Balance Sheet Tencent Music Entertainment Group

Stocks

TME

US88034P1093

Internet Services

Market Closed - NYSE Other stock markets 16:00:02 2026-07-10 EDT			After hours 19:56:12
8.880 ^USD	+0.34%		8.965	+0.96%

05-26	Inadvertent alert tagged to Tencent Music Entertainment and Coca-Cola withdrawn	RE
05-26	Tencent Music Leads Series B Funding Round for The Black Label	MT

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Published financial data: TENCENT MUSIC ENTERTAINMENT GROUP

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2021	2022	2023	2024	2025
Revenues	31.24B	28.34B	27.75B	28.4B	32.9B
Total Revenues	31.24B	28.34B	27.75B	28.4B	32.9B
Cost of Goods Sold, Total	21.84B	19.57B	17.96B	16.38B	18.37B
Gross Profit	9.4B	8.77B	9.8B	12.02B	14.54B
Selling General & Admin Expenses, Total	6.69B	5.56B	5.02B	4.68B	4.86B
Other Operating Expenses	-423M	-334M	-222M	-221M	-117M
Other Operating Expenses, Total	6.26B	5.22B	4.8B	4.46B	4.74B
Operating Income	3.14B	3.55B	5B	7.57B	9.8B
Interest Expense, Total	-120M	-115M	-124M	-124M	-122M
Interest And Investment Income	557M	725M	1.07B	1.21B	1.23B
Net Interest Expenses	437M	610M	943M	1.09B	1.1B
Income (Loss) On Equity Invest.	-47M	38M	127M	96M	42M
Currency Exchange Gains (Loss)	-1M	7M	-17M	30M	-7M
Other Non Operating Income (Expenses)	-	-	-	-	-
EBT, Excl. Unusual Items	3.53B	4.2B	6.05B	8.78B	10.94B
Impairment of Goodwill	-	-	-	-	-
Gain (Loss) On Sale Of Investments	105M	26M	-23M	-52M	2.35B
Gain (Loss) On Sale Of Assets	-10M	1M	12M	-50M	-
Other Unusual Items	8M	141M	4M	29M	-6M
EBT, Incl. Unusual Items	3.63B	4.37B	6.04B	8.71B	13.28B
Income Tax Expense	417M	534M	825M	1.6B	1.92B
Earnings From Continuing Operations	3.22B	3.84B	5.22B	7.11B	11.35B
Net Income to Company	3.22B	3.84B	5.22B	7.11B	11.35B
Minority Interest	-186M	-162M	-300M	-465M	-297M
Net Income - (IS)	3.03B	3.68B	4.92B	6.64B	11.06B
Net Income to Common Incl Extra Items	3.03B	3.68B	4.92B	6.64B	11.06B
Net Income to Common Excl. Extra Items	3.03B	3.68B	4.92B	6.64B	11.06B
Per Share Items
Net EPS - Basic	1.82	2.3	3.15	4.31	7.21
Basic EPS - Continuing Operations	1.82	2.3	3.15	4.31	7.21
Basic Weighted Average Shares Outstanding	1.66B	1.6B	1.56B	1.54B	1.53B
Net EPS - Diluted	1.8	2.28	3.1	4.24	7.12
Diluted EPS - Continuing Operations	1.8	2.28	3.1	4.24	7.12
Diluted Weighted Average Shares Outstanding	1.68B	1.62B	1.58B	1.57B	1.55B
Normalized Basic EPS	1.22	1.54	2.23	3.26	4.26
Normalized Diluted EPS	1.2	1.52	2.2	3.21	4.21
Dividend Per Share	-	-	0.97	1.31	1.68
Payout Ratio	-	-	-	22.7	17.92
American Depositary Receipts Ratio (ADR)	2	2	2	2	2
Supplemental Items
EBITDA	3.89B	4.42B	5.72B	8.29B	10.92B
EBITA	3.79B	4.33B	5.64B	8.23B	10.87B
EBIT	3.14B	3.55B	5B	7.57B	9.8B
EBITDAR	4.22B	4.7B	5.86B	8.41B	11.04B
Total Revenues (As Reported)	31.24B	28.34B	27.75B	28.4B	32.9B
Effective Tax Rate - (Ratio)	11.48	12.21	13.65	18.4	14.49
Total Current Taxes	530M	604M	814M	1.67B	1.97B
Total Deferred Taxes	-113M	-70M	11M	-65M	-45M
Normalized Net Income	2.02B	2.47B	3.48B	5.03B	6.54B
Interest on Long-Term Debt	15M	19M	18M	17M	13M
Supplemental Operating Expense Items
Advertising Expense	2.39B	852M	603M	611M	672M
Selling and Marketing Expenses	2.68B	1.14B	897M	865M	941M
General and Administrative Expenses	4.01B	4.41B	4.12B	3.81B	3.92B
Research And Development Expense From Footnotes	2.34B	2.58B	2.52B	2.28B	2.32B
Net Rental Expense, Total	331M	275M	146M	126M	123M
Imputed Operating Lease Interest Expense	58.54M	44.68M	24.11M	20.66M	24.34M
Imputed Operating Lease Depreciation	272M	230M	122M	105M	98.66M
Stock-Based Comp., COGS (Total)	56M	74M	57M	68M	91M
Stock-Based Comp., S&M Exp. (Total)	31M	43M	36M	30M	33M
Stock-Based Comp., G&A Exp. (Total)	665M	706M	577M	498M	545M
Stock-Based Comp., Other (Total)	-	-	-	-	-
Total Stock-Based Compensation	752M	823M	670M	596M	669M

