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041510KOSDAQ

SM Entertainment

77,500
-1,500 (-1.90%)

Price chart

  • MA5
  • MA20
  • MA60
Market capitalizationKRW 1T

Each day's close multiplied by the listed share count of this share class alone, sampled weekly. It is the figure for this issue only, not a combined total across common and preferred shares.

Overview

Summary

SM Entertainment was established in 1995 and is listed on the KOSDAQ market. Headquartered in Seoul, the company is part of the Kakao group.

The company operates a comprehensive entertainment business centered on K-Pop, including music content production, artist management, and IP licensing. It provides services across entertainment and advertising segments, distributing albums through Kakao Entertainment and operating in global markets including Korea, Japan, China, Southeast Asia, and the United States.

Business overview as filed

당사는 음악 콘텐츠 기획·제작·유통을 기반으로 글로벌 아티스트 매니지먼트, 공연·MD·IP 라이선싱, 영상 및 광고 콘텐츠 사업 등 K-Pop을 중심으로 한 종합 엔터테인먼트 사업을 전개하고 있습니다. SM 3.0 전략 체제 하에서 '멀티프로덕션'을 기반으로 아티스트 IP를 중심으로 한 사업을 확장하고 있으며, 주요 시장인 한국, 일본, 중국, 동남아시아, 미국 등을 포함한 글로벌 주요 지역에서 매출이 발생하고 있습니다. 종속회사는 광고 및 영상 콘텐츠, 팬덤 플랫폼, 여행, 리테일 유통 등 다양한 영역에서 당사의 IP를 활용한 확장 사업을 전개하고 있습니다.

당사는 독창적 제작 시스템을 통해 KANGTA, BoA, TVXQ!, SUPER JUNIOR, GIRLS' GENERATION, SHINee, EXO, Red Velvet, NCT 127, NCT DREAM, SuperM, WayV, aespa, GOT the beat, RIIZE, NCT WISH, Hearts2Hearts등 세계적인 K-Pop 아티스트를 배출해왔으며, Virtual IP 확장 등 첨단 기술 기반의 엔터테인먼트 세계관을 통해 글로벌 콘텐츠 산업을 선도하고 있습니다.사업부문별 주요 제품 및 서비스에 대한 연결기준 매출의 경우, 엔터테인먼트, 광고, 기타 사업부문으로 구분하고 있습니다. 2025년 12월말 현재 기준, 연결기준 매출 중 엔터테인먼트 사업부문의 매출 비중이 93.7%로 가장 높으며 동 사업부문의 매출은 음반/음원 27.3%, 매니지먼트 23.6%, 그 외 공연, 영상 콘텐츠 제작 등은 42.8%로 구성됩니다. 또한, 광고 사업부문은 연결기준 5.0%의 매출 비중을 차지하고 있습니다.

매출 유형 및 품목별로 매출을 분류할 경우, 엔터테인먼트 사업부문은 기타매출이 34.4%로 가장 많으며, 이 중 57.9%의 매출은 수출에서 발생합니다. 광고 사업부문은 모든 매출이 용역에서 발생합니다.

당사의 주요 제품인 음반의 경우, 내부 판매조직은 뮤직비즈니스 Center이며, 유통 대행사인 ㈜카카오엔터테인먼트를 통해 판매가 진행됩니다. 신규로 발매되는 음반 판매 전략은 매스미디어 매체를 통한 홍보, 광고, 기타 프로모션 활동, 당사 홈페이지를 통한 홍보 활동 등이며, 기확보된 기존 가수들의 넓은 구매층을 이용합니다. 이러한 판매 전략은 신인 아티스트의 데뷔 앨범에도 적용합니다. 2025년 12월말 현재 별도기준 주요 5대 매출처에 대한 매출 비중은 47.07% 입니다.

Company overview

가. 연결대상 종속회사 개황(1) 연결대상 종속회사 현황(요약)

(1)-1. 연결대상회사의 변동내용

나. 회사의 법적·상업적 명칭

당사의 명칭은 「주식회사 에스엠엔터테인먼트」이며, 영문명은 「SM ENTERTAINMENT CO., Ltd.」입니다.

