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ZYBERNO

Stock Report

Updated Aug 31, 2026

WEBTOON Entertainment Inc. (WBTN)

NASDAQ

$10.24

Professional Investment Analysis

ZYBERNO SCORE →

Is it a great business? Is it getting better?

36.0/100

WEAK BUSINESS

WEBTOON Entertainment Inc. (WBTN) scores 36/100 — weak fundamentals with mixed indicators requiring careful analysis before acting.

📊 How is the Zyberno Score calculated? +

The Zyberno Score answers one question: "Is this a quality business worth owning?" It's a 0-100 investment grade that evaluates business fundamentals across four critical dimensions, based on principles from Warren Buffett, Benjamin Graham, Peter Lynch, and Charlie Munger.

The 4 Core Categories (25 points each):

1. PROFITABILITY (25 pts)

Metrics: ROE, ROIC, Net Margin, Operating Margin
Thresholds: ROE >20% excellent • ROIC >20% excellent • Net Margin >20% excellent • Operating Margin >25% excellent

2. FINANCIAL STRENGTH (25 pts)

Metrics: Debt-to-Equity, Current Ratio, Interest Coverage, Altman Z-Score
Thresholds: D/E <0.3 excellent • Current Ratio >2.5 excellent • Interest Coverage >10x excellent • Altman Z >3.0 safe

3. CASH FLOW QUALITY (25 pts)

Metrics: Free Cash Flow, OCF vs Net Income, FCF Margin
Thresholds: Positive & growing FCF excellent • OCF/NI >1.2x excellent (cash earnings exceed accounting)

4. GROWTH & CONSISTENCY (25 pts)

Metrics: Revenue Growth, Net Income Growth, FCF Growth, Piotroski F-Score
Thresholds: Growth via log-linear regression • Piotroski 8-9 excellent, 6-7 good

Score Interpretation:

75-100

GREAT BUSINESS

65-74

GOOD BUSINESS

50-64

AVERAGE BUSINESS

30-49

WEAK BUSINESS

0-29

POOR BUSINESS

→ View full WBTN quality analysis & detailed breakdown

VALUATION SIGNAL

N/A (Requires more data)

Requires fair value calculation and current price data

💰 How is Margin of Safety calculated? +

Margin of Safety measures how much discount or premium you're paying relative to a stock's intrinsic value. It's Benjamin Graham's core principle: the larger the margin, the lower your downside risk.

Formula: (Intrinsic Value − Current Price) ÷ Intrinsic Value × 100%

How We Calculate Intrinsic Value (DCF Method):

Step 1: Calculate current Owner Earnings (OCF − Maintenance CapEx)

Step 2: Calculate company-specific growth rate using log-linear regression on 16 quarters of Owner Earnings

Step 3: Project 10 years forward using the calculated growth rate

Step 4: Discount each year's cash flow to present value using 10% discount rate

Step 5: Calculate terminal value using 3% perpetual growth rate

Step 6: Sum all discounted cash flows = Intrinsic Value

What The Percentages Mean:

+50% or more

EXCELLENT — Very undervalued

+25% to +50%

GOOD — Attractive discount

0% to +25%

FAIR — Reasonable value

0% to -25%

CAUTION — Slight premium

-25% or worse

POOR — Overvalued

"Price is what you pay, value is what you get." — Warren Buffett

→ View full WBTN valuation analysis · → View full WBTN Brina Gap analysis

📈 How is Brina Gap calculated? +

Brina Gap measures the difference between the growth a business can fundamentally sustain and the growth the market is already pricing in.

Formula: Fundamental Growth Rate − Market-Implied Growth Rate

The Two Components:

Fundamental Growth Rate = ROIC × Reinvestment Rate

What the business can sustainably grow at based on how much it reinvests and what return it earns on that capital. Grounded in historical financials.

Market-Implied Growth Rate = Reverse DCF

The growth rate the current Enterprise Value implicitly assumes. Calculated by back-solving a 10-year DCF model (10% WACC, 3% terminal growth) until the present value of projected cash flows equals EV.

