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
Revenue has declined for four straight years, but operating profit has stayed positive for three consecutive quarters since late 2025, leaving the staying power of a subsidiary's new game as the key swing factor ahead.
Consolidated revenue fell for four straight years from KRW 77.16 billion in 2022 to KRW 67.46 billion in 2025, while operating profit turned positive for three consecutive quarters from Q4 2025 through Q2 2026.
Financial data provider FnGuide attributed the Q1 2026 swing to operating profit to cost savings from the absorption merger of Days Enter.
Blue Potion Games' new mobile RPG EOS Black reportedly surpassed 2 million pre-registrations, a metric cited as a sign of early momentum.
Owners' net income summed over the latest four quarters (Q3 2025 to Q2 2026) remained negative, driven largely by a large net loss booked in Q4 2025 that amplified quarter-to-quarter volatility.
The company underwent a share consolidation process in August 2026, and owners' equity shrank from KRW 68.13 billion in 2022 to KRW 40.38 billion in 2025, nearly halving over four years.
Mr. Blue is a digital content company that distributes comics, webtoons, and web novels through its own platform and apps, and has been listed on KOSDAQ since 2015.
Its business is broadly split into a B2C content platform (comics, webtoons, web novels, and publishing) and a game business, with the game segment run by subsidiary Blue Potion Games, which was spun off in 2018.
Blue Potion Games operates the PC MMORPG EOS Online, offered in roughly 60 countries, along with its mobile adaptation EOS Red and the follow-up title EOS Black.
The content division has expanded its domestic and overseas distribution around genres where the company holds strength, such as wuxia (martial arts fiction), Boys' Love (BL), and romance, including past supply deals with Chinese platform Kuaikan for wuxia webtoons and distribution through Amazon Japan.
In 2025 the company absorbed web-novel subsidiary Days Enter to integrate its content production and distribution organization, while subsidiaries Blue Comics and Double Plus supplement its content-creation capabilities.
Competitively, large portal-affiliated platforms such as Naver Webtoon and Kakao Entertainment, along with specialized platforms such as Ridi, dominate the broader market, positioning Mr.
Blue as a smaller, specialized platform that maintains competitiveness in niche categories such as wuxia and adult-oriented content built on proprietary IP. Overseas, the company has used its Myanmar subsidiary, Mr. Blue Myanmar, as a base to pursue expansion into Southeast Asian markets.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩16.4B | -₩1.8B | −10.8% |
| 2025Q3 | ₩17.5B | -₩700M | −4.1% |
| 2025Q4 | ₩16.5B | ₩500M | 2.8% |
| 2026Q1 | ₩16.4B | ₩500M | 3.2% |
| 2026Q2 | ₩16.3B | ₩94,804,997 | 0.6% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩77.2B | ₩7.4B | ₩3.1B | 9.6% | 4.6% | 99.9% |
| 2023 | ₩74.1B | ₩700M | -₩11.2B | 0.9% | −20.2% | 107.1% |
| 2024 | ₩70.3B | -₩13.6B | -₩16.6B | −19.3% | −28.4% | 61.6% |
| 2025 | ₩67.5B | -₩2.5B | -₩18.6B | −3.6% | −46.0% | 65.1% |
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
Consolidated revenue declined for four consecutive years, from KRW 77.16 billion in 2022 to KRW 74.13 billion in 2023, KRW 70.34 billion in 2024, and KRW 67.46 billion in 2025, reflecting a gradual contraction in top line.
Operating profit fell sharply from KRW 7.44 billion (a 9.6% margin) in 2022 to KRW 0.69 billion (0.9%) in 2023, then swung to a KRW 13.55 billion operating loss (-19.3%) in 2024 before the loss narrowed to KRW 2.46 billion (-3.6%) in 2025.
Net income attributable to owners was positive only in 2022 at KRW 3.12 billion, followed by losses of KRW 11.22 billion in 2023, KRW 16.64 billion in 2024, and KRW 18.56 billion in 2025 — three straight years in the red.
On a quarterly basis, the operating loss narrowed from KRW 1.77 billion in Q2 2025 to KRW 0.71 billion in Q3, before flipping to an operating profit of KRW 0.47 billion in Q4, a streak that continued into Q1 2026 (KRW 0.53 billion) and Q2 2026 (KRW 0.09 billion).
