CJ CGV (079160) 🔎 In-depth
KOSPI · Price as of 2026-08-06 · Updated 2026-08-09
CGV is a multiplex cinema company that screens films and earns money from admissions, concessions, and advertising. It spans domestic theaters and overseas theaters (Vietnam, Turkey, Indonesia, China), a special-format technology business built on the moving-seat 4DX and ScreenX auditoriums, and its IT and AI subsidiary CJ OliveNetworks, forming a diversified structure. It disclosed a decision to buy back its own convertible bonds before maturity to reduce interest and share-dilution burdens, and at a May investor presentation it laid out plans for global expansion of special-format auditoriums, stronger AI and IT at subsidiaries, and fixed-cost efficiency at overseas units. What stands out lately is that revenue and operating profit are both rising and the special-format technology and overseas theaters support the core-business recovery. But with a debt-to-equity ratio of 609%, a low current ratio, and interest costs that eat into operating profit, the bottom-line net result is still a loss, so the key question is whether operating improvement can outrun the interest and lease burden and swing to a profit.
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30-second brief
Pulled directly from the computed values below — not a separately written opinion.
What do the SourceComputedEstimateReading tags mean?
Source filings and exchange data · Computed calculated from public data · Estimate our own unverified projection · Reading drafted automatically, then rule-checked. See AI & Automation.
Core valuation metric
This stock's effective sub-sector is “Media, Content & Advertising” (Games, Entertainment & Content), a type typically read first through P/E.
Media, content, and advertising companies see results fluctuate with hit titles and the ad market, but ultimately earn profits from the content and advertising they produce. That makes price-to-earnings (P/E) — the share price against earnings — the first lens.
Price against earnings alone becomes unstable when earnings swing. Reading it together with price against assets helps gauge the downside.
This note explains how each sector is typically valued and is educational context only, not investment advice.
At-a-glance assessment financial health · growth · profitability · valuation
- Debt far exceeds equity (debt ratio 971.6%).
- Assets that can be turned to cash within a year fall short of near-term liabilities (current ratio 60.1%).
- Operating profit barely covers the interest bill (interest coverage below 1x).
- The most recent full-year net result was a loss.
- Revenue rose 16.2% year over year, and the pace is slowing (3-year trend: rising).
- Most recent quarter (Q1 2026) revenue was 7.5% higher than a year earlier.
- ROE is -25.2% (controlling-interest basis). It is below the sector average.
- Operating margin is 4.4%.
- A sector-metric and in-depth research verdict — see “Valuation vs peers” below for the basis.
Ownership & governance As of 2025-12-31
Largest shareholder CJ Corporation 50.9% (corporate)
Controlling bloc incl. related parties 50.9%
With the controlling bloc holding 51%, control is very secure but the free float is thin.
🔎 In-depth analysis Reading
CGV is a multiplex cinema company that screens films and earns money from admissions, concessions, and advertising. Revenue splits broadly into four streams: domestic theaters, overseas theaters (Vietnam, Turkey, Indonesia, China), the 4DX and ScreenX special-format auditoriums made by its subsidiary CJ 4DPLEX, and the IT and AI subsidiary CJ OliveNetworks. In particular, 4DX and ScreenX are premium auditoriums with moving seats and images projected across multiple surfaces; it is a technology business that installs the equipment in theaters worldwide and collects royalties. In short, it is a diversified structure that goes beyond simple domestic theaters to include overseas theater operations and special-format technology exports.
