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KREDKRED
122870KOSDAQ

YG Entertainment

40,450
-1,050 (-2.53%)

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

YG Entertainment was established on February 24, 1998, and is headquartered in Seoul. The company is listed on the KOSDAQ market.

The company operates as a global entertainment firm. Its business segments include music production, concert organization, artist management, and advertising. It also provides content services and distributes related merchandise.

Business overview as filed

당사는 국내를 포함하여 전 세계에서 매출을 창출하는 글로벌 엔터테인먼트 기업입니다. 주요 사업으로는 음반 및 음원 사업, 공연 사업, 매니지먼트(용역) 및 광고 사업을 운영하고 있습니다. 또한, 소속 아티스트를 활용한 다양한 콘텐츠 사업과 관련 MD/상품 판매 등의 부가적인 사업도 함께 영위하고 있습니다. 자세한 내용은 아래의 표를 참고해 주시기 바랍니다. 자세한 내용은 아래의 표를 참고해 주시기 바랍니다.

[주요 종속기업 현황]

(*1) 지분율 50% 미만을 보유하고 있지만, 지배기업 혹은 종속기업이 관련활동을 지시할 수 있는 힘이 있고, 변동이익에 유의적으로 노출되어 있으며, 이익에 영향을 줄 수 있도록 힘을 사용할 능력이 있으므로 종속기업에 포함하였습니다.

(*2) 다른 투자자와의 약정에 따라 의결권을 위임 받음에 따라, 당사가 실질적으로 지배한다고 판단하였습니다.

(*3) YG ENTERTAINMENT ASIA LIMITED의 종속기업으로 당기 중 지분율 100%를 직접 취득하였습니다.

Company overview

가. 연결대상 종속회사 개황

(1) 연결대상 종속회사 현황(요약)

주요종속회사 여부 판단기준- 최근사업연도 자산총액이 지배회사 자산총액의 10% 이상- 최근사업연도 자산총액이 750억원 이상

(2) 연결대상회사의 변동내용

(*1) 당기 중 설립 및 청산되었습니다.

나. 회사의 법적ㆍ상업적 명칭

당사의 명칭은『 주식회사 와이지엔터테인먼트 』이며, 영문명은『 YG Entertainment Inc. 』라고 표기합니다.

다. 설립일자

당사는 음악 및 기타 오디오물 출판, 신인 아티스트의 육성 및 매니지먼트 등을 주목적으로 1998년 2월 24일 설립되었으며, 2011년 11월 23일 주식을 코스닥시장에 상장하였습니다.

라. 본사의 주소, 전화번호, 홈페이지 주소

(1) 주소 : 서울특별시 마포구 희우정로 1길 7(2) 전화번호 : (02) 3142-1104(3) 홈페이지 : http://www.ygfamily.com

마. 중소기업 등 해당 여부

바. 주요 사업의 내용 및 향후 추진하려는 신규사업에 관한 간략한 설명

당사는 국내를 포함하여 전 세계에서 매출을 창출하는 글로벌 엔터테인먼트 기업입니다. 주요 사업으로는 음반 및 음원 사업, 공연 사업, 매니지먼트(용역) 및 광고 사업을 운영하고 있습니다. 또한, 소속 아티스트를 활용한 다양한 콘텐츠 사업과 관련 MD/상품 판매 등의 부가적인 사업도 함께 영위하고 있습니다.

사. 신용평가에 관한 사항

공시대상기간 중 해당사항이 없습니다.