Financial data provider FnGuide noted that Q1 2026 revenue fell 3.7% year-on-year even as operating profit turned positive. FnGuide attributed this operating turnaround to cost savings and more efficient resource management following the absorption merger of Days Enter.
Net income, however, followed a different path: owners' net income was a modest KRW 0.08 billion profit in Q3 2025 but swung to a large KRW 16.51 billion net loss in Q4 2025 despite the operating profit that quarter, suggesting a sizable one-off item may have been booked below the operating line.
Owners' net income then returned to profit in Q1 2026 (KRW 1.43 billion) and Q2 2026 (KRW 2.32 billion), while the trailing four-quarter sum (Q3 2025 through Q2 2026) still showed a net loss of KRW 12.69 billion.
On cash flow, operating cash flow was a net inflow of KRW 8.24 billion in 2022 and KRW 3.41 billion in 2023, turned to an outflow of KRW 6.18 billion in 2024, and recovered to an inflow of KRW 2.41 billion in 2025.
The global webtoon market is estimated to be continuing its growth trajectory.
According to one market research source, domestic webtoon industry revenue in Korea grew 19.7% year-on-year, from roughly KRW 1.829 trillion in 2022 to KRW 2.189 trillion in 2023, driven by expanding paid-payment models and rising overseas revenue from translated titles.
The overall global market is estimated at roughly $8.76 billion (about KRW 12.4 trillion) in 2026, with large Korea-based platforms such as Naver Webtoon and Kakao Entertainment accounting for a substantial share of global revenue as of 2025.
This concentration among a handful of large platforms is part of the backdrop that pushes a smaller specialized platform like Mr. Blue toward differentiation in niche genres.
Industry commentary points to AI-assisted drawing and coloring tools, along with the spread of interactive, choice-driven formats, as key trends shaping the industry in 2026.
At the same time, debate persists between creators and readers over AI usage, and Korea's webtoon industry continues to face revenue leakage from piracy.
In the gaming segment, revenue volatility tied to the commercial success of new titles remains a structural feature of the domestic and global MMORPG/mobile RPG market, meaning the performance of Blue Potion Games' EOS Black could increasingly influence the group's consolidated results.
The company's near-term earnings trajectory hinges on how long the operating profit streak can be sustained.
Cost savings from the Days Enter absorption merger appear to have been reflected across three consecutive quarters from Q4 2025 through Q2 2026, making the durability of this effect and any further cost-structure improvements key items to watch.
On the gaming side, Blue Potion Games' EOS Black is reported to have surpassed 2 million pre-registrations, positioning its post-launch revenue contribution as a major variable for future results.
Blue Potion Games previously selected a lead underwriter for a planned IPO, so any follow-up disclosures on listing progress also warrant monitoring.
The company completed a share consolidation process in August 2026, an event that changes the basis for per-share calculations and requires care when interpreting future earnings- and shareholding-related disclosures.
On the content side, strengthening competitiveness in wuxia-based IP and expanding merchandise tied to female-oriented webtoons have been cited as strategies to improve platform profitability, though revenue itself has trended lower in recent years, making any rebound worth confirming.
The company has posted net losses for several consecutive years, making price-to-earnings comparisons difficult, which is why valuation comparisons tend to center on the price-to-book ratio instead.
The current price-to-book ratio, whether calculated in-house or based on the official KRX figure, sits below 1x, indicating the shares trade at a discount to book net asset value.
That said, owners' equity itself shrank sharply, from roughly KRW 68.1 billion in 2022 to about KRW 40.4 billion in 2025 over four years, so the book-value benchmark has also been contracting over the same period.
On the dividend side, the company has not been paying dividends recently, which limits the usefulness of yield-based comparisons.
The shift of operating profit to positive territory since Q4 2025 can be read as a directional change in the earnings structure compared with the earlier loss-making phase, but net income attributable to owners remains in loss territory on a trailing four-quarter basis.
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
Operating profit has been positive for three consecutive quarters from Q4 2025 through Q2 2026, a marked shift from the sizable losses seen in 2023-2024. FnGuide attributed this turnaround to cost savings from the Days Enter absorption merger.
