# TKO Group Holdings, Inc. (TKO)

> Source: Nexqual · https://nexqual.com/TKO · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, TKO Group Holdings, Inc. (TKO), nexqual.com/TKO" · informational, not investment advice.

**Price:** USD 177.72 (-0.12% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 177.94 · day 175.53–180.49 · 52w 170.92–226.94 · market cap $33.6B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $5.30B, net income $230M (4.3% margin) (SEC filings).
- Valuation: P/E 146.5x (avg 1401.8x at the last 2 fiscal year-ends), EV/EBITDA 24.7x, net debt $4.04B.
- 1 of 80 tracked superinvestors hold TKO (13F, Q2 2026): 0 new, 0 added, 1 reduced, 0 unchanged.
- Insider open-market sales, last ~7 months: 12 Form 4 filings, $30.4M; 0 not under a Rule 10b5-1 plan ($0K); 2 by opportunistic insiders (0 outside 10b5-1 plans), 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Insider open-market purchases, last ~7 months: 4 Form 4 filings, $5.5M; 2 by opportunistic insiders, 0 by routine insiders.
- Analysts: Buy (mean 2.00 on a 1–5 scale) (22 analysts), mean target USD 231.89 (range 208–250).
- Total return with dividends: 1Y -3.4% vs S&P 500 +14.9%; 5Y +218.9% vs S&P 500 +80.3%.
- Next earnings: 2026-11-04, EPS estimate USD 1.07, revenue estimate $1.38B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $1.03B | $1.14B | $3.22B | $4.88B | $4.74B | $5.30B |
| Operating income | $391M | $544M | $376M | $30.9M | $835M | $998M |
| Net income | $274M | $389M | -$35.2M | $9.4M | $195M | $230M |
| EPS (diluted) | — | — | -$0.43 | $0.02 | $2.26 | — |
| Operating margin | 37.9% | 47.7% | 11.7% | 0.6% | 17.6% | 18.8% |
| Net margin | 26.5% | 34.1% | -1.1% | 0.2% | 4.1% | 4.3% |
| Revenue growth | — | +10.5% | +182.8% | +51.5% | -3.1% | — |
| Cash + short-term investments | $875M | $181M | $236M | $620M | $831M | — |
| Total debt | — | $2.76B | $2.74B | $2.76B | $3.76B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 146.5x · P/S 6.3x · EV/EBITDA 24.7x · EV/Sales 7.1x · P/B 9.9x · Earnings yield 0.68% · Dividend yield (paid, TTM) 0.71% · Net debt $4.04B · EV $37.7B
P/E at fiscal year-ends: Dec 2025 207.5x, Dec 2024 2596.2x.

## Superinvestors (SEC 13F-HR, Q2 2026)
1 of 80 tracked investors hold TKO. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Lindsell Train |  | 16.07% | $423M | Reduced -14.3% |

