KOSDAQMedia & Entertainment044480

Billions

₩3,100▲ 6.71%2026-10-02 close

Market Cap

₩20.2B

Turnover

₩52,386,538

Volume

20,000 shares

Shares out.

6.7M

PER

—

PBR

—

EPS

—

Dividend Yield

0.00%

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

Report overview

Billions Shifts from Condoms to Entertainment

Revenue has fallen for four straight years while the operating loss has narrowed, even as entertainment expansion and major-shareholder equity volatility unfold in parallel.

1
Consolidated revenue fell to KRW 25.3 billion in 2025 from KRW 41.7 billion a year earlier, while the operating loss narrowed sharply from KRW 8.9 billion in 2022 to KRW 0.8 billion in 2025.
2
The owners' net loss widened to KRW 4.49 billion in the fourth quarter of 2025, coinciding with the absorption merger of subsidiary XYZ Studio around the same period.
3
Controlling shareholder Humasis's stake swung from 56.45% to 40.94% within April 2026 alone, amid repeated disclosures of convertible-bond conversion price adjustments and the dissolution of related-party status.
4
Trading was halted from August 14, 2026 for share consolidation and the listing of new share certificates.
5
Subsidiary Billions Plus's production, the Coupang Play original series Newtopia, ranked highly on global OTT indices, demonstrating production capability.

Business structure

Billions was established in 1973 as a hygiene and medical rubber product manufacturer and listed on KOSDAQ in 2001, maintaining the leading share of the domestic condom market as a latex products maker.

Its manufacturing segment produces condoms, finger cots, and medical and industrial gloves, supplied in line with international standards such as WHO, ISO, and ASTM.

The company entered the entertainment business in 2023 by acquiring Star Village Entertainment and J-Flex, and after Humasis became the controlling shareholder in May 2024, the company changed its name from Blade Entertainment to Billions the following month.

In November 2025, it absorbed subsidiary XYZ Studio, consolidating planning, production, management, and music functions under the parent.

Actors under contract include Ko Chang-seok, Kim Ha-neul, Lee Jun-young, Han Sang-jin, and Heo Sung-tae, joined by Jo Bo-ah, Jung Sung-il, and Jang Yoon-ju following the XYZ Studio merger.

Its music and performance segment includes vocalists such as Infinite's Kim Sung-kyu and Nam Woo-hyun, A Pink's Jung Eun-ji, SG Wannabe's Kim Yong-jun, and Yoon Ji-sung, allowing the company to directly oversee solo concerts and OST music content production.

Subsidiary Billions Plus produced the Coupang Play original series Newtopia, demonstrating capability as a content producer for global OTT platforms.

The company has stated it plans to sign a new project contract with a major Japanese record label within the year, extending its business scope from domestic management toward overseas music partnerships.

Earnings trend

Quarterly revenue · Operating profit

₩7.8B-₩200M25Q2₩7.6B-₩12,813,66025Q3₩5.1B-₩63,541,58825Q4₩7.9B₩100M26Q1₩6.8B-₩600M26Q2

RevenueOperating profit

Annual revenue · Operating profit

₩78.1B-₩8.9B2022₩97B-₩7.5B2023₩41.7B-₩1.1B2024₩25.3B-₩800M2025

RevenueOperating profit

Quarterly results · Last 5 quarters
Quarter	Revenue	Operating profit	Op. margin
2025Q2	₩7.8B	-₩200M	−2.0%
2025Q3	₩7.6B	-₩12,813,660	−0.2%
2025Q4	₩5.1B	-₩63,541,588	−1.2%
2026Q1	₩7.9B	₩100M	1.9%
2026Q2	₩6.8B	-₩600M	−8.6%

Annual results
Year	Revenue	Operating profit	Net income (parent)	Op. margin	ROE	Debt-to-equity
2022	₩78.1B	-₩8.9B	-₩18.4B	−11.4%	−65.3%	61.6%
2023	₩97B	-₩7.5B	-₩13.8B	−7.7%	−86.3%	115.9%
2024	₩41.7B	-₩1.1B	-₩2B	−2.7%	−8.9%	121.8%
2025	₩25.3B	-₩800M	-₩7.1B	−3.3%	−29.1%	98.6%

Consolidated basis (financial statements including subsidiaries) · Final figures from DART filings · Net income attributable to owners of the parent · Data as of 2026-09-05

Earnings analysis

Consolidated revenue rose from KRW 78.1 billion in 2022 to KRW 97.0 billion in 2023, then fell sharply for two consecutive years to KRW 41.7 billion in 2024 and KRW 25.3 billion in 2025.