If the improved cost structure proves durable rather than one-off, it could serve as a foundation for a broader profitability recovery.
Subsidiary Blue Potion Games' mobile RPG EOS Black reportedly surpassed 2 million pre-registrations and ranked among the top mobile RPGs by this metric. If the game contributes meaningfully to revenue going forward, it could partially offset the decline in the core content platform's sales.
That said, whether this early traction translates into sustained performance still needs to be confirmed separately.
Domestic webtoon industry revenue grew 19.7% between 2022 and 2023, and the global market size is estimated in the trillions of won as of 2026, indicating the broader industry continues to expand. Amid rising overseas demand for Korean IP, there is room for Mr. Blue's overseas distribution opportunities to grow given its strength in specific genres such as wuxia and BL.
Consolidated revenue has declined for four consecutive years, from KRW 77.16 billion in 2022 to KRW 67.46 billion in 2025. In a market structure increasingly concentrated among a few large platforms, the continued contraction of Mr. Blue's core content business is a headwind. Profit improvement driven by cost cuts alone may have limits without a revenue rebound.
In Q4 2025, despite a positive operating profit, owners' net income showed a large loss of KRW 16.51 billion, suggesting a sizable one-off item was likely booked below the operating line. The trailing four-quarter sum of owners' net income also remains in a loss of KRW 12.69 billion. This volatility makes it difficult to draw firm conclusions about the underlying trend from any single quarter.
Owners' equity fell by more than 40% over four years, from KRW 68.13 billion in 2022 to KRW 40.38 billion in 2025. Over the same period, the debt ratio declined from 99.9% in 2022 to 65.1% in 2025, but this reflects both reduced liabilities and shrinking equity. Continued net losses could further erode the company's financial buffer going forward.
The webtoon and web-novel market shows revenue concentrating around large portal-affiliated platforms such as Naver Webtoon and Kakao Entertainment, making it a challenging environment for a smaller specialized platform like Mr. Blue to secure bargaining power and traffic. Piracy across the domestic webtoon industry is also cited as a factor eroding revenue.
Owners' net losses have continued for three straight years from 2023 through 2025, alongside a shrinking equity base. Quarters like Q4 2025, where operating profit and net income moved in opposite directions, can make it harder to interpret results and assess the outlook going forward.
Subsidiary Blue Potion Games' performance is structurally dependent on the commercial success of a small number of game titles, and whether EOS Black's early pre-registration momentum translates into actual revenue and sustained user retention still needs separate verification.
There is also a risk that new-business initiatives such as the subsidiary's planned IPO could be delayed or altered.
Around the scheduled release of Q3 2026 results, worth checking whether the operating-profit streak extends to a fourth consecutive quarter and whether the gaming segment's revenue contribution expands.
Worth monitoring for any additional disclosures related to Blue Potion Games' IPO process, such as a preliminary listing review filing.
Around the filing of the fiscal 2026 annual business report (audit report), when full-year operating profitability and the trend in total equity can be confirmed.
Ongoing monitoring of company IR materials or media coverage regarding EOS Black's revenue and user metrics is warranted to track the game segment's actual earnings contribution.
Mr. Blue is showing signs of cost-structure improvement, posting operating profit for three consecutive quarters since Q4 2025 even amid the structural pressure of four straight years of revenue decline.
However, owners' net income remains in loss territory on a trailing four-quarter basis, weighed down by the large loss booked in Q4 2025, and total equity has also shrunk substantially over four years.
Subsidiary Blue Potion Games' new title EOS Black has shown early traction, making the gaming segment a potential swing factor for future results, though whether this translates into a sustained revenue contribution still requires further confirmation.
On the industry side, the global webtoon market continues to grow, but securing a foothold as a smaller specialized platform remains a challenge amid concentration around large platforms.
From a valuation standpoint, continued net losses limit earnings-based comparisons, and any assessment of a discount to book value should also account for the ongoing contraction in the equity base itself.
Ahead of any investment decision, it will be important to track upcoming quarterly results and disclosures related to the gaming business and the subsidiary IPO to confirm whether these trends persist.
Report written 2026-09-12 · Data as of 2026-09-11
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.