Kidari Studio is a global integrated content company that sells webtoons, web novels, video, and merchandise as a bundle, earning revenue multiple times from a single work through content payments on its own platforms 'Bomtoon' and 'Lezhin Comics,' distribution (CP) of its owned IP to outside platforms, and goods sales. In February 2026 annual revenue of ₩217.5 billion, operating profit of ₩12.4 billion, and net profit of ₩6.6 billion showed a large improvement in earnings, and the Q1 results disclosed in May were revenue of ₩58.3 billion, operating profit of ₩3.4 billion, and net profit of ₩6.3 billion. What stands out recently is that operating and net profit have turned positive, the P/B of 0.56x is cheap versus peers, and profit attaches repeatedly as popular IP accumulates; however, with ROE of 3.3% and an operating margin of 5.7% the absolute profitability is still not high, and with a debt ratio of 168.5%, if a new release underperforms or the earnings recovery wavers, the basis for those cheap-looking metrics also weakens.
At-a-glance assessment financial health · growth · profitability · valuation
- Revenue rose 6.0% year over year, and the pace is slowing (3-year trend: rising).
- Net profit swung from a loss a year earlier back into the black (a turnaround).
- Most recent quarter (Q1 2026) revenue was 20.9% higher than a year earlier.
- Even versus the prior quarter (Q4 2025), revenue was 9.8% lower.
- ROE is 3.3% (controlling-interest basis). It is below the sector average.
- Operating margin is 5.7%.
- P/B is low versus peers too, so it looks cheap on an asset basis as well.
Ownership & governance As of 2025-12-31
Largest shareholder Daou Data 36.56% (corporate)
Controlling bloc incl. related parties 44.52%
With the controlling bloc holding 45%, the ownership structure is stable.
🔎 In-depth analysis
- Kidari Studio is a global integrated content company that sells webtoons, web novels, video, and MD (goods) as a bundle.
- Its revenue runs along two main axes.
- First, content revenue where readers pay for episodes on its own platforms 'Bomtoon' and 'Lezhin Comics.' Second, distribution (CP) revenue from supplying works (IP) it owns or produces to other platforms such as Naver and Kakao.
- Added to this are goods sales through the online merchandise platform 'Jaeimi Shop.' In other words, once a work is created, revenue arises multiple times through serialization on its own platforms, distribution to outside platforms, and secondary use in video and goods, so as popular IP accumulates, the income from a single work stretches out over a long period.
- The latest close is ₩3,330 and market capitalization is ₩123.4 billion.
- The price sits above the 20-day line (₩3,214) and below the 60-day line (₩3,539).
- With short- and mid-term trends diverging, the direction should be read separately.
- The RSI (a supplementary gauge that weighs the strength of gains against losses over the past 14 days on a 0-100 scale) is 51.1, a neutral level.
- The one-month change is +4.1%, the three-month change is +1.5%, and the position versus the 52-week high is -24.2%.
- Relative strength against the KOSPI is 24 (on a 1-99 scale, converting the past year's return versus the index with more weight on recent periods; higher means stronger than the market).
- That places it in roughly the top 77% of all stocks by strength.
- Over the past three months it lagged the index by 19.0%.
- It is best to read the chart alongside trading volume and disclosure dates.
- Recent annual revenue is ₩217.5 billion, operating profit ₩12.4 billion, and net profit ₩6.6 billion, for an operating margin of 5.7%.
- ROE (how much is earned on equity in a year) is 3.3% and the debt ratio (debt against equity) is 168.5%, so on this reading both financial soundness and profitability are 'average.' The P/B (how many times book value the price reflects) is 0.61x, trading even below the company's net assets.
- The trailing P/E (how many times a year's earnings the price reflects) is 18.61x, which on the number alone is not low, because last year's profit had just turned positive from a loss in an early recovery, so the denominator (earnings) was still small.
- For such an earnings-inflection stock, the forward P/E on this year's larger profit is closer to the real picture than the trailing P/E.
- The forward P/E on this year's earnings is below the peer median, so the reading is 'undervalued.'
- Revenue grew steadily over four years, from ₩119.1 billion in 2021 to ₩217.5 billion in 2025, and earnings changed even more dramatically.
