Tearsheet

TKO (TKO)

Market Price (1/15/2026): $207.9 | Market Cap: $16.9 Bil
Sector: Communication Services | Industry: Movies & Entertainment

TKO (TKO)

Market Price (1/15/2026): $207.9
Market Cap: $16.9 Bil
Sector: Communication Services
Industry: Movies & Entertainment

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0	Attractive operating margins Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 43%	Trading close to highs Dist 52W High is -4.2%, Dist 3Y High is -4.2%	Expensive valuation multiples P/SPrice/Sales ratio is 6.7x, P/EPrice/Earnings or Price/(Net Income) is 74x
1	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 40%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 37%		Weak revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -44%, Rev Chg QQuarterly Revenue Change % is -27%
2	Attractive yield Dividend Yield is 3.0%, FCF Yield is 5.5%		Key risks TKO key risks include [1] challenges in integrating its core WWE and UFC assets and [2] a significant reliance on marquee talent.
3	Low stock price volatility Vol 12M is 33%
4	Megatrend and thematic drivers Megatrends include Digital Content & Streaming, Experience Economy & Premiumization, and Social Media & Creator Economy. Themes include Video Streaming, Show more.

0	Attractive operating margins Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 43%
1	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 40%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 37%
2	Attractive yield Dividend Yield is 3.0%, FCF Yield is 5.5%
3	Low stock price volatility Vol 12M is 33%
4	Megatrend and thematic drivers Megatrends include Digital Content & Streaming, Experience Economy & Premiumization, and Social Media & Creator Economy. Themes include Video Streaming, Show more.
5	Trading close to highs Dist 52W High is -4.2%, Dist 3Y High is -4.2%
6	Expensive valuation multiples P/SPrice/Sales ratio is 6.7x, P/EPrice/Earnings or Price/(Net Income) is 74x
7	Weak revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -44%, Rev Chg QQuarterly Revenue Change % is -27%
8	Key risks TKO key risks include [1] challenges in integrating its core WWE and UFC assets and [2] a significant reliance on marquee talent.

Valuation, Metrics & Events

	1/15/26	2025	2024	2023	2022	2021
Share Price CYE	$207.90	$209.00	$142.11	$81.58	�	�
Market Cap CYE ($ Bil)	16.9	17.0	11.5	6.8	-	-
Total Debt ($ Bil)	4.0	4.0	3.0	3.0	0.0	0.0
Total Cash ($ Bil)	0.9	0.9	0.5	0.2	0.0	0.0
Enterprise Value ($ Bil)	20.1	21.0	14.5	9.8
Valuation Ratios
P/S TTM	6.7	6.7	2.5	5.1	-	-
P/EBIT TTM	16.3	16.4	179.4	13.5	-	-
P/E TTM	74.4	74.5	-427.3	24.1	-	-
P/FCF TTM	18.1	18.1	18.5	19.0	-	-
Sector Ratios
P/S TTM (Sector)	1.0	1.0	1.2	1.2	1.2	2.1
P/EBIT TTM (Sector)	1.6	1.4	0.7	1.2	1.6	4.0
P/E TTM (Sector)	-1.1	-1.0	-0.9	-0.4	-0.1	5.1
P/FCF TTM (Sector)	6.4	6.5	5.9	4.6	3.0	6.2

	1/15/26	2025	2024
Share Price CYE	$207.90	$209.00	$142.11
Market Cap CYE ($ Bil)	16.9	17.0	11.5
Total Debt ($ Bil)	4.0	4.0	3.0
Total Cash ($ Bil)	0.9	0.9	0.5
Enterprise Value ($ Bil)	20.1	21.0	14.5
Valuation Ratios
P/S TTM	6.7	6.7	2.5
P/EBIT TTM	16.3	16.4	179.4
P/E TTM	74.4	74.5	-427.3
P/FCF TTM	18.1	18.1	18.5
Sector Ratios
P/S TTM (Sector)	1.0	1.0	1.2
P/EBIT TTM (Sector)	1.6	1.4	0.7
P/E TTM (Sector)	-1.1	-1.0	-0.9
P/FCF TTM (Sector)	6.4	6.5	5.9

	TKO	S&P 500
REVENUE GROWTH	POOR
Rev LTM ($ Bil)	2.5
Rev Chg Q	-27.3%	7.3%
Rev Chg LTM	-44.3%	6.3%
Rev Chg 3Y Avg	99.3%	5.6%
PROFITABILITY	GOOD
Op Inc LTM ($ Bil)	1.1
CFO LTM ($ Bil)	1.0
Net Inc LTM ($ Bil)	0.2
Op Mgn LTM	42.6%	18.8%
CFO/Rev LTM	40.4%	20.5%
Net Inc Mgn	9.0%	13.0%
VALUATION	HIGH
P/S	6.7	3.3
P/CFO	16.5	16.0
P/FCF	18.1	21.6
P/E	74.4	24.2
STABILITY	GOOD
Debt/Equity	0.24	0.20
Cash/Assets	0.06	0.07

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Metric	Value	Date	Source
WWE SmackDown Viewership	1,147,000 viewers	10242025	Link
UFC Fight Night Viewership	1,036,000 people	8162025	Link
WWE Average Live Event Attendance (Year-to-Date)	12,272	11012025	Link
UFC 314 Live Event Attendance	18,287	8132025	Link
UFC Total Social Media Followers	approximately 318 million	10282025	Link
WWE Total Social Media Followers	approximately 1 billion	11042025	Link
WWE Instagram Engagement Rate	0.14%	11012025	Link

Upcoming
2/25/2026	Earnings Release	Rev: - EPS: -
5/06/2026	Earnings Release	Rev: - EPS: -

TKO Stock

Return (1M):

Why The Stock Moved

Qualitative Assessment

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Here are the key points explaining the 10.8% stock movement for TKO from approximately October 31, 2025, to January 15, 2026:

1. Strong Analyst Sentiment and Raised Price Targets: Throughout November and December 2025, multiple analysts issued "Strong Buy" or "Buy" ratings for TKO and increased their price targets, signaling strong confidence in the company's future performance.

