Universal Music Group N.V. UMG
AmsterdamMedia and entertainmentFinancials to Jun 30, 2026 · Updated Oct 7, 2026
Moat ranks
Balance sheet
| €B | Dec 31 | Jun 30 |
|---|---|---|
| Cash | 0.5 | 0.5 |
| Securities | 0.0 | 0.0 |
| Long-term securities | 3.4 | 2.3 |
| Debt | 2.8 | 4.6 |
| Net cash | 1.0 | -1.8 |
| Equity | 4.5 | 3.6 |
- Debt / EBITDA
- 1.90×
- Debt / equity
- 1.27×
- Leases (6/30/26)
- €938M
- Diluted shares
- 1,846M
- Book value / share
- €1.96
- Price / book
- 7.1×
- Net cash / share
- −€1.00
- Market cap
- €25.9B
- Enterprise value
- €27.7B
Per-share record
Key indicators
| Indicator | Latest | Vs year ago | Last 8 halves |
|---|---|---|---|
| Revenue growth | 5.3% | -1.1 pts | |
| Operating margin | 14.5% | -1.6 pts | |
| FCF margin | 0.3% | -0.1 pts | |
| Capex / revenue | 2.4% | -1.5 pts | |
| Recorded subscription revenue excluding Downtown growth | +7% | – | |
| Subscription wholesale price contribution | 3.5% | – | |
| Subscription market-share contribution | -1.5% | – | |
| Publishing revenue excluding Downtown growth | +3% | – | |
| Half-year recorded subscription revenue | €2.7B | +9% |
Margins and growth from reported quarters; company KPIs as reported in results releases.
About UMG
Universal Music Group develops artists and songwriters and monetizes recordings, compositions and artist merchandise. Recorded Music contributes about 75% of full-year segment sales, Publishing 18% and Merchandising 6%.
- Content Rights Currency
A catalogue of about 3.6 million recordings supports recurring licensing and gives platforms a reason to negotiate with UMG.
- Brand Trust
UMG artists occupied nine of the IFPI global top ten positions in 2025, supporting commercial prominence and its ability to attract talent.
- Content Rights Currency
About 5.4 million owned or administered compositions generate royalties across digital services, performance and synchronization.
- Oct 1, 2026
UMG expanded Frank Briegmann’s leadership across Europe, Australia, New Zealand, Canada and Deutsche Grammophon, reorganizing how local artists and releases reach other territories.
- Sep 29, 2026
UMG announced Libby Bush as President of Global Brands and Commercial Partnerships, starting in November, to combine its brand, media and commercial-partnership work.
- Sep 28, 2026
UMG appointed Òscar Celma to lead applied AI and machine learning, adding specialist leadership for discovery, personalization and licensed technology applications.
- Sep 18, 2026
UMG and Sony filed a new Suno copyright complaint over alleged copying and model reuse; liability and any damages remain undecided.
- Sep 10, 2026
UMG and ElevenLabs announced a licensed AI fan-creation platform, creating a possible new use for participating artists’ recordings without yet disclosed revenue.