Fiscal Period: December	2021	2022	2023	2024	2025
Assets
Cash And Equivalents	6.59B	9.56B	13.57B	13.16B	8.47B
Short Term Investments	12.81B	11.33B	9.97B	14.04B	15.85B
Trading Asset Securities, Total	1.03B	-	-	-	-
Total Cash And Short Term Investments	20.43B	20.88B	23.54B	27.21B	24.32B
Accounts Receivable, Total	3.61B	2.67B	2.92B	3.51B	3.9B
Other Receivables	187M	253M	179M	1.1B	1.02B
Total Receivables	3.8B	2.92B	3.1B	4.61B	4.92B
Inventory	24M	14M	8M	23M	41M
Prepaid Expenses	2.08B	2B	2.39B	2.43B	2.87B
Restricted Cash	-	34M	31M	11M	15M
Other Current Assets, Total	460M	700M	872M	263M	294M
Total Current Assets	26.79B	26.56B	29.94B	34.54B	32.46B
Gross Property Plant And Equipment	892M	1.14B	1.31B	1.47B	1.73B
Accumulated Depreciation	-366M	-424M	-450M	-371M	-244M
Net Property Plant And Equipment	526M	721M	857M	1.1B	1.49B
Long-term Investments	15.4B	14.33B	19.84B	29.9B	42B
Goodwill	19.12B	19.49B	19.54B	19.65B	20.52B
Other Intangibles, Total	4.32B	4.85B	4.47B	4.41B	5.19B
Deferred Tax Assets Long-Term	346M	347M	352M	422M	498M
Other Long-Term Assets, Total	743M	709M	540M	425M	365M
Total Assets	67.25B	67.01B	75.54B	90.44B	103B
Liabilities
Accounts Payable, Total	4.33B	5B	5.01B	6.88B	6.28B
Accrued Expenses, Total	3.26B	3.02B	2.88B	2.47B	2.73B
Short-term Borrowings	-	-	-	2.15B	-
Current Portion of Leases	92M	123M	115M	106M	116M
Current Income Taxes Payable	363M	404M	567M	934M	1.09B
Unearned Revenue Current, Total	1.87B	2.2B	2.96B	3.1B	3.54B
Other Current Liabilities	534M	975M	485M	903M	824M
Total Current Liabilities	10.45B	11.72B	12.01B	16.55B	14.59B
Long-Term Debt	5.06B	5.54B	5.64B	3.57B	3.5B
Long-Term Leases	205M	306M	297M	219M	200M
Unearned Revenue Non Current	118M	112M	148M	179M	303M
Deferred Tax Liability Non Current	271M	211M	239M	198M	504M
Other Non Current Liabilities	93M	-	-	-	379M
Total Liabilities	16.2B	17.88B	18.33B	20.72B	19.47B
Common Stock, Total	2M	2M	2M	2M	2M
Additional Paid In Capital	36.24B	36.46B	36.58B	29.04B	29.92B
Retained Earnings	14.34B	12.27B	17.19B	20.28B	29.62B
Treasury Stock	-3.66B	-6.35B	-7B	-550M	-664M
Comprehensive Income and Other	3.4B	5.72B	9.14B	19.09B	21.41B
Total Common Equity	50.32B	48.1B	55.91B	67.86B	80.29B
Minority Interest	738M	1.03B	1.3B	1.86B	2.76B
Total Equity	51.06B	49.13B	57.2B	69.73B	83.05B
Total Liabilities And Equity	67.25B	67.01B	75.54B	90.44B	103B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	1.64B	1.57B	1.55B	1.54B	1.57B
ECS Total Common Shares Outstanding	1.64B	1.57B	1.55B	1.54B	1.57B
Book Value / Share	30.64	30.61	36.03	44.14	51.01
Tangible Book Value	26.87B	23.76B	31.9B	43.8B	54.58B
Tangible Book Value Per Share	16.36	15.12	20.56	28.49	34.68
Total Debt	5.36B	5.96B	6.05B	6.05B	3.81B
Net Debt	-15.07B	-14.92B	-17.49B	-21.16B	-20.5B
Debt Equivalent Oper. Leases	2.65B	2.2B	1.17B	1.01B	984M
Minority Interest, Total (Incl. Fin. Div)	738M	1.03B	1.3B	1.86B	2.76B
Equity Method Investments, Total	3.6B	4.33B	4.27B	4.67B	1.66B
Account Code - Inventory Valuation	6	6	6	6	6
Machinery, Total	472M	449M	431M	321M	220M
Full Time Employees	5.97K	5.8K	5.18K	5.35K	5.69K
Accumulated Allowance for Doubtful Accounts (Supple)	20M	61M	77M	22M	28M

