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 and profit have contracted for four straight years, and the airing and production of tentpole dramas such as 'Crash 2' and 'Paegoejihwang' in the second half will test whether earnings can turn around.
2025 revenue came to KRW 11.79 billion with an operating loss of KRW 7.28 billion, pushing the operating margin to -61.7%.
In Q2 2026, the operating loss (-KRW 2.52 billion) continued, yet net income attributable to owners turned positive at KRW 695 million.
Titles such as 'Crash 2' and 'Paegoejihwang' are set for filming or broadcast in the second half of this year, signaling a resumption of content supply.
The debt ratio fell from 73.1% in 2022 to 16.7% in 2025, indicating relatively improved balance-sheet stability.
Continued licensing deals with global OTT platforms such as Viki and Netflix keep overseas rights-sales channels active.
AStory is a drama content production company established in 2004 and listed on KOSDAQ in 2019, planning and producing content supplied to broadcasters, OTT platforms, and overseas markets.
The company states it is expanding its business through drama production for global OTT platforms, securing drama IP and overseas rights, worldwide remake rights sales, and IP-based ancillary businesses. Through its subsidiary AIMC, it also operates ancillary businesses including actor management.
Its notable works include 'Idol I,' the 'Crash' series, and 'The Kidnapping Day,' and it is also pursuing IP-recycling projects such as a global remake of 'Extraordinary Attorney Woo' and Japanese and British remakes of 'The Kidnapping Day.' The company recently signed a broadcast-rights licensing agreement with the global video streaming platform Viki for 'Crash Season 2,' and in November 2025 entered into an overseas broadcast-rights agreement with Netflix Worldwide Entertainment for 'Idol I.' Revenue is composed of broadcast/OTT-oriented content production and distribution, overseas rights sales, and IP ancillary businesses, though a detailed breakdown by segment is not disclosed.
Given the nature of the content-production business, revenue and earnings tend to swing significantly by quarter depending on the broadcast timing and rights sales of specific tentpole titles.
Competitively, the company competes for ratings, broadcast slots, and global OTT commissions alongside major domestic drama/IP content producers such as Contentree JoongAng, Samhwa Networks, Ylab, and Daewon Media.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩3.9B | -₩1.2B | −32.0% |
| 2025Q3 | ₩3.7B | -₩1.2B | −32.4% |
| 2025Q4 | ₩2.9B | -₩4.2B | −143.0% |
| 2026Q1 | ₩6.7B | -₩1.2B | −18.1% |
| 2026Q2 | ₩3.5B | -₩2.5B | −72.9% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩71.7B | ₩8.5B | ₩4.1B | 11.9% | 7.0% | 73.1% |
| 2023 | ₩56.9B | ₩6.9B | ₩4.9B | 12.2% | 7.9% | 53.1% |
| 2024 | ₩14.8B | -₩3.5B | -₩4.8B | −23.7% | −8.5% | 27.0% |
| 2025 | ₩11.8B | -₩7.3B | -₩7.1B | −61.7% | −14.8% | 16.7% |
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
AStory's revenue contracted for four consecutive years, falling from KRW 71.68 billion in 2022 to KRW 56.88 billion in 2023, KRW 14.79 billion in 2024, and KRW 11.79 billion in 2025.
Operating income also swung from profits of KRW 8.50 billion in 2022 and KRW 6.95 billion in 2023 to losses of KRW 3.50 billion in 2024 and KRW 7.28 billion in 2025, with the operating margin deteriorating sharply from 12.2% in 2023 to -61.7% in 2025.
Net income attributable to owners followed the same pattern, moving from profits of KRW 4.09 billion in 2022 and KRW 4.91 billion in 2023 to losses of KRW 4.82 billion in 2024 and KRW 7.11 billion in 2025.
On a quarterly basis, losses persisted through Q3 2025 (revenue KRW 3.73 billion, operating loss KRW 1.21 billion), before Q4 2025 saw revenue shrink further to KRW 2.92 billion while the operating loss widened sharply to KRW 4.18 billion and net loss reached KRW 3.83 billion, the weakest quarter in the recent four-quarter window.
Revenue jumped to KRW 6.71 billion in Q1 2026, though the operating loss (KRW 1.21 billion) continued, and then revenue fell back to KRW 3.46 billion in Q2 2026 as the operating loss actually widened to KRW 2.52 billion.
