Disney vs Live Nation Entertainment
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The short version
- Disney is the larger business, with $94.4B of revenue in fiscal 2025 against $25.2B for Live Nation Entertainment, about 3.7 times as much.
- Live Nation Entertainment grew revenue faster (8.8%, against 3.4%).
- Disney kept more of each dollar of sales as operating profit (18.6% operating margin, against 5.0%).
- Disney turned more of its sales into free cash flow (10.7% FCF margin, against 1.3%).
| Latest fiscal year | DIS · FY25 | LYV · FY25 |
|---|---|---|
| Size | ||
| Market cap | $196.1B | $42.3B |
| Revenue | $94.4B | $25.2B |
| Free cash flow | $10.1B | $334M |
| Net income | $12.4B | $496M |
| Growth | ||
| Revenue growth | 3.4% | 8.8% |
| 5-year growth | 7.6% | 68.4% |
| Share count change | −1.1% | −1.9% |
| Profitability | ||
| Gross margin | — | — |
| Operating margin | 18.6% | 5.0% |
| Net margin | 13.1% | 2.0% |
| FCF margin | 10.7% | 1.3% |
| Return on capital | 11.8% | — |
| Return on equity | 11.8% | — |
| Balance sheet | ||
| Net debt | $36.5B | $1.1B |
| Net debt / EBITDA | 1.6x | 0.6x |
| Dividends and buybacks | $5.3B | $23.5M |
| Valuation & quality | ||
| P/E | 23.2x | — |
| Piotroski F-score | 7 | 6 |
Revenue
FY16
DIS —
LYV $7.8B
FY17
DIS $55.1B
LYV $9.7B
FY18
DIS $59.4B
LYV $10.8B
FY19
DIS $69.6B
LYV $11.5B
FY20
DIS $65.4B
LYV $1.9B
FY21
DIS $67.4B
LYV $6.3B
FY22
DIS $82.7B
LYV $16.7B
FY23
DIS $88.9B
LYV $22.7B
FY24
DIS $91.4B
LYV $23.2B
FY25
DIS $94.4B
LYV $25.2B
DIS
LYV
Operating margin
FY16
DIS —
LYV 2.5%
FY17
DIS 26.8%
LYV 0.9%
FY18
DIS 26.4%
LYV 2.5%
FY19
DIS 21.3%
LYV 2.8%
FY20
DIS 12.4%
LYV −88.8%
FY21
DIS 11.5%
LYV −6.7%
FY22
DIS 14.7%
LYV 4.3%
FY23
DIS 14.5%
LYV 4.8%
FY24
DIS 17.1%
LYV 3.6%
FY25
DIS 18.6%
LYV 5.0%
DIS
LYV
Free cash flow
FY16
DIS —
LYV $425M
FY17
DIS $8.7B
LYV $385M
FY18
DIS $9.8B
LYV $702M
FY19
DIS $1.1B
LYV $146M
FY20
DIS $3.6B
LYV −$1.3B
FY21
DIS $2.0B
LYV $1.6B
FY22
DIS $1.1B
LYV $1.5B
FY23
DIS $4.9B
LYV $924M
FY24
DIS $8.6B
LYV $1.1B
FY25
DIS $10.1B
LYV $334M
DIS
LYV
Return on capital
FY16
DIS —
LYV 4.5%
FY17
DIS —
LYV 3.6%
FY18
DIS —
LYV 10.2%
FY19
DIS 11.3%
LYV 10.2%
FY20
DIS 4.8%
LYV −57.5%
FY21
DIS 5.9%
LYV −22.8%
FY22
DIS 6.1%
LYV —
FY23
DIS 6.7%
LYV —
FY24
DIS 8.4%
LYV —
FY25
DIS 11.8%
LYV —
DIS
LYV
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.