US Stock MarketDetailed Quotes

Tencent Music (TME)

Watchlist
  • 8.470
  • -0.130-1.51%
Close May 15 16:00 ET
  • 8.500
  • +0.030+0.35%
Post 20:01 ET
13.33BMarket Cap10.12P/E (TTM)

Earnings

Revenue Breakdown

Business Data

Financial Indicators

Income Statement

Balance Sheet

Cash Flow

Tencent Music (TME) Balance Sheet

Quarterly+Annual
YOY yoy
Hide blank lines yoy
(Q1)Mar 31, 2026
(FY)Dec 31, 2025
(Q4)Dec 31, 2025
(Q3)Sep 30, 2025
(Q2)Jun 30, 2025
(Q1)Mar 31, 2025
(FY)Dec 31, 2024
(Q4)Dec 31, 2024
(Q3)Sep 30, 2024
(Q2)Jun 30, 2024
Assets
Current assets
Cash, cash equivalents and short term investments
0.19%26.74B
-10.63%24.32B
-10.63%24.32B
-21.86%22.32B
-9.58%22.2B
0.25%26.69B
15.58%27.21B
15.58%27.21B
28.52%28.56B
6.79%24.55B
-Cash and cash equivalents
53.19%18.42B
-35.66%8.47B
-35.66%8.47B
10.25%11.26B
-10.22%11B
17.66%12.02B
-2.97%13.16B
-2.97%13.16B
-17.54%10.21B
-5.40%12.25B
-Short-term investments
-43.23%8.33B
12.82%15.85B
12.82%15.85B
-39.71%11.07B
-8.94%11.2B
-10.59%14.67B
40.82%14.05B
40.82%14.05B
86.47%18.35B
22.51%12.3B
Receivables
19.49%3.83B
6.63%5.12B
6.63%5.12B
25.45%3.68B
23.31%3.73B
14.00%3.2B
22.67%4.8B
22.67%4.8B
17.31%2.94B
22.98%3.02B
-Accounts receivable
19.49%3.83B
11.26%3.9B
11.26%3.9B
25.45%3.68B
23.31%3.73B
14.00%3.2B
20.22%3.51B
20.22%3.51B
17.31%2.94B
22.98%3.02B
-Accrued interest receivable
----
-13.93%840M
-13.93%840M
----
----
----
46.33%976M
46.33%976M
----
----
-Taxes receivable
----
27.27%98M
27.27%98M
----
----
----
-38.40%77M
-38.40%77M
----
----
-Related party accounts receivable
----
62.50%78M
62.50%78M
----
----
----
-11.11%48M
-11.11%48M
----
----
-Other receivables
----
4.21%198M
4.21%198M
----
----
----
28.38%190M
28.38%190M
----
----
Inventory
166.67%48M
78.26%41M
78.26%41M
216.67%57M
128.57%32M
63.64%18M
187.50%23M
187.50%23M
260.00%18M
133.33%14M
Prepaid assets
-5.15%4.04B
18.28%2.87B
18.28%2.87B
--3.84B
--4.9B
38.69%4.26B
1.76%2.43B
1.76%2.43B
----
----
Restricted cash
36.36%15M
36.36%15M
36.36%15M
50.00%15M
185.71%20M
-64.52%11M
-64.52%11M
-64.52%11M
0.00%10M
-36.36%7M
Other current assets
----
31.51%96M
31.51%96M
----
----
----
28.07%73M
28.07%73M
-10.13%3B
1.85%3.2B
Total current assets
1.44%34.67B
-6.04%32.46B
-6.04%32.46B
-13.35%29.92B
0.28%30.88B
5.02%34.18B
15.39%34.54B
15.39%34.54B
22.96%34.53B
7.65%30.79B
Non current assets
Net PPE
31.41%1.57B
35.52%1.49B
35.52%1.49B
33.66%1.36B
41.60%1.27B
41.99%1.2B
28.12%1.1B
28.12%1.1B
23.00%1.02B
22.48%899M
-Gross PPE
31.41%1.57B
17.90%1.73B
17.90%1.73B
33.66%1.36B
41.60%1.27B
41.99%1.2B
12.39%1.47B
12.39%1.47B
23.00%1.02B
22.48%899M
-Accumulated depreciation
----
34.23%-244M
34.23%-244M
----
----
----
17.56%-371M
17.56%-371M
----
----
Goodwill and other intangible assets
6.44%25.57B
6.86%25.71B
