Positive context积极背景
Stocks股票 / Comm. Services / WMG
Warner Music Group · Comm. Services
WMG US listed · USD美股 · 美元
Warner Music Group Corp., commonly abbreviated as WMG, is an American multinational entertainment and record label conglomerate headquartered in New York City.华纳音乐集团股份有限公司，通常缩写为WMG，是一家美国跨国娱乐和唱片公司集团，总部位于纽约市。
Comm. Services
S&P 400标普400中盘
Mixed profile混合特征
$27.14
-$0.15 · -0.55%
52w low52周低 $22.97high高 $35.10
Neutral — no clear edge中性 — 无明显优势
The bottoming setup is not yet confirmed (price still below the 10-day average) and the 3-day/weekly momentum is rolling over — momentum is fading before the…筑底形态尚未确认（价格仍位于 10 日均线下方），且3 日/周线动量已开始掉头向下——动量在形态完成前已开始衰竭。等待价格收复 10 日均线且动量趋于稳定后再考虑建仓。
As of 2026-09-29截至 2026-09-29
Company intelligence公司情报
The latest call, in context把最新财报放回历史脉络
A synthesized event record across management commentary and recorded metrics. Read as context; verify exact wording in the transcript before relying.综合管理层表述与记录指标形成事件档案。仅供参考；使用前请在电话会原文中核对准确措辞。
Live company record实时公司记录
JavaScript loads the source-bounded event record here. Open Terminal if the live module does not start.JavaScript 会在此加载受来源约束的事件记录。如实时模块未启动，请打开终端。
Continue with full transcript history继续查看完整电话会历史 ↗Pressure context压力背景
History mode历史模式
Context only仅供参考 · not a signal or recommendation不构成信号或建议
Narrative claims may await line-level citation; verify in the transcript.叙述性内容可能仍待逐行引用，请在电话会原文中核对。
Price chart价格图表
daily · interactive日线 · 可交互
Open in Terminal打开终端 ↗
Loading chart…图表加载中…
The interactive chart could not load here.互动图表暂时无法在此加载。
Open the live chart in Terminal在终端中打开实时图表 ↗
Candles, volume and moving averages — pan and zoom inside the chart.蜡烛图、成交量与均线 — 图内可缩放拖动。
MMastermind Terminal — live & interactiveMastermind 终端 — 实时互动 ↗
Technicals技术面
daily bars日线数据 · 2026-09-29
Momentum (RSI 14)动量（RSI 14）
44
Neutral zone中性区域
vs 50-day average相对50日均线
-0.6% below下方
Below trend跌破趋势
vs 200-day average相对200日均线
-4.6% below下方
Long trend down长期向下
Volatility波动率
35th percentile第35百分位
These readings feed the stance at the top — one source per number, refreshed nightly.以上读数构成页首的引擎立场 — 每个数字只有一个来源，每晚更新。
Earnings财务业绩
next report下次财报 2026-11-1951
Estimates being cut预期下调
Mixed — beat 2 of last 4 quarters表现不稳 — 近 4 季中 2 季超预期
EPS surprise vs consensus, last quarters每股收益相对预期的超预期幅度（近几个季度） · average平均 5.8%
Financials财务数据
fiscal years财年Revenue营业收入
$6.7B2025
20202025
5-yr growth5年复合增速 8.5%
Free cash flow自由现金流
$539.0M2025
20202025
Operating margin营业利润率
10.3%
Net margin净利率
5.4%
FCF margin自由现金流利润率
10.1%
Balance-sheet quality财务体质 4/8
Return on equity股本回报率 51%
Clean稳健
Leverage杠杆
Net debt / EBITDA净债务/EBITDA3.30
Current ratio流动比率0.66
Capital allocation资本配置
Buybacks (TTM)回购（TTM）$16.0M
Stock-based comp股权薪酬$54.0M
