Tearsheet

Webtoon Entertainment (WBTN)

Market Price (12/5/2025): $14.43 | Market Cap: $1.9 Bil
Sector: Communication Services | Industry: Interactive Media & Services

Webtoon Entertainment (WBTN)

Market Price (12/5/2025): $14.43
Market Cap: $1.9 Bil
Sector: Communication Services
Industry: Interactive Media & Services

Investment Highlights Why It Matters Which of these 2 stories sounds closer for this stock?

1. Generates cash flow

The stock generated 4% or more of the share price (called cash flow yield), and shows moderate 10-15% or more growth.

2. Riding a trend

Think Tesla during the pandemic of 2020 when EVs were riding a cultural high, or Nvidia in the current AI boom, or even Figma. These companies don’t have enough yield, or, enough growth, or both - however - they are riding a trend. They have momentum. These can be more volatile - they don’t have the floor of strong cash flow

0	Cash is significant % of market cap Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -48%	Not profitable at operating income level Op Inc LTMOperating Income, Last Twelve Months is -68 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -5.0%
1	Valuation becoming less expensive P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -34%	Not cash flow generative CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -1.3%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -2.3%
2	Megatrend and thematic drivers Megatrends include Social Media & Creator Economy, and Digital Content & Streaming. Themes include Creator Economy Monetization, and Digital Comics & Webtoons.	Yield minus risk free rate is negative ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -13%
3		High stock price volatility Vol 12M is 110%

0	Cash is significant % of market cap Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -48%
1	Valuation becoming less expensive P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -34%
2	Megatrend and thematic drivers Megatrends include Social Media & Creator Economy, and Digital Content & Streaming. Themes include Creator Economy Monetization, and Digital Comics & Webtoons.
3	Not profitable at operating income level Op Inc LTMOperating Income, Last Twelve Months is -68 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -5.0%
4	Not cash flow generative CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -1.3%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -2.3%
5	Yield minus risk free rate is negative ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -13%
6	High stock price volatility Vol 12M is 110%

Valuation, Metrics & Events

	12/5/25	2024	2023	2022
Share Price CYE	$14.43	$13.58
Market Cap CYE ($ Bil)	1.9	1.7	-	-
Total Debt ($ Bil)	0.0	0.0	0.0	0.1
Total Cash ($ Bil)	0.6	0.6	0.3	0.3
Enterprise Value ($ Bil)	1.3	1.7
Valuation Ratios
P/S TTM	0.9	1.2	0.0	0.0
P/EBIT TTM	-10.7	-10.8	0.0	0.0
P/E TTM	-11.9	-11.2	0.0	0.0
Sector Ratios
P/S TTM (Sector)	1.1	1.1	1.1	1.2
P/EBIT TTM (Sector)	1.3	1.9	0.3	1.1
P/E TTM (Sector)	-0.9	-0.9	-0.6	-0.4

	12/5/25	2024	2023	2022
Share Price CYE	$14.43	$13.58
Market Cap CYE ($ Bil)	1.9	1.7	-	-
Total Debt ($ Bil)	0.0	0.0	0.0	0.1
Total Cash ($ Bil)	0.6	0.6	0.3	0.3
Enterprise Value ($ Bil)	1.3	1.7
Valuation Ratios
P/S TTM	0.9	1.2	0.0	0.0
P/EBIT TTM	-10.7	-10.8	0.0	0.0
P/E TTM	-11.9	-11.2	0.0	0.0
Sector Ratios
P/S TTM (Sector)	1.1	1.1	1.1	1.2
P/EBIT TTM (Sector)	1.3	1.9	0.3	1.1
P/E TTM (Sector)	-0.9	-0.9	-0.6	-0.4

	WBTN	S&P 500
REVENUE GROWTH	FAIR
Rev LTM ($ Bil)	1.4
Rev Chg Q	8.5%	7.1%
Rev Chg LTM	5.8%	6.1%
Rev Chg 3Y Avg	5.8%	5.5%
PROFITABILITY	VERY POOR
Op Inc LTM ($ Bil)	-0.1
CFO LTM ($ Bil)	-0.0
Net Inc LTM ($ Bil)	-0.1
Op Mgn LTM	-5.0%	18.8%
CFO/Rev LTM	-1.3%	20.5%
Net Inc Mgn	-7.3%	13.1%
VALUATION	VERY LOW
P/S	0.9	3.2
P/CFO	-68.2	15.8
P/FCF	-37.2	20.5
P/E	-11.9	23.5
STABILITY	VERY GOOD
Debt/Equity	0.02	0.20
Cash/Assets	0.30	0.07

AI Generated Analysis | Feedback

Metric	Value	Date	Source
Monthly Active Users (MAU)	156.1 million	6302025	Link
Monthly Active Users (MAU) - Japan	22.6 million	6302025	Link
Monthly Active Users (MAU) - Rest of World	110.5 million	6302025	Link
Monthly Paying Users (MPU)	7.4 million	6302025	Link
Monthly Paying Users (MPU) - Korea	3.4 million	6302025	Link
Monthly Paying Users (MPU) - Japan	2.3 million	6302025	Link
Paying Ratio - Korea	14.9%	6302025	Link
Paying Ratio - Japan	10%	6302025	Link
Paying Ratio - Rest of World	1.5%	6302025	Link
Number of Creators	24 million	6302025	Link

Recent
11/12/2025	Earnings Release	Rev: $378 Mil (A) vs. $384 Mil (E) EPS: 0.04 (A) vs. $-0.05 (E)
Upcoming
2/24/2026	Earnings Release	Rev: - EPS: -

WBTN Stock

Return (1M):

Why The Stock Moved

Qualitative Assessment

AI Generated Analysis | Feedback

1. Lower-than-expected Q3 2025 Revenue and Weak Q4 Guidance: Webtoon Entertainment reported third-quarter 2025 financial results that missed Wall Street's revenue expectations of $382.2 million, coming in at $378 million, despite an 8.7% year-on-year growth. The company also provided a disappointing revenue guidance for the fourth quarter of 2025, projecting $330 million to $340 million, which was substantially below analyst estimates of $397.8 million. This guidance indicated an expected revenue decline of 5.1% to 2.3% on a constant currency basis.

2. Decline in Profitability: The company reported a net loss of $11.1 million for the third quarter of 2025, a significant shift from a net income of $20.0 million in the prior year. Adjusted EBITDA for Q3 2025 was $5.1 million, with the margin declining to 1.4% from 8.3% in the previous year. The outlook for Q4 2025 also projected an Adjusted EBITDA loss of $6.5 million to $1.5 million.

