Warner Bros. Discovery, Inc. (WBD) Financial Ratios
23 years of historical data (2003–2025) · Communication Services · Entertainment
EV/EBITDA
↑
13.67
↑+119% vs avg
5yr avg: 6.25
30Y Low3.0·High55.6
P/FCF
↑
21.88
↑+138% vs avg
5yr avg: 9.20
30Y Low4.5·High30.1
P/B Ratio
↑
1.83
↑+89% vs avg
5yr avg: 0.97
30Y Low0.4·High5.5
ROE
↓
2.0%
↓+121% vs avg
5yr avg: -9.7%
30Y Low-28%·High22%
Debt/EBITDA
↑
4.66
↑+47% vs avg
5yr avg: 3.16
30Y Low1.5·High5.0
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
WBD Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
Warner Bros. Discovery, Inc. trades at 92.9x earnings, 62% above its 5-year average of 57.3x, sitting at the 87th percentile of its historical range. Compared to the Communication Services sector median P/E of 15.3x, the stock trades at a premium of 507%. On a free-cash-flow basis, the stock trades at 21.9x P/FCF, 138% above the 5-year average of 9.2x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $67.6B | $72.9B | $25.9B | $27.7B | $18.4B | $15.7B | $20.4B | $23.5B | $17.0B | $12.9B | $16.7B |
| Enterprise Value | $95.6B | $100.9B | $60.1B | $67.6B | $63.7B | $26.6B | $33.7B | $37.3B | $32.8B | $20.4B | $24.3B |
| P/E Ratio → | 92.93 | 99.38 | — | — | — | 15.29 | 16.62 | 11.45 | 28.77 | — | 13.98 |
| P/S Ratio | 1.81 | 1.96 | 0.66 | 0.67 | 0.54 | 1.29 | 1.91 | 2.11 | 1.61 | 1.88 | 2.57 |
| P/B Ratio | 1.83 | 1.96 | 0.74 | 0.60 | 0.38 | 1.17 | 1.65 | 1.96 | 1.62 | 2.57 | 3.09 |
| P/FCF | 21.88 | 23.61 | 5.85 | 4.50 | 5.54 | 6.48 | 8.72 | 7.55 | 7.01 | 8.63 | 12.94 |
| P/OCF | 15.64 | 16.88 | 4.82 | 3.71 | 4.27 | 5.62 | 7.44 | 6.91 | 6.61 | 7.91 | 12.12 |
P/E links to full P/E history page with 30-year chart
WBD EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
Warner Bros. Discovery, Inc.'s enterprise value stands at 13.7x EBITDA, 119% above its 5-year average of 6.2x. The Communication Services sector median is 9.7x, placing the stock at a 42% premium on an enterprise-value basis.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 2.71 | 1.53 | 1.64 | 1.88 | 2.18 | 3.16 | 3.35 | 3.11 | 2.96 | 3.75 |
| EV / EBITDA | 13.67 | 14.43 | 5.49 | 3.01 | 4.55 | 3.75 | 4.93 | 5.18 | 4.96 | 6.90 | 5.86 |
| EV / EBIT | 73.01 | 27.04 | — | — | — | 12.86 | 14.18 | 12.57 | 18.75 | 60.26 | 12.03 |
| EV / FCF | — | 32.68 | 13.57 | 10.97 | 19.19 | 10.96 | 14.41 | 12.01 | 13.52 | 13.63 | 18.84 |
WBD Profitability
Margins and return-on-capital ratios measuring operating efficiency
Warner Bros. Discovery, Inc. earns an operating margin of 3.5%, roughly in line with the Communication Services sector average. Operating margins have expanded from -3.7% to 3.5% over the past 3 years, signaling improving operational efficiency. ROE of 2.0% is modest. ROIC of 1.5% represents below-average returns on invested capital.
Margins
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 28.2% | 28.2% | 41.6% | 40.6% | 39.6% | 62.1% | 63.8% | 65.7% | 62.7% | 61.4% | 62.6% |
| Operating Margin | 3.5% | 3.5% | -25.5% | -3.7% | -21.8% | 16.5% | 23.6% | 27.0% | 18.3% | 10.4% | 31.7% |
| Net Profit Margin | 1.9% | 1.9% | -28.8% | -7.6% | -21.8% | 8.3% | 11.4% | 18.6% | 5.6% | -4.9% | 18.4% |
Return on Capital
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 2.0% | 2.0% | -27.8% | -6.6% | -23.8% | 7.8% | 10.0% | 18.4% | 7.6% | -6.5% | 21.5% |
| ROA | 0.7% | 0.7% | -10.0% | -2.4% | -8.8% | 2.9% | 3.6% | 6.2% | 2.2% | -1.8% | 7.6% |
| ROIC | 1.5% | 1.5% | -9.7% | -1.3% | -9.4% | 6.0% | 7.3% | 8.7% | 7.5% | 4.2% | 11.8% |
| ROCE | 1.5% | 1.5% | -10.2% | -1.4% | -9.8% | 6.5% | 8.2% | 10.2% | 7.9% | 4.1% | 14.5% |
WBD Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
Warner Bros. Discovery, Inc. carries a Debt/EBITDA ratio of 4.7x, which is highly leveraged (29% above the sector average of 3.6x). Net debt stands at $28.0B ($32.6B total debt minus $4.6B cash). Interest coverage of just 1.8x is concerning — the company has limited headroom to absorb earnings volatility before struggling with debt service.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.88 | 0.88 | 1.13 | 0.94 | 1.01 | 1.10 | 1.24 | 1.29 | 1.60 | 2.94 | 1.46 |
| Debt / EBITDA | 4.66 | 4.66 | 3.61 | 1.94 | 3.50 | 2.08 | 2.26 | 2.14 | 2.54 | 5.01 | 1.91 |