6.86%25.71B
7.26%25.77B
7.30%25.84B
0.05%24.02B
0.20%24.06B
0.20%24.06B
-0.45%24.03B
-0.40%24.08B
-Goodwill
4.48%20.53B
4.45%20.52B
4.45%20.52B
4.43%20.52B
4.17%20.47B
0.41%19.65B
0.54%19.65B
0.54%19.65B
0.54%19.65B
0.55%19.65B
-Other intangible assets
15.27%5.04B
17.58%5.19B
17.58%5.19B
19.96%5.25B
21.17%5.37B
-1.53%4.37B
-1.25%4.41B
-1.25%4.41B
-4.66%4.38B
-4.40%4.44B
Investments and advances
-2.36%37.09B
40.50%42B
40.50%42B
93.82%46.91B
90.31%49.19B
81.01%37.98B
50.68%29.9B
50.68%29.9B
27.64%24.2B
43.86%25.85B
Related parties assets
----
62.50%78M
62.50%78M
----
----
----
-11.11%48M
-11.11%48M
----
----
Non current deferred assets
36.13%535M
18.01%498M
18.01%498M
38.66%538M
16.80%431M
9.17%393M
19.89%422M
19.89%422M
3.47%388M
7.58%369M
Non current prepaid assets
----
-17.34%267M
-17.34%267M
----
----
----
-24.88%323M
-24.88%323M
----
----
Other non current assets
33.97%418M
-3.92%98M
-3.92%98M
-17.84%373M
-37.23%263M
-28.60%312M
-7.27%102M
-7.27%102M
-21.72%454M
-34.74%419M
Total non current assets
2.00%65.18B
25.34%70.06B
25.34%70.06B
49.64%74.95B
49.17%77B
37.04%63.91B
22.59%55.9B
22.59%55.9B
11.61%50.09B
17.67%51.62B
Total assets
1.80%99.85B
13.35%102.52B
13.35%102.52B
23.94%104.87B
30.91%107.87B
23.88%98.08B
19.74%90.44B
19.74%90.44B
15.98%84.61B
13.72%82.41B
Liabilities
Current liabilities
Payables
-2.80%12.7B
-3.31%8.27B
-3.31%8.27B
6.95%10.84B
6.94%10.82B
43.54%13.06B
28.30%8.56B
28.30%8.56B
15.86%10.13B
13.74%10.12B
-accounts payable
-15.35%6.18B
-8.65%6.28B
-8.65%6.28B
1.47%6.62B
11.87%6.96B
32.82%7.3B
37.42%6.88B
37.42%6.88B
29.17%6.52B
19.19%6.22B
-Total tax payable
16.25%1.06B
23.81%1.37B
23.81%1.37B
15.19%948M
22.27%851M
35.97%911M
43.10%1.11B
43.10%1.11B
67.62%823M
50.98%696M
-Due to related parties current
----
-23.08%90M
-23.08%90M
----
----
----
-76.17%117M
-76.17%117M
----
----
-Other payable
12.48%5.46B
16.63%526M
16.63%526M
17.34%3.27B
-5.97%3.01B
65.33%4.85B
13.60%451M
13.60%451M
-13.05%2.79B
-0.44%3.2B
Current accrued expenses
----
6.70%2.45B
6.70%2.45B
----
----
----
5.51%2.3B
5.51%2.3B
----
----
Current debt and capital lease obligation
-95.08%111M
-94.87%116M
-94.87%116M
-95.29%104M
1,909.82%2.25B
2,225.77%2.26B
1,865.22%2.26B
1,865.22%2.26B
1,853.98%2.21B
-8.20%112M
-Current debt
----
----
----
----
--2.15B
--2.15B
--2.15B
--2.15B
--2.1B
----
-Current capital lease obligation
6.73%111M
9.43%116M
9.43%116M
-4.59%104M
-7.14%104M
7.22%104M
-7.83%106M
-7.83%106M
-3.54%109M
-8.20%112M
Current deferred liabilities
15.15%3.82B
9.08%3.75B
9.08%3.75B
16.27%3.41B
16.12%3.43B
10.77%3.31B
12.59%3.44B
12.59%3.44B
14.72%2.93B
21.68%2.95B
Current liabilities
-10.78%16.62B
-11.85%14.59B
-11.85%14.59B
-6.04%14.35B
25.17%16.5B
52.87%18.63B
37.76%16.55B
37.76%16.55B
33.80%15.27B