Fiscal Period: December	2021	2022	2023	2024	2025
Net Income	3.03B	3.68B	4.92B	6.64B	11.06B
Depreciation & Amortization - CF	222M	236M	223M	179M	157M
Amortization of Goodwill and Intangible Assets - (CF)	647M	784M	638M	656M	1.08B
Depreciation & Amortization, Total	869M	1.02B	861M	835M	1.23B
Amortization of Deferred Charges, Total - (CF)	132M	140M	143M	143M	143M
(Gain) Loss on Sale of Investments - (CF)	-95M	-26M	11M	102M	-2.35B
(Income) Loss On Equity Investments - (CF)	47M	-38M	-127M	-96M	-42M
Stock-Based Compensation (CF)	647M	665M	649M	596M	669M
Provision and Write-off of Bad Debts	9M	47M	17M	17M	6M
Other Operating Activities, Total	28M	-225M	77M	478M	548M
Change In Accounts Receivable	-769M	906M	-204M	-539M	-355M
Change In Inventories	-6M	10M	7M	-15M	-17M
Change In Accounts Payable	631M	663M	52M	1.84B	-783M
Change in Other Net Operating Assets	717M	642M	931M	265M	122M
Cash from Operations	5.24B	7.48B	7.34B	10.28B	10.23B
Capital Expenditure	-159M	-85M	-165M	-319M	-305M
Cash Acquisitions	-2.08B	-165M	-9M	-34M	-1.06B
Divestitures	3M	-	-	-25M	-
Sale (Purchase) of Intangible assets	-2.6B	-968M	-999M	-713M	-883M
Investment in Marketable and Equity Securities, Total	-1.26B	-306M	-794M	-5.81B	-8.32B
Net (Increase) Decrease in Loans Originated / Sold - Investing	1M	-	-24M	9M	-
Other Investing Activities, Total	88M	78M	128M	74M	340M
Cash from Investing	-6B	-1.45B	-1.86B	-6.82B	-10.23B
Long-Term Debt Issued, Total	-	-	-	-	-
Total Debt Issued	-	-	-	-	-
Long-Term Debt Repaid, Total	-116M	-130M	-116M	-134M	-2.26B
Total Debt Repaid	-116M	-130M	-116M	-134M	-2.26B
Issuance of Common Stock	104M	3M	57M	156M	430M
Repurchase of Common Stock	-3.58B	-3.14B	-1.35B	-2.14B	-671M
Common Dividends Paid	-	-	-	-1.51B	-1.98B
Common & Preferred Stock Dividends Paid	-	-	-	-1.51B	-1.98B
Other Financing Activities, Total	-114M	-147M	-130M	-202M	-172M
Cash from Financing	-3.71B	-3.42B	-1.54B	-3.83B	-4.65B
Foreign Exchange Rate Adjustments	-67M	348M	76M	-30M	-49M
Net Change in Cash	-4.54B	2.96B	4.01B	-403M	-4.69B
Supplemental Items
Cash Interest Paid	105M	115M	117M	119M	119M
Cash Income Tax Paid (Refund)	589M	733M	825M	1.36B	1.82B
Levered Free Cash Flow	1.04B	5B	3.14B	6.65B	6.28B
Unlevered Free Cash Flow	1.12B	5.07B	3.22B	6.72B	6.35B
Change In Net Working Capital	-158M	-1.92B	414M	-1.45B	624M
Net Debt Issued / Repaid	-116M	-130M	-116M	-134M	-2.26B

