WEBTOON Entertainment Inc. (WBTN): A Bull Case Theory 

We came across a bullish thesis on WEBTOON Entertainment Inc. on Mispriced Assets’s Substack by Nick Nemeth. In this article, we will summarize the bulls’ thesis on WBTN. WEBTOON Entertainment Inc.’s share was trading at $13.91as of December 2nd.

Webtoon Entertainment (Nasdaq: WBTN) has rapidly emerged as a global leader in digital comics, operating a mobile-first platform that allows creators—ranging from amateurs to professionals—to publish episodic stories in multiple languages across over 150 countries. With 155 million monthly active users and over 24 million creators producing 450,000+ series, Webtoon has built a sticky, highly engaged community, with many users spending an hour or more daily on the app.

Originally part of Korean tech giant Naver, the company went public in mid-2024 and has leveraged its scale to monetize through paid content, advertising, and IP licensing. The platform has already paid out $2.8 billion to creators between 2017–2023, creating a robust creator economy that attracts and retains talent while continuously fueling new content.

Webtoon’s growth is now accelerating in Western markets, particularly the U.S., where monthly active users are expanding 19% year-over-year, aided by strategic partnerships with Disney, Marvel, Star Wars, and other major IP holders. These deals not only enhance legitimacy and attract new users but also provide a pipeline for cross-media adaptations, with Webtoon content feeding movies, TV series, print books, and video games. The company operates with a clean balance sheet, zero debt, and over $580 million in cash, positioning it to invest aggressively in content, marketing, and global expansion.

Financially, Webtoon is approaching profitability, with Q2 2025 adjusted EBITDA of $9.7 million and positive free cash flow, while revenue continues double-digit growth. Given its massive addressable market, strong engagement metrics, expanding monetization, and high-profile content partnerships, WBTN offers compelling upside potential. At ~$17 per share, the stock remains underappreciated, with the possibility of multi-bagger returns as the company scales globally and monetizes its platform further.

Previously we covered a bullish thesis on The Walt Disney Company (DIS) by Johnson Equity Analysis in May 2025, which highlighted the company’s profitable streaming services, strong parks performance, and global expansion initiatives. The company’s stock price has depreciated approximately by 4.4% since our coverage. The thesis still stands as long-term growth remains attractive. Nick Nemeth shares a similar focus but emphasizes Webtoon Entertainment’s creator ecosystem, U.S. expansion, and IP partnerships.

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Disclosure: None.