Sirius XM Holdings Inc. (SIRI) 10-Year Financial Performance & Capital Metrics

SIRI •

Communication ServicesEntertainmentMusic and Audio Platforms

AboutSirius XM Holdings Inc. provides satellite radio services on a subscription fee basis in the United States. It broadcasts music, sports, entertainment, comedy, talk, news, traffic, and weather channels, including various music genres, such as rock, pop and hip-hop, country, dance, jazz, Latin, and classical; live play-by-play sports from various leagues and colleges; various talk and entertainment channels for a range of audiences; national, international, and financial news; and limited run channels. The company also provides streaming service that includes a range of music and non-music channels, and podcasts, as well as channels that are not available on its satellite radio service; and offers applications to allow consumers to access its streaming service on smartphones, tablets, computers, home devices, and other consumer electronic equipment, as well as connected vehicle services. In addition, it distributes satellite radios through automakers and retailers, as well as its website. Further, the company provides location-based services through two-way wireless connectivity, including safety, security, convenience, remote vehicles diagnostic, maintenance and data, and stolen or parked vehicle locator services. Additionally, it offers satellite television services, which offer music channels on the DISH Network satellite television service as a programming package; Travel Link, a suite of data services that include graphical weather, fuel prices, sports schedule and scores, and movie listings; and real-time traffic and weather services. The company was incorporated in 2013 and is headquartered in New York, New York. Sirius XM Holdings Inc. is a subsidiary of Liberty Media Corporation.Show more

Revenue $8.56B -1.6%
EBITDA $2.5B +378.9%
Net Income $805M +148.3%
EPS (Diluted) 2.25 +145.6%
Gross Margin 49.38% +2.3%
EBITDA Margin 29.17% +383.5%
Operating Margin 22.28% +227.8%
Net Margin 9.41% +149.1%
ROE 7.11% +151.6%
ROIC 6.73% +234.9%
Debt/Equity 0.84 -10.8%
Interest Coverage 4.15 +235.8%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong 5Y profit CAGR of 43.8%
✓High quality earnings: Operating CF exceeds net income
✓Healthy dividend yield of 4.7%
✓Trading at only 0.7x book value

✗Weaknesses

No significant weaknesses identified

Price & Volume

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Growth Metrics

Revenue CAGR

10Y6.47%

5Y1.26%

3Y-1.68%

TTM-1.62%

Profit (Net Income) CAGR

10Y4.68%

5Y43.78%

3Y-12.77%

TTM148.32%

EPS CAGR

10Y9.6%

5Y49.63%

3Y-10.13%

TTM143.93%

ROCE

10Y Avg19.46%

5Y Avg13.99%

3Y Avg4.56%

Latest7.88%

Peer Comparison

Music and Audio Platforms

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
RSVRReservoir Media, Inc.	588.35M	8.97	74.75	9.56%	3.87%	0%		1.08
WMGWarner Music Group Corp.	10.74B	28.60	40.86	4.37%	4.43%	37.01%	5.02%	6.09
SIRISirius XM Holdings Inc.	7.36B	21.96	9.76	-1.62%	9.41%	6.96%	16.92%	0.84
ANGHAnghami Inc.	27.19M	3.00	-0.27	88.72%	-81.38%	-6.88%		0.21
LVOLiveOne, Inc.	63.87M	5.49	-2.57	-3.41%	-30.51%		5.08%

