Netflix vs Warner Music Group
Netflix is the larger business, with $45.18bn of revenue in fiscal 2025 against $6.71bn for Warner Music Group (6.7 times as much). Netflix grew faster (15.9% against 4.4%). Netflix kept more of each dollar of sales as profit: a net margin of 24.3% against 5.4%. Netflix carries less debt relative to equity (54.3% against 674.7%).
| Latest fiscal year | NetflixNFLX, 2025 | Warner Music GroupWMG, 2025 |
|---|---|---|
| Revenue | $45.18bn | $6.71bn |
| Revenue growth | 15.9% | 4.4% |
| Net income | $10.98bn | $365m |
| Operating margin | 29.5% | 10.3% |
| Net margin | 24.3% | 5.4% |
| Return on equity | 42.8% | 62.7% |
| Free cash flow | $9.46bn | $539m |
| Cash | $9.03bn | $532m |
| Total debt | $14.46bn | $4.37bn |
| Debt to equity | 54.3% | 674.7% |
| Dividend per share | — | — |
| Dividend yield | — | 8.7% |
| Share buybacks | $9.13bn | $16.0m |
| Employees | 16,000 | — |
| Market value | $258.86bn | $4.59bn |
| Price vs our value range | Within our value range | Below our value range |
| Moat score | 58 (Moderate) | 52 (Moderate) |
| Insider trades, 12 months | 0 buys, 102 sales | 3 buys, 0 sales |