Episode에피소드컴퍼니

Episode remains loss-making with heavy borrowings, though a rights offering and value-up plan are now in motion.

Episode is a Korean content company built around its own children's and family IP, such as the Carrie series, spanning TV, music, live shows, merchandise and kids cafes. Trailing twelve-month revenue to H1 2026 was ₩37.1B, with an operating loss of ₩6.0B and a net loss of ₩7.9B. The share price is ₩3,005, down 31.1% over one year, with a market capitalisation of about ₩52.6B.

What stands out

• Trailing revenue of ₩37.1B is far above the ₩5.7B reported for 2025, but the data does not explain this jump, so it should be checked against the filings.
• Operating margin is -16.2% on a trailing basis versus -62.6% for 2025, while net margin is -21.3% and free cash flow is -₩11.6B.
• Borrowings of ₩13.8B against cash of ₩1.9B, with liabilities at 136% of equity, leave the balance sheet leveraged.
• Filings in October 2026 include a rights offering (paid-in capital increase) decision, a shareholders' meeting call, and a September value-up plan.
• Price is up 7.7% over three months but down 5.5% over one month; the 52-week range is ₩1,960 to ₩6,020. Foreign ownership fell from 0.5% to 0.4% over 60 days.
• Price-to-book is 1.7 and price-to-sales is 1.4, while P/E is not meaningful because the company is loss-making. Dividend yield is 0%.

What to watch

• Details and timing of the rights offering, including pricing and dilution for existing shareholders, once the shareholders' meeting and record date are set.
• Progress against the corporate value-up plan and whether losses narrow in the next reported period.
• Ability to service ₩13.8B of borrowings given negative free cash flow; no news headlines were in the data to add context.