Profit & Loss

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Sales/Revenue+	5.02B	5.42B	5.77B	7.79B	8.04B	8.7B	9B	8.95B	8.7B	8.56B
Revenue Growth %	9.78%	8.13%	6.38%	35.05%	3.16%	8.16%	3.53%	-0.56%	-2.84%	-1.62%
Cost of Goods Sold+	2.51B	2.6B	2.78B	3.85B	3.94B	4.29B	4.48B	4.57B	4.5B	4.33B
COGS % of Revenue	49.95%	47.93%	48.15%	49.45%	49.02%	49.37%	49.78%	51.02%	51.71%	50.62%
Gross Profit+	2.51B	2.83B	2.99B	3.94B	4.1B	4.4B	4.52B	4.38B	4.2B	4.23B
Gross Margin %	50.05%	52.07%	51.85%	50.55%	50.98%	50.63%	50.22%	48.98%	48.29%	49.38%
Gross Profit Growth %	14.44%	12.5%	5.91%	31.68%	4.04%	7.42%	2.68%	-3.01%	-4.2%	0.6%
Operating Expenses+	1.08B	1.18B	1.26B	2.29B	3.24B	2.39B	2.48B	2.44B	5.72B	2.75B
OpEx % of Revenue	21.5%	21.82%	21.92%	29.42%	40.31%	27.46%	27.6%	27.24%	65.73%	32.19%
Selling, General & Admin	727.83M	773M	838M	1.46B	1.47B	1.57B	1.6B	1.48B	1.39B	1.31B
SG&A % of Revenue	14.51%	14.25%	14.52%	18.75%	18.26%	18.05%	17.77%	16.54%	15.99%	15.3%
Research & Development	82.15M	112M	123M	280M	263M	265M	285M	322M	296M	0
R&D % of Revenue	1.64%	2.06%	2.13%	3.59%	3.27%	3.05%	3.17%	3.6%	3.4%	-
Other Operating Expenses	268.98M	299M	304M	552M	1.51B	553M	600M	636M	4.03B	1.45B
Operating Income+	1.43B	1.64B	1.73B	1.65B	858M	2.02B	2.04B	1.95B	-1.52B	1.91B
Operating Margin %	28.54%	30.25%	29.93%	21.13%	10.67%	23.17%	22.61%	21.74%	-17.44%	22.28%
Operating Income Growth %	21.5%	14.58%	5.24%	-4.63%	-47.91%	134.85%	1.04%	-4.42%	-177.95%	225.71%
EBITDA+	1.7B	1.94B	2.03B	2.12B	1.42B	2.6B	2.62B	2.54B	-895M	2.5B
EBITDA Margin %	33.91%	35.75%	35.14%	27.14%	17.66%	29.88%	29.11%	28.43%	-10.29%	29.17%
EBITDA Growth %	17.24%	14.02%	4.54%	4.3%	-32.86%	82.96%	0.89%	-2.9%	-135.17%	378.88%
D&A (Non-Cash Add-back)	268.98M	298.6M	300.72M	468M	562M	583M	585M	599M	622M	589M
EBIT	1.42B	1.61B	1.77B	1.59B	824M	1.94B	2.03B	1.94B	-1.37B	1.51B
Net Interest Income+	-331.23M	-346M	-342M	-387M	-394M	-415M	-422M	-423M	-496M	-459M
Interest Income	0	0	8M	3M	0	0	0	0	0	0
Interest Expense	331.23M	346M	350M	390M	394M	415M	422M	423M	496M	459M
Other Income/Expense	-340.47M	-377M	-306M	-450M	-428M	-489M	-431M	-428M	-348M	-851M
Pretax Income+	1.09B	1.26B	1.42B	1.2B	430M	1.53B	1.6B	1.52B	-1.86B	1.06B
Pretax Margin %	21.76%	23.3%	24.62%	15.36%	5.35%	17.55%	17.83%	16.96%	-21.44%	12.34%
Income Tax+	345.73M	616M	245M	283M	299M	212M	392M	260M	210M	251M
Effective Tax Rate %	68.33%	51.27%	82.76%	76.36%	30.47%	86.11%	75.58%	82.87%	89.28%	76.23%
Net Income+	745.93M	648M	1.18B	914M	131M	1.31B	1.21B	1.26B	-1.67B	805M
Net Margin %	14.87%	11.94%	20.38%	11.73%	1.63%	15.11%	13.47%	14.05%	-19.14%	9.41%
Net Income Growth %	46.34%	-13.13%	81.48%	-22.28%	-85.67%	903.05%	-7.69%	3.71%	-232.35%	148.35%
Net Income (Continuing)	745.93M	648M	1.18B	914M	131M	1.31B	1.21B	1.26B	-2.08B	805M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	3.03B	0	0
EPS (Diluted)+	1.50	1.40	2.60	2.00	0.30	3.20	3.10	3.24	-4.93	2.25
EPS Growth %	66.67%	-6.67%	85.71%	-23.08%	-85%	966.67%	-3.13%	4.52%	-252.16%	145.64%
EPS (Basic)	1.50	1.40	2.60	2.00	0.30	3.20	3.10	3.26	-4.93	2.38
Diluted Shares Outstanding	496.47M	472.4M	456.07M	461.6M	442.9M	414.3M	399M	388.8M	338M	357M
Basic Shares Outstanding	491.7M	463.8M	446.18M	450.1M	433M	406.2M	391.6M	385.8M	338M	338M
Dividend Payout Ratio	6.45%	29.32%	17.09%	24.73%	180.92%	20.4%	110.39%	5.17%	-	45.34%