## Insider sales (SEC Form 4, open-market, last ~7 months)
12 of 12 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-10-13…2026-10-15 | Khan Nick | Director | 9,589 | $1.7M | 32.2% | Yes (adopted March 13, 2026) | Too little history (no open-market trades in 2023) |
| 2026-09-14 | Khan Nick | Director | 9,589 | $1.9M | 24.4% | Yes (adopted March 13, 2026) | Too little history (no open-market trades in 2023) |
| 2026-08-18…2026-08-19 | Khan Nick | Director | 14,794 | $2.9M | 27.3% | Yes (adopted March 13, 2026) | Too little history (no open-market trades in 2023) |
| 2026-08-18 | Schleimer Andrew M | Chief Financial Officer | 9,942 | $1.9M | 20.7% | Yes | Too little history (no open-market trades in 2023 or 2024) |
| 2026-08-18 | Emanuel Ariel | Chief Executive Officer | 24,702 | $4.8M | 12.4% | Yes | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-08-18 | Shapiro Mark S | See Remarks | 19,120 | $3.7M | 11.5% | Yes | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-08-13 | Khan Nick | Director | 9,589 | $1.9M | 19.6% | Yes (adopted March 13, 2026) | Too little history (no open-market trades in 2023) |
| 2026-07-20…2026-07-21 | Khan Nick | Director | 23,079 | $4.2M | 32% | Yes (adopted March 13, 2026) | Too little history (no open-market trades in 2023) |
| 2026-07-13 | Khan Nick | Director | 9,589 | $1.8M | 11.8% | Yes (adopted March 13, 2026) | Too little history (no open-market trades in 2023) |
| 2026-06-12 | Khan Nick | Director | 9,589 | $2.0M | 10.5% | Yes (adopted March 13, 2026) | Too little history (no open-market trades in 2023) |
| 2026-05-04 | Khan Nick | Director | 9,518 | $1.8M | 9.5% | Yes (adopted March 7, 2025) | Too little history (no open-market trades in 2023) |
| 2026-04-06 | Khan Nick | Director | 9,518 | $1.9M | 8.6% | Yes (adopted March 7, 2025) | Too little history (no open-market trades in 2023) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Insider purchases (SEC Form 4, open-market, last ~7 months)
4 purchases, $5.5M. Private placements, offerings, dividend reinvestment and employee stock purchase plan buys are excluded.
| Trade date | Insider | Role | Shares | Value | Avg price | Insider type |
|---|---|---|---|---|---|---|
| 2026-05-14 | Kraft Jonathan | Director | 5,200 | $988K | 189.96 | Too little history (no open-market trades in 2024) |
| 2026-05-13 | Emanuel Ariel | Chief Executive Officer | 10,805 | $2.0M | 185.09 | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-05-13 | Shapiro Mark S | See Remarks | 10,807 | $2.0M | 185.05 | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-05-13 | Schleimer Andrew M | Chief Financial Officer | 2,696 | $500K | 185.44 | Too little history (no open-market trades in 2023 or 2024) |

## Analysts
Consensus Buy (mean 2.00 on a 1–5 scale), 22 analysts; mean target USD 231.89 (low 208, high 250).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-21 | BTIG | Reiterated | Buy | $237 |
| 2026-10-20 | Guggenheim | Target lowered | Buy | $235 → $228 |
| 2026-10-16 | Susquehanna | Target lowered | Positive | $235 → $224 |
| 2026-09-16 | Bernstein | Target raised | Outperform | $235 → $240 |
| 2026-08-05 | Guggenheim | Target raised | Buy | $230 → $235 |
| 2026-08-04 | Morgan Stanley | Target raised | Overweight | $225 → $230 |
| 2026-08-04 | BTIG | Reiterated | Buy | $237 |
| 2026-07-29 | BTIG | Reiterated | Buy | $237 |
| 2026-07-28 | Bernstein | Target lowered | Outperform | $240 → $235 |
| 2026-07-21 | JP Morgan | Target lowered | Overweight | $225 → $222 |
| 2026-07-15 | Guggenheim | Target lowered | Buy | $232 → $230 |
| 2026-07-14 | Seaport Global | Upgrade | Neutral → Buy | $210 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | -3.4% | +218.9% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -3.4% | +26.0% |
| Volatility (annualized) | 31.6% | 31.0% |
| Max drawdown | -22.4% (Mar 2026→Oct 2026) | -32.6% (Aug 2023→Dec 2023) |

## Peers (Entertainment)
SKYD (Skydance Corporation) USD 7.79 -1.02% · FOXA (Fox Corporation) USD 68.27 +3.69% · LYV (Live Nation Entertainment, Inc.) USD 174.5 +0.09% · ROKU (Roku, Inc.) USD 160.06 +1.45% · FWONK (Liberty Media Corporation - Ser) USD 91.15 -0.13% · NWS (News Corporation) USD 33.95 +2.01%

