The Pinkfong Company earns its money from its own character IP such as Baby Shark, Pinkfong, and Bebefinn, with YouTube, app, and OTT content accounting for about two-thirds of 2025 revenue and the rest coming from licensing, MD (merchandise) goods, and games; it runs a one-source-multi-use model that extends a single character into video, goods, performances, and more, with an overwhelming share of revenue coming from overseas. In February 2026 it disclosed 2025 results (annual revenue ₩93.9 billion, operating profit ₩19.4 billion, net profit ₩18.2 billion), and in May and June it joined a licensing expo and announced numerous new Baby Shark collaborations in toys, household goods, and more, broadening its IP, though there is a lag before such collaborations are booked as revenue. The notable point is that if new IP and licensing collaborations translate into revenue and quarterly scale grows again, its global IP value and solid assets, including a P/B of 0.85x (forward 0.79x) below net asset value and a current ratio of 1,000%, come to the fore, while the fact that results hinge heavily on the popularity cycle of hit characters and whether the Q1 decline in core-business scale continues is the crux.
At-a-glance assessment financial health · growth · profitability · valuation
- Debt ratio, current ratio and interest burden all look healthy.
- Revenue fell 3.6% year over year (3-year trend: mixed).
- Most recent quarter (Q1 2026) revenue was 14.4% lower than a year earlier.
- ROE is 9.9% (controlling-interest basis). It is above the sector average.
- Operating margin is 20.6%.
- The P/E sits below the sector median.
Ownership & governance As of 2025-12-31
Largest shareholder Kim Min-seok 15.87% (individual)
Controlling bloc incl. related parties 37.45%
With the controlling bloc holding 37%, the ownership structure is stable.
🔎 In-depth analysis
- The Pinkfong Company earns its money from its own character IP such as Baby Shark, Pinkfong, Hogi (Wonderstar), and Bebefinn.
- Its biggest revenue source is content such as video and music posted on YouTube, apps, and OTT, and as of 2025 content accounts for about two-thirds of total revenue.
- The rest comes from licensing income earned by lending characters to outside brands, MD (goods) sales such as dolls and toys, and games.
- A notable feature is that most of its revenue comes from overseas; in 2025, external-customer revenue was about ₩68.8 billion overseas and about ₩25.1 billion domestic, an overwhelming overseas weighting.
- Because it runs a one-source-multi-use (OSMU, reusing the same IP across multiple businesses) model that extends a single character into video, goods, performances, food and beverage, and more, one popular character can heavily sway the company's overall results.
- The latest close is ₩10,900, with a market cap of ₩156.4 billion.
- The price sits below the 20-day line (₩11,077) and below the 60-day line (₩13,528).
- Trading below both its short- and medium-term moving averages, the trend is on the soft side.
- The RSI (a supplementary gauge that scores the strength of gains versus losses over the past 14 days on a 0-100 scale) is 44.9, a neutral level.
- The one-month change is -4.6%, the three-month change is -29.6%, and the price stands -73.8% from its 52-week high.
- Relative strength versus the KOSDAQ is 24 (on a 1-99 scale that weights recent returns against the index over the past year more heavily; higher means stronger than the market).
- That places it in roughly the top 76% of all stocks by strength.
- Over the past three months it lagged the index by 7.8%.
- Chart reading is best done alongside trading volume and disclosure dates.
- On an asset-value basis, this is an undervalued zone.
- With a P/B (how many times net asset value per share the share price is) of 0.85x, the shares trade below net asset value, and the forward P/B reflecting this year's expected earnings is lower still at 0.85x.
- In other words, you are buying below the net assets it holds.
- Profitability supports it too.
- ROE (how much is earned in a year on shareholders' equity) is 9.9%, the operating margin is 20.6%, and the net margin is 19.3%, thick margins for a content business.
- The finances are solid.
- With a current ratio above 1,000%, cash-like assets against near-term debt are very ample, and a debt ratio of 110.8% is a figure that includes accounting liabilities such as leases and reflects covering interest costs with operating profit.
- Given its own IP, double-digit margins, and a share price below net asset value, a multiple at this level is hard to view as an excessive burden.
