SiriusXM
SiriusXM's revenue fell 1.6% to $8.6 billion in fiscal 2025. Its operating margin was 17.2%, up from −17.4% a year earlier. Free cash flow was $1.2 billion, up 22.9%. It paid out $501 million in dividends and buybacks, 40% of free cash flow. The diluted share count rose 5.6%.
Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.
What SiriusXM does
SiriusXM is an audio entertainment company in North America. It has two businesses. The SiriusXM business sells subscriptions to music, sports, entertainment, comedy, talk and news channels, podcasts and infotainment, including its satellite radio service. The Pandora and Off-platform business runs the Pandora music streaming service, which has an ad-supported tier and a premium tier, plus the SiriusXM Podcast Network and advertising technology such as AdsWizz.
SiriusXM's main revenue is subscription fees, with most customers on monthly or annual plans. It also earns money from advertising on some channels, selling radios and accessories, and connected vehicle services for several automakers. As of December 31, 2025, it had approximately 32.9 million subscribers in the U.S. Pandora earns a majority of its revenue from advertisers on its ad-supported service and other platforms. The company says it reached a combined monthly audience of approximately 170 million listeners.
A large share of subscription growth has come from buyers and lessees of new and used cars. In December 2024 the company adopted an updated strategic plan focused on its core subscription business, advertising, efficiency and free cash flow. The company became independent of Liberty Media through a split-off and merger completed on September 9, 2024.
Its biggest risks, as it describes them
- Substantial competition that has increased over time, and changing listener habits and technology.
- A decline in SiriusXM subscribers, including fewer new car buyers converting trial subscriptions to paid ones.
- Its reliance on new and used car sales in the United States for subscription growth.
- Pandora's dependence on advertisers that have no long-term commitments and can end their contracts at any time.
- Difficulty earning money from podcasts and other non-music content.
Charts show fiscal years, from the 10-K filings.
Revenue and margins
Net income and earnings per share
From fiscal 2016 to 2025, earnings per share grew 35.0% a year and net income 0.9% a year, as buybacks cut the share count by 93%.
Returns on capital
Cash flow
Payouts and share count
Valuation
Two ways to value SiriusXM yourself, both starting from its filings: a discounted cash flow model and the price-to-earnings method.
Discounted cash flow (DCF)
A discounted cash flow (DCF) model values a business as the cash it may generate in future, discounted back to today. The starting figures come from SiriusXM's 10-K (or, for net cash and shares, its latest 10-Q) and the assumptions are yours: start from one of three example scenarios, then change any figure to see what it implies for a share, and how that compares with the last share price.
Value per share on three example scenarios, from SiriusXM's cash from operations minus depreciation in fiscal 2025 (free cash flow before spending to grow: capital spending was 1.5 times depreciation, which holds its free cash flow down) of $1.5B, net cash of −$9.6B at December 31, 2025 and 357 million diluted shares, from its filings. The scenarios are fitted to SiriusXM: the base scenario's growth in years 1 to 5 is its revenue growth over the last 3 years, -1.7% a year, kept between 0% and 20%; the cautious and optimistic ones are lower and higher, and growth in years 6 to 10 is halfway to the long-run rate. The base scenario's discount rate is 11%: 9% for a business of moderate risk (Broadcasting), plus 1 point as a smaller company, worth $9.4B, plus 1 point for unsteady results (a loss in fiscal 2024); the cautious and optimistic ones use a point more and a point less. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.
- Last close, October 26, 2026
- $27.41
- Value on these assumptions, against the last close
- —
- Cash flows in years 1 to 10, valued today
- —
- Everything after year 10, valued today
- —
- Plus net cash
- —
- Share of value from after year 10
How the value changes with two assumptions
Price-to-earnings (P/E) method
Another common way to value a company is to multiply its earnings per share by a price-to-earnings (P/E) multiple: the number of years of today's earnings an investor pays for a share. A higher multiple usually means investors expect earnings to grow. Choose a multiple, for example from similar companies, to see the value it gives.
Value per share on three example scenarios, from SiriusXM's earnings per share of $2.50 (over the last four quarters). Each grows earnings for a year at the cash flow scenarios' rates and applies a multiple to next year's earnings: 17.7×, the middle of SiriusXM's own P/E today, its peers' median and its sector's median (the Communication Services median) for the base scenario, 20% less and more for the cautious and optimistic ones. The price is brought back a year at 12%, 11% and 10%. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.
