Warner Music Group Corp. (WMG) intrinsic value & 10-year financials
Warner Music Group Corp. (WMG) has no Graham intrinsic value right now because the formula needs positive earnings. Over the last 10 fiscal years revenue grew 8.4% a year to $6.7B, with an average return on invested capital of 9.8%.
- Graham intrinsic value
- —
- Share price (Oct 17, 2026)
- $31.40
- Revenue (FY2025)
- $6.7B
- Revenue growth (10-yr CAGR)
- 8.4%
- ROIC (10-yr avg)
- 9.8%
- Free cash flow (FY2025)
- $539.0M
WMG 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $6.7B | $365.0M | — | $539.0M | 10.3% | 12.4% |
| FY2024 | $6.4B | $435.0M | — | $638.0M | 12.8% | 16.1% |
| FY2023 | $6.0B | $430.0M | — | $560.0M | 13.1% | 15.2% |
| FY2022 | $5.9B | $551.0M | — | $607.0M | 12.1% | 15.9% |
| FY2021 | $5.3B | $304.0M | — | $545.0M | 11.5% | 13.7% |
| FY2020 | $4.5B | -$475.0M | — | $378.0M | -5.1% | -9.4% |
| FY2019 | $4.5B | $256.0M | — | $296.0M | 8.0% | 17.0% |
| FY2018 | $4.0B | $307.0M | — | $351.0M | 5.4% | 6.9% |
| FY2017 | $3.6B | $143.0M | — | $491.0M | 6.2% | 4.3% |
| FY2016 | $3.2B | $25.0M | — | $300.0M | 6.6% | 5.6% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Warner Music Group Corp. is a consistent compounder, expanding top-line revenue at 8.4% annually over the past decade.
Warner Music Group Corp. returns on capital have been average, hovering around 9.8% ROIC over the decade.
Over the decade, Warner Music Group Corp. shows that the company has leveraged its balance sheet to sustain operations.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Warner Music Group Corp. is modeled at 8.4% normalized earnings growth with a 5.1% bond-yield adjustment.