2. Significant Projected Revenue and EPS Growth for 2026: TKO is anticipating substantial financial growth, with projected revenue increasing by approximately 29.58% and earnings per share (EPS) growing by over 134% in 2026, which likely boosted investor optimism.

3. Show more

Stock Movement Drivers

Fundamental Drivers

The 10.8% change in TKO stock from 10/31/2025 to 1/14/2026 was primarily driven by a 26.4% change in the company's Net Income Margin (%).

	10312025	1142026	Change
Stock Price ($)	187.69	207.98	10.81%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	2965.94	2545.18	-14.19%
Net Income Margin (%)	7.11%	8.99%	26.40%
P/E Multiple	72.76	74.11	1.86%
Shares Outstanding (Mil)	81.76	81.52	0.29%
Cumulative Contribution			10.81%

LTM = Last Twelve Months as of date shown

Market Drivers

10/31/2025 to 1/14/2026

	Return	Correlation
TKO	10.8%
Market (SPY)	1.2%	26.1%
Sector (XLC)	1.6%	20.4%

Fundamental Drivers

The 24.7% change in TKO stock from 7/31/2025 to 1/14/2026 was primarily driven by a 49.3% change in the company's Net Income Margin (%).

	7312025	1142026	Change
Stock Price ($)	166.75	207.98	24.72%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	2850.69	2545.18	-10.72%
Net Income Margin (%)	6.02%	8.99%	49.28%
P/E Multiple	79.24	74.11	-6.48%
Shares Outstanding (Mil)	81.57	81.52	0.06%
Cumulative Contribution			24.72%

LTM = Last Twelve Months as of date shown

Market Drivers

7/31/2025 to 1/14/2026

	Return	Correlation
TKO	24.7%
Market (SPY)	9.5%	18.9%
Sector (XLC)	9.0%	30.9%

Fundamental Drivers

The 35.7% change in TKO stock from 1/31/2025 to 1/14/2026 was primarily driven by a 145.3% change in the company's P/S Multiple.

	1312025	1142026	Change
Stock Price ($)	153.28	207.98	35.69%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	4570.32	2545.18	-44.31%
P/S Multiple	2.72	6.66	145.32%
Shares Outstanding (Mil)	80.97	81.52	-0.68%
Cumulative Contribution			35.68%

LTM = Last Twelve Months as of date shown

Market Drivers

1/31/2025 to 1/14/2026

	Return	Correlation
TKO	35.7%
Market (SPY)	15.7%	47.1%
Sector (XLC)	14.9%	52.8%

Fundamental Drivers

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Market Drivers

1/31/2023 to 1/14/2026

	Return	Correlation
TKO
Market (SPY)	76.2%	35.5%
Sector (XLC)	118.0%	36.5%

Return vs. Risk

Price Returns Compared

	2021	2022	2023	2024	2025	2026	Total [1]
Returns
TKO Return	-	-	-18%	74%	49%	-0%	113%
Peers Return	20%	-22%	13%	33%	51%	1%	116%
S&P 500 Return	27%	-19%	24%	23%	16%	2%	85%
Monthly Win Rates [3]
TKO Win Rate	-	-	25%	83%	67%	0%
Peers Win Rate	50%	35%	43%	63%	55%	80%
S&P 500 Win Rate	75%	42%	67%	75%	67%	100%
Max Drawdowns [4]
TKO Max Drawdown	-	-	-27%	-7%	-2%	-5%
Peers Max Drawdown	-12%	-30%	-4%	-11%	-16%	-2%
S&P 500 Max Drawdown	-1%	-25%	-1%	-2%	-15%	0%

[1] Cumulative total returns since the beginning of 2021
[2] Peers: FWONA, MSGS, LYV, WBD, FOXA.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 1/14/2026 (YTD)

How Low Can It Go

TKO has limited trading history. Below is the Communication Services sector ETF (XLC) in its place.

Unique Key	Event	XLC	S&P 500
2022 Inflation Shock	2022 Inflation Shock
2022 Inflation Shock% Loss	% Loss	-47.2%	-25.4%
2022 Inflation Shock% Gain to Breakeven	% Gain to Breakeven	89.5%	34.1%
2022 Inflation ShockTime to Breakeven	Time to Breakeven	602 days	464 days
2020 Covid Pandemic	2020 Covid Pandemic
2020 Covid Pandemic% Loss	% Loss	-30.1%	-33.9%
2020 Covid Pandemic% Gain to Breakeven	% Gain to Breakeven	43.2%	51.3%
2020 Covid PandemicTime to Breakeven	Time to Breakeven	112 days	148 days
2018 Correction	2018 Correction
2018 Correction% Loss	% Loss	-24.8%	-19.8%
2018 Correction% Gain to Breakeven	% Gain to Breakeven	32.9%	24.7%
2018 CorrectionTime to Breakeven	Time to Breakeven	326 days	120 days

Compare to FWONA, MSGS, LYV, WBD, FOXA

In The Past

The Communication Services Select Sector SPDR Fund's stock fell -47.2% during the 2022 Inflation Shock from a high on 9/1/2021. A -47.2% loss requires a 89.5% gain to breakeven.

