% |
Compare RAY Co with another stock
Price, fair value, quality and upside side by side.
Explore undervalued stocks
More undervalued Healthcare stocks →
Frequently asked questions
Is RAY Co (228670) overvalued or undervalued?
What is the fair value of 228670?
What is the quality score of 228670?
What is the revenue of RAY Co (228670)?
What is the net profit margin of 228670?
How we calculate Fair Value
Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.
Track RAY Co and try Pro for 14 days
One email gets you 14 days of full Pro (review alerts, the 35,000+ stock screener, the diversification check) plus the monthly Top-25 report of the most undervalued quality stocks. No card, cancel anytime.
Zero risk: nothing is ever charged. After 14 days you decide whether to stay.