Balance Sheet

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Total Current Assets+	642.65M	470.9M	478M	1B	967M	1.18B	1.04B	1.36B	1.15B	1.1B
Cash & Short-Term Investments	213.94M	69.02M	54M	106M	71M	191M	57M	306M	162M	94M
Cash Only	213.94M	69.02M	54M	106M	71M	191M	57M	306M	162M	94M
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	223.03M	241.73M	232.99M	670M	672M	722M	655M	709M	676M	761M
Days Sales Outstanding	16.23	16.26	14.74	31.38	30.51	30.3	26.55	28.9	28.36	32.46
Inventory	20.36M	20.2M	22M	11M	10M	0	0	0	0	0
Days Inventory Outstanding	2.97	2.84	2.89	1.04	0.93	-	-	-	-	-
Other Current Assets	6.17M	10.28M	11M	22M	10M	21M	326M	346M	311M	243M
Total Non-Current Assets+	7.36B	7.86B	7.7B	10.15B	9.37B	9.09B	8.98B	28.7B	26.37B	26.14B
Property, Plant & Equipment	1.4B	1.46B	1.51B	2.09B	2.06B	1.81B	1.81B	1.79B	2.11B	2.26B
Fixed Asset Turnover	3.59x	3.71x	3.81x	3.73x	3.91x	4.81x	4.96x	5.00x	4.12x	3.79x
Goodwill	2.21B	2.29B	2.29B	3.84B	3.12B	3.15B	3.25B	15.21B	12.39B	12.39B
Intangible Assets	2.54B	2.52B	2.5B	3.47B	3.34B	3.19B	3.05B	10.31B	10.19B	1.46B
Long-Term Investments	8.92M	962.08M	960M	321M	332M	334M	412M	715M	1.04B	941M
Other Non-Current Assets	119.1M	118.67M	138M	270M	405M	415M	312M	515M	641M	9.09B
Total Assets+	8B	8.33B	8.17B	11.15B	10.33B	10.27B	10.02B	30.06B	27.52B	27.24B
Asset Turnover	0.63x	0.65x	0.71x	0.70x	0.78x	0.85x	0.90x	0.30x	0.32x	0.31x
Asset Growth %	-0.54%	4.07%	-1.88%	36.41%	-7.32%	-0.57%	-2.45%	199.9%	-8.43%	-1.03%
Total Current Liabilities+	2.67B	2.82B	2.8B	3.29B	3.17B	2.98B	2.98B	3.95B	2.73B	3.65B
Accounts Payable	713.03M	794.34M	736M	1.15B	1.22B	1.3B	1.25B	1.3B	1.28B	1.29B
Days Payables Outstanding	103.85	111.51	96.67	109.01	113.27	110.44	101.63	104.11	104.19	108.69
Short-Term Debt	5.49M	5.11M	3M	2M	1M	0	196M	1.08B	55M	1.06B
Deferred Revenue (Current)	1.83B	1.88B	1.93B	1.93B	1.72B	1.45B	1.32B	1.2B	1.05B	976M
Other Current Liabilities	2.84M	2.84M	4M	4M	0	5M	0	154M	116M	329M
Current Ratio	0.24x	0.17x	0.17x	0.30x	0.31x	0.40x	0.35x	0.34x	0.42x	0.30x
Quick Ratio	0.23x	0.16x	0.16x	0.30x	0.30x	0.40x	0.35x	0.34x	0.42x	0.30x
Cash Conversion Cycle	-84.66	-92.41	-79.04	-76.59	-81.84	-	-	-	-	-
Total Non-Current Liabilities+	6.13B	7.03B	7.19B	8.59B	9.45B	9.92B	10.39B	13B	13.72B	12.02B
Long-Term Debt	5.84B	6.74B	6.88B	7.84B	8.5B	8.83B	9.26B	10.07B	10.31B	8.65B
Capital Lease Obligations	0	0	0	456M	419M	362M	320M	292M	0	1M
Deferred Tax Liabilities	6.42M	8.17M	47M	70M	266M	478M	565M	2.41B	2.22B	2.24B
Other Non-Current Liabilities	101.51M	107.72M	106M	94M	149M	150M	170M	136M	1.1B	1.04B
Total Liabilities	8.8B	9.85B	9.99B	11.88B	12.62B	12.9B	13.37B	16.95B	16.45B	15.67B
Total Debt+	5.85B	6.75B	6.89B	8.35B	8.97B	9.24B	9.82B	11.49B	10.42B	9.71B
Net Debt	5.63B	6.68B	6.83B	8.24B	8.9B	9.05B	9.77B	11.18B	10.21B	9.61B
Debt / Equity	-	-	-	-	-	-	-	0.88x	0.94x	0.84x
Debt / EBITDA	3.44x	3.48x	3.40x	3.95x	6.31x	3.56x	3.75x	4.51x	-	3.89x
Net Debt / EBITDA	3.31x	3.44x	3.37x	3.90x	6.26x	3.48x	3.73x	4.39x	-	3.85x
Interest Coverage	4.32x	4.74x	4.93x	4.22x	2.18x	4.86x	4.82x	4.60x	-3.06x	4.15x
Total Equity+	-792.01M	-1.52B	-1.82B	-736M	-2.29B	-2.63B	-3.35B	13.1B	11.07B	11.56B
Equity Growth %	-375.71%	-92.4%	-19.24%	59.49%	-210.46%	-14.88%	-27.66%	490.99%	-15.48%	4.42%
Book Value per Share	-1.60	-3.23	-3.98	-1.59	-5.16	-6.34	-8.40	33.70	32.76	32.39
Total Shareholders' Equity	-792.01M	-1.52B	-1.82B	-736M	-2.29B	-2.63B	-3.35B	10.08B	11.07B	11.56B
Common Stock	4.75M	4.53M	4M	4M	4M	4M	4M	0	0	-1M
Retained Earnings	-3.89B	-3.24B	-2.06B	-1.14B	-2.29B	-2.64B	-3.35B	15.35B	11.12B	11.61B
Treasury Stock	-22.91M	-17.15M	0	0	-19M	-8M	0	0	-1M	0
Accumulated OCI	-139K	18.41M	-6M	8M	15M	15M	-4M	7M	-46M	-50M
Minority Interest	0	0	0	0	0	0	0	3.03B	0	0