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About TKO (TKO)

Business Description Analogies Products Customers Suppliers Management Key Risks Emerging Threats Market Size Revenue Drivers Capital Allocation

TKO Group Holdings, Inc. operates as a sports and entertainment company. It operates through four segments: Media and Content, Live Events, Sponsorships, and Consumer Products Licensing. The company produces live events, television programs, and long-form and short-form video content across various platforms, including broadcast, pay television, and streaming, as well as digital and social media across approximately 170 countries. It is involved in the merchandising of video games, apparel, equipment, trading cards, memorabilia, digital goods, and toys, as well as sale of travel packages and tickets. The company engages in the corporate sponsorships and advertising business, which offers sale of in-venue and in-broadcast advertising assets, content product integration, and digital impressions. TKO Group Holdings, Inc. is based in New York, New York. TKO Group Holdings, Inc. is a subsidiary of Endeavor Group Holdings, Inc.

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Here are 1-2 brief analogies to describe TKO:

TKO is like a Disney focused purely on combat sports, owning the global powerhouses of UFC and WWE.
TKO is like Live Nation Entertainment for combat sports, producing and promoting the world's biggest UFC and WWE events.

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Ultimate Fighting Championship (UFC): Promotes and produces mixed martial arts (MMA) events, broadcasting them globally.
World Wrestling Entertainment (WWE): Produces and distributes professional wrestling content, including live events, television programming, and digital media.

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TKO Group Holdings (NYSE: TKO) primarily generates its revenue through business-to-business (B2B) contracts, particularly with major media companies for broadcast and streaming rights of its Ultimate Fighting Championship (UFC) and World Wrestling Entertainment (WWE) content. While it also sells directly to individuals through live event tickets, merchandise, and pay-per-view purchases, the most significant and recurring revenue streams come from corporate partnerships.

Its major customers (other companies) include:

The Walt Disney Company (NYSE: DIS): Through its ESPN and ESPN+ platforms, Disney holds exclusive domestic broadcast rights for UFC events, including many Fight Night events and pay-per-view distribution. This represents a cornerstone of UFC's revenue.
Comcast (NASDAQ: CMCSA): Through its NBCUniversal division, Comcast has significant deals for WWE content. This includes domestic broadcast rights for WWE Raw on USA Network (and future SmackDown starting October 2024) and streaming rights for WWE Network content on Peacock.
Netflix (NASDAQ: NFLX): Beginning in January 2025, Netflix will become a major customer, holding global broadcast rights for WWE Raw outside of the U.S., U.K., and India. This represents a significant, long-term revenue stream for TKO and a strategic partnership for global expansion.

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Endeavor Group Holdings, Inc. (EDR)
Fanatics

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Ariel Emanuel, Chief Executive Officer Mr. Emanuel became the Chief Executive Officer and a director of TKO Group Holdings, Inc. on September 12, 2023, and was appointed Executive Chair in February 2024. He is also the CEO and executive chairman of Endeavor, a global entertainment and media agency. Mr. Emanuel co-founded the Endeavor Talent Agency in 1995 and was instrumental in orchestrating its 2009 merger with the William Morris Agency to form WME. In 2012, WME forged a strategic partnership with Silver Lake, a global leader in private investments in technology. This was followed by the acquisition of IMG in 2014 and UFC in 2016. Mr. Emanuel orchestrated the 2023 merger that formed TKO, uniting WWE and UFC, solidifying his reputation as a visionary dealmaker. He has been described as a "mogul and power player in Hollywood." In 2025, Mr. Emanuel is set to acquire Frieze, a global art fair and publishing group previously owned by Endeavor, in a deal valued at $200 million, backed by investors including Apollo Global Management and RedBird Capital Partners.

Andrew Schleimer, Chief Financial Officer Mr. Schleimer has served as the Chief Financial Officer of TKO Group Holdings, Inc. since September 2023. Prior to this role, he was the Chief Financial Officer of UFC from September 2016 to November 2023 and Deputy Chief Financial Officer of Endeavor Group Holdings, Inc. from February 2021 to September 2023. From July 2014 to September 2016, Mr. Schleimer served as the Executive Vice President & Chief Financial Officer of Digital Turbine, Inc. (Nasdaq), a provider of end-to-end solutions for mobile technology companies. During his tenure at Digital Turbine, he oversaw the company's development and acquisition strategy, including its 2015 merger with Appia. He also held positions as Executive Vice President of Strategic Development & In-Park Services for Six Flags Entertainment Corporation (NYSE) from 2006 to 2010 and Executive Vice President of Strategic Development of Dick Clark Productions from 2010 to 2012. Mr. Schleimer began his career in investment banking at UBS Financial Services, focusing on media and entertainment mergers and acquisitions. He joined Silver Lake in 2016.