다. 설립일자

당사는 1995년 2월 14일 「주식회사 에스.엠.엔터테인먼트」로 설립되었으며, 2000년 4월 27일 코스닥시장에 상장하였습니다.

라. 본사의 주소 등

- 본점 소재지 : 서울특별시 성동구 왕십리로 83-21- 전화번호 : 02-6240-9800- 홈페이지 주소 : http://www.smentertainment.com

마. 중소기업 등 해당 여부

공시서류작성기준일 현재 당사는 기업집단 '카카오'(상호출자제한기업집단 지정)에 소속되어, 중소기업 및 중견기업에 해당되지 않습니다.

바. 주요 사업의 내용

당사는 한국 엔터테인먼트 산업의 선구자이자 글로벌 한류 및 K-Pop 열풍을 선도하는 종합 엔터테인먼트 그룹으로, Culture Technology를 창안하고 활용하여 SM Culture Universe를 만들어가고 있습니다.

바. 신용평가에 관한 사항공시대상기간(최근 3사업연도) 동안 당사가 신용평가 전문기관으로부터 받은 신용평가등급은 다음과 같습니다.

해당 평가기관의 신용등급체계는 아래와 같습니다.

'AA' 등급부터 'CCC' 등급까지는 등급 내 우열에 따라 +, 0, -의 세부등급이 부여됩니다.

아. 회사의 주권상장(또는 등록ㆍ지정) 및 특례상장에 관한 사항

Transcribed verbatim from the sentences the filer wrote in the fiscal 2025 business report (received 2026.03.17), tables and figures omitted.

  • The summary is written separately from the filed text and is not the filer's wording, so it may phrase things differently from or omit parts of the original, which is shown alongside for checking.
  • The company introduction reproduces the sentences the filer wrote in its business report, with tables, figures and the sentences that point to other sections of the report omitted, and the accuracy of their content has not been separately verified.

VaR

5.00%
[3.24%, 8.75%] · As of 2026-10-02
VaR by window

The headline's measure for each of the three windows on one scale, the dot being the estimate and the bar its interval. The windows are nested and share their observations, so the three readings are not three independent measurements. The selected window is highlighted.

Daily return distribution

The issue's daily returns over the chosen window counted into equal-width bins. The vertical lines mark the VaR and cVaR above on the loss side. The published VaR sample applies exclusion rules for halts and first sessions that this raw daily series does not, so the bars and the marks can differ slightly at the edges.

Drawdown

Deepest drawdown 54.4% (2026-06-26). How far below its previous peak the issue stood each day over the chosen window, a description of the path already travelled.

If these numbers are unfamiliarThere is a guide that walks through VaR, cVaR and annualized volatility in plain language.Read the guide

Characteristic line

0.51
Beta [0.39, 0.63] · KOSDAQ150 · As of 2026-10-08
Intercept
-0.229%[-0.609%, +0.151%]
R squared
0.24
Observations
252
Trading-time corrected beta
0.48[0.25, 0.70]
252-day rolling beta

A 252-day window rolled one day at a time over the longest daily span of the characteristic line. It shows when the beta against the KOSDAQ150 and the annualized volatility of the issue's excess return rose and fell, and unlike the headline figures above it carries no interval.

252-day rolling annualized volatility

Each point is one period's index excess return and issue excess return, and the line is the regression fitted to those points. The risk-free rate is the certificate of deposit rate.

