ValueScreener

ValueScreener company report

Tencent Music Entertainment Group (TME)

NYSE / Communication Services / Internet Content & Information

Share price

8.65 USD Market dataClose of Oct 15, 2026

Market capitalisation

12.46B USD Market dataClose of Oct 15, 2026
Market data
Oct 15, 2026
Filed accounts
FY2024, filed Apr 23, 2025
Ratios computed
Oct 15, 2026
Filed years
9, FY2016 to FY2024
Four kinds of sourceSEC filingCompany statementMarket dataComputedWhat each means
SEC filingFiled with the SEC
Read from a statement the company filed with the SEC, with the form, fiscal year, filing date and accession beside it.
Company statementCompany statement
What the company says about itself in a filing: an 8-K item, the auditor, its own segment names.
Market dataMarket data
Prices, market value and what analysts publish, with the date they are as of.
ComputedComputed by ValueScreener
Worked out by us from the other three, with the inputs and the formula one press away. A score is a research output, not a rating or a recommendation.
Reading

1 of 10

Overview

What the business is, what it costs, and how it reads on four questions.

Market dataSEC filingComputed

Four questions, at a glance

Quality

Return on equity

9.8% Computed

From the FY2024 filing

Read quality

Valuation

Price to earnings

12.56x Computed

FY2024 accounts, priced at the latest close

Read valuation

Cash generation

Free cash flow yield

11.9% Computed

FY2024 accounts, priced at the latest close

Read cash generation

Revenue and net income, as filed

FY2016 Revenue: 4.36B CNYFY2016 Net income: 82.0M CNYFY2017 Revenue: 10.98B CNYFY2017 Net income: 1.33B CNYFY2018 Revenue: 18.98B CNYFY2018 Net income: 1.83B CNYFY2019 Revenue: 25.43B CNYFY2019 Net income: 3.98B CNYFY2020 Revenue: 29.15B CNYFY2020 Net income: 4.16B CNYFY2021 Revenue: 31.24B CNYFY2021 Net income: 3.03B CNYFY2022 Revenue: 28.34B CNYFY2022 Net income: 3.68B CNYFY2023 Revenue: 27.75B CNYFY2023 Net income: 4.92B CNYFY2024 Revenue: 28.40B CNYFY2024 Net income: 6.64B CNY
Revenue Net income9 filed fiscal years, from the annual reports; the table in Filings names each document.
Named tests met
0 of 30 Which tests
The business, and the score behind its five axes

The reading, in brief

Is it cheap

Price to earnings is 12.56x at the close of 2026-10-15 on FY2024 figures; the lines are 15.00x (Graham's defensive ceiling) and, by market convention, 10.00x, 25.00x and 40.00x, and this sits between 10.00x and 15.00x.

Today, against the Internet Content & Information industry (33 companies), 12.56x sits at the 43rd percentile; the middle half of that group runs from 5.74x to 36.60x.

Is it good

Return on equity was 9.8% in FY2024, in the band labelled "Ordinary" (8.0% to 15.0%), on lines anchored on Damodaran's cost-of-capital data.

Today, against the Internet Content & Information industry (53 companies), 9.8% sits at the 79th percentile; the middle half of that group runs from -15.4% to 8.9%.

Is it safe

Interest coverage was 92.66x in FY2024, in the band labelled "Comfortable" (6.00x and above), on lines anchored on Damodaran's interest-coverage table, suggesting an interest bill operating profit covers many times over.

Year by year against peers
Whether Tencent Music Entertainment Group's return on equity stayed above the median of the Internet Content & Information industry, year by year. (FY2017 to FY2024, 8 fiscal years of Tencent Music Entertainment Group with a comparable figure)
The direction
Which way Tencent Music Entertainment Group's gross margin has moved, and how steadily. (FY2016 to FY2024, 9 filed years of Tencent Music Entertainment Group)
What could explain it
What in Tencent Music Entertainment Group's filed statements could explain the movements. (2 readings drawn from the statement lines Tencent Music Entertainment Group filed)
What to check next
What to check next on Tencent Music Entertainment Group, and where in its filings. (1 question for Tencent Music Entertainment Group)
In one paragraph
One paragraph on Tencent Music Entertainment Group's returns, cash, balance sheet and price. (10 of sixteen figures read for Tencent Music Entertainment Group)

These are TME’s filed figures. The research desk says what they mean, against peers and its own years, with what to check next.

