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
Studio Mir continues to anchor its business on turn-key animation production for global OTT platforms led by Netflix while expanding into self-owned IP ventures such as virtual idols, but project-based revenue recognition keeps quarterly results highly volatile.
2025 consolidated revenue fell to KRW16.39 billion from KRW17.57 billion in 2024, while the operating loss widened to KRW2.15 billion.
Operating profit briefly turned positive at KRW0.33 billion in Q4 2025 but reverted to losses of KRW0.90 billion and KRW0.43 billion in Q1 and Q2 2026.
The company signed a new five-year production contract with Netflix, reducing gaps between projects.
Wholly owned subsidiary Duri Entertainment debuted virtual idol group B:DAWN in May 2026, diversifying the company into IP business.
New Netflix animation series 'Bass X Machina' is scheduled for release on October 6, 2026.
Founded in 2010, Studio Mir is a turn-key animation producer whose core strength lies in owning the entire production pipeline, from pre-production story planning to main production animation and post-production editing and sound.
The company operates a 3D animation subsidiary, Studio Mir CGI, enabling a hybrid 2D/3D production system.
Its major clients are global OTT platforms and major studios including Netflix, Disney+, Warner Bros, DreamWorks, and Nickelodeon, and its production credits include The Legend of Korra, The Witcher: Nightmare of the Wolf, DOTA: Dragon's Blood, X-Men '97, Devil May Cry, and Voltron: Legendary Defender.
In 2020 it became the first Korean animation studio to sign a non-exclusive production-line partnership with Netflix and has renewed related contracts since.
Revenue is centered on B2B turn-key production for global OTT and North American cable channels, and the company has recently been expanding into co-developing IP with games, webtoons and web novels.
Notably, through wholly owned subsidiary Duri Entertainment, established in April 2025, it launched virtual idol group B:DAWN in May 2026, entering a self-owned IP business spanning music, video, character and fandom activities.
The company is regarded as having an edge over domestic peers in turn-key production capability and a track record of landing major IP projects.
However, because revenue is recognized on a project basis, the business carries exposure to client concentration, particularly Netflix, and to the timing of content release schedules.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩3.6B | -₩1B | −26.8% |
| 2025Q3 | ₩3.9B | -₩700M | −19.3% |
| 2025Q4 | ₩5.1B | ₩300M | 6.4% |
| 2026Q1 | ₩3.5B | -₩900M | −25.4% |
| 2026Q2 | ₩3.9B | -₩400M | −11.1% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩25.8B | ₩3.3B | ₩1.5B | 13.0% | 7.2% | 21.0% |
| 2023 | ₩23.2B | ₩900M | ₩2.5B | 3.7% | 6.8% | 10.4% |
| 2024 | ₩17.6B | -₩1.9B | ₩100M | −10.8% | 0.3% | 10.8% |
| 2025 | ₩16.4B | -₩2.1B | -₩1.4B | −13.1% | −3.8% | 10.6% |
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 came to KRW16.39 billion in 2025, down from KRW17.57 billion in 2024, and compared with KRW23.16 billion in 2023 and KRW25.78 billion in 2022, revenue has now declined for three consecutive years.
Operating profit swung from a KRW3.34 billion gain (13.0% margin) in 2022 to a smaller KRW0.86 billion gain (3.7% margin) in 2023, then turned to losses of KRW1.90 billion (-10.8% margin) in 2024 and KRW2.15 billion (-13.1% margin) in 2025, with the loss widening for two straight years.
Net income likewise fell from gains of KRW1.51 billion in 2022 and KRW2.50 billion in 2023 to a marginal KRW0.11 billion in 2024, before swinging to an owners' net loss of KRW1.43 billion in 2025.
On a quarterly basis, Q2 2025 posted revenue of KRW3.59 billion with an operating loss of KRW0.96 billion and a net loss of KRW1.16 billion, followed by Q3 2025 revenue of KRW3.89 billion with an operating loss of KRW0.75 billion and a net loss of KRW0.24 billion; Q4 2025 revenue rose to KRW5.11 billion, delivering a temporary operating profit of KRW0.33 billion and net profit of KRW0.71 billion.
