MTN vs WMG
Vail Resorts Inc. and Warner Music Group Corp., side by side — 10 fiscal years reported in USD, drawn from SEC filings.
Most recent reported year
| Metric | MTN | WMG |
|---|---|---|
| Revenue | $3.0B | $6.7B |
| Net income | $280.0M | $365.0M |
| Gross margin | · | 45.8% |
| Net margin | 10.1% | 5.4% |
| Return on equity | 49.4% | 62.7% |
| Diluted EPS | $7.53 | · |
| Dividend / share | $8.88 | $0.73 |
| Payout ratio | 117.2% | 104.9% |
| Free cash flow | $319.7M | $539.0M |
| Equity | $424.5M | $647.0M |
| Net debt / equity | 6.49× | 5.46× |
| Current ratio | 0.63× | 0.66× |
| Revenue CAGR 5y | 8.6% | 8.5% |
| Profit CAGR 5y | 23.2% | · |
WMG bills 2.3× the revenue of MTN, and MTN keeps more of each dollar of revenue as profit (10.1% against 5.4%).
The stronger figure of the pair is set in bold. That is arithmetic, not a recommendation — this page does not pick a winner. "·" marks a figure not available in our data.
10 years side by side
| Fiscal year | MTN | WMG |
|---|---|---|
| FY2025 | $3.0B | $6.7B |
| FY2024 | $2.9B | $6.4B |
| FY2023 | $2.9B | $6.0B |
| FY2022 | $2.5B | $5.9B |
| FY2021 | $1.9B | $5.3B |
| FY2020 | $2.0B | $4.5B |
| FY2019 | $2.3B | $4.5B |
| FY2018 | $2.0B | $4.0B |
| FY2017 | $1.9B | $3.6B |
| FY2016 | $1.6B | $3.2B |
Bottom line
| Fiscal year | MTN | WMG |
|---|---|---|
| FY2025 | $280.0M | $365.0M |
| FY2024 | $231.1M | $435.0M |
| FY2023 | $265.8M | $430.0M |
| FY2022 | $347.9M | $551.0M |
| FY2021 | $127.8M | $304.0M |
| FY2020 | $98.8M | $-475.0M |
| FY2019 | $301.2M | $256.0M |
| FY2018 | $379.9M | $307.0M |
| FY2017 | $210.6M | $143.0M |
| FY2016 | $149.8M | $25.0M |
15 fiscal years
| Fiscal year | Difference | Ahead |
|---|---|---|
| FY2025 | −$3,742,653,000 | WMG |
| FY2024 | −$3,540,809,000 | WMG |
| FY2023 | −$3,147,636,000 | WMG |
| FY2022 | −$3,393,088,000 | WMG |
| FY2021 | −$3,391,290,000 | WMG |
| FY2020 | −$2,499,296,000 | WMG |
| FY2019 | −$2,203,425,000 | WMG |
| FY2018 | −$1,993,447,000 | WMG |
| FY2017 | −$1,668,782,000 | WMG |
| FY2016 | −$1,644,714,000 | WMG |
| FY2015 | −$1,566,076,000 | WMG |
| FY2014 | −$1,772,354,000 | WMG |
| FY2013 | −$1,750,203,000 | WMG |
| FY2012 | −$1,755,606,000 | WMG |
| FY2010 | −$2,093,197,000 | WMG |
WMG has reported the higher revenue in every one of these 15 fiscal years. The gap has widened since the earliest year compared.
15 of 17 comparable fiscal years — a year missing data on either side is not counted.
15 fiscal years
| Fiscal year | Difference | Ahead |
|---|---|---|
| FY2025 | +4.6 pp | MTN |
| FY2024 | +1.8 pp | MTN |
| FY2023 | +2.7 pp | MTN |
| FY2022 | +5.3 pp | MTN |
| FY2021 | +0.8 pp | MTN |
| FY2020 | +16.2 pp | MTN |
| FY2019 | +8.5 pp | MTN |
| FY2018 | +12.3 pp | MTN |
| FY2017 | +8.2 pp | MTN |
| FY2016 | +8.6 pp | MTN |
| FY2015 | +11.2 pp | MTN |
| FY2014 | +12.3 pp | MTN |
| FY2013 | +10.1 pp | MTN |
| FY2012 | +5.5 pp | MTN |
| FY2010 | +8.9 pp | MTN |
MTN has kept the higher net margin in every one of these 15 fiscal years.
15 of 17 comparable fiscal years — a year missing data on either side is not counted.
Standard deviation, each side
WMG's net margin has been more volatile than MTN's over the 15 comparable fiscal years — 6.6 percentage points of standard deviation against 4.9.
15 of 17 comparable fiscal years — a year missing data on either side is not counted.
Year by year
MTN led in net margin in every one of the 15 comparable fiscal years — a structural lead, not a recent swing.
15 of 17 comparable fiscal years — a year missing data on either side is not counted.
Standard deviation, each side
WMG's return on equity has been more volatile than MTN's over the 10 comparable fiscal years — 184.1 percentage points of standard deviation against 13.2.
10 of 17 comparable fiscal years — a year missing data on either side is not counted.
Year by year
The lead in return on equity changed hands between MTN and WMG over these 10 fiscal years — MTN led in 5 and WMG in 5.
10 of 17 comparable fiscal years — a year missing data on either side is not counted.