PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q3–2026Q2) · Dividend yield is based on ₩0 per share · Prices as of the 2026-10-02 close
Cube Entertainment's revenue fell sharply and operating profit swung to a loss in 2025, and with the trailing four quarters also showing a net loss attributable to owners, the market is watching whether i-dle's July 2026 comeback can turn the second half around.
2025 revenue fell to KRW 87.2 billion from KRW 218.3 billion in 2024, and operating profit swung from a KRW 16.57 billion profit to a KRW 7.26 billion loss.
Revenue in 1Q2026 (KRW 15.1 billion) and 2Q2026 (KRW 21.5 billion) stayed well below the year-earlier level (KRW 55.2 billion in 2Q2025), and net income attributable to owners over the trailing four quarters (3Q2025-2Q2026) was negative.
Lead group i-dle (formerly (G)I-DLE) returned with mini album 'We made' on July 6, ahead of which it held world tour stops in Singapore, Yokohama, and Hong Kong.
The cosmetics segment, which accounted for more than half of 2024 revenue (51.5%) via Japan cosmetics distributor VT Cube Japan, continues to expand its store network.
A 2024 share swap made CEO Kang Seung-gon the largest individual shareholder (36.82%), while cosmetics affiliate VT dropped to second-largest shareholder, reflecting ongoing changes in the ownership structure.
Founded in 2006 and listed on KOSDAQ in 2015 through a SPAC merger, Cube Entertainment is a comprehensive entertainment company covering music production, artist management, concerts, broadcasting, and advertising.
Its roster includes girl group i-dle (formerly (G)I-DLE), boy group Pentagon, girl group Lightsum, rookie boy group NOWADAYS, and various actors and broadcast personalities.
As of 2024, revenue was split among the entertainment segment (46.9%), distribution (1.6%), and cosmetics (51.5%), meaning cosmetics and distribution together made up more than half of sales.
The cosmetics business is run through overseas subsidiary VT Cube Japan, distributing cosmetics in Japan, while the distribution segment handles domestic distribution of the Thai juice brand Tipco.
The company's link to the cosmetics group began in 2020 when cosmetics firm VT GMP (now VT) acquired a 30.61% stake, and in July 2024 VT exchanged its 27.53% stake for CEO Kang Seung-gon's shares in cosmetics ODM firm E&C, making Kang the largest shareholder with 36.82%.
VT itself fell to second-largest shareholder at 10.06% in that process, though Cube remains tightly linked to the cosmetics affiliates through equity and business ties.
In the domestic competitive landscape, Cube is a mid-sized agency relative to larger players such as HYBE, SM, JYP, and YG, with relatively high revenue reliance on a single group, i-dle. Headcount stood at around 172 as of end-March 2026.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩55.2B | ₩900M | 1.6% |
| 2025Q3 | ₩50.1B | -₩5.2B | −10.5% |
| 2025Q4 | — | -₩2B | — |
| 2026Q1 | ₩15.1B | -₩5.2B | −34.3% |
| 2026Q2 | ₩21.5B | -₩2B | −9.5% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩120.6B | ₩6.9B | ₩6.1B | 5.7% | 15.9% | 169.5% |
| 2023 | ₩142.3B | ₩15.4B | ₩10.9B | 10.8% | 13.9% | 92.4% |
| 2024 | ₩218.3B | ₩16.6B | ₩16B | 7.6% | 10.2% | 70.6% |
| 2025 | ₩87.2B | -₩7.3B | -₩5.2B | −8.3% | −3.2% | 60.5% |
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
Consolidated 2025 revenue came to KRW 87.23 billion, down sharply from KRW 218.28 billion in 2024, while operating profit swung from a KRW 16.57 billion gain in 2024 to a KRW 7.26 billion loss in 2025 (operating margin of -8.3%).
Net income attributable to owners also turned negative, moving from KRW 15.99 billion in 2024 to KRW -5.19 billion in 2025.
On a quarterly basis, 2Q2025 still posted a profit with revenue of KRW 55.20 billion and operating income of KRW 0.91 billion, but 3Q2025 deteriorated sharply to KRW 50.11 billion in revenue with an operating loss of KRW 5.24 billion and an owners' net loss of KRW 6.15 billion.
The loss continued into 4Q2025, with an operating loss of KRW 1.99 billion and an owners' net loss of KRW 2.36 billion, leaving the entire second half in the red.
The trend persisted into 2026: 1Q2026 revenue fell sharply year-on-year to KRW 15.10 billion with an operating loss of KRW 5.18 billion, yet net income attributable to owners was an unusual gain of KRW 2.24 billion, suggesting a non-operating item was involved.
In 2Q2026, revenue was KRW 21.55 billion with an operating loss of KRW 2.04 billion and an owners' net loss of KRW 2.67 billion, widening the loss again. As a result, the trailing four quarters (3Q2025-2Q2026) show a cumulative owners' net loss of KRW 8.94 billion.
The sharp revenue decline appears to reflect the volatility inherent in the company's activity cycle, including gaps between the lead group's comebacks and the timing of revenue recognition tied to large distribution contracts.
The K-pop industry has a diversified revenue structure spanning album sales, streaming, concerts, and merchandise, but individual agencies' results remain heavily tied to the comeback and touring schedules of their lead artists.
Cube's relatively high revenue dependence on a single group, i-dle, means revenue swings widely during gaps between comebacks.
In April 2025, Bugug Securities projected that i-dle would expand its influence in Asian markets including Japan, and assessed that revenue and profit could rise substantially if China's restrictions on Korean cultural content were lifted. However, the timing and scope of any such easing remain an uncertain variable.