Fiscal Period: December	2021	2022	2023	2024	2025
Profitability
Return on Assets	2.9	3.3	4.38	5.7	6.34
Return on Total Capital	3.42	3.98	5.28	6.81	7.53
Return On Equity %	6.2	7.66	9.82	11.2	14.86
Return on Common Equity	5.91	7.47	9.46	10.74	14.93
Margin Analysis
Gross Profit Margin %	30.1	30.96	35.29	42.34	44.18
SG&A Margin	21.4	19.61	18.08	16.46	14.76
EBITDA Margin %	12.44	15.61	20.61	29.18	33.19
EBITA Margin %	12.12	15.29	20.31	28.96	33.04
EBIT Margin %	10.05	12.53	18.01	26.65	29.77
Income From Continuing Operations Margin %	10.29	13.55	18.81	25.03	34.51
Net Income Margin %	9.69	12.98	17.73	23.39	33.6
Net Avail. For Common Margin %	9.69	12.98	17.73	23.39	33.6
Normalized Net Income Margin	6.46	8.7	12.55	17.7	19.87
Levered Free Cash Flow Margin	3.33	17.65	11.32	23.4	19.08
Unlevered Free Cash Flow Margin	3.57	17.9	11.6	23.68	19.31
Asset Turnover
Asset Turnover	0.46	0.42	0.39	0.34	0.34
Fixed Assets Turnover	61.69	45.45	35.17	29.05	25.45
Receivables Turnover (Average Receivables)	9.75	9.03	9.93	8.84	8.88
Inventory Turnover (Average Inventory)	1.04K	1.03K	1.63K	1.06K	573.97
Short Term Liquidity
Current Ratio	2.56	2.27	2.49	2.09	2.22
Quick Ratio	2.32	2.03	2.22	1.92	2
Operating Cash Flow to Current Liabilities	0.5	0.64	0.61	0.62	0.7
Days Sales Outstanding (Average Receivables)	37.44	40.44	36.75	41.41	41.11
Days Outstanding Inventory (Average Inventory)	0.35	0.35	0.22	0.35	0.64
Average Days Payable Outstanding	65.95	87.04	101.71	132.69	130.66
Cash Conversion Cycle (Average Days)	-28.15	-46.24	-64.74	-90.94	-88.92
Long Term Solvency
Total Debt/Equity	10.5	12.14	10.57	8.68	4.59
Total Debt / Total Capital	9.5	10.83	9.56	7.99	4.39
LT Debt/Equity	10.32	11.89	10.37	5.44	4.45
Long-Term Debt / Total Capital	9.34	10.6	9.38	5	4.26
Total Liabilities / Total Assets	24.09	26.69	24.27	22.91	18.99
EBIT / Interest Expense	26.17	30.87	40.31	61.05	80.29
EBITDA / Interest Expense	33.41	39.74	47.26	67.78	90.39
(EBITDA - Capex) / Interest Expense	32.08	39	45.93	65.21	87.89
Total Debt / EBITDA	1.34	1.31	1.03	0.72	0.35
Net Debt / EBITDA	-3.76	-3.26	-2.99	-2.52	-1.86
Total Debt / (EBITDA - Capex)	1.39	1.33	1.06	0.75	0.36
Net Debt / (EBITDA - Capex)	-3.91	-3.33	-3.07	-2.62	-1.91
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	7.17	-9.3	-2.07	2.34	15.85
Gross Profit, 1 Yr. Growth %	1.1	-6.71	11.65	22.77	20.87
