WEBTOON Entertainment Inc.
WBTN Communication Services Internet Content & Information
WEBTOON Entertainment Inc.’s revenue for fiscal 2025 (year ended December 2025) was $1.4 billion, up 2.54% from fiscal 2024. In the quarter to June 2026, revenue fell 2.82%, EPS fell 266.7% and free cash flow fell 532.7%, each against the same quarter a year earlier. Revenue growth for three consecutive years.
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WEBTOON Entertainment Inc. (WBTN) Altman Z-score
WEBTOON Entertainment Inc.'s Altman Z-score for fiscal 2025 is 2.97, in the grey zone (1.81–2.99).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 2.97 | 0.15 |
| FY2024 | 2.82 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.32 | — | 0.39 | |
| Retained earnings / total assets | (0.53) | — | −0.75 | |
| EBIT / total assets | (0.04) | — | −0.13 | |
| Market value of equity / total liabilities | 4.33 | — | 2.60 | |
| Sales / total assets | 0.87 | — | 0.87 | |
| Altman Z-score | Grey zone | 2.97 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Safe zone | 3.32 | ||
Z and Z″ put WEBTOON Entertainment Inc. in different zones: grey zone by Z, safe zone by Z″.
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| OPRA Opera Limited Sponsored ADR compare | 7.5× |
| NXDR Nextdoor Holdings, Inc. compare | 7.2× |
| YELP Yelp Inc. compare | 5.4× |
| PGRU PropertyGuru Group Limited compare | 3.7× |
| UPWK Upwork Inc. compare | 3.6× |
| GENI Genius Sports Limited compare | 3.0× |
| WBTN WEBTOON Entertainment Inc. | 3.0× |
| TBLA Taboola.com Ltd. compare | 2.4× |
| WB Weibo Corporation compare | 1.9× |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets