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

As of Sep 24, 2026: fair value of Mercury Biopharmaceutical Corporation TWD 8.91, price TWD 6.02, upside +48.0%, quality 37 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.

  1. Fair value above price? Yes
  2. Good quality? No
  3. Add to watchlist

Healthcare · TW

MB Thin data Sep 24, 2026

Mercury Biopharmaceutical Corporation

6932 · TWO

SpeculativeUpside exists, but weak quality makes the signal speculative.

✓Fair value 8.91 TWD · Undervalued (+48%)
!Quality 37/100
!Weak Growth
!Low debt · negative free cash flow
!Trails peers (2/8)
!Narrow moat 8/100
!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

27.28 TWD 4.92 TWD Fair Value 8.91 TWD Dec 2022 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

45‑month range 4.92 TWD – 27.28 TWD · fair‑value band 5.73 TWD – 11.14 TWD · the 6.02 TWD price screens below the 8.91 TWD fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 24, 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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Merdury Biopharmaceutical Corporation engages in the development of drugs for unmet needs in Taiwan. 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 6.02 TWD, while our model-based Fair Value estimate is 8.91 TWD, implying the stock looks roughly 32.4% 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 evidence level at low.

Scenario range: 5.73 TWD (bear) to 11.14 TWD (bull), the price of 6.02 TWD sits inside 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 37/100 (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 2.5B TWD (≈ $78.2M) · EPS (TTM) −0.1600 TWD · Return on equity −26.4% · Return on assets (EBIT) −20.6% · 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 32 out of 100 (low confidence).

What moves the price

The share trades about 47% below its 52-week high and 22% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Healthcare peers we cover trades at −8% fair-value upside, at 48%, 6932 screens cheaper than that median.

Fair Value models

Bear 5.73 TWD Fair Value 8.91 TWD Bull 11.14 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) 0.2600 TWD 0.3500 TWD 0.5300 TWD 53
All 1 models by family
Asset-Based
NCAV (Graham) 0.2600 TWD 0.3500 TWD 0.5300 TWD 53

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Quality Score breakdown

Overall quality 37/100

Of which business quality 40 · Market factors (momentum, volatility) 28

Profitability 0
Margins and returns on capital today
Quality Growth 14
Are margins and returns improving?
Cashflow 17
Earnings quality: real cash, not paper profit
Fin. Strength 89
Balance sheet, leverage, solvency risk
Investment 67
Disciplined investing over empire-building
Low Volatility 50
Calm price path (market factor)
Momentum 20
Price trend over the last 3–12 months (market factor)
52W Momentum 18
Distance to the 52-week high (market factor)
Net Issuance 68
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.
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 · 630 stocks

Beats the industry median on 2/7 measures
Overall it trails its industry peers.
Valuation
Quality Score 40 · Bottom 25%
Fair Value upside +48% · Top 25%
Profitability
Return on assets −14% · Bottom 25%
Operating margin (TTM) 0% · Below median
Growth and dividend
Revenue growth −76% · Bottom 25%
Balance sheet
Debt / equity 0.17× · Above median

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

P/B 0.36× · Cheapest 25%

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)97 · sector 14
FUTURE (revenue growth)0 · sector 20
PAST (return on equity)0 · sector 27
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
Merck KGaA MRK €133.95 €108.70 −19%
Takeda Pharmaceutical Company TAK $18.81 $11.29 −40%
Jiangsu Hengrui Pharmaceuticals Co 600276 ¥45.58 ¥50.14 +10%
Sun Pharmaceutical Industries Limited SUNPHARMA ₹1,865 ₹1,979 +6%
Galderma Group GALD CHF 163.80 CHF 109.88 −33%
Haleon plc HLN $9.25 $8.50 −8%
Teva Pharmaceutical Industries Limited TEVA $39.01 $20.75 −47%
Sandoz Group SDZ CHF 70.76 CHF 40.16 −43%
Zoetis Inc ZTS $71.61 $108.48 +51%
Hansoh Pharmaceutical Group 3692 HK$35.34 HK$38.87 +10%

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Mercury Biopharmaceutical Corporation · Fair Value
8.91 TWD +32%Fair Value
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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 Sep 24, 2026, our model estimates a fair value of 8.91 TWD versus a price of 6.02 TWD, about +48% upside (undervalued).
What is the fair value of 6932?
Our model-based fair value for Mercury Biopharmaceutical Corporation is 8.91 TWD (as of Sep 24, 2026), built from audited fundamentals. The current price: 6.02 TWD.
What is the quality score of 6932?
Mercury Biopharmaceutical Corporation has a Quality Score of 37/100. 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 8.91 TWD (as of Sep 24, 2026) from 1 valuation models. Cautious scenario 5.73 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 8.91 TWD, about +48% upside versus a price of 6.02 TWD (undervalued). Cautious scenario 5.73 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 Sep 24, 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 8.91 TWD per share (as of Sep 24, 2026), against a price of 6.02 TWD. It is the blended result of 1 valuation models (cash flow, earnings, asset, dividend).
Is Mercury Biopharmaceutical Corporation stock overvalued or undervalued in 2026?
As of Sep 24, 2026, 6932 trades below its calculated fair value: price 6.02 TWD, fair value 8.91 TWD, a gap of about +48% (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 (6.02 TWD); the fair value is what the company's own numbers justify (8.91 TWD). For Mercury Biopharmaceutical Corporation the two are 2.89 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 2.5B TWD (market capitalisation, as of Sep 24, 2026). Per share that is 6.02 TWD; our models calculate a fair value of 8.91 TWD per share.
What do the bullish and bearish scenarios say about 6932?
Our models span a range for Mercury Biopharmaceutical Corporation: cautious scenario 5.73 TWD, base 8.91 TWD, optimistic 11.14 TWD per share (as of Sep 24, 2026, price 6.02 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 Sep 24, 2026): return on equity −26.4%, debt of 0.17 per unit of equity. They feed the Quality Score of 37/100, which measures business quality independently of the share price.
How far is 6932 from its 52-week high?
Mercury Biopharmaceutical Corporation trades at 6.02 TWD, about 47% below its 52-week high of 11.45 TWD and 22% above the low of 4.92 TWD (as of Sep 24, 2026). Distance from the high says nothing about value: that is what the fair value of 8.91 TWD is for.
Which stocks are comparable to Mercury Biopharmaceutical Corporation?
From the same area (Healthcare) we also value Merck KGaA, Takeda Pharmaceutical Company, Jiangsu Hengrui Pharmaceuticals Co, Sun 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 Sep 24, 2026: price 6.02 TWD, calculated fair value 8.91 TWD (+48%), Quality Score 37/100, 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 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 8.91 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 13.0 % above its aggregate fair value. Mercury Biopharmaceutical Corporation currently trades 48 % 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 Sep 24, 2026 was 6.02 TWD. Our model-based fair value is 8.91 TWD, about +48% 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 (37/100). That raises the risk this is a value trap rather than a bargain. 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 (5.73 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 2.5B TWD (≈ $78.2M). 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 −0.1600 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 −26.4% (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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