K-Pop Big 3 Peer Comparison: HYBE vs JYP vs YG
HYBE · JYP Entertainment · YG Entertainment — K-POP Big 3 Fundamental, Valuation & Momentum Diagnosis
Executive Summary
Scale: HYBE Dominant, JYP Stable, YG Compact
HYBE leads in scale with ₩2.65T revenue. JYP generated ₩821.9B and YG ₩236.0B. While HYBE expanded revenue through US subsidiary acquisitions (Ithaca Records), profitability fell sharply. JYP achieved sector-leading profitability with an 18.9% operating margin.
Profitability: JYP > YG >> HYBE
JYP delivered the healthiest margins (18.9% Op Margin, 19.5% Net Margin). YG succeeded in returning to profitability (13.7% Op Margin). HYBE recorded a net loss of ₩254.4B in 2025 with an operating margin of 1.9%.
Price Momentum: All 3 Down -40~54% over 120 Days
HYBE -54.4%, YG -47.1%, JYP -39.9%. Sector-wide headwinds persist. However, consensus target upside is highest for HYBE at +101.8%.
Valuation: JYP Most Reasonable
JYP trades at PER 9.2x and PBR 2.36x. HYBE trades below book value at PBR 0.92x due to net losses. YG trades at a premium PER 29.8x. JYP offers the most balanced profile across growth, profitability, and value.
Stock Price Momentum Comparison
Valuation Comparison
| Metric | HYBE | JYP | YG |
|---|---|---|---|
| Current Price (KRW) | 168,200 | 43,150 | 38,200 |
| Market Cap (KRW 100M) | 32,764 | 14,724 | 7,041 |
| Target Price (KRW) | 339,500 | 78,722 | 64,316 |
| Upside (%) | +101.8 | +82.4 | +68.4 |
| Rating (FnGuide) | BUY (4.0/5) | BUY (4.0/5) | BUY (4.0/5) |
| EPS (KRW) | Loss | 4,705 | 1,281 |
| PER (x) | N/A | 9.2 | 29.8 |
| BPS (KRW) | 182,323 | 18,314 | 10,508 |
| PBR (x) | 0.92 | 2.36 | 3.64 |
* PER/PBR 2025 · . Shares .
Financial Statements Comparison (DART Audited CFS)
(2025 )
| Metric | HYBE | JYP | YG |
|---|---|---|---|
| Revenue (KRW 100M) | 26,499 | 8,219 | 2,360 |
| Operating Profit (KRW 100M) | 493 | 1,552 | 323 |
| Net Income (KRW 100M) | -2,544 | 1,606 | 236 |
| Operating Margin (%) | 1.9 | 18.9 | 13.7 |
| Net Margin (%) | -9.6 | 19.5 | 10.0 |
| Total Assets (KRW 100M) | 54,855 | 8,511 | 2,726 |
| Total Liabilities (KRW 100M) | 19,340 | 2,261 | 789 |
| Total Equity (KRW 100M) | 35,515 | 6,249 | 1,937 |
| Debt-to-Equity (%) | 54.5 | 36.2 | 40.7 |
* DART (CFS) . 2025 .
Individual Company Analysis
HYBE (352820) — Economies of Scale vs. Profitability Challenge
Key Thesis: HYBE leads in total revenue (₩2.65T) but operating margin fell to 1.9% with a ₩254.4B net loss in 2025. Operating profit declined 3 consecutive years (₩295.6B in 2023 → ₩184.0B in 2024 → ₩49.3B in 2025). US subsidiary overhead and IP investments impacted profitability.
Stock Price: Down -54.4% over 120 days. Trades at PBR 0.92x below book value.
Outlook: Artist IP portfolio (BTS, Seventeen, LE SSERAFIM, NewJeans, TXT) remains strong. Target price of ₩339,500 (+101.8% upside) offers high-risk high-return profile.
JYP (035900) — Financial Health
Key Strengths: Revenue reached ₩821.9B (+37% YoY) with ₩155.2B operating profit, delivering an industry-leading 18.9% Op Margin and 19.5% Net Margin. Debt-to-equity ratio of 36.2% ensures top balance sheet stability. 18.9%· 19.5% . 2024 · . 36.2% .
Artist Portfolio: TWICE, Stray Kids, ITZY, NMIXX, NiziU. World tour revenues from Stray Kids and TWICE drive earnings.
Valuation: Trades at PER 9.2x and PBR 2.36x, offering the most attractive valuation among peers with +82.4% upside potential.
YG Entertainment (122870) — Turnaround Complete, Premium Valuation Burden
Financials: Revenue of ₩236.0B (+28% YoY) and ₩32.3B operating profit, turning profitable from 2024. Driven by BLACKPINK world tour, TREASURE, and BABYMONSTER.
Risks: Higher valuation (PER 29.8x, PBR 3.64x) and smaller absolute profit scale (₩32.3B) increase volatility.
Stock Price: Down -47.1% over 120 days with +68.4% target upside.
Strategic Conclusion
| Evaluation Metric | 1st Place | 2nd Place | 3rd Place |
|---|---|---|---|
| Revenue Scale | HYBE (2.65) | JYP (8,219) | YG (2,360) |
| Profitability (Op Margin) | JYP (18.9%) | YG (13.7%) | HYBE (1.9%) |
| Valuation Attractiveness | JYP (PER 9.2x) | HYBE (PBR 0.9x) | YG (PER 29.8x) |
| Financial Health | JYP ( 36%) | YG (41%) | HYBE (55%) |
| Consensus Upside | HYBE (+102%) | JYP (+82%) | YG (+68%) |
| Stock Price Drawdown (120d) | JYP (-40%) | YG (-47%) | HYBE (-54%) |
| Earnings Momentum | JYP (+37%) | YG (+28%) | HYBE (Profit Surge/Drop) |
JYP Entertainment stands out as the most balanced investment choice across profitability (18.9% Op Margin), growth (+37% YoY revenue), valuation (PER 9.2x), and financial health (36% debt-to-equity), supported by +82% consensus target upside.
HYBE presents a high-risk high-return profile at PBR 0.92x with +102% upside, though net losses require monitoring for a clear earnings turnaround.
YG Entertainment achieved turnaround success, but premium valuation (PER ~30x) and smaller profit scale require catalyst confirmation such as new BLACKPINK releases and tours.
• Stock Price: Toss Securities Chart API, as of 2026-07-31 Close (120 Trading Days)
• Financial Statements: DART Audited Consolidated Financial Statements (CFS), FY2023–2025 Confirmed
• Consensus: Naver Finance / FnGuide Analyst Consensus (Target Price & Ratings, 2026-07-31)
• Shares Outstanding: Estimated based on recent DART annual filings
※ This analysis is provided for informational purposes only and does not constitute investment advice.