# Hybe (352820.KO)

Canonical: https://gigainvestors.com/s/352820.KO

Analysis as of: 2026-10-16T07:37:26.814Z. Financial observations: FY2018–FY2026.

Listing currency: KRW. Reporting currency: KRW.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: KRW 165,100.00 per share; close as of 2026-10-15.

Estimated value: low KRW 103,304.36 per share, central KRW 112,059.62 per share, high KRW 123,714.73 per share. Buy at or below the central value KRW 112,059.62 per share. Valuation as of 2026-10-16T07:37:26.814Z; scenarios are not confidence intervals.

Expected annual return: 7.0% at the stated quote. About 7.0% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; KR 10-year bond 4.2% + 4 points).

## Checklist

### understandable: fail

- 0 revenue declines in the last 10 years (informational)

- more than 2 net loss years

- operating margin variation exceeds 0.35

- Financial history: 9 years

- Years with declining revenue: 0

- Years with a net loss: 3

- Operating margin variation: 0.65×

Chart: Operating margin; fiscal year observations.

- FY2018: 0.27×

- FY2019: 0.17×

- FY2020: 0.18×

- FY2021: 0.15×

- FY2022: 0.13×

- FY2023: 0.14×

- FY2024: 0.08×

- FY2025: 0.02×

- LTM to Jun 2026: -0.02×

### moat: fail

- Years with nonpositive invested capital use equity plus debt and leases; positive earnings with no positive capital are shown above 100%.

- ROIC worst years below threshold (more than 1 bad year allowed)

- Recent gross margin fell 9.9pp below the typical margin (limit 4pp)

- ROIC, median of available years: 19.8%

- ROIC, second-lowest year: 9.3%

- Typical minus recent gross margin: 9.9 pp

- Typical gross margin (annual median): 45.2%

- Recent gross margin (lower of latest and 3-year median): 35.3%

- Years with nonpositive capital: 1

- Capital spending / revenue: 3.6%

- ROIC including acquisitions, ten-year median: 5.7%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2018: 66.4%

- FY2019: >100%

- FY2020: 47.7%

- FY2021: 9.6%

- FY2022: 15.9%

- FY2023: 23.7%

- FY2024: 9.3%

- FY2025: 4.2%

### economics: fail

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 1.92×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: KRW 285B

- Net income, five-year total: KRW 148B

- Return on incremental invested capital: -62.6%

- Working capital / revenue, annual change: 0.2 pp

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.01×

- FY2022: 2.29×

- FY2023: 0.99×

- FY2024: 4.04×

- FY2025: 0.83×

### management: fail

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 66.4% vs 9.3%

- Per-share earnings: 1937.44 to 225.00 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: 3.0%

- Diluted shares, 5-year annual growth: 3.0%

- Per-share value growth: -35.0%

- Per-share value change: KRW -2K

- Per-share value, starting three-year median: KRW 2K

- Per-share value, ending three-year median: KRW 225.00

- Average buyback yield: 0.3%

- Buyback history: 1 years

- Debt-funded buybacks: No

- ROIC, first three-year median: 66.4%

- ROIC, last three-year median: 9.3%

Chart: Earnings per share; fiscal year observations.

- FY2018: KRW -2K

- FY2019: KRW 2K

- FY2020: KRW 2K

- FY2021: KRW 3K

- FY2022: KRW 1K

- FY2023: KRW 5K

- FY2024: KRW 225.00

- FY2025: KRW -6K

### accounting: pass

- stock compensation exceeds 15% of operating cash flow

- Sloan accruals: -6.3%

- Receivables to sales index (DSRI): 0.92×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 28.9%

- Earnings backed by cash: Yes

- Accounting red flags: 1

- Goodwill and intangibles / equity: 0.61×

Chart: Sloan accruals; fiscal year observations.

- FY2018: -70.6%

- FY2019: -11.3%

- FY2020: -1.6%

- FY2021: -0.9%

- FY2022: -6.1%

- FY2023: -2.3%

- FY2024: -2.6%

- FY2025: -6.3%

## Holders

## Price story

Down 57% since Feb 2026 · sales +35.6%

Story as of 2026-10-16T10:00:09.104Z; price observation 2026-10-15.

Price needs cash profits to grow 7.8% a year for ten years

### Sales · FY2025–2026

sales +35.6%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2018: KRW 301B 

- FY2019: KRW 561B 

- FY2020: KRW 796B 

- FY2021: KRW 1.26T 

- FY2022: KRW 1.78T 

- FY2023: KRW 2.18T 

- FY2024: KRW 2.26T 

- FY2025: KRW 2.65T 

- FY2026: KRW 3.59T 

### Gross margin · FY2025

gross margin 35.3%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2018: 37.0% 