3. Decrease in Overall Monthly Active Users (MAU): Webtoon Entertainment experienced a decline in its overall Monthly Active Users (MAU), which fell by 13.41 million year-on-year to 155 million in Q3 2025. This decline in a key engagement metric raised concerns among investors about the platform's user growth and retention, despite an increase in webcomic app MAU in English-speaking markets.

4. Securities Fraud Class Action Allegations: In late 2025, an investigation and a securities fraud class action lawsuit were announced on behalf of Webtoon Entertainment shareholders. These legal actions alleged misstatements concerning Monthly Active Users at the time of the company's June 2024 IPO, introducing uncertainty and potential governance concerns for investors.

5. Sluggish Growth Outlook and Valuation Concerns: While revenue grew, Webtoon Entertainment's projected revenue growth for the coming year was anticipated to be 9.1%, which was less than the industry's predicted 16% growth. Analysts also noted that the company's price-to-sales (P/S) ratio was similar to the industry average, which could indicate overvaluation given its comparatively lower growth projections. The company cited delays in IP adaptation projects and infrastructure investments as factors contributing to the sluggish growth outlook.

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Stock Movement Drivers

Fundamental Drivers

The -1.5% change in WBTN stock from 9/4/2025 to 12/4/2025 was primarily driven by a -1.5% change in the company's P/S Multiple.

	9042025	12042025	Change
Stock Price ($)	14.56	14.34	-1.51%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	1374.74	1374.74	0.00%
P/S Multiple	1.38	1.36	-1.51%
Shares Outstanding (Mil)	130.36	130.36	0.00%
Cumulative Contribution			-1.51%

LTM = Last Twelve Months as of date shown

Market Drivers

9/4/2025 to 12/4/2025

	Return	Correlation
WBTN	-1.5%
Market (SPY)	5.4%	28.0%
Sector (XLC)	1.5%	31.2%

Fundamental Drivers

The 63.3% change in WBTN stock from 6/5/2025 to 12/4/2025 was primarily driven by a 61.0% change in the company's P/S Multiple.

	6052025	12042025	Change
Stock Price ($)	8.78	14.34	63.33%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	1347.44	1374.74	2.03%
P/S Multiple	0.84	1.36	61.02%
Shares Outstanding (Mil)	129.60	130.36	-0.59%
Cumulative Contribution			63.32%

LTM = Last Twelve Months as of date shown

Market Drivers

6/5/2025 to 12/4/2025

	Return	Correlation
WBTN	63.3%
Market (SPY)	15.7%	22.8%
Sector (XLC)	13.4%	25.1%

Fundamental Drivers

The 8.9% change in WBTN stock from 12/4/2024 to 12/4/2025 was primarily driven by a 0.0% change in the company's Total Revenues ($ Mil).

	12042024	12042025	Change
Stock Price ($)	13.17	14.34	8.88%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	�	1374.74	�
P/S Multiple	�	1.36	�
Shares Outstanding (Mil)	126.89	130.36	-2.74%
Cumulative Contribution			�

LTM = Last Twelve Months as of date shown

Market Drivers

12/4/2024 to 12/4/2025

	Return	Correlation
WBTN	8.9%
Market (SPY)	13.7%	28.5%
Sector (XLC)	16.4%	29.1%

Fundamental Drivers

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Market Drivers

12/5/2023 to 12/4/2025

	Return	Correlation
WBTN
Market (SPY)	53.3%	26.9%
Sector (XLC)	71.3%	26.3%

Return vs. Risk

Price Returns Compared

	2020	2021	2022	2023	2024	2025	Total [1]
Returns
WBTN Return	-	-	-	-	-	6%	6%
Peers Return	43%	24%	-25%	25%	3%	9%	86%
S&P 500 Return	16%	27%	-19%	24%	23%	17%	112%
Monthly Win Rates [3]
WBTN Win Rate	-	-	-	-	33%	50%
Peers Win Rate	27%	35%	18%	35%	27%	65%
S&P 500 Win Rate	58%	75%	42%	67%	75%	70%
Max Drawdowns [4]
WBTN Max Drawdown	-	-	-	-	-	-48%
Peers Max Drawdown	-13%	-12%	-28%	-8%	-17%	-19%
S&P 500 Max Drawdown	-31%	-1%	-25%	-1%	-2%	-15%

[1] Cumulative total returns since the beginning of 2020
[2] Peers: Z, ZIP, STUB, WSHP, GOOGL.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 12/4/2025 (YTD)

How Low Can It Go

WBTN has limited trading history. Below is the Communication Services sector ETF (XLC) in its place.

Unique Key	Event	XLC	S&P 500
2022 Inflation Shock	2022 Inflation Shock
2022 Inflation Shock% Loss	% Loss	-47.2%	-25.4%
2022 Inflation Shock% Gain to Breakeven	% Gain to Breakeven	89.5%	34.1%
2022 Inflation ShockTime to Breakeven	Time to Breakeven	602 days	464 days
2020 Covid Pandemic	2020 Covid Pandemic
2020 Covid Pandemic% Loss	% Loss	-30.1%	-33.9%
2020 Covid Pandemic% Gain to Breakeven	% Gain to Breakeven	43.2%	51.3%
2020 Covid PandemicTime to Breakeven	Time to Breakeven	112 days	148 days
2018 Correction	2018 Correction
2018 Correction% Loss	% Loss	-24.8%	-19.8%
2018 Correction% Gain to Breakeven	% Gain to Breakeven	32.9%	24.7%
2018 CorrectionTime to Breakeven	Time to Breakeven	326 days	120 days

Compare to

In The Past

The Communication Services Select Sector SPDR Fund's stock fell -47.2% during the 2022 Inflation Shock from a high on 9/1/2021. A -47.2% loss requires a 89.5% gain to breakeven.

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About Webtoon Entertainment (WBTN)

