NWSA vs WMG: News Corp A and Warner Music Group compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- Warner Music Group is the larger company, worth $15.7B, close to News Corp A's $15.7B.
- News Corp A grew revenue faster over the last year (+10.8% vs +10.4%).
- News Corp A keeps more of each dollar of revenue as operating profit (56.9% vs 13.7%).
- On earnings, Warner Music Group is the cheaper stock (35.9x vs 36.3x).
- Warner Music Group's price assumes faster free cash flow growth: about 10% a year, against 5% for News Corp A (reverse DCF).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | NWSA | WMG |
|---|---|---|
| Market cap | $15.7B | $15.7B |
| Share price | $29.12 | $28.72 |
| Revenue (last fiscal year) | $9.0B | $6.7B |
| Free cash flow (last fiscal year) | $811M | $539M |
| Revenue growth, last year | +10.8% | +10.4% |
| Revenue growth per year, last 5 fiscal years | -3.4% | +6.1% |
| Operating margin | 56.9% | 13.7% |
| Net margin | 6.3% | 9.2% |
| Return on equity | 6.7% | 78.7% |
| P/E (trailing) | 36.3x | 35.9x |
| Price / free cash flow | 21.5x | 29.2x |
| EV / EBITDA | 11.2x | 13.6x |
| FCF growth the price implies | 4.5% | 9.9% |
| Dividend yield | 0.70% | 2.5% |
| Debt / equity | 0.74x | 11.3x |
| Fundamental grade | C | C |
| Superinvestors holding it | 7 | 5 |
| Insider purchases, last 12 months | 4 | 0 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
News Corp A
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2022 | $10.4B | $855M | 50.7% |
| 2023 | $8.0B | $745M | 51.2% |
| 2024 | $8.3B | $741M | 53.8% |
| 2025 | $8.5B | $571M | 55.8% |
| 2026 | $9.0B | $811M | 56.9% |
Warner Music Group
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $5.3B | $545M | 11.5% |
| 2022 | $5.9B | $607M | 12.1% |
| 2023 | $6.0B | $560M | 13.1% |
| 2024 | $6.4B | $638M | 12.8% |
| 2025 | $6.7B | $539M | 10.3% |
Where the revenue comes from
News Corp A · by segments, 2026
Dow Jones$2.5B28%
Book Publishing$2.3B25%
News and Information Services Segment$2.2B25%
Digital Real Estate Services$2.0B22%
Warner Music Group · by segments, 2025
Recorded Music$5.4B81%
Music Publishing$1.3B19%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open NWSA in InvestinglyQuestions
Which is bigger, News Corp A or Warner Music Group?
Warner Music Group (WMG), at $15.7B against $15.7B.
Is NWSA or WMG cheaper?
By trailing P/E, Warner Music Group (35.9x) is cheaper than News Corp A (36.3x). A lower multiple can also mean the market expects less growth.
Which grows faster, NWSA or WMG?
News Corp A: revenue grew +10.8% over the last year, against +10.4%.
More comparisons
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.