Live Nation Entertainment vs Warner Music Group
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The short version
- Live Nation Entertainment is the larger business, with $25.2B of revenue in fiscal 2025 against $6.7B for Warner Music Group, about 3.8 times as much.
- Live Nation Entertainment grew revenue faster (8.8%, against 4.4%).
- Warner Music Group kept more of each dollar of sales as operating profit (10.4% operating margin, against 5.0%).
- Warner Music Group turned more of its sales into free cash flow (8.0% FCF margin, against 1.3%).
| Latest fiscal year | LYV · FY25 | WMG · FY25 |
|---|---|---|
| Size | ||
| Market cap | $42.3B | — |
| Revenue | $25.2B | $6.7B |
| Free cash flow | $334M | $539M |
| Net income | $496M | $365M |
| Growth | ||
| Revenue growth | 8.8% | 4.4% |
| 5-year growth | 68.4% | 8.5% |
| Share count change | −1.9% | — |
| Profitability | ||
| Gross margin | — | 45.9% |
| Operating margin | 5.0% | 10.4% |
| Net margin | 2.0% | 5.4% |
| FCF margin | 1.3% | 8.0% |
| Return on capital | — | 12.2% |
| Return on equity | — | 62.7% |
| Balance sheet | ||
| Net debt | $1.1B | $3.8B |
| Net debt / EBITDA | 0.6x | 3.6x |
| Dividends and buybacks | $23.5M | $399M |
| Valuation & quality | ||
| P/E | — | — |
| Piotroski F-score | 6 | — |
Revenue
FY16
LYV $7.8B
WMG $3.2B
FY17
LYV $9.7B
WMG $3.6B
FY18
LYV $10.8B
WMG $4.0B
FY19
LYV $11.5B
WMG $4.5B
FY20
LYV $1.9B
WMG $4.5B
FY21
LYV $6.3B
WMG $5.3B
FY22
LYV $16.7B
WMG $5.9B
FY23
LYV $22.7B
WMG $6.0B
FY24
LYV $23.2B
WMG $6.4B
FY25
LYV $25.2B
WMG $6.7B
LYV
WMG
Operating margin
FY16
LYV 2.5%
WMG 6.6%
FY17
LYV 0.9%
WMG 6.2%
FY18
LYV 2.5%
WMG 5.4%
FY19
LYV 2.8%
WMG 8.0%
FY20
LYV −88.8%
WMG −5.1%
FY21
LYV −6.7%
WMG 11.5%
FY22
LYV 4.3%
WMG 12.1%
FY23
LYV 4.8%
WMG 13.1%
FY24
LYV 3.6%
WMG 12.8%
FY25
LYV 5.0%
WMG 10.4%
LYV
WMG
Free cash flow
FY16
LYV $425M
WMG $300M
FY17
LYV $385M
WMG $491M
FY18
LYV $702M
WMG $351M
FY19
LYV $146M
WMG $296M
FY20
LYV −$1.3B
WMG $378M
FY21
LYV $1.6B
WMG $545M
FY22
LYV $1.5B
WMG $607M
FY23
LYV $924M
WMG $560M
FY24
LYV $1.1B
WMG $638M
FY25
LYV $334M
WMG $539M
LYV
WMG
Return on capital
FY16
LYV 4.5%
WMG 5.6%
FY17
LYV 3.6%
WMG 6.9%
FY18
LYV 10.2%
WMG 6.9%
FY19
LYV 10.2%
WMG 16.9%
FY20
LYV −57.5%
WMG −7.9%
FY21
LYV −22.8%
WMG 15.2%
FY22
LYV —
WMG 17.3%
FY23
LYV —
WMG 16.1%
FY24
LYV —
WMG 16.9%
FY25
LYV —
WMG 12.2%
LYV
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.