Cash Flow

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Cash from Operations+	1.72B	1.86B	1.88B	2.02B	2.02B	2B	1.98B	1.83B	1.74B	1.9B
Operating CF Margin %	34.27%	34.2%	32.58%	25.88%	25.1%	22.98%	21.95%	20.43%	20.01%	22.18%
Operating CF Growth %	38.2%	7.93%	1.34%	7.26%	0.05%	-0.99%	-1.1%	-7.44%	-4.81%	9.02%
Net Income	745.93M	647.91M	1.18B	914M	131M	1.31B	1.21B	786M	-1.67B	805M
Depreciation & Amortization	268.98M	298.6M	300.72M	468M	562M	583M	585M	669M	622M	565M
Stock-Based Compensation	108.6M	0	0	0	223M	202M	0	0	0	179M
Deferred Taxes	323.56M	583.52M	256.57M	259M	238M	131M	202M	-40M	-161M	29M
Other Non-Cash Items	93.55M	228.78M	160.51M	397M	1.13B	179M	355M	583M	3.2B	409M
Working Capital Changes	178.61M	96.78M	-13.28M	-21M	-268M	-411M	-379M	-169M	-259M	-89M
Change in Receivables	-44.19M	-73.78M	-42.08M	-137M	-36M	-108M	10M	-148M	-128M	-84M
Change in Inventory	1.93M	1.87M	-2M	11M	-2M	0	0	0	0	0
Change in Payables	78.92M	41.37M	-20.09M	109M	42M	104M	-71M	98M	19M	59M
Cash from Investing+	-210.12M	-1.15B	-379.28M	-3M	-741M	-200M	-548M	-696M	-970M	-747M
Capital Expenditures	-205.83M	-287.97M	-355.7M	-363M	-350M	-388M	-426M	-650M	-728M	-653M
CapEx % of Revenue	4.1%	5.31%	6.16%	4.66%	4.35%	4.46%	4.73%	7.26%	8.37%	7.63%
Acquisitions	0	-107.74M	-2.38M	313M	-300M	-14M	-121M	0	0	0
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	0	0	0	0	0	225M	0	-46M	-242M	-94M
Cash from Financing+	-1.41B	-853.69M	-1.52B	-1.96B	-1.31B	-1.68B	-1.56B	-1.19B	-916M	-1.22B
Debt Issued (Net)	357.06M	837M	120M	565M	592M	224M	573M	-1.1B	-709M	-679M
Equity Issued (Net)	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K
Dividends Paid	-48.08M	-190M	-201M	-226M	-237M	-268M	-1.34B	-65M	-143M	-365M
Share Repurchases	-1.67B	-1.41B	-1.31B	-2.16B	-1.55B	-1.52B	-647M	-274M	-6M	-136M
Other Financing	-42.82M	-92.43M	-119.87M	-139M	-114M	-125M	-153M	252M	-58M	-39M
Net Change in Cash	102.1M	-144.92M	-14M	55M	-37M	116M	-134M	249M	-145M	-68M
Free Cash Flow+	1.51B	1.57B	1.52B	1.65B	1.67B	1.61B	1.55B	1.18B	1.01B	1.25B
FCF Margin %	30.16%	28.9%	26.42%	21.22%	20.75%	18.51%	17.22%	13.17%	11.64%	14.55%
FCF Growth %	36.45%	3.58%	-2.74%	8.48%	0.85%	-3.48%	-3.73%	-23.94%	-14.08%	22.9%
FCF per Share	3.05	3.32	3.34	3.58	3.77	3.89	3.88	3.03	3.00	3.49
FCF Conversion (FCF/Net Income)	2.30x	2.86x	1.60x	2.21x	15.40x	1.52x	1.63x	1.45x	-1.05x	2.36x
Interest Paid	292.56M	310M	345M	337M	358M	393M	411M	405M	473M	0
Taxes Paid	20.64M	28M	6M	10M	38M	82M	275M	278M	218M	0

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	-	-	-	-	-	-	-	25.8%	-13.77%	7.11%
Return on Invested Capital (ROIC)	21.46%	24.63%	25.47%	19.73%	9.12%	23.18%	23.78%	9.51%	-4.99%	6.73%
Gross Margin	50.05%	52.07%	51.85%	50.55%	50.98%	50.63%	50.22%	48.98%	48.29%	49.38%
Net Margin	14.87%	11.94%	20.38%	11.73%	1.63%	15.11%	13.47%	14.05%	-19.14%	9.41%
Debt / Equity	-	-	-	-	-	-	-	0.88x	0.94x	0.84x
Interest Coverage	4.32x	4.74x	4.93x	4.22x	2.18x	4.86x	4.82x	4.60x	-3.06x	4.15x
FCF Conversion	2.30x	2.86x	1.60x	2.21x	15.40x	1.52x	1.63x	1.45x	-1.05x	2.36x
Revenue Growth	9.78%	8.13%	6.38%	35.05%	3.16%	8.16%	3.53%	-0.56%	-2.84%	-1.62%