Research TMEPart of Serious. New accounts start with 30 days of Professional, free, no card.

2 of 10

What changed

The newest filing, what it moved, and when the next one is due.

SEC filingCompany statement

The newest accounts on file are the FY2024 annual report: 20-F, filed Apr 23, 2025, accession 0000950170-25-056949.

3 of 10

Quality

The returns the business earns on its capital, and the margins behind them.

SEC filingComputed

Tencent Music Entertainment Group: returns on capital and margins, each with its source
FigureValue, source and document
Return on invested capital, after tax
Why n/a

The filed borrowings do not add up to a total we can stand behind: the filer's own liability subtotals leave room for debt we did not read.

n/a ComputedFY2024 20-F, filed Apr 23, 2025, 0000950170-25-056949
Return on equity9.8% ComputedFY2024 20-F, filed Apr 23, 2025, 0000950170-25-056949
Return on capital employed, pre-tax11.8% ComputedFY2024 20-F, filed Apr 23, 2025, 0000950170-25-056949
Return on assets7.3% ComputedFY2024 20-F, filed Apr 23, 2025, 0000950170-25-056949
Gross margin42.3% ComputedFY2024 20-F, filed Apr 23, 2025, 0000950170-25-056949
Operating margin30.7% ComputedFY2024 20-F, filed Apr 23, 2025, 0000950170-25-056949
Net margin23.4% ComputedFY2024 20-F, filed Apr 23, 2025, 0000950170-25-056949
TME 23.4%
MTCH 17.6%NBIS 15.6%PINS 9.9%RDDT 24.1%BIDU 4.3%
4.3%24.1%
Net margin: TME against the 5 companies named under Valuation context, each as filed for its own latest year. Placement only: no average is drawn.

4 of 10

Financial strength

What it owes against what it owns, and whether it can meet what falls due.

SEC filingComputedCompany statement

Tencent Music Entertainment Group: leverage, liquidity and distress, each with its source
FigureValue, source and document
Debt to equity
Why n/a

The filed borrowings do not add up to a total we can stand behind: the filer's own liability subtotals leave room for debt we did not read.

n/a ComputedFY2024 20-F, filed Apr 23, 2025, 0000950170-25-056949
Current ratio2.09 ComputedFY2024 20-F, filed Apr 23, 2025, 0000950170-25-056949
Quick ratio2.09 ComputedFY2024 20-F, filed Apr 23, 2025, 0000950170-25-056949
Interest coverage92.66x ComputedFY2024 20-F, filed Apr 23, 2025, 0000950170-25-056949
Altman Z-score3.60 ComputedClose of Oct 15, 2026 · FY2024 20-F, filed Apr 23, 2025, 0000950170-25-056949
Net debt
Why n/a

The FY2024 balance sheet carries no net debt we could read.

n/a ComputedFY2024 20-F, filed Apr 23, 2025, 0000950170-25-056949
Total assets 90.44BTotal liabilities 20.72BShareholders' equity 67.86BOwnsOwes, and equity
Total assets Total liabilities Shareholders’ equity
The balance sheet, line by line

Financial health

What Tencent Music Entertainment Group owned and owed at the end of fiscal 2024, from the balance sheet it filed (20-F, filed Apr 23, 2025, 0000950170-25-056949).