Mark Shapiro, President and Chief Operating Officer Mr. Shapiro became the President and Chief Operating Officer and a director of TKO Group Holdings, Inc. on September 12, 2023. He also serves as President and Managing Partner of privately held WME Group since March 2025. Previously, he was President and Chief Operating Officer of Endeavor from April 2023 to March 2025, and its President from December 2018 to March 2025. Before joining Endeavor's IMG subsidiary in 2014, Mr. Shapiro served as Chief Executive Officer and Executive Producer at Dick Clark Productions from May 2010 to September 2014. From February 2006 through May 2010, he was Director, President, and Chief Executive Officer of Six Flags Entertainment Corporation (NYSE), where he was credited with revitalizing the brand. Mr. Shapiro spent 12 years at ESPN, ultimately serving as Executive Vice President of Programming and Production. He has served on the boards of directors for several public companies, including Live Nation Entertainment, Inc., Frontier Communications Corporation, and Papa Johns International, Inc., and currently serves on the board of trustees of Equity Residential and as Chairman of Captivate Network.

Seth Krauss, Chief Administrative Officer & Senior Counsel to the Board of Directors and Senior Management Mr. Krauss serves as Chief Administrative Officer & Senior Counsel to the Board of Directors and Senior Management of TKO Group Holdings, Inc. Prior to this, he served as the Chief Legal Officer of Endeavor Group Holdings, Inc.

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The key risks to TKO Group Holdings' business include challenges in integrating its core assets, significant reliance on marquee talent, and the evolving landscape of media rights and consumer consumption habits.

Challenges in Integrating WWE and UFC Operations: TKO faces considerable execution challenges in integrating WWE and UFC. Differing organizational cultures and fanbase expectations could impede synergy efforts and disrupt ongoing operations.
Dependence on Marquee Talent and Risks of Live Events: TKO's business is significantly reliant on marquee talent in both WWE and UFC. The departure of top stars, their failure to attract audiences, injuries, scandals, or shock retirements could lead to stagnant viewership, reduced pay-per-view buys, and weakened live-event ticket sales. Live shows also inherently carry talent and event risks.
Media Rights Negotiations and Evolving Consumer Consumption Habits: A substantial portion of TKO's revenue is derived from its broadcast deals. There is a risk that TKO may not be able to secure the anticipated premium increases in media rights during negotiations. Furthermore, changing consumer viewing habits, particularly a shift away from traditional pay-per-view and cable subscriptions, could pressure TKO's current revenue streams if the company fails to successfully adapt its content distribution models.

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The consolidation of Professional Fighters League (PFL) and Bellator creates a strengthened competitor in mixed martial arts, intensifying competition for talent, media rights, and audience attention against UFC.

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TKO Group Holdings (symbol: TKO) operates primarily in the sports and entertainment industry, with its main products and services centered around professional wrestling (through World Wrestling Entertainment, WWE) and mixed martial arts (through Ultimate Fighting Championship, UFC). The addressable markets for TKO's main products and services are sized as follows: * Professional Wrestling: The global professional wrestling market was valued at approximately USD 5.8 billion in 2024 and is projected to reach USD 9.1 billion by 2030, expanding at a compound annual growth rate (CAGR) of 7.2% during the forecast period (2025–2030). North America stands as the largest market for professional wrestling, while the Asia-Pacific region is the fastest-growing market. Other estimates for the global professional wrestling market include USD 4.43 billion in 2024, expected to grow to USD 6.2 billion by 2035, and USD 2.6 billion in 2023, projected to reach USD 2.77 billion by 2031. * Mixed Martial Arts (MMA): The global MMA market size was valued at USD 1.5 billion in 2024 and is projected to expand at a CAGR of 12%, reaching USD 3.5 billion by 2032. This market size is specific to UFC and its related revenue streams. North America is the largest market for MMA, with the UFC dominating the market.

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TKO Group Holdings (NYSE: TKO) anticipates several key drivers to fuel its revenue growth over the next 2-3 years, primarily stemming from new media rights agreements, strategic expansion of live events and global partnerships, and the launch of new ventures.

The expected drivers of future revenue growth include:

New Media Rights Agreements: TKO has secured landmark multi-year media rights deals that are expected to provide high-margin contractual revenue streams with annual escalators. These include a 7-year, $7.7 billion agreement for UFC with Paramount, which doubles the average annual value of its previous agreement and begins in 2026, and a 5-year premium live events partnership for WWE with ESPN, delivering a greater than 1.8x step-up in value.
Expansion of Live Events and Site Fees: The company is focused on driving growth through live events and increased site fees. This includes an anticipated increase in WWE premium live events in Saudi Arabia and continued strong performance in ticket sales and venue fees, as seen with record-setting events like UFC 319 and WWE's SummerSlam.
Growth in Global Partnerships and Sponsorships: TKO is actively strengthening its global partnerships with a target of achieving $1 billion in total company partnership revenue by approximately 2030.
Launch of Zuffa Boxing: TKO plans to launch Zuffa Boxing in 2026, which is expected to contribute to revenue growth through a major media rights agreement and service fees generated from super fights.
Synergies from Acquired Businesses: The integration of recently acquired businesses, including IMG, On Location, and Professional Bull Riders (PBR), is expected to unlock further cost synergies and revenue opportunities that management believes will exceed previously raised expectations.

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Share Repurchases

In October 2024, TKO's board of directors authorized a share repurchase program of up to $2.0 billion of its Class A common stock.
In September 2025, TKO announced a $1 billion share repurchase, consisting of an $800 million accelerated share repurchase agreement, a 10b5-1 trading plan for up to $174 million, and a $26 million privately negotiated transaction.
The $1 billion share repurchases are being funded with proceeds from a $1.0 billion first lien term loan borrowing that closed in September 2025.