What The Gap Means:

Gap > +5% Market Underestimates — potential upside

+2% to +5% Slight Underestimate

-2% to +2% Fairly Priced — market consensus matches fundamentals

-5% to -2% Slight Overestimate

Gap < -5% Market Overestimates — price embeds optimism fundamentals don't support

A positive gap (market underestimates) combined with a positive Margin of Safety is the strongest combined signal — the business is both cheap historically and forward economics are stronger than the price suggests.

Critical Financial Health Indicators

Return on Equity (Profitability):CRITICAL (-26.7%)

Debt-to-Equity (Solvency Risk):EXCELLENT (0.01x)

Operating Margin (Operational Efficiency):CRITICAL (-3.8%)

Return on Capital (Capital Efficiency):CRITICAL (-6.1%)

📊 Valuation Trilogy

Three interconnected metrics for complete valuation analysis

Click any metric for full methodology and detailed analysis

Zyberno's Verdict

WEBTOON Entertainment Inc. (WBTN) stock report — Zyberno Score 36/100 (WEAK BUSINESS). Full financial analysis on Zyberno.

Over the trailing twelve months, WBTN generated $7.79M in Owner Earnings. Capital was deployed as follows: $300.00K paid as dividends, $10.23M invested in capital expenditures. Reinvestment rate: 71.3%.

DIVISION I: EXECUTIVE SUMMARY

A. Market Valuation

Market Price & Capitalization (2)

Current Price:10.24

Market Cap:$1.38B

Valuation Multiples (3)

P/B Ratio:1.16x

P/S Ratio:1.01x

Peg Ratio:-999.00x

Enterprise Metrics (2)

Enterprise Value:$824.45M

Pfcf Ratio:177.79x

Price Action & Momentum (3)

12-1 Momentum:

-7.7% (68th pctile)

📈 Click to view full WBTN Momentum analysis →

Momentum Percentile:68 / 100

% of 52-Week High:45.6%

B. Profitability Assessment

Return Metrics (5)

ROE:

-26.7%

📊 Click to view full WBTN ROE analysis →

ROA:-20.4%

Roic:

-6.1%

📊 Click to view full WBTN ROIC analysis →

Reinvestment Rate:71.3%

Fundamental Growth Rate (g):-4.3%

Margin Analysis (3)

Operating Margin Ttm:-3.8%

Net Margin Ttm:-25.1%

Ebitda Margin:-1.2%

TTM Performance (3)

Gross Margin Ttm:24.4%

Operating Margin Ttm:-3.8%

Net Margin Ttm:-25.1%

Yield Metrics (3)

Earnings Yield:-$25.78

Owner Earnings Yield:$0.56

Dividend Yield:0.0%

C. Log-Linear Regression Growth Trends

Revenue Growth (Linear) (1)

Revenue Growth Rate (Linear):0.5%

D. Financial Stability

Liquidity Ratios (3)

Current Ratio:2.63x

Quick Ratio:2.63x

Cash Ratio:1.81x

Leverage Analysis (3)

Debt To Equity Ttm:0.01x

Debt-to-Equity Ratio:0.01x

Debt To Ebitda:-999.00x

Coverage Ratios (2)

Interest Coverage Ratio:-738.50x

Times Interest Earned:-738.50

Capital Structure (4)

Working Capital:525,369,000.00

Cash And Cash Equivalents:583,145,000.00

Long Term Debt:$14.53M

Net Debt:-$560.52M

DIVISION II: FINANCIAL STATEMENTS ANALYSIS

A. Income Statement Analysis

Revenue Components (2)

Revenue TTM: $1.37B

Linear Growth: 53.0%

📊 Click to view full WBTN Revenue analysis & methodology →

Cost Of Revenue Ttm:$1.03B

Profitability Breakdown (2)

Gross profit TTM: $334.48M

Linear Growth: 20.0%

📊 Click to view full WBTN Gross Profit analysis & methodology →

-$51.71M

Bottom Line Performance (3)

-$343.92M

Income Before Tax:-$379.04M

Ebitda Ttm:-16,721,000.00

Operating Expenses (5)

Operating Expenses:0.00

R And D Expense:0.00

Sga Expense:253,796,000.00

Income Tax Expense:-$8.13M

Interest Expense:86,000.00

Expense Ratios (3)

R And D To Revenue Percentage:0.0%

Sga To Revenue Percentage:75.0%

Ebitda Margin:-1.2%

B. Balance Sheet Analysis

Asset Composition (5)

