Warner Music Group Corp. (WMG) 10-Year Financial Performance & Capital Metrics

WMG •

Communication ServicesEntertainmentMusic and Audio Platforms

AboutWarner Music Group Corp. operates as a music entertainment company in the United States, the United Kingdom, Germany, and internationally. The company operates through Recorded Music and Music Publishing segments. The Recorded Music segment is involved in the discovery and development of recording artists, as well as related marketing, promotion, distribution, sale, and licensing of music created by such recording artists; markets its music catalog through compilations and reissuances of previously released music and video titles, as well as previously unreleased materials; and conducts its operation primarily through a collection of record labels, such as Warner Records and Atlantic Records, as well as Asylum, Big Beat, Canvasback, East West, Erato, FFRR, Fueled by Ramen, Nonesuch, Parlophone, Reprise, Roadrunner, Sire, Spinnin' Records, Warner Classics, and Warner Music Nashville. This segment markets, distributes, and sells music and video products to retailers and wholesale distributors; independent labels to retail and wholesale distributors; and various distribution centers and ventures, as well as retail outlets, online physical retailers, streaming services, and download services. The Music Publishing segment owns and acquires rights to approximately one million musical compositions comprising pop hits, American standards, folk songs, and motion picture and theatrical compositions. Its catalog includes approximately 100,000 songwriters and composers; and various genres, including pop, rock, jazz, classical, country, R&B, hip-hop, rap, reggae, Latin, folk, blues, symphonic, soul, Broadway, electronic, alternative, and gospel. This segment also administers the music and soundtracks of various third-party television and film producers and studios. The company was founded in 1929 and is headquartered in New York, New York.Show more

Revenue $6.71B +4.4%
EBITDA $1.16B +0.5%
Net Income $365M -16.1%
EPS (Diluted) 0.70 -16.7%
Gross Margin 45.85% -4.1%
EBITDA Margin 17.24% -3.7%
Operating Margin 10.35% -19.2%
Net Margin 5.44% -19.6%
ROE 50.98% -35.3%
ROIC 11.44% -22.9%
Debt/Equity 6.09 -4.2%
Interest Coverage 4.36 -14.6%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Excellent 3Y average ROE of 91.2%
✓High quality earnings: Operating CF exceeds net income
✓Healthy dividend yield of 2.6%

✗Weaknesses

✗High debt to equity ratio of 6.1x
✗Weak Piotroski F-Score: 3/9
✗Dividend payout exceeds 100% of earnings
✗Expensive at 19.6x book value