The latest close is ₩5,380 and the market capitalization is ₩890.8 billion. The price sits above its 20-day moving average (₩4,758) and above its 60-day moving average (₩4,636). 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 64.0, a neutral level. The one-month change is +16.8%, the three-month change is +12.6%, and the position relative to the 52-week high is -18.1%. Relative strength versus the KOSPI is 50 (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 50% of all stocks. Over the past three months it outpaced the index by 32.9%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
For valuation, CGV cannot use a P/E ratio (how many times one year of earnings the price represents), because net profit is in the red so it cannot be calculated. Instead, P/B (how many times the company's net assets the price represents) is 2.27x and P/S (how many times revenue the price represents) is 0.32x, priced low relative to revenue. The issue is financial strength. The debt-to-equity ratio is very high at 609%, and the current ratio (money readily available versus debt due within a year) is 66%, so short-term repayment capacity is tight. ROE (how much is earned in a year on equity) is -25.2%, still in the red. Cash flow, however, reads differently: FCF yield (the ratio of actual cash generated to market cap; the higher the more attractive cash generation) is fairly high at 15.6%. Viewed together with EV (enterprise value, market cap plus net debt), net debt exceeds ₩2 trillion, so EV/EBIT (a P/E-like multiple that also reflects debt) comes out at a burdensome 28.7x. In other words, the company wears two faces at once: on the books its worth grows heavier once debt is added on, but the actual cash its operations generate is not small.
The top line is clearly growing. In 2025 revenue rose 16.2% year over year to ₩2.2753 trillion, and operating profit rose 26.7% to ₩96.2 billion. Over five years, it is a recovery trajectory: after a large operating loss in 2021, it turned to a profit in 2023 and has grown the profit scale every year since. This continued in the first quarter of 2026. Revenue rose 7.5% to ₩573.4 billion, and operating profit jumped 172% year over year to ₩8.7 billion. Domestic theaters greatly narrowed their losses on strong box-office hits, Vietnam ran a steady profit, and Turkey turned to a profit. Net profit, however, is still in the red. Even as the core business (operating profit) improves, the interest costs layered on top are so large that by the time you reach the bottom line it turns to a loss. This is the key to understanding CGV's earnings structure. Operations have revived; the remaining task is to cut financing costs.
Recent disclosures focus on financial improvement. The company disclosed a decision to buy back its own convertible bonds before maturity. It reads as a move to clean up convertible bonds issued during a past cash crunch and reduce interest and potential share-dilution burdens. In late April it filed a year-end results disclosure, and in May it held an investor presentation to lay out first-quarter results and business plans. The direction the company stated is global expansion of special-format infrastructure, stronger AI and IT businesses at subsidiaries, and fixed-cost efficiency at overseas units. Overall, the disclosure flow leans toward protecting profit and cleaning up debt rather than large new investments.
The strengths and cautions split clearly. The strength is the pace of the core-business recovery. Revenue and operating profit are both rising, and special-format technology and overseas theaters support results. The cash flow operations generate is also not low relative to market cap. The caution is the financial structure. A debt-to-equity ratio of 609%, a low current ratio, and interest costs that eat into operating profit leave the bottom-line net result still in the red. In the end, the watch point converges on one thing: whether the pace of operating-profit improvement can outrun the interest and lease burden so net profit swings to a profit. The stock is strong in phases where hits and special-format expansion keep operations improving and cleanup of convertible and perpetual bonds cuts interest, and weak in phases where a box-office lull or rising financing costs return.
🔎 Valuation vs peers Inconclusive
Compared on the basis of film and media content businesses and CJ-group affiliated media companies.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| CJ ENM | 25.35x | 0.27x | 1.06% |
Because CGV's net profit is in the red, high or low valuation cannot be gauged by P/E. Compared with CJ ENM and others in the same content and media group, CGV carries a relatively larger financial burden given the high-fixed-cost, high-debt nature of the theater business. On revenue-based metrics (P/S 0.32x) or cash flow (FCF yield 15.6%) alone it looks cheap, but adding net borrowings of ₩2 trillion and a debt-to-equity ratio of 609% makes enterprise value heavier. The reason undervaluation or overvaluation cannot be asserted is that the company sits at the point where the profit operations generate and its financing costs offset each other. If net profit swings to a profit, the valuation could be re-appraised quickly; if it does not, a capital-raising burden could persist, so at this stage Inconclusive is warranted.
Price history Close · MA20 · MA60
The latest close is ₩5,380 and the market capitalization is ₩890.8 billion. The price sits above its 20-day moving average (₩4,758) and above its 60-day moving average (₩4,636). 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 64.0, a neutral level. The one-month change is +16.8%, the three-month change is +12.6%, and the position relative to the 52-week high is -18.1%. Relative strength versus the KOSPI is 50 (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 50% of all stocks. Over the past three months it outpaced the index by 32.9%. 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 +32.92% / 6M -28.07% / 12M -46.00%
Key metrics Computed vs sector median
Valuation
A net loss makes the P/E an unreliable valuation gauge. The P/B of 2.27x is above the sector median (0.70x).
