PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q3–2026Q2) · Dividend yield is based on ₩70 per share · Prices as of the 2026-10-02 close
AniPlus posted a record quarter on a hit anime film before swinging to a loss the following quarter, and has now moved to fully consolidate its Laftel subsidiary.
2025 revenue rose to KRW 150.3 billion, but operating profit fell to KRW 22.7 billion, with the operating margin slipping from 19.2% to 15.1%.
Exclusive distribution of 'Demon Slayer: Infinity Castle' drove record Q3 2025 results of KRW 55.7 billion in revenue and KRW 16.4 billion in operating profit, but the company swung to an operating loss in Q4.
Revenue in Q1-Q2 2026 settled back around KRW 30 billion per quarter with an operating margin in the 8-10% range, returning to pre-boom levels.
AniPlus acquired the remaining stake in subsidiary Laftel for KRW 37.0 billion on August 10, 2026, raising its ownership to 100%.
The debt ratio climbed from 75.8% in 2022 to 111.7% in 2025, reflecting rising leverage tied to M&A activity and convertible bond issuance.
AniPlus is a content group built around its core broadcast channel AniPlus TV, which airs Japanese anime simultaneously with Japan, alongside anime-focused OTT platform Laftel, film and broadcast distributor Animax Broadcasting Korea, and exhibition company Media & Art.
The broadcast channel business sources recent anime licenses from Japanese studios for simultaneous domestic airing, and holds popular IP titles. Laftel generates subscription revenue through anime streaming and was a 68.88%-owned subsidiary until it was fully consolidated in August 2026.
Animax Broadcasting Korea handles exclusive domestic distribution of Japanese theatrical anime releases and was the key profit driver behind the 2025 success of 'Demon Slayer: Infinity Castle.' Media & Art is an exhibition subsidiary that plans and operates art and photography shows, generating a separate revenue stream.
The largest shareholder is JJ Mediaworks and affiliates (40.44%), with RIDI Corporation (7.74%) and an individual shareholder (6.32%) among other major holders.
The business structure combines content distribution (broadcast and licensing), platform (OTT), and offline exhibition operations, meaning the box-office performance of specific IP titles can directly sway consolidated results.
Competitively, the company faces pressure from global OTT platforms such as Netflix and Crunchyroll over anime licensing rights, while Laftel has maintained a relatively distinct position among domestic anime-focused OTT services.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩28.6B | ₩3.1B | 10.7% |
| 2025Q3 | ₩55.7B | ₩16.4B | 29.5% |
| 2025Q4 | ₩36.6B | -₩2.1B | −5.6% |
| 2026Q1 | ₩29.6B | ₩2.4B | 8.2% |
| 2026Q2 | ₩32.3B | ₩3.3B | 10.1% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩58.1B | ₩9.6B | ₩4B | 16.6% | 5.4% | 75.8% |
| 2023 | ₩111.3B | ₩22.9B | ₩8.9B | 20.5% | 9.6% | 97.4% |
| 2024 | ₩131B | ₩25.1B | ₩15.6B | 19.2% | 13.9% | 106.4% |
| 2025 | ₩150.3B | ₩22.7B | ₩12.1B | 15.1% | 10.1% | 111.7% |
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
On an annual basis, revenue grew steadily from KRW 58.1 billion in 2022 to KRW 111.3 billion in 2023 (+91.6%), KRW 131.0 billion in 2024 (+17.6%), and KRW 150.3 billion in 2025 (+14.8%).
Operating profit, however, rose from KRW 9.6 billion in 2022 to KRW 22.9 billion in 2023 and KRW 25.1 billion in 2024, then declined to KRW 22.7 billion in 2025, with the operating margin slipping from 19.2% in 2024 to 15.1% in 2025.
Net income attributable to owners also fell 22.8% year on year, from KRW 15.6 billion in 2024 to KRW 12.1 billion in 2025.
The quarterly pattern explains this clearly: revenue hit a record KRW 55.7 billion with operating profit of KRW 16.4 billion (a 29.5% margin) in Q3 2025, before sharply reversing to a KRW 36.6 billion revenue quarter with an operating loss of roughly KRW 2.1 billion and an owners' net loss of KRW 5.4 billion in Q4.