| Net Debt / Equity | — | 0.75 | 0.98 | 0.86 | 0.93 | 0.81 | 1.08 | 1.16 | 1.50 | 1.49 | 1.41 |
| Net Debt / EBITDA | 4.00 | 4.00 | 3.12 | 1.78 | 3.24 | 1.53 | 1.95 | 1.92 | 2.39 | 2.53 | 1.84 |
| Debt / FCF | — | 9.07 | 7.72 | 6.47 | 13.65 | 4.48 | 5.70 | 4.46 | 6.51 | 5.00 | 5.90 |
| Interest Coverage | 1.78 | 1.78 | -4.65 | -0.74 | -4.04 | 3.26 | 3.43 | 4.39 | 2.40 | 0.71 | 5.73 |
WBD Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
A current ratio of 1.06x means Warner Bros. Discovery, Inc. can comfortably meet its short-term obligations, though there is limited excess liquidity. The current ratio has improved from 0.93x to 1.06x over the past 3 years.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.06 | 1.06 | 0.89 | 0.93 | 0.93 | 2.10 | 1.99 | 1.61 | 1.06 | 5.34 | 1.60 |
| Quick Ratio | 1.06 | 1.06 | 0.89 | 0.93 | 0.93 | 2.10 | 1.99 | 1.61 | 1.06 | 5.34 | 1.60 |
| Cash Ratio | 0.37 | 0.37 | 0.34 | 0.25 | 0.25 | 1.13 | 0.68 | 0.48 | 0.25 | 3.91 | 0.19 |
| Asset Turnover | — | 0.37 | 0.38 | 0.34 | 0.25 | 0.35 | 0.31 | 0.33 | 0.32 | 0.30 | 0.41 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | 51.81 | 55.01 | 64.59 | 82.15 | 73.23 | 86.78 | 86.24 | 90.62 | 97.61 | 83.99 |
WBD Shareholder Yields
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. The earnings yield of 1.1% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Dividends
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 1.1% | 1.0% | — | — | — | 6.5% | 6.0% | 8.7% | 3.5% | — | 7.2% |
| FCF Yield | 4.6% | 4.2% | 17.1% | 22.2% | 18.0% | 15.4% | 11.5% | 13.2% | 14.3% | 11.6% | 7.7% |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 4.8% | 2.7% | 0.0% | 4.7% | 8.6% |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 4.8% | 2.7% | 0.0% | 4.7% | 8.6% |
| Shares Outstanding | — | $2.5B | $2.5B | $2.4B | $1.9B | $668M | $677M | $717M | $688M | $576M | $610M |
Peer Comparison
Compare WBD with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 WBDYou | $68B | 92.9 | 13.7 | 21.9 | 28.2% | 3.5% | 2.0% | 1.5% | 4.7 |
 DIS | $178B | 15.0 | 11.3 | 17.7 | 37.8% | 14.6% | 11.3% | 6.9% | 2.3 |
 FOXA | $22B | 10.0 | 6.6 | 7.2 | 33.1% | 19.8% | 19.3% | 16.5% | 2.1 |
 NFLX | $309B | 28.8 | 10.4 | 32.6 | 48.5% | 29.5% | 42.8% | 29.8% | 0.5 |
 CMCSA | $81B | 4.1 | 4.9 | 3.7 | 60.1% | 16.7% | 21.6% | 8.2% | 3.0 |
 AMC | $2B | -2.2 | 5.1 | — | 75.0% | 38.1% | — | 23.7% | 4.4 |
 AMZN | $2.5T | 32.5 | 17.6 | 325.3 | 50.3% | 11.2% | 22.3% | 14.7% | 1.0 |
 AAPL | $4.4T | 39.8 | 30.7 | 44.1 | 46.9% | 32.0% | 171.4% | 67.4% | 0.8 |
 SIRI | $9B | 12.4 | 9.2 | 7.6 | 47.0% | 17.2% | 7.1% | 5.2% | 4.7 |
 ROKU | $20B | 229.2 | 57.5 | 41.7 | 43.8% | -0.1% | 3.4% | -0.3% | 2.6 |
 GOOGL | $4.2T | 32.3 | 28.3 | 57.7 | 59.7% | 32.1% | 35.7% | 25.1% | 0.4 |
| Communication Services Median | — | 15.3 | 9.7 | 11.2 | 48.5% | 1.6% | 2.0% | 2.6% | 3.6 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
Download Financial Ratios Data
Includes 30+ ratios · 23 years · Updated daily
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WBD — Frequently Asked Questions
Quick answers to the most common questions about buying WBD stock.
What is Warner Bros. Discovery, Inc.'s P/E ratio?
Warner Bros. Discovery, Inc.'s current P/E ratio is 92.9x. The historical average is 33.0x. This places it at the 87th percentile of its historical range.
What is Warner Bros. Discovery, Inc.'s EV/EBITDA?
Warner Bros. Discovery, Inc.'s current EV/EBITDA is 13.7x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 9.8x.
What is Warner Bros. Discovery, Inc.'s ROE?
Warner Bros. Discovery, Inc.'s return on equity (ROE) is 2.0%. The historical average is 4.9%.
Is WBD stock overvalued?
Based on historical data, Warner Bros. Discovery, Inc. is trading at a P/E of 92.9x. This is at the 87th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
What are Warner Bros. Discovery, Inc.'s profit margins?
Warner Bros. Discovery, Inc. has 28.2% gross margin and 3.5% operating margin.
How much debt does Warner Bros. Discovery, Inc. have?
Warner Bros. Discovery, Inc.'s Debt/EBITDA ratio is 4.7x, indicating high leverage. A ratio above 4x may signal elevated financial risk.