- Last close, October 26, 2026
- $27.41
- Value at this multiple, against the last close
- —
- SiriusXM's P/E at the last close
- 11.0×
| Company | Last close | Earnings per share | P/E today |
|---|---|---|---|
| Nexstar Media GroupNXST | $164.75 | $5.27 | 31.3× |
| NewsNWSA | $30.59 | $1.03 | 29.7× |
| FoxFOXA | $65.33 | $3.84 | 17.0× |
| SiriusXMSIRI | $27.41 | $2.50 | 11.0× |
Balance sheet
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | 191 | 362 | 306 | 162 | 94 |
| Debt incl. finance leases | 8,845 | 9,463 | 11,161 | 10,391 | 9,717 |
| Net debt (negative means net cash) | 8,654 | 9,101 | 10,855 | 10,229 | 9,623 |
| Net debt to EBITDA | 3.6x | 3.9x | 4.9x | — | 5.1x |
| Debt to equity | — | — | 1.1x | 0.9x | 0.8x |
| Interest coverage | 4.9x | 4.5x | 4.3x | −3.1x | 3.2x |
| Current ratio | 0.4x | 0.3x | 0.3x | 0.4x | 0.3x |
| Quick ratio | 0.4x | 0.3x | 0.3x | 0.4x | 0.3x |
Insider trades
Over the 12 months between October 27, 2025 and October 26, 2026, no insider bought SiriusXM shares on the open market, and 3 insiders sold $1.3 million, $161,074 of it under trading plans set up in advance.
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Aug 6, 2026 | Jonelle ProcopeDirector | Sold | 16,672 | $29.97 | $499,660 | Form 4 |
| May 29, 2026 | Kristina SalenDirector | Sold plan | 4,097 | $29.57 | $121,148 | Form 4 |
| May 27, 2026 | Scott Andrew GreensteinPres. & Chief Content Officer | Sold | 20,744 | $29.83 | $618,794 | Form 4 |
| Nov 3, 2025 | Kristina SalenDirector | Sold plan | 1,845 | $21.64 | $39,926 | Form 4 |
Piotroski F-score
The F-score counts how many of nine simple tests of profitability, funding and efficiency a company passed in a year (Piotroski, 2000). The more tests passed, the stronger the year: 8 or 9 is strong, 0 to 2 weak. Companies that report no gross profit are scored on the other eight.
| Test | FY23 | FY24 | FY25 |
|---|---|---|---|
| Net income is positive | Pass | Fail | Pass |
| Cash from operations is positive | Pass | Pass | Pass |
| Return on assets rose | Fail | Fail | Pass |
| Cash from operations exceeds net income | Pass | Pass | Pass |
| Debt fell relative to assets | Pass | Pass | Pass |
| Current ratio rose | Fail | Pass | Fail |
| Share count didn't rise | Pass | Pass | Fail |
| Gross margin rose | Fail | Fail | Fail |
| Revenue rose relative to assets | Pass | Fail | Pass |
| F-score | 6 of 9 | 5 of 9 | 6 of 9 |
| Accruals ratio | −5.2% | −11.8% | −4.0% |
Compare
Put SiriusXM side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.
