Live Nation Entertainment vs Netflix
Add, change or remove companies; up to four.
The short version
- Netflix is the larger business, with $45.2B of revenue in fiscal 2025 against $25.2B for Live Nation Entertainment, about 1.8 times as much.
- Netflix grew revenue faster (15.9%, against 8.8%).
- Netflix kept more of each dollar of sales as operating profit (29.5% operating margin, against 5.0%).
- Netflix turned more of its sales into free cash flow (20.9% FCF margin, against 1.3%).
| Latest fiscal year | LYV · FY25 | NFLX · FY25 |
|---|---|---|
| Size | ||
| Market cap | $42.3B | $276.2B |
| Revenue | $25.2B | $45.2B |
| Free cash flow | $334M | $9.5B |
| Net income | $496M | $11.0B |
| Growth | ||
| Revenue growth | 8.8% | 15.9% |
| 5-year growth | 68.4% | 12.6% |
| Share count change | −1.9% | −1.1% |
| Profitability | ||
| Gross margin | — | 48.5% |
| Operating margin | 5.0% | 29.5% |
| Net margin | 2.0% | 24.3% |
| FCF margin | 1.3% | 20.9% |
| Return on capital | — | 36.7% |
| Return on equity | — | 42.8% |
| Balance sheet | ||
| Net debt | $1.1B | $5.4B |
| Net debt / EBITDA | 0.6x | 0.4x |
| Dividends and buybacks | $23.5M | $9.1B |
| Valuation & quality | ||
| P/E | — | 19.0x |
| Piotroski F-score | 6 | 7 |
Revenue
FY16
LYV $7.8B
NFLX $8.8B
FY17
LYV $9.7B
NFLX $11.7B
FY18
LYV $10.8B
NFLX $15.8B
FY19
LYV $11.5B
NFLX $20.2B
FY20
LYV $1.9B
NFLX $25.0B
FY21
LYV $6.3B
NFLX $29.7B
FY22
LYV $16.7B
NFLX $31.6B
FY23
LYV $22.7B
NFLX $33.7B
FY24
LYV $23.2B
NFLX $39.0B
FY25
LYV $25.2B
NFLX $45.2B
LYV
NFLX
Operating margin
FY16
LYV 2.5%
NFLX 4.3%
FY17
LYV 0.9%
NFLX 7.2%
FY18
LYV 2.5%
NFLX 10.2%
FY19
LYV 2.8%
NFLX 12.9%
FY20
LYV −88.8%
NFLX 18.3%
FY21
LYV −6.7%
NFLX 20.9%
FY22
LYV 4.3%
NFLX 17.8%
FY23
LYV 4.8%
NFLX 20.6%
FY24
LYV 3.6%
NFLX 26.7%
FY25
LYV 5.0%
NFLX 29.5%
LYV
NFLX
Free cash flow
FY16
LYV $425M
NFLX −$1.6B
FY17
LYV $385M
NFLX −$2.0B
FY18
LYV $702M
NFLX −$2.9B
FY19
LYV $146M
NFLX −$3.1B
FY20
LYV −$1.3B
NFLX $1.9B
FY21
LYV $1.6B
NFLX −$132M
FY22
LYV $1.5B
NFLX $1.6B
FY23
LYV $924M
NFLX $6.9B
FY24
LYV $1.1B
NFLX $6.9B
FY25
LYV $334M
NFLX $9.5B
LYV
NFLX
Return on capital
FY16
LYV 4.5%
NFLX 7.4%
FY17
LYV 3.6%
NFLX 14.2%
FY18
LYV 10.2%
NFLX 16.6%
FY19
LYV 10.2%
NFLX 16.2%
FY20
LYV −57.5%
NFLX 21.7%
FY21
LYV −22.8%
NFLX 24.5%
FY22
LYV —
NFLX 17.7%
FY23
LYV —
NFLX 21.3%
FY24
LYV —
NFLX 31.0%
FY25
LYV —
NFLX 36.7%
LYV
NFLX
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.