WEBTOON Entertainment Inc.
WBTN · Miscellaneous Publishing · 135.2M shares · +3%/yr ↑ dilution · EDGAR filings ↗
Grade
D52Scaled global webcomic/web-novel platform with a large user base but persistent operating losses and thin margins.
Strengths
- Strong balance sheet: $582M cash (79th pct), current ratio 2.6 and slightly positive free cash flow
- Large, engaged community (~157M MAU, 27M creators) with diversified Paid Content/advertising/IP revenue
Risks
- Net margin -25% (28th pct), ROE -29.5% and ROA -21.7% reflect continued unprofitability
- Low gross margin (23%, 24th pct), heavy creator revenue-share economics and evolving privacy/content-regulation exposure
Notable findings
- Exec changeRecent 8-K item 5.02 8-K ↗
- Net lossNet loss (net margin -25.0%)
- Strong balance sheetStrong balance sheet — $582M cash & investments
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Gross margin
23.3%
Operating margin
-4.6%
Net margin
-25.0%
Return on equity
-29.6%
Return on assets
-21.7%
Revenue growth (QoQ)
-3.0%
Current ratio
2.6×
Free cash flow
$4M
EBITDA
-$28M
Tangible book value
$676M
Cash & investments
$582M
Stock comp / revenue
3.0%
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-06-04 | Shareholder vote | filing ↗ |
| 2026-05-11 | ResultsExhibits | filing ↗ |
| 2026-04-13 | Exec/director changeReg FDExhibits | filing ↗ |
| 2026-03-30 | Exec/director changeExhibits | filing ↗ |
| 2026-03-30 | Exec/director changeExhibits | filing ↗ |
| 2026-03-05 | Exec/director changeReg FDExhibits | filing ↗ |
| 2026-03-03 | ResultsExhibits | filing ↗ |
| 2026-01-08 | 3.02Reg FD | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-06-04 | 2026-06-03 | 0001997859-26-000082 ↗ |
| 8-K | 2026-05-11 | 2026-05-11 | 0001997859-26-000070 ↗ |
| 10-Q | 2026-05-11 | 2026-03-31 | 0001997859-26-000072 ↗ |
| 8-K | 2026-04-13 | 2026-04-10 | 0001997859-26-000044 ↗ |
| 8-K/A | 2026-03-30 | 2026-03-02 | 0001997859-26-000039 ↗ |
| 8-K | 2026-03-30 | 2026-03-26 | 0001997859-26-000040 ↗ |
| 8-K | 2026-03-05 | 2026-03-02 | 0001997859-26-000023 ↗ |
| 10-K | 2026-03-05 | 2025-12-31 | 0001997859-26-000028 ↗ |
| 8-K | 2026-03-03 | 2026-03-03 | 0001997859-26-000015 ↗ |
| 8-K | 2026-01-08 | 2026-01-08 | 0001997859-26-000004 ↗ |
| 10-Q | 2025-11-13 | 2025-09-30 | 0001997859-25-000115 ↗ |
| 8-K | 2025-11-12 | 2025-11-12 | 0001997859-25-000110 ↗ |