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Warner Bros. Discovery, Inc. - Series A (WBD)

合理估值
Communication ServicesEntertainmentUnited States

基本面

38

价格

$30.94

市值

$77.32B

第一部分 · 这家公司值多少

概览

Warner Bros. Discovery makes and distributes movies, television series and news, and sells access to them through three channels: the HBO Max streaming service, a film and television studio that also licenses content to other platforms, and a family of cable and satellite networks including CNN, TNT and Discovery. The company is in the process of splitting into two separate public companies — one built around streaming and the studio, the other around the television networks — expected to close in 2026.

盈利方式

Revenue comes from three sources with different economics: subscriptions and advertising on streaming and on linear networks, licensing and box-office receipts from the studio, and affiliate fees that cable and satellite operators pay to carry the networks. Linear networks still generate the largest share of revenue and profit, but that share is shrinking as viewers cut the cord; streaming has only recently become profitable, after years of investment in content and technology.

分部营收

Global Linear Networks42.9%

Cable and satellite television networks — CNN, TNT, Discovery and others — plus the affiliate fees and advertising they generate. Still the largest segment, but declining.

Studios30.7%

Film and television production and licensing, including sales of content to other streaming platforms and traditional television syndication.

Streaming26.4%

The HBO Max subscription service: subscription fees plus advertising on the ad-supported tier, now profitable after years of losses.

护城河

专利与许可 · 狭窄

Warner Bros. owns a large library of franchises — DC characters, Harry Potter, decades of HBO original series — that a new entrant cannot replicate. But owning good content is not the same as controlling how viewers watch it: Netflix, Disney and Amazon compete for the same subscribers with libraries and streaming scale of their own, so the advantage is real but not decisive.

需求驱动因素

中度周期性

Advertising revenue on the networks moves with the broader ad market and can swing sharply in a downturn. Subscription revenue from streaming and affiliate fees from pay-TV operators are steadier, but the pay-TV base itself shrinks every year as households cancel cable — a structural decline layered on top of the ordinary advertising cycle.

主要风险

  • Linear television in structural decline — Revenue from the Global Linear Networks segment fell 12% in 2025 as households keep cancelling pay-TV subscriptions and advertisers follow viewers elsewhere. The decline is expected to continue regardless of the economic cycle.
  • Execution risk of the planned separation — The company intends to split into two public companies by 2026. Separations of this size carry one-time costs, potential disruption to operations and financing, and no guarantee that either resulting company performs better than the combined one.
  • High debt load — The company carries substantial debt inherited from the 2022 merger. Servicing it leaves less room to invest in content or to absorb a prolonged downturn in advertising or subscriptions.
  • Streaming competition from better-capitalized rivals — HBO Max competes for the same subscribers as Netflix, Disney+ and Amazon Prime Video, all of which can outspend Warner Bros. Discovery on content and technology.
  • Rising cost of sports and content rights — Live sports and marquee programming keep networks and streaming relevant, but rights costs have risen faster than the revenue they generate, pressuring margins across the linear and streaming businesses.

看多理由

Buyers argue that the split will let investors value the fast-growing, now-profitable streaming and studio business separately from the declining but cash-generative networks, that the content library remains one of the deepest in the industry, and that streaming losses are already behind the company.

看空理由

Sellers fear that linear network revenue is falling faster than streaming can replace it, that the separation could saddle one or both resulting companies with debt they cannot easily service, and that larger, better-funded streaming rivals will keep outspending Warner Bros. on content.

分部数据来自2025财年信息来源: Warner Bros. Discovery, Inc. — Form 10-K, esercizio 2025

Written by the editors, published on 2026年8月18日

Direct competitors

Who this company fights with for the same customers

No editorial profile for this company yet

No competitor list for this company yet.

