FWONA vs WBD: Liberty Media Corporation Series A Liberty Formula One and Warner Bros Discovery compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- Warner Bros Discovery is the larger company, worth $77.6B, about 3.7 times Liberty Media Corporation Series A Liberty Formula One.
- Warner Bros Discovery grew revenue faster over the last year (-11.2% vs -30.4%).
- Liberty Media Corporation Series A Liberty Formula One keeps more of each dollar of revenue as operating profit (11.9% vs -3.5%).
- On earnings, Liberty Media Corporation Series A Liberty Formula One is the cheaper stock (37.0x vs 105.6x).
- Liberty Media Corporation Series A Liberty Formula One's price assumes faster free cash flow growth: about 9% a year, against 8% for Warner Bros Discovery (reverse DCF).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | FWONA | WBD |
|---|---|---|
| Market cap | $21.2B | $77.6B |
| Share price | $86.67 | $30.95 |
| Revenue (last fiscal year) | $4.5B | $37.3B |
| Free cash flow (last fiscal year) | $789M | $3.1B |
| Revenue growth, last year | -30.4% | -11.2% |
| Revenue growth per year, last 5 fiscal years | -20.8% | +32.3% |
| Operating margin | 11.9% | -3.5% |
| Net margin | 9.4% | -8.8% |
| Return on equity | 5.4% | -9.6% |
| P/E (trailing) | 37.0x | 105.6x |
| Price / free cash flow | 28.3x | 25.1x |
| EV / EBITDA | 19.6x | 30.0x |
| FCF growth the price implies | 8.9% | 8.0% |
| Dividend yield | — | — |
| Debt / equity | 0.98x | 1.93x |
| Fundamental grade | D | F |
| Superinvestors holding it | 7 | 7 |
| Insider purchases, last 12 months | 0 | 6 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
Liberty Media Corporation Series A Liberty Formula One
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $11.4B | $2.0B | 17.3% |
| 2022 | $3.2B | $2.2B | 4.6% |
| 2023 | $3.6B | $2.0B | 7.4% |
| 2024 | $3.7B | $492M | 7.9% |
| 2025 | $4.5B | $789M | 12.9% |
Warner Bros Discovery
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $12.2B | $2.4B | 16.5% |
| 2022 | $33.8B | $3.3B | -21.8% |
| 2023 | $41.3B | $6.2B | -3.7% |
| 2024 | $39.3B | $4.4B | -25.5% |
| 2025 | $37.3B | $3.1B | 2.0% |
Where the revenue comes from
Liberty Media Corporation Series A Liberty Formula One · by products, 2025
Motorsport$4.1B92%
Other$377M8%
Warner Bros Discovery · by segments, 2025
Global Linear Networks$17.7B43%
Studios$12.6B31%
Streaming$10.9B26%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open FWONA in InvestinglyQuestions
Which is bigger, Liberty Media Corporation Series A Liberty Formula One or Warner Bros Discovery?
Warner Bros Discovery (WBD), at $77.6B against $21.2B.
Is FWONA or WBD cheaper?
By trailing P/E, Liberty Media Corporation Series A Liberty Formula One (37.0x) is cheaper than Warner Bros Discovery (105.6x). A lower multiple can also mean the market expects less growth.
Which grows faster, FWONA or WBD?
Warner Bros Discovery: revenue grew -11.2% over the last year, against -30.4%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.