Warner Music Group Corp. (WMG) Key Metrics
WMG valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $16.43B
- Enterprise value
- $18.51B
- P/E (TTM)
- 25.1 10-yr median 37.7
- Forward P/E
- 13.1
- PEG ratio
- 0.49
- Price / sales
- 2.2 10-yr median 2.7
- Price / book
- 16.6 10-yr median 37.7
- EV / EBITDA
- 12.6 10-yr median 18.3
- Dividend yield
- 0.72% $0.80 a year
- Beta
- 1.40
WMG key metrics, FY2016–FY2025
Fiscal year ended September 30, 2025 · U.S. dollarsWMG valuation Price multiples at each fiscal year-end price.
WMG returns How much profit the business earns on the capital it uses.
WMG per-share figures Results divided by the shares outstanding at year-end.
WMG financial health Debt, liquidity and how easily interest is covered.
WMG efficiency & capital use Working capital cycle and where the cash goes.
WMG valuation history
WMG returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
WMG debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
WMG cash returned to shareholders
WMG price vs earnings per share
WMG key metrics
FY2016–FY2025| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $17.68B | $16.20B | $16.19B | $11.95B | $22.12B | $14.50B | — | — | — | — |
| Enterprise value | $21.75B | $19.79B | $19.81B | $15.38B | $25.29B | $17.39B | — | — | — | — |
| P/E ratio | 48.4 | 37.2 | 37.7 | 21.7 | 72.8 | — | — | — | — | — |
| Price / sales | 2.6 | 2.5 | 2.7 | 2.0 | 4.2 | 3.2 | — | — | — | — |
| Price / book | 27.3 | 24.0 | 37.7 | 71.1 | 480.8 | — | — | — | — | — |
| Price / free cash flow | 32.8 | 25.4 | 36.3 | 28.7 | 345.6 | 42.9 | — | — | — | — |
| Price / operating cash flow | 26.1 | 21.5 | 23.6 | 16.1 | 34.7 | 31.3 | — | — | — | — |
| EV / sales | 3.2 | 3.1 | 3.3 | 2.6 | 4.8 | 3.9 | — | — | — | — |
| EV / EBITDA | 21.2 | 18.2 | 18.3 | 12.8 | 28.6 | — | — | — | — | — |
| EV / free cash flow | 40.4 | 31.0 | 44.4 | 37.0 | 395.2 | 51.4 | — | — | — | — |
| Earnings yield | 2.1% | 2.7% | 2.7% | 4.6% | 1.4% | −3.3% | — | — | — | — |
| Free cash flow yield | 3.0% | 3.9% | 2.8% | 3.5% | 0.3% | 2.3% | — | — | — | — |
| Dividend yield | 2.2% | 2.2% | 2.1% | 2.7% | 1.2% | 2.4% | — | — | — | — |
| Shareholder yield (dividends + buybacks) | 2.3% | 2.3% | 2.1% | 2.7% | 1.2% | 2.4% | — | — | — | — |
| Share price at fiscal year-end | $34.06 | $31.30 | $31.40 | $23.21 | $42.74 | $28.74 | — | — | — | — |
| Per share | ||||||||||
| Revenue per share | $12.92 | $12.42 | $11.71 | $11.50 | $10.24 | $8.85 | $8.91 | $7.98 | $7.12 | $6.47 |
| Earnings per share | $0.70 | $0.84 | $0.83 | $1.07 | $0.59 | −$0.94 | $0.51 | $0.61 | $0.28 | $0.05 |
| Operating cash flow per share | $1.31 | $1.46 | $1.33 | $1.44 | $1.23 | $0.92 | $0.80 | $0.85 | $1.07 | $0.68 |
| Free cash flow per share | $1.04 | $1.23 | $0.86 | $0.81 | $0.12 | $0.67 | $0.51 | $0.67 | $0.95 | $0.55 |
| Cash per share | $1.02 | $1.34 | $1.24 | $1.13 | $0.96 | $1.10 | $1.23 | $1.02 | $1.29 | $0.72 |
| Book value per share | $1.25 | $1.30 | $0.83 | $0.33 | $0.09 | −$0.09 | −$0.54 | −$0.64 | $0.61 | $0.42 |
| Tangible book value per share | −$7.97 | −$7.16 | −$7.88 | −$8.04 | −$7.64 | −$7.30 | −$7.78 | −$8.00 | −$7.14 | −$7.44 |
| Dividends per share | $0.74 | $0.70 | $0.66 | $0.62 | $0.51 | $0.68 | $0.19 | $1.84 | $0.17 | — |
| Capex per share | $0.27 | $0.22 | $0.47 | $0.63 | $1.11 | $0.25 | $0.29 | $0.18 | $0.12 | $0.13 |
| Debt per share | $8.88 | $8.28 | $8.26 | $7.80 | $7.10 | $6.82 | $10.09 | $9.30 | $8.92 | $8.40 |
| Shares outstanding | 519.0M | 517.5M | 515.6M | 514.7M | 517.5M | 504.5M | 502.0M | 502.0M | 502.0M | 502.0M |