Entering 2026, the company returned to profitability with Q1 revenue of KRW 29.6 billion and operating profit of KRW 2.4 billion (8.2% margin), followed by Q2 revenue of KRW 32.3 billion and operating profit of KRW 3.3 billion (10.1% margin), though owners' net income in Q2 was only KRW 0.75 billion, lagging the pace of the operating profit recovery.
Notably, operating cash flow jumped from KRW 44.6 billion in 2024 to KRW 85.6 billion in 2025, showing improved cash generation despite earnings volatility.
The debt ratio, meanwhile, has risen every year, from 75.8% in 2022 to 97.4% in 2023, 106.4% in 2024, and 111.7% in 2025, indicating that revenue growth has come alongside rising financial leverage.
Overall, 2025 was a year in which quarterly swings tied to a single hit title pulled down the annual profitability metrics.
The domestic anime content distribution market is shaped by intensifying competition for new licenses from Japanese studios among global OTT platforms. As international giants such as Netflix and Crunchyroll (under Sony) compete for anime licensing rights, domestic operators may face rising content acquisition costs.
At the same time, repeated box-office successes of theatrical anime releases in Korea mean that operators holding exclusive distribution rights can capture outsized short-term profits.
At the time of its acquisition, Laftel was described as one of the few profitable anime-focused platforms in Korea's OTT industry, with roughly 5 million members making it the largest domestic anime-specialized OTT platform.
The broader subculture economy—merchandise, exhibitions, and fandom events—has also been expanding, prompting content companies to diversify revenue beyond simple broadcast rights into MD and exhibitions.
Cyclically, the industry is characterized by large quarterly swings tied to theatrical release schedules, meaning a strong quarter does not necessarily signal a structural improvement across the sector.
Relative to peers, AniPlus's vertically integrated structure spanning broadcast, OTT, distribution, and exhibitions stands out as a point of differentiation.
On August 10, 2026, the company acquired the remaining 31.12 percentage points of Laftel for KRW 37.0 billion, bringing it to a fully owned subsidiary, in a deal equal to 13.64% of total assets and 28.87% of equity.
Management said the move would strengthen its anime business competitiveness by fully consolidating Laftel as a subsidiary.
Laftel posted 2025 revenue of KRW 39.0 billion, net income of KRW 4.2 billion, and total equity of KRW 17.4 billion, and the full consolidation is expected to affect how ownership changes flow through consolidated results going forward.
AniPlus TV continues to roll out new quarterly anime lineups, including its Q4 2026 slate, meaning the box-office performance of any marquee title remains a variable that could again sway quarterly results.
Under disclosure rules, the next regular filing—the Q3 2026 quarterly report—must be submitted by November 16, 2026, though actual disclosure could come earlier.
Separately, a June 2025 Shinhan Investment report noted that the conversion window for a KRW 12.0 billion 5th-series convertible bond runs from October 2026 to March 2027, flagging potential conversion-related share supply during this period as a factor to watch.
In 2025 the company had stated it expected annual revenue and operating profit growth to exceed 30%, but actual full-year operating profit instead declined 9.8% year on year, a notable gap between guidance and outcome worth keeping in mind when assessing future guidance.
Because results swing so sharply from quarter to quarter, valuation interpretations tied to profitability metrics also tend to shift accordingly. The price-to-book ratio sits in a range close to or at a modest discount to net asset value, suggesting the stock is not trading at an outsized premium to its asset base.
That said, since operating profit declined year on year in 2025 even though it stayed in positive territory, the durability of any profitability recovery remains a point to monitor relative to historical trading patterns.
On dividends, the disclosed per-share payout policy has been maintained, but given the volatile earnings stream, the sustainability of future payouts may be assessed differently depending on how results evolve.
Ultimately, valuing this stock requires factoring in the structural tendency for profitability metrics themselves to swing significantly depending on whether a given quarter includes a hit title.
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
The full consolidation of Laftel in August 2026 further strengthened the vertical integration across OTT, distribution, and broadcast operations. Management stated the move was aimed at strengthening its anime business competitiveness.
The transaction price fell within the valuation range set by an independent appraiser, limiting concerns over pricing fairness.
Operating cash flow grew sharply from KRW 44.6 billion in 2024 to KRW 85.6 billion in 2025, showing a clear improvement in cash generation independent of earnings volatility.