- FY2019: 44.1% 

- FY2020: 47.1% 

- FY2021: 49.6% 

- FY2022: 47.4% 

- FY2023: 46.3% 

- FY2024: 42.6% 

- FY2025: 35.3% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in entertainment; annual sales are KRW 2.6 trillion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:26.814Z); FY2025: revenue 2649870246000; grossProfit 935865501000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 35.3% to 46.3% during 2023–25; it earns 19.8% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:26.814Z); FY2023: grossProfit / revenue = 46.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:26.814Z); FY2024: grossProfit / revenue = 42.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:26.814Z); FY2025: grossProfit / revenue = 35.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:26.814Z); 8-year return on capital observations [[2018,0.6640024244934194],[2019,37.43923038715494],[2020,0.4772510495220959],[2021,0.09610459688458164],[2022,0.15937171000568276],[2023,0.23738730383053333],[2024,0.09291202744443003],[2025,0.04204471552472071]]; median 0.19837950691810805. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 2 of 5 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:26.814Z); FY2019: growth capex 0; upkeep 10455784000; owner earnings 71307797800. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:26.814Z); FY2020: growth capex 4534879000; upkeep 34947194000; owner earnings 57292179600. Growth capex / owner earnings = 0.07915354297325425.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:26.814Z); FY2021: growth capex 0; upkeep 54027336000; owner earnings 138243603600. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:26.814Z); FY2022: growth capex 0; upkeep 17060347000; owner earnings 119796200600. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:26.814Z); FY2023: growth capex 0; upkeep 92308017000; owner earnings 186194756600. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:26.814Z); FY2024: growth capex 0; upkeep 67808879000; owner earnings 37915502200. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:26.814Z); Dividend observations: [[2020,0],[2021,0],[2022,0],[2024,29156468000],[2025,8304591000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 41.2% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 352820.KO SharesStats.PercentInsiders = 41.177 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 7.8% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:26.814Z); Ten-year compound average after fade. Initial solved rate 0.09907579391999322. Price 165100; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03.  Closing-price date 2026-10-15.

## Monthly share-price history (KRW per share)

- 2020-10: KRW 140,328.51 per share

- 2020-11: KRW 177,387.10 per share

- 2020-12: KRW 158,116.64 per share

- 2021-01: KRW 202,092.83 per share

- 2021-02: KRW 204,069.28 per share

- 2021-03: KRW 240,139.64 per share

- 2021-04: KRW 243,000.00 per share

- 2021-05: KRW 265,000.00 per share

- 2021-06: KRW 292,500.00 per share

- 2021-07: KRW 289,500.00 per share

- 2021-08: KRW 289,500.00 per share

- 2021-09: KRW 298,500.00 per share

- 2021-10: KRW 335,000.00 per share

- 2021-11: KRW 364,500.00 per share

- 2021-12: KRW 349,000.00 per share

- 2022-01: KRW 237,000.00 per share

- 2022-02: KRW 288,500.00 per share

- 2022-03: KRW 309,500.00 per share

- 2022-04: KRW 251,500.00 per share

- 2022-05: KRW 231,000.00 per share

- 2022-06: KRW 145,500.00 per share

- 2022-07: KRW 175,500.00 per share

- 2022-08: KRW 181,500.00 per share

- 2022-09: KRW 135,000.00 per share

- 2022-10: KRW 121,000.00 per share

- 2022-11: KRW 143,000.00 per share

- 2022-12: KRW 173,500.00 per share

- 2023-01: KRW 191,700.00 per share

- 2023-02: KRW 185,100.00 per share

- 2023-03: KRW 188,900.00 per share

- 2023-04: KRW 270,000.00 per share

- 2023-05: KRW 274,000.00 per share

- 2023-06: KRW 281,500.00 per share

- 2023-07: KRW 262,500.00 per share

- 2023-08: KRW 252,500.00 per share

- 2023-09: KRW 238,000.00 per share

- 2023-10: KRW 219,500.00 per share

- 2023-11: KRW 215,500.00 per share

- 2023-12: KRW 233,500.00 per share

- 2024-01: KRW 201,500.00 per share

- 2024-02: KRW 199,100.00 per share

- 2024-03: KRW 230,000.00 per share

- 2024-04: KRW 202,000.00 per share

- 2024-05: KRW 200,000.00 per share

- 2024-06: KRW 202,500.00 per share

- 2024-07: KRW 176,000.00 per share

- 2024-08: KRW 184,400.00 per share

- 2024-09: KRW 168,800.00 per share

- 2024-10: KRW 185,500.00 per share

- 2024-11: KRW 195,200.00 per share

- 2024-12: KRW 193,400.00 per share

- 2025-01: KRW 225,000.00 per share

- 2025-02: KRW 257,500.00 per share

- 2025-03: KRW 235,500.00 per share

- 2025-04: KRW 267,000.00 per share

- 2025-05: KRW 266,000.00 per share

- 2025-06: KRW 309,000.00 per share

- 2025-07: KRW 259,500.00 per share

- 2025-08: KRW 287,000.00 per share

- 2025-09: KRW 266,000.00 per share

- 2025-10: KRW 341,000.00 per share

- 2025-11: KRW 299,500.00 per share

- 2025-12: KRW 330,000.00 per share

- 2026-01: KRW 374,000.00 per share

- 2026-02: KRW 387,500.00 per share

- 2026-03: KRW 299,000.00 per share

- 2026-04: KRW 263,000.00 per share

- 2026-05: KRW 220,000.00 per share

- 2026-06: KRW 192,100.00 per share

- 2026-07: KRW 168,800.00 per share

- 2026-08: KRW 179,400.00 per share

- 2026-09: KRW 156,600.00 per share

- 2026-10: KRW 163,400.00 per share

## Annual estimated value (KRW per share)

- FY2022: low KRW 73,387.96 per share, central KRW 78,044.35 per share, high KRW 84,243.00 per share

- FY2023: low KRW 81,424.44 per share, central KRW 88,172.29 per share, high KRW 97,155.11 per share

- FY2024: low KRW 70,459.47 per share, central KRW 76,326.43 per share, high KRW 84,136.60 per share

- FY2025: low KRW 87,226.59 per share, central KRW 93,685.56 per share, high KRW 102,283.81 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

## Reported holder observations