Ylab와이랩

Ylab's revenue has grown fast, but it is still loss-making and its shares have fallen sharply over the past year.

Ylab is a Korean webtoon studio that produces, adapts and licenses its webtoons, with distribution mainly through Naver Webtoon. Trailing twelve-month revenue reached ₩44.5B through H1 2026, but operating and net losses remain large, with an operating margin of -23.1%. The share price closed at ₩1,822 on 2026-10-22, down 63% over one year and well below its 52-week high of ₩4,940.

What stands out

• Revenue grew 48.5% in 2025 to ₩37.1B, after 28.6% growth in 2024, but operating losses have persisted every year shown (2025 operating loss ₩8.7B).
• Trailing twelve-month net loss is ₩7.1B and free cash flow is negative at ₩8.4B, while cash of ₩7.0B sits against borrowings of ₩5.7B.
• Liabilities are 94.8% of equity, and the company pays no dividend.
• Valuation is low on price-to-book (1.3x) and price-to-sales (0.7x), but earnings-based multiples are not meaningful because the company is loss-making.
• Foreign ownership is unchanged at 8.5% over 60 days, and recent filings include several 5%+ holding reports and insider shareholding reports, though the data does not explain their purpose.

What to watch

• The full-year 2026 results and the next quarterly report, to see whether losses narrow relative to revenue.
• Any further 5%+ holding or insider shareholding filings, given the cluster of such filings in June and July 2026.
• Progress of the Japan and Vietnam expansion and the cash position versus borrowings; the data does not include guidance or details on these.