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WEBTOON is a global storytelling platform where a vibrant community of creators and users discover, create and share new content. We have pioneered a cultural movement by revolutionizing the storytelling format and democratizing content creation and publication.
The business is unprofitable at the operating level (-4.59% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue growth slowed to 2.5%, essentially flat. This is a business that needs a catalyst.
Free cash flow declined 77% versus the prior year, cash generation momentum has weakened.
Profitability & Returns
Revenue (TTM)
$1.38B
▲ +2.5% YoY
Net Income (TTM)
-$333M
▼ -140.4% YoY
Op. Margin
-3.26%
▲ +2.9pp YoY
ROIC
-2.61%
▲ +2.0pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$8M
▼ -76.8% YoY
Op. Cash Flow (TTM)
$18M
▼ -37.3% YoY
Net Debt
-$575M
Net Cash Position
Cash & Equiv.
$595M
3Y CAGR: +8.6%
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