ROKU vs WBD: Roku 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 3.5 times Roku.
- Roku grew revenue faster over the last year (+21.9% vs -11.2%).
- Roku keeps more of each dollar of revenue as operating profit (5.2% vs -3.5%).
- On earnings, Warner Bros Discovery is the cheaper stock (105.6x vs 111.1x).
- Roku's price assumes faster free cash flow growth: about 16% 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 | ROKU | WBD |
|---|---|---|
| Market cap | $22.1B | $77.6B |
| Share price | $152.85 | $30.95 |
| Revenue (last fiscal year) | $4.7B | $37.3B |
| Free cash flow (last fiscal year) | $478M | $3.1B |
| Revenue growth, last year | +21.9% | -11.2% |
| Revenue growth per year, last 5 fiscal years | +14.4% | +32.3% |
| Operating margin | 5.2% | -3.5% |
| Net margin | 6.8% | -8.8% |
| Return on equity | 12.6% | -9.6% |
| P/E (trailing) | 111.1x | 105.6x |
| Price / free cash flow | 46.3x | 25.1x |
| EV / EBITDA | 43.3x | 30.0x |
| FCF growth the price implies | 16.0% | 8.0% |
| Dividend yield | — | — |
| Debt / equity | 0.62x | 1.93x |
| Fundamental grade | C | F |
| Superinvestors holding it | 3 | 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.
Roku
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $2.8B | $188M | 8.5% |
| 2022 | $3.1B | -$150M | -17.0% |
| 2023 | $3.5B | $173M | -22.7% |
| 2024 | $4.1B | $213M | -5.3% |
| 2025 | $4.7B | $478M | -0.12% |
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
Roku
No segment breakdown reported.
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 ROKU in InvestinglyQuestions
Which is bigger, Roku or Warner Bros Discovery?
Warner Bros Discovery (WBD), at $77.6B against $22.1B.
Is ROKU or WBD cheaper?
By trailing P/E, Warner Bros Discovery (105.6x) is cheaper than Roku (111.1x). A lower multiple can also mean the market expects less growth.
Which grows faster, ROKU or WBD?
Roku: revenue grew +21.9% 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.