Ownership
Go deeper on UMG
- Compare stock research toolsFundamentals, valuation and screening platforms for UMG.19 tools
- See UMG's price chartNo price chart here yet. See price history and indicators.17 tools
- Read UMG's earnings callsTranscripts and audio of results calls, with management's own words.15 tools
- Investing tool dealsCurrent discounts on research, charting and tracking tools.81 deals
On this page
Financial record
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM | Trend | Change 2018–25 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Per share (€) | |||||||||||
| Revenue | – | – | 4.10 | 4.69 | 5.69 | 6.03 | 6.39 | 6.75 | 6.94 | – | |
| Cash flow | – | – | 0.51 | 0.63 | 0.95 | 1.02 | 0.95 | 0.94 | 0.90 | – | |
| Earnings | – | – | 0.75 | 0.49 | 0.43 | 0.68 | 1.13 | 0.83 | 0.17 | – | |
| Free cash flow | – | – | -0.04 | 0.38 | 0.70 | 0.86 | 0.71 | 0.65 | 0.65 | – | |
| Capex | – | – | 0.55 | 0.25 | 0.25 | 0.16 | 0.24 | 0.29 | 0.25 | – | |
| Dividends | – | – | 0.16 | 0.43 | 0.44 | 0.50 | 0.50 | 0.51 | 0.55 | – | |
| Book value | – | – | 0.90 | 1.12 | 1.29 | 1.61 | 2.44 | 2.45 | 1.96 | – | |
| Diluted shares (M) | – | – | 1,813 | 1,814 | 1,816 | 1,842 | 1,852 | 1,853 | 1,846 | – | |
| Totals (€B) | |||||||||||
| Revenue | 6.0 | 7.2 | 7.4 | 8.5 | 10.3 | 11.1 | 11.8 | 12.5 | 12.8 | +11.0%/yr | |
| Operating income | 0.8 | 1.0 | 1.2 | 1.4 | 1.6 | 1.4 | 1.8 | 2.0 | 2.0 | +13.5%/yr | |
| Net income | 0.9 | 1.0 | 1.4 | 0.9 | 0.8 | 1.3 | 2.1 | 1.5 | 0.3 | +8.0%/yr | |
| Free cash flow | 0.6 | 0.6 | -0.1 | 0.7 | 1.3 | 1.6 | 1.3 | 1.2 | 1.2 | +9.5%/yr | |
| Buybacks | 0.0 | 0.0 | 0.0 | – | 0.0 | 0.0 | 0.0 | 0.0 | 0.7 | – | |
| Dividends | 1.0 | 1.0 | 0.3 | 0.8 | 0.8 | 0.9 | 0.9 | 1.0 | 1.0 | -0.4%/yr | |
| Net cash | 1.0 | 1.3 | -0.0 | -0.6 | -1.2 | -0.5 | 0.8 | 1.0 | -1.8 | −€0.0B | |
| Margins & returns (%) | |||||||||||
| Operating margin | 13.6 | 14.5 | 16.4 | 16.5 | 15.5 | 12.8 | 15.0 | 16.0 | 15.2 | +2.3 pts | |
| Net margin | 14.9 | 13.6 | 18.4 | 10.4 | 7.6 | 11.3 | 17.6 | 12.3 | 2.5 | -2.6 pts | |
| FCF margin | 10.6 | 8.5 | -0.9 | 8.1 | 12.4 | 14.3 | 11.0 | 9.6 | 9.3 | -1.0 pts | |
| ROIC | 21.4 | 28.6 | 25.6 | 25.4 | 28.2 | 22.3 | 19.6 | 21.1 | 18.4 | -0.3 pts | |
| Return on equity | 29.2 | 32.6 | 83.6 | 43.6 | 33.3 | 42.5 | 46.1 | 33.7 | 8.9 | +4.6 pts | |
| Stock pay % of revenue | – | – | 0.1 | 0.9 | 1.0 | 5.1 | 2.8 | 1.8 | 1.7 | – | |
| Capex % of revenue | 1.8 | 1.0 | 13.4 | 5.3 | 4.4 | 2.7 | 3.8 | 4.3 | 3.6 | +2.5 pts | |
Change uses 2018 and 2025 only: compound annual growth for amounts, points for margins and returns, and the change in amount for net cash. A dash means no 2018 base. Trend shows the fiscal years.
Moat
Moat scorecard
- Strength
- Confidence
- Structure
- Oligopoly
- Durability
- durable
- Trajectory
- stable
- Pricing power
- moderate
- Recorded Music75.5%2 claims
- Music Publishing18.0%1 claim
- Merchandising and Other6.5%Not scored: evidence insufficient
Moat claims
- Applies to
- Recorded Music
- Confidence
- Durability
- durable
- Trajectory
- stableas of Oct 7, 2026
A catalogue of about 3.6 million recordings supports recurring licensing and gives platforms a reason to negotiate with UMG. Owned masters, licensed recordings and distribution mandates have different economics; catalogue breadth alone does not prove that UMG owns every right or can keep all price increases.
Q2 2026 subscription revenue grew 6.7% at constant currency excluding Downtown and wholesale pricing added 3.5 points; licensing keeps monetizing the catalogue, but rights enforcement and lower-margin services prevent an inference that protection is widening.