Share Issuance

The formation of TKO Group Holdings on September 12, 2023, involved Endeavor receiving approximately 26.54 million common units of TKO Operating Company, LLC and subscribing for an equal number of shares of TKO Class B common stock.
In connection with the acquisition of assets from Endeavor in October 2024, Endeavor received approximately 26.14 million common units of TKO Operating Company, LLC and subscribed for an equal number of shares of TKO's Class B common stock.
The TKO 2023 Incentive Award Plan provides for the grant of various equity-based awards, including Class A common stock, to eligible participants.

Inbound Investments

The formation of TKO Group Holdings on September 12, 2023, resulted from a merger between UFC and WWE, with Endeavor holding a 51% stake and WWE's shareholders holding a 49% stake in the new entity.
Silver Lake, a 10% shareholder in TKO, acquired 44,893 shares for approximately $6.44 million in January 2025.

Outbound Investments

In October 2024, TKO agreed to acquire certain businesses from Endeavor, including IMG (specific assets), On Location Events, and Professional Bull Riders (PBR), for $3.25 billion in an all-stock deal that closed in the first quarter of 2025.
In July 2024, TKO Group invested in EverPass Media, an NFL-backed distributor of streaming pay television content for commercial establishments.
TKO announced plans in 2025 to form a boxing promotion known as Zuffa Boxing.

Capital Expenditures

Annual capital expenditures for TKO were $74.949 million in 2024 and $48.633 million in 2023.
Capital expenditures for the three months ended March 31, 2025, totaled $27.3 million.
Purchases of property, buildings, and equipment for the three months ended March 31, 2024, included approximately $19.6 million related to WWE's new headquarters facility.

	Best Bets In Communication Services Sector
What You Pay
P/E	74.4	27.1	41.3	13.6	9.4	23.5	12.1	8.9	10.0	18.0	16.1
P/EBIT	16.3	18.7	34.3	9.1	66.7	17.1	5.7	5.0	59.5	11.2	10.4
What You Get
Rev Chg Q	-27.3%	26.2%	17.7%	2.1%	16.8%	3.2%	-12.3%	-19.3%	19.1%	8.9%	4.9%
Rev Chg LTM	-44.3%	21.3%	20.8%	-0.5%	16.8%	4.2%	-1.4%	-2.7%	8.7%	7.3%	14.9%
Rev Chg 3Y Avg	�	17.3%	23.5%	2.7%	13.6%	-15.9%	1.2%	-2.8%	16.5%	2.4%	5.6%
FCF/Rev 3Y Avg	25.8%	29.0%	26.6%	25.8%	22.9%	18.6%	17.6%	17.4%	14.7%	12.2%	11.9%

Latest Trefis Analyses

	Title	Topic
0	DASHBOARDS
1	TKO Earnings Notes
2	TKO Stock Falls -7% With A 7-day Losing Spree On Heavy Insider Selling	Notification
3	TKO Stock Falls -6.6% In 6-day Spree On Insider Selling And Bearish Options	Notification
4	TKO Earnings Notes
5	TKO Earnings Notes
6	11-Day Rally Sends TKO Stock Up 15%	Notification
7	TKO Stock Surges 14%, With A 9-Day Winning Spree	Notification
8	TKO Stock Surges 9.2%, With A 7-Day Winning Spree	Notification
9	TKO Stock Surges 9.2%, With A 7-Day Winning Spree	Notification
10	TKO Stock Surges 9.2%, With A 7-Day Winning Spree	Notification

	Title
0	ARTICLES

Trade Ideas

Select ideas related to TKO. For more, see Trefis Trade Ideas.

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Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
ELVN	Enliven Therapeutics	1.6	66.5%	67.2%
MLTX	MoonLake Immunotherapeutics	1.1	51.5%	29.7%
ERAS	Erasca	2.1	45.2%	101.7%
BW	Babcock & Wilcox Enterprises	0.9	43.4%	33.9%
TTMI	TTM Technologies	9.6	32.9%	35.1%
KTOS	Kratos Defense & Security Solutions	20.4	30.9%	57.7%
ZBIO	Zenas BioPharma	0.9	30.6%	-40.6%
KRUS	Kura Sushi USA	0.9	29.5%	37.7%
BE	Bloom Energy	32.8	29.4%	60.9%
HOV	Hovnanian Enterprises	0.8	29.4%	30.5%

Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
ELME	Elme Communities	0.3	-83.5%	-83.6%
BBNX	Beta Bionics	0.8	-45.2%	-43.3%
AQST	Aquestive Therapeutics	0.4	-45.1%	-47.1%
CRMD	Cormedix	0.5	-36.8%	-39.3%
FBYD	Falcons Beyond Global	0.3	-30.1%	-39.0%
NUVB	Nuvation Bio	2.2	-25.9%	-26.9%
LXEO	Lexeo Therapeutics	0.5	-25.8%	-25.2%
ATEC	Alphatec	2.5	-25.1%	-21.8%
WLTH	Wealthfront	1.5	-22.4%	-23.0%
TVTX	Travere Therapeutics	2.6	-19.8%	-23.8%

Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
HYMC	Hycroft Mining	1.4	152.5%	42.4%
ERAS	Erasca	2.1	108.5%	101.7%
ALMS	Alumis	2.3	92.4%	126.5%
SNDK	SanDisk	56.9	89.1%	64.2%
GTN-A	Gray Media	1.4	79.6%	16.0%
VTYX	Ventyx Biosciences	1.0	69.2%	53.5%
SKYT	SkyWater Technology	1.4	66.7%	61.2%
SOC	Sable Offshore	1.0	63.8%	11.9%
RCAT	Red Cat	1.3	62.4%	64.7%
ONDS	Ondas	3.6	58.7%	42.3%

Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
NOW	ServiceNow	143.5	-84.0%	-9.8%
ELME	Elme Communities	0.3	-83.5%	-83.6%
CORT	Corcept Therapeutics	3.8	-58.7%	4.5%
ZBIO	Zenas BioPharma	0.9	-46.9%	-40.6%
AQST	Aquestive Therapeutics	0.4	-44.9%	-47.1%
BBNX	Beta Bionics	0.8	-42.0%	-43.3%
CRMD	Cormedix	0.5	-38.6%	-39.3%
LVWR	LiveWire	0.6	-37.4%	-30.1%
RARE	Ultragenyx Pharmaceutical	2.4	-33.5%	4.8%
NKTR	Nektar Therapeutics	0.7	-33.1%	-13.5%

Peer Comparisons for TKO

Peers to compare with:

Financials

	TKO	FWONA	MSGS	LYV	WBD	FOXA	Median
Name	TKO	Liberty .	Madison .	Live Nat.	Warner B.	Fox
Mkt Price	208.89	83.25	277.02	146.02	28.86	73.23	114.64
Mkt Cap	17.0	20.8	6.7	33.9	71.5	32.7	26.8
Rev LTM	2,545	4,040	1,025	24,569	37,863	16,474	10,257
Op Inc LTM	1,085	498	-4	1,131	1,412	3,243	1,108
FCF LTM	942	-184	29	1,580	4,134	2,665	1,261
FCF 3Y Avg	641	501	81	1,141	4,925	1,834	891
CFO LTM	1,029	-103	33	2,494	5,230	3,036	1,762
CFO 3Y Avg	718	696	83	1,815	6,071	2,188	1,266

Growth & Margins

	TKO	FWONA	MSGS	LYV	WBD	FOXA	Median
Name	TKO	Liberty .	Madison .	Live Nat.	Warner B.	Fox
Rev Chg LTM	-44.3%	8.7%	-1.2%	5.5%	-4.3%	14.9%	2.2%
Rev Chg 3Y Avg	-	16.5%	7.6%	18.6%	17.2%	5.6%	16.5%
Rev Chg Q	-27.3%	19.1%	-26.0%	11.1%	-6.0%	4.9%	-0.6%
QoQ Delta Rev Chg LTM	-14.2%	4.5%	-1.3%	3.6%	-1.5%	1.1%	-0.1%
Op Mgn LTM	42.6%	12.3%	-0.4%	4.6%	3.7%	19.7%	8.5%
Op Mgn 3Y Avg	27.1%	10.4%	8.7%	4.6%	-0.5%	18.4%	9.5%
QoQ Delta Op Mgn LTM	10.7%	0.8%	-1.8%	0.4%	1.2%	-0.1%	0.6%
CFO/Rev LTM	40.4%	-2.5%	3.2%	10.2%	13.8%	18.4%	12.0%
CFO/Rev 3Y Avg	28.3%	20.9%	8.5%	7.8%	15.2%	14.2%	14.7%
FCF/Rev LTM	37.0%	-4.6%	2.8%	6.4%	10.9%	16.2%	8.7%
FCF/Rev 3Y Avg	25.8%	14.7%	8.3%	4.9%	12.3%	11.9%	12.1%

Valuation

	TKO	FWONA	MSGS	LYV	WBD	FOXA	Median
Name	TKO	Liberty .	Madison .	Live Nat.	Warner B.	Fox
Mkt Cap	17.0	20.8	6.7	33.9	71.5	32.7	26.8
P/S	6.7	5.2	6.5	1.4	1.9	2.0	3.6
P/EBIT	16.3	59.5	5,794.1	27.7	19.4	10.4	23.5
P/E	74.4	10.0	-282.0	37.7	147.5	16.1	26.9
P/CFO	16.5	-202.1	203.6	13.6	13.7	10.8	13.6
Total Yield	4.3%	10.0%	-0.3%	2.7%	0.7%	7.1%	3.5%
Dividend Yield	3.0%	0.0%	0.0%	0.0%	0.0%	0.9%	0.0%
FCF Yield 3Y Avg	5.4%	2.8%	1.6%	4.2%	15.2%	7.9%	4.8%
D/E	0.2	0.3	0.2	0.3	0.5	0.2	0.3
Net D/E	0.2	0.3	0.2	0.1	0.4	0.1	0.2

Returns

	TKO	FWONA	MSGS	LYV	WBD	FOXA	Median
Name	TKO	Liberty .	Madison .	Live Nat.	Warner B.	Fox
1M Rtn	0.7%	-4.4%	16.5%	3.1%	-2.9%	2.8%	1.8%
3M Rtn	9.7%	-12.1%	24.2%	-5.9%	56.4%	27.2%	16.9%
6M Rtn	24.4%	-9.0%	32.9%	-1.7%	129.4%	32.1%	28.3%
12M Rtn	47.8%	-1.6%	29.8%	11.2%	196.6%	51.4%	38.8%
3Y Rtn	113.1%	59.6%	54.2%	95.6%	119.6%	135.8%	104.3%
1M Excs Rtn	-1.2%	-5.1%	15.2%	0.6%	-5.2%	1.5%	-0.3%
3M Excs Rtn	6.1%	-16.4%	21.5%	-8.7%	56.3%	21.8%	13.8%
6M Excs Rtn	13.9%	-19.6%	22.3%	-12.3%	118.8%	21.5%	17.7%
12M Excs Rtn	29.9%	-20.1%	10.8%	-6.9%	174.6%	34.7%	20.3%
3Y Excs Rtn	35.2%	-18.3%	-27.0%	24.1%	70.6%	65.8%	29.6%

Comparison Analyses

	Title
0	Where Does TKO Stock Rank Among Competitors?

