22 years of historical data (2003–2024) · Communication Services · Entertainment
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
Warner Bros. Discovery, Inc. currently has a negative P/E ratio, indicating the company is operating at a loss on a trailing-twelve-month basis. On a free-cash-flow basis, the stock trades at 17.7x P/FCF, 184% above the 5-year average of 6.2x.
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $78.3B | $25.9B | $27.7B | $18.4B | $15.7B | $20.4B | $23.5B | $17.0B | $12.9B | $16.7B | $17.5B |
| Enterprise Value | $112.5B | $60.1B | $67.6B | $63.7B | $26.6B | $33.7B | $37.3B | $32.8B | $20.4B | $24.3B | $24.8B |
| P/E Ratio → | -6.26 | — | — | — | 15.29 | 16.62 | 11.45 | 28.77 | — | 13.98 | 16.89 |
| P/S Ratio | 1.99 | 0.66 | 0.67 | 0.54 | 1.29 | 1.91 | 2.11 | 1.61 | 1.88 | 2.57 | 2.74 |
| P/B Ratio | 2.03 | 0.74 | 0.60 | 0.38 | 1.17 | 1.65 | 1.96 | 1.62 | 2.57 | 3.09 | 3.07 |
| P/FCF | 17.68 | 5.85 | 4.50 | 5.54 | 6.48 | 8.72 | 7.55 | 7.01 | 8.63 | 12.94 | 14.70 |
| P/OCF | 14.56 | 4.82 | 3.71 | 4.27 | 5.62 | 7.44 | 6.91 | 6.61 | 7.91 | 12.12 | 13.53 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
Warner Bros. Discovery, Inc.'s enterprise value stands at 10.3x EBITDA, 136% above its 5-year average of 4.3x. The Communication Services sector median is 7.4x, placing the stock at a 39% premium on an enterprise-value basis.
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.53 | 1.64 | 1.88 | 2.18 | 3.16 | 3.35 | 3.11 | 2.96 | 3.75 | 3.89 |
| EV / EBITDA | 10.27 | 5.49 | 3.01 | 4.55 | 3.75 | 4.93 | 5.18 | 4.96 | 6.90 | 5.86 | 6.17 |
| EV / EBIT | — | — | — | — | 12.86 | 14.18 | 12.57 | 18.75 | 60.26 | 12.03 | 13.15 |
| EV / FCF | — | 13.57 | 10.97 | 19.19 | 10.96 | 14.41 | 12.01 | 13.52 | 13.63 | 18.84 | 20.86 |
Margins and return-on-capital ratios measuring operating efficiency
Warner Bros. Discovery, Inc. earns an operating margin of -25.5%. Operating margins have compressed from -21.8% to -25.5% over the past 3 years, signaling potential cost pressures or competitive headwinds. A negative ROE of -27.8% indicates the company is currently destroying shareholder equity.
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 41.6% | 41.6% | 40.6% | 39.6% | 62.1% | 63.8% | 65.7% | 62.7% | 61.4% | 62.6% | 63.4% |
| Operating Margin | -25.5% | -25.5% | -3.7% | -21.8% | 16.5% | 23.6% | 27.0% | 18.3% | 10.4% | 31.7% | 31.0% |
| Net Profit Margin | -28.8% | -28.8% | -7.6% | -21.8% | 8.3% | 11.4% | 18.6% | 5.6% | -4.9% | 18.4% | 16.2% |
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -27.8% | -27.8% | -6.6% | -23.8% | 7.8% | 10.0% | 18.4% | 7.6% | -6.5% | 21.5% | 17.2% |
| ROA | -10.0% | -10.0% | -2.4% | -8.8% | 2.9% | 3.6% | 6.2% | 2.2% | -1.8% | 7.6% | 6.5% |
| ROIC | -9.7% | -9.7% | -1.3% | -9.4% | 6.0% | 7.3% | 8.7% | 7.5% | 4.2% | 11.8% | 11.4% |
| ROCE | -10.2% | -10.2% | -1.4% | -9.8% | 6.5% | 8.2% | 10.2% | 7.9% | 4.1% | 14.5% | 14.4% |
Solvency and debt-coverage ratios — lower is generally safer
Warner Bros. Discovery, Inc. carries a Debt/EBITDA ratio of 3.6x, which is moderately leveraged (roughly in line with the sector average of 3.6x). Net debt stands at $34.2B ($39.5B total debt minus $5.3B cash).