Financials

20152016201720182019202020212022202320242025TTM
RevenueKRW 100M3,2543,4993,6546,1226,5785,7997,0168,5089,6119,89711,74912,693
Revenue growth%—7.514.4367.567.45-11.8520.9921.2712.962.9818.71—
Operating incomeKRW 100M364207109477404656759101,1358731,8301,943
Operating income growth%—-43.15-47.16336.38-15.39-83.92939.5634.7924.67-23.06109.67—
Net incomeKRW 100M18442-47234-162-8031,33282082783,5941,416
Net income growth%—-77.02-211.45—-169.10——-38.430.80-99.0143,786.45—
Attributable to ownersKRW 100M2173643306-91-7021,3358008731833,4721,317
Attributable to minoritiesKRW 100M-336-90-72-71-102-320-46-175122100
Operating margin%11.195.922.997.806.141.129.6210.7011.818.8215.5815.31
Net margin%5.651.21-1.293.83-2.46-13.8518.999.648.600.0830.5911.16
ROE%7.661.111.267.21-2.05-16.2521.6711.4812.082.7534.6312.76
ROA%4.000.80-0.592.34-1.45-7.5210.135.615.370.0617.907.05
Debt ratio%42.1139.8283.0774.0076.3173.4866.7865.1069.4571.1747.7644.99
Current ratio%230.99217.89133.42136.31143.88149.03192.04180.01165.28167.99197.19210.80
Quick ratio%220.79209.57130.81133.39140.50146.40188.44175.64160.36162.20192.39204.93
Reserve ratio%2,467.682,720.502,800.173,416.023,495.493,459.885,031.755,654.666,102.975,649.398,155.508,367.00
Free cash flowKRW 100M227706691,0967853731,0049099381,1151,860—
FCF margin%6.981.9918.3217.9111.936.4314.3110.689.7611.2615.83—
OCF conversion%359.24500.56—512.39——91.99140.12136.6616,569.1154.22—
Capex to revenue%13.324.062.881.692.041.403.162.831.992.440.75—
Inventory daysdays—15.614.59.010.812.510.811.413.514.312.8—
EPSKRW1,0501692001,363-391-3,0025,7503,3903,71979515,1665,750
PERx—153.25173.5038.37——12.9022.6324.7695.098.9012.31
BPSKRW—15,14415,82418,42818,94418,41225,95129,26830,31828,46743,79345,070
PBRx—1.712.192.842.031.622.862.623.042.663.081.57
Dividend per shareKRW——————2001,2001,2004001,620—
Payout ratio%——————3.4835.4032.2750.3110.68—

Consolidated basis

Profit flowKRW 100M

Revenue
11,749
Cost of sales
7,424
Gross profit
4,325
SG&A expenses
2,495
Non-operating income
1,847
Operating income
1,830
Profit before tax
3,677
Net income
3,594
Income tax expense
83

This diagram traces where revenue goes at each step on its way to net income, using the filed amounts as they are. The non-operating result is taken as the difference between profit before tax and operating income and is shown as income or expense by its sign, and whatever a step's items leave unexplained is shown separately as other.

Revenue compositionKRW 100M

Margins%

Cash flow by activityKRW 100M

Balance sheet compositionKRW 100M

Debt ratio%

The left bar splits assets into current and non-current and the right bar splits the financing of those assets into liabilities and equity, so the two bars stand at the same height.

Quarterly resultsKRW 100M

Year-on-year growth%

Each quarterly bar is that quarter's three months and is never mixed with an annual figure. The growth rate is computed only where the same quarter a year earlier is also shown here, and is left blank when the base was a loss.

Cash conversion cycledays

Free cash flow breakdownKRW 100M

Inventory days and receivable days stack upward, payable days hang downward, and the cash conversion cycle they net to is drawn as the line. Each day count uses the average balance with the prior year, so the oldest year is not drawn. A day count whose line was not filed is left out, and the cycle is shown only for years that carry all three.

Free cash flow is cash from operating activities less spending on property, plant and equipment, and all three bars keep the sign as filed.

Owners' net margin%

Asset turnoverx

Financial leveragex

ROE%

ROE is the product of the owners' net margin, asset turnover and financial leverage. All three use period-end balances as denominators, and profit and equity are on the owners' basis, so the product matches the ROE in the table.

