Roku 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 $4.7B for Roku.
- Roku grew revenue faster (15.2%, against 4.4%).
- Warner Music Group kept more of each dollar of sales as operating profit (10.4% operating margin, against −0.1%).
- Roku turned more of its sales into free cash flow (10.1% FCF margin, against 8.0%).
| Latest fiscal year | ROKU · FY25 | WMG · FY25 |
|---|---|---|
| Size | ||
| Market cap | $24.1B | — |
| Revenue | $4.7B | $6.7B |
| Free cash flow | $478M | $539M |
| Net income | $88.4M | $365M |
| Growth | ||
| Revenue growth | 15.2% | 4.4% |
| 5-year growth | 21.7% | 8.5% |
| Share count change | 4.3% | — |
| Profitability | ||
| Gross margin | 43.8% | 45.9% |
| Operating margin | −0.1% | 10.4% |
| Net margin | 1.9% | 5.4% |
| FCF margin | 10.1% | 8.0% |
| Return on capital | — | 12.2% |
| Return on equity | 3.4% | 62.7% |
| Balance sheet | ||
| Net debt | −$2.3B | $3.8B |
| Net debt / EBITDA | −58.0x | 3.6x |
| Dividends and buybacks | $150M | $399M |
| Valuation & quality | ||
| P/E | 67.5x | — |
| Piotroski F-score | 6 | — |
Revenue
FY16
ROKU $399M
WMG $3.2B
FY17
ROKU $513M
WMG $3.6B
FY18
ROKU $743M
WMG $4.0B
FY19
ROKU $1.1B
WMG $4.5B
FY20
ROKU $1.8B
WMG $4.5B
FY21
ROKU $2.8B
WMG $5.3B
FY22
ROKU $3.1B
WMG $5.9B
FY23
ROKU $3.5B
WMG $6.0B
FY24
ROKU $4.1B
WMG $6.4B
FY25
ROKU $4.7B
WMG $6.7B
ROKU
WMG
Operating margin
FY16
ROKU −10.9%
WMG 6.6%
FY17
ROKU −3.8%
WMG 6.2%
FY18
ROKU −1.8%
WMG 5.4%
FY19
ROKU −5.8%
WMG 8.0%
FY20
ROKU −1.1%
WMG −5.1%
FY21
ROKU 8.5%
WMG 11.5%
FY22
ROKU −17.0%
WMG 12.1%
FY23
ROKU −22.7%
WMG 13.1%
FY24
ROKU −5.3%
WMG 12.8%
FY25
ROKU −0.1%
WMG 10.4%
ROKU
WMG
Free cash flow
FY16
ROKU −$41.1M
WMG $300M
FY17
ROKU $28.1M
WMG $491M
FY18
ROKU −$4.4M
WMG $351M
FY19
ROKU −$63.5M
WMG $296M
FY20
ROKU $65.8M
WMG $378M
FY21
ROKU $188M
WMG $545M
FY22
ROKU −$150M
WMG $607M
FY23
ROKU $173M
WMG $560M
FY24
ROKU $213M
WMG $638M
FY25
ROKU $478M
WMG $539M
ROKU
WMG
Return on capital
FY16
ROKU —
WMG 5.6%
FY17
ROKU —
WMG 6.9%
FY18
ROKU —
WMG 6.9%
FY19
ROKU −31.2%
WMG 16.9%
FY20
ROKU −5.2%
WMG −7.9%
FY21
ROKU 45.2%
WMG 15.2%
FY22
ROKU −56.9%
WMG 17.3%
FY23
ROKU −117.6%
WMG 16.1%
FY24
ROKU —
WMG 16.9%
FY25
ROKU —
WMG 12.2%
ROKU
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.