Warner Bros. Discovery, Inc. (WBD) intrinsic value & 10-year financials
Warner Bros. Discovery, Inc. (WBD) has no Graham intrinsic value right now because the formula needs positive earnings. Over the last 10 fiscal years revenue grew 21.4% a year to $37.3B, with an average return on invested capital of 2.8%.
- Graham intrinsic value
- —
- Revenue (FY2025)
- $37.3B
- Revenue growth (10-yr CAGR)
- 21.4%
- ROIC (10-yr avg)
- 2.8%
- Free cash flow (FY2025)
- $3.1B
WBD 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $37.3B | $727.0M | $0.29 | $3.1B | 2.0% | 0.6% |
| FY2024 | $39.3B | -$11.3B | -$4.62 | $4.4B | -25.5% | -13.5% |
| FY2023 | $41.3B | -$3.1B | -$1.28 | $6.2B | -3.7% | -1.4% |
| FY2022 | $33.8B | -$7.4B | -$3.82 | $3.3B | -21.8% | -10.5% |
| FY2021 | $12.2B | $1.0B | $0.51 | $2.4B | 16.5% | 7.2% |
| FY2020 | $10.7B | $1.2B | $0.60 | $2.3B | 23.6% | 8.3% |
| FY2019 | $11.1B | $2.1B | — | $3.1B | 27.0% | 12.7% |
| FY2018 | $10.6B | $594.0M | — | $2.4B | 18.3% | 7.1% |
| FY2017 | $6.9B | -$337.0M | — | $1.5B | 10.4% | 5.8% |
| FY2016 | $6.5B | $1.2B | — | $1.3B | 31.7% | 11.7% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Warner Bros. Discovery is a consistent compounder, expanding top-line revenue at 21.4% annually over the past decade.
Warner Bros. Discovery has historically struggled to out-earn its cost of capital, averaging just 2.8% ROIC.
Over the decade, Warner Bros. Discovery shows that the company has leveraged its balance sheet to sustain operations.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Warner Bros. Discovery is modeled at -13.6% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $-4.69 per share.