	Dec'16	Dec'17	Dec'18	Dec'19	Dec'20	Dec'21	Dec'22	Dec'23
Revenue % growth	656.9 0.0%	1,624.9 147.4%	2,873.4 76.8%	3,682.3 28.1%	4,226.8 14.8%	4,842.4 14.6%	4,218.7 (12.9%)	3,921.0 (7.1%)
Cost of Goods Sold (COGS)	471.3	1,061.1	1,772.0	2,426.6	2,878.1	3,384.9	2,912.7	2,537.1
Gross Profit % margin	185.6 28.3%	563.8 34.7%	1,101.4 38.3%	1,255.7 34.1%	1,348.7 31.9%	1,457.5 30.1%	1,306.0 31.0%	1,383.9 35.3%
Operating Expenses	171.6	355.7	601.2	686.8	808.5	1,036.4	827.2	527.9
Research & Development Expenses (R&D)	67.6	117.9	141.8	167.8	241.7	362.5	384.1	0.0
Selling, General & Administrative Expenses (SG&A)	172.9	360.2	601.2	686.8	808.5	1,036.4	827.2	709.0
Operating Income % margin	15.5 2.4%	235.7 14.5%	308.6 10.7%	669.2 18.2%	682.9 16.2%	426.5 8.8%	661.4 15.7%	856.1 21.8%
Interest Income	4.8	13.8	42.7	89.0	90.2	82.1	105.8	148.6
Interest Expense	0.0	0.0	5.3	9.3	14.1	18.8	16.1	17.5
Pre-tax Income	17.2	236.3	303.2	657.3	671.6	562.9	651.0	854.1
Income Tax % effective tax rate	4.4 25.4%	41.1 17.4%	25.9 8.5%	81.5 12.4%	66.1 9.8%	64.6 11.5%	79.5 12.2%	116.6 13.6%
Net Income % margin	12.4 1.9%	196.2 12.1%	277.4 9.7%	576.5 15.7%	602.4 14.3%	469.5 9.7%	547.4 13.0%	695.1 17.7%
EPS	0.01	0.12	0.18	0.35	0.36	0.28	0.17	0.44
Diluted EPS	0.01	0.12	0.18	0.34	0.36	0.28	0.17	0.44
EBITDA % margin	49.6 7.5%	292.4 18.0%	364.3 12.7%	751.5 20.4%	805.4 19.1%	736.7 15.2%	840.8 19.9%	1,013.5 25.8%

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FAQ

1) What is Tencent Music Entertainment Group's Rule of 40 (EBIT margin)?

As of today, Microsoft Corp's last 12-month Rule of 40 (EBIT margin) is 33.0%, based on the financial report for Dec 31, 2024 (Q4’2024). The average annual Rule of 40 (EBIT margin) for Tencent Music Entertainment Group have been 18.2% over the past three years, and 25.4% over the past five years.

2) Is Tencent Music Entertainment Group's Rule of 40 (EBIT margin) Good?

As of today, Tencent Music Entertainment Group's Rule of 40 (EBIT margin) is 33.0%, which is higher than industry median of (6.3%). It indicates that Tencent Music Entertainment Group's Rule of 40 (EBIT margin) is Good.

3) How does Tencent Music Entertainment Group's Rule of 40 (EBIT margin) compare to its peers?

As of today, Tencent Music Entertainment Group's Rule of 40 (EBIT margin) is 33.0%, which is higher than peer median of 21.2%. The list of peers includes META, GOOG, SPOT, PINS, DASH, RDDT, BIDU, TWLO, Z, SNAP.