Wemade - Public Comps and Valuation Multiples

Wemade Overview

About Wemade

Wemade Co Ltd is a Korea-based company develops online and mobile game software. It offers online games such as ICARUS, Legend of Mir2, Legend of Mir3 and Chunryongki and it offers mobile game such as Wind runner, God's martial arts and Wind soul. The amazing library of games not only provides fun and enjoyment for customers in Korea but also all over the world. In addition, the group is also engaged in the publishing activities.

Founded

2000

HQ

Employees

n/a

Website

corp.wemade.com

Sectors

Gaming - Console & PC
Gaming - Mobile

Financials

LTM Revenue $422M

LTM EBITDA $11.3M

EV

$470M

Valuation Multiples

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Wemade Financials

As of September 2025, Wemade reported last 12-month revenue of $422M and EBITDA of $11.3M.

In the same period, Wemade achieved $5.6M in LTM net income.

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Wemade P&L

In the most recent fiscal year, Wemade reported revenue of $498M and EBITDA of $134M.

Wemade expects next 12-month revenue of XXX and NTM EBITDA of XXX

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	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue	$422M	XXX	$498M	XXX	XXX	XXX
Gross Profit	n/a	XXX	$498M	XXX	XXX	XXX
Gross Margin	n/a	XXX	100%	XXX	XXX	XXX
EBITDA	$11.3M	XXX	$134M	XXX	XXX	XXX
EBITDA Margin	3%	XXX	27%	XXX	XXX	XXX
EBIT	-$2.3M	XXX	$4.9M	XXX	XXX	XXX
EBIT Margin	-1%	XXX	1%	XXX	XXX	XXX
Net Profit	$5.6M	XXX	$132M	XXX	XXX	XXX
Net Margin	1%	XXX	26%	XXX	XXX	XXX
Net Debt	XXX	XXX	n/a	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

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Financial performance metrics for Wemade including revenue, profitability, and margin analysis across different time periods. The company reported last twelve months revenue of $422M. EBITDA for the last twelve months was $11.3M. In the most recent fiscal year, Wemade achieved $498M in revenue and $134M in EBITDA.
Financial Metric	Last Twelve Months (LTM)	Next Twelve Months (NTM)	Most Recent Fiscal Year	Current Fiscal Year (2025)	Next Fiscal Year (2026)	Two Years Forward (2027)
Total Revenue	$422M	Analyst estimates available to subscribers	$498M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit	n/a	Analyst estimates available to subscribers	$498M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit Margin	n/a	Analyst estimates available to subscribers	100.0% gross profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA (Earnings Before Interest, Taxes, Depreciation, Amortization)	$11.3M	Analyst estimates available to subscribers	$134M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA Margin	2.7% EBITDA margin	Analyst estimates available to subscribers	26.9% EBITDA margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT (Earnings Before Interest and Taxes)	-$2.3M	Analyst estimates available to subscribers	$4.9M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT Margin	-0.5% EBIT margin	Analyst estimates available to subscribers	1.0% EBIT margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Income (Net Profit)	$5.6M	Analyst estimates available to subscribers	$132M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Profit Margin	1.3% net profit margin	Analyst estimates available to subscribers	26.5% net profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Debt Position	Detailed debt information available to subscribers	Detailed debt information available to subscribers	n/a	Detailed debt information available to subscribers	Detailed debt information available to subscribers	Detailed debt information available to subscribers

Financial Performance Summary for Wemade

This financial data table provides comprehensive performance metrics for Wemade, a company based in South Korea. The metrics include revenue, profitability measures, and operational efficiency indicators across multiple time periods.

Recent Performance Highlights

Wemade generated $422M in revenue over the last twelve months.
The company achieved $11.3M in EBITDA over the last twelve months.
Net income over the last twelve months reached $5.6M.

Fiscal Year Performance

In the most recent fiscal year, Wemade reported $498M in total revenue.
Fiscal year EBITDA was $134M.
The company maintained a gross profit margin of 100.0% in the most recent fiscal year.
EBITDA margin for the fiscal year was 26.9%.
Net profit margin reached 26.5% in the most recent fiscal year.

This financial data is sourced from Morningstar, Inc. and represents the most recent available information for Wemade. Forward-looking estimates and detailed financial projections are available through our premium subscription service.

Wemade Stock Performance

Wemade has current market cap of KRW 926B (or $648M), and EV of KRW 672B (or $470M).

Market Cap Evolution

Wemade Stock Data

As of October 17, 2025, Wemade's stock price is KRW 27450 (or $19).

See Wemade trading valuation data

EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$470M	$648M	XXX	XXX	XXX	XXX	$0.19

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Wemade Valuation Multiples

Wemade's trades at 0.9x EV/Revenue multiple, and 3.5x EV/EBITDA.

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Wemade Financial Valuation Multiples

As of October 17, 2025, Wemade has market cap of $648M and EV of $470M.

Equity research analysts estimate Wemade's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

Wemade has a P/E ratio of 114.9x.

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Market cap (current)	$648M	XXX	$648M	XXX	XXX	XXX
EV (current)	$470M	XXX	$470M	XXX	XXX	XXX
EV/Revenue	1.1x	XXX	0.9x	XXX	XXX	XXX
EV/EBITDA	41.8x	XXX	3.5x	XXX	XXX	XXX
EV/EBIT	-204.4x	XXX	95.2x	XXX	XXX	XXX
EV/Gross Profit	n/a	XXX	n/a	XXX	XXX	XXX
P/E	114.9x	XXX	4.9x	XXX	XXX	XXX
EV/FCF	-7.4x	XXX	-7.7x	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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Wemade Margins & Growth Rates

Wemade's last 12 month revenue growth is 15%

Wemade's revenue per employee in the last FY averaged n/a, while opex per employee averaged n/a for the same period.

Wemade's rule of 40 is -6% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

Wemade's rule of X is 39% (created by Bessemer, rule of X is another metric relevant for SaaS companies only, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).

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Wemade Operational Valuation Multiples

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue Growth	15%	XXX	1%	XXX	XXX	XXX
EBITDA Margin	3%	XXX	27%	XXX	XXX	XXX
EBITDA Growth	413%	XXX	n/a	XXX	XXX	XXX
Rule of 40	-6%	XXX	42%	XXX	XXX	XXX
Bessemer Rule of X	XXX	XXX	39%	XXX	XXX	XXX
Revenue per Employee	XXX	XXX	n/a	XXX	XXX	XXX
Opex per Employee	XXX	XXX	n/a	XXX	XXX	XXX
S&M Expenses to Revenue	XXX	XXX	50%	XXX	XXX	XXX
G&A Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
R&D Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
Opex to Revenue	XXX	XXX	99%	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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