FDIC Bank Data

Bank Capital

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Bank Deposits

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Bank Assets

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Bank Loans

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FDA Approved Drugs Data

Expand for Morenull

Financials

Annual
Quarterly

$ Mil \| FY: 12/31	LTM	2024	2023	2022	2021	2020
Period End	9/30/2025	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020
Filing Date	11/5/2025	2/26/2025	2/27/2024	8/22/2023	2/27/2024	8/22/2023
Key Financials
Total Revenue	2,545	2,804	1,675	1,140	1,032	891
EBITDA	1,429	676	611	603	455	419
Operating Income	1,085	283	447	544	391	314
Net Income	229	9	208	387	272	177
EPS	2.80	0.12	-0.43	0.00	0.00	2.13
Growth Rates
Total Revenue Growth	-44.3%	67.4%	46.9%	10.5%	15.8%	-
EBITDA Growth	162.3%	10.7%	1.3%	32.6%	8.5%	-
Operating Income Growth	2696.5%	-36.7%	-18.0%	39.2%	24.5%	-
Net Income Growth	949.6%	-95.5%	-46.2%	42.2%	53.7%	-
Margins
EBITDA Margin	56.1%	24.1%	36.5%	52.9%	44.1%	47.1%
Operating Income Margin	42.6%	10.1%	26.7%	47.7%	37.9%	35.2%
Net Income Margin	9.0%	0.3%	12.4%	34.0%	26.4%	19.9%
Cash & Debt
Total Cash	861	526	236	181	875	�
Total Debt	4,043	3,035	3,027	2,783	2,852	0
Net Debt / (Cash)	3,182	2,510	2,791	2,603	1,977	�
Cash Flows
Net Cash from Operations	1,029	583	468	502	441	351
Free Cash from Operations	942	508	420	489	430	330
Returns to Shareholders
Dividends	506	67	297	1,096	269	312
Share Repurchases	826	165	100	-0	-0	-0

$ Mil \| FY: 12/31	2025Q3	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3	2023Q2	2023Q1	2022Q4
Period End	9/30/2025	6/30/2025	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022
Filing Date	11/5/2025	8/6/2025	5/8/2025	2/26/2025	11/6/2024	8/8/2024	5/8/2024	2/27/2024	11/7/2023	8/22/2023	6/23/2023	8/22/2023
Key Financials Quarterly
Total Revenue	1,120	1,308	1,269	-1,152	1,541	1,193	1,222	614	449	305	307	272
Ebitda	305	467	336	321	188	241	-51	167	130	166	161	134
Operating Income	172	368	237	307	35	115	-174	63	94	144	146	120
Net Income	41	98	58	31	23	59	-104	-5	44	81	88	68
EPS	0.50	1.20	0.72	0.38	0.29	0.73	-1.26	-0.17	-0.26	0.00	0.00	0.00
Key Financials TTM
Total Revenue TTM	2,545	2,966	2,851	2,804	4,570	3,479	2,591	1,675	1,333	1,224	1,187	1,140
Ebitda TTM	1,429	1,312	1,085	698	545	487	412	624	592	657	631	614
Operating Income TTM	1,085	947	694	283	39	98	127	447	504	580	562	544
Net Income TTM	229	211	172	9	-27	-6	17	208	282	366	379	387
Growth Rates Quarterly
Total Revenue Growth	-27.3%	9.7%	3.8%	-287.6%	243.1%	291.0%	298.5%	125.9%	31.8%	13.9%	18.1%	-
EBITDA Growth	62.2%	93.9%	752.5%	92.0%	44.6%	44.9%	-132.0%	24.2%	-33.5%	18.5%	12.2%	-
Operating Income Growth	396.5%	220.7%	236.7%	388.3%	-63.1%	-20.2%	-218.8%	-47.7%	-44.7%	14.2%	13.6%	-
Net Income Growth	77.2%	66.4%	156.2%	681.6%	-48.0%	-27.4%	-218.5%	-107.8%	-65.5%	-13.4%	-8.6%	-
Margins Quarterly
EBITDA Margin	27.3%	35.7%	26.5%	-	12.2%	20.2%	-4.2%	27.2%	29.0%	54.5%	52.5%	49.5%
Operating Income Margin	15.4%	28.1%	18.7%	-	2.2%	9.6%	-14.2%	10.2%	20.9%	47.1%	47.6%	44.2%
Net Income Margin	3.7%	7.5%	4.6%	-	1.5%	5.0%	-8.5%	-0.9%	9.9%	26.7%	28.6%	25.2%
Cash & Debt
Total Cash	861	535	471	526	457	278	246	236	189	173	136	181
Total Debt	4,043	3,060	3,069	3,035	2,989	2,997	3,029	3,027	3,022	2,771	2,778	2,783
Net Debt / (Cash)	3,182	2,525	2,599	2,510	2,531	2,719	2,783	2,791	2,834	2,598	2,642	2,603
Cash Flows Quarterly
FCF from Operations	417	396	163	53	178	307	45	221	67	111	70	125
Cash Flows TTM
FCF from Operations TTM	1,029	790	701	583	751	640	444	468	373	444	462	502
Returns to Shareholders Quarterly
Dividends	210	153	75	67	0	0	0	36	99	60	101	301
Share Repurchases	826	-0	-0	-0	-0	-0	-0	100	-0	-0	-0	-0
Return on Invested Capital (ROIC) Quarterly
ROIC	7.9%	18.1%	12.0%	16.0%	1.3%	5.7%	-9.6%	3.6%	3.5%	17.5%	17.5%	14.8%
Return on Invested Capital (ROIC) TTM
ROIC TTM	12.3%	11.9%	8.8%	1.0%	0.6%	1.4%	1.8%	5.4%	6.7%	17.6%	16.9%	16.6%