15.19%13.18B
Non current liabilities
Long term debt and capital lease obligation
23.88%4.73B
-2.48%3.7B
-2.48%3.7B
1.21%3.76B
-35.93%3.79B
-35.32%3.82B
-36.10%3.79B
-36.10%3.79B
-38.40%3.72B
-1.40%5.92B
-Long term debt
27.33%4.54B
-2.10%3.5B
-2.10%3.5B
1.52%3.53B
-37.28%3.56B
-36.82%3.57B
-36.62%3.57B
-36.62%3.57B
-39.06%3.48B
-1.27%5.67B
-Long term capital lease obligation
-25.10%188M
-8.68%200M
-8.68%200M
-3.40%227M
-4.53%232M
-2.33%251M
-26.26%219M
-26.26%219M
-26.56%235M
-4.33%243M
Non current deferred liabilities
116.51%944M
114.06%807M
114.06%807M
141.56%959M
101.40%866M
32.12%436M
-2.58%377M
-2.58%377M
15.74%397M
37.82%430M
Derivative product liabilities
----
--379M
--379M
----
----
----
--0
--0
----
----
Other non current liabilities
--425M
----
----
--365M
--345M
----
----
----
----
----
Total non current liabilities
43.36%6.1B
17.15%4.88B
17.15%4.88B
23.63%5.09B
-21.19%5B
-31.75%4.26B
-34.05%4.17B
-34.05%4.17B
-35.48%4.11B
0.54%6.35B
Total liabilities
-0.72%22.72B
-6.01%19.47B
-6.01%19.47B
0.25%19.43B
10.10%21.5B
24.23%22.89B
13.00%20.72B
13.00%20.72B
8.97%19.38B
9.98%19.53B
Shareholders'equity
Share capital
0.00%2M
0.00%2M
0.00%2M
0.00%2M
0.00%2M
0.00%2M
0.00%2M
0.00%2M
0.00%2M
0.00%2M
-common stock
0.00%2M
0.00%2M
0.00%2M
0.00%2M
0.00%2M
0.00%2M
0.00%2M
0.00%2M
0.00%2M
0.00%2M
Retained earnings
26.52%28.65B
46.53%29.38B
46.53%29.38B
50.16%27.19B
51.55%25.04B
23.11%22.64B
18.16%20.05B
18.16%20.05B
15.58%18.11B
13.95%16.52B
Paid-in capital
2.89%30.02B
3.04%29.92B
3.04%29.92B
-18.55%29.9B
-19.59%29.46B
-20.19%29.18B
-20.62%29.04B
-20.62%29.04B
0.29%36.7B
0.31%36.64B
Less: Treasury stock
-34.19%664M
20.73%664M
20.73%664M
-91.19%664M
-86.71%939M
-85.98%1.01B
-92.14%550M
-92.14%550M
15.28%7.54B
17.96%7.07B
Gains losses not affecting retained earnings
-25.30%17.16B
13.13%22.45B
13.13%22.45B
62.16%27.12B
99.57%30.86B
93.20%22.97B
105.48%19.85B
105.48%19.85B
96.63%16.73B
75.99%15.46B
Other equity interest
-52.04%-821M
-54.04%-801M
-54.04%-801M
-54.47%-794M
-54.39%-545M
-65.14%-540M
-72.19%-520M
-72.19%-520M
-73.06%-514M
-42.91%-353M
Total stockholders'equity
1.51%74.34B
18.31%80.29B
18.31%80.29B
30.35%82.75B
37.04%83.88B
23.47%73.24B
21.39%67.86B
21.39%67.86B
17.71%63.49B
14.24%61.21B
Noncontrolling interests
42.20%2.79B
48.31%2.76B
48.31%2.76B
53.78%2.68B
49.52%2.5B
36.34%1.96B
43.86%1.86B
43.86%1.86B
41.33%1.74B
47.14%1.67B
Total equity
2.57%77.13B
19.11%83.05B
19.11%83.05B
30.97%85.43B
37.37%86.38B
23.77%75.2B
21.89%69.73B
21.89%69.73B
18.24%65.23B
14.93%62.88B
Currency Unit
CNY
CNY
CNY
CNY
CNY
CNY
CNY
CNY
CNY
CNY
Accounting Standards
US-GAAP
US-GAAP
US-GAAP
US-GAAP
US-GAAP
US-GAAP
US-GAAP
US-GAAP
US-GAAP
US-GAAP
Audit Opinions
--
Unqualified Opinion
--
--
--
--
Unqualified Opinion
--
--