Financial statements

Balance sheet

20152016201720182019202020212022202320242025
4,5975,2517,97510,02511,15610,68913,14914,63015,41014,19120,077
1,3621,4953,6194,2634,8294,5275,2655,7696,3165,9006,490
3,2353,7554,3565,7616,3286,1617,8848,8619,0948,29113,587

Income statement

20152016201720182019202020212022202320242025
3,254*3,4993,6546,1226,5785,7997,0168,5089,6119,89711,749
364*207109477404656759101,1358731,830
285*226244460110-4061,7311,1691,1892613,677
18442-47234-162-8031,33282082783,594
Basic earnings per shareKRW1,0501692001,363-391-3,0025,7503,3903,71979515,166
Diluted earnings per shareKRW1,0501691991,352-391-3,0025,7363,3883,71879515,166
22445-119270-122-7621,329779799573,585

Cash flow statement

20152016201720182019202020212022202320242025
Net incomefrom the income statement18442-47234-162-8031,33282082783,594
Total adjustments to operating cash flowcomputed4771698229661,0811,257-1073293031,349-1,645
6612127751,2009194541,2261,1491,1301,3571,949
-682-384-1,106-1,270-529-425-826-1,218-831557-1,500
42050563946059162-68-6-427-1,444-335
Cash at beginning of periodKRW 100M9221,3351,6961,9552,3732,8502,9753,313Not applicable3,0313,584
1,3351,6961,9552,3732,8502,9753,3133,175Not applicable3,5843,646
Net change in cash and cash equivalentsKRW 100M413361*308390449190332-75*3,175Not applicableNot applicable

In the latest fiscal year cash generated by operations covered both investing outflows and financing outflows.

A year whose own filing is absent is filled from the restated comparative in the following filing, and is marked as such. Operating indicators outside the statements, such as order backlogs, and audit opinions are not covered here, and per-share figures follow the filed values without retroactive adjustment for share splits.

Transcribed verbatim from the sentences the filer wrote in the fiscal {year} business report (received {date}), with tables, figures and cross-references to other sections omitted.

The newest annual filing shown was received on 2026.03.17.

Audit opinion

Fiscal yearOpinionAuditorFiscal year end
2025적정의견Term 31삼정회계법인2025-12-31
2024적정의견Term 30삼정회계법인2025-12-31
2023적정의견Term 29삼일회계법인2025-12-31
2022적정Term 28삼정회계법인2022-12-31
2021적정Term 27삼정회계법인2022-12-31
2020적정Term 26삼정회계법인2022-12-31
2019적정Term 25삼일회계법인2019-12-31
2018적정Term 24삼일회계법인2019-12-31
2017적정Term 23삼일회계법인2019-12-31
2016적정Term 22삼정회계법인2016-12-31
2015적정Term 21삼정회계법인2016-12-31
2014적정Term 20삼정회계법인2016-12-31

The auditor's name and the opinion are transcribed verbatim from the filed audit report, and the wording follows the filer. A fiscal year shown twice means the filing carried two entries that the source does not distinguish.

Korean audit opinions come in four kinds, where an unqualified opinion (적정) finds the statements fairly presented, a qualified opinion (한정) does so except for a stated matter, an adverse opinion (부적정) finds them not fairly presented, and a disclaimer of opinion (의견거절) means the auditor could not obtain enough evidence to form a view.

Valuation

Valuation multiplesx

PER and PBR divide each period's closing price by the per-share figure filed for that same period, and a loss period is left blank. The quarterly view is a multiple of quarterly EPS.

Dividend historyKRW

The dividend-per-share bars are restated onto the current share basis for splits and par-value changes. The payout ratio and the dividend yield divide figures filed for the same period and are left unadjusted.

Payout ratio and dividend yield%

PER bandKRW

The price is the adjusted close and each band line multiplies the EPS of the latest completed fiscal year by a fixed multiple. The previous year's EPS stays in force until the next fiscal year ends, and the multiples divide the range between the lowest and highest annual PER on record into equal steps.

Valuation models

Five models priced under one set of assumptions, set beside the current price, with how each has moved by fiscal year.