In contrast, the operating loss continued to narrow throughout, from KRW 8.9 billion in 2022 and KRW 7.5 billion in 2023 to KRW 1.1 billion in 2024 and KRW 0.8 billion in 2025. The operating margin improved from -11.4% in 2022 to -3.3% in 2025, notable given the shrinking revenue base.

Net income attributable to owners moved from -KRW 18.4 billion in 2022 to -KRW 13.8 billion in 2023 and -KRW 2.0 billion in 2024, before widening again to -KRW 7.1 billion in 2025.

On a quarterly basis, owners' net income turned positive at KRW 0.26 billion in the second quarter of 2025 before swinging to losses of KRW 1.3 billion in the third quarter and KRW 4.5 billion in the fourth quarter, likely reflecting one-off items tied to the concurrent absorption merger of XYZ Studio.

Operating cash flow was negative in 2022 and 2023 (-KRW 1.6 billion and -KRW 3.4 billion) but turned positive in both 2024 and 2025 (roughly KRW 0.7 billion each year), moving in a different direction from net income. The debt ratio eased somewhat, from 115.9% in 2023 and 121.8% in 2024 to 98.6% in 2025.

In the provisional first quarter of 2026, revenue was KRW 7.9 billion with an operating profit of KRW 0.15 billion, but the provisional second quarter of 2026 showed revenue of KRW 6.8 billion and an operating loss of KRW 0.58 billion, underscoring considerable quarter-to-quarter profitability swings.

Industry analysis

Billions operates two unrelated businesses—hygiene products manufacturing and media and entertainment—whose respective industry conditions move in different directions.

The manufacturing segment appears to face structural pressure from contracting domestic demand and low-price competition in the hygiene products market.

The entertainment segment's performance hinges on artist activity and content revenue, and reduced artist activity along with weak content revenue have recently been cited as key drivers of the revenue decline.

Broadly, demand for original content aimed at domestic and global OTT platforms continues, keeping production opportunities open through platforms such as Coupang Play.

That said, some market observers have characterized the structure—in which a former diagnostics company became controlling shareholder of both a condom manufacturer and a talent agency—as "closer to a departure unrelated to its core business than genuine diversification." In terms of competitive positioning among small and mid-sized domestic management companies, Billions holds a relatively large roster of actors and vocalists, but remains comparatively smaller in production scale and capital than major agencies.

Outlook

The company has stated that the absorption merger of XYZ Studio allows it to run planning, casting, and production as a single integrated process, positioning this as an advantage for pursuing upcoming content projects aimed at global OTT platforms.

In its music and performance segment, it has said it plans to sign a new project contract with a major Japanese record label within the year, with the deal's completion and specific terms yet to be confirmed.

Whether additional original content production contracts follow the performance of Newtopia, produced by subsidiary Billions Plus, also bears watching.

Separately, the company carried out procedures in August 2026 for listing new share certificates following a share consolidation, and the completion of this process and any resulting change in the shareholder structure warrant confirmation.

Repeated disclosures throughout 2026 regarding controlling shareholder Humasis's stake and convertible bonds mean that further filings related to ownership stability should also be monitored.

No separate new capacity expansion or large-scale investment plan for the manufacturing segment was identified in recently available materials.

Valuation

PER

—

PBR

—

ROE

-29.1%

EPS

—

BPS

—

Dividend per share

₩0

The price-to-book ratio has recently traded at a discount to net asset value, with available market data placing it below book value.

Owners' equity has fluctuated over multiple years of net losses, and the owners' net loss narrowed from 2022 through 2024 before widening again in 2025, meaning profit recovery has not proceeded consistently.

No dividends have been paid recently, suggesting resources are directed more toward business restructuring and loss management than shareholder returns. The debt ratio's decline from 121.8% in 2024 to 98.6% in 2025 is a relevant reference point on the financial structure side.

Market valuation appears to reflect a combination of the entertainment business's growth narrative, the manufacturing segment's relatively stable cash generation, and governance uncertainty tied to the 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 2026-09-05

Bull factors

Restructuring into a Comprehensive Entertainment Company

Through the absorption merger of XYZ Studio, planning, casting, and production functions have been consolidated around the headquarters. The company is expanding its content production capabilities spanning dramas, albums, and performances by securing a lineup of numerous actors and vocalists.