- Recorded subscription revenue excluding Downtown growth+7%
- Subscription wholesale price contribution3.5%
- Recording catalogue~3,600,000
- Recorded subscription revenue€4.9B+6%
- Half-year recorded subscription revenue€2.7B+9%
- Annual artist and product costs€7.2B+7%
- Annual royalty advance payments, net of recoupments€402M+116%
- Generative-AI training and remix disputes
- Piracy and unauthorized distribution
- Regulatory changes to licensing rules/rates
- Shift of listening time to lower-monetized short-form platforms
- SourceUMG press release: 2025 Annual Report published (About UMG)Mar 26, 2026
- SourceUMG Q2 and H1 2026 financial resultsJul 30, 2026
- Applies to
- Recorded Music
- Confidence
- Durability
- medium
- Trajectory
- stableas of Oct 7, 2026
UMG artists occupied nine of the IFPI global top ten positions in 2025, supporting commercial prominence and its ability to attract talent. The company reports no comparable hit-rate or retention measure, and artists can retain master ownership; Q2 2026 share pressure shows that prominence does not prevent weaker releases.
UMG held nine of the IFPI global top ten artist positions in 2025, while a lighter release schedule reduced Q2 2026 subscription growth by 1.5 points; that short-term share pressure does not yet establish a lasting loss of artist appeal.
- Recorded subscription revenue excluding Downtown growth+7%
- Subscription market-share contribution-1.5%
- UMG artists in IFPI global top ten90%
- Recorded subscription revenue€4.9B+6%
- Half-year recorded subscription revenue€2.7B+9%
- Annual artist and product costs€7.2B+7%
- Annual royalty advance payments, net of recoupments€402M+116%
- Artist shift toward independent/self-release models
- Reputation damage from contract/public disputes
- Hit-driven volatility and changing consumer tastes
- SourceUMG FY2025 Results press release - global artist successMar 5, 2026
- SourceUMG Board declines unsolicited Pershing Square proposalMay 29, 2026
- Applies to
- Music Publishing
- Confidence
- Durability
- durable
- Trajectory
- stableas of Oct 7, 2026
About 5.4 million owned or administered compositions generate royalties across digital services, performance and synchronization. Broad repertoire supports licensing relevance, but an administration mandate earns less than owned rights, and regulated mechanical rates limit discretion.
Q2 2026 publishing revenue grew 2.7% at constant currency excluding Downtown, with performance growth offset by weaker synchronization; royalties continue, but acquisition growth and regulated rates do not show stronger protection.
- Publishing revenue excluding Downtown growth+3%
- Owned and administered songs~5,400,000
- Annual artist and product costs€7.2B+7%
- Annual royalty advance payments, net of recoupments€402M+116%
- Regulated royalty rate outcomes (e.g., CRB processes)
- Songwriter bargaining shifts toward independents
- AI-related copyright challenges and enforcement costs
- SourceUMG Q2 and H1 2026 financial resultsJul 30, 2026
- SourceUMG press release: 2025 Annual Report published (About UMG)Mar 26, 2026
Profile change log
- Oct 7, 2026 · business change
UMG expanded Frank Briegmann’s leadership across Europe, Australia, New Zealand, Canada and Deutsche Grammophon, reorganizing how local artists and releases reach other territories.
- Oct 7, 2026 · business change
UMG announced Libby Bush as President of Global Brands and Commercial Partnerships, starting in November, to combine its brand, media and commercial-partnership work.
- Oct 7, 2026 · business change
UMG appointed Òscar Celma to lead applied AI and machine learning, adding specialist leadership for discovery, personalization and licensed technology applications.
- Oct 7, 2026 · business change
UMG sold its Alamo Records interest for EUR 102 million and recognized a EUR 98 million gain in financial income, monetizing that label stake rather than adding recurring sales.
- Oct 7, 2026 · analyst revision
The investment debate now tests wholesale pricing, artist share, publishing demand and cash earnings. Narrow market profiles separate recording rights, composition rights and artist merchandise from the broader Sony music and visual-media market.
