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Sports and entertainment company combining WWE (professional wrestling) and UFC (mixed martial arts), majority-owned by Endeavor.
Sports and entertainment company combining WWE (professional wrestling) and UFC (mixed martial arts), majority-owned by Endeavor.
Earns most from selling rights to broadcast and stream its events under multi-year contracts, with tickets, sponsorship and merchandise adding to that. Created in 2023 by merging the UFC with WWE, it moved WWE Raw to Netflix in 2025 and the UFC's US rights to Paramount from 2026.
Moat: wide (brand, scale, IP / patents). WWE and UFC are the dominant global brands in their sports-entertainment categories with long-term exclusive media-rights deals.
Headquarters: New York, New York, USA · Founded: 2023 · Employees: 4,000
Size TKO (TKO) is a United States Communication Services company (Movies/Entertainment) with a market value of $36.2B, the 318th largest of 3,117 United States companies the cockpit tracks. Shares closed at $191.00 on 6 Nov 2026.
Performance Over six months the shares gained 2.6%, against +10.9% for the median peer and -1.1% for the United States market (cap-weighted) — 6th lowest of 20 in its peer set.
Growth Revenue grew 35.9% over the last twelve months (peer median +5.5%); the operating margin is 21.9% (peer median 14.7%).
Valuation It trades at 25.4× forward earnings against a peer median of 28.4× (8th cheapest of 18).
Price implies For today's price to make sense, revenue must grow about 21% a year for seven years (Req g). Recent delivered growth is +37%, so the hurdle is -16 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 1.0 points below its cost of capital (7.9% WACC).
Backlog Backlog (remaining performance obligations) was $15.3B at 30 Sep 2026, down 8% on a year earlier — 2.8 years of trailing revenue. Backlog detail →
Short interest Short interest is 10.5% of the free float (15 Oct 2026).
Next results Next results expected around 3 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $5.30B | $4.74B | $4.88B | $1.67B | $1.14B |
| Revenue growth | — | -3% | +192% | +47% | — |
| Gross profit | $2.62B | $2.35B | $1.80B | $996M | $755M |
| EBITDA | $1.69B | $1.45B | $957M | $751M | $605M |
| Net income | $230M | $195M | $9.41M | -$35.2M | $0 |
| Free cash flow | $1.67B | $1.16B | $467M | $420M | $489M |
| Capital expenditure | $123M | $127M | $119M | $48.6M | $12.4M |
| Total debt | $4.95B | $4.06B | $3.08B | $3.03B | $2.78B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | TKO | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +5.2% | +9.2% | 7th lowest of 20 |
| 6-month return | +2.6% | +10.9% | 6th lowest of 20 |
| Distance from 52-week high | -15.2% | -8.3% | 8th lowest of 20 |
| Revenue growth (TTM) | +35.9% | +5.5% | 2nd highest of 20 |
| Operating margin | 21.9% | 14.7% | 3rd highest of 21 |
| Forward P/E | 25.4× | 28.4× | 8th cheapest of 18 |
| Growth the price implies (Req g, 7 yrs) | 20.8% | 7.9% | 2nd most demanding of 18 |
| Growth delivered (Del g) | +37.2% | +18.2% | 5th highest of 18 |
| Hurdle (Req g minus delivered) | -16.4 pp | -20.4 pp | 8th most demanding of 18 |
| ROIC minus cost of capital | -1.0 pp | +1.6 pp | 9th lowest of 21 |
| EV / EBITDA | 26.3× | 12.0× | most expensive of 14 |
| Net debt / EBITDA | 2.0× | 2.8× | 7th least indebted of 17 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| TKO TKO | United States | $36.2B | +3% | +36% | 22% | 25.4× | 20.8% | +37.2% |
| Live Nation Entertainment LYV | United States | $41.3B | +7% | +11% | 6% | 125.4× | 18.6% | +68.4% |
| Liberty Live Holdings, Inc. Registered Series -A- LLYVA | United States | $9.64B | +9% | n/a | -13% | n/a | n/a | n/a |
| Toho 9602.T | Japan | $9.44B | +22% | +4% | 16% | 28.4× | 7.9% | +13.4% |
| DraftKings DKNG | United States | $9.19B | -27% | +15% | -3% | 55.1× | 9.7% | +58.0% |
| Lottery TLC.AX | Australia | $8.47B | +4% | -5% | 16% | 33.3× | 9.9% | +3.8% |
| MSG Knickerbockers MSGK | United States | $7.51B | n/a | +11% | 3% | n/a | 61.1% | +22.6% |
| Churchill Downs CHDN | United States | $6.71B | +11% | +4% | 26% | 13.6× | 2.3% | +22.7% |
| CTS Eventim AG & Co. KGaA EVD.DE | Germany | $6.68B | +11% | +14% | 15% | 18.4× | 6.8% | +64.3% |
| Walt Disney Company (The) DIS | United States | $202B | +9% | +5% | 15% | 15.4× | 14.2% | +7.7% |
| Genting Singapore G13.SI | Singapore | $5.76B | -10% | +2% | 15% | 19.1× | -5.0% | +18.2% |
| Beijing Enlight Media 300251.SZ | China | $5.49B | -16% | -71% | -57% | 179.5× | n/a | n/a |
| Benefit Systems BFT.WA | Poland | $5.18B | +54% | +40% | 19% | 23.7× | 13.4% | +34.3% |
| Cinemark CNK | United States | $4.51B | +44% | +13% | 15% | 14.8× | 2.4% | +35.3% |
| China Film 600977.SS | China | $4.48B | +16% | 0% | -9% | 141.5× | -7.1% | +10.4% |
| Lionsgate Studios LION | United States | $4.24B | +16% | -8% | 6% | 52.8× | 18.6% | -8.0% |
| Toei Animation 4816.T | Japan | $4.17B | +23% | -2% | 31% | 27.9× | 0.5% | +12.7% |
| Manchester United MANU | United States | $3.90B | +15% | +5% | -2% | 142.1× | 18.3% | +6.5% |
| Banijay BNJ.AS | Netherlands | $3.83B | -13% | +7% | 14% | 8.0× | -4.5% | +18.1% |
| Madison Square Garden Entertainment MSGE | United States | $3.65B | +18% | +16% | 17% | 32.1× | 5.0% | +66.9% |
| Atlanta Braves BATRA | United States | $3.23B | +1% | +6% | -9% | n/a | n/a | n/a |
TKO reported $15.3B of remaining performance obligations at 30 Sep 2026, down 8% from a year earlier and down 4% from the previous quarter. That is 2.8 years of trailing revenue already under contract. Book-to-bill last quarter: 0.49.