Assumptions

Risk-free rate10-year treasury yield · 2026-10-084.40%
BetaDaily 5Y0.57
%
%
Cost of equity7.26%
Weighted average cost of capital7.26%
Initial growth30.9%
Effective tax rate2.3%
Base fiscal year2025
Current priceKRW77,500

The risk premium and the terminal growth rate are adjustable assumptions, and the rest follow from the data and the formulas.

ModelModel priceKRWVersus current price
Gordon growth model31,410-59.5%
Dividend discount model DDM58,150-25.0%
Discounted cash flow FCFF313,696+304.8%
Discounted cash flow FCFE291,632+276.3%
Residual income model RIM611,444+689.0%
The table prices the newest fiscal year's accounts at today's treasury yield and the current price.

Dividend and residual income familyKRW

Discounted cash flow familyKRW

Each fiscal year's figures use that year's accounts and the treasury yield at its period end, with beta held at its current value, and splits or par changes are restated to the current share basis.

How the figures are calculated

Each model's formula is shown in symbols and then with this issue's own numbers substituted, step by step. Changing a value in the assumptions panel changes the numbers here too. Firm-level amounts are in hundred million won and per-share values in won.

Cost of equity

r=rf+β×ERPr = r_f + \beta \times \mathit{ERP}

r = 4.40% + 0.57 × 5.00% = 7.26%

Initial growth

g1=max⁡{ROE×(1−payout), 0},gt=g1+(gT−g1) t−1N−1g_1 = \max\{\mathit{ROE} \times (1 - \text{payout}),\,0\},\qquad g_t = g_1 + (g_T - g_1)\,\frac{t-1}{N-1}

g_1 = max(34.63% × (1 − 10.68%), 0) = 30.93%

Growth starts at this value in the first year and falls by equal steps each year to reach the terminal rate in the fifth

Gordon growth model

P0=D0 (1+gT)r−gTP_0 = \frac{D_0\,(1 + g_T)}{r - g_T}

P_0 = 1,620 × (1 + 2.00%) / (7.26% − 2.00%) = 1,652 / 0.0526 = 31,410 KRW

Dividend discount model DDM

P0=∑t=1NDt(1+r)t+DN(1+gT)(r−gT) (1+r)N,Dt=Dt−1(1+gt)P_0 = \sum_{t=1}^{N} \frac{D_t}{(1+r)^t} + \frac{D_N (1+g_T)}{(r - g_T)\,(1+r)^N},\qquad D_t = D_{t-1}(1+g_t)

D_0 = 1,620, g_1 = 30.93%, g_T = 2.00%, r = 7.26%

YearGrowthDividend KRWDiscount factorPresent value KRW
130.93%2,1210.93231,978
223.70%2,6240.86922,281
316.47%3,0560.81042,476
49.23%3,3380.75552,522
52.00%3,4050.70442,398
Terminal value2.00%66,0120.704446,496
Total58,150

P_0 = 58,150 KRW

Residual income model RIM

P0=B0+∑t=1NRIt(1+r)t+RIN(1+gT)(r−gT) (1+r)N,RIt=(ROE−r) Bt−1P_0 = B_0 + \sum_{t=1}^{N} \frac{\mathit{RI}_t}{(1+r)^t} + \frac{\mathit{RI}_N (1+g_T)}{(r - g_T)\,(1+r)^N},\qquad \mathit{RI}_t = (\mathit{ROE} - r)\,B_{t-1}

B_0 = 43,793 KRW, ROE = 34.63%, payout ratio = 10.68%, r = 7.26%, g_T = 2.00%

YearOpening book valueEarningsEquity chargeResidual incomeDiscount factorPresent value
143,79315,1663,18011,9860.932311,175
257,33919,8574,16315,6930.869213,641
375,07425,9985,45120,5470.810416,651
498,29534,0407,13726,9030.755520,325
5128,69944,5699,34535,2250.704424,811
Terminal value682,9590.7044481,049

