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

As of Sep 24, 2026: fair value of Formosa Pharmaceuticals, Inc. TWD 5.97, price TWD 25.50, upside -76.6%, quality 26 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.

  1. Fair value above price? No
  2. Good quality? No
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Healthcare · TW

FP Thin data Sep 24, 2026

Formosa Pharmaceuticals, Inc.

6838 · TW

Weakest SetupStrongly overvalued and low quality.

!Fair value 5.97 TWD · Strongly overvalued (−77%)
!Quality 26/100
!Weak Growth (revenue YoY −93.4 %/yr)
!negative free cash flow
!Mixed vs. peers (4/7)
!Narrow moat 9/100
!Evidence only low, so the estimate is less certain
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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 21.55 TWD Fair Value 5.97 TWD Oct 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 24, 2026.

How to read this chart

60‑month range 21.55 TWD – 68.60 TWD · fair‑value band 3.94 TWD – 7.46 TWD · the 25.50 TWD price screens above the 5.97 TWD fair value. Dashed = 300-day average. As of Sep 24, 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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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. 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 25.50 TWD, while our model-based Fair Value estimate is 5.97 TWD, implying the stock looks roughly 327.2% 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 evidence level at low.

Scenario range: 3.94 TWD (bear) to 7.46 TWD (bull), the price of 25.50 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 26/100 (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 3.8B TWD (≈ $121M) · P/S ratio 66.0 · EPS (TTM) −1.26 TWD · Return on equity −12.9% · Return on assets (EBIT) −26.2% · 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 28 out of 100 (medium confidence).

What moves the price

The share trades about 20% below its 52-week high and 14% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Healthcare peers we cover trades at −5% fair-value upside, at −77%, 6838 screens richer than that median.

Fair Value models

Bear 3.94 TWD Fair Value 5.97 TWD Bull 7.46 TWD
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. 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. Evidence ⓘEvidence = 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.
Highest evidence
NCAV (Graham) 4.82 TWD 6.46 TWD 9.65 TWD 51
All 1 models by family
Asset-Based
NCAV (Graham) 4.82 TWD 6.46 TWD 9.65 TWD 51

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Quality Score breakdown

Overall quality 26/100

Of which business quality 31 · Market factors (momentum, volatility) 42

Profitability 1
Margins and returns on capital today
Quality Growth 30
Are margins and returns improving?
Cashflow 14
Earnings quality: real cash, not paper profit
Fin. Strength 77
Balance sheet, leverage, solvency risk
Investment 0
Disciplined investing over empire-building
Low Volatility 75
Calm price path (market factor)
Momentum 31
Price trend over the last 3–12 months (market factor)
52W Momentum 24
Distance to the 52-week high (market factor)
Net Issuance 61
Share count: buybacks or dilution?

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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 327% overvalued. 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 · 654 stocks

Beats the industry median on 3/6 measures
A mixed picture versus its industry peers.
Valuation
Quality Score 31 · Bottom 25%
Fair Value upside −77% · Bottom 25%
Profitability
Return on assets −5% · Above median
Growth and dividend
Revenue growth −37% · Bottom 25%

Valuation Multiplesvs Biotechnology median · lower = cheaper

P/B 0.08× · Cheapest 25%
P/S (TTM) 2.31× · Cheaper than median

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
Vertex Pharmaceuticals Incorporated VRTX $522.38 $574.62 +10%
Regeneron Pharmaceuticals, Inc REGN $801.82 $1,252 +56%
argenx SE ARGX $963.79 $918.60 −5%
Samsung Biologics Co 207940 1,366,000 KRW 1,502,600 KRW +10%
CSL Limited CSL A$179.12 A$197.03 +10%
Alnylam Pharmaceuticals, Inc ALNY $251.65 $218.36 −13%
Royalty Pharma plc RPRX $58.52 $24.22 −59%
BeOne Medicines AG 6160 HK$218.20 HK$169.72 −22%
Celltrion, Inc 068270 177,400 KRW 74,519 KRW −58%
BioNTech SE BNTX $100.87 $63.62 −37%

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Formosa Pharmaceuticals, Inc. · Fair Value
5.97 TWD −327%Fair Value
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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 Sep 24, 2026, our model estimates a fair value of 5.97 TWD versus a price of 25.50 TWD, about −77% upside (overvalued).
What is the fair value of 6838?
Our model-based fair value for Formosa Pharmaceuticals, Inc. is 5.97 TWD (as of Sep 24, 2026), built from audited fundamentals. The current price: 25.50 TWD.
What is the quality score of 6838?
Formosa Pharmaceuticals, Inc. has a Quality Score of 26/100. 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 Sep 24, 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 −77% upside versus a price of 25.50 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 Sep 24, 2026), against a price of 25.50 TWD. It is the blended result of 1 valuation models (cash flow, earnings, asset, dividend).
Is Formosa Pharmaceuticals, Inc. stock overvalued or undervalued in 2026?
As of Sep 24, 2026, 6838 trades above its calculated fair value: price 25.50 TWD, fair value 5.97 TWD, a gap of about −77% (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 (25.50 TWD); the fair value is what the company's own numbers justify (5.97 TWD). For Formosa Pharmaceuticals, Inc. the two are 19.53 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 3.8B TWD (market capitalisation, as of Sep 24, 2026). Per share that is 25.50 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 Sep 24, 2026, price 25.50 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 Sep 24, 2026): return on equity −12.9%. They feed the Quality Score of 26/100, which measures business quality independently of the share price.
How far is 6838 from its 52-week high?
Formosa Pharmaceuticals, Inc. trades at 25.50 TWD, about 20% below its 52-week high of 32.00 TWD and 14% above the low of 22.45 TWD (as of Sep 24, 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, argenx SE, Samsung Biologics Co, 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 Sep 24, 2026: price 25.50 TWD, calculated fair value 5.97 TWD (−77%), Quality Score 26/100, 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 four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of 5.97 TWD, 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 14.0 % 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 Sep 24, 2026 was 25.50 TWD. Our model-based fair value is 5.97 TWD, about −77% upside (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 (26/100) 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 3.8B TWD (≈ $121M). 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 66.0 (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 −1.26 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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