Studio Dragon스튜디오드래곤

Studio Dragon's H1 2026 profit is solid, but the shares are down about 45% over the past year.

Studio Dragon makes and sells Korean TV dramas, with overseas sales about 63% of 2025 revenue. Trailing twelve-month revenue is ₩583B with an operating margin of 8.7%, and recent drama hits have been reported in the news. The shares closed at ₩23,350, well below their 52-week high of ₩50,500, and the data shows negative free cash flow.

What stands out

• Trailing revenue to H1 2026 is ₩583B, above the 2025 full-year figure of ₩531B, and operating margin is 8.7% versus 5.7% in 2025.
• Net income of ₩31B on a trailing basis is far above 2025's ₩10B, but ROE is only 4.1%.
• Free cash flow is negative at about -₩74B on a trailing basis, while borrowings are ₩73B against cash of ₩51B.
• Valuation is P/E 22.5 and P/B 0.9, with no dividend. Peers show a wide range of multiples, and the data does not include analyst ratings or price targets.
• News in October 2026 highlights drama hits such as '100 Days My Prince' and 'Doctor X', and the company was reported to have reached No. 1 for the 10th time.

What to watch

• The Advance Notice of Earnings Results filed on 2026-10-08 signals upcoming results; the actual figures are not in the data.
• Whether negative free cash flow and rising borrowings persist, given the company's reliance on rights, talent and leased production facilities.
• Commentary in the news on slowing OTT growth and the company's US market strategy.