TKO Group Holdings, Inc. (TKO) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+267.5%

$676.32

vs $184.05 price

Levered DCF

$1,027.63

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

1.47

Distress zone

Rating

B-

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	86.36×	1,184.25×	-189.72×	14.7×	21.27×	22.56×	65.53×	58.38×
P/B	4.52×	2.83×	1.64×	10.02×	3.29×	10.41×	18.41×	18.32×
P/S	3.57×	4.12×	4.03×	5×	3.75×	4.1×	5.28×	6.23×
EV / EBITDA	15.39×	18.3×	13.73×	13.76×	19.04×	13.62×	27.24×	30.48×
Gross margin	49.6%	53.9%	59.4%	66.2%	40.7%	39.2%	30.0%	31.8%
Operating margin	20.3%	27.6%	35.0%	47.8%	23.4%	21.4%	12.1%	12.3%
Net margin	4.1%	0.3%	-2.1%	34.0%	16.2%	13.5%	8.0%	10.7%
Current ratio	1.26×	1.3×	1.04×	1.17×	5.06×	1.46×	1.17×	1.33×
Debt / equity	1.09×	0.74×	0.74×	4.89×	2.28×	1.87×	2.1×	0.68×
Interest coverage	4.74×	3.11×	2.45×	3.91×	7.62×	5.86×	4.46×	7.43×
Dividend yield	3.8%	0.0%	5.0%	19.2%	6.6%	7.8%	0.7%	0.6%
Payout ratio	327.9%	0.0%	-963.8%	283.0%	151.7%	237.0%	48.6%	37.4%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	5.2%	0.2%	-0.9%	68.1%	14.2%	34.3%	28.0%	31.5%
Return on invested capital	6.2%	1.3%	4.1%	15.6%	4.8%	14.2%	10.8%	20.1%
Return on assets	1.3%	0.1%	-0.3%	10.8%	4.1%	10.0%	7.6%	14.1%
Free cash flow yield	6.9%	4.0%	2.6%	8.6%	10.5%	8.2%	1.0%	2.7%
Earnings yield	1.2%	0.1%	-0.5%	6.8%	4.3%	3.3%	1.5%	1.7%
Enterprise value	$20.1B	$14.1B	$9.5B	$8.3B	$6.1B	$4.3B	$5.6B	$5.8B
Net debt / EBITDA	2.47×	3.26×	4.01×	4.32×	6.19×	0.83×	2.39×	0.24×
Cash conversion cycle (days)	13	20	9	-1	13	20	47	28