Lionsgate Studios vs Warner Music Group
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KIRAβs take AI analyst
I put Lionsgate Studios and Warner Music Group side by side, using each oneβs latest annual report. Here is what stands out:
- Warner Music Group is the larger business, with $6.7B of revenue in fiscal 2025 against $2.6B for Lionsgate Studios, about 2.5 times as much.
- Warner Music Group grew revenue faster (4.4%, against 1.8%).
- Warner Music Group kept more of each dollar of sales as operating profit (10.4% operating margin, against 3.7%).
- Warner Music Group turned more of its sales into free cash flow (8.0% FCF margin, against 0.4%).
- Warner Music Group earned a higher return on the capital invested in it (12.2%, against 8.3%).
Who comes out ahead
Of the 6 measures where higher (or lower) is clearly better, how many each company leads.
Lionsgate Studios
LION
0/6
Warner Music Group
WMG
6/6
Revenue growthOperating marginNet marginFCF marginReturn on capitalNet debt / EBITDA
Side by side
Best in the row
| Latest fiscal year | LION FY26 | WMG FY25 |
|---|---|---|
| Size | ||
| Market cap | $3.5B | β |
| Revenue | $2.6B | $6.7B |
| Free cash flow | $11.4M | $539M |
| Net income | β$198M | $365M |
| Growth | ||
| Revenue growth | 1.8% | 4.4% |
| 5-year growth | β | 8.5% |
| Share count change | 14.7% | β |
| Profitability | ||
| Gross margin | β | 45.9% |
| Operating margin | 3.7% | 10.4% |
| Net margin | β7.5% | 5.4% |
| FCF margin | 0.4% | 8.0% |
| Return on capital | 8.3% | 12.2% |
| Return on equity | β | 62.7% |
| Balance sheet | ||
| Net debt | $1.6B | $3.8B |
| Net debt / EBITDA | 13.9x | 3.6x |
| Dividends and buybacks | $0.0M | $399M |
| Valuation & quality | ||
| P/E | β | β |
| Piotroski F-score | 5 | β |
Ten years
Revenue
FY17
LION β
WMG $3.6B
FY18
LION β
WMG $4.0B
FY19
LION β
WMG $4.5B
FY20
LION β
WMG $4.5B
FY21
LION β
WMG $5.3B
FY22
LION β
WMG $5.9B
FY23
LION β
WMG $6.0B
FY24
LION $2.5B
WMG $6.4B
FY25
LION $2.6B
WMG $6.7B
FY26
LION $2.6B
WMG β
LION
WMG
Operating margin
FY17
LION β
WMG 6.2%
FY18
LION β
WMG 5.4%
FY19
LION β
WMG 8.0%
FY20
LION β
WMG β5.1%
FY21
LION β
WMG 11.5%
FY22
LION β
WMG 12.1%
FY23
LION β
WMG 13.1%
FY24
LION β0.6%
WMG 12.8%
FY25
LION β0.7%
WMG 10.4%
FY26
LION 3.7%
WMG β
LION
WMG
Free cash flow
FY17
LION β
WMG $491M
FY18
LION β
WMG $351M
FY19
LION β
WMG $296M
FY20
LION β
WMG $378M
FY21
LION β
WMG $545M
FY22
LION β
WMG $607M
FY23
LION β
WMG $560M
FY24
LION $387M
WMG $638M
FY25
LION β$180M
WMG $539M
FY26
LION $11.4M
WMG β
LION
WMG
Return on capital
FY17
LION β
WMG 6.9%
FY18
LION β
WMG 6.9%
FY19
LION β
WMG 16.9%
FY20
LION β
WMG β7.9%
FY21
LION β
WMG 15.2%
FY22
LION β
WMG 17.3%
FY23
LION β
WMG 16.1%
FY24
LION β
WMG 16.9%
FY25
LION β1.1%
WMG 12.2%
FY26
LION 8.3%
WMG β
LION
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.