P_0 = 43,793 + 86,602 + 481,049 = 611,444 KRW

Discounted cash flow FCFF

FCFF0=CFO−CapEx+Int (1−τ),WACC=ED+E r+DD+E kd (1−τ)\mathit{FCFF}_0 = \mathit{CFO} - \mathit{CapEx} + \mathit{Int}\,(1-\tau),\qquad \mathit{WACC} = \frac{E}{D+E}\,r + \frac{D}{D+E}\,k_d\,(1-\tau)

Base-year cash flow FCFF

FCFF_0 = 1,948.6 − 88.5 + 40.1 × (1 − 2.27%) = 1,899.2 KRW hundred million

Weighted average cost of capital

E = 17,743.4, D = 0.0 KRW hundred million; equity weight = 100.00%, debt weight = 0.00%; cost of debt k_d = 4.40%

WACC = 100.00% × 7.26% + 0.00% × 4.40% × (1 − 2.27%) = 7.26%

Vfirm=∑t=1NFCFFt(1+WACC)t+FCFFN(1+gT)(WACC−gT) (1+WACC)N,FCFFt=FCFFt−1(1+gt),P0=Vfirm−D+CashSharesV_{\text{firm}} = \sum_{t=1}^{N} \frac{\mathit{FCFF}_t}{(1+\mathit{WACC})^t} + \frac{\mathit{FCFF}_N (1+g_T)}{(\mathit{WACC} - g_T)\,(1+\mathit{WACC})^N},\qquad \mathit{FCFF}_t = \mathit{FCFF}_{t-1}(1+g_t),\qquad P_0 = \frac{V_{\text{firm}} - D + \text{Cash}}{\text{Shares}}
YearGrowthCash flow KRW hundred millionDiscount factorPresent value KRW hundred million
130.93%2,486.70.93232,318.4
223.70%3,076.00.86922,673.6
316.47%3,582.50.81042,903.1
49.23%3,913.20.75552,956.5
52.00%3,991.50.70442,811.5
Terminal value2.00%77,390.20.704454,510.6
Total68,173.6

Firm value = 68,173.6; less borrowings 0.0; plus cash 3,646.1 → 71,819.7 KRW hundred million

P_0 = 71,819.7 KRW hundred million ÷ 22,894,690 (shares) = 313,696 KRW

Discounted cash flow FCFE

FCFE0=CFO−CapEx+ΔD,P0=1Shares[∑t=1NFCFEt(1+r)t+FCFEN(1+gT)(r−gT) (1+r)N],FCFEt=FCFEt−1(1+gt)\mathit{FCFE}_0 = \mathit{CFO} - \mathit{CapEx} + \Delta D,\qquad P_0 = \frac{1}{\text{Shares}}\left[\sum_{t=1}^{N} \frac{\mathit{FCFE}_t}{(1+r)^t} + \frac{\mathit{FCFE}_N (1+g_T)}{(r - g_T)\,(1+r)^N}\right],\qquad \mathit{FCFE}_t = \mathit{FCFE}_{t-1}(1+g_t)

Base-year cash flow FCFE

FCFE_0 = 1,948.6 − 88.5 + 0.0 (net borrowing) = 1,860.1 KRW hundred million

YearGrowthCash flow KRW hundred millionDiscount factorPresent value KRW hundred million
130.93%2,435.40.93232,270.6
223.70%3,012.60.86922,618.5
316.47%3,508.60.81042,843.2
49.23%3,832.60.75552,895.5
52.00%3,909.20.70442,753.5
Terminal value2.00%75,794.80.704453,386.9
Total66,768.2

P_0 = 66,768.2 KRW hundred million ÷ 22,894,690 (shares) = 291,632 KRW

The cost of equity is the risk-free rate plus beta times the equity risk premium. Initial growth is the newest fiscal year's return on equity times its retention ratio, floored at zero, and falls by equal steps from that value in the first year to the terminal rate in the fifth. Only the Gordon model grows at the terminal rate from the start. Discounted cash flow starts from operating cash flow less capital expenditure, where FCFF adds after-tax interest paid and discounts at the weighted average cost of capital, and FCFE adds net borrowing and discounts at the cost of equity. The residual income model adds to book value per share the present value of earnings above the equity charge.

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