The company has issued more shares over this period, which dilutes each existing shareholder’s stake.
Diluted shares outstanding: 3.63B (2021) → 3.69B (2025)
Universal Music Group N.V. (UMG) functions as a leading global entity in the music industry, with operations spanning three core divisions: Recorded Music, Music Publishing, and Merchandising & Other. The Recorded Music sector is responsible for identifying and nurturing recording artists, subsequently marketing and promoting their musical works across a wide array of formats and distribution channels. This segment also extends its activities to live entertainment events, brand endorsement deals, and engagements in film and television projects. UMG's Music Publishing division concentrates on discovering and fostering songwriters, while also administering and protecting the copyrights for musical compositions. These compositions are then licensed for use in various contexts, such as recorded tracks, public performances, cinematic productions, advertising campaigns, and similar applications. The Merchandising & Other segment is dedicated to the production and sale of artist-branded and other related products. These items are distributed through diverse retail avenues, including fashion retail, concert tours, and online marketplaces. Furthermore, this division offers services related to brand rights management. The company boasts a substantial catalog, comprising approximately 3 million sound recordings and 4 million owned or administered musical compositions. It represents around 250 artists and brands, and its portfolio includes about 50 record labels covering a broad spectrum of musical genres. Universal Music Group was established in 2020 and is headquartered in Hilversum, the Netherlands.
When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.
+7.4% YoY
YoY Growth Rate
Slow revenue growth
-84.6% YoY
YoY Growth Rate
Earnings declining
€0/ year
0.0% of revenue
Below sector average (12%)
Research and development spending
Cash flow positive
€3.9B cash & investments
Quarterly Free Cash Flow
↑ Burn rate improving
Company generates more cash than it spends — no dilution risk from fundraising
Universal Music Group N.V. is growing revenue at 7% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.
The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.
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ROIC between 15% and 25%. Every dollar invested in the business earns 15 to 25 cents back per year.
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Earnings per share down more than 10%. Either a bad year, or a real decline.
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FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.
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Interest coverage above 8. Profits cover interest many times over.
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P/E over 35. The market is pricing in heavy, sustained growth.
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Standard yield zone for stable dividend payers. A meaningful piece of total return.
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