--
(Q1)Mar 31, 2026(FY)Dec 31, 2025(Q4)Dec 31, 2025(Q3)Sep 30, 2025(Q2)Jun 30, 2025(Q1)Mar 31, 2025(FY)Dec 31, 2024(Q4)Dec 31, 2024(Q3)Sep 30, 2024(Q2)Jun 30, 2024
Assets
Current assets
Cash, cash equivalents and short term investments 0.19%26.74B-10.63%24.32B-10.63%24.32B-21.86%22.32B-9.58%22.2B0.25%26.69B15.58%27.21B15.58%27.21B28.52%28.56B6.79%24.55B
-Cash and cash equivalents 53.19%18.42B-35.66%8.47B-35.66%8.47B10.25%11.26B-10.22%11B17.66%12.02B-2.97%13.16B-2.97%13.16B-17.54%10.21B-5.40%12.25B
-Short-term investments -43.23%8.33B12.82%15.85B12.82%15.85B-39.71%11.07B-8.94%11.2B-10.59%14.67B40.82%14.05B40.82%14.05B86.47%18.35B22.51%12.3B
Receivables 19.49%3.83B6.63%5.12B6.63%5.12B25.45%3.68B23.31%3.73B14.00%3.2B22.67%4.8B22.67%4.8B17.31%2.94B22.98%3.02B
-Accounts receivable 19.49%3.83B11.26%3.9B11.26%3.9B25.45%3.68B23.31%3.73B14.00%3.2B20.22%3.51B20.22%3.51B17.31%2.94B22.98%3.02B
-Accrued interest receivable -----13.93%840M-13.93%840M------------46.33%976M46.33%976M--------
-Taxes receivable ----27.27%98M27.27%98M-------------38.40%77M-38.40%77M--------
-Related party accounts receivable ----62.50%78M62.50%78M-------------11.11%48M-11.11%48M--------
-Other receivables ----4.21%198M4.21%198M------------28.38%190M28.38%190M--------
Inventory 166.67%48M78.26%41M78.26%41M216.67%57M128.57%32M63.64%18M187.50%23M187.50%23M260.00%18M133.33%14M
Prepaid assets -5.15%4.04B18.28%2.87B18.28%2.87B--3.84B--4.9B38.69%4.26B1.76%2.43B1.76%2.43B--------
Restricted cash 36.36%15M36.36%15M36.36%15M50.00%15M185.71%20M-64.52%11M-64.52%11M-64.52%11M0.00%10M-36.36%7M
Other current assets ----31.51%96M31.51%96M------------28.07%73M28.07%73M-10.13%3B1.85%3.2B
Total current assets 1.44%34.67B-6.04%32.46B-6.04%32.46B-13.35%29.92B0.28%30.88B5.02%34.18B15.39%34.54B15.39%34.54B22.96%34.53B7.65%30.79B
Non current assets
Net PPE 31.41%1.57B35.52%1.49B35.52%1.49B33.66%1.36B41.60%1.27B41.99%1.2B28.12%1.1B28.12%1.1B23.00%1.02B22.48%899M
-Gross PPE 31.41%1.57B17.90%1.73B17.90%1.73B33.66%1.36B41.60%1.27B41.99%1.2B12.39%1.47B12.39%1.47B23.00%1.02B22.48%899M
-Accumulated depreciation ----34.23%-244M34.23%-244M------------17.56%-371M17.56%-371M--------
Goodwill and other intangible assets 6.44%25.57B6.86%25.71B6.86%25.71B7.26%25.77B7.30%25.84B0.05%24.02B0.20%24.06B0.20%24.06B-0.45%24.03B-0.40%24.08B
-Goodwill 4.48%20.53B4.45%20.52B4.45%20.52B4.43%20.52B4.17%20.47B0.41%19.65B0.54%19.65B0.54%19.65B0.54%19.65B0.55%19.65B
-Other intangible assets 15.27%5.04B17.58%5.19B17.58%5.19B19.96%5.25B21.17%5.37B-1.53%4.37B-1.25%4.41B-1.25%4.41B-4.66%4.38B-4.40%4.44B
Investments and advances -2.36%37.09B40.50%42B40.50%42B93.82%46.91B90.31%49.19B81.01%37.98B50.68%29.9B50.68%29.9B27.64%24.2B43.86%25.85B
Related parties assets ----62.50%78M62.50%78M-------------11.11%48M-11.11%48M--------
