HYBE Forecast to Post Record 2026 Earnings on BTS's Full-Group Comeback; Brokerage Sets 480,000 Won Target Price

Optimistic forecasts are emerging from brokerages that HYBE will achieve record sales and operating profit in 2026, fueled by the full-group comeback of its global super IP, BTS. Expectations are that earnings momentum will fully materialize starting with BTS's scheduled comeback on March 20, as pent-up demand is concentrated.

In a corporate analysis report published on the 18th, SK Securities researcher Park Jun-hyung assessed, "2026 is HYBE's year for full-group activity and substantial earnings growth." He maintained a 'Buy' investment opinion on HYBE and presented a target price of 480,000 won, the highest expectation in the sector. This target price was calculated by applying BTS's average price-to-earnings ratio (PER) of 47.4x during their active periods to the forecasted 2026 earnings per share (EPS) of 10,165 won.

Researcher Park projected HYBE's 2026 consolidated sales at 4.6 trillion won and operating profit at 607.3 billion won (operating margin of 13.1%). This represents year-over-year growth of 75.5% and 1117.4%, respectively. He explained, "As activities resume after an approximately two-year hiatus, a concentration of pent-up demand is expected. Accordingly, HYBE is forecast to show meaningful earnings improvement across all business divisions in 2026."

Specific earnings contributions from BTS's return were outlined. Album sales, reflecting pre-orders of about 4 million copies, are estimated to reach a total of 5-6 million copies considering additional sales post-release, potentially generating sales of around 90 billion won ($61 million). For the performance sector, based on the currently announced 82 stadium-scale tour dates and the introduction of a 360-degree open stage, sales contribution could range from about 300 billion won ($202 million) to a maximum in the high 400 billions per quarter. An improvement in the merchandise (MD) sales mix due to expanded concerts is also anticipated.

Category	2026 Forecast	YoY Growth Rate
Sales	4.6 trillion won (~$3.1B)	+75.5%
Operating Profit	607.3 billion won (~$409M)	+1117.4%
Operating Margin	13.1%	-

An assessment also emerged that HYBE's business foundation solidified further during BTS's hiatus. Researcher Park pointed out, "While this year's earnings momentum stems from BTS's return, 2025 was also a meaningful turning point." He analyzed that based on the global fandoms of senior artists like SEVENTEEN, TOMORROW X TOGETHER (TXT), and ENHYPEN, as well as junior artists like LE SSERAFIM and BOYNEXTDOOR, HYBE maintained steady performance even in the absence of a mega IP.

Furthermore, the rookie group CORTES under Big Hit Music, which debuted in Q3 last year, proved its potential as a next-generation IP by achieving double million-seller status with its debut album. CORTES has consistently secured global interest from its early days, including a partnership with Red Bull, participation in a Hollywood film OST, and the selection of its debut album track 'GO' as an NBA soundtrack.

HYBE's global localization strategy is also gaining momentum, exemplified by the launch of the American girl group KATSEYE and the Latin American boy group SANTOS BRAVOS. KATSEYE has confirmed its foothold in the local market by charting within the top 30 of the Billboard Hot 100 for 28 consecutive weeks and selling out its North American tour last December.

Oh Jun-ho, a researcher at Stunning Value Research, also diagnosed HYBE's earnings, stating, "The era of 4 trillion won in sales has begun." He projected, "BTS will conduct a world tour alongside a spring album release this year. Even conservatively estimated, with shows for at least 50,000 people each and a minimum of 60-80 dates, they are expected to attract over 4 million attendees. Performance sales alone could add more than 1 trillion won (~$673 million) in growth, and the accompanying effects from video content, etc., will likely lift HYBE's profit margin to a record high."

Researcher Park Jun-hyung added that proactive costs for future growth, such as marketing expenses for the new game 'Architect' and debut costs for localized groups, were concentrated in Q3-Q4 last year, stating, "2026 is expected to allow for a more stable start."

Brokerages are also raising expectations that the growth trend across the entertainment sector will continue, led by BTS's comeback. Comebacks by other major artists from different companies, like BLACKPINK and EXO, along with expanded IP monetization, are seen as driving sector earnings.

Bolstered by these optimistic forecasts, HYBE's stock price is showing an upward trend. On the 18th, on the Korea Exchange, HYBE's stock traded at 365,750 won during the session, up 0.21% (750 won) from the previous day. The day before, the stock had closed sharply higher by 4.29% at 365,000 won. The 480,000 won target price set by SK Securities suggests an upside potential of approximately 31% from the current stock price.