COMP <GO>

TME vs GOOGL // DIVIDEND YIELD & FCF PAYOUT SAFETY

Tencent Music Entertainment Group American (NYSE) VS. Alphabet Inc. (NASDAQ) • 15-METRIC TALLY: TME 3 — GOOGL 12

▲ DIVIDEND YIELD & FCF PAYOUT SAFETY LEADER: GOOGL

LAST: $8.41 (+0.48%) • MKT CAP: $13.17B

dividend-safety

0.00%

LAST: $279.84 (-1.40%) • MKT CAP: $3.42T

dividend-safety

0.31%

15-METRIC INSTITUTIONAL SIDE-BY-SIDE SCORECARD (TME VS. GOOGL) EMERALD CELL = QUANTITATIVE EDGE

INSTITUTIONAL METRIC	TME	GOOGL	SPREAD (A - B)	ADVANTAGE	DEDICATED URL
Gross Profit Margin	41.00%	60.86%	-19.86	GOOGL	/gross-margins <GO>
Return on Invested Capital (ROIC)	9.90%	16.59%	-6.69	GOOGL	/roic <GO>
EV/EBITDA & P/E Valuation	21.0x	19.9x	+1.07	GOOGL	/valuation <GO>
Free Cash Flow Yield	2.21%	0.58%	+1.63	TME	/fcf-yield <GO>
Operating Margin	13.90%	33.32%	-19.42	GOOGL	/operating-margins <GO>
Net Profit Margin	10.90%	50.03%	-39.13	GOOGL	/net-margins <GO>
Revenue Growth (YoY)	1.10%	22.21%	-21.11	GOOGL	/revenue-growth <GO>
Dividend Yield & FCF Payout Safety ACTIVE	0.00%	0.31%	-0.31	GOOGL	/dividend-safety <GO>
Altman Z-Score & Debt/Equity	3.74	8.30	-4.56	GOOGL	/balance-sheet <GO>
Piotroski F-Score Quality	7/9	6/9	+1.00	TME	/piotroski-score <GO>
Options Implied Move & Put/Call Skew	7.00%	6.49%	+0.51	GOOGL	/options-implied-move <GO>
RSI-14 & 200D SMA Momentum	51.4	21.4	+30.03	TME	/rsi-technicals <GO>
10Y Yield & FRED Macro Beta	1.04	1.22	-0.18	GOOGL	/macro-sensitivity <GO>
Forward P/E Multiple	30.5x	21.4x	+9.11	GOOGL	/forward-pe <GO>
Enterprise Scale & Market Cap	$13.17B	$3.42T	-$3.41T	GOOGL	/market-cap <GO>

5-YEAR HISTORICAL XBRL REVENUE & MARGIN TRAJECTORY SEC FORM 10-K FY

FISCAL YEAR	TME REV	GOOGL REV	TME GROSS %	GOOGL GROSS %	TME FCF	GOOGL FCF
FY 2025	—	$402.84B	—	59.6%	—	$73.27B
FY 2024	—	$350.02B	—	58.2%	—	$72.76B
FY 2023	—	$307.39B	—	56.6%	—	$69.50B
FY 2022	—	$282.84B	—	55.4%	—	$60.01B
FY 2021	—	$257.64B	—	56.9%	—	$67.01B

FRED MACRO REGIME CORRELATION COMPARISON PEARSON r

TME // BETA 1.04

GOOGL // BETA 1.22