Price & Volume

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Growth Metrics

Revenue CAGR

10Y8.5%

5Y8.49%

3Y4.25%

TTM8.46%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-12.83%

TTM-40.43%

EPS CAGR

10Y-

5Y-

3Y-12.92%

TTM-39.16%

ROCE

10Y Avg10.16%

5Y Avg15.59%

3Y Avg15.16%

Latest12.75%

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

	Sep 2016	Sep 2017	Sep 2018	Sep 2019	Sep 2020	Sep 2021	Sep 2022	Sep 2023	Sep 2024	Sep 2025
Sales/Revenue+	3.25B	3.58B	4B	4.47B	4.46B	5.3B	5.92B	6.04B	6.43B	6.71B
Revenue Growth %	9.44%	10.17%	12%	11.74%	-0.27%	18.78%	11.66%	1.99%	6.44%	4.37%
Cost of Goods Sold+	1.71B	1.93B	2.17B	2.4B	2.33B	2.74B	3.08B	3.18B	3.35B	3.63B
COGS % of Revenue	52.59%	54%	54.21%	53.65%	52.27%	51.73%	52.04%	52.63%	52.21%	54.15%
Gross Profit+	1.54B	1.65B	1.83B	2.07B	2.13B	2.56B	2.84B	2.86B	3.07B	3.08B
Gross Margin %	47.41%	46%	45.79%	46.35%	47.73%	48.27%	47.96%	47.37%	47.79%	45.85%
Gross Profit Growth %	5.77%	6.89%	11.49%	13.09%	2.7%	20.14%	10.94%	0.74%	7.38%	0.13%
Operating Expenses+	1.32B	1.42B	1.62B	1.72B	2.36B	1.95B	2.13B	2.07B	2.25B	2.38B
OpEx % of Revenue	40.82%	39.79%	40.37%	38.39%	52.86%	36.79%	35.9%	34.29%	34.98%	35.5%
Selling, General & Admin	1.08B	1.22B	1.41B	1.51B	2.17B	1.72B	1.79B	1.74B	1.78B	1.71B
SG&A % of Revenue	33.33%	34.17%	35.23%	33.74%	48.6%	32.47%	30.17%	28.81%	27.64%	25.56%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	243M	201M	206M	208M	190M	229M	339M	331M	472M	667M
Operating Income+	214M	222M	217M	356M	-229M	609M	714M	790M	823M	694M
Operating Margin %	6.59%	6.21%	5.42%	7.96%	-5.13%	11.49%	12.06%	13.09%	12.81%	10.35%
Operating Income Growth %	68.5%	3.74%	-2.25%	64.06%	-164.33%	365.94%	17.24%	10.64%	4.18%	-15.67%
EBITDA+	507M	473M	478M	625M	32M	915M	1.05B	1.12B	1.15B	1.16B
EBITDA Margin %	15.62%	13.23%	11.94%	13.97%	0.72%	17.26%	17.79%	18.59%	17.9%	17.24%
EBITDA Growth %	16.28%	-6.71%	1.06%	30.75%	-94.88%	2759.38%	15.08%	6.55%	2.5%	0.52%
D&A (Non-Cash Add-back)	293M	251M	261M	269M	261M	306M	339M	332M	327M	462M
EBIT	214M	147M	580M	409M	-320M	578M	865M	750M	762M	652M
Net Interest Income+	-173M	-149M	-138M	-142M	-127M	-122M	-125M	-141M	-161M	-159M
Interest Income	0	0	0	0	0	0	0	0	0	0
Interest Expense	173M	149M	138M	142M	127M	122M	125M	141M	161M	159M
Other Income/Expense	-173M	-224M	225M	-89M	-218M	-153M	26M	-181M	-222M	-204M
Pretax Income+	41M	-2M	442M	267M	-447M	456M	740M	609M	601M	490M
Pretax Margin %	1.26%	-0.06%	11.04%	5.97%	-10.02%	8.6%	12.5%	10.09%	9.35%	7.31%
Income Tax+	11M	-151M	130M	9M	23M	149M	185M	170M	123M	120M
Effective Tax Rate %	60.98%	-7150%	69.46%	95.88%	106.26%	66.67%	74.46%	70.61%	72.38%	74.49%
Net Income+	25M	143M	307M	256M	-475M	304M	551M	430M	435M	365M
Net Margin %	0.77%	4%	7.67%	5.72%	-10.64%	5.73%	9.31%	7.12%	6.77%	5.44%
Net Income Growth %	127.47%	472%	114.69%	-16.61%	-285.55%	164%	81.25%	-21.96%	1.16%	-16.09%
Net Income (Continuing)	30M	149M	312M	258M	-470M	307M	555M	439M	478M	370M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	15M	15M	14M	20M	18M	15M	16M	123M	157M	110M
EPS (Diluted)+	0.05	0.28	0.62	0.50	-0.93	0.58	1.06	0.82	0.84	0.70
EPS Growth %	127.67%	462.25%	121.43%	-19.35%	-286%	162.37%	82.76%	-22.64%	2.44%	-16.67%
EPS (Basic)	0.05	0.28	0.62	0.50	-0.93	0.58	1.06	0.82	0.83	0.70
Diluted Shares Outstanding	501.99M	501.99M	501.99M	510M	510.03M	513.47M	519.81M	515.72M	517.52M	519.05M
Basic Shares Outstanding	501.99M	501.99M	501.99M	510M	510.03M	513.47M	519.81M	515.72M	517.52M	519.05M
Dividend Payout Ratio	-	58.74%	301.3%	36.72%	-	87.17%	57.71%	79.07%	82.99%	104.93%