- Oct 7, 2026 · analyst revision
The new exclusive Beatles mandate is a specific source of contract protection, but its undisclosed economics do not establish a moat across merchandising. The segment remains outside the scored evidence base, now explicitly marked insufficient evidence; its prior empty claim list already had that treatment.
- Oct 7, 2026 · analyst revision
Segment weights now use FY2025 revenue before intersegment eliminations. Reported shares of 33% in recordings and 24% in publishing replace unsupported ranges. Rights and brand trajectories remain stable, with acquisition growth separated from the underlying demand tests.
- Oct 7, 2026 · business change
UMG and Sony filed a new Suno copyright complaint over alleged copying and model reuse; liability and any damages remain undecided.
- Oct 7, 2026 · business change
UMG and ElevenLabs announced a licensed AI fan-creation platform, creating a possible new use for participating artists’ recordings without yet disclosed revenue.
- Oct 7, 2026 · business change
UMG completed the EUR 250 million additional buyback, purchasing 16,552,027 shares; the program returned capital after its earlier EUR 500 million program.
- Oct 7, 2026 · business change
UMG and Apple Corps signed an exclusive global Beatles merchandise and e-commerce partnership; its financial contribution and term remain undisclosed.
- Oct 7, 2026 · business change
The European Commission approved Jamen Capital and Merlin as buyers of Curve, advancing the divestiture required for the Downtown acquisition.
- Oct 7, 2026 · business change
UMG’s board rejected Pershing Square’s proposed transaction, leaving the independent strategy and capital-return program in place.
- Oct 7, 2026 · business change
UMG completed Downtown, adding global artist, label and publishing services; the new service mix expands distribution while carrying lower margins.
Industry & peers
Peer map
Global recorded music rights
Master recording rights and their monetization through subscriptions, ad-supported streaming, physical releases, performance rights and synchronization. Excludes composition publishing, artist merchandise, concerts and audiovisual production; label-services gross receipts can include pass-through royalties outside recorded-music trade revenue.
- Universal Music Group
- Sony Music Group
- Warner Music Group
| Stocks | Moat | Gross m. | Op. m. | |
|---|---|---|---|---|
| UMG | 99 | – | 15.2% | |
| Industry median | 5 | 76 | – | – |
| Sector median | 17 | 81 | 56.7% | 28.2% |
| All stocks median | 398 | 76 | 52.9% | 19.6% |
Moat medians cover every stock. Margin medians count only stocks with collected numbers and need at least three.
Drivers & risks
- Paid subscriber growth and wholesale streaming price increases raise recurring royalties.
- Local repertoire and emerging markets expand paying audiences beyond mature western subscription markets.
- Vinyl, direct-to-consumer editions and synchronization create additional ways to monetize recordings.
- Licensed AI remix and creation services can open new uses of protected catalogues.
- Platform concentration and discovery algorithms can weaken labels’ bargaining power and shift listening shares.
- Artist-owned masters and independent distribution reduce the label’s share of economics.
- Short-form video and weak advertising demand can grow listening without matching revenue growth.
- AI copyright disputes create enforcement costs and uncertain monetization; allegations are not final court decisions.
- Currency translation reduces reported euro revenue when dollar and other currencies weaken; inflation also affects physical production and fan spending.
Bulls & bears
Can UMG turn its catalogue, artist relationships and higher platform prices into growing cash earnings after artist participation, service-mix dilution and rights enforcement costs?
Arguments
What to watch
- 1Subscription growth at constant currency excluding Downtown
- 2Wholesale price contribution and repertoire share effect
- 3Publishing digital, performance and synchronization growth excluding Downtown
- 4Reported operating cash flow, catalogue investment and royalty advances
- 5Downtown service margins and integration spending
- 6Artist chart presence and AI licensing or court outcomes
Next check: October 29, 2026 Q3 results: test subscription growth excluding Downtown, repertoire share recovery, publishing mix and service-margin dilution. Full cash-flow progress needs the next annual financial statements.
Sources: company filings and dated sources collected for Find My Moat; market cap as of Oct 6, 2026. Not investment advice.
Free to reuse, commercially too, with a credit link. See the data license.
Moat Score 99/100 by <a href="https://www.findmymoat.com/stocks/XAMS:UMG">Find My Moat</a> (as of September 2026)Request update
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