TKO Group 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 TKO Group.
- Warner Music Group grew revenue faster (4.4%, against −3.1%).
- TKO Group kept more of each dollar of sales as operating profit (17.6% operating margin, against 10.4%).
- Warner Music Group earned a higher return on the capital invested in it (12.2%, against 5.9%).
| Latest fiscal year | TKO · FY25 | WMG · FY25 |
|---|---|---|
| Size | ||
| Market cap | $13.1B | — |
| Revenue | $4.7B | $6.7B |
| Free cash flow | — | $539M |
| Net income | $195M | $365M |
| Growth | ||
| Revenue growth | −3.1% | 4.4% |
| 5-year growth | — | 8.5% |
| Share count change | 12.9% | — |
| Profitability | ||
| Gross margin | — | 45.9% |
| Operating margin | 17.6% | 10.4% |
| Net margin | 4.1% | 5.4% |
| FCF margin | — | 8.0% |
| Return on capital | 5.9% | 12.2% |
| Return on equity | 5.0% | 62.7% |
| Balance sheet | ||
| Net debt | $3.2B | $3.8B |
| Net debt / EBITDA | 2.4x | 3.6x |
| Dividends and buybacks | $1.1B | $399M |
| Valuation & quality | ||
| P/E | — | — |
| Piotroski F-score | 5 | — |
Revenue
FY16
TKO —
WMG $3.2B
FY17
TKO —
WMG $3.6B
FY18
TKO —
WMG $4.0B
FY19
TKO —
WMG $4.5B
FY20
TKO —
WMG $4.5B
FY21
TKO $1.0B
WMG $5.3B
FY22
TKO $1.1B
WMG $5.9B
FY23
TKO $3.2B
WMG $6.0B
FY24
TKO $4.9B
WMG $6.4B
FY25
TKO $4.7B
WMG $6.7B
TKO
WMG
Operating margin
FY16
TKO —
WMG 6.6%
FY17
TKO —
WMG 6.2%
FY18
TKO —
WMG 5.4%
FY19
TKO —
WMG 8.0%
FY20
TKO —
WMG −5.1%
FY21
TKO 37.9%
WMG 11.5%
FY22
TKO 47.8%
WMG 12.1%
FY23
TKO 11.7%
WMG 13.1%
FY24
TKO 0.6%
WMG 12.8%
FY25
TKO 17.6%
WMG 10.4%
TKO
WMG
Free cash flow
FY16
TKO —
WMG $300M
FY17
TKO —
WMG $491M
FY18
TKO —
WMG $351M
FY19
TKO —
WMG $296M
FY20
TKO —
WMG $378M
FY21
TKO —
WMG $545M
FY22
TKO —
WMG $607M
FY23
TKO —
WMG $560M
FY24
TKO —
WMG $638M
FY25
TKO —
WMG $539M
TKO
WMG
Return on capital
FY16
TKO —
WMG 5.6%
FY17
TKO —
WMG 6.9%
FY18
TKO —
WMG 6.9%
FY19
TKO —
WMG 16.9%
FY20
TKO —
WMG −7.9%
FY21
TKO —
WMG 15.2%
FY22
TKO —
WMG 17.3%
FY23
TKO 3.4%
WMG 16.1%
FY24
TKO 0.2%
WMG 16.9%
FY25
TKO 5.9%
WMG 12.2%
TKO
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.