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Data-driven stock valuation

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

As of Nov 10, 2026: fair value (intrinsic value) of Formosa Pharmaceuticals, Inc. stock TWD 14.10, price TWD 20.60, that is 31.6% below the price, quality 31 out of 100. Rating: overvalued. The value is an estimate: none of our valuation models currently carries, it draws on revenue and assets compared with similar companies. Updated daily.

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Healthcare TW

FP Formosa Pharmaceuticals, Inc. logo Thin data Nov 10, 2026

Formosa Pharmaceuticals, Inc.

6838 · TW
Expensive, weak quality

Our calculation puts a fair price 32% below what the stock costs today.

Mixed vs. peers (3/7)
Revenue last quarter 37% below a year ago.
Fair value 14.10 TWD · Overvalued
Quality 31/100
Weak Growth (revenue YoY −93.4 %/yr in TWD)
Negative free cash flow
Narrow moat 9/100
Thin data
Estimate
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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 20.60 TWD Fair Value 14.10 TWD Oct 2021 Nov 2026

White line = price, green steps = our fair value per fiscal year. As of Nov 10, 2026.

How to read this chart

60‑month range 20.60 TWD – 68.60 TWD · fair‑value band 10.57 TWD – 17.62 TWD · the 20.60 TWD price screens above the 14.10 TWD fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 10, 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 20.60 TWD, while our estimate is 14.10 TWD, 32% below the price, so the stock looks overvalued today.

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Valuation

None of our valuation models currently carries for this company, usually because of losses or heavy investment. The estimate draws on revenue and assets compared with similar companies and is less precise than a model-based fair value.

Scenario range: 10.57 TWD (bear) to 17.62 TWD (bull), the price of 20.60 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 3.1B TWD (≈ $94.8M) 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 36% below its 52-week high and at its 52-week low, currently below its 200-day average.

For context, the median of 10 Healthcare peers we cover trades at −6% fair-value upside, at −32%, 6838 screens richer than that median.

Fair Value

Bear 10.57 TWD Fair Value 14.10 TWD Bull 17.62 TWD
Price 20.60 TWD · Downside -31.6%
Estimate. None of our valuation models currently carries for this company, usually because of losses or heavy investment. The estimate draws on revenue and assets compared with similar companies and is less precise than a model-based fair value.

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 22
Price momentum of the last 3 to 12 months, does not count
Near the 52-week high 1
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 32% below the price. Compare with Vertex Pharmaceuticals Incorporated →

Compare Formosa Pharmaceuticals, Inc. with another stock

Price, fair value, quality and upside side by side.

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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 · 867 stocks

Beats the industry median on 2/6 measures
Overall it trails its industry peers.
Valuation
Quality Score 31 · Bottom 25%
Fair Value upside −33.5% · 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× · Cheaper 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
Regeneron Pharmaceuticals, Inc REGN $919.96 $1,275 +39% vs 6838
Samsung Biologics Co 207940 1,510,000 KRW 1,661,000 KRW +10% vs 6838
Vertex Pharmaceuticals Incorporated VRTX $550.87 $601.80 +9% vs 6838
Genmab A/S GMAB kr 3,661 kr 3,880 +6% vs 6838
argenx SE ARGX $962.27 $908.40 −6% vs 6838
CSL Limited CSL A$200.73 A$181.40 −10% vs 6838
BeOne Medicines AG 6160 HK$248.20 HK$152.80 −38% vs 6838
Roivant Sciences Ltd ROIV $40.67 $17.39 −57% vs 6838
Celltrion, Inc 068270 210,000 KRW 74,945 KRW −64% vs 6838
Royalty Pharma plc RPRX $68.77 $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 10, 2026, our estimate of fair value is 14.10 TWD versus a price of 20.60 TWD, about 32% lower (overvalued).
What is the fair value of 6838?
Our estimate for Formosa Pharmaceuticals, Inc. is 14.10 TWD (as of Nov 10, 2026), built from audited fundamentals. The current price: 20.60 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 calculated price target is the estimate of 14.10 TWD (as of Nov 10, 2026). Cautious scenario 10.57 TWD, optimistic scenario 17.62 TWD. It is an estimate from revenue and assets compared with similar companies, because none of our valuation models currently carries, not an analyst target.
What is the Formosa Pharmaceuticals, Inc. stock forecast for 2026?
Our estimate puts fair value at 14.10 TWD, about 32% lower versus a price of 20.60 TWD (overvalued). Cautious scenario 10.57 TWD, optimistic scenario 17.62 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 14.10 TWD per share (as of Nov 10, 2026), against a price of 20.60 TWD.
Is Formosa Pharmaceuticals, Inc. stock overvalued or undervalued in 2026?
As of Nov 10, 2026, 6838 trades above its calculated fair value: price 20.60 TWD, fair value 14.10 TWD, a gap of about −32% (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 (20.60 TWD); the fair value is what the company's own numbers justify (14.10 TWD). For Formosa Pharmaceuticals, Inc. the two are 6.50 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 3.1B TWD (market capitalisation, as of Nov 10, 2026). Per share that is 20.60 TWD; our models calculate a fair value of 14.10 TWD per share.
What do the bullish and bearish scenarios say about 6838?
Our models span a range for Formosa Pharmaceuticals, Inc.: cautious scenario 10.57 TWD, base 14.10 TWD, optimistic 17.62 TWD per share (as of Nov 10, 2026, price 20.60 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 10, 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 20.60 TWD, about 36% below its 52-week high of 32.00 TWD and at the low of 20.60 TWD (as of Nov 10, 2026). Distance from the high says nothing about value: that is what the fair value of 14.10 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 10, 2026: price 20.60 TWD, calculated fair value 14.10 TWD (−32%), Quality Score 31/100. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
Is it still worth investing in stocks now?
The global stock market currently sits 13.7% 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 10, 2026 was 20.60 TWD. Our estimate is 14.10 TWD, about 32% 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 (17.62 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.

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 3.1B TWD (≈ $94.8M). 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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