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KREDKRED
352820KOSPI

Hybe

167,000
+10,000 (+6.37%)

Price chart

  • MA5
  • MA20
  • MA60

Adjusted prices rescale past bars with coefficients taken from the base prices the exchange itself published, correcting for corporate actions such as stock splits and reverse splits. Cash dividends are not reflected, and the risk measures on this page never use these adjusted figures.

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

Hybe Co., Ltd. was established on February 4, 2005, and is listed on the KOSPI market. The company is headquartered in Seoul.

The company operates in music, platform, and tech-driven future growth segments. It provides music content, artist training, and the Weverse platform. Revenue streams include albums, digital music, performances, advertising, merchandise, licensing, and fan clubs.

Business overview as filed

하이브(HYBE)는 "We believe in music"이라는 미션 아래 음악 산업의 비즈니스 모델을 혁신하는 기업이며, 음악에 기반한 세계 최고의 엔터테인먼트 라이프스타일 플랫폼 기업을 지향합니다. 글로벌 트렌드를 이끄는 '콘텐츠'와 당사의 주 고객인 '팬'을 최우선 가치로 두고, 높은 기준과 끊임없는 개선으로 고객을 만족시키도록 노력하고 있습니다.

당사는 음악(Music), 플랫폼(Platform), 테크기반 미래성장(Tech-driven Future Growth) 세 가지 주요 영역으로 사업을 운영하고 있습니다. 음악 영역은 아티스트를 양성하고 음악 콘텐츠를 제작하며, 음악에 기반한 다양한 산업을 전개합니다. 플랫폼 영역은 위버스를 기반으로 하이브의 콘텐츠 연결과 확장을, 테크기반 미래성장 영역은 미래형 엔터테인먼트 연구개발을 집중적으로 추진하고 있습니다.

이 렇게 당사의 연결실체는 음악관련 가치사슬의 전 영역을 포함하고 있으며, 위 세가지 영역은 서로 협력하며 글로벌 경쟁력을 강화해 나갈 것입니다.

당사는 매출을 음반ㆍ음원, 공연, 광고ㆍ출연료, MD 및 라이선스, 콘텐츠, 팬클럽 등으로 구분하여 관리하고 있습니다. 각 부문의 매출 비중은 앨범 발매 여부, 공연 개최여부 등에 따라서 매 분기 상이합니다.

당사 연결실체의 주요 사업 개요는 다음과 같습니다.

가. 음악(Music) 영역

나. 플랫폼(Platform) 영역

다. 테크기반 미래성장(Tech-Driven Future Growth Initiatives) 영역

Company overview

가. 연결대상 종속회사 현황(요약)

나. 연결대상회사의 변동내용

다. 회사의 법적ㆍ상업적 명칭회사명은 "주식회사 하이브"이고, 영문명은 "HYBE Co., Ltd."입니다.

라. 설립일자당사는 2005년 2월 4일 '주식회사 더빅히트엔터테인먼트'로 최초 설립되었습니다. 2020년 10월 15일 기업공개를 실시하였고 2021년 3월 30일 정기주주총회를 통해 상호를 주식회사 하이브로 변경하였습니다.

마. 본사의 주소, 전화번호, 홈페이지 주소- 본사의 주소 : 서울특별시 용산구 한강대로 42- 전화번호 : 02-3444-0105- 홈페이지 주소 : https://hybecorp.com

바. 중소기업 등 해당 여부

사. 주요 사업의 내용당사는 엔터테인먼트 기업으로서 글로벌 아티스트를 육성하고 최고 품질의 음악 기반 라이프스타일 콘텐츠를 제작 및 서비스하고 있습니다. 당사는 매출을 음반ㆍ음원, 공연, 광고ㆍ출연료, MD 및 라이선싱, 콘텐츠, 팬클럽 등으로 구분하여 관리하고 있습니다.