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Sirius XM Holdings Inc. (SIRI) 10-Year Financial Performance & Capital Metrics

SIRI •

Communication ServicesEntertainmentMusic and Audio Platforms

Revenue $8.56B -1.6%
EBITDA $2.5B +378.9%
Net Income $805M +148.3%
EPS (Diluted) 2.25 +145.6%
Gross Margin 49.38% +2.3%
EBITDA Margin 29.17% +383.5%
Operating Margin 22.28% +227.8%
Net Margin 9.41% +149.1%
ROE 7.11% +151.6%
ROIC 6.73% +234.9%
Debt/Equity 0.84 -10.8%
Interest Coverage 4.15 +235.8%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong 5Y profit CAGR of 43.8%
✓High quality earnings: Operating CF exceeds net income
✓Healthy dividend yield of 4.7%
✓Trading at only 0.7x book value

✗Weaknesses

No significant weaknesses identified

Price & Volume

Loading chart...

Growth Metrics

Revenue CAGR

10Y6.47%

5Y1.26%

3Y-1.68%

TTM-1.62%

Profit (Net Income) CAGR

10Y4.68%

5Y43.78%

3Y-12.77%

TTM148.32%

EPS CAGR

10Y9.6%

5Y49.63%

3Y-10.13%

TTM143.93%

ROCE

10Y Avg19.46%

5Y Avg13.99%

3Y Avg4.56%

Latest7.88%

Peer Comparison

Music and Audio Platforms

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
RSVRReservoir Media, Inc.	588.35M	8.97	74.75	9.56%	3.87%	0%		1.08
WMGWarner Music Group Corp.	10.74B	28.60	40.86	4.37%	4.43%	37.01%	5.02%	6.09
SIRISirius XM Holdings Inc.	7.36B	21.96	9.76	-1.62%	9.41%	6.96%	16.92%	0.84
ANGHAnghami Inc.	27.19M	3.00	-0.27	88.72%	-81.38%	-6.88%		0.21
LVOLiveOne, Inc.	63.87M	5.49	-2.57	-3.41%	-30.51%		5.08%