EBITDA, 1 Yr. Growth %	-16.66	13.84	29.27	44.9	31.76
EBITA, 1 Yr. Growth %	-16.99	14.44	30.06	45.93	32.14
EBIT, 1 Yr. Growth %	-22.3	13.06	40.82	51.43	29.39
Earnings From Cont. Operations, 1 Yr. Growth %	-23.01	19.41	35.97	36.19	59.7
Net Income, 1 Yr. Growth %	-27.1	21.39	33.8	35.04	66.41
Normalized Net Income, 1 Yr. Growth %	-29	22.11	41.21	44.31	30.08
Diluted EPS Before Extra, 1 Yr. Growth %	-27.42	26.67	35.96	36.77	67.92
Accounts Receivable, 1 Yr. Growth %	28.93	-26.04	9.29	20.22	11.26
Inventory, 1 Yr. Growth %	33.33	-41.67	-42.86	187.5	78.26
Net Property, Plant and Equip., 1 Yr. Growth %	8.01	37.07	18.86	28.12	35.52
Total Assets, 1 Yr. Growth %	-1.49	-0.36	12.73	19.74	13.35
Tangible Book Value, 1 Yr. Growth %	-17.91	-11.59	34.25	37.33	24.6
Common Equity, 1 Yr. Growth %	-3.69	-4.41	16.23	21.39	18.31
Cash From Operations, 1 Yr. Growth %	7.25	42.79	-1.92	40.04	-0.43
Capital Expenditures, 1 Yr. Growth %	47.22	-46.54	94.12	93.33	-4.39
Levered Free Cash Flow, 1 Yr. Growth %	-67.62	380.72	-37.17	111.49	-5.55
Unlevered Free Cash Flow, 1 Yr. Growth %	-65.95	354.84	-36.53	108.8	-5.51
Dividend Per Share, 1 Yr. Growth %	-	-	-	35.23	27.77
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	10.83	-1.41	-5.75	0.11	8.88
Gross Profit, 2 Yr. CAGR %	4.13	-2.89	2.06	17.08	21.82
EBITDA, 2 Yr. CAGR %	-8.18	-3.79	17.52	32.64	36.48
EBITA, 2 Yr. CAGR %	-8.48	-3.75	33.99	52.22	37.14
EBIT, 2 Yr. CAGR %	-12.35	-6.27	26.18	46.03	39.98
Earnings From Cont. Operations, 2 Yr. CAGR %	-10.09	-4.12	27.42	36.08	47.48
Net Income, 2 Yr. CAGR %	-12.78	-5.93	27.45	34.42	49.91
Normalized Net Income, 2 Yr. CAGR %	-16.44	-6.89	31.31	42.75	37.01
Diluted EPS Before Extra, 2 Yr. CAGR %	-13.03	-4.12	31.23	36.37	51.55
Accounts Receivable, 2 Yr. CAGR %	28.16	-2.35	-10.09	14.62	15.65
Inventory, 2 Yr. CAGR %	-3.92	-11.81	-42.26	28.17	126.38
Net Property, Plant and Equip., 2 Yr. CAGR %	26.83	21.68	27.64	23.41	31.77
Total Assets, 2 Yr. CAGR %	12.99	-0.93	5.98	16.18	16.5
Tangible Book Value, 2 Yr. CAGR %	4.03	-14.81	8.95	35.78	30.81
Common Equity, 2 Yr. CAGR %	7.44	-4.05	5.41	18.78	19.84
Cash From Operations, 2 Yr. CAGR %	-8.08	23.75	18.34	17.2	18.09
Capital Expenditures, 2 Yr. CAGR %	29.37	-11.28	1.87	93.73	35.96
Levered Free Cash Flow, 2 Yr. CAGR %	-51.41	24.76	73.8	15.28	41.33
Unlevered Free Cash Flow, 2 Yr. CAGR %	-49.93	24.46	69.91	15.12	40.46
Dividend Per Share, 2 Yr. CAGR %	-	-	-	-	31.45