Our Vision To be the world’s storytelling technology platform empowering creation by anyone, for everyone. WEBTOON is a global storytelling platform where a vibrant community of creators and users discover, create and share new content. We have pioneered a cultural movement by revolutionizing the storytelling format and democratizing content creation and publication. WEBTOON empowers creators by enabling them to participate economically in their own creation, and users, by offering an endless library of content. Our community connects 24 million creators with approximately 170 million monthly active users in over 150 countries around the world(1). Our founder, Junkoo Kim, started WEBTOON in 2005 while he was working as a search engineer at NAVER, the largest internet company in Korea. Junkoo was a lifelong lover of comics and their rich and vibrant worlds and diverse characters. He wanted to create a platform that empowered creators to share stories and for fans, like himself, to discover this unique content. Instead of a traditional storytelling format, confined to a page or screen, he pioneered something different. Through serialized releases of bite-sized episodes available online, he created a format that was not only easily accessible and highly engaging for fans, but also easier for creators to create and share with a wide audience. WEBTOON initially focused almost entirely on seeding differentiated content and fostering user engagement until we began our Paid Content business model in 2012 and then began operating as an independent unit within NAVER in 2017. Though our roots are in Korea, we have built a truly global platform in the nearly two decades since our founding, broadening the reach and impact of our creators and their content. Content on our platform tells stories created by our creators through multiple immersive formats. On our platform, creators tell long-form stories through our iconic serialized narratives in the form of short-form, bite-sized episodes. This content format results in a habitual behavior with an engaged user base. These stories are told primarily in two ways—web-comics, a graphical comic-like medium, and web-novels, which are text-based stories. The web-comicmedium tells stories using a continuous vertical-scroll format that is easily read on mobile devices. For both formats, the serialized release of content is analogous to chapters of a book. These formats are not only accessible and highly engaging for fans, but also easier for creators to create, share and monetize their stories. We are able to further extend the reach, impact and monetization of our content by adapting it into other media formats such as film, streaming series, games, merchandise and print books. Over the past decade, we have adapted over 900 titles, including over 100 streaming series and films, more than 200 books, over 70 games and over 11 million consumer product units as of March 31, 2024. Creators power our content engine by authoring immersive visual stories, or titles, developing imaginative new characters and inspiring fandoms. Our creator base ranges from the individual enthusiast with a love of storytelling to the professional author building a brand and an enterprise on our platform. WEBTOON provides creators with an opportunity to monetize their creativity through various means, including Paid Content, Advertising and IP Adaptations. Our platform serves both amateur and professional creators. Professional creators are defined as creators who monetize through Paid Content on our platform under formal creator agreements with Paid Content revenue sharing provisions. We consider these two groups of creators separately because their intentions are often distinct. Amateur creators, which make up the vast majority of the 24 million creators on our platform, may come to our platform simply for the love of our unique form of storytelling and to connect with an engaged and like-minded audience. On the contrary, professional creators are often building a brand and an enterprise on our platform. In the year ended December 31, 2023, the average earnings per professional creator on our platform were $48 thousand, with top 100 creators earning an average of $1 million, and, cumulatively, our creators earned over $2.8 billion between 2017 and 2023. Due to the deep and continuous user engagement fostered through our serialized format, content on our platform has greater longevity. Some of the most successful series on our platform continue to attract new users after more than 10 years. Users come to our platform to discover and consume engaging and immersive content. Our creators tell stories that are relatable to global audiences, attracting users across age groups, geographies and genders. In fact, according to our April 2024 survey we conducted of our U.S. users, 97% agreed that WEBTOON is entertaining and fun, achieving a higher score than other platforms including Roblox, Netflix and TikTok. The web-comic format has grown in popularity globally, with particular affinity among Gen Z audiences. As of March 31, 2024, our user base was highly global across over 150 countries with over half of our monthly active users coming from outside of our core markets of Korea, Japan and the U.S. and Canada (“North America”). Our largest proportion of users are Gen Z (under 24 years old) and millennials (25 to 34 years old), who are mobile-first, highly engaged users with increasing purchasing power. Community reinforces the benefits to creators and users on our platform. We help users and creators build relationships and engage with one another over content. As users, or “fans,” often develop a personal connection to the titles on our platform, they relish the direct engagement with creators through both our comments section at the end of each episode and the “Creator Profile” section, where creators can post messages and users can respond directly. Fans also appreciate the ability to potentially influence how stories unfold and how their favorite characters evolve, as creators may choose to incorporate fans’ feedback. This enables a positive feedback loop for content creation and user engagement. This community engagement powers a flywheel of user engagement and creator readership, which in turn drives WEBTOON’s success. This vibrant ecosystem is amplified by our foundational technology and artificial intelligence capabilities, which enable content creation, along with our content discovery and recommendation engines. Our content creation technology helps creators enhance their storytelling skills, tailor the content to various global audiences and build more engaged, wider fan bases around the world. For users, our technology enables a personalized recommendation model and rule-based curation methodology to encourage new content discovery. These tools are highly scalable across markets and our newer markets are able to benefit from the content and platform infrastructure we have invested in and refined in Korea and Japan. Our business model is driven by the shared success of all those who participate in our platform. The result is earnings for creators, diversity of content for users to enjoy, high-intent and relevant audiences for advertising partners and a multitude of intellectual property to be adapted by media partners. Greater engagement leads to higher revenue growth and stronger user economics, which in turn provides us the benefit of diversified revenue streams and allows for reinvestment into the creators on our platform. (1) The number of creators is as of December 31, 2023. The number of monthly active users and countries are as of the quarter ended March 31, 2024 and as of March 31, 2024, respectively. WEBTOON is a Delaware corporation and was incorporated in 2016. Our principal executive offices are located at 5700 Wilshire Blvd, Suite 220, Los Angeles, CA.

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Netflix for digital comics
Spotify for visual stories

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Webtoon Entertainment's major products and services include:

WEBTOON Platform: A global digital platform providing a vast library of webcomics (webtoons) for users to read on their mobile devices and computers.
Paid Content Sales: Users purchase virtual currency to unlock premium or early-access chapters of webtoons on the platform.
Advertising Services: Offers advertising opportunities within its platform to various brands and businesses.
Intellectual Property (IP) Licensing: Licenses its popular webtoon intellectual properties for adaptation into other media like TV shows, films, and games, or for merchandise.

AI Generated Analysis | Feedback

Webtoon Entertainment (WBTN) primarily sells its services and content directly to **individuals**. The company operates a global platform for digital comics (webtoons), generating revenue primarily through user purchases of digital content (e.g., "Coins" for unlocking chapters) and advertising. Here are up to three categories of customers that Webtoon Entertainment serves:

Customer Categories:

Casual Readers: These individuals primarily engage with the free-to-read content model on the platform, utilizing daily passes or waiting for episodes to unlock. They might make very infrequent or no in-app purchases, contributing to the platform's user base and ad impressions.
Engaged Paying Readers: These customers frequently purchase digital currency (such as "Webtoon Coins") to access new episodes early ("Fast Pass"), unlock premium content, or binge-read completed series. They represent a significant portion of the company's direct revenue and are often highly committed to specific series or creators.
Global Diverse Audience: This category emphasizes the broad demographic and geographic reach of Webtoon Entertainment's user base. It encompasses individuals from various countries, cultures, and age groups who consume a wide array of content across multiple genres and languages available on its platforms (e.g., WEBTOON, LINE Manga, etc.).

