TKO vs WMG: TKO Group 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 TKO Group's $14.1B.
- TKO Group grew revenue faster over the last year (+18.2% vs +10.4%).
- TKO Group keeps more of each dollar of revenue as operating profit (18.8% vs 13.7%).
- On earnings, Warner Music Group is the cheaper stock (35.9x vs 62.7x).
- Warner Music Group's price assumes faster free cash flow growth: about 10% a year, against -3% for TKO Group (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 | TKO | WMG |
|---|---|---|
| Market cap | $14.1B | $15.7B |
| Share price | $178.64 | $28.72 |
| Revenue (last fiscal year) | $4.7B | $6.7B |
| Free cash flow (last fiscal year) | $1.3B | $539M |
| Revenue growth, last year | +18.2% | +10.4% |
| Revenue growth per year, last 5 fiscal years | +46.4% | +6.1% |
| Operating margin | 18.8% | 13.7% |
| Net margin | 4.3% | 9.2% |
| Return on equity | 6.8% | 78.7% |
| P/E (trailing) | 62.7x | 35.9x |
| Price / free cash flow | 12.2x | 29.2x |
| EV / EBITDA | 12.0x | 13.6x |
| FCF growth the price implies | -2.7% | 9.9% |
| Dividend yield | 1.5% | 2.5% |
| Debt / equity | 2.33x | 11.3x |
| Fundamental grade | C | C |
| Superinvestors holding it | 4 | 5 |
| Insider purchases, last 12 months | 0 | 0 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
TKO Group
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $1.0B | $430M | 37.9% |
| 2022 | $1.1B | $489M | 47.7% |
| 2023 | $3.2B | $241M | 11.7% |
| 2024 | $4.9B | $572M | 0.63% |
| 2025 | $4.7B | $1.3B | 17.6% |
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
TKO Group · by segments, 2025
WWE Segment$1.7B37%
UFC Segment$1.5B33%
IMG Segment$1.4B30%
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 TKO in InvestinglyQuestions
Which is bigger, TKO Group or Warner Music Group?
Warner Music Group (WMG), at $15.7B against $14.1B.
Is TKO or WMG cheaper?
By trailing P/E, Warner Music Group (35.9x) is cheaper than TKO Group (62.7x). A lower multiple can also mean the market expects less growth.
Which grows faster, TKO or WMG?
TKO Group: revenue grew +18.2% 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.