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	18.06	3.67	-1.63	-3.13	5.1
Gross Profit, 3 Yr. CAGR %	8.92	0.38	1.74	8.54	18.33
EBITDA, 3 Yr. CAGR %	21.08	-1.36	6.17	26.02	32.35
EBITA, 3 Yr. CAGR %	21.51	-1.4	6.41	37.85	45.21
EBIT, 3 Yr. CAGR %	19.94	-4.59	7.35	34.09	40.26
Earnings From Cont. Operations, 3 Yr. CAGR %	20.62	-1.17	7.72	30.28	43.54
Net Income, 3 Yr. CAGR %	18.23	-2.62	5.79	29.93	44.33
Normalized Net Income, 3 Yr. CAGR %	16.63	-5.18	6.98	35.51	38.4
Diluted EPS Before Extra, 3 Yr. CAGR %	15.77	-1.42	7.72	33.06	46.17
Accounts Receivable, 3 Yr. CAGR %	34.52	6.7	1.39	-0.95	13.49
Inventory, 3 Yr. CAGR %	-11.82	-18.64	-23.69	-1.41	43.07
Net Property, Plant and Equip., 3 Yr. CAGR %	46.29	30.16	20.73	27.8	27.32
Total Assets, 3 Yr. CAGR %	14.67	8.35	3.43	10.38	15.23
Tangible Book Value, 3 Yr. CAGR %	12.51	-1.46	-0.86	17.69	31.95
Common Equity, 3 Yr. CAGR %	10.08	3.34	2.28	10.49	18.62
Cash From Operations, 3 Yr. CAGR %	-2.38	6.46	14.52	25.17	11
Capital Expenditures, 3 Yr. CAGR %	6.4	-3.64	15.17	26.12	53.09
Levered Free Cash Flow, 3 Yr. CAGR %	-40.78	4.3	-0.74	85.55	7.87
Unlevered Free Cash Flow, 3 Yr. CAGR %	-39.48	4.47	-0.57	81.99	7.79
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	48.26	20.88	7.89	2.23	2.45
Gross Profit, 5 Yr. CAGR %	50.16	18.15	6.12	6.75	9.34
EBITDA, 5 Yr. CAGR %	69.84	19.82	21.18	12.45	17.97
EBITA, 5 Yr. CAGR %	72.91	20.18	21.71	12.72	18.37
EBIT, 5 Yr. CAGR %	101.73	20.25	22.39	13.12	19.37
Earnings From Cont. Operations, 5 Yr. CAGR %	106.8	23.82	23.3	12.32	22.14
Net Income, 5 Yr. CAGR %	105.82	22.63	21.83	10.78	21.62
Normalized Net Income, 5 Yr. CAGR %	96.89	20.73	22.3	11.68	18.11
Diluted EPS Before Extra, 5 Yr. CAGR %	86.4	17.92	21.73	12.24	23.48
Accounts Receivable, 5 Yr. CAGR %	38.09	18.12	14.5	9.8	6.87
Inventory, 5 Yr. CAGR %	11.38	-14.14	-25.56	-2.42	17.9
Net Property, Plant and Equip., 5 Yr. CAGR %	37.25	41.52	38.53	27.41	25.03
Total Assets, 5 Yr. CAGR %	23.37	17.44	11.11	11.42	8.47
Tangible Book Value, 5 Yr. CAGR %	56.57	23.82	11.07	12.02	10.77
Common Equity, 5 Yr. CAGR %	19.53	12.97	8.19	9.26	8.97
Cash From Operations, 5 Yr. CAGR %	43.1	24.51	5.43	10.63	15.93
Capital Expenditures, 5 Yr. CAGR %	31.14	2.53	4.56	27.41	23.08
Levered Free Cash Flow, 5 Yr. CAGR %	-	20.8	-8.9	8.56	14.33
Unlevered Free Cash Flow, 5 Yr. CAGR %	-	21.14	-8.54	8.6	14.17