WEBTOON Entertainment Inc. Common stock (WBTN) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-154.2%

-$4.72

vs $8.70 price

Levered DCF

$13.44

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

1.62

Distress zone

Rating

B-

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022
P/E	-4.9×	-11.22×	-25.27×	-22.55×
P/B	1.45×	1.19×	2.34×	2.11×
P/S	1.23×	1.29×	2.28×	2.71×
EV / EBITDA	-3.22×	-10.53×	-28.14×	-32.65×
Gross margin	23.3%	25.1%	23.0%	25.3%
Operating margin	-4.6%	-7.5%	-2.8%	-10.6%
Net margin	-25.0%	-10.7%	-9.1%	-12.0%
Current ratio	2.61×	2.67×	1.56×	1.65×
Debt / equity	0.02×	0.01×	0.03×	0.04×
Interest coverage	-1,144.86×	-2,237.76×	-460.23×	-135.92×
Dividend yield	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022
Return on equity	-29.6%	-9.8%	-9.3%	-9.4%
Return on invested capital	-4.8%	-6.2%	-2.5%	-6.7%
Return on assets	-21.7%	-7.4%	-6.6%	-6.4%
Free cash flow yield	-0.4%	0.3%	-0.3%	-5.5%
Earnings yield	-20.4%	-8.2%	-4.0%	-4.4%
Enterprise value	$1.1B	$1.2B	$2.7B	$2.7B
Net debt / EBITDA	1.58×	4.91×	2.05×	2.74×
Cash conversion cycle (days)	-0	-0	5	3