Total Assets:$1.59B

Current Assets:$846.93M

Ppe Net:12,390,000.00

Goodwill:328,462,000.00

Intangible Assets:$144.46M

Liability Structure (4)

Total Liabilities:368,642,000.00

Current Liabilities:321,560,000.00

Long Term Debt:$14.53M

Short Term Debt:$8.11M

Equity & Capital (3)

Equity:$1.20B

Retained Earnings:-$877.83M

Common Stock:2,000,000,000.00

Working Capital Items (3)

Accounts Receivable:191,311,000.00

Inventory:0.00

Accounts Payable:133,662,000.00

Special Items (2)

Contract Liabilities:103,841,000.00

Stock Based Compensation:12,105,000.00

C. Cash Flow Analysis

Operating Activities (2)

$18.02M$7.79M

Investment Activities (2)

Investing Cash Flow:-$6.74M

Capital Expenditures Ttm:10,231,000.00

Financing Activities (3)

Financing Cash Flow:$32.68M

Dividends Paid Ttm:300,000.00

Stock Repurchase:0.00

Capital Transactions (3)

Common Stock Issuance:32,682,000.00

Long Term Debt Issuance:$0.00

Long Term Debt Repayments:$0.00

Non-Cash Items (1)

Depreciation Amortization Ttm:34,992,000.00

DIVISION III: OPERATIONAL METRICS

A. Per Share Analysis

Earnings Per Share (3)

EPS (Basic TTM):-2.64

-$2.64

Earnings Per Share Ttm:-$2.54

Revenue & Cash Per Share (3)

Sales Per Share Ttm:10.12

Operating Cash Flow Per Share:$0.08

Fcf Per Share Ttm:0.06

Book Value & Capital (2)

Book Value Per Share:$8.85

Cash Per Share:4.31

Dividend Policy (1)

Dividend Payout Ratio:-999.00x

B. Operational Efficiency

Asset Utilization (2)

Asset Turnover Ttm:0.81x

Working Capital Turnover Ttm:2.60x

Receivables Management (2)

Receivables Turnover Ttm:7.15x

Days Sales Outstanding Ttm:51.04

Inventory Management (2)

Inventory Turnover Ttm:-999.00x

Days Inventory Outstanding Ttm:-999.00

Payables & Cash Cycle (2)

Days Payable Outstanding:47.20

Cash Conversion Cycle:-995.16

C. Quality & Risk Metrics

Financial Quality Scores (2)

Financial Strength Score:100.00

Quality Score:50.00

Market Metrics (2)

Beta:0.00x

Volatility Category:unknown

DIVISION IV: INVESTMENT ANALYSIS

A. Value Investment Framework

Owner Earnings Analysis (3)

Owner earnings TTM: $7.79M

Linear Growth: 0.0%

📊 Click to view full WBTN Owner Earnings analysis & methodology →

Owner Earnings Per Share:$0.06

Owner Earnings Yield:$0.56

Damodaran Growth Analysis (2)

Reinvestment Rate:71.3%

Fundamental Growth Rate (g):-4.3%

Return Scenarios (1)

Forward Expected Return (Yield + Growth):

-3.8%

📊 Click to view full WBTN expected return analysis →

Investment Assessment (1)

Buffett Assessment:Overvalued

B. Log-Linear Regression Growth Analysis

Growth Rates (Log-Linear Regression) (1)

Revenue Growth Rate (Linear):0.5%

Other Growth Rates (2)

Gross Profit Growth Rate (Linear):0.2%

Book Value Growth Rate (Linear):-15.7%

C. Company Profile & Context

Corporate Information (6)

Symbol:WBTN

Company Name:WEBTOON Entertainment Inc.

Sector:Unknown

Industry:Miscellaneous Publishing

Exchange:NASDAQ

Country:United States

Market Classification (3)

Market Cap Category:N/A

Price Category:medium

Volume Category:N/A

Share Structure (3)

Shares Outstanding:135.25M

Shares Outstanding Basic:135.25M

Shares Outstanding Diluted:135.25M

Data Processing Info (3)

Processing Version:v3.0

Last Updated:2026-08-31 15:46:39 UTC

Data Timestamp:2026-08-31T15:46:39.974220