Balance Sheet

	Sep 2016	Sep 2017	Sep 2018	Sep 2019	Sep 2020	Sep 2021	Sep 2022	Sep 2023	Sep 2024	Sep 2025
Total Current Assets+	908M	1.27B	1.18B	1.69B	1.68B	1.9B	2.14B	2.4B	2.64B	2.77B
Cash & Short-Term Investments	359M	647M	514M	619M	553M	499M	584M	641M	694M	532M
Cash Only	359M	647M	514M	619M	553M	499M	584M	641M	694M	532M
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	329M	404M	447M	775M	771M	839M	984M	1.12B	1.25B	1.34B
Days Sales Outstanding	36.99	41.24	40.74	63.21	63.06	57.77	60.68	67.72	71.28	72.92
Inventory	41M	39M	42M	74M	79M	99M	108M	126M	99M	62M
Days Inventory Outstanding	8.77	7.37	7.06	11.25	12.36	13.18	12.8	14.48	10.77	6.23
Other Current Assets	51M	44M	50M	53M	55M	86M	91M	102M	125M	255M
Total Non-Current Assets+	4.43B	4.44B	4.17B	4.33B	4.73B	5.32B	5.69B	6.14B	6.51B	7.06B
Property, Plant & Equipment	203M	213M	229M	300M	604M	632M	641M	703M	706M	630M
Fixed Asset Turnover	15.99x	16.79x	17.49x	14.92x	7.39x	8.39x	9.23x	8.59x	9.10x	10.65x
Goodwill	1.63B	1.69B	1.69B	1.76B	1.83B	1.83B	1.92B	1.99B	2.02B	2.06B
Intangible Assets	2.32B	2.21B	2B	1.87B	1.81B	2.17B	2.38B	2.5B	2.51B	2.73B
Long-Term Investments	0	0	0	0	0	63M	16M	15M	9M	8M
Other Non-Current Assets	278M	241M	231M	353M	422M	588M	699M	898M	1.21B	1.52B
Total Assets+	5.33B	5.72B	5.34B	6.02B	6.41B	7.21B	7.83B	8.54B	9.15B	9.83B
Asset Turnover	0.61x	0.63x	0.75x	0.74x	0.70x	0.74x	0.76x	0.71x	0.70x	0.68x
Asset Growth %	-5.09%	7.18%	-6.54%	12.59%	6.53%	12.5%	8.56%	9.16%	7.14%	7.36%
Total Current Liabilities+	1.84B	2.1B	2.37B	2.82B	2.72B	3.15B	3.37B	3.54B	3.9B	4.2B
Accounts Payable	204M	208M	281M	260M	264M	302M	268M	300M	289M	257M
Days Payables Outstanding	43.62	39.32	47.24	39.53	41.3	40.2	31.76	34.47	31.44	25.83
Short-Term Debt	0	0	0	0	0	0	0	0	0	43M
Deferred Revenue (Current)	178M	197M	208M	180M	297M	348M	423M	371M	246M	286M
Other Current Liabilities	21M	26M	34M	286M	80M	102M	245M	57M	110M	3.57B
Current Ratio	0.49x	0.61x	0.50x	0.60x	0.62x	0.60x	0.64x	0.68x	0.68x	0.66x
Quick Ratio	0.47x	0.59x	0.48x	0.57x	0.59x	0.57x	0.60x	0.64x	0.65x	0.64x
Cash Conversion Cycle	2.14	9.29	0.56	34.94	34.11	30.75	41.72	47.73	50.61	53.33
Total Non-Current Liabilities+	3.28B	3.31B	3.29B	3.47B	3.73B	4.01B	4.29B	4.58B	4.58B	4.87B
Long-Term Debt	2.78B	2.81B	2.82B	2.97B	3.1B	3.35B	3.73B	3.96B	4.01B	4.37B
Capital Lease Obligations	0	0	0	0	299M	287M	241M	255M	228M	200M
Deferred Tax Liabilities	269M	190M	165M	172M	163M	207M	220M	216M	195M	164M
Other Non-Current Liabilities	236M	309M	307M	321M	169M	175M	99M	141M	146M	142M
Total Liabilities	5.13B	5.41B	5.66B	6.29B	6.46B	7.17B	7.66B	8.12B	8.48B	9.07B
Total Debt+	2.78B	2.81B	2.82B	2.97B	3.44B	3.68B	4.01B	4.26B	4.29B	4.61B
Net Debt	2.42B	2.16B	2.31B	2.35B	2.89B	3.18B	3.43B	3.62B	3.59B	4.08B
Debt / Equity	13.23x	9.13x	-	-	-	79.91x	23.89x	9.91x	6.35x	6.09x
Debt / EBITDA	5.48x	5.94x	5.90x	4.76x	107.56x	4.02x	3.81x	3.80x	3.73x	3.99x
Net Debt / EBITDA	4.77x	4.58x	4.82x	3.77x	90.28x	3.47x	3.26x	3.23x	3.12x	3.53x
Interest Coverage	1.24x	1.49x	1.57x	2.51x	-1.80x	4.99x	5.71x	5.60x	5.11x	4.36x
Total Equity+	210M	308M	-320M	-269M	-45M	46M	168M	430M	675M	757M
Equity Growth %	-12.13%	46.67%	-203.9%	15.94%	83.27%	202.22%	265.22%	155.95%	56.98%	12.15%
Book Value per Share	0.42	0.61	-0.64	-0.53	-0.09	0.09	0.32	0.83	1.30	1.46
Total Shareholders' Equity	195M	293M	-334M	-289M	-63M	31M	152M	307M	518M	647M
Common Stock	0	0	0	1M	1M	1M	1M	1M	1M	1M
Retained Earnings	-715M	-654M	-1.27B	-1.18B	-1.75B	-1.71B	-1.48B	-1.39B	-1.31B	-1.33B
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-218M	-181M	-190M	-240M	-222M	-202M	-347M	-322M	-247M	-189M
Minority Interest	15M	15M	14M	20M	18M	15M	16M	123M	157M	110M