There is also a case demonstrating its competitiveness as a production company, as the Coupang Play original 'New Topia' recorded a top ranking in the global OTT index.

Narrower Operating Loss and Improved Cash Flow

Even as revenue declined, operating losses continued to shrink from KRW 8.88 billion in 2022 to KRW 830 million in 2025. Operating cash flow also showed positive figures consecutively in 2024 and 2025, signaling a different picture from the losses on the income statement. The debt-to-equity ratio also decreased from 121.8% in 2024 to 98.6% in 2025.

Attempt to Expand Overseas Music Partnerships

The company announced that it plans to sign a new project contract with a major Japanese record label within the year. It also has plans to expand into domestic and overseas performance and music markets through solo concerts, overseas tours, and OST production by its affiliated vocalists.

Bear factors

Continued Contraction of the Revenue Base

Consolidated revenue fell to a quarter of its level in just two years, from KRW 96.99 billion in 2023 to KRW 25.31 billion in 2025.

The manufacturing division cited domestic demand contraction and low-price product competition, while the entertainment division cited reduced artist activity and sluggish content revenue as respective causes.

Market Concern over an Unrelated Business Mix

Regarding the structure in which the largest shareholder, formerly a diagnostic device company, acquired both condom manufacturing and entertainment management businesses, industry observers view it less as business diversification and more as an expansion unrelated to its core business.

It is also noted that the largest shareholder's core business (diagnostic kits) has been experiencing a sharp decline in revenue since the end of the COVID-19 special demand period.

Governance and Ownership Volatility

The largest shareholder Humasis's stake changed significantly within a single month in April 2026, from 56.45% to 40.94%. With repeated disclosures such as convertible bond conversion price adjustments and the resolution of related-party status, the equity structure shows a relatively high degree of fluidity. In August, trading was also suspended due to a stock consolidation.

Risk factors

Governance Risk

Equity and convertible bond transfers between the largest shareholder and related parties occur frequently, forming a complex ownership structure involving multiple affiliated entities such as Kyungnam Pharmaceutical and Incon. Such equity volatility can act as a factor heightening uncertainty over management stability.

Parent Company Financial Risk

It has been reported that the largest shareholder Humasis's diagnostic kit business revenue has significantly declined, along with a reduction in cash equivalents. If the parent company's financial capacity is limited, this could constrain additional funding support or business cooperation for Billionce.

Integration Risk from a Diversified Business Mix

There are indications that operating disparate industries simultaneously—hygiene product manufacturing and entertainment—may make it difficult to create synergy. Frequent organizational restructuring, such as the merger with XYZ Studio, has been a factor amplifying one-off gains and losses volatility.

What to watch next

Around November 2026
This is the filing deadline for the Q3 2026 report, making it a point to confirm both the finalization of the earlier provisional Q1-Q2 2026 figures and the direction of third-quarter results.
During the fourth quarter of 2026
This is when to check whether the company signs the new project contract with a major Japanese record label it said it plans to complete within the year, and on what terms.
Late 2026 through early 2027
It is worth checking for further large-holding disclosures on controlling shareholder Humasis's stake and convertible bonds to assess ownership stability.
Around March 2027
When the FY2026 audit report and business report are disclosed, it will be important to check the audit opinion and any going-concern-related remarks.

Overall view

Billions has undergone a significant shift in its revenue structure as its more than 50-year history in condom manufacturing has been joined by an entertainment business acquired since 2023.

Revenue peaked at KRW 97.0 billion in 2023 before falling to KRW 25.3 billion in 2025, yet the operating loss continued to narrow over the same period, showing an improving operating margin trend.

Owners' net income, however, widened again from -KRW 2.0 billion in 2024 to -KRW 7.1 billion in 2025, with a large net loss occurring in the fourth quarter of 2025 coinciding with the XYZ Studio merger.

On the business side, content expansion has continued through an enlarged artist roster, the production of Coupang Play's Newtopia, and a planned partnership with a Japanese record label.

At the same time, controlling shareholder Humasis's stake shifted substantially in 2026, and a trading halt occurred due to share consolidation, so changes in governance and liquidity also warrant attention.

Taken together, this stock sits at a point where signs of financial improvement amid shrinking revenue coexist with uncertainty stemming from its unrelated business mix and governance volatility.

Sources

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

Show 18 more articles and sources

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.