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Tencent Music Entertainment Valuation Multiples
Discover revenue and EBITDA valuation multiples for Tencent Music Entertainment and similar public comparables like Warner Music Group, HYBE, Live Nation, NetEase Cloud Music and more.
Tencent Music Entertainment Overview
About Tencent Music Entertainment
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
Sectors
Financials (LTM)
EV
$19B
Tencent Music Entertainment Financials
Tencent Music Entertainment reported last 12-month revenue of $5B and EBITDA of $2B.
In the same LTM period, Tencent Music Entertainment generated $2B in gross profit, $2B in EBITDA, and $2B in net income.
Revenue (LTM)
Tencent Music Entertainment P&L
In the most recent fiscal year, Tencent Music Entertainment reported revenue of $4B and EBITDA of $1B.
Tencent Music Entertainment expects next 12-month revenue of XXX and NTM EBITDA of XXX
| LTM | NTM | Last FY | FY 2026 | FY 2027 | FY 2028 | |
|---|---|---|---|---|---|---|
| Revenue | $5B | XXX | $4B | XXX | XXX | XXX |
| Gross Profit | $2B | XXX | $2B | XXX | XXX | XXX |
| Gross Margin | 44% | XXX | 42% | XXX | XXX | XXX |
| EBITDA | $2B | XXX | $1B | XXX | XXX | XXX |
| EBITDA Margin | 35% | XXX | 35% | XXX | XXX | XXX |
| EBIT Margin | 37% | XXX | 29% | XXX | XXX | XXX |
| Net Profit | $2B | XXX | $984M | XXX | XXX | XXX |
| Net Margin | 32% | XXX | 24% | XXX | XXX | XXX |
Financial data powered by Morningstar, Inc.
Tencent Music Entertainment Stock Performance
Tencent Music Entertainment has current market cap of $22B, and enterprise value of $19B.
Market Cap Evolution
Tencent Music Entertainment's stock price is $14.24.
| EV | Market Cap | Price 1D | Price 1M | Price 3M | Price 12M | EPS |
|---|---|---|---|---|---|---|
| $19B | $22B | 0.0% | XXX | XXX | XXX | $0.64 |
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Start Free TrialTencent Music Entertainment Valuation Multiples
Tencent Music Entertainment trades at 4.0x EV/Revenue multiple, and 11.3x EV/EBITDA.
EV / Revenue (LTM)
Tencent Music Entertainment Financial Valuation Multiples
As of March 7, 2026, Tencent Music Entertainment has market cap of $22B and EV of $19B.
Equity research analysts estimate Tencent Music Entertainment's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX
Tencent Music Entertainment has a P/E ratio of 14.2x.
| LTM | NTM | Last FY | FY 2026 | FY 2027 | FY 2028 | |
|---|---|---|---|---|---|---|
| Market cap (current) | $22B | XXX | $22B | XXX | XXX | XXX |
| EV (current) | $19B | XXX | $19B | XXX | XXX | XXX |
| EV/Revenue | 4.0x | XXX | 4.7x | XXX | XXX | XXX |
| EV/EBITDA | 11.3x | XXX | 13.5x | XXX | XXX | XXX |
| EV/EBIT | 10.7x | XXX | 15.9x | XXX | XXX | XXX |
| EV/Gross Profit | 9.0x | XXX | 11.0x | XXX | XXX | XXX |
| P/E | 14.2x | XXX | 22.3x | XXX | XXX | XXX |
| EV/FCF | 12.1x | XXX | 14.4x | XXX | XXX | XXX |
Valuation data powered by FactSet, Inc. and Morningstar, Inc.
Verified Tencent Music Entertainment Valuation Multiples
Access all public comps and forward-looking valuation multiples like EV/Revenue in 2027, based on consensus analyst estimates. Powered by FactSet and Morningstar.
Tencent Music Entertainment Margins & Growth Rates
Tencent Music Entertainment's revenue in the last 12 month grew by 13%.
Tencent Music Entertainment's revenue per employee in the last FY averaged $0.9M.
Tencent Music Entertainment's rule of 40 is 48% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).
Tencent Music Entertainment's rule of X is 67% (created by Bessemer, rule of X is another metric to measure SaaS companies, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).
Tencent Music Entertainment Operational Valuation Multiples
| LTM | NTM | Last FY | FY 2026 | FY 2027 | FY 2028 | |
|---|---|---|---|---|---|---|
| Revenue Growth | 13% | XXX | 15% | XXX | XXX | XXX |
| EBITDA Margin | 35% | XXX | 35% | XXX | XXX | XXX |
| EBITDA Growth | 8% | XXX | 19% | XXX | XXX | XXX |
| Rule of 40 | — | XXX | 48% | XXX | XXX | XXX |
| Bessemer Rule of X | — | XXX | 67% | XXX | XXX | XXX |
| Revenue per Employee | — | XXX | $0.9M | XXX | XXX | XXX |
| S&M Expenses to Revenue | 3% | XXX | 3% | XXX | XXX | XXX |
| G&A Expenses to Revenue | 12% | XXX | 13% | XXX | XXX | XXX |
| Opex to Revenue | — | XXX | 16% | XXX | XXX | XXX |
Valuation data powered by FactSet, Inc. and Morningstar, Inc.
