AMC Entertainment vs Warner Music Group
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The short version
- Warner Music Group is the larger business, with $6.7B of revenue in fiscal 2025 against $4.8B for AMC Entertainment.
- Warner Music Group kept more of each dollar of sales as operating profit (10.4% operating margin, against −0.4%).
- Warner Music Group turned more of its sales into free cash flow (8.0% FCF margin, against −7.6%).
- Warner Music Group earned a higher return on the capital invested in it (12.2%, against −0.8%).
| Latest fiscal year | AMC · FY25 | WMG · FY25 |
|---|---|---|
| Size | ||
| Market cap | $2.1B | — |
| Revenue | $4.8B | $6.7B |
| Free cash flow | −$366M | $539M |
| Net income | −$632M | $365M |
| Growth | ||
| Revenue growth | 4.6% | 4.4% |
| 5-year growth | 31.3% | 8.5% |
| Share count change | 42.1% | — |
| Profitability | ||
| Gross margin | — | 45.9% |
| Operating margin | −0.4% | 10.4% |
| Net margin | −13.0% | 5.4% |
| FCF margin | −7.6% | 8.0% |
| Return on capital | −0.8% | 12.2% |
| Return on equity | — | 62.7% |
| Balance sheet | ||
| Net debt | $3.6B | $3.8B |
| Net debt / EBITDA | 12.3x | 3.6x |
| Dividends and buybacks | $0.0M | $399M |
| Valuation & quality | ||
| P/E | — | — |
| Piotroski F-score | 2 | — |
Revenue
FY16
AMC $3.2B
WMG $3.2B
FY17
AMC $5.1B
WMG $3.6B
FY18
AMC $5.5B
WMG $4.0B
FY19
AMC $5.5B
WMG $4.5B
FY20
AMC $1.2B
WMG $4.5B
FY21
AMC $2.5B
WMG $5.3B
FY22
AMC $3.9B
WMG $5.9B
FY23
AMC $4.8B
WMG $6.0B
FY24
AMC $4.6B
WMG $6.4B
FY25
AMC $4.8B
WMG $6.7B
AMC
WMG
Operating margin
FY16
AMC 6.6%
WMG 6.6%
FY17
AMC 2.0%
WMG 6.2%
FY18
AMC 4.9%
WMG 5.4%
FY19
AMC 2.5%
WMG 8.0%
FY20
AMC −330.2%
WMG −5.1%
FY21
AMC −36.8%
WMG 11.5%
FY22
AMC −13.4%
WMG 12.1%
FY23
AMC −1.5%
WMG 13.1%
FY24
AMC −1.7%
WMG 12.8%
FY25
AMC −0.4%
WMG 10.4%
AMC
WMG
Free cash flow
FY16
AMC $10.0M
WMG $300M
FY17
AMC −$89.4M
WMG $491M
FY18
AMC −$53.1M
WMG $351M
FY19
AMC $60.9M
WMG $296M
FY20
AMC −$1.3B
WMG $378M
FY21
AMC −$707M
WMG $545M
FY22
AMC −$831M
WMG $607M
FY23
AMC −$441M
WMG $560M
FY24
AMC −$296M
WMG $638M
FY25
AMC −$366M
WMG $539M
AMC
WMG
Return on capital
FY16
AMC 3.6%
WMG 5.6%
FY17
AMC 1.4%
WMG 6.9%
FY18
AMC 3.9%
WMG 6.9%
FY19
AMC 1.8%
WMG 16.9%
FY20
AMC −78.1%
WMG −7.9%
FY21
AMC −35.0%
WMG 15.2%
FY22
AMC −22.9%
WMG 17.3%
FY23
AMC −3.3%
WMG 16.1%
FY24
AMC −3.5%
WMG 16.9%
FY25
AMC −0.8%
WMG 12.2%
AMC
WMG
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.