Cash Flow

	Sep 2016	Sep 2017	Sep 2018	Sep 2019	Sep 2020	Sep 2021	Sep 2022	Sep 2023	Sep 2024	Sep 2025
Cash from Operations+	342M	535M	425M	400M	463M	638M	742M	687M	754M	678M
Operating CF Margin %	10.54%	14.96%	10.61%	8.94%	10.37%	12.04%	12.54%	11.38%	11.73%	10.11%
Operating CF Growth %	54.05%	56.43%	-20.56%	-5.88%	15.75%	37.8%	16.3%	-7.41%	9.75%	-10.08%
Net Income	30M	149M	312M	258M	-470M	307M	555M	439M	478M	361M
Depreciation & Amortization	293M	251M	261M	269M	261M	306M	339M	332M	327M	376M
Stock-Based Compensation	23M	70M	62M	50M	608M	45M	39M	49M	52M	0
Deferred Taxes	-26M	-192M	66M	-68M	-57M	27M	13M	-13M	-48M	-90M
Other Non-Cash Items	-4M	84M	-355M	-35M	91M	34M	-117M	-1M	93M	252M
Working Capital Changes	26M	173M	79M	-74M	30M	-81M	-87M	-119M	-148M	-221M
Change in Receivables	17M	-60M	-43M	-90M	18M	-58M	-195M	-113M	-110M	-61M
Change in Inventory	0	1M	-3M	3M	-2M	-19M	-22M	-12M	30M	-11M
Change in Payables	23M	48M	82M	3M	-32M	91M	-21M	77M	86M	-28M
Cash from Investing+	-8M	-126M	405M	-376M	-219M	-638M	-824M	-300M	-311M	-340M
Capital Expenditures	-67M	-60M	-88M	-145M	-125M	-574M	-326M	-241M	-303M	-334M
CapEx % of Revenue	2.06%	1.68%	2.2%	3.24%	2.8%	10.83%	5.51%	3.99%	4.72%	4.98%
Acquisitions	45M	73M	-23M	-231M	-94M	0	0	45M	19M	-46M
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-3M	-73M	23M	231M	94M	0	0	0	0	46M
Cash from Financing+	-216M	-128M	-955M	88M	-316M	-61M	188M	-325M	-396M	-497M
Debt Issued (Net)	-211M	1M	10M	197M	75M	244M	535M	164M	-2M	-1M
Equity Issued (Net)	0	0	0	0	0	0	-1000K	0	-1000K	-1000K
Dividends Paid	0	-84M	-925M	-94M	-344M	-265M	-318M	-340M	-361M	-383M
Share Repurchases	0	0	0	0	0	0	-6M	0	-5M	-16M
Other Financing	-5M	-45M	-40M	-15M	-47M	-40M	-23M	-149M	-28M	-97M
Net Change in Cash	113M	288M	-133M	105M	-66M	-54M	85M	57M	53M	-162M
Free Cash Flow+	275M	475M	337M	255M	338M	64M	416M	446M	638M	539M
FCF Margin %	8.47%	13.28%	8.41%	5.7%	7.57%	1.21%	7.03%	7.39%	9.93%	8.04%
FCF Growth %	92.31%	72.73%	-29.05%	-24.33%	32.55%	-81.07%	550%	7.21%	43.05%	-15.52%
FCF per Share	0.55	0.95	0.67	0.50	0.66	0.12	0.80	0.86	1.23	1.04
FCF Conversion (FCF/Net Income)	13.68x	3.74x	1.38x	1.56x	-0.97x	2.10x	1.35x	1.60x	1.73x	1.86x
Interest Paid	0	0	0	0	0	0	0	0	0	0
Taxes Paid	0	0	0	0	0	0	0	0	0	0