资产负债表与流动性

营收

$36.12B

最近12个月(截至2026/6/30)

净利润

$-3.17B

最近12个月(截至2026/6/30)

自由现金流

$3.09B

股东权益合计

$35.92B

负债合计

$62.92B

流动比率

0.78

利息覆盖率

0.57

债务/EBITDA

4.99

每股收益

营收与净利润

自由现金流

收入构成

历史财务表

利润率变化

债务变化

债务负担有多重

增长一览表

增长 — 营业收入

公允价值估算

一般情形合理估值

公允价值

$26.63

当前价格

$30.94

安全边际

-16.2%

公允价值区间

$22.68 - $30.58

所用估值方法之间的离散区间,并非经过统计校准的置信区间。

估算方法

分析师目标价:$30.17
现金流折现法(DCF):$22.21
市盈率法(P/E):数据不足,无法计算
格雷厄姆成长公式:数据不足,无法计算
盈利能力价值(EPV):数据不足,无法计算
合理市净率(P/B):数据不足,无法计算
股息折现模型(戈登模型):数据不足,无法计算
P/FFO(运营资金):$40.86
周期中段收益:$67.33
市销率法(P/S):$28.82
分析师共识:持有 (7B / 17H / 1S)
最近财报超预期:+142.34%

估值指标

市盈率(P/E)

106.34

ROE

2.0%

市净率(P/B)

2.37

P/FCF

35.65

毛利率

-

ROIC

-1.2%

盈利能力雷达图

价值创造(经济护城河)

ROIC

-1.2%

WACC

11.1%

ROIC − WACC

-12.3 pp

ROIC 低于资本成本:公司每投入一美元都在毁灭价值。

基本面分析标准

通过(9)

  • EPS shows upward trend
  • P/B Ratio 2.37
  • Debt/Equity ratio
  • Positive Free Cash Flow
  • Current Ratio
  • Debt/EBITDA
  • Revenue Growth 5Y 28.4%
  • Share Dilution 2.4%
  • Piotroski F-Score 6/9

未通过(14)

  • Price CAGR 1.16%
  • ROIC -1.2%
  • P/FCF 35.65
  • Operating Margin -3.5%
  • CapEx intensity
  • Interest Coverage
  • Return on Tangible Assets
  • Low reliance on intangibles
  • Price below Graham Number
  • DCF valuation (Overvalued)
  • ROE -9.2%
  • Analyst Consensus 28% Buy
  • Earnings Surprise avg -23.5%
  • Net Margin Trend -8.8% vs 2.0%

不可用(4)

  • Gross Margin NaN%
  • Dividend Payout NaN%
  • PEG Ratio (need PE > 0 and growth > 0)
  • Earnings Quality (OCF/Net Income)

Piotroski F-评分

6/9

信号混杂:部分领域需关注

score
criteria

盈利质量

-

低质量:需深入审查会计处理

股权稀释

2.4%

正在发行新股,稀释所有权

机构持股

公司治理

管理团队

姓名职位年龄
Mr. David M. ZaslavPresident, CEO & Director65
Dr. Gunnar Wiedenfels Ph.D.Senior EVP & CFO48
Mr. Bruce L. CampbellCOO and Chief Revenue & Strategy Officer58
Ms. Priya R. Aiyar J.D.Chief Legal Officer50
Mr. Jean-Briac PerrettePresident and CEO of Global Streaming & Games54
Ms. Lori C. LockeChief Accounting Officer & Executive VP62
Mr. Avi SaxenaChief Technology Officer-
Mr. Dave DuvallChief Information Officer-
Peter LeeSenior Vice President of Investor Relations-
Mr. Robert Lane GibbsChief Communications & Public Affairs Officer54

审计风险

3

董事会风险

9

薪酬风险

10

股东权利风险

10

第二部分 · 价格与买入时机

这一部分不判断公司是否值得拥有:它帮助你在基本面说服你之后,选择何时买入。包含:技术分析、潜力、历史回撤、Gamma 敞口。

文件

  • 年度报告(10-K)

    对公司业务、财务业绩和风险的年度概述。

    提交日期:2026-02-27

    查看文件
  • 季度报告(10-Q)

    最近三个月财务表现的最新情况。

    提交日期:2026-08-06

    查看文件
  • 临时报告(8-K)

    关于重大事件(如管理层变动或重要公告)的通知。

    提交日期:2026-08-06

    查看文件

via SEC EDGAR

损益历史

via SEC EDGAR

Latest News

Recent headlines for WBD, sourced from Markets Gazette.

  • 1d agoNEUTRAL
    Paramount Set to Raise $42.4 Billion Through Bond Offerings

    Warner Bros. Discovery Inc. is the target of a significant financial maneuver as Paramount Skydance Corp. prepares to raise $42.4 billion through a combination of investment-grade and high-yield bond offerings. This substantial capital infusion is earmarked to facilitate Skydance's acquisition of WBD. The tightening spreads on the largest portion of this transaction indicate increasing investor confidence in its completion. While the news directly impacts WBD's ownership structure and future strategic direction, the immediate market signal for WBD's stock remains neutral as the transaction is still pending.

