Comprehensive Stock Comparison
Compare Warner Bros. Discovery, Inc. (WBD) vs Live Nation Entertainment, Inc. (LYV) Stock
Analyze side-by-side fundamentals, valuation, growth, and profitability to decide which stock is the better buy.
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Quick Verdict
| Category | Winner | Why |
|---|---|---|
| Growth | LYV | 8.8% revenue growth vs WBD's -4.8% |
| Value | WBD | Better valuation composite |
| Quality / Margins | LYV | 3.7% net margin vs WBD's 1.3% |
| Stability / Safety | LYV | Beta 0.90 vs WBD's 1.73 |
| Dividends | Tie | Neither pays a meaningful dividend |
| Momentum (1Y) | WBD | +145.8% vs LYV's +13.1% |
| Efficiency (ROA) | LYV | 3.9% ROA vs WBD's 0.5%, ROIC 343.5% vs -9.7% |
Who Each Stock Is For
Income & stability
Growth exposure
Long-term compounding (10Y)
Sleep-well-at-night portfolio
Defensive / Recession hedge
Business Model
What each company does and how it makes money
Warner Bros. Discovery is a global media and entertainment conglomerate that produces and distributes content across film, television, and streaming platforms. It generates revenue primarily through three segments: Studios (film and TV production), Networks (cable and broadcast channels), and Direct-to-Consumer (streaming services like Max and discovery+). The company's key advantage is its massive content library and iconic franchises — including DC, Harry Potter, HBO originals, and Discovery's unscripted programming — which create a deep moat in an increasingly competitive streaming landscape.
Live Nation Entertainment is the world's largest live entertainment company, operating concerts, festivals, and venue management globally. It generates revenue primarily through concert promotion and production (~60%), ticketing services via Ticketmaster (~30%), and sponsorship/advertising deals (~10%). Its key competitive advantage is its vertically integrated ecosystem—controlling artists, venues, ticketing, and sponsorships—which creates powerful network effects and barriers to entry.
Revenue Breakdown by Segment
How each company's revenue is distributed across its business units
Financial Metrics Comparison
Side-by-side fundamentals across 2 stocks. BestLagging
Financial Scorecard
LYV leads in 3 of 6 categories (Financial Metrics, Profitability & Efficiency). WBD leads in 1 (Valuation Metrics). 1 tied.
Financial Metrics (TTM)
WBD is the larger business by revenue, generating $37.9B annually — 1.5x LYV's $24.6B. Profitability is closely matched — net margins range from 3.7% (LYV) to 1.3% (WBD). On growth, LYV holds the edge at +11.1% YoY revenue growth, suggesting stronger near-term business momentum.
| Metric | WBDWarner Bros. Disc… | LYVLive Nation Enter… |
|---|---|---|
| RevenueTrailing 12 months | $37.9B | $24.6B |
| EBITDAEarnings before interest/tax | $16.4B | $1.8B |
| Net IncomeAfter-tax profit | $485M | $899M |
| Free Cash FlowCash after capex | $4.1B | $1.6B |
| Gross MarginGross profit ÷ Revenue | +44.0% | +46.2% |
| Operating MarginEBIT ÷ Revenue | +1.5% | +4.7% |
| Net MarginNet income ÷ Revenue | +1.3% | +3.7% |
| FCF MarginFCF ÷ Revenue | +10.9% | +6.6% |
| Rev. Growth (YoY)Latest quarter vs prior year | -6.0% | +11.1% |
| EPS Growth (YoY)Latest quarter vs prior year | -2.1% | -56.0% |
Valuation Metrics
On an enterprise value basis, WBD's 10.1x EV/EBITDA is more attractive than LYV's 17.8x.
| Metric | WBDWarner Bros. Disc… | LYVLive Nation Enter… |
|---|---|---|
| Market CapShares × price | $76.3B | $38.2B |
| Enterprise ValueMkt cap + debt − cash | $110.5B | $33.7B |
| Trailing P/EPrice ÷ TTM EPS | -6.10x | -675.58x |
| Forward P/EPrice ÷ next-FY EPS est. | — | 101.03x |
| PEG RatioP/E ÷ EPS growth rate | — | — |
| EV / EBITDAEnterprise value multiple | 10.09x | 17.83x |
| Price / SalesMarket cap ÷ Revenue | 1.94x | 1.51x |
| Price / BookPrice ÷ Book value/share | 1.98x | 42.03x |
| Price / FCFMarket cap ÷ FCF | 17.23x | 114.42x |
Profitability & Efficiency
LYV delivers a 45.4% return on equity — every $100 of shareholder capital generates $45 in annual profit, vs $1 for WBD. WBD carries lower financial leverage with a 1.13x debt-to-equity ratio, signaling a more conservative balance sheet compared to LYV's 2.93x. On the Piotroski fundamental quality scale (0–9), LYV scores 6/9 vs WBD's 4/9, reflecting solid financial health.