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Amazon.com, Inc. (AMZN)
Apple Inc. (AAPL)
Alphabet Inc. (GOOGL)

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Junkoo Kim, Chief Executive Officer

Junkoo Kim is the Founder and Chief Executive Officer of WEBTOON Entertainment, serving as CEO since the company's incorporation in 2016 and also as Chairman of the Board. He founded the original platform, Naver Webtoon, in 2005 in Korea, pioneering the mobile vertical scroll format. Mr. Kim led WEBTOON Entertainment through its initial public offering (IPO) in 2024. He joined NAVER Corporation as a developer in 2004, accumulating over 19 years of experience in digital content and comics. His vision has been instrumental in transforming WEBTOON Entertainment into a global storytelling powerhouse.

David J. Lee, Chief Operating Officer & Chief Financial Officer

David J. Lee serves as Chief Operating Officer and Chief Financial Officer for WEBTOON Entertainment, overseeing global corporate, financial, and operations teams for WEBTOON, Wattpad, and Wattpad WEBTOON Studios. He is a seasoned consumer and technology industry executive with over two decades of experience in finance leadership. Prior to joining WEBTOON, Mr. Lee was the CEO of Inevitable Tech and served on public company boards for AppHarvest, Benson Hill, and Zevia. He previously held the role of COO & CFO at Impossible Foods, where he successfully led the launch of the Impossible Burger. Before that, Mr. Lee was the public company CFO of Zynga, where he led finance and corporate development teams and helped guide the company's transition to mobile. From 2004 to 2012, he held leadership roles at Del Monte Foods, including leading its take-private transaction. Mr. Lee also managed corporate finance, strategy, and development for Best Buy during its transformation from 2012 to 2014.

Yongsoo Kim, Chief Strategy Officer & Head of Global WEBTOON

Yongsoo Kim is the Chief Strategy Officer and Head of Global WEBTOON. He joined WEBTOON in 2022 as head of strategy and is responsible for global strategic investments, partnerships, and mergers and acquisitions. Previously, Mr. Kim was a Principal at KKR, where he led turnaround efforts for KKR's portfolio companies in Korea. He was also part of the founding team at Tesla Korea and an engagement manager at McKinsey.

Chankyu Park, Chief Technology Officer

Chankyu Park serves as the Chief Technology Officer for WEBTOON Entertainment.

Hyeeun Son, Chief Design Officer

Hyeeun Son is the Chief Design Officer at WEBTOON Entertainment.

AI Generated Analysis | Feedback

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The addressable market for Webtoon Entertainment's main products and services, primarily webtoons and digital comics, is substantial and experiencing rapid global growth.

The global webtoons market was valued at approximately USD 9.17 billion in 2024 and is projected to reach USD 97.19 billion by 2033, demonstrating a compound annual growth rate (CAGR) of 28.50% from 2025 to 2033. Other estimates place the global market value at USD 7.02 billion in 2024, with a projection to reach USD 175.0 billion by 2035 at a CAGR of 33.96% from 2025 to 2035. In 2023, the global webtoons market size was estimated at USD 8.28 billion and is expected to reach USD 45.30 billion by 2030, growing at a CAGR of 27.3% from 2024 to 2030. Another report indicated the market was valued at USD 5.32 billion in 2023 and is poised to grow to USD 62.55 billion by 2032, with a CAGR of 31.5% during the forecast period (2025-2032).

Regionally, Asia-Pacific dominates the webtoons market, holding a significant market share of over 28.9% in 2024. Countries like South Korea, Malaysia, Vietnam, and Taiwan are noted as commonly saturated webtoons markets. While Asia-Pacific is dominant, North America and Europe are identified as emerging regions with rapid growth in the webtoons market. The U.S. webtoons market held the largest market share in the North America region.

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Here are 3-5 expected drivers of future revenue growth for Webtoon Entertainment (WBTN) over the next 2-3 years:

Strategic Content Partnerships and IP Expansion: Webtoon Entertainment is strategically expanding its content offerings through significant partnerships, such as the multi-year collaboration with Disney. This initiative will bring approximately 100 blockbuster comics from Disney, Marvel, Star Wars, and 20th Century Studios IPs to Webtoon's platform, aiming to accelerate new user acquisition and enhance content engagement, particularly among younger, mobile-native demographics. This is expected to drive strong top-line revenue growth and expand the monetizable user base.
Growth in Paid Content and Advertising Revenue: The company has consistently demonstrated growth in both paid content and advertising revenue streams across its operational regions. In Q4 2024, Webtoon reported strength in Paid Content and Advertising. Additionally, the first quarter of 2025 saw advertising revenue grow by 13.6% on a constant currency basis. Increased engagement from paying users and a rising Average Revenue Per User (ARPU) are anticipated to further contribute to revenue expansion.
Geographic Expansion and User Acquisition, particularly in North America: Webtoon is actively targeting growth in key geographic markets, with a particular focus on North America. The Disney partnership is specifically designed to address the awareness gap in this region, which is identified as Webtoon's largest untapped market. By introducing familiar and popular IPs, the company aims to significantly lower user acquisition friction and expand its readership. The English platform WebComic app has already shown promising growth, with its Monthly Active Users (MAU) increasing by 19% for the second consecutive quarter in Q2 2025.
Advancements in the IP Adaptation Business and Creator Ecosystem: The IP Adaptation business is a significant growth driver, having experienced 42.6% year-over-year growth in the most recent quarter. The company has ambitious plans, with 20 new anime projects slated for 2025, a substantial increase from six in 2024. Webtoon also intends to utilize proceeds from its IPO to expand its content library and foster local creators, further enriching its content pipeline and strengthening the creator ecosystem.
Leveraging AI for Enhanced Content Creation and User Experience: Webtoon plans to invest in developing more advanced AI tools to enhance creator productivity and reduce content creation timelines. Furthermore, the company is exploring the implementation of an AI recommendation engine to improve user experience and facilitate content discovery. These AI integrations are expected to contribute to increased user engagement and retention, indirectly driving revenue growth.

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Share Issuance

In June 2024, Webtoon Entertainment completed its Initial Public Offering (IPO), offering 15,000,000 shares of common stock at $21.00 per share, generating approximately $315 million in gross proceeds.
Concurrently with the IPO, the company issued an additional 2,380,952 shares of common stock to a subsidiary of NAVER Corporation at the IPO price of $21.00 per share, raising approximately $50 million.
The number of shares outstanding for Webtoon Entertainment has increased by 17.93% in one year, with 130.61 million shares outstanding.

Inbound Investments

As of March 31, 2024, prior to its IPO, Webtoon had received approximately $1.7 billion in fair market value investment from investors, including NAVER and LY Corporation.
In September 2025, The Walt Disney Company agreed to take a 2% equity stake in Webtoon Entertainment as part of a collaboration to develop a new digital comics platform.

Outbound Investments

Webtoon Entertainment acquired Wattpad in 2023, integrating it into its IP & Creator Ecosystem.

