Last 37 quarters of trend data · Communication Services · Internet Content & Information
Quarterly valuation ratios — annualised for comparability. YoY Δ shows same-quarter-prior-year change.
Tencent Music Entertainment Group's quarterly P/E stands at 4.2x, up 40.4% year-over-year — indicating the stock has re-rated higher or earnings have softened. EV/EBITDA has expanded 71.7% YoY to 2.7x, reflecting rising market expectations or slowing EBITDA growth.
| Metric | TTM | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 | Q4 '22 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio → | 23.62 | 4.23 | 3.12 | 1.30 | 2.25 | 3.01 | 3.25 | 3.04 | 2.68 | 2.16 | 2.25 | 2.88 | 2.88 |
| — | +40.4% | -4.0% | -57.4% | -16.0% | +39.8% | +44.5% | +5.8% | -6.7% | +40.2% | -5.0% | -12.6% | -46.3% | |
| P/S Ratio | 2.50 | 1.08 | 0.90 | 0.76 | 0.59 | 0.67 | 0.77 | 0.65 | 0.51 | 0.39 | 0.40 | 0.47 | 0.44 |
| — | +59.7% | +16.3% | +17.3% | +15.2% | +74.7% | +91.9% | +38.0% | +16.1% | +74.3% | -79.4% | +54.6% | +18.9% | |
| P/B Ratio | 2.25 | 0.43 | 0.35 | 0.30 | 0.25 | 0.29 | 0.35 | 0.29 | 0.25 | 0.18 | 0.21 | 0.25 | 0.27 |
| — | +47.1% | -0.2% | +3.0% | +2.3% | +57.8% | +64.1% | +14.3% | -7.4% | +36.1% | -81.1% | +54.1% | +20.6% | |
| P/FCF | 7.68 | 2.47 | 4.62 | 2.21 | 2.04 | 2.18 | 1.87 | 1.63 | 1.96 | 1.76 | 1.41 | 1.77 | 1.36 |
| — | +13.3% | +146.5% | +36.0% | +4.5% | +24.2% | +32.4% | -8.1% | +43.3% | +35.1% | -13.9% | +119.5% | -68.1% | |
| EV / EBITDA | 6.59 | 2.70 | 2.00 | 0.81 | 1.02 | 1.57 | 1.66 | 1.55 | 0.88 | 0.66 | 0.69 | 1.07 | 1.49 |
| — | +71.7% | +20.3% | -47.4% | +16.1% | +138.3% | +140.4% | +45.0% | -41.0% | -5.0% | -95.7% | -20.2% | -48.8% | |
| EV / EBIT | 7.33 | 2.70 | 2.11 | 1.88 | 1.23 | 1.98 | 2.09 | 1.97 | 3.04 | 0.66 | 0.95 | 1.49 | 2.43 |
| — | +36.3% | +1.0% | -4.5% | -59.6% | +200.1% | +118.8% | +32.0% | +25.0% | -29.4% | -92.0% | -28.6% | -58.6% |
Quarterly margins and returns. Watch for margin compression across consecutive quarters.
Tencent Music Entertainment Group's operating margin was 32.0% in Q3 2025, down 3.3 pp QoQ and up 1.5 pp YoY. This marks the 3rd consecutive quarter of margin compression, signaling a persistent pressure on profitability that investors should monitor. The trailing four-quarter average of 41.3% exceeds the current quarter, suggesting the latest result may reflect seasonal weakness or a one-off headwind.