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.13 | 1.13 | 0.94 | 1.01 | 1.10 | 1.24 | 1.29 | 1.60 | 2.94 | 1.46 | 1.36 |
| Debt / EBITDA | 3.61 | 3.61 | 1.94 | 3.50 | 2.08 | 2.26 | 2.14 | 2.54 | 5.01 | 1.91 | 1.92 |
| Net Debt / Equity | — | 0.98 | 0.86 | 0.93 | 0.81 | 1.08 | 1.16 | 1.50 | 1.49 | 1.41 | 1.29 |
| Net Debt / EBITDA | 3.12 | 3.12 | 1.78 | 3.24 | 1.53 | 1.95 | 1.92 | 2.39 | 2.53 | 1.84 | 1.83 |
| Debt / FCF | — | 7.72 | 6.47 | 13.65 | 4.48 | 5.70 | 4.46 | 6.51 | 5.00 | 5.90 | 6.17 |
| Interest Coverage | -4.97 | -4.97 | -0.70 | -4.15 | 3.18 | 3.63 | 4.44 | 2.65 | 1.50 | 5.83 | 6.02 |
Short-term solvency ratios and asset-utilisation metrics
The current ratio of 0.89x is below 1.0, meaning current liabilities exceed current assets — though the company's $5.3B cash position helps mitigate short-term liquidity concerns.
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.89 | 0.89 | 0.93 | 0.93 | 2.10 | 1.99 | 1.61 | 1.06 | 5.34 | 1.60 | 1.64 |
| Quick Ratio | 0.89 | 0.89 | 0.93 | 0.93 | 2.10 | 1.99 | 1.61 | 1.06 | 5.34 | 1.60 | 1.64 |
| Cash Ratio | 0.34 | 0.34 | 0.25 | 0.25 | 1.13 | 0.68 | 0.48 | 0.25 | 3.91 | 0.19 | 0.25 |
| Asset Turnover | — | 0.38 | 0.34 | 0.25 | 0.35 | 0.31 | 0.33 | 0.32 | 0.30 | 0.41 | 0.40 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | 55.01 | 64.59 | 82.15 | 73.23 | 86.78 | 86.24 | 90.62 | 97.61 | 83.99 | 84.43 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Warner Bros. Discovery, Inc. does not currently pay a dividend and has no material buyback yield, reinvesting earnings back into the business.
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | 6.5% | 6.0% | 8.7% | 3.5% | — | 7.2% | 5.9% |
| FCF Yield | 5.7% | 17.1% | 22.2% | 18.0% | 15.4% | 11.5% | 13.2% | 14.3% | 11.6% | 7.7% | 6.8% |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 4.8% | 2.7% | 0.0% | 4.7% | 8.6% | 5.5% |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 4.8% | 2.7% | 0.0% | 4.7% | 8.6% | 5.5% |
| Shares Outstanding | — | $2.5B | $2.4B | $1.9B | $668M | $677M | $717M | $688M | $576M | $610M | $656M |
Compare WBD with 7 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
| WBDYou | $78B | -6.3 | 10.3 | 17.7 | 41.6% | -25.5% | -27.8% | -9.7% | 3.6 |
| DIS | $188B | 15.3 | 11.9 | 18.7 | 37.8% | 14.6% | 11.3% | 6.9% | 2.3 |
| PSKY | $11B | -1.1 | — | 22.3 | 33.5% | -18.0% | -41.7% | -14.7% | — |
| NWS | $5B | 32.4 | 3.5 | 6.8 | 56.2% | 16.7% | 5.0% | 10.5% | 1.8 |
| NWSA | $4B | 11.4 | 3.5 | 6.0 | 100.0% | 11.3% | 12.8% | 6.8% | 2.1 |
| LION | $2B | -19.2 | 3.3 | — | 30.8% | 3.9% | — | 3.8% | 2.0 |
| AMCX | $86M | — | 0.1 | 0.3 | — | 5.8% | — | 12.1% | — |
| TOON | $27M | -1.1 | — | — | 29.0% | -52.1% | -46.2% | -20.6% | — |
| Communication Services Median | — | 14.8 | 7.4 | 10.0 | 50.8% | -0.5% | 2.6% | 1.6% | 3.6 |
Peers based on L4 peer group classification. Compare multiple stocks →
Includes 30+ ratios · 22 years · Updated daily
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Start ComparisonWarner Bros. Discovery, Inc.'s current P/E ratio is -6.3x. The historical average is 28.3x.
Warner Bros. Discovery, Inc.'s current EV/EBITDA is 10.3x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 9.5x.
Warner Bros. Discovery, Inc.'s return on equity (ROE) is -27.8%. The historical average is 5.0%.
Based on historical data, Warner Bros. Discovery, Inc. is trading at a P/E of -6.3x. Compare with industry peers and growth rates for a complete picture.
Warner Bros. Discovery, Inc. has 41.6% gross margin and -25.5% operating margin.
Warner Bros. Discovery, Inc.'s Debt/EBITDA ratio is 3.6x, indicating high leverage. A ratio between 2-4x is manageable but warrants monitoring.