Warner Bros. Discovery, Inc. Series A

Cable & Other Pay Television Services

WBDStrained3 of 10 basics passed

$30.95

+0.00%

Market cap $77.6B

$30.95

+0.00%

Market cap $77.6B

Warner Bros. Discovery operates in three segments: streaming, studios, and linear networks.

It is a $77.6B communication services company. Revenue shrank 6.1% over the last year, it currently loses money, and its net debt equals ~12.8 years of free cash flow.

Website: wbd.com
Location: New York, NY
Employees: 35 500
Sector: Communication Services

Share price · 3 years

$10.67 → $30.95+190.1%

price only — dividends excluded

Key facts · TTM

Revenue: total sales; $36.1B
Loss: spends more than it earns; -$3.17B
Free cash flow: cash left after running the business; $2.18B
Net debt: debt minus cash on hand; $28.0B
P/E: years of profit in the price; 106.6
Shares: up 38% since 2016 — dilution; 2.53B
Volatility: beta vs the market — under 1 swings less; 1.63

Revenue, last 10 years

52-week range

Low $17.10$30.95High $30.95

Today's price is 100% of the way from the year's low to its high.

Valuation vs own history

P/E

141.3×

40%

P/S

2.1×

EV/EBITDA

39.0×

56%

P/B

2.3×

FCF yield

2.8%

Share of the last ~5 years that was pricier than today (unusually expensive vs its own history). Based on the daily valuation record.

Standing in Communication Services

Size$77.6Btop 14%
Revenue growth+3%top 55%
Net margin-9%top 86%
Return on equity-9%top 82%
P/E106.6×top 88%

Ranked against 23 Communication Services companies with a full CV — for P/E, lower ranks higher.

Skills

Six independent scores, 0–100, built from reported numbers and valuation history. Click a row to see how it was scored.

Valuation, Growth, Profitability, Health and Moat lag behind.

Valuation35

P/E vs own history60th pct · 5/25
FCF yield2.8% · 5/25
P/S2.1x · 20/25
EV/EBITDA28.7x · 5/25

Growth25

Revenue CAGR32.3% · 25/25
Net income CAGR-7.8% · 0/25
EPS CAGR ~5Y-21.6% · 0/25
Fwd implied growthn/a · 0/25

Profitability5

ROIC1.1% · 5/25
ROE-9.2% · 0/25
Net margin-8.8% · 0/25
Operating margin-3.8% · 0/25

Health21

Altman Zn/a · 0/25
Current ratio0.78 · 6/25
Interest coverage1.8x · 3/25
Net cash / debtD/A 28% · 12/25

Quality53

Piotroski F7/9 · 22/25
Beneish M-3.19 · 25/25
FCF conversionn/a · 0/25
Margin stabilityσ 19.8% · 6/25

Moat31

ROIC >12% years1/10 yrs · 0/25
Median gross margin20.0% · 6/25
FCF-positive years10/10 yrs · 25/25
Worst-year net marginworst -28.8% · 0/25

How the scores work →

Experience

The company's career so far — founding, the IPO, landmark products and acquisitions, plus revenue milestones and insider buying.

FY2019Financial
Best year on record
$2.07B net income
FY2018Financial
Revenue crossed $10B
$10.6B for the year
FY2016Financial
First recorded profitable year
$1.19B net income
FY2016Financial
Revenue already above $1B
$6.50B in first reported year
FY2016Financial
Positive free cash flow every year since
10-year streak

Achievements

Verifiable track record, straight from the reported numbers.

#4 largest of 23 Communication Services companies by market cap

$10 000 invested in 2022 would be worth ~$12 490 today — price return only

$37.3B revenue in FY2025

Positive free cash flow 10 years in a row

35 500 employees

Strengths & watch-outs

What a bull and a bear would each point to. Both lists come from the reported numbers, not opinions.

Strengths

High gross margin (47.7%)
Piotroski F-Score 7/9 — fundamentally strong checklist

Watch-outs

Revenue shrinking 6.1% year over year
Not profitable — 8.8% net margin
Thin interest coverage (1.8×)
Loss-making in 4 of the recent years
Net debt equals ~12.8 years of free cash flow

Qualifications

The basics a company should meet before you research it further. Each check uses the reported numbers.