Notably, Q2 2026 net income attributable to owners turned positive at KRW 695 million, diverging from the continued operating loss, a pattern that appears to reflect non-operating items whose specific details require further confirmation from disclosures.
Total equity attributable to owners declined from KRW 58.50 billion in 2022 to KRW 48.07 billion in 2025, while total liabilities fell sharply from KRW 42.78 billion to KRW 8.01 billion over the same period, lowering the debt ratio from 73.1% to 16.7%.
Operating cash flow was positive in some years (+KRW 28.61 billion in 2022, +KRW 21.33 billion in 2024) but negative in others (-KRW 6.08 billion in 2023, -KRW 1.96 billion in 2025), showing considerable year-to-year variability.
The domestic drama production industry has been affected by reduced content investment budgets at broadcasters and OTT platforms.
Indeed, AStory's cumulative revenue through Q3 2025 fell 38.2% year over year, with the decline attributed to a global economic slowdown that reduced domestic TV advertising spending, shrinking content investment resources, and an increase in unaired titles.
This industry-wide slowdown is not unique to AStory; one market commentary noted that related stocks including Contentree JoongAng, Ylab, Daewon Media, and Samhwa Networks weakened together, while noting that mid- to long-term growth expectations for the webtoon and drama IP market remain intact even as short-term earnings visibility has deteriorated.
The company, for its part, states that it expects earnings improvement by strengthening global co-productions and format exports of its owned IP and expanding its global business through remakes.
Competitively, AStory operates on a relatively smaller production scale than major studios, leaving it structurally exposed to swings in performance depending on the broadcast timing of one or two tentpole titles.
Licensing to global OTT platforms and remake rights sales are cited as alternative channels that could offset the slowdown in the domestic advertising market, though uncertainties such as scheduling delays or changes in contract terms also remain.
AStory unveiled a drama lineup spanning the second half of this year through the first half of next year, formalizing a number of tentpole projects.
Notably, 'Crash 2' expands on its predecessor's universe, with the traffic-crime investigation team elevated to a nationwide unit under the National Office of Investigation; the drama is directed by Park Jun-woo, known for 'Taxi Driver,' features new cast member Jisung of NCT, and is scheduled to be released on global platforms including ENA and Disney+ in the second half of this year.
'Suseonggung Secret Records,' a fusion historical romance starring Chae Won-bin and Kang Hoon, began filming in July and is slated for broadcast on tvN.
'Paegoejihwang,' a large-scale action drama directed by Shin Kyung-soo (known for 'Six Flying Dragons' and 'Nokdu Flower') about a former organized-crime killer assigned to a police witness-protection unit, is co-produced with Shining Park and begins filming in the second half of this year.
Beyond these, three additional titles—writer Park Jae-beom's near-future sci-fi season project 'UFP,' the Korea-US-Japan trilateral project 'Rikey' based on the true stories of Rikidozan and Kim Il, and the K-occult drama 'In the River Where Evil Swarms'—are in the casting and scheduling discussion stage targeting production in the first half of next year.
Previously, 'Idol I' aired on ENA from December 22, 2025 to January 27, 2026, and a separate overseas broadcast-rights agreement was signed with Netflix.
The company is also cultivating its own IP and talent pipeline through a rookie-writer debut program and public actor auditions, making the sequential broadcast and rights sales of multiple titles in the second half a key point to watch for how they flow through to earnings.
With net losses persisting through 2024 and 2025, AStory sits in a range where a conventional price-to-earnings comparison carries limited meaning.
The stock trades below its net asset value per share, reflecting a discount to book value that can be interpreted as a consequence of the sustained net-loss trend in recent years combined with the intangible-asset-heavy balance sheet typical of a content producer.
On dividends, no cash distribution has been made amid the recent loss-making phase, leaving the dividend yield on the lower end within the sector. Comparing the profitable 2022-2023 period with the recent loss-making stretch, earnings direction shifted from profit to loss without a clear recovery signal confirmed yet.
With multiple tentpole titles scheduled for broadcast and rights sales in the second half, the actual timing and scale at which revenue and profit are recognized are likely to be an important variable for future valuation assessments.
