Aurora World designs its own characters in-house and turns them into plush toys and other merchandise, which it then distributes at home and abroad. As of Q1 2026, roughly 97.7% of revenue comes from toys, and the company develops and sells its own brands directly, including YooHoo & Friends and Palm Pals, the latter of which has grown quickly among younger overseas consumers. About 70% of sales are generated abroad, especially in the United States, making this an export-driven business whose results hinge on the popularity of its IP and on exchange rates. In March 2026 the company laid out a corporate value-up plan pointing toward expanded shareholder returns and declared a dividend of ₩100 per share, while an April preliminary earnings release and a May quarterly report confirmed strong Q1 results, and a series of major-shareholder ownership-change filings appeared through the spring. What stands out lately is the strength of rapidly growing overseas sales of its own IP such as Palm Pals, an operating margin in the 13% range, ROE of 12.4%, and a low forward P/E of about 6.7x based on this year's expected earnings; against that, a debt-to-equity ratio of 230% and a current ratio of 62% leave limited financial headroom, and with roughly 70% of sales abroad, results can swing with exchange rates and U.S. consumer demand.
At-a-glance assessment financial health · growth · profitability · valuation
- Debt is somewhat higher than equity (debt ratio 230.5%).
- Assets that can be turned to cash within a year fall short of near-term liabilities (current ratio 62.6%).
- Revenue rose 19.0% year over year, and the pace is quickening (3-year trend: rising).
- Most recent quarter (Q1 2026) revenue was 22.2% higher than a year earlier.
- ROE is 12.4% (controlling-interest basis). It is above the sector average.
- Operating margin is 13.6%.
- The P/E sits below the sector median.
Ownership & governance As of 2025-12-31
Largest shareholder Noh Hee-yeol 43.29% (individual)
Controlling bloc incl. related parties 46.5%
With the controlling bloc holding 46%, the ownership structure is stable.
🔎 In-depth analysis
- Aurora World designs its own characters in-house, turns them into plush toys and other merchandise, and distributes them at home and abroad as a character-IP toy company.
- Almost all of its revenue comes from toys (character-toy merchandise made up about 97.7% of the total in Q1 2026), and the company develops and sells its own brands directly, including YooHoo & Friends, the recently fast-growing Palm Pals (popular among younger overseas consumers), EcoNation, and Miyoni.
- In particular, about 70% of sales are generated abroad, with local subsidiaries in the U.S., the U.K., and Hong Kong accounting for a large share, and most of the overseas revenue coming from the United States.
- In other words, although it is a Korean character company, in substance it is an export-oriented business that creates its own IP and sells it overseas, chiefly in the U.S., so its results are driven by the popularity of its IP and by exchange rates.
- The latest close is ₩18,820 and market capitalization is ₩202.6 billion.
- The price sits above its 20-day line (₩18,290) and above its 60-day line (₩16,417).
- Trading above both the short- and medium-term moving averages, the trend looks healthy.
- The RSI (a supplementary gauge that compares upward and downward strength over the past 14 days on a 0-100 scale) is 52.9, a neutral level.
- The one-month change is +12.3%, the three-month change is +103.9%, and the position versus the 52-week high is -25.6%.
- Relative strength against the KOSDAQ is 95 (on a 1-99 scale that weights recent returns versus the index over the past year more heavily; higher means stronger than the market).
- That places it in roughly the top 4% of all stocks by strength.
- Over the past three months it outpaced the index by 176.9%.
- Chart readings are best interpreted alongside trading volume and disclosure dates.
- The P/E ratio (how many times one year's earnings the share price represents) is 9.30x and the P/B (how many times book net assets the price represents) is 1.15x, both below the market median.
- ROE (how much the company earns in a year on its equity) is 12.4%, above the sector average, and core margins are solid with a 13.6% operating margin and a 6.6% net margin.
- One important point is that the 8.61x P/E above is on a trailing basis, using last year's confirmed earnings.
- Last year's net profit (₩21.8 billion) was a sharp recovery from a temporary dip in 2024 (₩6.3 billion), and at an inflection point where earnings are rising again, the picture based on this year's expected earnings is more accurate than a single past-year figure.
- In fact, the forward P/E on this year's expected earnings is lower than the 8.61x trailing figure and also below the sector median, which reads as an undervaluation signal relative to earnings.