- Operating profit went from a ₩5.7 billion loss in 2023 to a ₩2.2 billion profit in 2024 and ₩12.4 billion in 2025 (+465.7% year over year), and net profit turned positive from -₩34.5 billion in 2023 to +₩6.6 billion in 2025.
- It is a textbook turnaround flow of narrowing losses and swinging to profit.
- Most recently, in Q1 2026, the recovery continued with revenue of ₩58.3 billion (+20.9% year over year), operating profit of ₩3.4 billion (+575.5%), and net profit of ₩6.3 billion (+210.7%).
- This year's outlook is roughly ₩246.5 billion in revenue, ₩25.1 billion in operating profit, and ₩20.4 billion in net profit — the result of the already-confirmed strong Q1, the recurring revenue that popular IP generates on both its own and outside platforms, and a recovery phase in which the cost structure that swelled during the loss years is being cleaned up so profit attaches quickly as revenue rises.
- Revenue growth itself has become somewhat more gradual than in prior years (the reading is 'slowing'), but profit is rising far faster than revenue, so the profitability recovery is the core of this year's growth.
- Recent disclosures are all earnings-related.
- The preliminary-results disclosure of May 13, 2026 confirmed Q1 2026 revenue of ₩58.3 billion, operating profit of ₩3.4 billion, and net profit of ₩6.3 billion.
- Earlier, on February 11, 2026, a disclosure that the profit structure had improved sharply (change of 30% or more in revenue/profit) reported annual revenue of ₩217.5 billion, operating profit of ₩12.4 billion, and net profit of ₩6.6 billion, together with preliminary Q1 results.
- In other words, the annual swing to profit and the quarterly recovery are confirmed by disclosure, and going forward the key is to confirm whether this earnings flow continues quarter to quarter.
- Kidari Studio is a stock where the recovery from loss to profit shows up on both the earnings and valuation sides.
- The favorable conditions are clear: operating and net profit have both turned positive, the recovery continued in Q1 2026, and as a result the price is cheaper than peers on both P/B (0.56x) and forward P/E relative to net assets and earnings.
- Because it sells content multiple times through its own platforms, outside distribution, and secondary use, profit attaches repeatedly as popular IP accumulates.
- Conversely, weakening conditions must also be weighed.
- With ROE of 3.3% and an operating margin of 5.7%, the absolute level of profitability is still not high, and with a debt ratio of 168.5% the financial cushion is not generous, so if a new release loses steam or the earnings recovery stalls, the basis for those cheap-looking metrics also weakens.
- Also, being a small-cap, the success or failure of a single work or a single financing disclosure can weigh heavily on results and share count.
- In sum, as long as the earnings recovery continues quarter to quarter, the undervalued appeal stays alive, and it weakens to the extent the recovery wavers.
🔎 Valuation vs peers Undervalued
Peers close in market cap within internet and platform.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Flitto | 16.92x | 6.34x | 37.47% |
| Saramin | 1.81x | 0.62x | 34.43% |
| YG PLUS | 9.38x | 1.11x | 11.88% |
Within internet and platform, we prioritized public-data peers close in market cap. The current P/E (how many times a year's earnings the price reflects) is 18.61x and the P/B (how many times book value the price reflects) is 0.61x. That said, for smaller-cap names, earnings swings and financing disclosures carry a large impact, so we did not draw a firm conclusion from last year's confirmed-results metrics alone. The basis for the outlook box is a DART seasonality approximation.
Earnings outlook company-stated · verified
| Type | Period | Revenue | Operating profit | Net profit |
|---|---|---|---|---|
| This year | 2026 | ₩246.5 billion | ₩25.1 billion | ₩20.4 billion |
| Next quarter | Q2 2026 | ₩58.7 billion | ₩6.1 billion | ₩1.6 billion |
Price history Close · MA20 · MA60
The latest close is ₩3,330 and the market capitalization is ₩123.4 billion. The price sits above its 20-day moving average (₩3,214) and below its 60-day moving average (₩3,539). Short-term and medium-term trends are diverging, so the direction is best read separately. The RSI (a supplementary indicator that gauges the strength of gains versus losses over the past 14 days on a 0-100 scale) is 51.1, a neutral level. The one-month change is +4.1%, the three-month change is +1.5%, and the position relative to the 52-week high is -24.2%. Relative strength versus the KOSPI is 24 (on a 1-99 scale, converted from returns against the index over the past year with more weight on recent performance; higher means stronger than the market). It is stronger than roughly 23% of all stocks. Over the past three months it lagged the index by 19.0%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
Relative performance stock vs index · start = 100
Excess return vs index · 3M -18.98% / 6M -39.66% / 12M -63.79%
Key metrics vs sector median
Valuation
The P/E of 18.61x is above the sector median (14.81x). The P/B of 0.61x is below the sector median (1.11x). That said, this P/E is based on last year's (trailing) results. With recent quarterly earnings up sharply, the trailing P/E can look higher than it really is, so a precise read is best done on this year's expected (forward) earnings.
