KOSDAQMedia & Entertainment035900

JYP Entertainment

₩37,400▼ 0.93%2026-10-02 close

Market Cap

₩1.3T

Turnover

₩5.6B

Volume

150,000 shares

Shares out.

35.5M

PER

12.0×

PBR

2.0×

EPS

₩3,278

Dividend Yield

2.23%

PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q3–2026Q2) · Dividend yield is based on ₩877 per share · Prices as of the 2026-10-02 close

Report overview

Tour Cycle Restarts as Margins Keep Sliding

Revenue peaked at KRW 821.9 billion in 2025, yet the operating margin slid from 29.9% in 2023 to 16.9% in 2Q26, leaving the Stray Kids world tour that began in July as the key swing factor for the second half.

1
FY25 revenue reached KRW 821.9 billion (from KRW 601.8 billion) with operating profit of KRW 155.2 billion, but the operating margin fell for three straight years: 29.9% in 2023, 21.3% in 2024 and 18.9% in 2025.
2
2Q26 revenue of KRW 183.1 billion and operating profit of KRW 31.0 billion came in below the year-earlier KRW 215.8 billion and KRW 52.9 billion, reflecting the touring gap after the previous Stray Kids world tour wrapped in October 2025.
3
Stray Kids released the digital single 'RUN IT' on June 24, 2026 and the album 'THIS & THAT' on August 7, and opened a new world tour at Seoul KSPO DOME on July 25, with dates currently mapped out through Singapore in March 2027.
4
The debt-to-equity ratio eased from 43.6% in 2023 to 36.2% in 2025, and FY25 operating cash flow of KRW 124.3 billion underpins a balance sheet without heavy net borrowings.
5
Key items still to be verified are the monetization timing of younger and localized IP (NMIXX, KickFlip, NEXZ, dodree), approval for large-scale concerts in mainland China, and progress on the four-agency joint festival 'Fanomenon'.

Business structure

JYP Ent. is a full-service entertainment company spanning artist scouting and development, album and music production, concerts, merchandise and management; it was founded in 1996 and listed on KOSDAQ in 2001.

Through a label system it manages artists including TWICE and Stray Kids while running artist development, album and content planning and production, and management businesses.

Revenue broadly splits into albums and music, concerts, merchandise and licensing, and advertising and appearance fees; because segment amounts are not always disclosed in granular quarterly form, the cycle structure matters more than absolute segment figures.

Earnings amplitude is effectively set by whether senior IP is on tour, with Stray Kids and TWICE forming the two pillars. Both groups are assessed as capable of drawing roughly two million tour attendees a year as their North American fandom expands.

The younger roster has widened beyond NMIXX, KickFlip and Japan-based NEXZ, as the female duo dodree under subsidiary Innit Entertainment debuted on January 21, 2026.

Localized units such as North America-targeted GIRLSET and Chinese boy group CIIU, which debuted in August 2025, plus a planned Latin girl group L2K, are also part of the global IP portfolio.

On profitability, the company internalized fan-platform operations through subsidiary Blue Garage and streamlined logistics costs, with wider overseas partnerships positioned as the lever to lift the operating margin.

The competitive field is a four-way race with HYBE, SM Entertainment and YG Entertainment, where the age mix of artist IP and tour scale drive the performance gaps between houses.

Earnings trend

Quarterly revenue · Operating profit

₩215.8B₩52.9B25Q2₩232.6B₩40.8B25Q3₩232.6B₩41.9B25Q4₩186B₩33.4B26Q1₩183.1B₩31B26Q2

RevenueOperating profit

Annual revenue · Operating profit

₩345.9B₩96.6B2022₩566.5B₩169.4B2023₩601.8B₩128.3B2024₩821.9B₩155.2B2025

RevenueOperating profit

Quarterly results · Last 5 quarters
Quarter	Revenue	Operating profit	Op. margin
2025Q2	₩215.8B	₩52.9B	24.5%
2025Q3	₩232.6B	₩40.8B	17.5%
2025Q4	₩232.6B	₩41.9B	18.0%
2026Q1	₩186B	₩33.4B	17.9%
2026Q2	₩183.1B	₩31B	16.9%

Annual results
Year	Revenue	Operating profit	Net income (parent)	Op. margin	ROE	Debt-to-equity
2022	₩345.9B	₩96.6B	₩67.5B	27.9%	22.5%	35.0%
2023	₩566.5B	₩169.4B	₩105.5B	29.9%	26.8%	43.6%
2024	₩601.8B	₩128.3B	₩97.8B	21.3%	20.4%	40.6%
2025	₩821.9B	₩155.2B	₩160.6B	18.9%	25.9%	36.2%

Consolidated basis (financial statements including subsidiaries) · Final figures from DART filings · Net income attributable to owners of the parent · Data as of 2026-08-23

Earnings analysis

On an annual basis, revenue expanded from KRW 345.9 billion in 2022 to KRW 566.5 billion in 2023, KRW 601.8 billion in 2024 and KRW 821.9 billion in 2025.

