# Warner Music Group Corp. (WMG)

> Source: Nexqual · https://nexqual.com/WMG · data as of 2026-10-15 20:00 UTC · cite as "Nexqual, Warner Music Group Corp. (WMG), nexqual.com/WMG" · informational, not investment advice.

**Price:** USD 30.69 (+6.16% on the day) · last close of Oct 15, 2026; US market closed, not a live price. Prev close 28.91 · day 29.25–30.78 · 52w 23.34–35.42 · market cap $16.1B · NMS

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $7.30B, net income $672M (9.2% margin), free cash flow $836M (SEC filings).
- Valuation: P/E 23.9x, EV/EBITDA 15.9x, net debt $4.09B.
- 2 of 80 tracked superinvestors hold WMG (13F, Q2 2026): 1 new, 0 added, 0 reduced, 1 unchanged.
- Analysts: Buy (mean 2.00 on a 1–5 scale) (17 analysts), mean target USD 38 (range 30–46).
- Total return with dividends: 1Y -3.0% vs S&P 500 +18.1%; 5Y -27.2% vs S&P 500 +85.1%.
- Next earnings: 2026-11-19, EPS estimate USD 0.42, revenue estimate $1.90B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $5.30B | $5.92B | $6.04B | $6.43B | $6.71B | $7.30B |
| Gross profit | $2.56B | $2.84B | $2.86B | $3.07B | $3.08B | — |
| Operating income | $609M | $714M | $790M | $823M | $694M | $1.00B |
| Net income | $304M | $551M | $430M | $435M | $365M | $672M |
| Free cash flow | $545M | $607M | $560M | $638M | $539M | $836M |
| Gross margin | 48.3% | 48.0% | 47.4% | 47.8% | 45.8% | — |
| Operating margin | 11.5% | 12.1% | 13.1% | 12.8% | 10.3% | 13.7% |
| Net margin | 5.7% | 9.3% | 7.1% | 6.8% | 5.4% | 9.2% |
| Revenue growth | +18.8% | +11.7% | +2.0% | +6.4% | +4.4% | — |
| Cash + short-term investments | $499M | $584M | $641M | $694M | $532M | — |
| Total debt | $3.35B | $3.73B | $3.96B | $4.01B | $4.06B | — |
Fiscal years end Sep. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 23.9x · P/S 2.2x · EV/EBITDA 15.9x · EV/Sales 2.8x · P/FCF 19.2x · P/B 18.8x · FCF yield 5.21% · Earnings yield 4.19% · Dividend yield (paid, TTM) 2.49% · Buyback yield (TTM) 0.38% · Net debt $4.09B · EV $20.1B

## Superinvestors (SEC 13F-HR, Q2 2026)
2 of 80 tracked investors hold WMG. Change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Bill Nygren | Oakmark Funds | 0.06% | $43.6M | Unchanged |
| Lindsell Train |  | 0.05% | $1.4M | New position |

## Analysts
Consensus Buy (mean 2.00 on a 1–5 scale), 17 analysts; mean target USD 38 (low 30, high 46).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-15 | StoneX | Initiated | Buy | $41 |
| 2026-10-01 | UBS | Target raised | Buy | $42 → $43 |
| 2026-09-29 | Guggenheim | Reiterated | Buy | $36 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-16) | 5Y (from 2021-10-11) |
|---|---|---|
| Total return | -3.0% | -27.2% |
| S&P 500 (SPY) | +18.1% | +85.1% |
| Per year | -3.1% | -6.2% |
| Volatility (annualized) | 35.0% | 35.0% |
| Max drawdown | -28.4% (Oct 2025→Mar 2026) | -53.1% (Oct 2021→Oct 2022) |

## Peers (Entertainment)
NWS (News Corporation) USD 33.06 +1.47% · FWONK (Liberty Media Corporation - Ser) USD 90.81 -2.38% · ROKU (Roku, Inc.) USD 154.67 +1.32% · MSGS (Madison Square Garden Sports Co) USD 404.66 +0.13% · FOXA (Fox Corporation) USD 63.98 +2.37% · LLYVK (Liberty Live Holdings, Inc. - S) USD 99.66 +1.28%

## More
Full page: https://nexqual.com/WMG · 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