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
Large-scale projects such as 'Crash 2' and 'Paegoejihwang' are set for broadcast or filming in the second half, creating room for a resumption of content revenue recognition. Casting buzz, including the addition of NCT's Jisung, adds support.
That said, when and how much of the broadcast and rights-sale timing will flow into actual earnings still needs confirmation.
The debt ratio dropped sharply from 73.1% in 2022 to 16.7% in 2025, easing financial leverage burdens. Even as net losses persisted, the absolute size of liabilities has been on a downward trend. This can be viewed as a positive factor in terms of capacity to fund content production investment.
Licensing agreements with global platforms such as Viki and Netflix continue, and overseas remakes of IP including 'The Kidnapping Day' and 'Extraordinary Attorney Woo' are underway. This can serve as an alternative revenue channel that partially offsets the slowdown in the domestic advertising market.
However, specific terms such as contract value and revenue-recognition timing need to be confirmed through subsequent disclosures.
Revenue fell sharply from KRW 71.68 billion in 2022 to KRW 11.79 billion in 2025, while operating income swung from profit to a loss of KRW 7.28 billion. An increase in unaired titles and reduced advertising budgets are cited as the main drivers. The timing and scale of any recovery have yet to become visible.
Quarterly results have swung significantly, with the Q4 2025 operating loss widening to KRW 4.18 billion, followed by a jump in Q1 2026 revenue to KRW 6.71 billion that then fell back to KRW 3.46 billion in Q2.
This reflects the content-production industry's inherent structure in which profit and loss hinge on the broadcast and rights-recognition timing of specific titles. Such volatility lowers predictability.
A decline in domestic TV advertising spending has reduced content investment resources across the sector, and related stocks have at times weakened together.
Separate from mid- to long-term growth expectations for the webtoon and drama IP market, there is an assessment that short-term earnings visibility has deteriorated. This should be viewed as an industry-wide factor rather than an issue specific to AStory alone.
In drama production, revenue and profitability depend heavily on whether a specific title's broadcast slot is confirmed and on its ratings and buzz.
Titles still at the casting and scheduling discussion stage, such as 'UFP,' 'Rikey,' and 'In the River Where Evil Swarms,' have not yet been finalized and could see their timelines delayed. Such delays could push back the timing of revenue recognition.
If a global economic slowdown reduces domestic TV advertising spending, content investment budgets at broadcasters and OTT platforms could shrink accordingly.
This factor has already been cited as a background to the sharp revenue decline in 2025, and a recurrence of a similar trend could burden new-title scheduling or cost recovery. This should be viewed as a structural risk across the sector.
When net income turns positive even as an operating loss persists, as in Q2 2026, this may stem from non-operating items rather than a structural improvement in the core business. Net income improvement driven by such non-operating factors may lack sustainability. Investors and analysts need to confirm the specific details of non-operating items through future disclosures.
Watch for whether 'Crash 2' begins airing on ENA and Disney+ and its early ratings and buzz. This is a key variable for second-half revenue recovery.
Check the progress of 'Paegoejihwang' filming and whether 'Suseonggung Secret Records' receives a confirmed tvN broadcast slot.
Check the Q3 2026 preliminary earnings release to see whether revenue and operating profit/loss improve from Q2 and whether the gap between net income and operating income recurs.
Confirm whether casting and scheduling are finalized for the three titles 'UFP,' 'Rikey,' and 'In the River Where Evil Swarms.' Since production is targeted for the first half of next year, details could firm up during this window.
AStory has seen revenue and operating income contract for four consecutive years since 2022, with net losses persisting through 2024 and 2025.
Even into 2026, quarterly revenue and operating profit/loss have shown considerable volatility, and in Q2 the company posted an unusual pattern of a continued operating loss alongside a swing to positive net income.
That said, the sharply lower debt ratio has eased financial leverage burdens, and a number of tentpole dramas such as 'Crash 2' and 'Paegoejihwang' are scheduled for broadcast or filming from the second half, leaving room for a resumption of content revenue recognition.
Licensing to global OTT platforms and remake rights sales also function as alternative revenue channels.
As reduced short-term earnings visibility tied to shrinking domestic advertising budgets is evident across the sector, the strength and durability of any earnings recovery is a matter that will need to be confirmed through the actual scheduling, broadcast, and rights-recognition flow over the coming quarters.
Report written 2026-09-05 · Data as of 2026-09-04
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