3 of 10 checks passed

Revenue growing — the company sells more than a year ago-6.1% YoY
Profitable — makes more than it spends-$3.17B TTM
Profit growing — earnings are higher than last year-30.8% YoY
Generates cash — cash left after running and investing$2.18B TTM
Debt under control — could handle its obligations~12.8y of cash flow to repay
Established company — not a micro-cap — lower blow-up risk$77.6B market cap
Not printing shares — share count not ballooning — you keep your slice+18.6% shares over ~5y
Proven track record — years of profitability behind it6/10 profitable years
Financially stable — balance sheet not near distresshealth score 9/100
Pays a dividend — returns cash to shareholdersno data
Valuation not extreme — price not wildly above earningsP/E 106.6

Peer comparisonWarner Bros. Discovery, Inc. Series A vs 6 largest communication services peers — cap, P/E, growth and margin side by sideOpen ▾

Company	Market cap	P/E	Revenue growth	Net margin	Profile
WBD this company	$77.6B	106.6	-6.1%	-8.8%	Strained
VZ Verizon Communications	$173.7B	10.6	+1.4%	11.6%	Strained
TMUS T-Mobile US, Inc.	$159.6B	15.1	+9.7%	11.5%	Strained
T AT&T Inc.	$152.3B	7.1	+2.6%	16.9%	Strained
CMCSA Comcast Corp	$73.4B	6.5	+0.6%	9.0%	Strained
ECHO EchoStar Corporation	$27.7B	—	-5.2%	-38.7%	Mixed
FOXA Fox Corporation	$26.3B	14.8	+5.1%	9.8%	Mixed

Head-to-head: WBD vs VZ · WBD vs TMUS · WBD vs T

References

What covering analysts publish about the company — information only, not a recommendation.

Strong buy 2Buy 5Hold 17Sell 1

Appendix · Financial records

The full statements behind this CV, FY2016–FY2025. For readers who want to check the numbers.

Profit & lossRevenue $36.1B · net income -$3.17B (TTM)Open ▾

Profit & loss

Revenue and profit over the company's career — the income statement, visualised.

How FY2025 revenue flows to profit

RevenueNet income

Revenue (TTM)

$36.1B

YoY -6.1%

Net income (TTM)

-$3.17B

Margin -8.8%

Gross margin

47.7%

Operating margin

-3.8%

P/E ratio

106.6

Income statement — full detail

Figures in USD billions · EPS in USD

	2020	2021	2022	2023	2024	2025
Revenue	10.7	12.2	33.8	41.3	39.3	37.3
Gross profit	2.5	2.0	-7.4	-1.5	-10.0	0.7
Operating income (EBIT)	2.5	2.0	-2.3	-0.6	0.5	1.7
Net income	1.2	1.0	-7.4	-3.1	-11.3	0.7
EPS (diluted)	—	0.51	-3.80	-1.28	-4.62	0.29

Cash flowFree cash flow $2.18B · operating cash flow $3.42B (TTM)Open ▾

Cash flow statement

Cash generated by the business and what is left after investment — year by year.

Operating cash flowFree cash flow

Free cash flow (TTM)

$2.18B

Margin 6.0%

Operating cash flow (TTM)

$3.42B

FCF margin

6.0%

Cash flow statement — full detail

Figures in USD billions

	2020	2021	2022	2023	2024	2025
Operating cash flow	2.7	2.8	4.3	7.5	5.4	4.3
Capital expenditure	-0.4	-0.4	-1.0	-1.3	-0.9	-1.2
Free cash flow	2.3	2.4	3.3	6.2	4.4	3.1
FCF margin	21.9%	19.9%	9.8%	14.9%	11.3%	8.3%

Balance sheetAssets $100B · net debt $28.0B (FY2025)Open ▾

Balance sheet

How the balance sheet is built — what it owns versus how it is financed.

How $100B of assets is financed

64%

36%

Liabilities $62.9B — borrowed moneyEquity $35.9B — owners' stake

Cash vs debt

Total debt $32.6B − cash $4.57B = net debt $28.0B

Cash on hand covers 14% of debt.

Debt repayment

0.0 yrs

Years of free cash flow to clear net debt

Interest coverage

1.8x

EBIT ÷ interest expense

ROE

-9.2%

Profit per $1 of equity

Balance sheet — full detail

Figures in USD billions

	2020	2021	2022	2023	2024	2025
Cash & equivalents	2.1	3.9	3.7	3.8	5.3	4.6
Total assets	34.1	34.4	134.0	122.8	104.6	100.1
Total liabilities	21.7	21.0	85.3	76.3	69.6	62.9
Total debt	15.4	14.8	49.0	43.7	39.5	32.6
Equity	10.5	11.6	47.1	45.2	34.0	35.9
Net debt	13.3	10.9	45.3	39.9	34.2	28.0

Want the live picture — intraday moves, valuation history and full analysis?

Deeper analysis of WBD on PreMarketPrice

Figures are derived from company filings (quarterly values normalised from as-filed year-to-date data where applicable) and may be delayed, restated or incomplete. This page is information, not investment advice. Latest price $30.95 · market cap $77.6B.