However, revenue slipped to KRW3.55 billion in Q1 2026, returning to an operating loss of KRW0.90 billion and a net loss of KRW0.22 billion, and losses continued in Q2 2026 with revenue of KRW3.87 billion, an operating loss of KRW0.43 billion and a net loss of KRW0.32 billion.
Cash flow also weakened, as operating cash flow of KRW0.72 billion in 2024 turned into a net outflow of KRW1.39 billion in 2025, reflecting the profitability decline in cash generation.
Total equity rose from KRW20.94 billion in 2022 to KRW38.56 billion in 2025 (owners' equity KRW38.00 billion), largely due to past listing proceeds, though the pace of equity growth has slowed amid two consecutive years of net losses.
The debt ratio fell from 21.0% in 2022 to the low-teens percentage range in 2023-2025, indicating the company maintains low financial leverage.
Global OTT platforms have continued to expand investment in animation content. Netflix has significantly increased its original animation investment, and rival platforms such as Amazon Prime have also raised spending on animation.
Amid a broader trend of adult-targeted animation genres widening viewership, Studio Mir is regarded within the industry as a production benchmark for which a replaceable competitor is difficult to find.
Meanwhile, Korea's animation production industry is clearly moving beyond simple outsourced production toward self-owned intellectual property businesses, with virtual entertainment combining characters, music and fandom emerging as a new growth driver.
The virtual idol market is expanding rapidly, as PLAVE achieved million-seller status with an early-2025 album release and has continued to post large streaming numbers, while in Korea a growing roster of operators beyond Duri Entertainment—including All My Anigotchi, Sandbox Network, and DNABLE—have successively entered the market, intensifying competition.
This means Studio Mir's newly launched virtual IP business is entering a market that already has multiple competitors.
Studio Mir stated it recently signed a new five-year production contract with Netflix, securing upcoming projects early to reduce gaps between production cycles.
As of the end of 2025, major project progress showed Project D fully completed as of December 31, 2025, Project B at 91% toward an April 30, 2026 target, Project F at 92% toward a May 31, 2026 target, Project C at 84% toward a June 30, 2026 target, and Project E at 19% toward an April 30, 2027 target.
Following the May 2026 release of Devil May Cry Season 2, the company's next Netflix title, an adult animation set in the post-Civil War American West titled Bass X Machina, is scheduled for global release on Netflix on October 6, 2026.
The series features Brian Tyree Henry among its executive producers and is set to join Netflix's animation lineup alongside titles such as Arcane and Blue Eye Samurai.
The company's new virtual idol venture, B:DAWN, which debuted in May 2026, plans to expand activity through music releases, music videos, live content and fan communication, with the company stating it aims to grow into a comprehensive entertainment company connecting self-owned IP planning, operation and global distribution.
Studio Mir's share price has been trading at a level close to its net asset value, a pattern that coincides with the difficulty of calculating earnings-based valuation metrics following the swing to a net loss in 2025.
Compared with the elevated trading band formed shortly after listing, market data show the stock currently moving in a lower range. The company has not paid a cash dividend based on its most recent fiscal year results, which limits the use of dividend-related metrics in valuation discussions.
As profitable years in 2022-2023 alternated with loss-making years in 2024-2025, the market's assessment of the earnings cycle reflected in the share price appears to have shifted accordingly.
The fact that monetization results from the new virtual idol business have not yet been substantially reflected in the financial statements is another factor affecting how the valuation should be interpreted.
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
Studio Mir has signed a new five-year production contract with Netflix, minimizing gaps between projects. The company has a track record of repeatedly renewing its relationship since becoming the first Korean studio to sign a non-exclusive production-line partnership with Netflix in 2020.
As of the end of 2025, multiple projects showed progress rates above 90%, providing a degree of near-term revenue visibility.