아. 회사의 주권상장(또는 등록ㆍ지정) 및 특례상장에 관한 사항

Transcribed verbatim from the sentences the filer wrote in the fiscal 2025 business report (received 2026.03.23), 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

4.06%
[2.84%, 6.11%] · 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 64.9% (2026-07-29). 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

0.50
Beta [0.40, 0.60] · KOSDAQ150 · As of 2026-10-08
Intercept
-0.346%[-0.683%, -0.009%]
R squared
0.29
Observations
252
Trading-time corrected beta
0.46[0.27, 0.65]
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 100M1,9313,2183,4992,8582,6452,5533,5563,9125,6923,6495,4546,197
Revenue growth%—66.668.71-18.30-7.48-3.4839.329.9945.51-35.8849.45—
Operating incomeKRW 100M2183192529520107506466869-206713838
Operating income growth%—46.34-21.06-62.36-78.65430.79370.43-7.7686.39-123.65——
Net incomeKRW 100M240141119159-24632229468770200537496
Net income growth%—-41.20-15.5233.87-254.55—625.70104.6064.59-73.98168.33—
Attributable to ownersKRW 100M279187178187-2159467337613185369339
Attributable to minoritiesKRW 100M-39-46-59-12-31-6316213115615168157
Operating margin%11.299.927.203.320.774.2114.2211.9215.27-5.6313.0813.53
Net margin%12.424.383.405.58-9.321.236.4311.9613.535.499.858.00
ROE%————-6.392.681.768.2213.143.837.196.51
ROA%6.392.902.042.68-4.770.583.686.5610.372.736.415.88
Debt ratio%39.3938.9535.0632.2422.4528.4628.7335.4526.8421.7328.8827.12
Current ratio%582.54404.76419.36371.26217.78242.20239.67216.28240.43274.19261.09252.43
Quick ratio%546.88380.76394.12334.21194.67208.48228.39205.01228.29265.50248.80243.00
Reserve ratio%2,521.813,203.853,605.143,773.013,511.333,656.993,725.474,063.114,657.084,797.315,103.815,152.21
Free cash flowKRW 100M————190-6345——-71849—
FCF margin%————7.18-2.481.28——-1.9415.56—
OCF conversion%23.93230.14183.92140.80—817.87161.26117.77121.580.24169.15—
Capex to revenue%————15.3512.589.09——1.951.11—
Inventory daysdays—25.325.537.938.951.633.419.115.918.415.6—
Payable daysdays—44.661.777.770.581.266.887.279.2120.0103.7—
EPSKRW1,8551,1989961,029-1,1935113611,8283,2839911,9901,812
PERx—23.6628.9746.18—87.40154.3023.9915.5046.2234.8722.98
BPSKRW————18,50819,08220,47121,95924,98125,84927,47527,852
PBRx————1.482.342.722.002.041.772.531.50
Dividend per shareKRW350200150150——250250300250300—
Payout ratio%18.8716.6915.0614.58——69.2613.689.1425.2315.08—

Consolidated basis

Profit flowKRW 100M

Revenue
5,454
Cost of sales
3,588
Gross profit
1,866
Other
192
SG&A expenses
1,345
Operating income
713
Non-operating income
39
Profit before tax
752
Net income
537
Income tax expense
215

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
3,7544,8685,8365,9435,1635,4286,2157,1297,4227,3438,388
1,0611,3651,5151,4499471,2031,3871,8661,5701,3111,879
2,6933,5044,3214,4944,2174,2264,8285,2635,8526,0336,508

Income statement

20152016201720182019202020212022202320242025
1,9313,2183,4992,858*2,645*2,5533,556*3,9125,6923,6495,454
21831925295*20*107506*466869-206713
332330Not applicable264*-20*205394*560932Not applicable752
240141119159-24632229468770200537
Basic earnings per shareKRW1,8551,198996Not applicable-1,193Not applicableNot applicable1,828Not applicableNot applicable1,990
Diluted earnings per shareKRW1,7651,165997Not applicable-1,193Not applicableNot applicable1,821Not applicableNot applicable1,988
24818657170-23826260404760234505

Cash flow statement

20152016201720182019202020212022202320242025
Net incomefrom the income statement240141119159-24632229468770200537
Total adjustments to operating cash flowcomputed-1821831006584222614083166-200372
573242192255962583695519360909
-1,148-678-538-656122*-110-770-179-697631
1563370814-834*-104325-13-63-123-119
Cash at beginning of periodKRW 100M1,421345624989586478518442802969867
3456249895864785184428029698671,682
Net change in cash and cash equivalentsKRW 100M-1,076279365-403-10539-77366171-113815

In the latest fiscal year operating and investing activities brought cash in while financing activities paid cash out.