Capital Expenditures

The net proceeds from the IPO are intended for general corporate purposes, including working capital, operating expenses, and capital expenditures.
Capital expenditures for Webtoon Entertainment were reported at $1.8 million for the second quarter ended June 2025.
The company's capital spending history indicates a relatively sparing approach to capital expenditures as a function of its operating cash flow.

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	WBTN	Better Performance than WBTN
Metric	Value	INDUSTRY: Interactive Media & Services
Rev Chg LTM	5.8%	RDDT (69.7%), META (21.3%), PINS (16.8%), GOOGL (13.4%), SPOT (11.9%)
Op Mgn LTM	-5.0%	META (43.2%), GOOGL (32.2%), RDDT (13.8%), SPOT (11.7%), PINS (6.9%)
CFO/Rev LTM	-1.3%	META (56.8%), GOOGL (39.3%), PINS (28.3%), RDDT (27.0%), SPOT (17.5%)
FCF/Rev LTM	-2.3%	PINS (27.7%), RDDT (26.8%), META (23.7%), GOOGL (19.1%), SPOT (17.3%)
Total Yield	-8.4%	PINS (9.1%), GOOGL (4.6%), META (3.5%), SPOT (1.0%), RDDT (0.8%)
P/S	0.9	MAX (0.6), SSTK (0.7), GETY (0.7), QNST (0.8), ZIP (0.8)
P/Op Inc	-17.3

	WBTN	Better Performance than WBTN
Metric	Value	SECTOR: Communication Services
Rev Chg LTM	5.8%	META (21.3%), NFLX (15.4%), GOOGL (13.4%), SPOT (11.9%), TMUS (7.3%)
Op Mgn LTM	-5.0%	META (43.2%), GOOGL (32.2%), NFLX (29.1%), TMUS (22.6%), DIS (14.8%)
CFO/Rev LTM	-1.3%	META (56.8%), GOOGL (39.3%), TMUS (31.3%), NFLX (22.1%), DIS (20.3%)
FCF/Rev LTM	-2.3%	META (23.7%), NFLX (20.7%), GOOGL (19.1%), TMUS (16.1%), DIS (12.2%)
Total Yield	-8.4%	TMUS (5.9%), DIS (5.5%), GOOGL (4.6%), META (3.5%), NFLX (0.2%)
P/S	0.9	LUMN (0.5), CHTR (0.7), TDS (0.7), IAC (0.7), AD (0.8)
P/Op Inc	-17.3

	WBTN	Better Performance than WBTN
Metric	Value	ALL OTHER SECTORS
Rev Chg LTM	5.8%	NVDA (71.6%), AVGO (28.0%), MSFT (15.6%), AMZN (10.9%), AAPL (6.0%)
Op Mgn LTM	-5.0%	NVDA (58.1%), MSFT (46.3%), AVGO (39.0%), AAPL (31.9%), AMZN (11.4%)
CFO/Rev LTM	-1.3%	MSFT (50.0%), NVDA (46.6%), AVGO (42.4%), AAPL (26.6%), AMZN (18.1%)
FCF/Rev LTM	-2.3%	NVDA (43.6%), AVGO (41.6%), MSFT (26.6%), AAPL (23.5%), AMZN (2.0%)
Total Yield	-8.4%	MSFT (3.4%), AMZN (3.0%), AAPL (3.0%), NVDA (2.3%), AVGO (1.5%)
P/S	0.9	CVS (0.2), MCK (0.2), UNH (0.7), UPS (0.8), DELL (0.8)
P/Op Inc	-17.3

		Best Bets In Communication Services Sector
	WBTN	META	TTD	MTCH	PINS	GOOGL	CARG	NXST	T	UPWK	FWONA
What You Pay
P/E	-11.8	31.6	54.5	15.1	11.0	23.6	24.0	11.6	9.1	9.9	11.5
P/EBIT	-10.6	21.7	45.3	10.2	77.8	19.3	17.6	5.5	5.8	21.4	68.0
What You Get
Rev Chg Q	8.5%	26.2%	17.7%	2.1%	16.8%	15.9%	3.2%	-12.3%	1.6%	4.1%	19.1%
Rev Chg LTM	5.8%	21.3%	20.8%	-0.5%	16.8%	13.4%	4.2%	-1.4%	2.0%	2.5%	8.7%
Rev Chg 3Y Avg	�	17.3%	23.5%	2.7%	13.6%	11.0%	-15.9%	1.2%	1.1%	9.7%	16.5%
FCF/Rev 3Y Avg	�	29.0%	26.6%	25.8%	22.9%	20.5%	18.6%	17.6%	16.3%	15.4%	14.7%

[1] Choosing top 10 best bets from each sector quarterly is an alpha producing strategy vs sector benchmark
[2] Historical annualized return of 12%, alpha of 0.5%, and sharpe of 0.56

Latest Trefis Analyses

	Title	Topic
0	DASHBOARDS
1	Would You Still Hold Webtoon Entertainment Stock If It Fell Another 30%?	Return
2	WBTN Dip Buy Analysis
3	Webtoon Entertainment (WBTN) Valuation Ratios Comparison	Financials

	Title
0	ARTICLES

Trade Ideas

Select past ideas related to WBTN. For more, see Trefis Trade Ideas.

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
PINS_11302025_Monopoly_xInd_xCD_Getting_Cheaper	11302025	PINS	Pinterest	Monopoly	MY \| Getting CheaperMonopoly-Like with P/S Decline Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple	4.9%	4.9%	0.0%
TMUS_11212025_Monopoly_xInd_xCD_Getting_Cheaper	11212025	TMUS	T-Mobile US	Monopoly	MY \| Getting CheaperMonopoly-Like with P/S Decline Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple	0.0%	0.0%	-1.2%
Z_11212025_Monopoly_xInd_xCD_Getting_Cheaper	11212025	Z	Zillow	Monopoly	MY \| Getting CheaperMonopoly-Like with P/S Decline Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple	6.8%	6.8%	0.0%
IRDM_11072025_Dip_Buyer_High_CFO_Margins_ExInd_DE	11072025	IRDM	Iridium Communications	Dip Buy	DB \| CFO/Rev \| Low D/EDip Buy with High Cash Flow Margins Buying dips for companies with significant cash flows from operations and reasonable debt / market cap	2.1%	2.1%	-5.6%
TTD_10032025_Dip_Buyer_High_CFO_Margins_ExInd_DE	10032025	TTD	Trade Desk	Dip Buy	DB \| CFO/Rev \| Low D/EDip Buy with High Cash Flow Margins Buying dips for companies with significant cash flows from operations and reasonable debt / market cap	-25.1%	-25.1%	-25.6%