Through wholly owned subsidiary Duri Entertainment, the company debuted virtual idol group B:DAWN in May 2026, attempting a self-owned IP business model that goes beyond B2B project-based revenue.
As the first project combining its animation production technology with K-pop planning capability, there is room for expansion into music, video and fandom businesses going forward. It also differentiates itself by entering the rapidly growing virtual idol market through an animation-technology foundation.
Studio Mir is one of a small number of studios with fully in-house pre-, main- and post-production capability, and is regarded within the industry as a production reference for which a replaceable competitor is difficult to find. The company also maintains financial stability with a low debt ratio of 10.6% in 2025.
Having secured multiple major global clients including Netflix, Disney+ and Warner Bros provides some diversification against the impact of any single project's failure.
Consolidated revenue declined for three straight years, from KRW25.78 billion in 2022 to KRW16.39 billion in 2025, while operating losses widened from KRW1.90 billion to KRW2.15 billion over two consecutive loss-making years in 2024-2025. Operating losses continued in Q1 and Q2 2026, meaning a recovery in profitability has not yet been confirmed.
Operating cash flow swung from an inflow of KRW0.72 billion in 2024 to an outflow of KRW1.39 billion in 2025, showing that the earnings deterioration is also being reflected in actual cash flow.
Given the project-based revenue recognition structure, volatility remains as revenue and cash flow can be concentrated in, or absent from, specific quarters.
Beyond B:DAWN, new groups such as All My Anigotchi's OWIS, Sandbox Network's UR:L, and DNABLE's BEGRITZ have successively entered the market, intensifying competition. As the new business is still in its early stage, the timing and scale of monetization relative to investment costs have not yet been confirmed.
A significant portion of revenue depends on projects for a small number of global OTT clients, chiefly Netflix, so changes in a particular client's content investment policy or contract terms could directly affect results. Because revenue is recognized on a project basis, delays in securing new orders could also create revenue gaps.
Investment in new IP businesses such as virtual idols could pressure profitability, and a company representative noted that expanded new-business investment was one factor behind the 2025 profitability decline.
If the new business fails to deliver expected results, there is a risk that the return on investment could be delayed.
Global OTT platforms' content investment budgets can fluctuate with the macro environment and their own profitability strategies, and past periods of inflation and rising interest rates have been cited as factors behind reduced investment and rising costs that hurt results.
Even amid an expanding animation market, whether follow-on orders materialize can depend on the commercial performance of individual projects.
Global release of new Netflix title 'Bass X Machina'. Worth monitoring its reception and whether it leads to follow-on production orders.
Disclosure of Q3 2026 earnings. A key point to check whether the operating loss trend seen in the first half of 2026 reverses.
Timing of follow-up content (music releases, live events, etc.) from virtual idol B:DAWN, and whether Duri Entertainment begins contributing meaningfully to results, should be monitored.
Confirmation of full-year 2026 results via the annual business report. A point to verify whether progress on individual projects (such as Project C and Project E) has translated into actual recognized revenue.
Studio Mir continues to anchor its business on turn-key animation production for global OTT platforms centered on Netflix, while expanding into self-owned IP ventures such as virtual idol group B:DAWN.
Financially, following profitable years in 2022-2023, the company posted operating losses for two consecutive years in 2024-2025, swung to an owners' net loss in 2025, and continued to post operating losses in the first half of 2026.
That said, the temporary swing to profit in Q4 2025, the new five-year Netflix contract, and the high completion rates of several projects are facts that could support a future earnings recovery.
The new virtual idol IP business has entered a rapidly growing market, but competition is already intense, and monetization results have not yet appeared clearly in the financial statements. With a debt ratio in the low-teens percentage range, financial stability concerns appear limited.
Investors will want to sequentially track the October title release, Q3 earnings, and progress of the virtual idol business as they form their own assessment.
Report written 2026-09-05 · Data as of 2026-09-04
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