| Metric | WBDWarner Bros. Disc… | LYVLive Nation Enter… |
|---|---|---|
| ROE (TTM)Return on equity | +1.3% | +45.4% |
| ROA (TTM)Return on assets | +0.5% | +3.9% |
| ROICReturn on invested capital | -9.7% | +3.4% |
| ROCEReturn on capital employed | -10.2% | +11.3% |
| Piotroski ScoreFundamental quality 0–9 | 4 | 6 |
| Debt / EquityFinancial leverage | 1.13x | 2.93x |
| Net DebtTotal debt minus cash | $34.2B | -$4.5B |
| Cash & Equiv.Liquid assets | $5.3B | $7.1B |
| Total DebtShort + long-term debt | $39.5B | $2.6B |
| Interest CoverageEBIT ÷ Interest expense | 1.85x | 3.95x |
Total Returns (with DRIP)
A $10,000 investment in LYV five years ago would be worth $17,461 today (with dividends reinvested), compared to $4,842 for WBD. Over the past 12 months, WBD leads with a +145.8% total return vs LYV's +13.1%. The 3-year compound annual growth rate (CAGR) favors LYV at 31.0% vs WBD's 21.7% — a key indicator of consistent wealth creation.
| Metric | WBDWarner Bros. Disc… | LYVLive Nation Enter… |
|---|---|---|
| YTD ReturnYear-to-date | -1.2% | +11.6% |
| 1-Year ReturnPast 12 months | +145.8% | +13.1% |
| 3-Year ReturnCumulative with dividends | +80.3% | +125.0% |
| 5-Year ReturnCumulative with dividends | -51.6% | +74.6% |
| 10-Year ReturnCumulative with dividends | +12.7% | +637.3% |
| CAGR (3Y)Annualised 3-year return | +21.7% | +31.0% |
Risk & Volatility
LYV is the less volatile stock with a 0.90 beta — it tends to amplify market swings less than WBD's 1.73 beta. A beta below 1.0 means the stock typically moves less than the S&P 500.
| Metric | WBDWarner Bros. Disc… | LYVLive Nation Enter… |
|---|---|---|
| Beta (5Y)Sensitivity to S&P 500 | 1.73x | 0.90x |
| 52-Week HighHighest price in past year | $30.00 | $175.25 |
| 52-Week LowLowest price in past year | $7.52 | $112.88 |
| % of 52W HighCurrent price vs 52-week peak | +93.9% | +92.5% |
| RSI (14)Momentum oscillator 0–100 | 58.5 | 59.9 |
| Avg Volume (50D)Average daily shares traded | 20.9M | 2.2M |
Analyst Outlook
Wall Street rates WBD as "Hold" and LYV as "Buy". Consensus price targets imply 11.8% upside for LYV (target: $181) vs -9.2% for WBD (target: $26).
| Metric | WBDWarner Bros. Disc… | LYVLive Nation Enter… |
|---|---|---|
| Analyst RatingConsensus buy/hold/sell | Hold | Buy |
| Price TargetConsensus 12-month target | $25.59 | $181.20 |
| # AnalystsCovering analysts | 31 | 43 |
| Dividend YieldAnnual dividend ÷ price | — | — |
| Dividend StreakConsecutive years of raises | 1 | 1 |
| Dividend / ShareAnnual DPS | — | — |
| Buyback YieldShare repurchases ÷ mkt cap | 0.0% | +0.1% |
Historical Charts
Charts are rendered on first load. Hover for details.
Chart 1Total Return — 5 Years (Rebased to 100)
| Stock | Mar 20 | Feb 26 | Change |
|---|---|---|---|
| Warner Bros. Discov… (WBD) | 100 | 104.24 | +4.2% |
| Live Nation Enterta… (LYV) | 100 | 248.34 | +148.3% |
Live Nation Enterta… (LYV) returned +75% over 5 years vs Warner Bros. Discov… (WBD)'s -52%. A $10,000 investment in LYV 5 years ago would be worth $17,461 today (including dividends reinvested).
Chart 2Revenue Growth — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| Warner Bros. Discov… (WBD) | $6.5B | $39.3B | +505.2% |
| Live Nation Enterta… (LYV) | $7.8B | $25.2B | +222.0% |
Live Nation Entertainment, Inc.'s revenue grew from $7.8B (2016) to $25.2B (2025) — a 13.9% CAGR.
Chart 3Net Margin Trend — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| Warner Bros. Discov… (WBD) | 18.4% | -28.8% | -256.5% |
| Live Nation Enterta… (LYV) | 0.0% | 2.0% | +5134.0% |
Live Nation Entertainment, Inc.'s net margin went from 0% (2016) to 2% (2025).
