Tencent Music Enter Gr - Public Comps and Valuation Multiples

Tencent Music Enter Gr Overview

About Tencent Music Enter Gr

Tencent Music is the largest online music streaming platform in China, established in 2016 through the merger of QQ Music, Kuwo Music, and Kugou Music. Tencent, its largest shareholder, holds over 50% of the shares and more than 90% of the voting rights. Beyond streaming services, Tencent Music generates revenue through a diverse range of offerings, including podcasts, livestreaming, concerts, and karaoke.

Founded

2012

HQ

Employees

5.4K+

Website

tencentmusic.com

Sectors

Music

Financials

LTM Revenue $611M

LTM EBITDA $208M

EV

$36.3B

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Tencent Music Enter Gr Financials

As of August 2025, Tencent Music Enter Gr reported last 12-month revenue of $611M and EBITDA of $208M.

In the same period, Tencent Music Enter Gr generated $269M in LTM gross profit and $194M in net income.

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Tencent Music Enter Gr P&L

In the most recent fiscal year, Tencent Music Enter Gr reported revenue of $28.4B and EBITDA of $9.8B.

Tencent Music Enter Gr expects next 12-month revenue of XXX and NTM EBITDA of XXX

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	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue	$611M	XXX	$28.4B	XXX	XXX	XXX
Gross Profit	$269M	XXX	$12.0B	XXX	XXX	XXX
Gross Margin	44%	XXX	42%	XXX	XXX	XXX
EBITDA	$208M	XXX	$9.8B	XXX	XXX	XXX
EBITDA Margin	34%	XXX	35%	XXX	XXX	XXX
EBIT	$215M	XXX	$7.4B	XXX	XXX	XXX
EBIT Margin	35%	XXX	26%	XXX	XXX	XXX
Net Profit	$194M	XXX	$6.6B	XXX	XXX	XXX
Net Margin	32%	XXX	23%	XXX	XXX	XXX
Net Debt	XXX	XXX	n/a	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

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Financial performance metrics for Tencent Music Enter Gr including revenue, profitability, and margin analysis across different time periods. The company reported last twelve months revenue of $611M. EBITDA for the last twelve months was $208M. In the most recent fiscal year, Tencent Music Enter Gr achieved $28.4B in revenue and $9.8B in EBITDA.
Financial Metric	Last Twelve Months (LTM)	Next Twelve Months (NTM)	Most Recent Fiscal Year	Current Fiscal Year (2025)	Next Fiscal Year (2026)	Two Years Forward (2027)
Total Revenue	$611M	Analyst estimates available to subscribers	$28.4B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit	$269M	Analyst estimates available to subscribers	$12.0B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit Margin	44.0% gross margin	Analyst estimates available to subscribers	42.3% gross profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA (Earnings Before Interest, Taxes, Depreciation, Amortization)	$208M	Analyst estimates available to subscribers	$9.8B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA Margin	34.1% EBITDA margin	Analyst estimates available to subscribers	34.6% EBITDA margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT (Earnings Before Interest and Taxes)	$215M	Analyst estimates available to subscribers	$7.4B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT Margin	35.1% EBIT margin	Analyst estimates available to subscribers	26.2% EBIT margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Income (Net Profit)	$194M	Analyst estimates available to subscribers	$6.6B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Profit Margin	31.7% net profit margin	Analyst estimates available to subscribers	23.4% net profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Debt Position	Detailed debt information available to subscribers	Detailed debt information available to subscribers	n/a	Detailed debt information available to subscribers	Detailed debt information available to subscribers	Detailed debt information available to subscribers

Financial Performance Summary for Tencent Music Enter Gr

This financial data table provides comprehensive performance metrics for Tencent Music Enter Gr, a company based in United States of America. The metrics include revenue, profitability measures, and operational efficiency indicators across multiple time periods.

Recent Performance Highlights

Tencent Music Enter Gr generated $611M in revenue over the last twelve months.
The company achieved $208M in EBITDA over the last twelve months.
Gross profit for the last twelve months was $269M.
Net income over the last twelve months reached $194M.

Fiscal Year Performance

In the most recent fiscal year, Tencent Music Enter Gr reported $28.4B in total revenue.
Fiscal year EBITDA was $9.8B.
The company maintained a gross profit margin of 42.3% in the most recent fiscal year.
EBITDA margin for the fiscal year was 34.6%.
Net profit margin reached 23.4% in the most recent fiscal year.

This financial data is sourced from Morningstar, Inc. and represents the most recent available information for Tencent Music Enter Gr. Forward-looking estimates and detailed financial projections are available through our premium subscription service.

Tencent Music Enter Gr Stock Performance

Tencent Music Enter Gr has current market cap of $38.6B, and EV of $36.3B.

Market Cap Evolution

Tencent Music Enter Gr Stock Data

As of September 17, 2025, Tencent Music Enter Gr's stock price is $25.

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EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$36.3B	$38.6B	XXX	XXX	XXX	XXX	$0.84

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Tencent Music Enter Gr Valuation Multiples

Tencent Music Enter Gr's trades at 1.3x EV/Revenue multiple, and 3.7x EV/EBITDA.

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Tencent Music Enter Gr Financial Valuation Multiples

As of September 17, 2025, Tencent Music Enter Gr has market cap of $38.6B and EV of $36.3B.

Equity research analysts estimate Tencent Music Enter Gr's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

Tencent Music Enter Gr has a P/E ratio of 27.9x.

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Market cap (current)	$38.6B	XXX	$38.6B	XXX	XXX	XXX
EV (current)	$36.3B	XXX	$36.3B	XXX	XXX	XXX
EV/Revenue	8.3x	XXX	1.3x	XXX	XXX	XXX
EV/EBITDA	24.5x	XXX	3.7x	XXX	XXX	XXX
EV/EBIT	23.7x	XXX	4.9x	XXX	XXX	XXX
EV/Gross Profit	18.9x	XXX	n/a	XXX	XXX	XXX
P/E	27.9x	XXX	5.8x	XXX	XXX	XXX
EV/FCF	26.6x	XXX	3.9x	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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Tencent Music Enter Gr Margins & Growth Rates

Tencent Music Enter Gr's last 12 month revenue growth is 14%

Tencent Music Enter Gr's revenue per employee in the last FY averaged $5.3M, while opex per employee averaged $0.9M for the same period.

Tencent Music Enter Gr's rule of 40 is 39% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

Tencent Music Enter Gr's rule of X is 68% (created by Bessemer, rule of X is another metric relevant for SaaS companies only, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).

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Tencent Music Enter Gr Operational Valuation Multiples

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue Growth	14%	XXX	-58%	XXX	XXX	XXX
EBITDA Margin	34%	XXX	35%	XXX	XXX	XXX
EBITDA Growth	18%	XXX	-53%	XXX	XXX	XXX
Rule of 40	39%	XXX	48%	XXX	XXX	XXX
Bessemer Rule of X	XXX	XXX	68%	XXX	XXX	XXX
Revenue per Employee	XXX	XXX	$5.3M	XXX	XXX	XXX
Opex per Employee	XXX	XXX	$0.9M	XXX	XXX	XXX
S&M Expenses to Revenue	XXX	XXX	3%	XXX	XXX	XXX
G&A Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
R&D Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
Opex to Revenue	XXX	XXX	16%	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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