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	11.14%	55.21%	-	-	-	60800%	514.95%	143.81%	78.73%	50.98%
Return on Invested Capital (ROIC)	5.72%	6.53%	7.3%	13.12%	-6.97%	15.06%	15.7%	15.5%	14.84%	11.44%
Gross Margin	47.41%	46%	45.79%	46.35%	47.73%	48.27%	47.96%	47.37%	47.79%	45.85%
Net Margin	0.77%	4%	7.67%	5.72%	-10.64%	5.73%	9.31%	7.12%	6.77%	5.44%
Debt / Equity	13.23x	9.13x	-	-	-	79.91x	23.89x	9.91x	6.35x	6.09x
Interest Coverage	1.24x	1.49x	1.57x	2.51x	-1.80x	4.99x	5.71x	5.60x	5.11x	4.36x
FCF Conversion	13.68x	3.74x	1.38x	1.56x	-0.97x	2.10x	1.35x	1.60x	1.73x	1.86x
Revenue Growth	9.44%	10.17%	12%	11.74%	-0.27%	18.78%	11.66%	1.99%	6.44%	4.37%

US Stock Screener

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Warner Music Group Corp. (WMG) 10-Year Financial Performance & Capital Metrics

WMG •

Communication ServicesEntertainmentMusic and Audio Platforms

Revenue $6.71B +4.4%
EBITDA $1.16B +0.5%
Net Income $365M -16.1%
EPS (Diluted) 0.70 -16.7%
Gross Margin 45.85% -4.1%
EBITDA Margin 17.24% -3.7%
Operating Margin 10.35% -19.2%
Net Margin 5.44% -19.6%
ROE 50.98% -35.3%
ROIC 11.44% -22.9%
Debt/Equity 6.09 -4.2%
Interest Coverage 4.36 -14.6%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Excellent 3Y average ROE of 91.2%
✓High quality earnings: Operating CF exceeds net income
✓Healthy dividend yield of 2.6%

✗Weaknesses

✗High debt to equity ratio of 6.1x
✗Weak Piotroski F-Score: 3/9
✗Dividend payout exceeds 100% of earnings
✗Expensive at 19.6x book value

Price & Volume

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Growth Metrics

Revenue CAGR

10Y8.5%

5Y8.49%

3Y4.25%

TTM8.46%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-12.83%

TTM-40.43%

EPS CAGR

10Y-

5Y-

3Y-12.92%

TTM-39.16%

ROCE

10Y Avg10.16%

5Y Avg15.59%

3Y Avg15.16%

Latest12.75%

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

	Sep 2016	Sep 2017	Sep 2018	Sep 2019	Sep 2020	Sep 2021	Sep 2022	Sep 2023	Sep 2024	Sep 2025
Sales/Revenue+	3.25B	3.58B	4B	4.47B	4.46B	5.3B	5.92B	6.04B	6.43B	6.71B
Revenue Growth %	9.44%	10.17%	12%	11.74%	-0.27%	18.78%	11.66%	1.99%	6.44%	4.37%
Cost of Goods Sold+	1.71B	1.93B	2.17B	2.4B	2.33B	2.74B	3.08B	3.18B	3.35B	3.63B
COGS % of Revenue	52.59%	54%	54.21%	53.65%	52.27%	51.73%	52.04%	52.63%	52.21%	54.15%
Gross Profit+	1.54B	1.65B	1.83B	2.07B	2.13B	2.56B	2.84B	2.86B	3.07B	3.08B
Gross Margin %	47.41%	46%	45.79%	46.35%	47.73%	48.27%	47.96%	47.37%	47.79%	45.85%
Gross Profit Growth %	5.77%	6.89%	11.49%	13.09%	2.7%	20.14%	10.94%	0.74%	7.38%	0.13%
