HYBE하이브

HYBE's trailing results have turned loss-making and its share price is down sharply over the past year, though revenue has grown.

HYBE, a Korean music and entertainment company, reported a trailing twelve-month operating loss of ₩63.9B and a net loss of ₩371.7B on revenue of ₩3.59T to the half-year of 2026. The shares closed at ₩174,100 on 26 October 2026, down 39.5% over one year and about 57% below the 52-week high of ₩405,500. Balance sheet figures show cash of ₩622.8B against borrowings of ₩477.0B.

What stands out

• Revenue reached ₩3.59T on a trailing basis, up from ₩2.65T in 2025 and ₩2.26T in 2024, but operating margin has moved from 13.6% in 2023 to -1.8% now.
• Annual net income was ₩9.4B in 2024 and -₩237.3B in 2025, and the trailing figure is -₩371.7B, so losses have widened over the period.
• Free cash flow on a trailing basis was ₩105.4B, positive despite the net loss.
• The fair value model in the data gives a base case of ₩108,152, below the current price of ₩174,100, with a bear case of ₩57,510 and a bull case of ₩196,024. These are model outputs, not forecasts.
• Recent filings and news centre on a rights offering decision, share acquisitions and disposals in other companies, and a move to consolidate global label services, including an acquisition that raises the stake in a US subsidiary to 100% for ₩378.2B.

What to watch

• The rights offering (paid-in capital increase) decision filed on 27 October 2026 may affect the share count and dilution; the data does not give terms.
• Whether the global label services reorganisation and the US subsidiary stake purchase improve profitability, which the data does not yet show.
• Foreign ownership fell from 18.6% to 18.2% over 60 days and retail investors were net sellers over the last 20 days, while institutions were net buyers; the data does not say why.