Debt coming due到期债务
SEC filingsSEC 文件Debt schedule not loaded yet.到期债务尚未加载。
This panel is still catching up to the SEC filings for this listing. Check back soon — nothing is being estimated in its place.本面板仍在同步该证券的 SEC 文件，请稍后再查看；此处不作任何估算替代。
A cash-flow scenario is unavailable until the filing inputs are verified.报告数据核实前，现金流情景暂不可用。
Capital-need coverage is not available for this issuer yet.该发行人的资本需求覆盖信息暂不可用。
Reported facts remain separate from the cash-flow scenario until identity and filing provenance are confirmed.在确认身份与报告来源之前，已披露事实与现金流情景保持分离。
Research context only — reported figures from SEC filings, not a rating, a signal or investment advice.仅供研究参考 — 数据摘自 SEC 文件披露口径，不构成评级、信号或投资建议。
Why is it moving为何波动
6 checks · nightly六项检查 · 每晚
Macro宏观
Rate risk runs through its market / growth beta, not a distinct duration leg.其利率风险通过市场／成长beta体现，并无独立的久期暴露。
Positioning持仓
Quiet — no confirmed driver平静 — 无明确驱动
Technical技术面
WMG daily MACD crossed downWMG 日线MACD下穿
Signal history信号历史
engine events引擎事件
UPTREND → BOTTOMING上涨趋势 → 筑底中
BUY SETUP. Buyers rejected the 2026-08-21 low (swing low printed) but price hasn't reclaimed its 10-day average — first box ticked, not all. Last cycle was left-translated (topped early) — a bearish structural tell买入预备。买方拒绝了 2026-08-21 的低点（摆动低点已现），但价格尚未收复 10 日均线——第一项条件达成，并非全部。 上一周期为左移结构（见顶偏早）——属于看空的结构性信号
Sep 17, 2026
WMG daily MACD crossed downWMG 日线MACD下穿
The daily MACD histogram turned negative — fast and noisy, context rather than a standalone trigger. $27.95.日线MACD柱状图转负 — 快速且嘈杂，仅作背景。$27.95。
Sep 16, 2026
WMG lost its 200-day averageWMG 跌破200日均线
Price closed below the 200-day moving average — the classic bear dividing line. $28.30.收盘跌破200日均线 — 经典的空头分界线。$28.30。
Sep 14, 2026
WMG reclaimed its 200-day averageWMG 收复200日均线
Price closed back above the 200-day moving average — the classic bull dividing line. $29.25.收盘重回200日均线 — 经典的多头分界线。$29.25。
Sep 14, 2026
WMG StochRSI turned up from oversoldWMG StochRSI自超卖区上行
StochRSI popped back above 20 — the earliest oscillator heads-up that downside momentum is easing. $29.25.StochRSI重回20上方 — 下行动量趋缓的最早预警。$29.25。
Sep 11, 2026
BOTTOMING → UPTREND筑底中 → 上涨趋势
HOLD持有
Sep 11, 2026
WMG weekly MACD crossed upWMG 周线MACD上穿
The weekly MACD histogram turned positive — the slower, less-whippy momentum read.周线MACD柱状图转正 — 更慢、更少来回的动量信号。
Sep 8, 2026
NEARING A HIGH → BOTTOMING接近高点 → 筑底中
BUY SETUP买入预备
Sep 8, 2026
WMG lost its 200-day averageWMG 跌破200日均线
Price closed below the 200-day moving average — the classic bear dividing line. $28.03.收盘跌破200日均线 — 经典的空头分界线。$28.03。
Sep 4, 2026
BOTTOMING → NEARING A HIGH筑底中 → 接近高点
TAKE PROFITS止盈
Sep 3, 2026
WMG reclaimed its 200-day averageWMG 收复200日均线
