RBW알비더블유

RBW's trailing results have returned to a small profit after two loss-making years, but the shares are down sharply over the past year.

RBW, a K-POP entertainment company, reported trailing twelve-month revenue of ₩48.0B and operating income of ₩3.9B through H1 2026, an operating margin of 8.2%. It remains heavily indebted, with borrowings of ₩58.7B against cash of ₩31.2B, and trailing free cash flow was negative at ₩-9.8B. At ₩1,540 the shares trade about 35% below their level a year ago.

What stands out

• Revenue fell 25.7% in 2025 to ₩46.5B, while 2025 operating income was only ₩0.2B after a ₩12.2B operating loss in 2024.
• Trailing net income of ₩3.9B compares with a ₩4.1B net loss for 2025, so profitability has improved on a trailing basis.
• Liabilities are 183.5% of equity and free cash flow is negative, so the balance sheet is a key point to monitor.
• The shares trade at about 11.2 times earnings and 0.7 times book value, with no dividend; the data gives no fair value estimate.
• Foreign ownership rose slightly to 4.3% from 3.9% over 60 days, while retail investors were net sellers over the last 20 days.

What to watch

• The amended H1 2026 half-year report filed on 30 September 2026, which may affect how the recent figures are read.
• The next results release and whether revenue and profit hold up after the 2025 decline.
• Ongoing debt guarantee decisions for other parties listed in recent filings, and the level of borrowings relative to cash.