Tencent Music Entertainment Group: balance sheet position
Total assets90.44B FiledFY2024 20-F, filed Apr 23, 2025
Total liabilities20.72B FiledFY2024 20-F, filed Apr 23, 2025
Shareholders' equity67.86B FiledFY2024 20-F, filed Apr 23, 2025
Cash13.16B FiledFY2024 20-F, filed Apr 23, 2025
Total debtn/a FiledFY2024 20-F, filed Apr 23, 2025
Net debtn/a
Current ratio2.09
Debt to equityn/a
  • Debt to equity: FY2024: The filed borrowings do not add up to a total we can stand behind: the filer's own liability subtotals leave room for debt we did not read.

Read from the filed balance sheet for each year, with the income statement of the same year supplying operating profit where a ratio needs it. Nothing here is a view on whether this company is sound.

5 of 10

Valuation context

What the market charges for it, against its own record and companies like it.

Market dataSEC filingComputed

Tencent Music Entertainment Group: what the market charges, each with its source
FigureValue, source and document
Price to earnings12.56x ComputedClose of Oct 15, 2026 · FY2024 20-F, filed Apr 23, 2025, 0000950170-25-056949
P/E on trailing twelve months
Why n/a

A trailing figure needs 4 filed quarters with the dates they were filed on, and we hold 0 for this company. Nothing is drawn rather than a line built from fewer.

n/a ComputedClose of Oct 15, 2026 · Trailing four quarters, each as known on the day; the quarterly filings are listed under Filings
Price to book1.23x ComputedClose of Oct 15, 2026 · FY2024 20-F, filed Apr 23, 2025, 0000950170-25-056949
Price to sales2.94x ComputedClose of Oct 15, 2026 · FY2024 20-F, filed Apr 23, 2025, 0000950170-25-056949
Enterprise value to EBIT
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedClose of Oct 15, 2026 · FY2024 20-F, filed Apr 23, 2025, 0000950170-25-056949
Enterprise value to EBITDA
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedClose of Oct 15, 2026 · FY2024 20-F, filed Apr 23, 2025, 0000950170-25-056949
Price to earnings over growth
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedClose of Oct 15, 2026 · FY2024 20-F, filed Apr 23, 2025, 0000950170-25-056949
Diluted earnings per share
Why n/a

The FY2024 filing carries no diluted earnings per share we could read.

n/a FiledFY2024 20-F, filed Apr 23, 2025, 0000950170-25-056949
Graham number
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedFY2024 20-F, filed Apr 23, 2025, 0000950170-25-056949

We publish no fair value or price target of our own. Value TME on your own assumptions in the DCF workbench, starting from the filed figures.

Its own record, and companies like it

Valuation

What the market charges for Tencent Music Entertainment Group today, and the multiples it has carried. No value of ours: the figures are the filings’ and the market’s.

Tencent Music Entertainment Group: valuation
Share price8.65 USD
Market capitalisation12.46B USD
Enterprise value to EBITDAn/a
Graham numbern/a
Diluted earnings per sharen/a

Price to earnings on trailing twelve months: A trailing figure needs 4 filed quarters with the dates they were filed on, and we hold 0 for this company. Nothing is drawn rather than a line built from fewer.

Companies like Tencent Music Entertainment Group

  1. Match Group, Inc. (MTCH)Market cap 10.12B USD
  2. Nebius Group N.V. (NBIS)Market cap 45.22B USD
  3. Pinterest, Inc. (PINS)Market cap 12.85B USD
  4. Reddit, Inc. (RDDT)Market cap 30.66B USD
  5. Baidu, Inc. (BIDU)Market cap 28.11B USD

Same industry (Internet Content & Information) and size band (Large, 10B to 200B), nearest in market value, net margin and current ratio. Each of those counts equally, by how many of the companies considered sit between the two on it. Closest first: the order is likeness and nothing else.

6 of 10

Cash generation

Whether profit arrives as cash, and what is paid back to shareholders.

