Latest Ratios: P/E Ratio 90.1x · EV/EBITDA 13.4x · ROE 2.0%. (2003–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $65.5B | $72.9B | $25.9B | $27.7B | $18.4B | $15.7B | $20.4B | $23.5B | $17.0B | $12.9B | $16.7B |
| Enterprise Value | $93.5B | $100.9B | $60.1B | $67.6B | $63.7B | $26.6B | $33.7B | $37.3B | $32.8B | $20.4B | $24.3B |
| P/E Ratio → | 90.07 | 99.38 | — | — | — | 15.29 | 16.62 | 11.45 | 28.77 | — | 13.98 |
| P/S Ratio | 1.76 | 1.96 | 0.66 | 0.67 | 0.54 | 1.29 | 1.91 | 2.11 | 1.61 | 1.88 | 2.57 |
| P/B Ratio | 1.78 | 1.96 | 0.74 | 0.60 | 0.38 | 1.17 | 1.65 | 1.96 | 1.62 | 2.57 | 3.09 |
| P/FCF | 21.21 | 23.61 | 5.85 | 4.50 | 5.54 | 6.48 | 8.72 | 7.55 | 7.01 | 8.63 | 12.94 |
| P/OCF | 15.16 | 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
Enterprise-value multiples — capital-structure-neutral measures of total business value
| 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 | 13.37 | 14.43 | 5.49 | 3.01 | 4.55 | 3.75 | 4.93 | 5.18 | 4.96 | 6.90 | 5.86 |
| EV / EBIT | 71.42 | 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 |
Margins and return-on-capital ratios measuring operating efficiency
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% |
| 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% |
Solvency and debt-coverage ratios — lower is generally safer
| 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 |
Short-term solvency ratios and asset-utilisation metrics
| 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 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
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 | — | — | — | — | — | — | — | — | — | — | — |
| 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 | 4.7% | 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 |
Structural linear revenue decay
As reported in financial statements, WBD's P/E ratio of 92.21 and EV/EBITDA of 13.59 suggest the market is pricing the company as a distressed utility rather than a growth-oriented media entity, particularly when compared to the more stable valuation multiples currently assigned to peers like The Walt Disney Company.
The elevated P/E ratio appears to be a function of depressed earnings rather than high growth expectations, indicating that investors are currently discounting the company's ability to stabilize its bottom line. The forward EV/EBITDA of 6.15 suggests that the market anticipates a significant recovery in operational cash flow, though this remains highly speculative given the ongoing secular decline in linear television.
Based on reported figures, WBD's ROIC has struggled to maintain positive territory, hovering near 1.1% in 2026Q1, which indicates that the company is failing to generate returns on invested capital that exceed its cost of capital, a trend that warrants further investigation by long-term institutional investors.
The persistent inability to generate meaningful returns on capital suggests that the massive content investments required to maintain market share are not yielding the expected incremental profitability. This decay in capital efficiency appears structural, as the company continues to allocate significant resources toward legacy assets that are experiencing declining consumer engagement.
According to recent SEC filings, WBD's asset turnover ratio has remained stagnant at approximately 0.09, reflecting a persistent inability to optimize its massive asset base to drive revenue growth, which stands in stark contrast to the more efficient operational models observed in pure-play streaming competitors.
The relatively high DSO, which has fluctuated between 51 and 62 days over the last ten quarters, suggests that the company may be facing challenges in collecting payments from its legacy linear partners. This inefficiency in the cash conversion cycle appears to be a direct consequence of the deteriorating leverage the company holds over its distribution network.
As reported in financial statements, WBD's current ratio has tightened to 0.73 in 2026Q1, a decline from previous periods that suggests a narrowing margin of safety for meeting short-term obligations as the company navigates its complex operational transition away from traditional linear television revenue streams.
The reliance on a declining linear network segment to fund its DTC expansion creates a precarious liquidity position, as the company lacks the financial flexibility to absorb unexpected shocks. Investors should monitor the company's ability to maintain sufficient cash reserves, as any further contraction in operating cash flow could necessitate expensive external financing.
Based on the provided data, the most commonly misapplied ratio for WBD is Adjusted EBITDA, which frequently obscures the company's true cash-generating capacity by excluding significant cash costs related to content amortization and restructuring, thereby painting an overly optimistic picture of the firm's underlying financial health.
Analysts should instead focus on Free Cash Flow (FCF) and the 'Content Cash Spend vs. Amortization' ratio to better understand the company's actual ability to fund its operations and service its debt. Relying on Adjusted EBITDA risks ignoring the reality that the company must continuously reinvest in content just to maintain its current subscriber base.
Includes 30+ ratios · 23 years · Updated daily
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Quick answers to the most common questions about buying WBD stock.
Warner Bros. Discovery, Inc.'s current P/E ratio is 90.1x. The historical average is 33.0x. This places it at the 87th percentile of its historical range.
Warner Bros. Discovery, Inc.'s current EV/EBITDA is 13.4x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 9.8x.
Warner Bros. Discovery, Inc.'s return on equity (ROE) is 2.0%. The historical average is 4.9%.
Based on historical data, Warner Bros. Discovery, Inc. is trading at a P/E of 90.1x. This is at the 87th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Warner Bros. Discovery, Inc. has 28.2% gross margin and 3.5% operating margin.
Warner Bros. Discovery, Inc.'s Debt/EBITDA ratio is 4.7x, indicating high leverage. A ratio above 4x may signal elevated financial risk.