WEBTOON Entertainment Inc.
WBTNdata completeness 88%4 fiscal years on fileData notes: no data for concept 'interestExpense'
WEBTOON Entertainment Inc. earns about -21% on invested capital, below its ~9% cost of capital, but has diluted owners by 22% over 4 years — no moat visible in the numbers. The estimate methods put fair value between $4.94 and $4.97 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.
| Figure | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|
| Revenue | $1.08B1 | $1.28B2 | $1.35B2 | $1.38B2 |
| Net income | −$129.9M3 | −$116.5M4 | −$143.9M4 | −$345.9M4 |
| Operating cash flow | −$140.6M5 | $14.8M6 | $17.9M6 | $11.2M6 |
| Capital expenditure | $2.7M7 | $10.2M8 | $2.4M8 | $7.62M8 |
| Free cash flow (derived) | −$143.3M5 | $4.61M6 | $15.5M6 | $3.6M6 |
| Total debt | — | $8.63M9 | $09 | — |
| Cash & equivalents | $279.7M10 | $231.7M11 | $572.4M12 | $581.8M12 |
| Diluted shares | 106.5M | 109.5M | 119.2M | 130.2M |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).
10 shares is a claim on $89.91 of net worth that earned you −$26.57 and generated $0.28 of cash last year.
It earned about -21% on invested capital against a ~9% cost of capital — below the cost of funding. The numbers show no moat.
seeing a moat in the numbers →Share count is up 22% over 4 years — owners have been diluted. Worth asking what they got for it. Total debt has fallen 100% — deleveraging.
reading capital allocation →Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.
The 2 estimate methods that apply put fair value between $4.94 and $4.97 a share. They rest on different assumptions, so where they diverge is the story.
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears10
- fcfGrowth0.0%
- fcfBase$4.61M
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears5
- fcfGrowth0.0%
- fcfBase$4.61M
Different models answer different questions — which to trust when →
| Bear | 0.0% | $4.97 |
| Base | 0.0% | $4.97 |
| Bull | 5.0% | $5.1 |
Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.
Default growth 0.0%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.
- 10-K · period ending 2022-12-31 · accession 0001997859-25-000017 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 10-K · period ending 2023-12-31 · accession 0001997859-26-000028 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 10-K · period ending 2022-12-31 · accession 0001997859-25-000017 (NetIncomeLoss)
- 10-K · period ending 2023-12-31 · accession 0001997859-26-000028 (NetIncomeLoss)
- 10-K · period ending 2022-12-31 · accession 0001997859-25-000017 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2023-12-31 · accession 0001997859-26-000028 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2022-12-31 · accession 0001997859-25-000017 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2023-12-31 · accession 0001997859-26-000028 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2023-12-31 · accession 0001997859-25-000017 (LongTermDebtNoncurrent)
- 10-K · period ending 2022-12-31 · accession 0001997859-26-000028 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
- 10-K · period ending 2023-12-31 · accession 0001997859-25-000017 (CashAndCashEquivalentsAtCarryingValue)
- 10-K · period ending 2024-12-31 · accession 0001997859-26-000028 (CashAndCashEquivalentsAtCarryingValue)