- Growth is passing through an inflection zone.
- Three-year revenue moved ₩87.8 billion to ₩97.4 billion to ₩93.9 billion, dipping 3.6% last year to a flattish range, but net profit went from a ₩16.3 billion loss in 2023 to a ₩7.9 billion profit in 2024 and a ₩18.2 billion profit in 2025, establishing a profitable footing.
- Operating profit also held a double-digit margin, from ₩18.8 billion in 2024 to ₩19.4 billion in 2025.
- The key point is that the company has entered a stage of steadily generating profit after leaving a loss-making structure behind.
- Future revenue depends on how quickly popular-IP new licensing and goods and offline collaborations get booked as actual revenue.
- Recent disclosures center on regular reports and post-listing ownership filings.
- A February 2026 disclosure of a change in revenue and profit structure showed 2025 results (annual revenue ₩93.9 billion, operating profit ₩19.4 billion, net profit ₩18.2 billion), and the March business report and May quarterly report disclosed detailed results.
- At the time of its listing last November, a securities-issuance results report confirms it raised about ₩76.0 billion (2 million common shares).
- Since listing, filings on executives' and major shareholders' holdings of specified securities and on large-holding status continued in May and June.
- On the company's side, it has continued a strategy of broadening IP into goods and offline experiences by joining Licensing Expo 2026 in May and June and announcing numerous new Baby Shark collaborations (toys, household goods, sporting goods, and more).
- However, because there is a lag before such collaborations are booked as revenue, the announcements themselves do not translate directly into results.
- This is a stock with clear strengths.
- It holds its own IP with global recognition, earns most of its revenue overseas, and has stable finances with a current ratio of 1,000% and a double-digit operating margin.
- Above all, it trades below net asset value (P/B 0.85x, forward 0.79x), so asset value underpins the share price.
- In other words, even as a content company, it is fairly solid on the downside from an asset standpoint.
- On the other hand, the points to examine are that results hinge heavily on the popularity cycle of hit characters, and whether the Q1 decline in core-business scale continues.
- In short, if new IP and licensing collaborations connect to revenue and quarterly scale grows again, IP value and the low P/B come to the fore together and it strengthens; conversely, if the core-business revenue slowdown drags on, the pace of the earnings recovery becomes the crux.
- The foundation of asset value and overseas IP is a factor that props up the stock's floor in any phase.
🔎 Valuation vs peers Inconclusive
Compared against character/IP-based content and toy companies whose OSMU model of extending their own characters into video, licensing, and goods is similar.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| SAMG Entertainment | 8.73x | 3.24x | 37.14% |
| Aurora World | 9.30x | 1.15x | 12.40% |
(a) Position versus peers: the P/E of 9.4x is similar to SAMG Entertainment (9.45) and Aurora (8.97), but ROE at 9.9% is lower than SAMG Entertainment (37.1%) and Aurora (12.4%), and the P/B (0.93) is the lowest. On an asset basis it is the cheapest, but capital efficiency falls short of peers. (b) Premium/discount: IP recognition, financial stability, and a high overseas share are premium factors, but revenue contraction and a slowdown in core-business profit are offsetting discount factors. (c) Limits of the trailing P/E: last year's net profit jumped sharply as it escaped a loss base, making the P/E look low, but this is a temporary effect right after an earnings inflection. On a forward basis reflecting this year's declining profit, the multiple steps up, so it is hard to accept the current 'cheap look' at face value. Until a signal of scale recovery is confirmed, it is appropriate to hold judgment.
Price history Close · MA20 · MA60
The latest close is ₩10,900 and the market capitalization is ₩156.4 billion. The price sits below its 20-day moving average (₩11,077) and below its 60-day moving average (₩13,528). It is under both its short- and medium-term moving averages, so the trend looks subdued. The RSI (a supplementary indicator that gauges the strength of gains versus losses over the past 14 days on a 0-100 scale) is 44.9, a neutral level. The one-month change is -4.6%, the three-month change is -29.6%, and the position relative to the 52-week high is -73.8%. Relative strength versus the KOSDAQ 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 24% of all stocks. Over the past three months it lagged the index by 7.8%. 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 -7.82% / 6M -47.40% / 12M -70.97%
Key metrics vs whole-market median
Valuation
The P/E of 8.62x is below the whole-market median (13.81x). The P/B of 0.85x is below the whole-market median (1.15x). Both metrics are low versus peers, so the price is not expensive relative to earnings and assets.