Profit & Loss

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Sales/Revenue+	5.02B	5.42B	5.77B	7.79B	8.04B	8.7B	9B	8.95B	8.7B	8.56B
Revenue Growth %	9.78%	8.13%	6.38%	35.05%	3.16%	8.16%	3.53%	-0.56%	-2.84%	-1.62%
Cost of Goods Sold+	2.51B	2.6B	2.78B	3.85B	3.94B	4.29B	4.48B	4.57B	4.5B	4.33B
COGS % of Revenue	49.95%	47.93%	48.15%	49.45%	49.02%	49.37%	49.78%	51.02%	51.71%	50.62%
Gross Profit+	2.51B	2.83B	2.99B	3.94B	4.1B	4.4B	4.52B	4.38B	4.2B	4.23B
Gross Margin %	50.05%	52.07%	51.85%	50.55%	50.98%	50.63%	50.22%	48.98%	48.29%	49.38%
Gross Profit Growth %	14.44%	12.5%	5.91%	31.68%	4.04%	7.42%	2.68%	-3.01%	-4.2%	0.6%
Operating Expenses+	1.08B	1.18B	1.26B	2.29B	3.24B	2.39B	2.48B	2.44B	5.72B	2.75B
OpEx % of Revenue	21.5%	21.82%	21.92%	29.42%	40.31%	27.46%	27.6%	27.24%	65.73%	32.19%
Selling, General & Admin	727.83M	773M	838M	1.46B	1.47B	1.57B	1.6B	1.48B	1.39B	1.31B
SG&A % of Revenue	14.51%	14.25%	14.52%	18.75%	18.26%	18.05%	17.77%	16.54%	15.99%	15.3%
Research & Development	82.15M	112M	123M	280M	263M	265M	285M	322M	296M	0
R&D % of Revenue	1.64%	2.06%	2.13%	3.59%	3.27%	3.05%	3.17%	3.6%	3.4%	-
Other Operating Expenses	268.98M	299M	304M	552M	1.51B	553M	600M	636M	4.03B	1.45B
Operating Income+	1.43B	1.64B	1.73B	1.65B	858M	2.02B	2.04B	1.95B	-1.52B	1.91B
Operating Margin %	28.54%	30.25%	29.93%	21.13%	10.67%	23.17%	22.61%	21.74%	-17.44%	22.28%
Operating Income Growth %	21.5%	14.58%	5.24%	-4.63%	-47.91%	134.85%	1.04%	-4.42%	-177.95%	225.71%
EBITDA+	1.7B	1.94B	2.03B	2.12B	1.42B	2.6B	2.62B	2.54B	-895M	2.5B
EBITDA Margin %	33.91%	35.75%	35.14%	27.14%	17.66%	29.88%	29.11%	28.43%	-10.29%	29.17%
EBITDA Growth %	17.24%	14.02%	4.54%	4.3%	-32.86%	82.96%	0.89%	-2.9%	-135.17%	378.88%
D&A (Non-Cash Add-back)	268.98M	298.6M	300.72M	468M	562M	583M	585M	599M	622M	589M
EBIT	1.42B	1.61B	1.77B	1.59B	824M	1.94B	2.03B	1.94B	-1.37B	1.51B
Net Interest Income+	-331.23M	-346M	-342M	-387M	-394M	-415M	-422M	-423M	-496M	-459M
Interest Income	0	0	8M	3M	0	0	0	0	0	0
Interest Expense	331.23M	346M	350M	390M	394M	415M	422M	423M	496M	459M
Other Income/Expense	-340.47M	-377M	-306M	-450M	-428M	-489M	-431M	-428M	-348M	-851M
Pretax Income+	1.09B	1.26B	1.42B	1.2B	430M	1.53B	1.6B	1.52B	-1.86B	1.06B
Pretax Margin %	21.76%	23.3%	24.62%	15.36%	5.35%	17.55%	17.83%	16.96%	-21.44%	12.34%
Income Tax+	345.73M	616M	245M	283M	299M	212M	392M	260M	210M	251M
Effective Tax Rate %	68.33%	51.27%	82.76%	76.36%	30.47%	86.11%	75.58%	82.87%	89.28%	76.23%
Net Income+	745.93M	648M	1.18B	914M	131M	1.31B	1.21B	1.26B	-1.67B	805M
Net Margin %	14.87%	11.94%	20.38%	11.73%	1.63%	15.11%	13.47%	14.05%	-19.14%	9.41%
Net Income Growth %	46.34%	-13.13%	81.48%	-22.28%	-85.67%	903.05%	-7.69%	3.71%	-232.35%	148.35%
Net Income (Continuing)	745.93M	648M	1.18B	914M	131M	1.31B	1.21B	1.26B	-2.08B	805M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	3.03B	0	0
EPS (Diluted)+	1.50	1.40	2.60	2.00	0.30	3.20	3.10	3.24	-4.93	2.25
EPS Growth %	66.67%	-6.67%	85.71%	-23.08%	-85%	966.67%	-3.13%	4.52%	-252.16%	145.64%
EPS (Basic)	1.50	1.40	2.60	2.00	0.30	3.20	3.10	3.26	-4.93	2.38
Diluted Shares Outstanding	496.47M	472.4M	456.07M	461.6M	442.9M	414.3M	399M	388.8M	338M	357M
Basic Shares Outstanding	491.7M	463.8M	446.18M	450.1M	433M	406.2M	391.6M	385.8M	338M	338M
Dividend Payout Ratio	6.45%	29.32%	17.09%	24.73%	180.92%	20.4%	110.39%	5.17%	-	45.34%