| Change in shares outstanding | +0.3% | +0.4% | +0.2% | −0.5% | +2.6% | +0.5% | 0.0% | 0.0% | 0.0% | 0.0% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 55.2% | 78.7% | 143.8% | 515.0% | — | — | — | — | 55.2% | 11.6% |
| Return on invested capital (ROIC) | 11.7% | 15.7% | 14.9% | 15.7% | 13.5% | −5.2% | 8.6% | 3.8% | 4.3% | 4.5% |
| Return on assets (ROA) | 3.8% | 4.9% | 5.3% | 7.3% | 4.5% | −7.6% | 4.5% | 5.6% | 2.6% | 0.5% |
| Return on tangible assets | 7.2% | 9.1% | 10.6% | 15.6% | 9.5% | −17.1% | 10.7% | 18.6% | 7.8% | 1.8% |
| Free cash flow margin | 8.0% | 9.9% | 7.4% | 7.0% | 1.2% | 7.6% | 5.7% | 8.4% | 13.3% | 8.5% |
| Income quality (OCF / net income) | 1.86 | 1.73 | 1.60 | 1.35 | 2.10 | — | 1.56 | 1.38 | 3.74 | 13.68 |
| Financial health | ||||||||||
| Total debt | $4.61B | $4.29B | $4.26B | $4.01B | $3.68B | $3.44B | $5.07B | $4.67B | $4.48B | $4.22B |
| Cash & short-term investments | $532.0M | $694.0M | $641.0M | $584.0M | $499.0M | $553.0M | $619.0M | $514.0M | $647.0M | $359.0M |
| Net debt | $4.08B | $3.59B | $3.62B | $3.43B | $3.18B | $2.89B | $4.45B | $4.16B | $3.83B | $3.86B |
| Debt / equity | 7.12 | 6.35 | 9.91 | 23.89 | 79.91 | — | — | — | 14.55 | 20.08 |
| Debt / assets | 0.47 | 0.47 | 0.50 | 0.51 | 0.51 | 0.54 | 0.84 | 0.87 | 0.78 | 0.79 |
| Net debt / EBITDA | 3.96 | 3.30 | 3.34 | 2.85 | 3.59 | — | 6.56 | 4.94 | 9.63 | 7.61 |
| Current ratio | 0.66 | 0.68 | 0.68 | 0.64 | 0.60 | 0.62 | 0.60 | 0.50 | 0.61 | 0.49 |
| Quick ratio | 0.64 | 0.65 | 0.64 | 0.60 | 0.57 | 0.59 | 0.57 | 0.48 | 0.59 | 0.47 |
| Interest coverage | 4.4 | 5.1 | 5.6 | 5.7 | 5.0 | -1.8 | 2.5 | 1.6 | 1.5 | 1.2 |
| Working capital | −$1.43B | −$1.25B | −$1.14B | −$1.23B | −$1.25B | −$1.04B | −$1.13B | −$1.20B | −$825.0M | −$934.0M |
| Invested capital | $4.72B | $4.27B | $4.05B | $3.60B | $3.22B | $2.84B | $4.18B | $3.83B | $4.14B | $4.07B |
| Tangible asset value | −$4.03B | −$3.71B | −$4.07B | −$4.14B | −$3.96B | −$3.68B | −$3.90B | −$4.02B | −$3.58B | −$3.73B |
| Net current asset value | −$6.30B | −$5.84B | −$5.71B | −$5.52B | −$5.27B | −$4.78B | −$4.59B | −$4.49B | −$4.13B | −$4.22B |
| Graham number | $4.44 | $4.97 | $3.96 | $2.80 | $1.08 | — | — | — | $1.98 | $0.68 |
| Graham net-net per share | −$14.46 | −$13.13 | −$12.74 | −$12.21 | −$11.57 | −$10.47 | −$10.06 | −$9.55 | −$8.85 | −$8.96 |
| Capital allocation | ||||||||||
| Dividends paid | $383.0M | $361.0M | $340.0M | $318.0M | $265.0M | $344.0M | $94.0M | $925.0M | $84.0M | — |
| Share buybacks (net) | $16.0M | $5.0M | $0 | $6.0M | $7.0M | — | — | — | — | — |
| Dividend payout ratio | 104.9% | 83.0% | 79.1% | 57.7% | 87.2% | — | 36.7% | 301.3% | 58.7% | — |
| Dividends + buybacks / free cash flow | 74.0% | 57.4% | 76.2% | 77.9% | 425.0% | 101.8% | 36.9% | 274.5% | 17.7% | — |
| Capex / revenue | 2.1% | 1.8% | 4.0% | 5.5% | 10.8% | 2.8% | 3.2% | 2.2% | 1.7% | 2.1% |
| Capex / operating cash flow | 20.5% | 15.4% | 35.1% | 43.9% | 90.0% | 27.0% | 36.2% | 20.7% | 11.2% | 19.6% |
| Capex / depreciation | 0.37 | 0.35 | 0.73 | 0.96 | 1.88 | 0.48 | 0.54 | 0.34 | 0.24 | 0.23 |
| Stock-based compensation / revenue | 0.8% | 0.8% | 0.8% | 0.7% | 0.8% | 13.6% | 1.1% | 1.5% | 2.0% | 0.7% |
| SG&A / revenue | 25.6% | 27.6% | 28.8% | 30.2% | 32.5% | 48.6% | 33.7% | 35.2% | 34.2% | 33.3% |
| Efficiency | ||||||||||
| Days sales outstanding | 70.6 | 67.5 | 63.6 | 56.2 | 55.4 | 63.2 | 49.8 | 38.8 | 37.4 | 38.1 |
| Days of inventory on hand | 8.1 | 12.2 | 13.4 | 12.3 | 11.8 | 12.0 | 8.8 | 6.8 | 7.6 | 8.9 |
| Days payables outstanding | 27.4 | 32.0 | 32.6 | 33.8 | 37.7 | 41.0 | 41.1 | 41.1 | 38.9 | 40.3 |