- That said, the balance-sheet structure warrants attention: the debt-to-equity ratio (borrowings versus equity) is somewhat high at 230.5%, and the current ratio (assets convertible to cash within a year versus debt due within a year) is 62.6%, below 100%, so short-term funding headroom is tight.
- The top line has grown steadily.
- Revenue rose from ₩232.6 billion in 2023 to ₩328.1 billion in 2025, a two-year compound annual growth rate of about 18.8%, and in 2025 growth actually accelerated with revenue up 19.0% and operating profit up 43.6%.
- Net profit, pressed down to ₩6.3 billion in 2024, jumped 245% to ₩21.8 billion in 2025, a rebound from the 2024 trough and at the same time a genuine improvement in the core business.
- The latest quarter (Q1 2026) continued the trend with revenue up 22.2%, operating profit up 45.9%, and net profit up 84.9% year over year, confirming that the recovery is hardening into a trend rather than a one-off.
- The forward P/E of about 6.7x on this year's expected earnings is not a vague extrapolation but is supported by trends visible now: (1) rapidly growing overseas demand for its own IP such as Palm Pals, (2) a core operating margin that has risen into the 13% range, and (3) a sharp year-over-year increase in Q1 earnings.
- In other words, the company is in a growth phase where revenue, margins, and share gains are advancing together, and current data give no basis to view this year's earnings as a 'peak' above next year's.
- The past year's disclosures center on two themes.
- First, in March 2026 the company issued a corporate value-up plan (a voluntary disclosure) laying out a direction of expanded shareholder returns (dividends and buybacks).
- Second, an April preliminary earnings disclosure and a May quarterly report confirmed strong Q1 2026 results.
- Beyond these, there was a March annual general meeting and a cash-dividend decision (₩100 per share), and repeated filings of abbreviated large-holding reports through the spring, which flag that major shareholders' stakes changed at set percentage thresholds, signaling shifts in the ownership structure.
- The strengths are clear.
- Overseas sales of its own IP, including Palm Pals, are growing quickly, lifting both revenue and earnings; core profitability is strong with a 13%-range operating margin and 12.4% ROE; and the forward P/E of about 6.7x on this year's expected earnings is below both the sector and market medians, making the price cheap relative to earnings.
- On top of that, the company has itself signaled expanded shareholder returns through a value-up plan.
- In short, growth and low valuation are visible together.
- Points to watch are the balance sheet and business structure: with a 230% debt-to-equity ratio and a 62% current ratio, funding headroom is not generous, so any downturn could quickly increase the burden, and with about 70% of sales abroad (especially the U.S.), results can swing with exchange rates and U.S. consumer demand.
- To sum up, when hit IP, strong U.S. consumption, and favorable exchange rates align, the appeal of growth plus low valuation stands out; conversely, if a stronger won, softer consumption, and inventory burden overlap, the thin financial headroom becomes the weak point.
🔎 Valuation vs peers Fairly valued
Compared against listed Korean character, toy, and IP-content companies whose business structures overlap, though Aurora stands apart in its high share of self-developed IP manufacturing and exports, which gives it a different margin structure from pure distribution or licensing players.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Aurora World | 9.30x | 1.15x | 12.40% |
| 손오공 | — | — | — |
| 대원미디어 | — | — | — |
Against similar businesses such as Sonokong (toy distribution) and Daewon Media (content, IP, and toys), Aurora stands out for stronger margins and growth durability because it creates its own IP and exports it overseas. The current P/E of 9.30x and P/B of 1.07x are below the market median, but these are on a trailing basis, using last year's confirmed earnings. Last year's net profit (₩21.8 billion) was a 245% snap-back from a weak 2024 (₩6.3 billion), so with earnings passing an inflection point it is hard to call the stock cheap or expensive from a single trailing P/E. On a forward basis using this year's expected earnings, and if the Q1 growth trend continues, the valuation burden falls below the trailing figure. Against that, debt and liquidity pressure and dependence on overseas markets (exchange rates and consumption) are clear discount factors, so on balance we see it as fairly valued.