Enterprise value (EV)
EV = market cap + net debt. It reflects cash and debt, so it captures the real cost of the whole business that market cap alone misses; lower multiples are cheaper relative to earnings or sales.
Intrinsic value (DCF estimate)
DCF (discounted cash flow) estimate — discount rate 10.7%, initial growth 4.0%→terminal 2.0%, 10-yr forecast, free-cash-flow basis. A reference range that shifts materially with assumptions.
Profitability & financials
Return on equity (ROE) is 3.3%, below the sector average (12.0%). The operating margin is 5.7%. The debt ratio is 168.5%, so the financial structure is moderate.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $113.4M | $136.0M | $144.1M | +5.98% ↓ slower |
| Operating profit | -$3.8M | $1.5M | $8.2M | +465.68% |
| Net profit | -$22.9M | -$5.0M | $4.4M | — |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $78.9M | $112.3M | $113.4M | $136.0M | $144.1M |
| Operating profit | $4.6M | $2.8M | -$3.8M | $1.5M | $8.2M |
| Net profit | $2.4M | -$1.9M | -$22.9M | -$5.0M | $4.4M |
| Revenue CAGR | 4-yr avg 16.24% | ||||
Revenue rose 6.0% year over year (2023 ₩171.0 billion → 2024 ₩205.2 billion → 2025 ₩217.5 billion), and the three-year trend is 'rising'. That said, the pace of growth slowed from the prior year. Operating profit rose 465.7% year over year. Over the 5 years on record, revenue compound annual growth (CAGR) is 16.2%. The two-year revenue CAGR is 12.8%. In the most recent quarter (Q1 2026), revenue was 20.9% higher than the same period a year earlier. Because quarterly results are relatively even in this industry, revenue also came in 9.8% lower than the prior quarter (Q4 2025), so the recent trend looks soft.
Latest quarterly results Q1 2026 · vs year-ago + prior quarter
Technical indicators
What stands out
- P/E and P/B are both low versus peers, so the price looks inexpensive relative to earnings and assets.
Points to watch
- Revenue rose 6.0% year over year, and the pace is slowing (3-year trend: rising).
Recent news & events searched · sourced
- 2026-05-13EarningsPreliminary operating results on a consolidated basis (fair disclosure): Q1 2026 revenue ₩58.3 billion, operating profit ₩3.4 billion, net profit ₩6.3 billionRecently confirmed or preliminary results. We check whether it runs in the same direction as the annual trend and whether any one-off factors are present. Source
- 2026-02-11EarningsChange of 30% or more (15% for large corporations) in revenue or profit structure: annual revenue ₩217.5 billion, operating profit ₩12.4 billion, net profit ₩6.6 billionRecently confirmed or preliminary results. We check whether it runs in the same direction as the annual trend and whether any one-off factors are present. Source
- 2026-02-11EarningsPreliminary operating results on a consolidated basis (fair disclosure): Q1 2026 revenue ₩58.3 billion, operating profit ₩3.4 billion, net profit ₩6.3 billionRecently confirmed or preliminary results. We check whether it runs in the same direction as the annual trend and whether any one-off factors are present. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| Closing price | ₩3,330 | ₩3,330 | Confirmed | link |
| Latest quarterly results | revenue ₩58.3 billion, operating profit ₩3.4 billion | revenue ₩58.3 billion, operating profit ₩3.4 billion | Confirmed | link |
| Annual results | revenue ₩217.5 billion, operating profit ₩12.4 billion | revenue ₩217.5 billion, operating profit ₩12.4 billion | Confirmed | link |
| Earnings disclosure text | : 2026 1 revenue ₩58.3 billion · operating profit ₩3.4 billion · net profit ₩6.3 billion | : 2026 1 revenue ₩58.3 billion · operating profit ₩3.4 billion · net profit ₩6.3 billion | Confirmed | link |
| Earnings disclosure text | revenue30%: revenue ₩217.5 billion · operating profit ₩12.4 billion · net profit ₩6.6 billion | revenue30%: revenue ₩217.5 billion · operating profit ₩12.4 billion · net profit ₩6.6 billion | Confirmed | link |