Operating profit, however, peaked at KRW 169.4 billion in 2023 before printing KRW 128.3 billion in 2024 and KRW 155.2 billion in 2025, lagging top-line growth, while the operating margin declined from 27.9% in 2022 and 29.9% in 2023 to 21.3% in 2024 and 18.9% in 2025.

FY25 net profit attributable to owners of KRW 160.6 billion exceeded operating profit of KRW 155.2 billion, indicating non-operating items lifted the bottom line, and operating cash flow was KRW 124.3 billion versus KRW 89.3 billion in 2024.

Total equity grew from KRW 304.5 billion in 2022 to KRW 624.9 billion in 2025, with total liabilities of KRW 226.1 billion and a debt-to-equity ratio of 36.2%, down from 43.6% in 2023. The quarterly path mirrors the touring cycle.

From 2Q25 revenue of KRW 215.8 billion and operating profit of KRW 52.9 billion (24.5% margin), the series moved to KRW 232.6 billion and KRW 40.8 billion in 3Q25 (17.5%), KRW 232.6 billion and KRW 41.9 billion in 4Q25 (18.0%), KRW 186.0 billion and KRW 33.4 billion in 1Q26 (17.9%) and KRW 183.1 billion and KRW 31.0 billion in 2Q26 (16.9%).

Net profit attributable to owners was KRW 21.8 billion in 2Q26 against KRW 36.4 billion a year earlier, and the empty concert calendar after the previous Stray Kids world tour concluded in October 2025 was cited as the driver.

On costs, SK Securities noted in July 2026 that five new releases in the quarter, centered on younger artists, each sold under 500,000 copies, widening fixed-cost pressure, while excess revenue tied to the TWICE North America tour and online merchandise sales from Stray Kids fan meetings were described as deferred into the second half.

Summing the four quarters from 3Q25 to 2Q26 gives revenue of KRW 834.4 billion, operating profit of KRW 147.1 billion (17.6% margin) and net profit attributable to owners of KRW 108.6 billion, similar in scale to FY25 revenue but with a smaller profit base.

Industry analysis

K-pop agency earnings stack concerts and merchandise on top of an album and music base, so whether a major IP tours largely determines quarterly profit.

Rising merchandise weight is an industry-wide trend: Hanwha Investment & Securities data showed combined merchandise revenue at the four large agencies doubled from KRW 150 billion in 1Q24 to KRW 300 billion in 2Q25.

The company itself has said it plans to extend the city-format pop-up store approach used for TWICE across its artists' tours.

China remains only partially open: both the industry and the government expect phased easing rather than an immediate full lifting, with exchanges resuming first in less sensitive areas while concerts and other core categories are handled through working-level talks, and Chinese authorities reportedly remain cautious about large-scale K-pop concerts.

In other words, recovery is visible at the advertising and fan-meeting stage, but mainland arena concert revenue is not yet something estimates can rely on.

Japan is still the largest overseas stage, and stadium-scale demand is evident, as Stray Kids became the first foreign male artist to hold a concert at Japan National Stadium.

Competitively, JYP carries higher IP concentration than HYBE given fewer artists, but it has been characterized as drawing the most predictable growth path, with multiple artists contributing evenly.

Across the sector, the four major agencies moving to establish a joint festival entity marks an attempt to broaden the business axis from artist tours toward event IP.

Outlook

The second-half swing factor is how much of the Stray Kids cycle lands in reported numbers.

On June 22, 2026 the company announced the digital single 'RUN IT' for June 24 and the new album 'THIS & THAT' for August 7, marking the first domestic comeback in about nine months since November 2025 and the group's first record of 2026.

The tour is scheduled to run from Seoul on July 25, 2026 to Singapore on March 7, 2027, with the first leg covering Korea, Japan, Hong Kong, Taiwan, Thailand and Singapore.

SK Securities said in July 2026 that additional North American and European dates would be released sequentially after the Asian schedule, and that tour merchandise plus deferred online fan-meeting merchandise revenue would widen growth in the concert and merchandise businesses.