SEC filingComputed

Tencent Music Entertainment Group: cash generation and what is paid out, each with its source
FigureValue, source and document
Free cash flow yield11.9% ComputedClose of Oct 15, 2026 · FY2024 20-F, filed Apr 23, 2025, 0000950170-25-056949
Free cash flow9.96B CNY ComputedFY2024 20-F, filed Apr 23, 2025, 0000950170-25-056949
Free cash flow margin35.1% ComputedFY2024 20-F, filed Apr 23, 2025, 0000950170-25-056949
Dividend yield
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedClose of Oct 15, 2026 · FY2024 20-F, filed Apr 23, 2025, 0000950170-25-056949
Payout ratio
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedFY2024 20-F, filed Apr 23, 2025, 0000950170-25-056949
FY2016 Free cash flow: 832.0M CNYFY2016 Net income: 82.0M CNYFY2017 Free cash flow: 2.42B CNYFY2017 Net income: 1.33B CNYFY2018 Free cash flow: 5.50B CNYFY2018 Net income: 1.83B CNYFY2019 Free cash flow: 6.11B CNYFY2019 Net income: 3.98B CNYFY2020 Free cash flow: 4.78B CNYFY2020 Net income: 4.16B CNYFY2021 Free cash flow: 5.08B CNYFY2021 Net income: 3.03B CNYFY2022 Free cash flow: 7.40B CNYFY2022 Net income: 3.68B CNYFY2023 Free cash flow: 7.17B CNYFY2023 Net income: 4.92B CNYFY2024 Free cash flow: 9.96B CNYFY2024 Net income: 6.64B CNY
Free cash flow Net incomeProfit that arrives as cash stands level with net income; a gap year after year is worth reading about.

7 of 10

Filings

Every figure, the year it is for and the document it was read from.

SEC filing

The filed figures

Computed from the accounts this company filed with the SEC and, in a ratio with a price in it, the last close, dated on this page. Every filed figure below carries the fiscal year and the filing date its accounts were read from, and every blank carries the reason it is blank. Nothing here is a view on this company.

Tencent Music Entertainment Group: the eight ratios, with the fiscal year and filing date behind each.
FigureValueYearAs of
12.56xFY2024Oct 15, 2026
1.23xFY2024Oct 15, 2026
n/aFY2024Oct 15, 2026
n/a Enterprise value is the market value plus total debt less cash, and the filed balance sheet reports no debt total or no cash.
11.9%FY2024Oct 15, 2026
n/aFY2024Apr 23, 2025
n/a The filed borrowings do not add up to a total we can stand behind: the filer's own liability subtotals leave room for debt we did not read.
n/aFY2024Oct 15, 2026
n/a The filed cash flow statement reports no dividend paid at all. That is not the same as a filed zero, and we will not read it as one.
n/aFY2024Apr 23, 2025
n/a The filed borrowings do not add up to a total we can stand behind: the filer's own liability subtotals leave room for debt we did not read.
2.09FY2024Apr 23, 2025
2.94xFY2024Oct 15, 2026
n/aFY2024Oct 15, 2026
n/a The filed income statement reports no earnings per share.
3.60FY2024Oct 15, 2026
-2.40FY2024Apr 23, 2025
5/9FY2024Apr 23, 2025

The figures are computed from the accounts for fiscal 2024, the newest full year on file. 9 filed fiscal years on record, FY2016 to FY2024, from SEC EDGAR. Prices as of Oct 15, 2026. Ratios recomputed Oct 15, 2026. Two facts, because a recompute is not a fresh quote.

The year and the filing date name the statement each figure’s accounts are read from, and they stand even where the figure itself could not be computed: the line beneath a blank says what that statement did not carry. A figure’s name opens its formula and the filings behind it; a statement that names no SEC filing has no filing date, and reads n/a.

Ten years of filed figures, year by year

Ten years of filed figures

9 filed fiscal years, FY2016 to FY2024, read from the annual reports Tencent Music Entertainment Group filed with the SEC. Each year names its filing. Amounts in CNY, as filed.

