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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.
2012
5.4K+
LTM Revenue $4.1B
LTM EBITDA $1.3B
$23.8B
Benchmark forward-looking revenue and EBITDA valuation multiples across generative AI, climate tech, semiconductors, online marketplaces, vertical SaaS and 220 more verticals.
Tencent Music has a last 12-month revenue (LTM) of $4.1B and a last 12-month EBITDA of $1.3B.
In the most recent fiscal year, Tencent Music achieved revenue of $3.6B and an EBITDA of $1.3B.
Tencent Music expects next 12-month revenue of XXX and NTM EBITDA of XXX
See Tencent Music valuation multiples based on analyst estimates| LTM | NTM | Last FY | FY 2025 | FY 2026 | FY 2027 | |
|---|---|---|---|---|---|---|
| Revenue | $4.1B | XXX | $3.6B | XXX | XXX | XXX |
| Gross Profit | $1.8B | XXX | $1.5B | XXX | XXX | XXX |
| Gross Margin | 44% | XXX | 42% | XXX | XXX | XXX |
| EBITDA | $1.3B | XXX | $1.3B | XXX | XXX | XXX |
| EBITDA Margin | 33% | XXX | 35% | XXX | XXX | XXX |
| EBIT | $1.3B | XXX | $949M | XXX | XXX | XXX |
| EBIT Margin | 32% | XXX | 26% | XXX | XXX | XXX |
| Net Profit | $1.2B | XXX | $848M | XXX | XXX | XXX |
| Net Margin | 29% | XXX | 23% | XXX | XXX | XXX |
| Net Debt | XXX | XXX | n/a | XXX | XXX | XXX |
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As of May 30, 2025, Tencent Music's stock price is HKD 68 (or $9).
Tencent Music has current market cap of HKD 209B (or $26.7B), and EV of HKD 187B (or $23.8B).
See Tencent Music trading valuation data| EV | Market Cap | Price 1D | Price 1M | Price 3M | Price 12M | EPS |
|---|---|---|---|---|---|---|
| $23.8B | $26.7B | XXX | XXX | XXX | XXX | $0.35 |
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Start Free TrialAs of May 30, 2025, Tencent Music has market cap of $26.7B and EV of $23.8B.
Tencent Music's trades at 6.6x EV/Revenue multiple, and 19.0x EV/EBITDA.
Equity research analysts estimate Tencent Music's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX
Tencent Music has a P/E ratio of 22.9x.
See valuation multiples for Tencent Music and 12K+ public comps| LTM | NTM | Last FY | FY 2025 | FY 2026 | FY 2027 | |
|---|---|---|---|---|---|---|
| Market cap (current) | $26.7B | XXX | $26.7B | XXX | XXX | XXX |
| EV (current) | $23.8B | XXX | $23.8B | XXX | XXX | XXX |
| EV/Revenue | 5.9x | XXX | 6.6x | XXX | XXX | XXX |
| EV/EBITDA | 18.0x | XXX | 19.0x | XXX | XXX | XXX |
| EV/EBIT | 18.1x | XXX | 25.1x | XXX | XXX | XXX |
| EV/Gross Profit | 13.5x | XXX | n/a | XXX | XXX | XXX |
| P/E | 22.9x | XXX | 31.5x | XXX | XXX | XXX |
| EV/FCF | 20.6x | XXX | 20.2x | XXX | XXX | XXX |
Valuation data powered by FactSet, Inc. and Morningstar, Inc.
Access all public comps and forward-looking valuation multiples like EV/Revenue in 2025, based on equity research analyst estimates.
Start Free TrialTencent Music's last 12 month revenue growth is 10%
Tencent Music's revenue per employee in the last FY averaged $0.7M, while opex per employee averaged $0.1M for the same period.
Tencent Music's rule of 40 is 36% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).
Tencent Music's rule of X is 59% (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).