당사는 음악(Music), 플랫폼(Platform), 및 테크기반 미래성장(Tech-Driven Future Growth) 세 가지 주요 영역으로 사업을 운영하고 있습니다. 음악 영역은 아티스트를 양성하고 음악 콘텐츠를 제작하며, 음악에 기반한 다양한 산업을 전개합니다. 플랫폼 영역은 위버스를 기반으로 하이브의 콘텐츠 연결과 확장을, 테크기반 미래성장 영역은 미래형 엔터테인먼트 연구 개발을 집중적으로 추진하고 있습니다.

아. 신용평가에 관한 사항

【신용등급 체계 및 등급정의】

자. 회사의 주권상장(또는 등록ㆍ지정) 및 특례상장에 관한 사항

Transcribed verbatim from the sentences the filer wrote in the fiscal 2025 business report (received 2026.03.20), 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

3.62%
[2.42%, 6.66%] · As of 2026-10-01
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 61.6% (2026-10-02). 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

0.28
Beta [0.10, 0.46] · KOSPI200 · As of 2026-10-07
Intercept
-0.280%[-0.714%, +0.155%]
R squared
0.10
Observations
252
Trading-time corrected beta
0.30[-0.05, 0.64]
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 KOSPI200 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

2019202020212022202320242025TTM
RevenueKRW 100M5,8727,96312,55917,76221,78122,55626,49935,920
Revenue growth%—35.6057.7241.4222.633.5617.48—
Operating incomeKRW 100M9871,4551,9022,3692,9561,840493-639
Operating income growth%—47.3730.7424.5324.79-37.75-73.20—
Net incomeKRW 100M7248711,4084801,834-34-2,544-3,711
Net income growth%—20.2161.77-65.89281.93-101.87——
Attributable to ownersKRW 100M738857——1,87394-2,373-3,717
Attributable to minoritiesKRW 100M-1413——-38-128-1715
Operating margin%16.8218.2715.1513.3413.578.161.86-1.78
Net margin%12.3310.9311.212.708.42-0.15-9.60-10.33
ROE%42.387.17——6.410.29-7.29-10.83
ROA%19.954.522.980.993.43-0.06-4.64-6.10
Debt ratio%109.1960.5163.8266.3071.8955.9354.4663.47
Current ratio%168.80468.96341.47249.07106.58215.14321.91185.47
Quick ratio%161.36448.04327.29239.7599.48195.51296.80171.03
Reserve ratio%20,288.096,689.4512,819.6413,072.6814,129.9614,035.0013,571.8913,577.94
Free cash flowKRW 100M8697721,2323,3012,8791,187761—
FCF margin%14.799.699.8118.5813.225.262.87—
OCF conversion%126.63134.02125.86722.69169.33———
Capex to revenue%0.824.964.300.961.041.461.18—
Inventory daysdays—32.441.931.732.040.737.0—
Payable daysdays—25.918.613.0————
EPSKRW2,9512,9863,6251,2654,504225-5,690-8,623
PERx—53.5896.28137.1551.84859.56——
BPSKRW—33,55467,99866,99570,09077,17976,51379,626
PBRx—4.775.132.593.332.514.312.41
Dividend per shareKRW————700—200—
Payout ratio%————15.54———

Consolidated basis

Profit flowKRW 100M

This fiscal year shows a loss at gross profit, operating income, profit before tax or net income, so it is left to the table rather than drawn as a flow.

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

2019202020212022202320242025
3,63019,24447,28948,70453,45754,79254,855
1,8957,25518,42319,41822,35819,65419,340
1,73511,98928,86629,28731,09935,13835,515

Income statement

2019202020212022202320242025
5,8727,96312,55917,76221,78122,55626,499
9871,4551,9022,3692,9561,840493
9851,2622,1059652,501194-1,774
7248711,4084801,834-34-2,544
Basic earnings per shareKRW2,9512,9863,6251,2654,504225-5,690
Diluted earnings per shareKRW2,6362,8253,6081,2654,503225-5,690
7248672,025-1,7102,0542,764-2,352

Cash flow statement

2019202020212022202320242025
Net incomefrom the income statement7248711,4084801,834-34-2,544
Total adjustments to operating cash flowcomputed1932963642,9911,2721,5503,619
9171,1671,7733,4713,1061,5161,075
122-10,224-21,102-2,853-4,708-104-1,690
-1411,33422,263-1,882-111-1,1801,874
Cash at beginning of periodKRW 100M5811,6083,8026,7775,3163,5794,120
1,6083,8026,7775,3163,5794,1205,349
Net change in cash and cash equivalentsKRW 100M1,0272,1952,974-1,461-1,738Not applicableNot applicable

In the latest fiscal year operating and financing activities brought cash in while investing activities spent it.