Chart 4P/E Ratio History — 7 Years
| Stock | 2018 | 2024 | Change |
|---|---|---|---|
| Warner Bros. Discov… (WBD) | 28.8 | 15.3 | -46.9% |
| Live Nation Enterta… (LYV) | 109 | 47.3 | -56.6% |
Warner Bros. Discovery, Inc. has traded in a 11x–29x P/E range over 4 years; current trailing P/E is ~-6x. Live Nation Entertainment, Inc. has traded in a 47x–109x P/E range over 3 years; current trailing P/E is ~-676x.
Chart 5EPS Growth — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| Warner Bros. Discov… (WBD) | 1.96 | -4.62 | -335.7% |
| Live Nation Enterta… (LYV) | -0.23 | -0.24 | -4.3% |
Live Nation Entertainment, Inc.'s EPS grew from $-0.23 (2016) to $-0.24 (2025).
Chart 6Free Cash Flow — 5 Years
Warner Bros. Discovery, Inc. generated $4B FCF in 2024 (+83% vs 2021). Live Nation Entertainment, Inc. generated $334M FCF in 2025 (-79% vs 2021).
WBD vs LYV: Frequently Asked Questions
8 questions · data-driven answers · updated daily
01Is WBD or LYV a better buy right now?
Analysts rate Live Nation Entertainment, Inc. (LYV) a "Buy" — based on 43 analyst ratings — the highest consensus in this comparison. The "better buy" depends entirely on your goals: growth investors should weight revenue trajectory, value investors should weight P/E and PEG, and income investors should weight dividend yield and streak.
02Which is the better long-term investment — WBD or LYV?
Over the past 5 years, Live Nation Entertainment, Inc. (LYV) delivered a total return of +74.6%, compared to -51.6% for Warner Bros. Discovery, Inc. (WBD). A $10,000 investment in LYV five years ago would be worth approximately $17K today (assuming dividends reinvested). Over 10 years, the gap is even starker: LYV returned +637.3% versus WBD's +12.7%. Past returns do not guarantee future results, and the stock with the higher historical return may already have its best growth priced in.
03Which is safer — WBD or LYV?
By beta (market sensitivity over 5 years), Live Nation Entertainment, Inc. (LYV) is the lower-risk stock at 0.90β versus Warner Bros. Discovery, Inc.'s 1.73β — meaning WBD is approximately 91% more volatile than LYV relative to the S&P 500. On balance sheet safety, Warner Bros. Discovery, Inc. (WBD) carries a lower debt/equity ratio of 113% versus 3% for Live Nation Entertainment, Inc. — giving it more financial flexibility in a downturn.
04Which has better profit margins — WBD or LYV?
Live Nation Entertainment, Inc. (LYV) is the more profitable company, earning 2.0% net margin versus -28.8% for Warner Bros. Discovery, Inc. — meaning it keeps 2.0% of every revenue dollar as bottom-line profit. Operating margin tells a similar story: LYV leads at 5.0% versus -25.5% for WBD. At the gross margin level — before operating expenses — LYV leads at 46.2%, reflecting greater pricing power or product mix advantage. Stronger margins indicate durable pricing power, lower cost of revenue, or higher mix of software/services. They are one of the clearest signs of business quality.
05Is WBD or LYV more undervalued right now?
Analyst consensus price targets imply the most upside for LYV: 11.8% to $181.20.
06Which pays a better dividend — WBD or LYV?
None of the stocks in this comparison currently pay a material dividend. All are effectively zero-yield and should be held for capital appreciation rather than income.
07Is WBD or LYV better for a retirement portfolio?
For long-horizon retirement investors, Live Nation Entertainment, Inc. (LYV) is the stronger choice — it scores higher on the combination of lower volatility, dividend reliability, and long-term compounding (low volatility (β 0.90), +637.3% 10Y return). Warner Bros. Discovery, Inc. (WBD) carries a higher beta of 1.73 — meaning larger drawdowns in market downturns, which matters significantly when you cannot wait years for a recovery. Both have compounded well over 10 years (LYV: +637.3%, WBD: +12.7%), confirming both are viable long-term holds — but the lower-volatility option typically results in less emotional selling during corrections. Retirement portfolios generally favour predictability over maximum returns. Consult a financial advisor before making allocation decisions.
08What are the main differences between WBD and LYV?
Both stocks operate in the Communication Services sector, making this a peer-level intra-sector comparison — the same macro tailwinds and headwinds will affect both. These fundamental differences mean investors should not choose between them on a single metric — the "better stock" depends entirely on which of these characteristics aligns with your investment strategy.
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- Sector: Communication Services
- Market Cap > $100B
- Revenue Growth > 5%
- Gross Margin > 27%