See operational valuation multiples for Tencent Music and other 12K+ public comps| LTM | NTM | Last FY | FY 2025 | FY 2026 | FY 2027 | |
|---|---|---|---|---|---|---|
| Revenue Growth | 10% | XXX | 15% | XXX | XXX | XXX |
| EBITDA Margin | 33% | XXX | 35% | XXX | XXX | XXX |
| EBITDA Growth | 17% | XXX | 28% | XXX | XXX | XXX |
| Rule of 40 | 36% | XXX | 45% | XXX | XXX | XXX |
| Bessemer Rule of X | XXX | XXX | 59% | XXX | XXX | XXX |
| Revenue per Employee | XXX | XXX | $0.7M | XXX | XXX | XXX |
| Opex per Employee | XXX | XXX | $0.1M | 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 |
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Benchmark public comps and private revenue and EBITDA valuation multiples across GRC software, cloud infrastructure, DevOps, online marketplaces and so much more!
| EV/Revenue | EV/EBITDA | |||||
|---|---|---|---|---|---|---|
| 2025E | 2026E | 2027E | 2025E | 2026E | 2027E | |
| Kartoon Studios | XXX | XXX | XXX | XXX | XXX | XXX |
| Nine Entertainment | XXX | XXX | XXX | XXX | XXX | XXX |
| Seven West Media | XXX | XXX | XXX | XXX | XXX | XXX |
| DouYu | XXX | XXX | XXX | XXX | XXX | XXX |
| Meb Corporation | 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 acquired XXX companies to date.
Last acquisition by Tencent Music was XXXXXXXX, XXXXX XXXXX XXXXXX . Tencent Music acquired XXXXXXXX for XXX (EV/Revenue multiple of XXX ).
See M&A valuation multiples| Acquired Company | EV | EV/Revenue | EV/EBITDA |
|---|---|---|---|
| XXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXX | XXX | XXX | XXX |
Sign up to see revenue and EBITDA valuation multiples for 60K+ M&A deals.
Start Free Trial| When was Tencent Music founded? | Tencent Music was founded in 2012. |
| Where is Tencent Music headquartered? | Tencent Music is headquartered in Hong Kong. |
| How many employees does Tencent Music have? | As of today, Tencent Music has 5.4K+ employees. |
| Who is the CEO of Tencent Music? | Tencent Music's CEO is Mr. Zhu Liang. |
| Is Tencent Music publicy listed? | Yes, Tencent Music is a public company listed on HKG. |
| What is the stock symbol of Tencent Music? | Tencent Music trades under 01698 ticker. |
| When did Tencent Music go public? | Tencent Music went public in 2022. |
| Who are competitors of Tencent Music? | Similar companies to Tencent Music include e.g. Kartoon Studios, Nine Entertainment, Seven West Media, DouYu. |
| What is the current market cap of Tencent Music? | Tencent Music's current market cap is $26.7B |
| What is the current revenue of Tencent Music? | Tencent Music's last 12 months revenue is $4.1B. |
| What is the current revenue growth of Tencent Music? | Tencent Music revenue growth (NTM/LTM) is 10%. |
| What is the current EV/Revenue multiple of Tencent Music? | Current revenue multiple of Tencent Music is 5.9x. |
| Is Tencent Music profitable? | Yes, Tencent Music is EBITDA-positive (as of the last 12 months). |
| What is the current EBITDA of Tencent Music? | Tencent Music's last 12 months EBITDA is $1.3B. |
| What is Tencent Music's EBITDA margin? | Tencent Music's last 12 months EBITDA margin is 33%. |
| What is the current EV/EBITDA multiple of Tencent Music? | Current EBITDA multiple of Tencent Music is 18.0x. |
| What is the current FCF of Tencent Music? | Tencent Music's last 12 months FCF is $1.2B. |
| What is Tencent Music's FCF margin? | Tencent Music's last 12 months FCF margin is 28%. |
| What is the current EV/FCF multiple of Tencent Music? | Current FCF multiple of Tencent Music is 20.6x. |
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