PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q1–2025Q4) · Dividend yield is based on ₩0 per share · Prices as of the 2026-10-02 close
Fantagio is stabilizing its ownership structure through a series of capital injections led by new controlling shareholder X Co., Ltd., while grappling with a sharp year-on-year revenue decline in 2025 and a large fourth-quarter net loss.
2025 consolidated revenue fell to KRW 38.2 billion from KRW 72.3 billion in 2024, while the operating loss widened to KRW 8.0 billion.
The Q4 2025 net loss attributable to owners reached KRW 8.1 billion, accounting for most of the full-year loss and standing out as a single-quarter drag.
Since May 2026, X Co., Ltd. has become the largest shareholder through third-party share placements, raising its stake to 39.98% after an additional placement in August.
Following tax-related controversies involving Cha Eun-woo and Kim Seon-ho, the company carried out a capital reduction that cut outstanding shares by 80% to address accumulated losses.
In September 2026, the company signed a KRW 4.74 billion drama production contract with KBS, a sizeable order relative to recent annual revenue.
Fantagio was established in 1991 as the first venture supported under a startup incentive program for ETRI researchers and listed on KOSDAQ in 1997 as a comprehensive entertainment company.
Its business centers on artist management, covering drama, film, and advertising appearances as well as album production and sales, with the management segment estimated to account for roughly 90% of revenue.
The roster includes boy groups ASTRO and LUNATE, actors Ong Seong-wu, Kim Seon-ho, Lee Seong-kyung and Lee Se-young, and girl group Weki Meki, with Cha Eun-woo and Kang Han-na also historically associated with the agency. In 2025 the company established subsidiary FantagioM to expand its business scope.
Revenue is heavily dependent on appearance fees from artists' drama and film work along with album sales, making performance sensitive to individual artists' activity levels and reputational issues.
Competitively, unlike large agencies such as SM, YG, JYP, or HYBE, Fantagio operates as a small-cap KOSDAQ entertainment firm pursuing steady income from supporting-role actors and a strategy of scouting and developing new talent.
Amid the expansion of global OTT-driven content demand and the spread of K-content, the company is seeking growth through collaboration with domestic and overseas OTT platforms and artist utilization.
Entering 2026, a shift in controlling shareholder and capital raising have proceeded in tandem with a broader business restructuring.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2024Q4 | ₩24.5B | -₩96,201,097 | −0.4% |
| 2025Q1 | ₩10.4B | -₩900M | −8.8% |
| 2025Q2 | ₩9.3B | -₩1.6B | −17.1% |
| 2025Q3 | ₩5.8B | -₩400M | −6.0% |
| 2025Q4 | ₩12.7B | -₩5.2B | −40.9% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩15.3B | ₩1.3B | -₩6.8B | 8.2% | −21.5% | 144.2% |
| 2023 | ₩38.5B | -₩4.9B | -₩18.3B | −12.8% | −42.9% | 83.7% |
| 2024 | ₩72.3B | -₩1.5B | -₩6.4B | −2.1% | −11.0% | 54.3% |
| 2025 | ₩38.2B | -₩8B | -₩9.2B | −21.0% | −18.8% | 80.8% |
Consolidated basis (financial statements including subsidiaries) · Final figures from DART filings · Net income attributable to owners of the parent · Data as of 2026-09-21
2025 consolidated revenue fell sharply to KRW 38.2 billion from KRW 72.3 billion in 2024, while the operating loss widened from KRW 1.5 billion to KRW 8.0 billion and the net loss attributable to owners grew from KRW 6.4 billion to KRW 9.2 billion.
By quarter, Q1 2025 (revenue KRW 10.4 billion, operating loss KRW 0.9 billion) and Q2 (revenue KRW 9.3 billion, operating loss KRW 1.6 billion) showed relatively contained losses despite slowing revenue.
In Q3, revenue dropped to KRW 5.8 billion with an operating loss of KRW 0.35 billion, yet the net income attributable to owners turned positive at KRW 1.7 billion, suggesting non-operating factors drove the result.
In Q4, revenue rebounded to KRW 12.7 billion, but the operating loss expanded sharply to KRW 5.2 billion and the net loss attributable to owners reached KRW 8.1 billion, accounting for most of the annual loss.
This single quarter's loss exceeded the combined losses of the prior three quarters and effectively determined the full-year outcome.