Segment Financials

Revenue by Segment

$ Mil	2024	2023	2022	2021
Ultimate Fighting Championship (UFC)	1,292	1,140
World Wrestling Entertainment, Inc. (WWE)	383	0
Consumer Products Licensing			26	30
Live Event			106	98
Media Rights and Content			768	647
Sponsorships			132	116
Total	1,675	1,140	1,032	891

Price Behavior

Price Behavior

Market Price	$207.98
Market Cap ($ Bil)	17.0
First Trading Date	09/12/2023
Distance from 52W High	-4.6%
	50 Days	200 Days
DMA Price	$197.58	$179.37
DMA Trend	up	up
Distance from DMA	5.3%	16.0%
	3M	1YR
Volatility	26.7%	33.2%
Downside Capture	47.97	73.57
Upside Capture	84.67	98.69
Correlation (SPY)	22.5%	46.7%

TKO Betas & Captures as of 12/31/2025

	1M	2M	3M	6M	1Y	3Y
Beta	0.32	0.88	0.51	0.64	0.81	-0.14
Up Beta	-3.08	-0.42	-0.21	0.14	0.58	0.23
Down Beta	-1.45	0.80	0.15	0.50	0.99	0.04
Up Capture	247%	184%	91%	100%	108%	37%
Bmk +ve Days	11	23	37	72	143	431
Stock +ve Days	14	27	37	71	144	313
Down Capture	61%	87%	84%	75%	85%	77%
Bmk -ve Days	11	18	27	55	108	320
Stock -ve Days	8	14	26	54	105	263

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

Based On 1-Year Data

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Based On 5-Year Data

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Based On 10-Year Data

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Short Interest

Short Interest: As Of Date	12312025
Short Interest: Shares Quantity	7,411,011
Short Interest: % Change Since 12152025	-15.5%
Average Daily Volume	1,047,943
Days-to-Cover Short Interest	7.07
Basic Shares Quantity	81,520,538
Short % of Basic Shares	9.1%

Returns Analyses

	Title
0	With TKO Stock Surging, Have You Considered The Downside?

SEC Filings

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Report Date	Filing Date	Filing
09/30/2025	11/05/2025	10-Q (09/30/2025)
06/30/2025	08/06/2025	10-Q (06/30/2025)
03/31/2025	05/08/2025	10-Q (03/31/2025)
12/31/2024	02/26/2025	10-K (12/31/2024)
09/30/2024	11/06/2024	10-Q (09/30/2024)
06/30/2024	08/08/2024	10-Q (06/30/2024)
03/31/2024	05/08/2024	10-Q (03/31/2024)
12/31/2023	02/27/2024	10-K (12/31/2023)
09/30/2023	11/07/2023	10-Q (09/30/2023)
06/30/2023	08/22/2023	424B3 (06/30/2023)
03/31/2023	06/23/2023	S-4/A (03/31/2023)

Insider Activity

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External Quote Links

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6	YCharts	Perplexity Finance
7	FinViz

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TKO (TKO)

Market Price (1/15/2026): $207.9 | Market Cap: $16.9 BilSector: Communication Services | Industry: Movies & Entertainment

TKO (TKO)

Market Price (1/15/2026): $207.9Market Cap: $16.9 BilSector: Communication ServicesIndustry: Movies & Entertainment

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

Valuation, Metrics & Events

TKO Stock

Why The Stock Moved

Qualitative Assessment

Stock Movement Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Return vs. Risk

Price Returns Compared

How Low Can It Go

In The Past

Preserve Wealth

Asset Allocation

About TKO (TKO)

Interactive Breakdown

Better Bets than TKO (TKO)

Latest Trefis Analyses

Trade Ideas

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Top Gainers

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Top Gainers

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Peer Comparisons for TKO

Financials

Growth & Margins

Valuation

Returns

Comparison Analyses

FDIC Bank Data

Bank Capital

Bank Deposits

Bank Assets

Bank Loans

FDA Approved Drugs Data

Financials

Segment Financials

Price Behavior

Based On 1-Year Data

Based On 5-Year Data

Based On 10-Year Data

Short Interest

Returns Analyses

Earnings Returns History

SEC Filings

Insider Activity

Industry Resources

External Quote Links

Market Price (1/15/2026): $207.9 | Market Cap: $16.9 Bil
Sector: Communication Services | Industry: Movies & Entertainment

Market Price (1/15/2026): $207.9
Market Cap: $16.9 Bil
Sector: Communication Services
Industry: Movies & Entertainment