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
PINS_11302025_Monopoly_xInd_xCD_Getting_Cheaper	11302025	PINS	Pinterest	Monopoly	MY \| Getting CheaperMonopoly-Like with P/S Decline Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple	4.9%	4.9%	0.0%
TMUS_11212025_Monopoly_xInd_xCD_Getting_Cheaper	11212025	TMUS	T-Mobile US	Monopoly	MY \| Getting CheaperMonopoly-Like with P/S Decline Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple	0.0%	0.0%	-1.2%
Z_11212025_Monopoly_xInd_xCD_Getting_Cheaper	11212025	Z	Zillow	Monopoly	MY \| Getting CheaperMonopoly-Like with P/S Decline Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple	6.8%	6.8%	0.0%
IRDM_11072025_Dip_Buyer_High_CFO_Margins_ExInd_DE	11072025	IRDM	Iridium Communications	Dip Buy	DB \| CFO/Rev \| Low D/EDip Buy with High Cash Flow Margins Buying dips for companies with significant cash flows from operations and reasonable debt / market cap	2.1%	2.1%	-5.6%
TTD_10032025_Dip_Buyer_High_CFO_Margins_ExInd_DE	10032025	TTD	Trade Desk	Dip Buy	DB \| CFO/Rev \| Low D/EDip Buy with High Cash Flow Margins Buying dips for companies with significant cash flows from operations and reasonable debt / market cap	-25.1%	-25.1%	-25.6%

Recent Active Movers

1 Day Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
USAR	USA Rare Earth	1.8	24.7%	58557.7%
PATH	UiPath	9.9	24.4%	45.4%
ASTS	AST SpaceMobile	17.6	18.2%	244.3%
FLNC	Fluence Energy	3.1	17.6%	47.0%
SAIC	Science Applications International	4.8	16.3%	-7.7%
AEVA	Aeva Technologies	0.9	16.0%	234.3%
AXGN	Axogen	1.5	16.0%	99.4%
SANA	Sana Biotechnology	1.3	15.9%	217.8%
OKLO	Oklo	15.6	15.6%	425.9%
RGTI	Rigetti Computing	9.0	15.4%	97.0%

1 Day Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
HOV	Hovnanian Enterprises	0.7	-22.5%	-22.4%
SYM	Symbotic	6.6	-17.4%	155.1%
BBW	Build-A-Bear Workshop	0.6	-15.5%	7.1%
DJCO	Daily Journal	0.6	-11.9%	-22.5%
PVH	PVH	3.7	-11.9%	-26.9%
SNOW	Snowflake	78.7	-11.4%	52.0%
QURE	uniQure	1.2	-10.8%	28.8%
MBX	MBX Biosciences	1.0	-10.0%	65.7%
WLY	John Wiley & Sons	1.8	-8.6%	-18.7%
LUMN	Lumen Technologies	8.7	-8.3%	65.3%

1 Week Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
TLRY	Tilray Brands	7.7	601.0%	-45.7%
HPP	Hudson Pacific Properties	6.1	591.8%	-36.1%
AEVA	Aeva Technologies	0.9	50.8%	234.3%
MPLT	MapLight Therapeutics	0.8	41.2%
USAR	USA Rare Earth	1.8	40.6%	58557.7%
PATH	UiPath	9.9	36.0%	45.4%
EVEX	Eve	1.6	34.4%	-7.4%
TMC	TMC The Metals	2.9	33.8%	596.4%
TE	T1 Energy	0.8	33.1%
INDI	Indie Semiconductor	0.9	32.1%	13.8%

1 Week Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
JANX	Janux Therapeutics	1.0	-52.7%	-69.4%
CTEV	Claritev	0.6	-32.7%
SYM	Symbotic	6.6	-30.7%	155.1%
FULC	Fulcrum Therapeutics	0.5	-22.6%	86.4%
HOV	Hovnanian Enterprises	0.7	-22.0%	-22.4%
VTYX	Ventyx Biosciences	0.6	-19.9%	265.3%
SIG	Signet Jewelers	3.5	-17.8%	7.2%
CMCL	Caledonia Mining	0.5	-17.8%	175.7%
QURE	uniQure	1.2	-17.7%	28.8%
URGN	UroGen Pharma	1.2	-17.5%	128.0%

1 Month Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
LXP	LXP Industrial Trust	2.8	406.1%	25.7%
OLMA	Olema Pharmaceuticals	2.4	237.1%	374.1%
COGT	Cogent Biosciences	5.4	178.2%	404.0%
CDTX	Cidara Therapeutics	5.9	119.6%	720.3%
SGML	Sigma Lithium	1.1	113.2%	-11.1%
IRWD	Ironwood Pharmaceuticals	0.6	99.5%	-15.8%
ALMS	Alumis	0.6	82.4%	5.6%
NPCE	NeuroPace	0.6	80.5%	51.7%
BW	Babcock & Wilcox Enterprises	0.7	80.5%	311.6%
CBLL	CeriBell	0.7	75.4%	-26.0%

1 Month Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
CCOI	Cogent Communications	0.9	-53.0%	-74.0%
UP	Wheels Up Experience	0.5	-48.0%	-60.0%
TLRY	Tilray Brands	7.7	-41.8%	-45.7%
AMSC	American Superconductor	1.4	-41.4%	34.0%
CTEV	Claritev	0.6	-41.2%
BTDR	Bitdeer Technologies	2.5	-40.7%	-41.6%
FRMI	Fermi	11.1	-40.2%
JANX	Janux Therapeutics	1.0	-39.3%	-69.4%
ARDT	Ardent Health	1.2	-39.1%	-48.1%
SMR	NuScale Power	3.4	-35.9%	27.4%

Recent Active Movers

1 Day Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
USAR	USA Rare Earth	1.8	24.7%	58557.7%
PATH	UiPath	9.9	24.4%	45.4%
ASTS	AST SpaceMobile	17.6	18.2%	244.3%
FLNC	Fluence Energy	3.1	17.6%	47.0%
SAIC	Science Applications International	4.8	16.3%	-7.7%
AEVA	Aeva Technologies	0.9	16.0%	234.3%
AXGN	Axogen	1.5	16.0%	99.4%
SANA	Sana Biotechnology	1.3	15.9%	217.8%
OKLO	Oklo	15.6	15.6%	425.9%
RGTI	Rigetti Computing	9.0	15.4%	97.0%

1 Day Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
HOV	Hovnanian Enterprises	0.7	-22.5%	-22.4%
SYM	Symbotic	6.6	-17.4%	155.1%
BBW	Build-A-Bear Workshop	0.6	-15.5%	7.1%
DJCO	Daily Journal	0.6	-11.9%	-22.5%
PVH	PVH	3.7	-11.9%	-26.9%
SNOW	Snowflake	78.7	-11.4%	52.0%
QURE	uniQure	1.2	-10.8%	28.8%
MBX	MBX Biosciences	1.0	-10.0%	65.7%
WLY	John Wiley & Sons	1.8	-8.6%	-18.7%
LUMN	Lumen Technologies	8.7	-8.3%	65.3%