Operating Expenses+	1.32B	1.42B	1.62B	1.72B	2.36B	1.95B	2.13B	2.07B	2.25B	2.38B
OpEx % of Revenue	40.82%	39.79%	40.37%	38.39%	52.86%	36.79%	35.9%	34.29%	34.98%	35.5%
Selling, General & Admin	1.08B	1.22B	1.41B	1.51B	2.17B	1.72B	1.79B	1.74B	1.78B	1.71B
SG&A % of Revenue	33.33%	34.17%	35.23%	33.74%	48.6%	32.47%	30.17%	28.81%	27.64%	25.56%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	243M	201M	206M	208M	190M	229M	339M	331M	472M	667M
Operating Income+	214M	222M	217M	356M	-229M	609M	714M	790M	823M	694M
Operating Margin %	6.59%	6.21%	5.42%	7.96%	-5.13%	11.49%	12.06%	13.09%	12.81%	10.35%
Operating Income Growth %	68.5%	3.74%	-2.25%	64.06%	-164.33%	365.94%	17.24%	10.64%	4.18%	-15.67%
EBITDA+	507M	473M	478M	625M	32M	915M	1.05B	1.12B	1.15B	1.16B
EBITDA Margin %	15.62%	13.23%	11.94%	13.97%	0.72%	17.26%	17.79%	18.59%	17.9%	17.24%
EBITDA Growth %	16.28%	-6.71%	1.06%	30.75%	-94.88%	2759.38%	15.08%	6.55%	2.5%	0.52%
D&A (Non-Cash Add-back)	293M	251M	261M	269M	261M	306M	339M	332M	327M	462M
EBIT	214M	147M	580M	409M	-320M	578M	865M	750M	762M	652M
Net Interest Income+	-173M	-149M	-138M	-142M	-127M	-122M	-125M	-141M	-161M	-159M
Interest Income	0	0	0	0	0	0	0	0	0	0
Interest Expense	173M	149M	138M	142M	127M	122M	125M	141M	161M	159M
Other Income/Expense	-173M	-224M	225M	-89M	-218M	-153M	26M	-181M	-222M	-204M
Pretax Income+	41M	-2M	442M	267M	-447M	456M	740M	609M	601M	490M
Pretax Margin %	1.26%	-0.06%	11.04%	5.97%	-10.02%	8.6%	12.5%	10.09%	9.35%	7.31%
Income Tax+	11M	-151M	130M	9M	23M	149M	185M	170M	123M	120M
Effective Tax Rate %	60.98%	-7150%	69.46%	95.88%	106.26%	66.67%	74.46%	70.61%	72.38%	74.49%
Net Income+	25M	143M	307M	256M	-475M	304M	551M	430M	435M	365M
Net Margin %	0.77%	4%	7.67%	5.72%	-10.64%	5.73%	9.31%	7.12%	6.77%	5.44%
Net Income Growth %	127.47%	472%	114.69%	-16.61%	-285.55%	164%	81.25%	-21.96%	1.16%	-16.09%
Net Income (Continuing)	30M	149M	312M	258M	-470M	307M	555M	439M	478M	370M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	15M	15M	14M	20M	18M	15M	16M	123M	157M	110M
EPS (Diluted)+	0.05	0.28	0.62	0.50	-0.93	0.58	1.06	0.82	0.84	0.70
EPS Growth %	127.67%	462.25%	121.43%	-19.35%	-286%	162.37%	82.76%	-22.64%	2.44%	-16.67%
EPS (Basic)	0.05	0.28	0.62	0.50	-0.93	0.58	1.06	0.82	0.83	0.70
Diluted Shares Outstanding	501.99M	501.99M	501.99M	510M	510.03M	513.47M	519.81M	515.72M	517.52M	519.05M
Basic Shares Outstanding	501.99M	501.99M	501.99M	510M	510.03M	513.47M	519.81M	515.72M	517.52M	519.05M
Dividend Payout Ratio	-	58.74%	301.3%	36.72%	-	87.17%	57.71%	79.07%	82.99%	104.93%