Tencent Music Entertainment Group: revenue, earnings, free cash flow and returns, by fiscal year, with the filing each year was read from
YearRevenueOperating incomeNet incomeEPS, dilutedFree cash flowOperating marginReturn on equityFiling
FY202428.40B8.71B6.64Bn/a9.96B30.7%9.8%20-F, Apr 23, 20250000950170-25-056949
FY202327.75B6.06B4.92Bn/a7.17B21.8%8.8%20-F, Apr 18, 20240000950170-24-045593
FY202228.34B4.44B3.68Bn/a7.40B15.7%7.6%20-F, Apr 25, 20230000950170-23-014459
FY202131.24B3.80B3.03Bn/a5.08B12.2%6.0%20-F, Apr 26, 20220001193125-22-120210
FY202029.15B4.71B4.16Bn/a4.78B16.2%8.0%20-F, Apr 9, 20210001193125-21-111096
FY201925.43B4.62B3.98Bn/a6.11B18.2%9.1%20-F, Mar 25, 20200001564590-20-012674
FY201818.98B2.04B1.83Bn/a5.50B10.7%4.9%20-F, Apr 19, 20190001564590-19-012066
FY201710.98B1.59B1.33Bn/a2.42B14.5%5.1%20-F, Apr 19, 20190001564590-19-012066
FY20164.36B103.0M82.0Mn/a832.0M2.4%n/a20-F, Apr 19, 20190001564590-19-012066
  • Revenue, compound annual growth FY2016 to FY2024: 26.4%
  • Earnings, compound annual growth FY2016 to FY2024: 73.2%
  • Earnings per share: Fewer than two filed years carry earnings per share.
  • Free cash flow, compound annual growth FY2016 to FY2024: 36.4%

Every figure in this section is a line of a filed annual statement or a ratio of two of them. Nothing here is estimated or smoothed. Earnings per share filed before a share split are put on today's share count, and say so. Nothing here is a verdict on the company.

8 of 10

Risks and guardrails

The accounting screens, the published tests, and the lines you can set to be told.

ComputedCompany statement

Tencent Music Entertainment Group: accounting screens and published tests, each with its source
FigureValue, source and document
Beneish M-score-2.40 ComputedFY2024 20-F, filed Apr 23, 2025, 0000950170-25-056949
Piotroski F-score5/9 ComputedFY2024 20-F, filed Apr 23, 2025, 0000950170-25-056949
Named tests met0 of 30 Computed
Beta1.17 ComputedClose of Oct 15, 2026

The named tests

Of 30 tests value investors published: 0 met, 18 not met, 12 we could not complete. Counts, never a score: a single figure would have to decide that meeting one investor’s criteria and meeting another’s are worth the same.

Which tests, by name(all 30)
Meets
None of the named tests.
Does not
Deep value; Large cap, low P/E; High F-score, low P/B (Joseph Piotroski); Three forensic scores; High returns and growth; Gross margin, turnover (Robert Novy-Marx); Low beta, profitable; Near the 52-week low; High returns, low debt; Owner earnings yield; High return on tangibles; Low P/S, rising earnings (James O'Shaughnessy); Book or below, low debt (Walter Schloss); Tangible book or below; Clean books, high ROIC; Cheapest quarter on P/E (David Dreman); Cheapest quarter on P/B (David Dreman); Low P/E, growth, yield (John Neff)
Not measured
Defensive investor (Benjamin Graham); Earnings yield and ROIC (Joel Greenblatt); Low PEG, low debt (Peter Lynch); EV/EBITDA and coverage; High yield, low payout; Dividends and buybacks; ROIC at or above WACC; Z-score and coverage (Edward Altman); Two thirds of NCAV (Benjamin Graham); P/E times P/B (Benjamin Graham); Cash-covered dividend; Cash-flow yield and ROIC. A test with a figure we could not read is incomplete, never met and never failed.
Figures we could not read(15)
  • Debt to Equity: The filed borrowings do not add up to a total we can stand behind: the filer's own liability subtotals leave room for debt we did not read.
  • Positive Earnings Streak: The latest filed year has no per-share earnings we can read; the test needs 10.
  • EV/EBIT: We do not hold this figure for this company, so there is nothing to show.
  • Return on Invested Capital: The filed borrowings do not add up to a total we can stand behind: the filer's own liability subtotals leave room for debt we did not read.
  • PEG Ratio: We do not hold this figure for this company, so there is nothing to show.
  • Eps Growth 5Y: We do not hold this figure for this company, so there is nothing to show.
  • EV/EBITDA: We do not hold this figure for this company, so there is nothing to show.
  • Dividend Yield: We do not hold this figure for this company, so there is nothing to show.
  • Payout Ratio: We do not hold this figure for this company, so there is nothing to show.
  • Share Count Change Yoy: We do not hold this figure for this company, so there is nothing to show.
  • ROIC-WACC Spread: We do not hold this figure for this company, so there is nothing to show.
  • Price To Ncav: We do not hold this figure for this company, so there is nothing to show.
  • Price To Graham: We do not hold this figure for this company, so there is nothing to show.
  • Dividend Coverage Ratio: We do not hold this figure for this company, so there is nothing to show.
  • Dividend Streak: We do not hold this figure for this company, so there is nothing to show.