  • 2d agoNEUTRAL
    Paramount Kicks Off High-Grade Bond Sale for Warner Bros. Deal

    Paramount Global has initiated the sale of investment-grade bonds, aiming to raise a significant portion of the $52 billion debt package required for its acquisition of Warner Bros. Discovery Inc. This move signals progress in the potential merger, which could reshape the media landscape. Investors will be watching the bond sale's reception and the eventual terms of the acquisition closely. The success of this debt issuance is crucial for Paramount's financing strategy and its ability to complete the transaction, while Warner Bros. Discovery shareholders await clarity on the deal's final structure and valuation.

  • 10d agoPOSITIVE
    Paramount Settles Lawsuits With States Clearing the Way to Buy WBD

    Paramount Global has reached settlements with 12 states regarding antitrust concerns, effectively clearing a major hurdle for its proposed acquisition of Warner Bros. Discovery Inc. This resolution removes significant legal impediments, paving the way for the potential merger. The agreement also includes a commitment from Paramount to release 30 films annually from the combined studio operations. For investors in Warner Bros. Discovery, this development signals a higher probability of the deal closing, potentially leading to a favorable valuation outcome.

  • 8/26/2026NEUTRAL
    Buyers Circle Warner Assets Amid Paramount Legal Fight

    Paramount Global is reportedly exploring various strategies to resolve legal challenges surrounding its proposed $110 billion acquisition. This includes considering options to settle lawsuits that question the validity of the deal. Warner Bros. Discovery, as a party involved in the potential transaction, faces uncertainty regarding its future ownership structure. While no immediate impact is confirmed, the ongoing legal battles and strategic considerations by Paramount create a complex environment for WBD investors, with potential outcomes ranging from deal continuation to significant restructuring.

  • 8/6/2026NEUTRAL
    Warner Bros. Revenue Falls, But Focus Is on Planned Merger

    Warner Bros. Discovery Inc. announced a revenue decline, attributed to the loss of NBA broadcasting rights and underperforming summer films. However, the market's attention is primarily focused on the impending acquisition by Paramount Skydance. This strategic shift overshadows the immediate financial results, suggesting that future valuation will be heavily influenced by the terms and integration of the merger rather than current operational performance. Investors are awaiting further details on the deal's structure and potential synergies.

  • 8/6/2026POSITIVE
    Paramount-Warner Deal Cleared by UK Antitrust Watchdog

    The UK's antitrust watchdog has approved Skydance Corp.'s $110 billion takeover of Warner Bros. Discovery Inc., clearing a significant regulatory hurdle. Regulators concluded the proposed merger does not pose competition concerns within Britain. This approval is a crucial step for Skydance's ambitious acquisition, potentially paving the way for the deal's finalization. Investors will be watching for further regulatory decisions in other jurisdictions and the strategic integration plans post-merger, which could unlock significant synergies and reshape the media landscape.

  • 8/6/2026NEGATIVE
    Warner Bros. Sales Fall on Loss of NBA Rights, Weak Movie Lineup

    Warner Bros. Discovery Inc. has reported a significant decline in sales, attributed to the loss of lucrative National Basketball Association (NBA) broadcasting rights and a weaker performance from its recent movie releases compared to the previous year. This dual impact of lost revenue streams and underperforming content is a clear headwind for the company. Investors will be closely watching management's strategy to offset these losses and revitalize growth in upcoming quarters, particularly concerning future content investments and potential new media rights acquisitions.

  • 7/29/2026NEGATIVE
    Warner Bros. Deal Collapse Would Cost the Ellisons $9.8B

    The potential collapse of the Skydance Media deal to acquire Paramount Global would impose a significant financial burden of $9.8 billion on the Ellison family. This figure represents the potential cost if the transaction fails, highlighting the substantial financial risk involved for the key stakeholders. For investors in Warner Bros. Discovery, the uncertainty surrounding this deal and the potential financial repercussions for major players could signal ongoing volatility and a lack of clear strategic direction, potentially impacting the stock's near-term performance.

via Markets Gazette