Tencent Music Entertainment Public Comps
See public comps and valuation multiples for other Music comps.
| EV/Revenue | EV/EBITDA | |||||
|---|---|---|---|---|---|---|
| LTM | 2026E | 2027E | LTM | 2026E | 2027E | |
| Warner Music Group | XXX | XXX | XXX | XXX | XXX | XXX |
| HYBE | XXX | XXX | XXX | XXX | XXX | XXX |
| Live Nation | XXX | XXX | XXX | XXX | XXX | XXX |
| NetEase Cloud Music | XXX | XXX | XXX | XXX | XXX | XXX |
| Universal Music | XXX | XXX | XXX | XXX | XXX | XXX |
| XXXXXXXX | XXX | XXX | XXX | XXX | XXX | XXX |
| XXXXXXXX | XXX | XXX | XXX | XXX | XXX | XXX |
Valuation data powered by FactSet, Inc.
Tencent Music Entertainment M&A Activity
Tencent Music Entertainment acquired XXX companies to date.
Last acquisition by Tencent Music Entertainment was on XXXXXXXX, XXXXX. Tencent Music Entertainment acquired XXXXXXXX for XXX (EV/Revenue multiple of XXX).
Latest Acquisitions by Tencent Music Entertainment
| Acquired Company | Valuation | EV/Revenue | EV/EBITDA |
|---|---|---|---|
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
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Start Free TrialTencent Music Entertainment Investment Activity
Tencent Music Entertainment invested in XXX companies to date.
Tencent Music Entertainment made its latest investment on XXXXXXXX, XXXXX. Tencent Music Entertainment invested in XXXXXXXX for XXX (EV/Revenue multiple of XXX).
Latest Investments by Tencent Music Entertainment
| Company | Valuation | EV/Revenue | EV/EBITDA |
|---|---|---|---|
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
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Start Free TrialAbout Tencent Music Entertainment
| When was Tencent Music Entertainment founded? | Tencent Music Entertainment was founded in 2012. |
| Where is Tencent Music Entertainment headquartered? | Tencent Music Entertainment is headquartered in China. |
| How many employees does Tencent Music Entertainment have? | As of today, Tencent Music Entertainment has over 5K employees. |
| Who is the CEO of Tencent Music Entertainment? | Tencent Music Entertainment's CEO is Zhu Liang. |
| Is Tencent Music Entertainment publicly listed? | Yes, Tencent Music Entertainment is a public company listed on NYSE. |
| What is the stock symbol of Tencent Music Entertainment? | Tencent Music Entertainment trades under TME ticker. |
| When did Tencent Music Entertainment go public? | Tencent Music Entertainment went public in 2018. |
| Who are competitors of Tencent Music Entertainment? | Tencent Music Entertainment main competitors are Warner Music Group, HYBE, Live Nation, NetEase Cloud Music. |
| What is the current market cap of Tencent Music Entertainment? | Tencent Music Entertainment's current market cap is $22B. |
| What is the current revenue of Tencent Music Entertainment? | Tencent Music Entertainment's last 12 months revenue is $5B. |
| What is the current revenue growth of Tencent Music Entertainment? | Tencent Music Entertainment revenue growth (NTM/LTM) is 13%. |
| What is the current EV/Revenue multiple of Tencent Music Entertainment? | Current revenue multiple of Tencent Music Entertainment is 4.0x. |
| Is Tencent Music Entertainment profitable? | Yes, Tencent Music Entertainment is EBITDA-positive (as of the last 12 months). |
| What is the current EBITDA of Tencent Music Entertainment? | Tencent Music Entertainment's last 12 months EBITDA is $2B. |
| What is Tencent Music Entertainment's EBITDA margin? | Tencent Music Entertainment's last 12 months EBITDA margin is 35%. |
| What is the current EV/EBITDA multiple of Tencent Music Entertainment? | Current EBITDA multiple of Tencent Music Entertainment is 11.3x. |
| What is the current FCF of Tencent Music Entertainment? | Tencent Music Entertainment's last 12 months FCF is $2B. |
| What is Tencent Music Entertainment's FCF margin? | Tencent Music Entertainment's last 12 months FCF margin is 33%. |
| What is the current EV/FCF multiple of Tencent Music Entertainment? | Current FCF multiple of Tencent Music Entertainment is 12.1x. |
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