Latest Ratios: P/E Ratio -4.4x · EV/EBITDA N/A · ROE -24.8%. (2022–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|---|
| Market Cap | $1.6B | $1.7B | $1.7B | — | — |
| Enterprise Value | $1.0B | $1.1B | $1.2B | — | — |
| P/E Ratio → | -4.39 | — | — | — | — |
| P/S Ratio | 1.14 | 1.23 | 1.29 | — | — |
| P/B Ratio | 1.24 | 1.38 | 1.12 | — | — |
| P/FCF | — | — | 368.87 | — | — |
| P/OCF | 140.71 | 151.23 | 97.65 | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|---|
| EV / Revenue | — | 0.82 | 0.88 | — | — |
| EV / EBITDA | — | — | — | — | — |
| EV / EBIT | — | — | — | — | — |
| EV / FCF | — | — | 251.60 | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|---|
| Gross Margin | 23.3% | 23.3% | 25.1% | 23.0% | 25.3% |
| Operating Margin | -4.6% | -4.6% | -7.5% | -2.8% | -10.6% |
| Net Profit Margin | -25.0% | -25.0% | -10.7% | -9.1% | -12.0% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|---|
| ROE | -24.8% | -24.8% | -9.9% | -8.1% | -8.6% |
| ROA | -19.6% | -19.6% | -7.8% | -6.1% | -6.4% |
| ROIC | -5.8% | -5.8% | -7.0% | -2.2% | -6.7% |
| ROCE | -4.4% | -4.4% | -6.5% | -2.3% | -6.8% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|---|
| Debt / Equity | 0.02 | 0.02 | 0.01 | 0.02 | 0.04 |
| Debt / EBITDA | — | — | — | — | — |
| Net Debt / Equity | — | -0.45 | -0.36 | -0.15 | -0.15 |
| Net Debt / EBITDA | — | — | — | — | — |
| Debt / FCF | — | — | -117.27 | — | — |
| Interest Coverage | -6952.73 | -6952.73 | -3316.96 | -1679.42 | -138.99 |
Net cash position: cash ($582M) exceeds total debt ($24M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|---|
| Current Ratio | 2.61 | 2.61 | 2.67 | 1.56 | 1.65 |
| Quick Ratio | 2.61 | 2.61 | 2.67 | 1.53 | 1.64 |
| Cash Ratio | 1.83 | 1.83 | 1.91 | 0.80 | 0.83 |
| Asset Turnover | — | 0.87 | 0.70 | 0.72 | 0.53 |
| Inventory Turnover | — | — | — | 120.60 | 256.24 |
| Days Sales Outstanding | — | 46.67 | 45.79 | 48.88 | 71.31 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — |
| FCF Yield | — | — | 0.3% | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | — | — |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | — | — |
| Shares Outstanding | — | $130M | $129M | $127M | $127M |
Structural margin ceiling
As reported in recent financial statements, WBTN trades at a price-to-sales multiple of 1.14, a valuation that appears to discount the company's decelerating revenue growth and persistent net losses compared to higher-margin software peers that command significantly more aggressive premiums in the current market environment.
The current P/S multiple suggests that investors are pricing the company more like a legacy media entity than a high-growth digital platform. This valuation warrants caution, as the lack of a positive forward P/E or meaningful EBITDA suggests the market is struggling to find a floor for the stock until a clear path to profitability emerges.
Based on the company's reported figures, WBTN maintains a gross margin of 23.30%, a level that appears structurally capped by the necessity of revenue-sharing with creators and the payment of significant platform fees to mobile app stores for global distribution of its digital content library.
This margin profile is notably thin for a software-application business, indicating that the company's earning power is heavily diluted by its variable cost structure. Investors should monitor whether management can negotiate more favorable terms with app store providers or if creator payouts will continue to pressure margins as the platform scales.
According to recent SEC filings, WBTN's ROIC has consistently trended in negative territory, reaching -0.9% in 2026Q1, which suggests that the company is currently failing to generate returns on invested capital that exceed its cost of capital, thereby eroding shareholder value through its ongoing expansion efforts.
The persistent negative ROIC reflects the company's struggle to convert its massive user base into a self-sustaining profit engine. This trend indicates that the capital allocated toward global expansion and content development is not yet yielding the expected efficiency gains, necessitating a potential pivot in capital allocation strategy.
As indicated in the quarterly data, WBTN's asset turnover remains low at 0.20, suggesting that the company's asset base is not being utilized with sufficient intensity to drive meaningful revenue growth relative to the scale of its operations and the size of its content library.
The low asset turnover ratio highlights a potential inefficiency in how the company monetizes its intellectual property and platform infrastructure. Further investigation into the cash conversion cycle is warranted, as the current turnover levels may indicate that the company is carrying significant underutilized assets that do not contribute to top-line performance.
The market frequently misapplies traditional streaming-service valuation metrics to WBTN, which obscures the reality that the company functions more like a decentralized creator marketplace with a structural margin ceiling that is fundamentally different from the high-margin, proprietary content models seen in traditional subscription-based streaming platforms.
Investors should prioritize analyzing the 'Paying User Conversion Rate' and 'Creator Retention' over standard streaming metrics like 'Subscriber Growth' or 'Content Amortization Schedules'. Relying on streaming-style valuation multiples risks overestimating the company's long-term profitability potential by ignoring the inherent revenue-sharing costs that define this specific business model.
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Quick answers to the most common questions about buying WBTN stock.
WEBTOON Entertainment Inc. Common stock's current P/E ratio is -4.4x. This places it at the 50th percentile of its historical range.
WEBTOON Entertainment Inc. Common stock's return on equity (ROE) is -24.8%. The historical average is -12.9%.
Based on historical data, WEBTOON Entertainment Inc. Common stock is trading at a P/E of -4.4x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
WEBTOON Entertainment Inc. Common stock has 23.3% gross margin and -4.6% operating margin.