Non current deferred assets 36.13%535M18.01%498M18.01%498M38.66%538M16.80%431M9.17%393M19.89%422M19.89%422M3.47%388M7.58%369M
Non current prepaid assets -----17.34%267M-17.34%267M-------------24.88%323M-24.88%323M--------
Other non current assets 33.97%418M-3.92%98M-3.92%98M-17.84%373M-37.23%263M-28.60%312M-7.27%102M-7.27%102M-21.72%454M-34.74%419M
Total non current assets 2.00%65.18B25.34%70.06B25.34%70.06B49.64%74.95B49.17%77B37.04%63.91B22.59%55.9B22.59%55.9B11.61%50.09B17.67%51.62B
Total assets 1.80%99.85B13.35%102.52B13.35%102.52B23.94%104.87B30.91%107.87B23.88%98.08B19.74%90.44B19.74%90.44B15.98%84.61B13.72%82.41B
Liabilities
Current liabilities
Payables -2.80%12.7B-3.31%8.27B-3.31%8.27B6.95%10.84B6.94%10.82B43.54%13.06B28.30%8.56B28.30%8.56B15.86%10.13B13.74%10.12B
-accounts payable -15.35%6.18B-8.65%6.28B-8.65%6.28B1.47%6.62B11.87%6.96B32.82%7.3B37.42%6.88B37.42%6.88B29.17%6.52B19.19%6.22B
-Total tax payable 16.25%1.06B23.81%1.37B23.81%1.37B15.19%948M22.27%851M35.97%911M43.10%1.11B43.10%1.11B67.62%823M50.98%696M
-Due to related parties current -----23.08%90M-23.08%90M-------------76.17%117M-76.17%117M--------
-Other payable 12.48%5.46B16.63%526M16.63%526M17.34%3.27B-5.97%3.01B65.33%4.85B13.60%451M13.60%451M-13.05%2.79B-0.44%3.2B
Current accrued expenses ----6.70%2.45B6.70%2.45B------------5.51%2.3B5.51%2.3B--------
Current debt and capital lease obligation -95.08%111M-94.87%116M-94.87%116M-95.29%104M1,909.82%2.25B2,225.77%2.26B1,865.22%2.26B1,865.22%2.26B1,853.98%2.21B-8.20%112M
-Current debt ------------------2.15B--2.15B--2.15B--2.15B--2.1B----
-Current capital lease obligation 6.73%111M9.43%116M9.43%116M-4.59%104M-7.14%104M7.22%104M-7.83%106M-7.83%106M-3.54%109M-8.20%112M
Current deferred liabilities 15.15%3.82B9.08%3.75B9.08%3.75B16.27%3.41B16.12%3.43B10.77%3.31B12.59%3.44B12.59%3.44B14.72%2.93B21.68%2.95B
Current liabilities -10.78%16.62B-11.85%14.59B-11.85%14.59B-6.04%14.35B25.17%16.5B52.87%18.63B37.76%16.55B37.76%16.55B33.80%15.27B15.19%13.18B
Non current liabilities
Long term debt and capital lease obligation 23.88%4.73B-2.48%3.7B-2.48%3.7B1.21%3.76B-35.93%3.79B-35.32%3.82B-36.10%3.79B-36.10%3.79B-38.40%3.72B-1.40%5.92B
-Long term debt 27.33%4.54B-2.10%3.5B-2.10%3.5B1.52%3.53B-37.28%3.56B-36.82%3.57B-36.62%3.57B-36.62%3.57B-39.06%3.48B-1.27%5.67B
-Long term capital lease obligation -25.10%188M-8.68%200M-8.68%200M-3.40%227M-4.53%232M-2.33%251M-26.26%219M-26.26%219M-26.56%235M-4.33%243M
Non current deferred liabilities 116.51%944M114.06%807M114.06%807M141.56%959M101.40%866M32.12%436M-2.58%377M-2.58%377M15.74%397M37.82%430M
Derivative product liabilities ------379M--379M--------------0--0--------
Other non current liabilities --425M----------365M--345M--------------------
