Inside the research
Warner Bros. Discovery, Inc.
WBD Research profile · latest available data
Price overview
$30.86
▲ +0.02 (+0.1%)
| 52w hi | $30.86 |
|---|---|
| 52w lo | $17.10 |
| Vol | 23.74M |
| As of | 25 Sep 2026 |
The Verdict
Our score -0.22
| Short | +0.30 |
|---|---|
| Medium | -0.25 |
| Long | -1.19 |
computed 2026-09-27
Key fundamentals
Warner Bros. Discovery, Inc.
Communication Services · Entertainment
| Market cap | $77.37B |
|---|---|
| Enterprise value | $107.25B |
| Forward P/E | 495.98x |
| EV / EBITDA | 13.76x |
| P / S (ttm) | 2.14x |
| Profit margin | -8.8% |
| Return on equity | -8.8% |
| Revenue growth | -11.2% |
| Earnings growth | -90.6% |
| Debt / equity | 94.20 |
Layer Breakdown
| Layer | Raw | Contribution |
|---|---|---|
| Fundamental | -0.31 | |
| Sector | +0.03 | |
| Technical | +0.11 | |
| Earnings | +0.00 | |
| Sentiment | +0.00 |
macro × 1.00 · 2026-09-27
Business overview
Warner Bros. Discovery, Inc. operates as a media and entertainment company worldwide. It operates through three segments: Streaming, Studios, and Global Linear Networks. The Streaming segment offers streaming services, such as HBO Max and discovery+, and premium pay-TV services, including HBO and certain premium sports streaming products for mobile and connected TV devices. The Studios segment is involved in the production and release of feature films for initial exhibition in theaters, production and initial licensing of television programs to third parties and its networks/streaming services. This segment also distributes films and television programs to various third-party and internal television, streaming services, and physical and digital home entertainment markets; related consumer products and themed experience licensing; and publishes, develops, licenses, and distributes content for the interactive space in platforms, including console, handheld, mobile, and PC-based gaming for both internal and third-party game titles. The Global Linear Networks segment provides general and lifestyle entertainment networks, news networks; and hosts international media networks and global sports networks. In addition, the company offers a portfolio of content and products for television, film, streaming, interactive gaming, publishing, themed experiences, and consumer products under the Discovery Channel, HBO Max, CNN, DC Studios, TNT Sports, HBO, Food Network, TLC, TBS, Warner Bros. Motion Picture Group, Warner Bros. Television Group, Warner Bros. Games, Adult Swim, Turner Classic Movies, and other brands. Warner Bros. Discovery, Inc. was incorporated in 2008 and is headquartered in New York, New York.
Risk Metrics
| Beta vs SPX | 1.37 |
|---|---|
| Corr SPX | 0.45 |
| Annual vol | 49.1% |
| Annual ret | +77.6% |
| Sharpe | 1.58 |
| Max DD | -38.4% |
Window: 504 trading days (504 obs)
Analyst Coverage
| Mean PT | $29.65 |
|---|---|
| High / Low | $31.25 / $26.00 |
| Median | $31.00 |
| Analysts | 12 |
| Strong Buy | 0 | |
|---|---|---|
| Buy | 1 | |
| Hold | 17 | |
| Sell | 2 | |
| Strong Sell | 1 |
Recent rating actions
| 2026-05-07 | UBS | → Neutral |
| 2026-05-07 | Guggenheim | → Neutral |
| 2026-03-10 | Freedom Broker | → Hold |
| 2026-02-27 | TD Cowen | → Hold |
| 2026-02-27 | Raymond James | → Underperform |
| 2026-02-27 | Benchmark | → Hold |
Material Events
| Date | Event | 8-K |
|---|---|---|
| 2026-08-06 | Earnings Release, Reg FD Disclosure… | read |
| 2026-06-12 | Shareholder Vote | read |
| 2026-06-04 | Material Agreement, Material Obligation… | read |
| 2026-05-27 | Material Agreement, 3.03… | read |
| 2026-05-19 | Other Material Event, Exhibits | read |
| 2026-05-06 | Earnings Release, Reg FD Disclosure… | read |
| 2026-04-30 | Officer / Director Change, Exhibits | read |
| 2026-04-23 | Shareholder Vote | read |
| 2026-03-16 | Officer / Director Change, Exhibits | read |
| 2026-02-27 | Material Agreement, Termination of Agreement… | read |
| 2026-02-26 | Earnings Release, Reg FD Disclosure… | read |
| 2026-02-18 | Material Agreement, Material Obligation… | read |
Insider Trades
| Date | Insider | Role | Action | Shares | Value |
|---|---|---|---|---|---|
| 2026-08-14 | Zaslav David | Chief Executive Officer & | Sell | 195.00K | $5.46M |
| 2026-08-14 | Zaslav David | Chief Executive Officer & | Option exercise | 195.00K | $1.98M |
| 2026-08-13 | Zaslav David | Chief Executive Officer & | Sell | 94.91K | $2.66M |
| 2026-08-13 | Zaslav David | Chief Executive Officer & | Option exercise | 678.27K | $6.89M |
| 2026-08-13 | Merchant Fazal F | Sell | 71.54K | $1.99M | |
| 2026-08-13 | Zaslav David | Chief Executive Officer & | Sell | 678.27K | $19.00M |
| 2026-08-12 | FISHER RICHARD W | Sell | 20.00K | $549.20K | |
| 2026-08-11 | Di Piazza Samuel A Jr. | I | 82.42K | $2.23M | |
| 2026-08-11 | LOWE KENNETH W | Sell | 120.00K | $3.24M | |
| 2026-08-10 | Zeiler Gerhard | President, International | Sell | 100.00K | $2.71M |
Flow & Concentration
| Insider 180d net | -$108.35M |
|---|---|
| Insider buys / sells | 0 / 12 |
| Insider bias | Sellers |
| 13F holders | 8 |
| Top-5 share | 97.7% |
| HHI | 2,459 (moderate) |
Top Holders
| Holder | Value | Shares |
|---|---|---|
| State Street Corp | $3.42B | 128.36M |
| Citadel Advisors | $1.92B | 71.92M |
| Millennium Management | $1.69B | 63.22M |
| Fidelity / FMR LLC | $1.23B | 46.26M |
| Capital Research / Capital World | $581.89M | 21.83M |
| Renaissance Technologies | $162.18M | 6.08M |
| AQR Capital Management | $41.42M | 1.55M |
| T. Rowe Price Group | $95.98K | 3.60M |
As of 2026-06-30
Connections
Subsidiarys: Streaming and Studios
SEC Filings
The Long Run
FY 2009–2025 · 17 years
| Line | Latest | CAGR | Trend |
|---|---|---|---|
| Revenue | $39.32B | +47.8% | |
| Operating income | -$10.03B | +3.9% | |
| Net income | -$11.31B | +18.8% | |
| Cash from ops | $4.32B | +48.0% |
Indices
Recent Sessions
| Date | Open | High | Low | Close | Vol |
|---|---|---|---|---|---|
| Sep 25 | $30.80 | $30.87 | $30.80 | $30.86 | 23.74M |
| Sep 24 | $30.79 | $30.87 | $30.71 | $30.84 | 46.11M |
| Sep 23 | $30.80 | $30.82 | $30.68 | $30.76 | 111.09M |
| Sep 22 | $30.83 | $30.84 | $30.77 | $30.83 | 109.81M |
| Sep 21 | $29.76 | $30.92 | $29.65 | $30.80 | 234.09M |
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