COMP <GO>

WMG vs V // DIVIDEND YIELD & FCF PAYOUT SAFETY

Warner Music Group Corp. (NASDAQ) VS. Visa Inc. (NYSE) • 15-METRIC TALLY: WMG 5 — V 10

▲ DIVIDEND YIELD & FCF PAYOUT SAFETY LEADER: WMG

LAST: $30.62 (+0.49%) • MKT CAP: $15.94B

dividend-safety

2.40%

LAST: $413.59 (+0.74%) • MKT CAP: $733.53B

dividend-safety

0.63%

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

INSTITUTIONAL METRIC	WMG	V	SPREAD (A - B)	ADVANTAGE	DEDICATED URL
Gross Profit Margin	45.80%	41.00%	+4.80	WMG	/gross-margins <GO>
Return on Invested Capital (ROIC)	14.30%	32.30%	-18.00	V	/roic <GO>
EV/EBITDA & P/E Valuation	23.4x	28.9x	-5.50	WMG	/valuation <GO>
Free Cash Flow Yield	3.38%	2.90%	+0.48	WMG	/fcf-yield <GO>
Operating Margin	10.30%	60.00%	-49.70	V	/operating-margins <GO>
Net Profit Margin	5.40%	50.10%	-44.70	V	/net-margins <GO>
Revenue Growth (YoY)	4.40%	11.30%	-6.90	V	/revenue-growth <GO>
Dividend Yield & FCF Payout Safety ACTIVE	2.40%	0.63%	+1.77	WMG	/dividend-safety <GO>
Altman Z-Score & Debt/Equity	1.61	9.09	-7.48	V	/balance-sheet <GO>
Piotroski F-Score Quality	6/9	9/9	-3.00	V	/piotroski-score <GO>
Options Implied Move & Put/Call Skew	6.70%	7.10%	-0.40	WMG	/options-implied-move <GO>
RSI-14 & 200D SMA Momentum	58.8	69.4	-10.61	V	/rsi-technicals <GO>
10Y Yield & FRED Macro Beta	0.95	1.06	-0.11	V	/macro-sensitivity <GO>
Forward P/E Multiple	40.6x	34.0x	+6.60	V	/forward-pe <GO>
Enterprise Scale & Market Cap	$15.94B	$733.53B	-$717.60B	V	/market-cap <GO>

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

FISCAL YEAR	WMG REV	V REV	WMG GROSS %	V GROSS %	WMG FCF	V FCF
FY 2025	$6.71B	$40.00B	45.8%	44.0%	$539.0M	$21.26B
FY 2024	$6.43B	$35.93B	47.8%	44.0%	$638.0M	$18.33B
FY 2023	$6.04B	$32.65B	44.0%	44.0%	$415.3M	$19.29B

FRED MACRO REGIME CORRELATION COMPARISON PEARSON r

WMG // BETA 0.95

V // BETA 1.06