On the balance sheet, the debt-to-equity ratio jumped from 54.3% in 2024 to 80.8% in 2025, as liabilities rose from KRW 31.6 billion to KRW 39.5 billion while equity was eroded by net losses.
Operating cash flow, however, improved markedly to KRW 12.7 billion in 2025 from KRW 2.4 billion in 2024 and negative KRW 3.6 billion in 2023, revealing a divergence between reported losses and cash generation.
Compared with 2022, the only year with an operating profit (revenue KRW 15.3 billion, operating income KRW 1.25 billion), the 2023-2025 period saw revenue swing up and down while the operating line remained persistently in the red.
The domestic entertainment industry continues on a structural growth path supported by expanding global OTT-driven content demand and the spread of K-content, and Fantagio is likewise seeking growth through OTT platform collaboration and artist utilization.
Within the sector, however, there is a clear competitive gap between large agencies such as SM, YG, JYP, and HYBE, which hold extensive global IP and proprietary platforms, and smaller agencies like Fantagio with a higher reliance on management fee revenue and more limited capital resources.
With the management segment estimated to make up 90% of revenue, Fantagio appears more sensitive than the sector average to individual artists' activity levels and controversies. The recent case in which artists' tax issues affected both earnings and the ownership structure illustrates this structural vulnerability.
Meanwhile, on KOSDAQ, small-cap entertainment stocks tend to have limited trading volume and liquidity, and the broader sector has at times been overlooked when market flows concentrate on themes such as MLCC or secondary batteries.
Relative to larger peers, Fantagio's position falls short of the capital strength and platform competitiveness of major agencies, but it appears to be maintaining a niche position through steady demand for supporting-role casting and a talent-scouting strategy.
The key variable for Fantagio in 2026 is whether the new controlling shareholder X Co., Ltd. can stabilize its governance and whether content order intake recovers.
The company raised roughly KRW 5.0 billion and KRW 3.5 billion through two third-party share placements in May and August 2026, respectively, and disclosed plans to deploy KRW 2.0 billion in 2026 and KRW 3.0 billion in 2027 as operating funds.
Chairman Namgung Gyeon stated the company would continue efforts to strengthen operational stability and content competitiveness in connection with the capital raises.
On the talent front, actor Ong Seong-wu renewed his contract in February 2026, easing some concerns over key personnel departures, while the tax-related issues involving Cha Eun-woo and Kim Seon-ho have been addressed through tax payments and the closure of related corporate entities.
Operationally, the company signed a KRW 4.74 billion drama production contract with the Korean Broadcasting System (KBS) on September 21, 2026, covering the period from September 21, 2026 to March 31, 2027, which will directly feed into future revenue recognition.
Including this contract, the company has disclosed a cumulative KRW 8.79 billion in supply contracts so far this year, compared with no such disclosures in the same period last year, suggesting a resumption of order activity.
Nonetheless, the medium-term business direction under the new ownership, execution of the planned additional fund injections, and share dilution from repeated placements remain factors that require further confirmation.
Fantagio bolstered its equity base through two third-party share placements in 2026, but continued net losses over the same period appear to have offset much of the capital increase.
Some data sources describe the shares as trading at a discount to net asset value, though this discount coincides with a period of sharply reduced revenue and profit over recent years. Dividends do not appear to have been paid in recent fiscal years, limiting the stock's appeal from a dividend-yield perspective.
Given the repeated capital raises and the prior large-scale capital reduction, changes in the shareholding structure and new share supply warrant attention alongside any per-share metrics.
Ultimately, how the current trading multiples should be read may depend on whether earnings recover and the capital structure stabilizes under the new controlling shareholder.
PER, EPS, PBR and BPS are all calculated in-house (the same method as Naver and Toss) · Dividend yield = cash dividend per share from DART filings (supplemented by KRX) ÷ current price · As of 2026-09-21
New controlling shareholder X Co., Ltd. participated in two third-party share placements in May and August 2026, expanding its stake from 27.32% to 39.98%. The disclosed plan to inject KRW 2.0 billion in 2026 and KRW 3.0 billion in 2027 into operating funds could ease near-term liquidity pressure.
The stake expansion for stated management-participation purposes also signals clear intent to stabilize governance.
The KRW 4.74 billion drama production contract signed with the Korean Broadcasting System (KBS) on September 21, 2026 represents a sizeable new order relative to recent revenue.
