LYV vs WBD: Live Nation Entertainment 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 2.0 times Live Nation Entertainment.
- Live Nation Entertainment grew revenue faster over the last year (+9.4% vs -11.2%).
- Live Nation Entertainment keeps more of each dollar of revenue as operating profit (3.0% vs -3.5%).
- Live Nation Entertainment's price assumes faster free cash flow growth: about 28% 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 | LYV | WBD |
|---|---|---|
| Market cap | $38.4B | $77.6B |
| Share price | $170.33 | $30.95 |
| Revenue (last fiscal year) | $25.2B | $37.3B |
| Free cash flow (last fiscal year) | $334M | $3.1B |
| Revenue growth, last year | +9.4% | -11.2% |
| Revenue growth per year, last 5 fiscal years | +41.6% | +32.3% |
| Operating margin | 3.0% | -3.5% |
| Net margin | 0.51% | -8.8% |
| Return on equity | 163.6% | -9.6% |
| P/E (trailing) | — | 105.6x |
| Price / free cash flow | 115.0x | 25.1x |
| EV / EBITDA | 24.4x | 30.0x |
| FCF growth the price implies | 28.3% | 8.0% |
| Dividend yield | — | — |
| Debt / equity | 333.1x | 1.93x |
| Fundamental grade | D | F |
| Superinvestors holding it | 0 | 7 |
| Insider purchases, last 12 months | 4 | 6 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
Live Nation Entertainment
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $6.3B | $1.6B | -6.7% |
| 2022 | $16.7B | $1.5B | 4.3% |
| 2023 | $22.7B | $924M | 4.8% |
| 2024 | $23.2B | $1.1B | 3.6% |
| 2025 | $25.2B | $334M | 5.0% |
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
Live Nation Entertainment · by segments, 2025
Concerts$20.9B83%
Ticketing$3.1B12%
Sponsorship and Advertising$1.3B5%
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 LYV in InvestinglyQuestions
Which is bigger, Live Nation Entertainment or Warner Bros Discovery?
Warner Bros Discovery (WBD), at $77.6B against $38.4B.
Which grows faster, LYV or WBD?
Live Nation Entertainment: revenue grew +9.4% over the last year, against -11.2%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.