WEBTOON Entertainment Inc. — Earnings Quality Grade F
WBTN · Communication Services
Major red flags
Screening Summary
管理层信号
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 47 days, change +1 days YoY
AR growth 4.5% vs revenue growth 2.5%
Revenue 2.5%, CFFO -37.3%. Cash follows revenue
Expense Quality
No material inventory
CapEx growth 36.2% is >2x revenue growth 2.5%
SG&A/Gross Profit = 119.9%, exceeds 70%
Gross margin 23.3%, change -1.8pp. Stable
Cash Flow Quality
CFFO < Net Income for 3 consecutive years
Small-cap context: Small-cap CFFO/NI often diverges from working-capital swings, not necessarily manipulation.
FCF is negative ($-0.0B)
Accruals ratio = -22.4%. Low accruals
Cash $0.6B covers debt $0.0B
Balance Sheet Health
Goodwill+Intangibles $0.5B = 42% of equity
Interest coverage = -1144.9x (<2x). Financial stress
Other assets grew 82.8% vs revenue 2.5%
No write-off data
Acquisition Risk
FCF after acquisitions negative for 3 years
Small-cap context: A single acquisition on a small balance sheet can trip serial-acquirer logic.
Goodwill+Intangibles change -42% YoY. Normal
Manipulation Score
M-Score = -3.54 (< -2.22). Unlikely manipulator
Beneish M-Score
Altman Z-Score
Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25