1 Week Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
TLRY	Tilray Brands	7.7	601.0%	-45.7%
HPP	Hudson Pacific Properties	6.1	591.8%	-36.1%
AEVA	Aeva Technologies	0.9	50.8%	234.3%
MPLT	MapLight Therapeutics	0.8	41.2%
USAR	USA Rare Earth	1.8	40.6%	58557.7%
PATH	UiPath	9.9	36.0%	45.4%
EVEX	Eve	1.6	34.4%	-7.4%
TMC	TMC The Metals	2.9	33.8%	596.4%
TE	T1 Energy	0.8	33.1%
INDI	Indie Semiconductor	0.9	32.1%	13.8%

1 Week Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
JANX	Janux Therapeutics	1.0	-52.7%	-69.4%
CTEV	Claritev	0.6	-32.7%
SYM	Symbotic	6.6	-30.7%	155.1%
FULC	Fulcrum Therapeutics	0.5	-22.6%	86.4%
HOV	Hovnanian Enterprises	0.7	-22.0%	-22.4%
VTYX	Ventyx Biosciences	0.6	-19.9%	265.3%
SIG	Signet Jewelers	3.5	-17.8%	7.2%
CMCL	Caledonia Mining	0.5	-17.8%	175.7%
QURE	uniQure	1.2	-17.7%	28.8%
URGN	UroGen Pharma	1.2	-17.5%	128.0%

Peer Comparisons for Webtoon Entertainment

Peers to compare with:

Financials

	WBTN	Z	ZIP	STUB	WSHP	GOOGL	Median
Name	Webtoon .	Zillow	ZipRecru.	Stubhub	WeShop	Alphabet
Mkt Price	14.34	75.52	5.30	11.93	134.60	317.62	44.93
Mkt Cap	1.9	18.3	0.5	-	-	3,838.8	10.1
Rev LTM	1,375	2,483	448	-	-	385,477	1,929
Op Inc LTM	-68	-90	-27	-	-	124,077	-48
FCF LTM	-32	149	8	-	-	73,552	78
FCF 3Y Avg	-	187	56	-	-	68,998	187
CFO LTM	-17	418	16	-	-	151,424	217
CFO 3Y Avg	-	387	66	-	-	120,990	387

Growth & Margins

	WBTN	Z	ZIP	STUB	WSHP	GOOGL	Median
Name	Webtoon .	Zillow	ZipRecru.	Stubhub	WeShop	Alphabet
Rev Chg LTM	5.8%	15.2%	-10.1%	-	-	13.4%	9.6%
Rev Chg 3Y Avg	-	7.0%	-20.7%	-	-	11.0%	7.0%
Rev Chg Q	8.5%	16.4%	-1.8%	-	-	15.9%	12.2%
QoQ Delta Rev Chg LTM	2.0%	4.0%	-0.5%	-	-	3.8%	2.9%
Op Mgn LTM	-5.0%	-3.6%	-6.1%	-	-	32.2%	-4.3%
Op Mgn 3Y Avg	-	-8.5%	3.6%	-	-	29.9%	3.6%
QoQ Delta Op Mgn LTM	5.3%	1.9%	-0.4%	-	-	-0.5%	0.8%
CFO/Rev LTM	-1.3%	16.8%	3.5%	-	-	39.3%	10.2%
CFO/Rev 3Y Avg	-	17.8%	10.9%	-	-	35.3%	17.8%
FCF/Rev LTM	-2.3%	6.0%	1.8%	-	-	19.1%	3.9%
FCF/Rev 3Y Avg	-	8.8%	9.2%	-	-	20.5%	9.2%

Valuation

	WBTN	Z	ZIP	STUB	WSHP	GOOGL	Median
Name	Webtoon .	Zillow	ZipRecru.	Stubhub	WeShop	Alphabet
Mkt Cap	1.9	18.3	0.5	-	-	3,838.8	10.1
P/S	0.9	7.5	0.8	-	-	7.6	4.2
P/EBIT	-10.6	-2,333.9	-46.1	-	-	19.3	-28.3
P/E	-11.8	-583.5	-8.5	-	-	23.6	-10.2
P/CFO	-67.8	44.7	23.1	-	-	19.4	21.3
Total Yield	-8.4%	-0.2%	-11.8%	-	-	4.6%	-4.3%
Dividend Yield	0.0%	0.0%	0.0%	-	-	0.3%	0.0%
FCF Yield 3Y Avg	-	1.4%	5.6%	-	-	3.3%	3.3%
D/E	0.0	0.0	1.5	-	-	0.0	0.0
Net D/E	-0.5	-0.1	0.4	-	-	-0.0	-0.0

Returns

	WBTN	Z	ZIP	STUB	WSHP	GOOGL	Median
Name	Webtoon .	Zillow	ZipRecru.	Stubhub	WeShop	Alphabet
1M Rtn	-16.4%	3.4%	29.3%	-30.3%	-	14.4%	3.4%
3M Rtn	-1.5%	-9.8%	2.3%	-	-	36.9%	0.4%
6M Rtn	63.3%	8.2%	-16.4%	-	-	89.2%	35.8%
12M Rtn	8.9%	-8.4%	-35.8%	-	-	83.0%	0.2%
3Y Rtn	-	101.2%	-66.5%	-	-	221.5%	101.2%
1M Excs Rtn	-17.6%	2.1%	28.0%	-31.6%	-	13.2%	2.1%
3M Excs Rtn	-6.3%	-19.9%	1.9%	-	-	29.5%	-2.2%
6M Excs Rtn	47.9%	-7.3%	-31.9%	-	-	73.8%	20.3%
12M Excs Rtn	0.2%	-23.2%	-54.2%	-	-	72.6%	-11.5%
3Y Excs Rtn	-	40.6%	-139.3%	-	-	162.7%	40.6%

Financials

Annual
Quarterly

$ Mil \| FY: 12/31	LTM	2024	2023	2022
Period End	6/30/2025	12/31/2024	12/31/2023	12/31/2022
Filing Date	8/13/2025	3/11/2025	6/27/2024	3/11/2025
Key Financials
Total Revenue	1,375	1,348	1,283	1,079
EBITDA	-73	-109	-94	-83
Operating Income	-68	-98	-28	-105
Net Income	-100	-144	-116	-130
EPS	-0.77	-1.21	-0.92	-1.02
Growth Rates
Total Revenue Growth	5.8%	5.1%	18.8%	-
EBITDA Growth	45.1%	-15.8%	-14.2%	-
Operating Income Growth	-1.6%	-254.7%	73.7%	-
Net Income Growth	33.1%	-23.6%	10.3%	-
Margins
EBITDA Margin	-5.3%	-8.1%	-7.4%	-7.7%
Operating Income Margin	-5.0%	-7.3%	-2.2%	-9.7%
Net Income Margin	-7.3%	-10.7%	-9.1%	-12.0%
Cash & Debt
Total Cash	594	599	252	280
Total Debt	28	17	33	54
Net Debt / (Cash)	-566	-581	-218	-226
Cash Flows
Net Cash from Operations	-17	18	15	-141
Free Cash from Operations	-32	5	-8	-162
Returns to Shareholders
Dividends	0	-0	-0	-0
Share Repurchases	-0	-0	-0	-0