| Earnings disclosure text | : 2026 1 revenue ₩58.3 billion · operating profit ₩3.4 billion · net profit ₩6.3 billion | : 2026 1 revenue ₩58.3 billion · operating profit ₩3.4 billion · net profit ₩6.3 billion | Confirmed | link |
| Outlook box basis | DART | DART | Confirmed | link |
Recent filings
- 2026-06-01Large-business-group status disclosure
- 2026-05-29Corporate governance report
- 2026-05-15PeriodicQuarterly report
- 2026-05-13EarningsFair-disclosure notice
- 2026-04-30Disclosure
- 2026-04-23OwnershipOwnership-change filing
- 2026-04-01TreasuryMaterial-fact report
- 2026-03-25Disclosure
- 2026-03-25Shareholders' meeting notice
- 2026-03-17PeriodicAnnual business report
- 2026-03-17Audit report
- 2026-03-10Disclosure
📖 Plain-language glossary — expand if you are new to this
- P/E
- How many times a year's net profit the price is worth (lower is cheaper relative to earnings). The P/E here is on trailing (last full-year) results; for companies whose earnings swing fast (memory chips and other cyclicals/high-growth), a forward P/E on this year's expected earnings is more accurate.
- P/B
- Price relative to net assets (equity). Around 1x means it trades near book value; below 1x means below book.
- P/S
- Price relative to a year's revenue — useful for growth companies with thin earnings.
- Net debt / EV
- Net debt = interest-bearing debt − cash. Negative means more cash than debt (net cash). EV (enterprise value) = market cap + net debt, closer to what it would cost to buy the whole business.
- EV/EBIT · EV/EBITDA · EV/Sales
- Enterprise value against operating profit (EBIT), EBITDA, or revenue. Unlike P/E these reflect debt and cash; lower is cheaper relative to earnings power or sales.
- FCF / FCF yield
- Free cash flow = operating cash − capex, the cash actually left over. FCF yield = FCF ÷ market cap; higher means more cash generated per unit of market value.
- Intrinsic value (DCF)
- Future free cash flow (or, for some capex-heavy but profitable names, forecast earnings) discounted to today to estimate per-share value. Because it shifts a lot with the discount-rate and growth assumptions, it is shown as a bear/base/bull range, and the basis and assumptions are disclosed in one line beneath it.
- ROE
- How much profit the company earns in a year on its equity (%). Higher means better returns on capital.
- EPS / BPS
- Earnings per share / net assets (book value) per share.
- Operating / net margin
- Profit left from the core business / final profit after tax and interest, per unit of revenue.
- Debt ratio
- Debt relative to equity (%). Higher means more reliance on borrowing (norms vary by sector).
- Current ratio
- Assets convertible to cash within a year against debt due within a year. Above 100% leaves some short-term headroom.
- Interest coverage
- How many times operating profit covers the interest owed. Below 1x means operating profit alone struggles to cover interest.
- Dividend yield / payout ratio
- The year's dividend as a % of today's price / the share of earnings paid out as dividends.
- Revenue CAGR
- Multi-year growth expressed as a single yearly average (compound annual growth rate).
- RSI (short-term signal)
- Whether recent price action is overheated or beaten down. Above 70 is overbought, below 30 oversold.
- MA20 / MA60 (moving averages)
- The 20- and 60-day average price. Price above them signals a firmer short-term trend.
- vs 52-week high
- How far below the past year's peak the price sits now (%).
All figures are for reference only; how they read varies by sector and over time.
Sources: Korea FSC market-price API (data.go.kr), OpenDART, KRX/KIND — public data only.
Bong Stocks presents public-data-based information for reference only. It is not investment advice and contains no target prices, ratings, or buy/sell recommendations. Verify independently before making any decision.