The Pinkfong더핑크퐁컴퍼니

The Pinkfong Company is profitable on a trailing basis and its shares have risen sharply, though revenue has been falling.

The Pinkfong Company, a Korean character IP business built around Baby Shark, reported trailing twelve-month revenue of ₩91.0B and operating income of ₩16.0B to H1 2026, with net income of ₩42.0B. Revenue fell 3.6% in 2025 but operating margin stayed above 20% that year, and the balance sheet shows ₩139.5B in cash against ₩0.5B in borrowings. The shares closed at ₩12,650 on 2026-10-28, up 21.6% over three months but well below the 52-week high of ₩61,500.

What stands out

• Trailing net income of ₩42.0B is far above operating income of ₩16.0B, a gap the data does not explain; the net margin of 46.1% should be read with that in mind.
• Annual revenue went from ₩97.4B in 2024 to ₩93.9B in 2025, a 3.6% decline, while 2025 operating margin was 20.6%.
• Valuation metrics are low against peers: P/E of 4.3 and P/B of 0.8, compared with peer P/E figures of roughly 13 to 22 where available.
• The company's own fair value model gives a base value of ₩21,556 per share, with a bear case of ₩17,610 and a bull case of ₩28,128; this is a model output, not a forecast.
• Foreign ownership rose from 3.3% to 5.2% over 60 days, while retail investors were net sellers of about ₩2.9B over the last 20 days.

What to watch

• The company filed an investor relations event on 2026-10-28 and a 12 December 2026 release date for a Baby Shark Christmas film was reported; watch for updates on these.
• Several 5%+ holding reports were filed in October 2026 and a treasury share cancellation was decided on 2026-10-13; the ownership changes behind these filings are not detailed in the data.
• The data does not include forward earnings estimates or the next results date, so the timing of future profit reports is unknown.