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
Return on equity (ROE) is 9.9%, above the whole-market average (5.0%). The operating margin is 20.6%. The debt ratio is 110.8%, so the financial structure is moderate.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $58.2M | $64.5M | $62.2M | -3.60% ↓ slower |
| Operating profit | $2.6M | $12.5M | $12.8M | +2.93% ↓ slower |
| Net profit | -$10.8M | $5.3M | $12.0M | +128.78% |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | — | — | $58.2M | $64.5M | $62.2M |
| Operating profit | — | — | $2.6M | $12.5M | $12.8M |
| Net profit | — | — | -$10.8M | $5.3M | $12.0M |
| Revenue CAGR | 2-yr avg 3.37% | ||||
Revenue fell 3.6% year over year (2023 ₩87.8 billion → 2024 ₩97.4 billion → 2025 ₩93.9 billion), and the three-year trend is 'mixed'. The rate of decline widened from the prior year. Operating profit rose 2.9% year over year. The pace of that profit growth is gradually easing. Over the 3 years on record, revenue compound annual growth (CAGR) is 3.4%. The two-year revenue CAGR is 3.4%. In the most recent quarter (Q1 2026), revenue was 14.4% lower 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.
- The balance sheet is stable in terms of debt and liquidity.
Points to watch
- Revenue fell 3.6% year over year (3-year trend: mixed).
Recent news & events searched · sourced
- 2026-05-15EarningsQ1 2026 quarterly report filed. Revenue ₩20.65 billion (-14.4% YoY), operating profit ₩2.94 billion (-51.9%), net profit ₩6.15 billion (+16.3%).Short term: both scale and core-business profit fell together, confirming a growth slowdown. The rise in net profit reflects non-operating factors, so weakening operating-based earning power is a burden. Source
- 2026-05-12IRJoined Licensing Expo 2026 (5/19-21, Las Vegas) and announced numerous new Baby Shark licensing collaborations (toys, household goods, sporting goods, and more).Medium term: a continuation of the strategy of extending IP into consumer goods and offline experiences. With a lag before revenue recognition, the immediate earnings effect is limited. Source
- 2026-02-12EarningsDisclosure of a change in revenue or profit structure. 2025 annual revenue ₩93.86 billion (-3.6%), operating profit ₩19.36 billion (+2.9%), net profit ₩18.16 billion (a large recovery from ₩7.94 billion the prior year).Medium term: confirms a net-profit recovery out of a loss base. However, with revenue contracting, the momentum for top-line growth has weakened. Source
- 2025-11-11UpdateSecurities-issuance results report filed. Raised about ₩76.0 billion (offering of 2 million common shares) via the IPO.Medium term: whether the capital raised at listing is deployed in investment that leads to future revenue and IP expansion is the point to watch. Source
- 2026-06-09FilingLarge-holding status report and report on executives' and major shareholders' holdings of specified securities filed (related to major-shareholder stake changes after listing).Short term: a filing that reports major-shareholder holding changes right after last year's listing, a matter for checking possible shifts in supply and demand. Source
Figure cross-check computed ↔ external
Recent filings
- 2026-06-09OwnershipOfficers'/major-shareholders' holdings report
- 2026-06-09OwnershipOwnership-change filing
- 2026-05-26OwnershipOfficers'/major-shareholders' holdings report
- 2026-05-26OwnershipOwnership-change filing
- 2026-05-15PeriodicQuarterly report
- 2026-04-28OwnershipAmended filing
- 2026-03-31Disclosure
- 2026-03-31Shareholders' meeting notice
- 2026-03-23PeriodicAnnual business report
- 2026-03-20Audit report
- 2026-03-16Shareholders' meeting notice
- 2026-02-26Shareholders' meeting notice
📖 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.