9 of 10

Declared positions

Whether anybody here owns this company.

Positions declared by the founder: no holding in any company shown here, as of October 3, 2026.

10 of 10

Next step

What to do with what you have read.

A thesis is your reason for owning it, in your words, with the figures that must stay true. Checking those figures every night against the newest filed accounts, and telling you once when one breaks, is what the subscription adds.

More on this company

What this cannot tell you

  • 15 figures could not be read on this company, among them Debt to Equity, Positive Earnings Streak, EV/EBIT. Each blank in the table above names the rest, with its reason. 12 named tests come back incomplete because of them, which is neither met nor missed.
  • We hold 9 filed fiscal years rather than 10, so the run above is shorter than a full decade and is counted as what it is.

And the one that is true of all of it: This is what the numbers say today. It cannot tell you the day one of them stops being true. Nothing here can, because the reasons are not written down.

Running this once is arithmetic on public documents and you are welcome to it. Writing down why you own each company, in your own words and with the numbers that have to stay true for it to hold, and then having those numbers re-checked every night against the newest filed accounts, and against the latest close where a rule watches a price, is Professional, the plan a new account starts on for 30 days, one trial per person. It writes to you the day one breaks, and stays quiet when nothing does. The check runs every night at 23:30 UTC. A filing is picked up the night after it is published.

Monitor my portfolioHow this is computed

No card. 30 free days, and nothing is charged unless you choose a plan.

Analyze your own portfolio

ValueScreener · valuescreener.ai · Computed from accounts filed with the SEC by this company, read from EDGAR, and from dated closing prices. On this page a filed figure opens into its formula, its inputs and the statement, fiscal year and filing date it was read from, and a price into the day of its close. A figure that cannot show that trail says so.

A computation on accounts filed with the SEC, not a recommendation and not advice. Past filings do not indicate future results. Risk disclaimer.

Margin Notes

Once a week, what changed in the filings of US-listed companies, why it can matter to a thesis, and what deserves a closer review. Grounded in filings, not market noise.

Site map

Apps

  • Android app coming soon
  • iPhone app coming soon
ValueScreener

Discover companies, research each one to its filings, track what matters, and take your work into your own spreadsheet.

ValueScreener is a trading name of Oliva Real Estate Technologies LLC, a Delaware limited liability company. Legal notices: legal@valuescreener.ai. © 2026 Oliva Real Estate Technologies LLC. All rights reserved.

Risk disclaimer. This service is provided for research and education only. Nothing on it is investment advice, a recommendation, or an offer to buy or sell any security. Capital is at risk, and past performance does not indicate future results. Figures come from filed accounts and may be incomplete, delayed or later restated, so verify a number against the filing before you act on it.

With your permission, Google Analytics, Microsoft Clarity and HubSpot set cookies to measure how this site and the product are used, including recordings of sessions. Nothing is set unless you allow it. Privacy policy