Revenue sources are spread across the exhibition subsidiary Media & Art and the OTT subsidiary Laftel, a structure that can partially cushion the impact of weakness in any single business line. This diversified revenue base may reduce reliance on any one IP title.
Animax Broadcasting Korea's exclusive domestic distribution rights to Japanese theatrical anime releases create a structure capable of generating large short-term profits whenever a hit title emerges.
As seen with 'Demon Slayer: Infinity Castle' in Q3 2025, holding exclusive rights to a box-office hit can sharply improve quarterly results. This leverage is a structural feature that could re-activate with future blockbuster releases.
The swing from a record Q3 2025 to an operating loss in Q4 illustrates a high dependence on individual blockbuster titles. In the first half of 2026, the operating margin remained in the 8-10% range, well below the Q3 boom level.
Under this structure, quarters without a hit title in the new release lineup may show comparatively weaker results.
In 2025 the company had stated it expected annual revenue and operating profit growth to exceed 30%, but actual full-year operating profit instead fell 9.8% year on year. Despite an overwhelmingly strong Q3, the Q4 loss dragged down the annual figures. This suggests caution is warranted when interpreting management's in-quarter outlook statements.
The debt ratio has risen every year, from 75.8% in 2022 to 111.7% in 2025, reflecting continued leverage growth tied to M&A activity and capital raising.
A June 2025 Shinhan Investment report noted that the conversion window for a KRW 12.0 billion 5th-series convertible bond runs from October 2026 to March 2027, meaning conversion-related share supply during this period could affect stock supply and demand.
The KRW 37.0 billion cash outlay for the full Laftel consolidation could also weigh on future financial flexibility.
Results are heavily influenced by the box-office success of specific Japanese anime IP in Korea, meaning quarters without a major title in the lineup could show comparatively weak results.
Negotiating leverage with Japanese studios and intensifying competition with global OTT platforms for licensing rights are variables that could affect content acquisition costs. If box-office performance deviates from expectations, quarterly earnings predictability could decline.
The debt ratio has been rising every year, and an approaching convertible bond conversion window could affect future share supply and demand. Since KRW 37.0 billion in cash was deployed for the full Laftel consolidation, financing pressure could increase for any further investment or M&A.
The combination of expanding leverage alongside volatile earnings is a factor worth monitoring for financial stability.
The large cash outlay involved in bringing Laftel to full subsidiary status could place short-term pressure on liquidity. How the full consolidation affects consolidated results through changes in equity-method and minority interest accounting remains an unconfirmed variable.
There is also a possibility that expected integration synergies could be delayed or that integration costs could exceed expectations.
This is the legal filing deadline for the Q3 2026 quarterly report, though actual disclosure may come earlier. It is a point to check whether Q3 revenue and operating profit continue the gradual recovery trend seen in the first half of 2026.
This is the conversion window for the KRW 12.0 billion 5th-series convertible bond; it is worth checking whether and how much conversion-related supply emerges during this period.
Checking AniPlus TV's Q4 new anime lineup and any theatrical release schedule will help gauge whether another hit title could again sway quarterly results.
As the first quarterly result following the full Laftel consolidation on August 10, 2026, this is the point to check how equity-method and minority interest changes are reflected in the consolidated financial statements.
AniPlus exhibited a textbook IP-dependent earnings pattern in 2025, with the single hit title 'Demon Slayer: Infinity Castle' sharply boosting one quarter's results before the company swung to a loss the very next quarter.
On an annual basis, revenue grew for four consecutive years, yet 2025 operating profit and owners' net income both declined year on year, revealing a notable gap between top-line growth and profitability.
In the first half of 2026, quarterly operating margins stayed in the 8-10% range, well below the boom-quarter level, suggesting profitability could remain moderate absent another blockbuster in the lineup.
The full consolidation of Laftel in August strengthens vertical integration but came with a KRW 37.0 billion cash outlay alongside a debt ratio that has risen every year, warranting continued attention to the financial structure.
The conversion window for the 5th-series convertible bond beginning in October 2026 is another variable to monitor regarding future share supply and demand.
Ultimately, this stock carries a structural tendency toward large earnings swings depending on quarterly content box-office outcomes, with both bullish and bearish factors grounded in concrete, documented facts.
Report written 2026-10-02 · Data as of 2026-10-01
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