$ Mil \| FY: 12/31	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3	2023Q2	2023Q1
Period End	6/30/2025	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023
Filing Date	8/13/2025	5/14/2025	3/11/2025	11/12/2024	8/12/2024	6/27/2024	6/27/2024	11/12/2024	8/12/2024	6/27/2024
Key Financials Quarterly
Total Revenue	348	326	353	348	321	327	334	318	321	310
Ebitda	4	-11	-86	20	-66	22	-92	4	1	-6
Operating Income	-9	-27	-25	-8	-79	14	4	-7	-5	-20
Net Income	-4	-22	-93	20	-77	6	-68	-11	-20	-18
EPS	-0.03	-0.17	-0.72	0.15	-0.70	0.05	-0.53	-0.09	-0.16	-0.14
Key Financials TTM
Total Revenue TTM	1,375	1,347	1,348	1,330	1,300	1,299	1,283	-	-	-
Ebitda TTM	-73	-142	-109	-116	-132	-66	-94	-	-	-
Operating Income TTM	-68	-139	-98	-69	-67	6	-28	-	-	-
Net Income TTM	-100	-172	-144	-119	-149	-93	-116	-	-	-
Growth Rates Quarterly
Total Revenue Growth	8.5%	-0.3%	5.6%	9.5%	0.1%	5.3%	-	-	-	-
EBITDA Growth	105.6%	-150.0%	7.4%	445.9%	-8760.7%	442.3%	-	-	-	-
Operating Income Growth	88.9%	-287.7%	-668.3%	-19.8%	-1347.1%	171.8%	-	-	-	-
Net Income Growth	94.4%	-461.6%	-37.5%	276.8%	-282.2%	135.3%	-	-	-	-
Margins Quarterly
EBITDA Margin	1.1%	-3.4%	-24.2%	5.8%	-20.5%	6.7%	-27.6%	1.2%	0.2%	-2.1%
Operating Income Margin	-2.5%	-8.2%	-7.1%	-2.3%	-24.6%	4.3%	1.3%	-2.1%	-1.7%	-6.4%
Net Income Margin	-1.2%	-6.9%	-26.3%	5.7%	-24.0%	1.9%	-20.2%	-3.5%	-6.3%	-5.7%
Cash & Debt
Total Cash	594	578	599	610	595	219	252	-	-	-
Total Debt	28	28	17	17	8	29	33	0	0	0
Net Debt / (Cash)	-566	-550	-581	-593	-587	-189	-218	-	-	-
Cash Flows Quarterly
FCF from Operations	6	-19	-9	4	-1	24	7	48	-17	-24
Cash Flows TTM
FCF from Operations TTM	-17	-25	18	34	78	63	15	-	-	-
Returns to Shareholders Quarterly
Dividends	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0
Return on Invested Capital (ROIC) Quarterly
ROIC	-2.0%	-7.4%	-7.1%	-2.3%	-23.2%	2.0%	1.2%	-	-	-
Return on Invested Capital (ROIC) TTM
ROIC TTM	-4.5%	-9.6%	-7.0%	-4.5%	-4.9%	0.5%	-2.0%	-	-	-

Price Behavior

Price Behavior

Market Price	$14.34
Market Cap ($ Bil)	1.9
First Trading Date	06/27/2024
Distance from 52W High	-32.7%
	50 Days	200 Days
DMA Price	$16.51	$11.27
DMA Trend	up	down
Distance from DMA	-13.2%	27.3%
	3M	1YR
Volatility	103.9%	110.3%
Downside Capture	136.03	185.17
Upside Capture	94.16	171.01
Correlation (SPY)	27.6%	28.6%

WBTN Betas & Captures as of 11/30/2025

	1M	2M	3M	6M	1Y	3Y
Beta	4.11	2.79	2.36	2.92	1.59	-0.51
Up Beta	3.52	3.40	3.09	1.58	1.32	-0.12
Down Beta	10.26	3.05	5.34	4.72	1.62	0.01
Up Capture	153%	108%	82%	382%	273%	30%
Bmk +ve Days	13	26	39	74	142	427
Stock +ve Days	11	22	34	65	127	180
Down Capture	429%	321%	135%	201%	138%	100%
Bmk -ve Days	7	16	24	52	107	323
Stock -ve Days	9	20	29	59	116	171

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

1Y 5Y 10Y

Based On 1-Year Data

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Based On 5-Year Data

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Based On 10-Year Data

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Short Interest

Short Interest: As Of Date	11142025
Short Interest: Shares Quantity	3,218,418
Short Interest: % Change Since 10312025	26.1%
Average Daily Volume	887,061
Days-to-Cover Short Interest	3.63
Basic Shares Quantity	130,358,706
Short % of Basic Shares	2.5%

Returns Analyses

	Title
0	Would You Still Hold Webtoon Entertainment Stock If It Fell Another 30%?

SEC Filings

Expand for More

Report Date	Filing Date	Filing
6302025	8132025	10-Q 6/30/2025
3312025	5142025	10-Q 3/31/2025
12312024	3112025	10-K 12/31/2024
9302024	11122024	10-Q 9/30/2024
6302024	8122024	10-Q 6/30/2024
12312023	6272024	424B4 12/31/2023

External Quote Links

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2	SeekingAlpha	ValueLine
3	Motley Fool	Robinhood
4	CNBC	Etrade
5	MarketWatch	Unusual Whales
6	YCharts	Perplexity Finance
7	FinViz

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Webtoon Entertainment (WBTN)

Market Price (12/5/2025): $14.43 | Market Cap: $1.9 BilSector: Communication Services | Industry: Interactive Media & Services

Webtoon Entertainment (WBTN)

Market Price (12/5/2025): $14.43Market Cap: $1.9 BilSector: Communication ServicesIndustry: Interactive Media & Services

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WBTN Stock

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Market Price (12/5/2025): $14.43 | Market Cap: $1.9 Bil
Sector: Communication Services | Industry: Interactive Media & Services

Market Price (12/5/2025): $14.43
Market Cap: $1.9 Bil
Sector: Communication Services
Industry: Interactive Media & Services