| Metric | TTM | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 | Q4 '22 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 42.3% | 43.5% | 44.4% | 44.1% | 43.6% | 42.6% | 42.0% | 40.9% | 38.3% | 35.7% | 34.3% | 33.1% | 33.0% |
| — | +2.0% | +5.6% | +7.6% | +13.8% | +19.6% | +22.7% | +23.9% | +16.3% | +9.3% | +14.7% | +18.1% | +14.4% | |
| Operating Margin | 30.7% | 32.0% | 35.3% | 65.7% | 32.3% | 30.6% | 30.7% | 28.9% | 24.9% | 21.7% | 21.1% | 19.7% | 18.7% |
| — | +4.8% | +14.9% | +127.1% | +29.9% | +40.9% | +45.3% | +46.8% | +33.0% | +26.7% | +125.8% | +74.9% | +108.5% | |
| Net Margin | 23.4% | 25.4% | 28.5% | 58.3% | 26.2% | 22.6% | 23.5% | 21.0% | 18.9% | 17.8% | 17.8% | 16.4% | 15.5% |
| — | +12.7% | +21.5% | +177.6% | +38.5% | +26.9% | +31.9% | +28.2% | +22.2% | +23.4% | +43.7% | +78.8% | +120.0% |
| Metric | TTM | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 | Q4 '22 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 10.5% | 2.5% | 3.0% | 5.9% | 2.9% | 2.5% | 2.7% | 2.4% | 2.3% | 2.1% | 2.4% | 2.3% | 2.4% |
| — | +1.4% | +9.6% | +145.6% | +24.8% | +16.2% | +11.9% | +6.3% | -1.6% | -44.4% | +429.9% | +86.8% | +124.1% | |
| ROA | 8.0% | 2.0% | 2.3% | 4.6% | 2.2% | 1.9% | 2.1% | 1.8% | 1.8% | 1.6% | 1.8% | 1.7% | 1.7% |
| — | +6.8% | +12.4% | +147.6% | +27.1% | +18.0% | +13.5% | +9.0% | +2.2% | -42.0% | +437.6% | +84.5% | +114.5% | |
| ROIC | 11.6% | 2.5% | 3.0% | 5.5% | 2.9% | 2.7% | 2.9% | 2.8% | 2.6% | 2.2% | 2.5% | 2.3% | 2.3% |
| — | -6.8% | +1.8% | +98.9% | +12.2% | +23.9% | +18.2% | +22.0% | +14.4% | -38.9% | +787.4% | +93.8% | +124.6% |
Quarterly solvency trend — watch for debt spikes or covenant pressure.
Tencent Music Entertainment Group's Debt/EBITDA ratio is 1.4x, down from 1.9x last quarter — comfortably within a safe range. The current ratio has weakened 7.8% YoY to 2.08x, tightening the short-term liquidity position. Debt/Equity has declined for 9 consecutive quarters, reflecting a deleveraging trend.
| Metric | TTM | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 | Q4 '22 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.09 | 0.05 | 0.07 | 0.08 | 0.09 | 0.09 | 0.10 | 0.10 | 0.11 | 0.11 | 0.11 | 0.11 | 0.12 |
| — | -50.2% | -27.0% | -18.2% | -17.9% | -18.5% | -14.3% | -12.3% | -12.9% | -11.7% | -6.8% | +4.1% | +15.7% | |
| Debt / EBITDA | 0.62 | 1.44 | 1.91 | 1.21 | 2.34 | 2.55 | 2.54 | 2.81 | 3.19 | 4.17 | 3.48 | 3.66 | 3.71 |
| — | -43.6% | -24.5% | -56.8% | -26.8% | -38.9% | -27.2% | -23.4% | -14.0% | -0.9% | -53.3% | -35.6% | -39.8% | |
| Current Ratio | 2.09 | 2.08 | 1.87 | 1.83 | 2.09 | 2.26 | 2.34 | 2.67 | 2.49 | 2.46 | 2.50 | 2.35 | 2.27 |
| — | -7.8% | -19.9% | -31.3% | -16.2% | -8.1% | -6.5% | +13.4% | +9.9% | +14.5% | +7.3% | +3.1% | -11.6% | |
| Quick Ratio | 2.09 | 2.08 | 1.87 | 1.83 | 2.09 | 2.26 | 2.34 | 2.67 | 2.49 | 2.46 | 2.50 | 2.35 | 2.27 |
| — | -7.9% | -19.9% | -31.3% | -16.3% | -8.1% | -6.6% | +13.5% | +10.0% | +14.6% | +7.4% | +3.1% | -11.6% | |
| Interest Coverage | 70.24 | 606.14 | 248.17 | 193.44 | — | 22.10 | 84.54 | 65.30 | 131.85 | 40.71 | 36.64 | 40.62 | 36.53 |
| — | — | — | — | — | — | — | — | — | — | — | — | — |
Includes 30+ ratios · 37 years · Updated daily
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Start ComparisonTencent Music Entertainment Group's current P/E is 23.6x. The average P/E over the last 4 quarters is 2.7x. Quarterly P/E ratios can vary due to seasonal revenue patterns and one-time charges.
Tencent Music Entertainment Group's current operating margin is 30.7%. Margins have been compressing over recent quarters. Quarterly margins are particularly useful for identifying trend inflections that annual data smooths over.
Quarterly financial ratios reveal short-term trend shifts — margin compression, debt spikes, or valuation re-ratings — that annual figures smooth over. They're essential for active investors tracking Tencent Music Entertainment Group's business trajectory between earnings reports.