Balance Sheet

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Total Current Assets+	642.65M	470.9M	478M	1B	967M	1.18B	1.04B	1.36B	1.15B	1.1B
Cash & Short-Term Investments	213.94M	69.02M	54M	106M	71M	191M	57M	306M	162M	94M
Cash Only	213.94M	69.02M	54M	106M	71M	191M	57M	306M	162M	94M
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	223.03M	241.73M	232.99M	670M	672M	722M	655M	709M	676M	761M
Days Sales Outstanding	16.23	16.26	14.74	31.38	30.51	30.3	26.55	28.9	28.36	32.46
Inventory	20.36M	20.2M	22M	11M	10M	0	0	0	0	0
Days Inventory Outstanding	2.97	2.84	2.89	1.04	0.93	-	-	-	-	-
Other Current Assets	6.17M	10.28M	11M	22M	10M	21M	326M	346M	311M	243M
Total Non-Current Assets+	7.36B	7.86B	7.7B	10.15B	9.37B	9.09B	8.98B	28.7B	26.37B	26.14B
Property, Plant & Equipment	1.4B	1.46B	1.51B	2.09B	2.06B	1.81B	1.81B	1.79B	2.11B	2.26B
Fixed Asset Turnover	3.59x	3.71x	3.81x	3.73x	3.91x	4.81x	4.96x	5.00x	4.12x	3.79x
Goodwill	2.21B	2.29B	2.29B	3.84B	3.12B	3.15B	3.25B	15.21B	12.39B	12.39B
Intangible Assets	2.54B	2.52B	2.5B	3.47B	3.34B	3.19B	3.05B	10.31B	10.19B	1.46B
Long-Term Investments	8.92M	962.08M	960M	321M	332M	334M	412M	715M	1.04B	941M
Other Non-Current Assets	119.1M	118.67M	138M	270M	405M	415M	312M	515M	641M	9.09B
Total Assets+	8B	8.33B	8.17B	11.15B	10.33B	10.27B	10.02B	30.06B	27.52B	27.24B
Asset Turnover	0.63x	0.65x	0.71x	0.70x	0.78x	0.85x	0.90x	0.30x	0.32x	0.31x
Asset Growth %	-0.54%	4.07%	-1.88%	36.41%	-7.32%	-0.57%	-2.45%	199.9%	-8.43%	-1.03%
Total Current Liabilities+	2.67B	2.82B	2.8B	3.29B	3.17B	2.98B	2.98B	3.95B	2.73B	3.65B
Accounts Payable	713.03M	794.34M	736M	1.15B	1.22B	1.3B	1.25B	1.3B	1.28B	1.29B
Days Payables Outstanding	103.85	111.51	96.67	109.01	113.27	110.44	101.63	104.11	104.19	108.69
Short-Term Debt	5.49M	5.11M	3M	2M	1M	0	196M	1.08B	55M	1.06B
Deferred Revenue (Current)	1.83B	1.88B	1.93B	1.93B	1.72B	1.45B	1.32B	1.2B	1.05B	976M
Other Current Liabilities	2.84M	2.84M	4M	4M	0	5M	0	154M	116M	329M
Current Ratio	0.24x	0.17x	0.17x	0.30x	0.31x	0.40x	0.35x	0.34x	0.42x	0.30x
Quick Ratio	0.23x	0.16x	0.16x	0.30x	0.30x	0.40x	0.35x	0.34x	0.42x	0.30x
Cash Conversion Cycle	-84.66	-92.41	-79.04	-76.59	-81.84	-	-	-	-	-
Total Non-Current Liabilities+	6.13B	7.03B	7.19B	8.59B	9.45B	9.92B	10.39B	13B	13.72B	12.02B
Long-Term Debt	5.84B	6.74B	6.88B	7.84B	8.5B	8.83B	9.26B	10.07B	10.31B	8.65B
Capital Lease Obligations	0	0	0	456M	419M	362M	320M	292M	0	1M
Deferred Tax Liabilities	6.42M	8.17M	47M	70M	266M	478M	565M	2.41B	2.22B	2.24B
Other Non-Current Liabilities	101.51M	107.72M	106M	94M	149M	150M	170M	136M	1.1B	1.04B
Total Liabilities	8.8B	9.85B	9.99B	11.88B	12.62B	12.9B	13.37B	16.95B	16.45B	15.67B
Total Debt+	5.85B	6.75B	6.89B	8.35B	8.97B	9.24B	9.82B	11.49B	10.42B	9.71B
Net Debt	5.63B	6.68B	6.83B	8.24B	8.9B	9.05B	9.77B	11.18B	10.21B	9.61B
Debt / Equity	-	-	-	-	-	-	-	0.88x	0.94x	0.84x
Debt / EBITDA	3.44x	3.48x	3.40x	3.95x	6.31x	3.56x	3.75x	4.51x	-	3.89x
Net Debt / EBITDA	3.31x	3.44x	3.37x	3.90x	6.26x	3.48x	3.73x	4.39x	-	3.85x
Interest Coverage	4.32x	4.74x	4.93x	4.22x	2.18x	4.86x	4.82x	4.60x	-3.06x	4.15x
Total Equity+	-792.01M	-1.52B	-1.82B	-736M	-2.29B	-2.63B	-3.35B	13.1B	11.07B	11.56B
Equity Growth %	-375.71%	-92.4%	-19.24%	59.49%	-210.46%	-14.88%	-27.66%	490.99%	-15.48%	4.42%
Book Value per Share	-1.60	-3.23	-3.98	-1.59	-5.16	-6.34	-8.40	33.70	32.76	32.39
Total Shareholders' Equity	-792.01M	-1.52B	-1.82B	-736M	-2.29B	-2.63B	-3.35B	10.08B	11.07B	11.56B
Common Stock	4.75M	4.53M	4M	4M	4M	4M	4M	0	0	-1M
Retained Earnings	-3.89B	-3.24B	-2.06B	-1.14B	-2.29B	-2.64B	-3.35B	15.35B	11.12B	11.61B
Treasury Stock	-22.91M	-17.15M	0	0	-19M	-8M	0	0	-1M	0
Accumulated OCI	-139K	18.41M	-6M	8M	15M	15M	-4M	7M	-46M	-50M
Minority Interest	0	0	0	0	0	0	0	3.03B	0	0