Price closed back above the 200-day moving average — the classic bull dividing line. $29.55.收盘重回200日均线 — 经典的多头分界线。$29.55。
Showing the last 15 of显示最近15条，共 278 signals条信号
Company profile公司档案
Warner Music Group Corp., commonly abbreviated as WMG, is an American multinational entertainment and record label conglomerate headquartered in New York City.华纳音乐集团股份有限公司，通常缩写为WMG，是一家美国跨国娱乐和唱片公司集团，总部位于纽约市。
Style DNA — how it trades vs the market风格基因 — 相对市场的交易特征
Quality质量
Below market低于市场
Investment资本投入
Below market低于市场
Low volatility低波动
Below market低于市场
Low market beta低市场敏感度
Below market低于市场
Earnings quality盈利质量
Below market低于市场
Short interest空头兴趣
Below market低于市场
Watch items — what could change the story关注项 — 可能改变故事的因素
- Margin compression despite revenue growth
- Capital intensity rising
The whole US universe — S&P 1500 and Russell 2000 — read nightly.覆盖标普1500与罗素2000全部成分股 — 每晚更新解读。
Signals, options positioning, smart-money moves and factor DNA — the same engine that wrote this page covers 2,700+ US stocks.信号、期权持仓、聪明钱动向与因子基因 — 撰写本页的引擎覆盖2700多只美股。
Statistics — full detail统计数据 — 完整明细
Relative strength相对强度
vs market, 1 month相对大盘（1个月）
15/100 — weaker than most弱于多数
vs market, 3 months相对大盘（3个月）
64/100 — middle of the pack居中
vs market, 6 months相对大盘（6个月）
60/100 — middle of the pack居中
vs market, 12 months相对大盘（12个月）
21/100 — weaker than most弱于多数
Rank in sector行业内排名
#38 / 54
0–100 percentile of total return vs all covered stocks.总回报在全部覆盖股票中的百分位（0–100）。
Price history价格历史
| Period周期 | This stock本股 | S&P 500标普500 |
|---|---|---|
| 1 Week近1周 | -3.1% | +1.3% |
| 1 Month近1月 | -2.8% | +0.9% |
| 3 Months近3月 | +0.7% | +6.1% |
| 6 Months近6月 | +14.8% | +22.3% |
| Year to date年初至今 | -9.8% | +13.8% |
| 1 Year近1年 | -17.0% | +18.5% |
| 3 Years近3年 | -7.1% | +87.8% |
Trading information交易信息
Beta vs market贝塔
0.48
Volatility rank波动率分位
35th pctile
Off 52-week high距52周高点
-21.5%
Research context only — refreshed nightly. Not investment advice.仅供研究参考 — 每晚更新，不构成投资建议。
Financials — full detail财务数据 — 完整明细
Multi-year record多年财务记录
| 20202020 | 20212021 | 20222022 | 20232023 | 20242024 | 20252025 | |
|---|---|---|---|---|---|---|
| Revenue营业收入 | $4.5B | $5.3B | $5.9B | $6.0B | $6.4B | $6.7B |
| EPS每股收益 | — | — | — | — | — | — |
| Free cash flow自由现金流 | $378M | $545M | $607M | $560M | $638M | $539M |
| Gross margin毛利率 | 47.7% | 48.3% | 48.0% | 47.4% | 47.8% | 45.8% |
| Net margin净利率 | -10.6% | 5.7% | 9.3% | 7.1% | 6.8% | 5.4% |
| FCF margin自由现金流利润率 | 8.5% | 10.3% | 10.3% | 9.3% | 9.9% | 8.0% |
Latest fiscal year最近财年
Revenue (FY)营业收入（财年）
$6.7B
Net income净利润
$365M
Operating cash flow经营现金流
$678M
Total assets总资产
$10.0B
Shareholder equity股东权益
$720M
Long-term debt长期负债
$4.1B
Buybacks股票回购
$16M
Returns & growth回报与增长
Return on equity股本回报率