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 2026.03.20.

Audit opinion

Fiscal yearOpinionAuditorFiscal year end
2025적정의견Term 21삼일회계법인2025-12-31
2024적정의견Term 20삼일회계법인2025-12-31
2023적정의견Term 19삼일회계법인2025-12-31
2022적정Term 18삼일회계법인2022-12-31
2021적정Term 17삼일회계법인2022-12-31
2020적정Term 16한영회계법인2022-12-31

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 5Y0.46
%
%
Cost of equity6.68%
Weighted average cost of capital6.52%
Initial growth0.0%
Effective tax rate0.0%
Base fiscal year2025
Current priceKRW167,000

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 model4,362-97.4%
Dividend discount model DDM4,161-97.5%
Discounted cash flow FCFF51,767-69.0%
Discounted cash flow FCFE132,927-20.4%
Residual income model RIM-86,674-151.9%
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% + 0.46 × 5.00% = 6.68%

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(-7.29% × (1 − 0.00%), 0) = 0.00%

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 = 200 × (1 + 2.00%) / (6.68% − 2.00%) = 204 / 0.0468 = 4,362 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 = 200, g_1 = 0.00%, g_T = 2.00%, r = 6.68%

YearGrowthDividend KRWDiscount factorPresent value KRW
10.00%2000.9374187
20.50%2010.8787177
31.00%2030.8237167
41.50%2060.7722159
52.00%2100.7239152
Terminal value2.00%4,5840.72393,318
Total4,161

P_0 = 4,161 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 = 76,513 KRW, ROE = -7.29%, payout ratio = 0.00%, r = 6.68%, g_T = 2.00%

YearOpening book valueEarningsEquity chargeResidual incomeDiscount factorPresent value
176,513-5,5745,109-10,6830.9374-10,014
270,939-5,1684,736-9,9040.8787-8,703
365,771-4,7924,391-9,1830.8237-7,564
460,979-4,4424,071-8,5140.7722-6,574
556,537-4,1193,775-7,8940.7239-5,714
Terminal value-172,1580.7239-124,617

P_0 = 76,513 + -38,570 + -124,617 = -86,674 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 = 1,074.8 − 313.6 + 329.9 × (1 − 0.00%) = 1,091.1 KRW hundred million

Weighted average cost of capital

E = 71,089.2, D = 6,818.8 KRW hundred million; equity weight = 91.25%, debt weight = 8.75%; cost of debt k_d = 4.84%

WACC = 91.25% × 6.68% + 8.75% × 4.84% × (1 − 0.00%) = 6.52%

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
10.00%1,091.10.93881,024.4
20.50%1,096.60.8814966.5
31.00%1,107.50.8275916.5
41.50%1,124.20.7769873.3
52.00%1,146.60.7293836.3
Terminal value2.00%25,898.80.729318,888.9
Total23,505.9

Firm value = 23,505.9; less borrowings 6,818.8; plus cash 5,349.1 → 22,036.2 KRW hundred million

P_0 = 22,036.2 KRW hundred million ÷ 42,568,371 (shares) = 51,767 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 = 1,074.8 − 313.6 + 1,958.8 (net borrowing) = 2,720.0 KRW hundred million

YearGrowthCash flow KRW hundred millionDiscount factorPresent value KRW hundred million
10.00%2,720.00.93742,549.8
20.50%2,733.60.87872,402.1
31.00%2,761.00.82372,274.3
41.50%2,802.40.77222,163.9
52.00%2,858.40.72392,069.1
Terminal value2.00%62,341.10.723945,125.7
Total56,584.9

P_0 = 56,584.9 KRW hundred million ÷ 42,568,371 (shares) = 132,927 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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