Cash Flow

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Cash from Operations+	1.72B	1.86B	1.88B	2.02B	2.02B	2B	1.98B	1.83B	1.74B	1.9B
Operating CF Margin %	34.27%	34.2%	32.58%	25.88%	25.1%	22.98%	21.95%	20.43%	20.01%	22.18%
Operating CF Growth %	38.2%	7.93%	1.34%	7.26%	0.05%	-0.99%	-1.1%	-7.44%	-4.81%	9.02%
Net Income	745.93M	647.91M	1.18B	914M	131M	1.31B	1.21B	786M	-1.67B	805M
Depreciation & Amortization	268.98M	298.6M	300.72M	468M	562M	583M	585M	669M	622M	565M
Stock-Based Compensation	108.6M	0	0	0	223M	202M	0	0	0	179M
Deferred Taxes	323.56M	583.52M	256.57M	259M	238M	131M	202M	-40M	-161M	29M
Other Non-Cash Items	93.55M	228.78M	160.51M	397M	1.13B	179M	355M	583M	3.2B	409M
Working Capital Changes	178.61M	96.78M	-13.28M	-21M	-268M	-411M	-379M	-169M	-259M	-89M
Change in Receivables	-44.19M	-73.78M	-42.08M	-137M	-36M	-108M	10M	-148M	-128M	-84M
Change in Inventory	1.93M	1.87M	-2M	11M	-2M	0	0	0	0	0
Change in Payables	78.92M	41.37M	-20.09M	109M	42M	104M	-71M	98M	19M	59M
Cash from Investing+	-210.12M	-1.15B	-379.28M	-3M	-741M	-200M	-548M	-696M	-970M	-747M
Capital Expenditures	-205.83M	-287.97M	-355.7M	-363M	-350M	-388M	-426M	-650M	-728M	-653M
CapEx % of Revenue	4.1%	5.31%	6.16%	4.66%	4.35%	4.46%	4.73%	7.26%	8.37%	7.63%
Acquisitions	0	-107.74M	-2.38M	313M	-300M	-14M	-121M	0	0	0
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	0	0	0	0	0	225M	0	-46M	-242M	-94M
Cash from Financing+	-1.41B	-853.69M	-1.52B	-1.96B	-1.31B	-1.68B	-1.56B	-1.19B	-916M	-1.22B
Debt Issued (Net)	357.06M	837M	120M	565M	592M	224M	573M	-1.1B	-709M	-679M
Equity Issued (Net)	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K
Dividends Paid	-48.08M	-190M	-201M	-226M	-237M	-268M	-1.34B	-65M	-143M	-365M
Share Repurchases	-1.67B	-1.41B	-1.31B	-2.16B	-1.55B	-1.52B	-647M	-274M	-6M	-136M
Other Financing	-42.82M	-92.43M	-119.87M	-139M	-114M	-125M	-153M	252M	-58M	-39M
Net Change in Cash	102.1M	-144.92M	-14M	55M	-37M	116M	-134M	249M	-145M	-68M
Free Cash Flow+	1.51B	1.57B	1.52B	1.65B	1.67B	1.61B	1.55B	1.18B	1.01B	1.25B
FCF Margin %	30.16%	28.9%	26.42%	21.22%	20.75%	18.51%	17.22%	13.17%	11.64%	14.55%
FCF Growth %	36.45%	3.58%	-2.74%	8.48%	0.85%	-3.48%	-3.73%	-23.94%	-14.08%	22.9%
FCF per Share	3.05	3.32	3.34	3.58	3.77	3.89	3.88	3.03	3.00	3.49
FCF Conversion (FCF/Net Income)	2.30x	2.86x	1.60x	2.21x	15.40x	1.52x	1.63x	1.45x	-1.05x	2.36x
Interest Paid	292.56M	310M	345M	337M	358M	393M	411M	405M	473M	0
Taxes Paid	20.64M	28M	6M	10M	38M	82M	275M	278M	218M	0

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	-	-	-	-	-	-	-	25.8%	-13.77%	7.11%
Return on Invested Capital (ROIC)	21.46%	24.63%	25.47%	19.73%	9.12%	23.18%	23.78%	9.51%	-4.99%	6.73%
Gross Margin	50.05%	52.07%	51.85%	50.55%	50.98%	50.63%	50.22%	48.98%	48.29%	49.38%
Net Margin	14.87%	11.94%	20.38%	11.73%	1.63%	15.11%	13.47%	14.05%	-19.14%	9.41%
Debt / Equity	-	-	-	-	-	-	-	0.88x	0.94x	0.84x
Interest Coverage	4.32x	4.74x	4.93x	4.22x	2.18x	4.86x	4.82x	4.60x	-3.06x	4.15x
FCF Conversion	2.30x	2.86x	1.60x	2.21x	15.40x	1.52x	1.63x	1.45x	-1.05x	2.36x
Revenue Growth	9.78%	8.13%	6.38%	35.05%	3.16%	8.16%	3.53%	-0.56%	-2.84%	-1.62%

Sirius XM Holdings Inc. (SIRI) 10-Year Financial Performance & Capital Metrics

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Sirius XM Holdings Inc. (SIRI) 10-Year Financial Performance & Capital Metrics

Key Insights

✓Strengths

✗Weaknesses

Price & Volume

Growth Metrics

Revenue CAGR

Profit (Net Income) CAGR

EPS CAGR

ROCE

Peer Comparison

Compare SIRI vs Peers

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