Cumulative disclosed supply contracts this year have reached KRW 8.79 billion, contrasting with no such disclosures in the same period last year. The contract's term through March 2027 also means it could be reflected in revenue across multiple future quarters.
In February 2026, actor Ong Seong-wu renewed his contract with Fantagio, easing concerns over the departure of a key artist. The tax-related issues involving Cha Eun-woo and Kim Seon-ho have also been procedurally resolved through full tax payment and closure of the related corporate entity. Continuity in the artist lineup could form a basis for management revenue recovery.
2025 revenue fell to KRW 38.2 billion from KRW 72.3 billion in 2024, while the operating loss widened from KRW 1.5 billion to KRW 8.0 billion. The net loss attributable to owners also grew from KRW 6.4 billion to KRW 9.2 billion, marking a broad deterioration in profitability. The simultaneous revenue decline and loss expansion raises questions about the underlying business strength.
The Q4 2025 net loss attributable to owners was KRW 8.1 billion, larger than the combined losses of the prior three quarters. Even as revenue rebounded to KRW 12.7 billion, the operating loss widened to KRW 5.2 billion, underscoring instability in the earnings structure. A structure where a single quarter's volatility determines the annual outcome reduces predictability.
The debt-to-equity ratio rose from 54.3% in 2024 to 80.8% in 2025, with total liabilities increasing from KRW 31.6 billion to KRW 39.5 billion. Repeated share placements to raise capital could continue to raise dilution concerns. The prior capital reduction that cut outstanding shares by 80% is another example of balance sheet instability.
Fantagio has had its largest shareholder change several times in the past, and in 2020 it even faced a lawsuit over management control disputes, including an injunction to prohibit new share issuance.
In 2026 as well, the process of the controlling shareholder changing within a short period and shareholding ratio rapidly increasing continues, making the coordination of interests between the new controlling shareholder and existing management a key issue.
If governance-related uncertainty is highlighted again, it could negatively affect artist activities and business operations.
Given the structure where the management division accounts for 90% of revenue, the suspension of activities or image issues of a specific artist directly affects performance. In fact, the tax issues of Cha Eun-woo and Kim Seon-ho were the direct background for financial restructuring measures such as capital reduction. If similar individual risks recur in the future, it could cause immediate damage to revenue and image.
Due to repeated third-party allotment capital increases, the number of shares continues to increase, raising concerns about dilution of existing shareholders' stakes. Although the new shares are subject to a one-year lock-up, once the lock-up expiration date arrives, they could act as potential selling volume.
Given the characteristics of small-cap KOSDAQ entertainment stocks with limited trading volume, price volatility could increase due to changes in supply and demand.
Around the Q3 periodic report filing, it will be worth checking whether revenue and earnings are recovering and how the KBS drama contract is being recognized in revenue.
This marks the end of the KRW 4.74 billion drama production contract with KBS, a point to check the actual revenue recognized and whether follow-on contracts materialize.
It is worth checking whether X Co., Ltd. executes its planned additional KRW 3.0 billion capital injection for 2027 and whether new business direction is announced.
This is when the one-year lock-up on shares issued in the May and August 2026 placements expires, a point to monitor for shareholding changes and potential share supply.
Fantagio entered 2026 amid a rapid succession of controlling-shareholder changes and expansions that are reshaping its governance, while 2025 results showed clear weakness with revenue roughly halving and a large fourth-quarter loss.
On the funding side, the new controlling shareholder's repeated share placements are set to feed operating funds into the company in stages, and on the business side, the KBS drama production contract signals a resumption of order activity.
Still, a rising debt ratio, recurring share dilution, and heavy reliance on management-fee revenue remain constraints on earnings stability.
The renewed contract with key artist Ong Seong-wu and the procedural resolution of the Cha Eun-woo and Kim Seon-ho tax issues have eased some personnel-departure risk, but the new shareholder's medium-term strategy has yet to be spelled out in detail.
Going forward, Q3 results, the extent of revenue recognition from the KBS contract, execution of further capital injections, and the lock-up expiry on new shares are the variables to watch on both the earnings and share-structure fronts.
Overall, Fantagio is in a reset phase facing the twin challenges of governance stabilization and earnings recovery.
Report written 2026-09-22 · Data as of 2026-09-21
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