Balance Sheet

	Sep 2016	Sep 2017	Sep 2018	Sep 2019	Sep 2020	Sep 2021	Sep 2022	Sep 2023	Sep 2024	Sep 2025
Total Current Assets+	908M	1.27B	1.18B	1.69B	1.68B	1.9B	2.14B	2.4B	2.64B	2.77B
Cash & Short-Term Investments	359M	647M	514M	619M	553M	499M	584M	641M	694M	532M
Cash Only	359M	647M	514M	619M	553M	499M	584M	641M	694M	532M
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	329M	404M	447M	775M	771M	839M	984M	1.12B	1.25B	1.34B
Days Sales Outstanding	36.99	41.24	40.74	63.21	63.06	57.77	60.68	67.72	71.28	72.92
Inventory	41M	39M	42M	74M	79M	99M	108M	126M	99M	62M
Days Inventory Outstanding	8.77	7.37	7.06	11.25	12.36	13.18	12.8	14.48	10.77	6.23
Other Current Assets	51M	44M	50M	53M	55M	86M	91M	102M	125M	255M
Total Non-Current Assets+	4.43B	4.44B	4.17B	4.33B	4.73B	5.32B	5.69B	6.14B	6.51B	7.06B
Property, Plant & Equipment	203M	213M	229M	300M	604M	632M	641M	703M	706M	630M
Fixed Asset Turnover	15.99x	16.79x	17.49x	14.92x	7.39x	8.39x	9.23x	8.59x	9.10x	10.65x
Goodwill	1.63B	1.69B	1.69B	1.76B	1.83B	1.83B	1.92B	1.99B	2.02B	2.06B
Intangible Assets	2.32B	2.21B	2B	1.87B	1.81B	2.17B	2.38B	2.5B	2.51B	2.73B
Long-Term Investments	0	0	0	0	0	63M	16M	15M	9M	8M
Other Non-Current Assets	278M	241M	231M	353M	422M	588M	699M	898M	1.21B	1.52B
Total Assets+	5.33B	5.72B	5.34B	6.02B	6.41B	7.21B	7.83B	8.54B	9.15B	9.83B
Asset Turnover	0.61x	0.63x	0.75x	0.74x	0.70x	0.74x	0.76x	0.71x	0.70x	0.68x
Asset Growth %	-5.09%	7.18%	-6.54%	12.59%	6.53%	12.5%	8.56%	9.16%	7.14%	7.36%
Total Current Liabilities+	1.84B	2.1B	2.37B	2.82B	2.72B	3.15B	3.37B	3.54B	3.9B	4.2B
Accounts Payable	204M	208M	281M	260M	264M	302M	268M	300M	289M	257M
Days Payables Outstanding	43.62	39.32	47.24	39.53	41.3	40.2	31.76	34.47	31.44	25.83
Short-Term Debt	0	0	0	0	0	0	0	0	0	43M
Deferred Revenue (Current)	178M	197M	208M	180M	297M	348M	423M	371M	246M	286M
Other Current Liabilities	21M	26M	34M	286M	80M	102M	245M	57M	110M	3.57B
Current Ratio	0.49x	0.61x	0.50x	0.60x	0.62x	0.60x	0.64x	0.68x	0.68x	0.66x
Quick Ratio	0.47x	0.59x	0.48x	0.57x	0.59x	0.57x	0.60x	0.64x	0.65x	0.64x
Cash Conversion Cycle	2.14	9.29	0.56	34.94	34.11	30.75	41.72	47.73	50.61	53.33
Total Non-Current Liabilities+	3.28B	3.31B	3.29B	3.47B	3.73B	4.01B	4.29B	4.58B	4.58B	4.87B
Long-Term Debt	2.78B	2.81B	2.82B	2.97B	3.1B	3.35B	3.73B	3.96B	4.01B	4.37B
Capital Lease Obligations	0	0	0	0	299M	287M	241M	255M	228M	200M
Deferred Tax Liabilities	269M	190M	165M	172M	163M	207M	220M	216M	195M	164M
Other Non-Current Liabilities	236M	309M	307M	321M	169M	175M	99M	141M	146M	142M
Total Liabilities	5.13B	5.41B	5.66B	6.29B	6.46B	7.17B	7.66B	8.12B	8.48B	9.07B
Total Debt+	2.78B	2.81B	2.82B	2.97B	3.44B	3.68B	4.01B	4.26B	4.29B	4.61B
Net Debt	2.42B	2.16B	2.31B	2.35B	2.89B	3.18B	3.43B	3.62B	3.59B	4.08B
Debt / Equity	13.23x	9.13x	-	-	-	79.91x	23.89x	9.91x	6.35x	6.09x
Debt / EBITDA	5.48x	5.94x	5.90x	4.76x	107.56x	4.02x	3.81x	3.80x	3.73x	3.99x
Net Debt / EBITDA	4.77x	4.58x	4.82x	3.77x	90.28x	3.47x	3.26x	3.23x	3.12x	3.53x
Interest Coverage	1.24x	1.49x	1.57x	2.51x	-1.80x	4.99x	5.71x	5.60x	5.11x	4.36x
Total Equity+	210M	308M	-320M	-269M	-45M	46M	168M	430M	675M	757M
Equity Growth %	-12.13%	46.67%	-203.9%	15.94%	83.27%	202.22%	265.22%	155.95%	56.98%	12.15%
Book Value per Share	0.42	0.61	-0.64	-0.53	-0.09	0.09	0.32	0.83	1.30	1.46
Total Shareholders' Equity	195M	293M	-334M	-289M	-63M	31M	152M	307M	518M	647M
Common Stock	0	0	0	1M	1M	1M	1M	1M	1M	1M
Retained Earnings	-715M	-654M	-1.27B	-1.18B	-1.75B	-1.71B	-1.48B	-1.39B	-1.31B	-1.33B
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-218M	-181M	-190M	-240M	-222M	-202M	-347M	-322M	-247M	-189M
Minority Interest	15M	15M	14M	20M	18M	15M	16M	123M	157M	110M

