Sirius XM Holdings Inc. key statistics and ratios

In fiscal 2025, Sirius XM Holdings Inc. had return on equity of 7.1%, an operating margin of 17.2%, debt equal to 84.0% of equity and a current ratio of 0.30. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Sirius XM Holdings Inc.: financial ratios, annual
Fiscal year	2009Dec 2009	2010Dec 2010	2011Dec 2011	2012Dec 2012	2013Dec 2013	2014Dec 2014	2015Dec 2015	2016Dec 2016	2017Dec 2017	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025	LTMSept 2026
Gross margin	—	—	—	—	—	—	—	—	—	—	56.6%	56.0%	54.9%	54.6%	53.5%	53.1%	52.4%	52.9%
Operating margin	9.2%	16.5%	22.4%	25.6%	27.5%	26.8%	25.8%	28.5%	30.2%	29.9%	21.1%	10.7%	23.2%	21.3%	20.2%	−17.4%	17.2%	19.0%
Net margin	−14.2%	1.5%	14.2%	102.1%	9.9%	11.8%	11.2%	14.9%	11.9%	20.4%	11.7%	1.6%	15.1%	10.1%	8.8%	−19.1%	9.4%	10.5%
Free-cash-flow margin	7.5%	7.1%	13.5%	20.9%	24.5%	27.1%	24.3%	30.2%	28.9%	26.4%	21.2%	20.7%	18.5%	17.3%	13.2%	11.6%	14.5%	18.4%
Return on equity	—	28.4%	93.7%	146.4%	11.1%	24.3%	89.2%	—	—	—	—	—	—	—	23.4%	−15.7%	7.1%	7.6%
Return on assets	−4.8%	0.6%	5.7%	42.0%	4.2%	5.7%	6.2%	9.3%	7.9%	14.3%	9.5%	1.2%	12.8%	8.9%	3.9%	−5.8%	2.9%	3.3%
Asset turnover	0.34	0.38	0.41	0.41	0.42	0.49	0.56	0.63	0.66	0.70	0.81	0.75	0.84	0.89	0.45	0.30	0.31	0.32
Current ratio	0.41	0.42	0.57	0.79	0.52	0.67	0.23	0.24	0.17	0.17	0.30	0.31	0.40	0.35	0.34	0.42	0.30	0.32
Debt to equity	>999%	>999%	428.0%	60.3%	131.2%	343.7%	—	—	—	—	—	—	—	—	110.8%	93.8%	84.0%	76.8%
Interest cover (operating income ÷ interest)	0.7x	1.6x	2.2x	3.3x	5.1x	4.2x	3.9x	4.3x	4.7x	4.9x	4.2x	2.2x	4.9x	4.5x	4.3x	n/m	3.2x	3.7x
Effective tax rate	—	—	—	—	40.8%	40.6%	42.9%	31.7%	48.7%	17.2%	23.6%	69.5%	13.9%	24.8%	18.3%	—	23.8%	24.3%
R&D as % of revenue	1.6%	1.4%	1.6%	1.3%	1.3%	1.3%	1.2%	1.6%	2.1%	2.1%	3.6%	3.3%	3.0%	3.2%	3.6%	3.4%	3.1%	3.0%
Capital spending as % of revenue	10.1%	11.1%	4.6%	2.9%	4.6%	2.9%	3.0%	4.1%	5.3%	6.2%	4.7%	4.4%	4.5%	4.7%	7.3%	8.4%	7.6%	6.3%
Free cash flow ÷ net income	—	466.9%	95.1%	20.4%	246.3%	229.4%	217.6%	202.9%	242.0%	129.7%	181.0%	>999%	122.5%	171.3%	150.0%	—	154.7%	176.1%
Dividends ÷ net income	—	0.0%	0.0%	9.4%	0.0%	0.0%	0.0%	6.4%	29.3%	17.1%	24.7%	180.9%	20.4%	27.4%	8.3%	—	45.3%	40.4%
Dividends and buybacks ÷ free cash flow	—	0.0%	0.0%	46.1%	189.7%	220.6%	182.0%	113.8%	102.0%	99.3%	144.2%	107.4%	111.2%	57.6%	28.8%	14.7%	40.2%	29.7%

US$ thousands unless shown otherwise. Fiscal quarters.

Sirius XM Holdings Inc.: financial ratios, quarterly
Quarter	2024 Q4Dec 2024	2025 Q1Mar 2025	2025 Q2Jun 2025	2025 Q3Sept 2025	2025 Q4Dec 2025	2026 Q1Mar 2026	2026 Q2Jun 2026	2026 Q3Sept 2026
Gross margin	53.0%	52.0%	52.4%	52.2%	53.0%	52.8%	53.0%	52.8%
Operating margin	23.1%	18.7%	17.1%	22.8%	10.3%	21.7%	21.9%	22.2%
Net margin	13.1%	9.9%	9.6%	13.8%	4.5%	11.7%	11.1%	14.7%
Free-cash-flow margin	23.5%	2.6%	18.8%	11.8%	24.4%	7.9%	27.4%	13.5%
Current ratio	0.42	0.42	0.41	0.31	0.30	0.44	0.46	0.32
Debt to equity	93.1%	92.8%	89.5%	78.0%	74.8%	82.6%	79.4%	66.4%
R&D as % of revenue	3.3%	3.5%	2.6%	2.9%	3.3%	3.3%	2.6%	3.0%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Financial health

1 of 6 checks passed · September 30, 2026

What it owns · $27.2bn

Short-term assets $1.2bnLonger-term assets $26.0bn

What it owes, and who funded it · $27.2bn

Short-term liabilities $3.7bnLonger-term liabilities $11.4bnShareholders' equity $12.1bn

Short-term assets cover short-term liabilities $1.2bn of assets due within a year against $3.7bn of liabilities due within a year.
Short-term assets cover long-term liabilities $1.2bn short-term assets against $11.4bn of longer-dated liabilities.
More cash than debt $210m of cash against $8.1bn of debt.
Debt below 40% of shareholders' equity Debt is 66% of equity.
Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
A year's operating cash flow covers at least 20% of debt $2.1bn of operating cash flow against $8.1bn of debt.
Operating profit covers interest at least five times over Operating income of $1.6bn against $444m of interest.

From Sirius XM Holdings Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Moat

71 /100

Strong moat

How hard Sirius XM's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

Returns on capital 13 / 20

Net income has been a median 8.3% of total assets over 10 years.
Pricing power 18 / 20

Gross margin has been a median 53.6%, moving by 1.2 percentage points (standard deviation) across 7 years.
Durability 7 / 20

Operating margin has been a median 21.2%; its worst year was -17.8%.
Cash conversion 19 / 20

Free cash flow was positive in 10 of 10 years, at a median 18.4% of revenue.
Discipline 20 / 20

The diluted share count fell 23.9% over five years; stock-based pay has been a median 2.3% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (76 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Compare with peers

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More: Broadcasting stocks compared, Communication Services sector, rankings of US companies

Figures from Sirius XM Holdings Inc.'s SEC filings (10-K and 10-Q), retrieved October 30, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Sirius XM Holdings Inc.