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Warner Bros. Discovery, Inc. WBD

Nasdaq · stock · Cable & Other Pay Television Services · website · IPO 2005-07-06 · LEI

Warner Bros. Discovery, Inc. statistics & valuation

Market cap$66.7B
P / E91.7×
P / S1.8×
P / B1.8×
P / FCF21.6×
Net margin1.9%
Return on equity2.0%
FCF margin8.3%
Net debt$28.0B
Net debt / EBITDA4.4×
Enterprise value USD$94.7B
EV / EBITDA14.7×
Earnings yield EBIT/EV0.8%
Return on capital0.8%
Graham number -64.6%$9.79

Market cap as of 2026-06-29. Multiples are price-derived and refreshed daily; everything else from the latest financial reports. The Graham number is Benjamin Graham's rough maximum fair value ($9.79); a green figure means the price is below it.

Profitability & efficiency

Net margin (%)
18.40% -4.90% 5.60% 18.60% 11.40% 8.30% -21.80% -7.60% -28.80% 1.90% 2016201720182019202020212022202320242025
Gross margin (%)
2016201720182019202020212022202320242025
Operating margin (%)
31.70% 10.40% 18.30% 27.00% 23.60% 16.50% -21.80% -3.70% -25.50% 2.00% 2016201720182019202020212022202320242025
Return on equity (%)
23.10% -7.30% 5.90% 18.00% 10.20% 7.70% -15.20% -6.80% -32.50% 2.00% 2016201720182019202020212022202320242025
Shares outstanding
672.0M 664.0M 2.43B 2.44B 2.45B 2.53B 2016201720182019202020212022202320242025
Net debt ($)
$7.62B $7.48B $15.81B $13.87B $13.31B $10.85B $45.27B $39.89B $34.19B $28.00B 2016201720182019202020212022202320242025
Share buybacks ($)
2016201720182019202020212022202320242025
Return on assets (%)
7.60% -1.50% 1.80% 6.10% 3.60% 2.90% -5.50% -2.50% -10.80% 0.70% 2016201720182019202020212022202320242025
Free cash flow margin (%)
19.90% 21.70% 23.00% 27.90% 21.90% 19.90% 9.80% 14.90% 11.30% 8.30% 2016201720182019202020212022202320242025
Debt / equity (×)
1.53× 3.21× 1.66× 1.34× 1.28× 1.13× 1.01× 0.94× 1.13× 0.88× 2016201720182019202020212022202320242025
EPS ($)
$1.81 $1.54 -$3.82 -$1.28 -$4.62 $0.29 2016201720182019202020212022202320242025

Margins and returns computed from annual filings. Falling shares outstanding = buybacks; rising = dilution. Net debt = debt − cash (negative = net cash).

P / E vs its own history

Warner Bros. Discovery, Inc. trades at about 95.3× earnings — above its 10-year norm (10-year range 15.3×–95×, median 26.9×).

15.3× 95.3×

Shaded band = 10-year range (15.3×–95×); dot = today's 95.3×.

Historical P/E = month-end price near each fiscal year-end ÷ that year's EPS. A read on whether the stock is cheap or dear relative to how it has typically been valued — not a forecast.

Key ratios (by fiscal year)

RatioFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Operating margin2.0%-25.5%-3.7%-21.8%16.5%23.6%27.0%18.3%10.4%31.7%
Net margin1.9%-28.8%-7.6%-21.8%8.3%11.4%18.6%5.6%-4.9%18.4%
FCF margin8.3%11.3%14.9%9.8%19.9%21.9%27.9%23.0%21.7%19.9%
Return on assets0.7%-10.8%-2.5%-5.5%2.9%3.6%6.1%1.8%-1.5%7.6%
Return on equity2.0%-32.5%-6.8%-15.2%7.7%10.2%18.0%5.9%-7.3%23.1%
Debt / equity0.88×1.13×0.94×1.01×1.13×1.28×1.34×1.66×3.21×1.53×
Current ratio1.060.890.930.932.101.991.611.065.341.60

Computed from company filings · US · as of 2025-12-31. Facts plus Stocktoria's own computed scores — not investment advice.