TWICE closed out its 'THIS IS FOR' world tour with Seoul encore shows, while ITZY resumed its third world tour extending through Asia and Europe.

Estimate revisions have been trending down: SK Securities said on July 21, 2026 that it lowered its target price from KRW 92,000 to KRW 75,000, and analyst Hwang Ji-won at iM Securities stated in an August 14, 2026 report a target price of KRW 60,000, down from KRW 80,000 set on July 9, 2026.

As a longer-dated event, the Fanomenon joint venture involving HYBE, SM, JYP and YG Entertainment is under Korea Fair Trade Commission merger review, with the first edition slated for December 2-12, 2027 at Seoul Arena in Changdong and KINTEX Hall 2 in Goyang.

Ultimately, the pace of monetization at younger IP versus debut and production cost burdens will set how far margins can recover.

Valuation

PER

12.0×

PBR

2.0×

ROE

17.9%

EPS

₩3,278

BPS

₩19,569

Dividend per share

₩877

Earnings multiples here have to be read with the caveat that the denominator swings sharply with the touring cycle. Net profit attributable to owners over the past four quarters (KRW 108.6 billion) sits below the FY25 figure (KRW 160.6 billion), so the multiple base is lower at any given share price.

The stock trades at a premium to book value, which ties into a sector-wide feature: intangible artist IP is largely not carried as an asset on the balance sheet.

A dividend is paid, but the share of profit returned is limited, and in a sector geared toward reinvestment for growth the dividend yield is rarely the central valuation variable. Broker estimates have been revised down, and target prices are also understood to have fallen from previous levels.

Whether the multiple base resets therefore depends on how far second-half concert and merchandise revenue restores margins, and that can only be verified after the third-quarter results disclosure.

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 2026-08-23

Bull factors

Mega-IP tour cycle restarts

The concert gap that directly caused the 2Q26 shortfall began to close from July. The Stray Kids world tour is scheduled from Seoul on July 25, 2026 through Singapore on March 7, 2027, and a pop-up store for the Japan leg ran from August 21 to October 25 with additional Tokyo dates announced on August 30.

SK Securities projected in July 2026 that tour merchandise and previously deferred online fan-meeting merchandise revenue would be recognized together. Because show counts and attendance feed both revenue and margin, the amplitude of second-half figures could widen.

Balance sheet capacity and cash generation

FY25 equity of KRW 624.9 billion against liabilities of KRW 226.1 billion put the debt-to-equity ratio at 36.2%, down from 43.6% in 2023. Operating cash flow rose to KRW 124.3 billion in 2025 from KRW 89.3 billion in 2024.

That leaves capacity to fund debut spending, localized label investment and a contribution to the festival joint venture from internal cash. Still, the timing at which such investment converts into revenue varies widely by artist.

IP portfolio expansion and new business options

The roster widened with boy group KickFlip in 2025 and female duo dodree in 2026, alongside continued collaboration with global partners. NMIXX, now in its fifth year, moved to expand its global fandom on the back of its first full-length album and first world tour.

As a new business axis, Fanomenon is designed as a composite festival spanning fashion, beauty, gaming, film and food beyond K-pop concerts, with a goal of expanding to overseas cities including Los Angeles from 2028. These items are options to be verified rather than booked revenue.

Bear factors

Operating margin down three years running

The operating margin fell from 29.9% in 2023 to 21.3% in 2024 and 18.9% in 2025, and on a quarterly basis from 24.5% in 2Q25 to 16.9% in 2Q26. Revenue grew from KRW 345.9 billion in 2022 to KRW 821.9 billion in 2025, yet operating profit never surpassed the KRW 169.4 billion posted in 2023.

Analysis has also pointed to weakened profitability in recent years from debut and production costs, with a need to normalize the cost structure. Until margin recovery is confirmed, the gap between top-line and profit growth remains a drag.

Dependence on tour timing and quarterly volatility

Revenue of KRW 183.1 billion in 2Q26 sat below the KRW 232.6 billion recorded in both 3Q25 and 4Q25, with much of the gap traceable to the presence or absence of concerts.

One analysis noted that even with the TWICE world tour and a 2PM Tokyo Dome show contributing, the concert segment could not avoid a year-on-year decline against the high base of the prior year's Stray Kids North and South America tours.

The structure in which one IP's tour start and finish swings quarterly results persists beyond the second half. The potential for another gap after the tour ends in March 2027 also warrants attention.