The cosmetics distribution segment is tied to the broader overseas expansion of K-beauty, but it is exposed to yen exchange-rate fluctuations and intensifying competition in Japan's local retail channels.
Larger rivals such as HYBE, SM, JYP, and YG are also expanding their own merchandise, commerce, and platform businesses, so mid-sized Cube is attempting to differentiate itself through synergies with its cosmetics affiliates.
i-dle released mini album 'We made' on July 6, having first put out pre-release track 'Crow' in June and conducted the 'Syncopation' world tour with stops in Singapore, Yokohama, and Hong Kong.
Since this comeback and tour activity will be reflected in third-quarter results, whether the resumption of activity shows up in the next quarter's revenue and profit figures is a key point to watch.
Under the KRW 130 billion (VAT included) music and content distribution contract signed with Kakao Entertainment in March 2025, a confirmed KRW 80 billion has already been paid as an advance, with an additional KRW 50 billion contingent on meeting certain conditions, leaving this as a factor that could affect future results.
The cosmetics segment continues to expand its store count across online and offline channels, and the distribution segment (Tipco) is reportedly preparing to introduce new products.
Rookie boy group NOWADAYS has reportedly seen rising cumulative album sales since debut, making the medium-term contribution of new labels another point worth monitoring.
However, it should be noted that these new-label, contingent-payment, and China-market factors are all potential variables contingent on conditions or market circumstances rather than confirmed figures.
The stock trades at a discount to book value per share, with the price-to-book ratio staying below 1x. Because net income attributable to owners has remained negative over the trailing four quarters, earnings-based valuation metrics cannot currently be calculated.
Given that annual results swung from profit to loss in recent years, whether earnings recover as comeback and touring activity resumes remains a focal point for the market. No dividend is currently paid, limiting any dividend-yield-based perspective.
While shareholders' equity has grown steadily over several years, this should not be read as automatically implying a recovery in profitability.
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
i-dle is a group with global fandom reach beyond Asia, and its July comeback combined with a world tour creates a structure that can generate both album and concert revenue simultaneously. Its influence in Greater China has also been demonstrated, including past chart-topping performances on Chinese music platforms.
With the comeback and tour reflected in third-quarter results, there is room for revenue to recover from the activity gap.
The cosmetics segment, which accounts for more than half of revenue, continues expanding its store footprint in Japan through VT Cube Japan, potentially offsetting some of the entertainment segment's activity gaps. Equity and business ties with cosmetics affiliates remain in place.
The KRW 130 billion contract signed with Kakao Entertainment in March 2025 has already delivered a confirmed KRW 80 billion advance payment, with a further KRW 50 billion potentially available upon meeting conditions, giving it latent positive potential for future cash flow and revenue recognition.
2025 revenue fell sharply from the prior year and operating profit turned negative, while 1H2026 revenue also stayed below the year-earlier level. Because results are heavily tied to a single group's comeback cycle, revenue and profit volatility could recur during each activity gap.
Net income attributable to owners was negative in most quarters from 3Q2025 through 2Q2026, and the cumulative figure also shows a loss. A clear turning point for earnings improvement has not yet been confirmed.
Related-party equity transactions have recurred, including VT GMP's 2020 stake acquisition and the 2024 share-and-cash exchange between CEO Kang Seung-gon and VT that changed the largest shareholder. Some shareholders have raised concerns over the pricing of Cube shares involved in these transactions.
A significant portion of revenue depends on the activity of a single group, i-dle, so a delayed comeback, member activity suspension, or contract-related issues could directly affect results. New labels' revenue contribution is not yet large enough to offset this quickly.
The largest shareholder's stake has been built up through equity-and-cash exchange deals with cosmetics affiliates, and questions have been raised about the fairness of the pricing in these transactions.
Repeated fund and asset movements among affiliates carry a persistent possibility of conflicts of interest with minority shareholders.
The timing and scope of any easing in China's restrictions on Korean cultural content remain uncertain, and the Japan cosmetics distribution business is exposed to yen exchange-rate fluctuations and intensifying local channel competition. Shifts in K-pop content consumption trends and rising global touring costs are also potential burdens.
3Q2026 results are expected to be disclosed around this time, making it important to check how much the i-dle comeback and world tour boosted revenue and operating profit.
Watch for any additional disclosure on whether the conditions for the remaining KRW 50 billion contingent payment under the Kakao Entertainment contract have been met.
Check for any additional i-dle world tour dates, follow-up comeback plans, or announcements of further activity from newer labels such as NOWADAYS.
Monitor the progress of the cosmetics segment's (VT Cube Japan) store expansion in Japan and any resulting change in its earnings contribution.
Cube Entertainment saw both revenue and operating profit deteriorate sharply in 2025, and 1H2026 continued to show reduced revenue and a net loss attributable to owners amid an activity gap.
With a cumulative net loss over the trailing four quarters as well, earnings-based valuation metrics cannot currently be calculated.
That said, lead group i-dle has ramped up second-half activity with a July comeback and world tour, and there remains potential for contingent payments under the large distribution contract with Kakao Entertainment.
The cosmetics segment, which accounts for more than half of revenue, continues expanding its store network and providing a relatively stable contribution.
At the same time, the ownership structure shaped by recurring related-party equity transactions and the high revenue dependence on a single group remain factors to keep watching.
Third-quarter results, whether contract conditions are met, and the growth pace of newer labels are likely to be the key indicators for gauging the direction of future earnings.
Report written 2026-09-05 · Data as of 2026-09-04
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