50.7%
Return on assets资产回报率
3.6%
Debt / assets负债/资产
40.6%
Profit growth利润增速
-16.1%
Asset growth资产增速
+9.5%
Accounting quality checks会计质量检查
- Earnings quality: accruals trending up over 6 fiscal years — earnings increasingly not cash-backed盈利质量：应计利润在 6 个财年间走高——盈利的现金支撑减弱
- Working capital: working capital roughly in line with sales营运资本：营运资本与销售大致同步
- Pricing power: gross margin −1.9pts over 6 years定价能力：毛利率 6 年下降 1.9 个百分点
- Capital discipline: investment near the peer median资本纪律：投资力度接近同业中位
- Balance sheet: leverage unremarkable资产负债表：杠杆水平一般
Research context only — refreshed nightly. Not investment advice.仅供研究参考 — 每晚更新，不构成投资建议。
Technicals — full detail技术面 — 完整明细
Indicator readings指标读数
RSI (14-day)RSI（14日）
44
RSI (2-day)RSI（2日）
20
vs 20-day average相对20日均线
-3.5%
vs 50-day average相对50日均线
-0.6%
vs 200-day average相对200日均线
-4.6%
Golden cross (50>200)金叉（50>200）
not in effect未生效
MACDMACD
below signal位于信号线下方
Timeframe alignment多周期共振
Daily日线
momentum down动能向下
3-day3日线
momentum up动能向上
Weekly周线
momentum up — fresh upturn动能向上——刚刚转强
When daily through monthly point the same way, moves carry further.当日线到月线方向一致时，行情往往更有延续性。
Volatility regime波动状态
Range width percentile波幅宽度分位
19/100
Research context only — refreshed nightly. Not investment advice.仅供研究参考 — 每晚更新，不构成投资建议。
Earnings — full detail财务业绩 — 完整明细
Surprise history超预期历史
| Quarter季度 | Reported实际 | Expected预期 | Surprise超预期 |
|---|---|---|---|
| Jun 2026 | $0.51 | $0.38 | +34.2% |
| Mar 2026 | $0.44 | $0.30 | +46.7% |
| Dec 2025 | $0.33 | $0.40 | -17.5% |
| Sep 2025 | $0.21 | $0.35 | -40.0% |
Estimate revisions预期修正
Analysts covering覆盖分析师
3
Estimate direction预期调整方向
mostly cutting多数下调
Estimate change, 90 days预期变化（90天）
+0.6%
Net upgrades, 30 days净上调（30天）
+1
Research context only — refreshed nightly. Not investment advice.仅供研究参考 — 每晚更新，不构成投资建议。
Ownership — full detail持仓 — 完整明细
Insiders & shorts内部人与空头
Days to cover回补天数
5.4
Short interest change空头变化
-7.3%
Research context only — refreshed nightly. Not investment advice.仅供研究参考 — 每晚更新，不构成投资建议。
Seasonality — full detail季节性 — 完整明细
Strongest month最强月份
Aug · 75%
Weakest month最弱月份
Mar · 0%
Month by month逐月统计
| Month月份 | Closed higher收涨占比 | Median move中位涨跌 | Years年数 |
|---|---|---|---|
| Jan1月 | 67% | +2.2% | 3 |
| Feb2月 | 33% | -3.2% | 3 |
| Mar3月 | 0% | -7.0% | 3 |
| Apr4月 | 67% | +0.5% | 3 |
| May5月 | 33% | -9.0% | 3 |
| Jun6月 | 67% | +3.2% | 3 |
| Jul7月 | 33% | -1.7% | 3 |
| Aug8月 | 75% | +9.5% | 4 |
| Sep9月 | 50% | +2.2% | 4 |
| Oct10月 | 33% | -0.1% | 3 |
| Nov11月 | 67% | +2.7% | 3 |
| Dec12月 | 67% | +8.0% | 3 |
History is a tendency, not a promise — small samples wobble.历史规律只是倾向而非保证 — 样本少时波动大。
Research context only — refreshed nightly. Not investment advice.仅供研究参考 — 每晚更新，不构成投资建议。