Price history Close · MA20 · MA60
The latest close is ₩18,820 and the market capitalization is ₩202.6 billion. The price sits above its 20-day moving average (₩18,290) and above its 60-day moving average (₩16,417). It holds above both its short- and medium-term moving averages, so the trend looks healthy. The RSI (a supplementary indicator that gauges the strength of gains versus losses over the past 14 days on a 0-100 scale) is 52.9, a neutral level. The one-month change is +12.3%, the three-month change is +103.9%, and the position relative to the 52-week high is -25.6%. Relative strength versus the KOSDAQ is 95 (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 96% of all stocks. Over the past three months it outpaced the index by 176.9%. 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 +176.88% / 6M +56.49% / 12M +3.04%
Key metrics vs sector median
Valuation
The P/E of 9.30x is below the sector median (44.74x). The P/B of 1.15x is in line with the sector median (1.26x). 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 9.2%, 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 12.4%, above the sector average (2.0%). The operating margin is 13.6%. The debt ratio is 230.5%, so the financial structure is somewhat high.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $154.1M | $182.7M | $217.4M | +19.00% ↑ faster |
| Operating profit | $18.8M | $20.5M | $29.5M | +43.62% ↑ faster |
| Net profit | $4.7M | $4.2M | $14.4M | +245.33% ↑ faster |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $118.0M | $153.6M | $154.1M | $182.7M | $217.4M |
| Operating profit | $7.0M | $12.2M | $18.8M | $20.5M | $29.5M |
| Net profit | $6.3M | $4.9M | $4.7M | $4.2M | $14.4M |
| Revenue CAGR | 4-yr avg 16.50% | ||||
Revenue rose 19.0% year over year (2023 ₩232.6 billion → 2024 ₩275.7 billion → 2025 ₩328.1 billion), and the three-year trend is 'rising'. The pace of growth also quickened from the prior year. Operating profit rose 43.6% year over year. Profit is growing at an accelerating pace. Over the 5 years on record, revenue compound annual growth (CAGR) is 16.5%. The two-year revenue CAGR is 18.8%. In the most recent quarter (Q1 2026), revenue was 22.2% higher than the same period a year earlier.
Latest quarterly results Q1 2026 · vs year-ago
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.
- ROE of 12.4% points to solid profitability.
- Revenue grew 19.0% year over year, a sign of growth.
Points to watch
- The figures shown are based on the last annual report as of the writing date, so it is best to review the latest quarterly results and filings alongside them.
Recent news & events searched · sourced
- 2026-03-27FilingCorporate value-up plan (voluntary disclosure) announced, outlining a direction of expanded shareholder returns (dividends and buybacks)Over the medium term, greater shareholder returns such as dividends would be favorable to shareholder value, and it signals the company's intent to make active use of its capital. Source
- 2026-04-29EarningsQ1 2026 consolidated preliminary earnings fair disclosure - revenue, operating profit, and net profit all up sharply year over yearIn the short term this confirms the growth trend continued. With revenue up 22.2%, operating profit up 45.9%, and net profit up 84.9%, it shows the recovery has turned into a trend. Source
- 2026-05-15FilingQ1 2026 quarterly report filed - shows segment results (global toy, domestic toy, content) and the overseas shareOver the medium term, a basis for checking dependence on overseas (mainly U.S.) revenue and the stability of the business mix. Source
- 2026-03-11DividendCash dividend decided - ₩100 per shareIn the short term an ex-dividend factor, but together with the value-up plan it supports the shareholder-return stance. Source
- 2026-05-21UpdateAbbreviated large-holding report filed - repeated notices of major-shareholder ownership changes through the springOver the medium term, buying and selling by major shareholders can be a variable affecting supply and demand. Source
Figure cross-check computed ↔ external
Recent filings
- 2026-05-21OwnershipOwnership-change filing
- 2026-05-15PeriodicQuarterly report
- 2026-05-11OwnershipOwnership-change filing
- 2026-04-29EarningsFair-disclosure notice
- 2026-04-21OwnershipOwnership-change filing
- 2026-03-30Shareholders' meeting notice
- 2026-03-27Disclosure
- 2026-03-20PeriodicAnnual business report
- 2026-03-20Audit report
- 2026-03-13Shareholders' meeting notice
- 2026-03-11Shareholders' meeting notice
- 2026-03-11DividendCash/stock dividend decision
📖 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.