Similar companies
| Company | Year | Revenue growth | Operating margin | Free cash flow margin | Return on capital | Net debt to EBITDA | F-score | Compare |
|---|---|---|---|---|---|---|---|---|
| SiriusXM | FY25 | −1.6% | 17.2% | 14.6% | 5.3% | 5.1x | 6 | |
| Nexstar Media Group | FY25 | −8.5% | 17.1% | 15.0% | 5.6% | 4.6x | 5 | Compare |
| Fox | FY26 | 5.1% | — | 8.6% | 14.8% | 0.8x | 6 | Compare |
| Warner Bros. Discovery | FY25 | −5.2% | 2.0% | 8.3% | 0.6% | 4.5x | 7 | Compare |
| News | FY26 | 6.8% | — | 9.0% | 8.9% | −0.1x | 5 | Compare |
10 years of figures
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | 5,017 | 5,425 | 5,771 | 7,794 | 8,040 | 8,696 | 9,003 | 8,953 | 8,699 | 8,558 |
| Revenue growth | 9.8% | 8.1% | 6.4% | 35.0% | 3.2% | 8.2% | 3.5% | −0.6% | −2.8% | −1.6% |
| Gross profit | 4,976 | 5,390 | — | 4,411 | 4,505 | 4,773 | 4,919 | 4,789 | 4,616 | 4,488 |
| Research and development | 82 | 112 | 123 | 280 | 263 | 265 | 285 | 322 | 296 | 263 |
| Operating income | 1,432 | 1,641 | 1,727 | 1,647 | 858 | 2,015 | 1,919 | 1,808 | −1,517 | 1,471 |
| Net income | 746 | 648 | 1,176 | 914 | 131 | 1,314 | 908 | 786 | −1,665 | 805 |
| Diluted EPS (US$) | 0.15 | 0.14 | 0.26 | 0.20 | 0.03 | 0.32 | 2.96 | 2.77 | −6.14 | 2.23 |
| Diluted shares (millions) | 4,965 | 4,724 | 4,561 | 4,616 | 4,429 | 4,143 | 368 | 362 | 338 | 357 |
| Cash flow | ||||||||||
| Cash from operations | 1,719 | 1,856 | 1,880 | 2,017 | 2,018 | 1,998 | 1,981 | 1,829 | 1,741 | 1,898 |
| Capital expenditure | 206 | 288 | 355 | 363 | 350 | 388 | 426 | 650 | 728 | 653 |
| Free cash flow | 1,513 | 1,568 | 1,525 | 1,654 | 1,668 | 1,610 | 1,555 | 1,179 | 1,013 | 1,245 |
| Dividends paid | 48 | 190 | 201 | 226 | 237 | 268 | 249 | 65 | 143 | 365 |
| Share buybacks | 1,674 | 1,409 | 1,314 | 2,159 | 1,555 | 1,523 | 647 | 274 | 6 | 136 |
| Acquisitions | 0 | 108 | 2 | 313 | 300 | 14 | 136 | 0 | 0 | 0 |
| Stock-based compensation | 109 | 124 | 133 | 250 | 223 | 202 | 209 | 203 | 200 | 179 |
| Balance sheet at fiscal year end | ||||||||||
| Cash and short-term investments | 214 | 69 | 54 | 106 | 71 | 191 | 362 | 306 | 162 | 94 |
| Debt incl. finance leases | 5,856 | 6,755 | 6,895 | 7,853 | 8,509 | 8,845 | 9,463 | 11,161 | 10,391 | 9,717 |
| Total assets | 8,004 | 8,329 | 8,173 | 11,149 | 10,333 | 10,274 | 10,022 | 30,056 | 27,521 | 27,237 |
| Total liabilities | 8,796 | 9,853 | 9,990 | 11,885 | 12,618 | 12,899 | 13,373 | 16,954 | 16,447 | 15,674 |
| Shareholders' equity | −792 | −1,522 | −1,817 | −736 | −2,285 | −2,625 | −3,351 | 10,076 | 11,074 | 11,563 |
| Margins and ratios | ||||||||||
| Gross margin | 99.2% | 99.3% | — | 56.6% | 56.0% | 54.9% | 54.6% | 53.5% | 53.1% | 52.4% |
| Operating margin | 28.5% | 30.2% | 29.9% | 21.1% | 10.7% | 23.2% | 21.3% | 20.2% | −17.4% | 17.2% |
| Net margin | 14.9% | 11.9% | 20.4% | 11.7% | 1.6% | 15.1% | 10.1% | 8.8% | −19.1% | 9.4% |
| Free cash flow margin | 30.2% | 28.9% | 26.4% | 21.2% | 20.8% | 18.5% | 17.3% | 13.2% | 11.7% | 14.6% |
| Return on capital | 19.5% | 16.8% | 28.1% | 20.9% | 6.5% | 12.4% | 6.7% | 6.5% | −5.3% | 5.3% |
| Return on equity | — | — | — | — | — | — | — | 23.4% | −15.7% | 7.1% |
| Return on assets | 9.3% | 7.9% | 14.2% | 9.5% | 1.2% | 12.8% | 8.9% | 3.9% | −5.8% | 2.9% |
| Net debt to EBITDA | 3.4x | 3.5x | 3.4x | 3.9x | 7.0x | 3.6x | 3.9x | 4.9x | — | 5.1x |