Estimate cuts and delayed China opening

iM Securities assessed in August 2026 that 2Q26 revenue and operating profit came in below consensus. As of January 2026 the street consensus was revenue of KRW 835.5 billion and operating profit of KRW 175.4 billion, but targets and estimates have since been revised lower.

The China variable also carries a long lag between expectation and reality: as summarized in August 2026, advertising and fan meetings have opened while large-scale mainland concerts remain blocked. The stretch during which opening hopes fail to translate into earnings could prove lengthy.

Risk factors

Artist IP concentration risk

A large share of earnings rests on the two pillars of Stray Kids and TWICE. Contract renewals, member-specific circumstances, health or accidents, and activity pauses could disrupt tour and album schedules simultaneously.

The observation that meaningful monetization by newer artists is the key to sustained growth, and that a turning point must be created, ties directly to this concentration. Until younger IP scales its revenue contribution, this risk remains structural.

Costs, FX and overseas operations

World tours front-load costs such as flights, logistics, staffing and venue rentals, and revenue recognition timing can diverge from that spending.

Indeed, in July 2026 it was explained that estimates were cut as excess revenue from the TWICE North America tour and online merchandise sales from Stray Kids fan meetings shifted into the second half. With Japan and the Americas carrying large weight, yen and dollar movements affect won-translated revenue and margins.

Segment- and currency-level detail is not disclosed in the confirmed financials, so quantifying that sensitivity is not feasible.

Policy, regulation and joint-venture process

China-related restrictions operate as informal controls rather than formal statutes, making the timing and scope of easing hard to predict. As summarized, the restriction is more likely to unwind through incremental approvals for advertising, fan meetings, broadcasts and concerts than through a single announced repeal.

On the new business side, the Fanomenon joint venture is undergoing Korea Fair Trade Commission merger review, so the timing of that review governs entity launch and event preparation schedules. Tighter regulation around large-event safety and ticketing could also add costs.

What to watch next

During November 2026
Preliminary 3Q26 results. This is the first quarter to capture the Stray Kids comeback and the Seoul and Japan tour legs, so the scale of revenue recovery and whether the operating margin rebounds from the 16.9% seen in 2Q26 are the core checks.
Fourth quarter of 2026
Whether additional North American and European dates are announced after the Asian leg. The added regions and show counts would inform the scale of concert and merchandise revenue recognition into the first half of 2027.
Around February 2027
Confirmed FY26 results and the dividend decision. These will show the annual profit direction against FY25 revenue of KRW 821.9 billion and operating profit of KRW 155.2 billion, the scale of cash returns, and whether younger IP contributed to revenue.
March 7, 2027
The scheduled final Stray Kids world tour show in Singapore. The total show count and attendance tally, plus the timing of the next activity plan, will determine how long the following gap lasts.
December 2-12, 2027
The first Fanomenon event is slated for Seoul Arena in Changdong and KINTEX Hall 2 in Goyang. Ahead of that, the completion of the Korea Fair Trade Commission review, the entity's launch, and any disclosure of capital contributions should be tracked in sequence.

Overall view

The past four years at JYP Ent. combined top-line expansion with margin compression.

Revenue grew from KRW 345.9 billion in 2022 to KRW 821.9 billion in 2025, yet the operating margin slipped from 29.9% in 2023 to 18.9% in 2025 and 16.9% in 2Q26, when revenue of KRW 183.1 billion and operating profit of KRW 31.0 billion trailed the year-earlier KRW 215.8 billion and KRW 52.9 billion.

Cited drivers include the concert gap after the previous Stray Kids tour ended, fixed-cost pressure from releases centered on younger artists, and the deferral of some revenue recognition into the second half.

On the other side sit verifiable catalysts: a new world tour running from July 2026 to March 2027, the August album release, internalized merchandise operations, and the four-agency joint festival. The balance sheet offers capacity, with a 36.2% debt-to-equity ratio and KRW 124.3 billion of operating cash flow in 2025.

That said, broker estimates and target prices have been revised down and large-scale mainland China concerts have yet to open, so how far second-half concert and merchandise revenue restores margins is the pivotal question.

This report organizes confirmed disclosed financials and verified schedules and reporting for information purposes.

Sources

Korea Exchange (KRX) — Prices · Market Cap · Volume
FSS electronic disclosure system (DART) — Financial statements · Dividend filings

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Report written 2026-09-05 · Data as of 2026-09-04

This content is AI analysis of market data and web search results, provided for information only. It is not a solicitation or recommendation to invest. Investment decisions and their consequences are the investor's own responsibility. Data may be delayed or contain errors.