NFLX vs WBD: Netflix 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.
- Netflix is the larger company, worth $302.0B, about 3.9 times Warner Bros Discovery.
- Netflix grew revenue faster over the last year (+13.4% vs -11.2%).
- Netflix keeps more of each dollar of revenue as operating profit (29.7% vs -3.5%).
- On earnings, Netflix is the cheaper stock (23.1x vs 105.6x).
- Netflix's price assumes faster free cash flow growth: about 11% 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 | NFLX | WBD |
|---|---|---|
| Market cap | $302.0B | $77.6B |
| Share price | $70.30 | $30.95 |
| Revenue (last fiscal year) | $45.2B | $37.3B |
| Free cash flow (last fiscal year) | $9.5B | $3.1B |
| Revenue growth, last year | +13.4% | -11.2% |
| Revenue growth per year, last 5 fiscal years | +11.1% | +32.3% |
| Operating margin | 29.7% | -3.5% |
| Net margin | 28.2% | -8.8% |
| Return on equity | 45.3% | -9.6% |
| P/E (trailing) | 23.1x | 105.6x |
| Price / free cash flow | 31.9x | 25.1x |
| EV / EBITDA | 17.2x | 30.0x |
| FCF growth the price implies | 11.1% | 8.0% |
| Dividend yield | — | — |
| Debt / equity | 0.94x | 1.93x |
| Fundamental grade | C | F |
| Superinvestors holding it | 13 | 7 |
| Insider purchases, last 12 months | 10 | 6 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
Netflix
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $29.7B | -$132M | 20.9% |
| 2022 | $31.6B | $1.6B | 17.8% |
| 2023 | $33.7B | $6.9B | 20.6% |
| 2024 | $39.0B | $6.9B | 26.7% |
| 2025 | $45.2B | $9.5B | 29.5% |
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
Netflix · by regions, 2025
United States and Canada (UCAN)$20.0B44%
Europe, Middle East, and Africa (EMEA)$14.5B32%
Latin America (LATAM)$5.4B12%
Asia-Pacific (APAC)$5.4B12%
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 NFLX in InvestinglyQuestions
Which is bigger, Netflix or Warner Bros Discovery?
Netflix (NFLX), at $302.0B against $77.6B.
Is NFLX or WBD cheaper?
By trailing P/E, Netflix (23.1x) is cheaper than Warner Bros Discovery (105.6x). A lower multiple can also mean the market expects less growth.
Which grows faster, NFLX or WBD?
Netflix: revenue grew +13.4% 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.