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 2026.03.23.

Audit opinion

Fiscal yearOpinionAuditorFiscal year end
2025적정의견Term 28한영회계법인2025-12-31
2024적정의견Term 27선일회계법인2025-12-31
2023적정의견선일회계법인2025-12-31
2022적정Term 24한영회계법인2022-12-31
2021적정Term 23한영회계법인2022-12-31
2019적정Term 22한영회계법인2019-12-31
2018적정Term 21한영회계법인2019-12-31
2017적정Term 20한영회계법인2019-12-31
2016적정Term 19한영회계법인2016-12-31
2015적정Term 18한영회계법인2016-12-31
2014적정Term 17한영회계법인2016-12-31

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 equity7.23%
Weighted average cost of capital7.20%
Initial growth6.1%
Effective tax rate28.6%
Base fiscal year2025
Current priceKRW40,450

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 model5,846-85.5%
Dividend discount model DDM6,425-84.1%
Discounted cash flow FCFF106,628+163.6%
Discounted cash flow FCFE95,176+135.3%
Residual income model RIM27,180-32.8%
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% = 7.23%

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(7.19% × (1 − 15.08%), 0) = 6.10%

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 = 300 × (1 + 2.00%) / (7.23% − 2.00%) = 306 / 0.0523 = 5,846 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 = 300, g_1 = 6.10%, g_T = 2.00%, r = 7.23%

YearGrowthDividend KRWDiscount factorPresent value KRW
16.10%3180.9325297
25.08%3340.8696291
34.05%3480.8110282
43.03%3590.7563271
52.00%3660.7052258
Terminal value2.00%7,1270.70525,026
Total6,425

P_0 = 6,425 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 = 27,475 KRW, ROE = 7.19%, payout ratio = 15.08%, r = 7.23%, g_T = 2.00%

YearOpening book valueEarningsEquity chargeResidual incomeDiscount factorPresent value
127,4751,9741,988-130.9325-13
229,1522,0952,109-140.8696-12
330,9312,2222,238-150.8110-12
432,8182,3582,374-160.7563-12
534,8212,5022,519-170.7052-12
Terminal value-3320.7052-234

P_0 = 27,475 + -61 + -234 = 27,180 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 = 909.1 − 60.4 + 1.1 × (1 − 28.55%) = 849.5 KRW hundred million

Weighted average cost of capital

E = 7,560.5, D = 61.4 KRW hundred million; equity weight = 99.19%, debt weight = 0.81%; cost of debt k_d = 4.40%

WACC = 99.19% × 7.23% + 0.81% × 4.40% × (1 − 28.55%) = 7.20%

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
16.10%901.30.9328840.8
25.08%947.10.8702824.1
34.05%985.50.8117799.9
43.03%1,015.30.7572768.7
52.00%1,035.60.7063731.4
Terminal value2.00%20,308.40.706314,344.2
Total18,309.2

Firm value = 18,309.2; less borrowings 61.4; plus cash 1,682.2 → 19,930.0 KRW hundred million

P_0 = 19,930.0 KRW hundred million ÷ 18,691,049 (shares) = 106,628 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 = 909.1 − 60.4 + -18.1 (net borrowing) = 830.6 KRW hundred million

YearGrowthCash flow KRW hundred millionDiscount factorPresent value KRW hundred million
16.10%881.30.9325821.9
25.08%926.10.8696805.3
34.05%963.60.8110781.4
43.03%992.70.7563750.8
52.00%1,012.60.7052714.1
Terminal value2.00%19,732.30.705213,915.9
Total17,789.3

P_0 = 17,789.3 KRW hundred million ÷ 18,691,049 (shares) = 95,176 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.

Other issues on the same market

Neighbours in the market capitalisation order.

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