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.
Profitability & financials
The operating margin is 4.4%. The debt ratio is 971.6%, so the financial structure is somewhat high.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $1.1B | $1.4B | $1.6B | +16.22% ↓ slower |
| Operating profit | $34.5M | $53.3M | $67.6M | +26.71% ↓ slower |
| Net profit | -$67.6M | -$120.2M | -$101.0M | — |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $517.3M | $900.1M | $1.1B | $1.4B | $1.6B |
| Operating profit | -$169.6M | -$53.9M | $34.5M | $53.3M | $67.6M |
| Net profit | -$196.8M | -$116.7M | -$67.6M | -$120.2M | -$101.0M |
| Revenue CAGR | 4-yr avg 32.59% | ||||
Revenue rose 16.2% year over year (2023 ₩1.5 trillion → 2024 ₩2.0 trillion → 2025 ₩2.3 trillion), and the three-year trend is 'rising'. That said, the pace of growth slowed from the prior year. Operating profit rose 26.7% year over year. The pace of that profit growth is gradually easing. Over the 5 years on record, revenue compound annual growth (CAGR) is 32.6%. The two-year revenue CAGR is 21.3%. In the most recent quarter (Q1 2026), revenue was 7.5% higher than the same period a year earlier.
Latest quarterly results Source Q1 2026 · vs year-ago
Technical indicators Computed
What stands out
- Revenue grew 16.2% year over year, a sign of growth.
Points to watch
- Debt far exceeds equity (debt ratio 971.6%).
- Assets that can be turned to cash within a year fall short of near-term liabilities (current ratio 60.1%).
- The most recent full year was a loss, so it is worth checking whether profitability recovers.
- The price is high versus peers, so expectations already appear priced in.
Recent news & events searched · sourced
- 2026-06-04FilingDisclosed a decision to acquire its own convertible bonds before maturity. A financial-improvement move to clean up previously issued convertible bonds and reduce interest and potential share-dilution burdens.Over the mid term, favorable for a net-profit recovery by lowering interest costs and share-dilution burden. Source
- 2026-05-08EarningsFirst-quarter 2026 consolidated revenue of ₩573.4 billion and operating profit of ₩8.7 billion, with the core-business recovery continuing. Narrowing domestic losses and an overseas swing to profit. Net profit remains in the red.The operating recovery is positive, but the net loss continued on the interest burden, reconfirming that financial improvement is the key. Source
- 2026-05-14IRHeld an investor presentation to explain first-quarter results and business plans. Laid out global expansion of special-format auditoriums, subsidiary AI businesses, and overseas fixed-cost efficiency.A direction weighted toward defending profit and normalizing finances rather than growth, focused on mid-term earnings stability. Source
- 2026-04-29FilingA year-end results disclosure confirmed full-year 2025 results (revenue of ₩2.2753 trillion, operating profit of ₩96.2 billion, net loss).Supporting material that confirms both the core-business recovery (rising operating profit) and the continued net loss at the same time. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| First-quarter 2026 revenue and operating profit | revenue ₩573.4 billion, operating profit ₩8.7 billion | revenue ₩573.4 billion, operating profit ₩8.7 billion | Confirmed | link |
| Full-year 2025 revenue and operating profit | revenue 2₩275.3 billion, operating profit ₩96.2 billion | — | Confirmed | link |
| 2026 net profit direction | — | — | Unverified | link |
Recent filings Source
- 2026-06-04Material-fact report (amended)
- 2026-06-01Corporate governance report
- 2026-06-01Large-business-group status disclosure
- 2026-05-29Disclosure
- 2026-05-15PeriodicQuarterly report
- 2026-05-14Disclosure
- 2026-05-08Amended filing
- 2026-05-08EarningsFair-disclosure notice
- 2026-04-29Disclosure
- 2026-04-29EarningsEarnings disclosure
- 2026-04-22Material-fact report
- 2026-03-26Disclosure
📖 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.