## More
Full page: https://nexqual.com/TKO · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in TKO's own 10-K filed 2026-02-25 (https://www.sec.gov/Archives/edgar/data/1973266/000119312526071651/tko-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Partner | WWE | "We combine premier intellectual property ownership (UFC, WWE, PBR) with extensive capabilities in media rights distribution (IMG) and premium hospitality experiences (On Location), allowing us to maximize value across ou…" |
| Partner | Netflix (NFLX) | "WWE, the global leader in sports entertainment, produces and distributes unique and creative content through various channels, including content rights agreements with distribution partners including Netflix, ESPN, Versa…" |
| Partner | Skydance Corp (SKYD) | "In August 2025, UFC announced a new seven-year partnership with Paramount, a Skydance Corporation ("Paramount"), to become the exclusive home of all UFC events in the U.S. Starting in 2026, Paramount will exclusively dis…" |
| Partner | Meta Platforms (META) | "We have partnerships and marketing agreements with a wide variety of leading brands including Meta, Ram Trucks, Anheuser-Busch, IBM, Procter & Gamble, Monster Energy, Cuervo, Total Wireless, Wingstop, Slim Jim, and other…" |
| Partner | IBM (IBM) | "We have partnerships and marketing agreements with a wide variety of leading brands including Meta, Ram Trucks, Anheuser-Busch, IBM, Procter & Gamble, Monster Energy, Cuervo, Total Wireless, Wingstop, Slim Jim, and other…" |
| Partner | Procter & Gamble (PG) | "We have partnerships and marketing agreements with a wide variety of leading brands including Meta, Ram Trucks, Anheuser-Busch, IBM, Procter & Gamble, Monster Energy, Cuervo, Total Wireless, Wingstop, Slim Jim, and other…" |
| Partner | Coca-Cola (KO) | "We continue to expand the categories and volume of our partnerships with major brands, such as IBM, Meta, Polymarket, Ram Trucks, Crypto.com, DoorDash, Coca-Cola (Minute Maid), Sazerac, and Nestle." |
| Partner | General | "During 2025, WWE produced several international events, including PLEs in key markets across Europe and Latin America, in addition to events produced through our partnership with the General Entertainment Authority of th…" |
| Partner | Zuffa | "We participate in, and may in the future enter into, joint ventures, other non-controlling investments, and strategic alliances, such as Zuffa Boxing, our joint venture with Sela Company." |
| Competitor | Amazon (AMZN) | "Many well-funded digital companies (such as Amazon, Apple, Facebook, Hulu, Netflix and YouTube) have been competing with the traditional television business model and, while it has been widely reported that they are payi…" |
| Competitor | Apple (AAPL) | "Many well-funded digital companies (such as Amazon, Apple, Facebook, Hulu, Netflix and YouTube) have been competing with the traditional television business model and, while it has been widely reported that they are payi…" |

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| World Wrestling Entertainment | $621.0M | 40.1% | +11.7% |
| Ultimate Fighting Championship | $535.7M | 34.6% | +28.8% |
| IMG | $354.6M | 22.9% | +15.6% |
| Corporate & Other | $48.5M | 3.1% | +8.6% |
| Total revenue | $1.55B | 100% | — |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Media Rights Production & Content | $325.2M | 21.0% | +24.8% |
| Partnerships & Marketing | $144.8M | 9.4% | +68.9% |
| Live Events & Hospitality | $47.8M | 3.1% | -18.2% |
| Consumer Products Licensing & Other | $17.9M | 1.2% | +60.6% |
| Total revenue | $1.55B | 100% | — |
The lines above cover 34.6% of total revenue.

## Revenue by region (fiscal year ended 2025-12-31)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| North America | $3.51B | 74.2% | +17.2% |
| EMEA | $898.1M | 19.0% | -38.5% |
| Asia Pacific | $241.7M | 5.1% | -28.4% |
| Latin America | $80.5M | 1.7% | -8.3% |
| Total revenue | $4.74B | 100% | — |

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $1.07 | $1.03 | +3.7% | $1.38B | 8 |
| Next quarter (ends 2026-12-31) | $1.04 | $0.71 | +46.8% | $1.31B | 8 |
| Current fiscal year (ends 2026-12-31) | $4.43 | $3.92 | +13.2% | $5.82B | 9 |
| Next fiscal year (ends 2027-12-31) | $4.90 | $3.98 | +23.0% | $5.88B | 9 |