FWONK vs TKO: Which Is the Better Buy in 2026?

Same yardstick, side by side (as of August 2026). Valuation lined up like this is most meaningful for two names in the same corner of the market, which these are. Figures are approximate; verify before investing.

Reading it: TKO is the cheaper of the two on forward earnings, but cheaper is not the same as better. Pair the valuation with growth (how far the forward P/E sits below the trailing P/E) and risk (beta) before you decide.

The metrics above tell you which is the marginally better business. The bigger risk for most people is not picking the slightly worse stock, it is over-concentrating. FWONK and TKO share themes, so owning both, or adding either to what you already hold, can quietly push a large share of your portfolio into one bet.

This is the part a generic comparison page cannot answer, because it depends on what you own. Connect your brokerage and Walnut shows your real, combined FWONK and TKO exposure, flags overlap with your existing positions, and tells you if adding one would tip you past a concentration you are comfortable with, read-only by default, with your login staying at your broker. Walnut is not an investment adviser.

The Formula One Group owns the commercial rights to Formula 1, which means it does not own the teams and does not build cars. It sells the sport. Revenue comes from three main lines: race promotion fees paid by circuits and their government backers for the right to host a Grand Prix, media rights sold to broadcasters and streamers territory by territory, and sponsorship from global brands that want the paddock's audience. Under the Concorde Agreement, a large share of the resulting profit is paid out to the ten (now eleven) competing teams before anything reaches shareholders, so the reported OIBDA is what survives that split. In July 2025 Liberty completed the purchase of Dorna Sports, the commercial rights holder of MotoGP, giving the group a second racing property with the same basic economic shape. Quint, the hospitality business, left the group with the Liberty Live split-off in December 2025, and MotoGP hospitality revenue is now recognised on a net basis as a result.

Full FWONK guide

TKO Group Holdings owns two of the most recognizable combat-sports and entertainment brands in the world, the Ultimate Fighting Championship (UFC) and World Wrestling Entertainment (WWE), and after a February 2025 transaction also owns IMG, On Location, and Professional Bull Riders (PBR). The company makes money primarily from media rights (multi-year deals to broadcast and stream its events), live event ticketing and site fees, sponsorship, licensing, and hospitality. The headline example is the roughly $7.7 billion, seven-year UFC media-rights agreement with Paramount that begins in 2026, moving UFC's numbered events onto Paramount+ and away from the traditional pay-per-view model; across all brands TKO says it has more than $15 billion of long-term media rights secured.

Full TKO guide

Both fit overlapping themes, but they are not interchangeable. The useful comparison is which set of drivers and risks you want exposure to.

• FWONK drivers: Contracted rights with long visibility; The US media reset under Apple.
• TKO drivers: Media-rights repricing; Scarce, must-watch live IP.

A faster-growing, richer-valued name usually swings harder, so it suits a longer horizon and a higher tolerance for volatility; a steadier, more cash-generative business suits a more conservative or income-minded investor. The honest test is which set of risks you could hold through a drawdown: Team payments under the Concorde Agreement scale with the sport's profitability, which caps how much of any revenue increase reaches shareholders. For TKO, tKO's value is concentrated in a small number of large rights deals, so any renewal at lower-than-expected terms, or a slip in audience engagement, would matter a lot.

Growth-minded investors who believe the theme has years to run tend to accept the richer multiple for more upside; value-minded investors lean toward the cheaper forward earnings and steadier profile. Pick FWONK if you believe its drivers more; TKO if you believe its. Many investors hold both, but since they share themes, that is a concentrated bet, not diversification. Decide deliberately and check overlap. For the full detail, see the FWONK and TKO guides.

FWONK. At roughly $26.05 billion of market value on roughly $4.02 billion of trailing revenue, FWONK trades near 6.5 times sales, and adding attributed net debt across Formula 1 and MotoGP puts enterprise value closer to $29 billion. Conventional earnings multiples are not useful here: reported operating income was about $73 million for Formula 1 in the second quarter of 2026 purely because four fewer races landed in the period. Comparing full seasons rather than quarters, and watching Adjusted OIBDA after team payments rather than revenue, is the only way the numbers stay legible.

TKO. Figures are approximate and tied to the asOf date; verify current numbers before acting. TKO reported full-year 2025 revenue of about $4.74 billion and adjusted EBITDA near $1.585 billion, and guided to roughly $5.7 billion of revenue and $2.2 to 2.3 billion of adjusted EBITDA for 2026. The high P/E reflects amortization and acquisition accounting weighing on reported net income, which is why many investors watch EV/EBITDA and the contracted rights backlog instead.

Headline figures (approximate, August 2026): FWONK shows revenue (ttm) ~$4.02 billion, market capitalisation ~$26.05 billion, share price ~$103.90, formula 1 revenue (q2 2026) ~$764 million, down ~38% on four fewer races; TKO shows revenue (fy2025) ~$4.74 billion, adjusted ebitda (fy2025) ~$1.585 billion (up ~47% YoY), adjusted ebitda margin ~33.5%, net income (fy2025) ~$546 million.

FWONK and TKO are related but distinct: same themes, different businesses and risks. Neither wins in the abstract; the right pick is whichever thesis you actually believe, sized so you are not over-concentrated in one theme. Walnut can show your combined FWONK and TKO exposure against your real portfolio. It is not an investment adviser.