| Cash conversion cycle (days) | 51.3 | 47.7 | 44.4 | 34.7 | 29.6 | 34.2 | 17.5 | 4.5 | 6.0 | 6.7 |
| Receivables turnover | 5.17 | 5.41 | 5.74 | 6.49 | 6.59 | 5.77 | 7.32 | 9.41 | 9.76 | 9.58 |
| Payables turnover | 13.30 | 11.39 | 11.19 | 10.81 | 9.69 | 8.90 | 8.88 | 8.88 | 9.37 | 9.06 |
| Inventory turnover | 45.12 | 29.82 | 27.15 | 29.76 | 30.81 | 30.50 | 41.40 | 53.60 | 48.27 | 41.13 |
| Asset turnover | 0.71 | 0.73 | 0.74 | 0.79 | 0.78 | 0.72 | 0.79 | 0.72 | 0.65 | 0.59 |
| Average receivables | $1.30B | $1.19B | $1.05B | $911.5M | $805.0M | $773.0M | $611.0M | $425.5M | $366.5M | $339.0M |
| Average payables | $273.0M | $294.5M | $284.0M | $285.0M | $283.0M | $262.0M | $270.5M | $244.5M | $206.0M | $188.5M |
| Average inventory | $80.5M | $112.5M | $117.0M | $103.5M | $89.0M | $76.5M | $58.0M | $40.5M | $40.0M | $41.5M |
| Intangibles / total assets | 48.7% | 47.8% | 52.6% | 55.0% | 55.5% | 56.8% | 60.4% | 69.2% | 68.1% | 73.9% |
Computed from WMG's annual financial statements (latest annual report filed November 20, 2025) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
WMG valuation and financial ratios
At the end of fiscal 2025 (September 30, 2025), Warner Music traded at 48.4 times earnings, against a 10-year median of 37.7. Based on the latest twelve months, the trailing P/E is 25.1 and the forward P/E is 13.1. Warner Music earned a return on equity of 55.2% and a return on invested capital of 11.7% in fiscal 2025. It ended the year with $4.6 billion of debt and $532.0 million in cash and short-term investments, net debt of $4.1 billion. It returned $399.0 million to shareholders: $383.0 million in dividends and $16.0 million in share buybacks, 74% of free cash flow. The share count rose 3.4% from 502.0M to 519.0M over 9 years.
See the WMG income statement, the WMG chart for price history, or the WMG stock overview for the latest quote and news.
WMG key metrics FAQ
What is Warner Music's P/E ratio?
Warner Music's trailing P/E ratio is 25.1 based on the last twelve months of earnings (as of October 18, 2026), and its forward P/E is 13.1. At the end of fiscal 2025 it was 48.4, compared with a 10-year median of 37.7.
What is Warner Music's EV/EBITDA?
Warner Music's enterprise value was 21.2 times EBITDA at the end of fiscal 2025 (enterprise value $21.8 billion, EBITDA $1.0 billion); the current EV/EBITDA is 12.6.
What is Warner Music's return on equity?
Warner Music's return on equity (ROE) was 55.2% in fiscal 2025: net income of $365.0 million on average shareholders' equity of $661.0 million.
What is Warner Music's ROIC?
Warner Music's return on invested capital was 11.7% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Warner Music have?
Warner Music had total debt of $4.6 billion at the end of fiscal 2025, a debt-to-equity ratio of 7.12 and $4.1 billion of net debt (3.96 times EBITDA).
What is Warner Music's dividend yield?
Warner Music's forward dividend yield is 0.72%. Warner Music paid $383.0 million in dividends in fiscal 2025 ($0.74 per share), a payout ratio of 104.9%.
Does Warner Music buy back its shares?
Yes. Warner Music spent $16.0 million on net share repurchases in fiscal 2025 Shares outstanding changed +0.3% over the year, to 519.0M..
What is Warner Music's free cash flow yield?
Warner Music generated $539.0 million of free cash flow in fiscal 2025, a free cash flow yield of 3.0% on its market value at year-end ($17.7 billion).
What is Warner Music's current ratio?
Warner Music's current ratio was 0.66 at the end of fiscal 2025: current assets were 0.66 times current liabilities.