Cash Flow

	Sep 2016	Sep 2017	Sep 2018	Sep 2019	Sep 2020	Sep 2021	Sep 2022	Sep 2023	Sep 2024	Sep 2025
Cash from Operations+	342M	535M	425M	400M	463M	638M	742M	687M	754M	678M
Operating CF Margin %	10.54%	14.96%	10.61%	8.94%	10.37%	12.04%	12.54%	11.38%	11.73%	10.11%
Operating CF Growth %	54.05%	56.43%	-20.56%	-5.88%	15.75%	37.8%	16.3%	-7.41%	9.75%	-10.08%
Net Income	30M	149M	312M	258M	-470M	307M	555M	439M	478M	361M
Depreciation & Amortization	293M	251M	261M	269M	261M	306M	339M	332M	327M	376M
Stock-Based Compensation	23M	70M	62M	50M	608M	45M	39M	49M	52M	0
Deferred Taxes	-26M	-192M	66M	-68M	-57M	27M	13M	-13M	-48M	-90M
Other Non-Cash Items	-4M	84M	-355M	-35M	91M	34M	-117M	-1M	93M	252M
Working Capital Changes	26M	173M	79M	-74M	30M	-81M	-87M	-119M	-148M	-221M
Change in Receivables	17M	-60M	-43M	-90M	18M	-58M	-195M	-113M	-110M	-61M
Change in Inventory	0	1M	-3M	3M	-2M	-19M	-22M	-12M	30M	-11M
Change in Payables	23M	48M	82M	3M	-32M	91M	-21M	77M	86M	-28M
Cash from Investing+	-8M	-126M	405M	-376M	-219M	-638M	-824M	-300M	-311M	-340M
Capital Expenditures	-67M	-60M	-88M	-145M	-125M	-574M	-326M	-241M	-303M	-334M
CapEx % of Revenue	2.06%	1.68%	2.2%	3.24%	2.8%	10.83%	5.51%	3.99%	4.72%	4.98%
Acquisitions	45M	73M	-23M	-231M	-94M	0	0	45M	19M	-46M
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-3M	-73M	23M	231M	94M	0	0	0	0	46M
Cash from Financing+	-216M	-128M	-955M	88M	-316M	-61M	188M	-325M	-396M	-497M
Debt Issued (Net)	-211M	1M	10M	197M	75M	244M	535M	164M	-2M	-1M
Equity Issued (Net)	0	0	0	0	0	0	-1000K	0	-1000K	-1000K
Dividends Paid	0	-84M	-925M	-94M	-344M	-265M	-318M	-340M	-361M	-383M
Share Repurchases	0	0	0	0	0	0	-6M	0	-5M	-16M
Other Financing	-5M	-45M	-40M	-15M	-47M	-40M	-23M	-149M	-28M	-97M
Net Change in Cash	113M	288M	-133M	105M	-66M	-54M	85M	57M	53M	-162M
Free Cash Flow+	275M	475M	337M	255M	338M	64M	416M	446M	638M	539M
FCF Margin %	8.47%	13.28%	8.41%	5.7%	7.57%	1.21%	7.03%	7.39%	9.93%	8.04%
FCF Growth %	92.31%	72.73%	-29.05%	-24.33%	32.55%	-81.07%	550%	7.21%	43.05%	-15.52%
FCF per Share	0.55	0.95	0.67	0.50	0.66	0.12	0.80	0.86	1.23	1.04
FCF Conversion (FCF/Net Income)	13.68x	3.74x	1.38x	1.56x	-0.97x	2.10x	1.35x	1.60x	1.73x	1.86x
Interest Paid	0	0	0	0	0	0	0	0	0	0
Taxes Paid	0	0	0	0	0	0	0	0	0	0

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	11.14%	55.21%	-	-	-	60800%	514.95%	143.81%	78.73%	50.98%
Return on Invested Capital (ROIC)	5.72%	6.53%	7.3%	13.12%	-6.97%	15.06%	15.7%	15.5%	14.84%	11.44%
Gross Margin	47.41%	46%	45.79%	46.35%	47.73%	48.27%	47.96%	47.37%	47.79%	45.85%
Net Margin	0.77%	4%	7.67%	5.72%	-10.64%	5.73%	9.31%	7.12%	6.77%	5.44%
Debt / Equity	13.23x	9.13x	-	-	-	79.91x	23.89x	9.91x	6.35x	6.09x
Interest Coverage	1.24x	1.49x	1.57x	2.51x	-1.80x	4.99x	5.71x	5.60x	5.11x	4.36x
FCF Conversion	13.68x	3.74x	1.38x	1.56x	-0.97x	2.10x	1.35x	1.60x	1.73x	1.86x
Revenue Growth	9.44%	10.17%	12%	11.74%	-0.27%	18.78%	11.66%	1.99%	6.44%	4.37%

Warner Music Group Corp. (WMG) 10-Year Financial Performance & Capital Metrics

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Warner Music Group Corp. (WMG) 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 WMG vs Peers

vs SIRI

vs RSVR

Compare Top 5

Profit & Loss

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Deep Dive Analysis

Valuation Overview

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Dividend History

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Revenue History

Financial Ratios