Total non current liabilities 43.36%6.1B17.15%4.88B17.15%4.88B23.63%5.09B-21.19%5B-31.75%4.26B-34.05%4.17B-34.05%4.17B-35.48%4.11B0.54%6.35B
Total liabilities -0.72%22.72B-6.01%19.47B-6.01%19.47B0.25%19.43B10.10%21.5B24.23%22.89B13.00%20.72B13.00%20.72B8.97%19.38B9.98%19.53B
Shareholders'equity
Share capital 0.00%2M0.00%2M0.00%2M0.00%2M0.00%2M0.00%2M0.00%2M0.00%2M0.00%2M0.00%2M
-common stock 0.00%2M0.00%2M0.00%2M0.00%2M0.00%2M0.00%2M0.00%2M0.00%2M0.00%2M0.00%2M
Retained earnings 26.52%28.65B46.53%29.38B46.53%29.38B50.16%27.19B51.55%25.04B23.11%22.64B18.16%20.05B18.16%20.05B15.58%18.11B13.95%16.52B
Paid-in capital 2.89%30.02B3.04%29.92B3.04%29.92B-18.55%29.9B-19.59%29.46B-20.19%29.18B-20.62%29.04B-20.62%29.04B0.29%36.7B0.31%36.64B
Less: Treasury stock -34.19%664M20.73%664M20.73%664M-91.19%664M-86.71%939M-85.98%1.01B-92.14%550M-92.14%550M15.28%7.54B17.96%7.07B
Gains losses not affecting retained earnings -25.30%17.16B13.13%22.45B13.13%22.45B62.16%27.12B99.57%30.86B93.20%22.97B105.48%19.85B105.48%19.85B96.63%16.73B75.99%15.46B
Other equity interest -52.04%-821M-54.04%-801M-54.04%-801M-54.47%-794M-54.39%-545M-65.14%-540M-72.19%-520M-72.19%-520M-73.06%-514M-42.91%-353M
Total stockholders'equity 1.51%74.34B18.31%80.29B18.31%80.29B30.35%82.75B37.04%83.88B23.47%73.24B21.39%67.86B21.39%67.86B17.71%63.49B14.24%61.21B
Noncontrolling interests 42.20%2.79B48.31%2.76B48.31%2.76B53.78%2.68B49.52%2.5B36.34%1.96B43.86%1.86B43.86%1.86B41.33%1.74B47.14%1.67B
Total equity 2.57%77.13B19.11%83.05B19.11%83.05B30.97%85.43B37.37%86.38B23.77%75.2B21.89%69.73B21.89%69.73B18.24%65.23B14.93%62.88B
Currency Unit CNYCNYCNYCNYCNYCNYCNYCNYCNYCNY
Accounting Standards US-GAAPUS-GAAPUS-GAAPUS-GAAPUS-GAAPUS-GAAPUS-GAAPUS-GAAPUS-GAAPUS-GAAP
Audit Opinions --Unqualified Opinion--------Unqualified Opinion------
Market Insights
No. Symbol 20D % Chg
Sample Name
Sample Code
 +34.01%
Sample Name
Sample Code
 +27.74%
Sample Name
Sample Code
 +26.87%
4
United States Gasoline Fund Lp
UGA
+26.33%
5
Powershares Db Multi-Sector Commodi Powershares Db Oil Fund
DBO
+20.91%
View More
China Concept Stocks
No. Symbol 5D % Chg
Sample Name
Sample Code
 +11.54%
Sample Name
Sample Code
 +10.70%
Sample Name
Sample Code
 +6.24%
4
NIO Inc
NIO
+4.27%
5
Hesai
HSAI
+3.89%
View More
Middle East conflict spreads to the stock market! How should investors respond?
According to Axios, on Sunday local time, Trump rejected Iran's latest ceasefire proposal, prompting a sharp response from Iran: no one woul Show More
Long-term answers | Your account on the left shrinks, while your right hand is chased by the times — Be the person that no bombardment can ever wipe out.
Hormuz, Term Structure and USO: Navigating the Energy Storm

- No more -