Webtoon Entertainment Inc
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Webtoon Entertainment Inc AI Insights
Informational only. Not investment advice.Snapshot
- Goodwill of 678M is 46% of equity (1.5B) - acquisition-heavy strategy creates impairment risk if content platforms underperform[Goodwill]
- Cash of 585M vs total debt of 26M (0.02 debt/equity) provides 3+ years runway despite -23M FCF TTM burn rate[Cash and Equivalents]
- Operating margin -5.4% TTM vs industry median -2.4% - losing more per dollar of revenue than typical peer[Operating Margin]
Watch Triggers
- Gross Margin TTM: Rises above 30% — Would signal content cost leverage and path to operating profitability
- Cash and Equivalents: Falls below 400M — At -23M FCF burn, would indicate <2 years runway without capital raise
- Goodwill: Impairment charge announced — 678M goodwill write-down would eliminate 46% of book value
Bull Case
Fortress balance sheet: 585M cash, 26M debt, 508M working capital provides runway to reach scale without dilution or debt pressure
P/S of 1.2x vs industry median 1.4x on 1.4B revenue - if margins normalize to industry median, significant re-rating potential
Bear Case
Gross margin 23% vs industry median 65% - structural content cost disadvantage may be permanent, not fixable with scale
Negative ROIC -8.3% TTM destroying shareholder value; 1.5B equity base earning -131M net income annually
Bull vs Bear Balance
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Forward Thesis
Path to profitability requires 15%+ gross margin expansion from current 23% TTM
- Content costs at 77% of revenue compress margins
- Operating expenses of 399M exceed gross profit of 324M
- Scale leverage needed on 1.4B revenue base
Valuation Context
Caveats
Public Strategies Rankings
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WBTN Fundamentals
| Metric | Value | YoY Growth | Industry Percentile |
|---|---|---|---|
$1.27B | — | ||
$710.31M | — | ||
0.00 | — | ||
$1.38B | +2.5% | — | |
$-2.66 | — | ||
-4.64% | +2.6% | — | |
-25.0% | -14.3% | — | |
$-6.70M | — | ||
-26.2% | -15.6% | — | |
Beta 5Y (Monthly) | unknown | — |
WBTN Dividend History
WBTN Stock Splits
WBTN SEC Filings
| Filing Date | Report Date | Report Type | Filing Link |
|---|---|---|---|
03/05/26 | 12/31/25 | 10-K | |
11/13/25 | 09/30/25 | 10-Q | |
08/13/25 | 06/30/25 | 10-Q | |
05/14/25 | 03/31/25 | 10-Q | |
03/11/25 | 12/31/24 | 10-K | |
11/12/24 | 09/30/24 | 10-Q | |
08/12/24 | 06/30/24 | 10-Q | |
06/27/24 | 03/31/24 | 424B4 | |
06/27/24 | 12/31/23 | 424B4 | |
11/12/24 | 09/30/23 | 10-Q | |
08/12/24 | 06/30/23 | 10-Q | |
06/27/24 | 03/31/23 | 424B4 |