Warner Bros Discovery (WBD)
What the price implies
A reverse DCF: instead of guessing a fair value, it asks what growth today's price already assumes. How it works.
At a market value of $77.6B, Warner Bros Discovery's free cash flow of $3.1B (fiscal 2025) would need to grow about 8% a year for the stock to be worth today's price. That is close to what the company has delivered over the last 9 years.
Assumes a 9% discount rate and 3% growth after year 10, on free cash flow (operating cash flow minus capital spending) from Warner Bros Discovery's SEC filings. Change any assumption, or model revenue and margins instead, in the Modeling tab, or try your own numbers in the reverse DCF calculator.
Fundamental grade
Five factors scored 1 to 9 from WBD's latest numbers, weighted into one grade. It describes the business, not whether the stock is a buy.
Key numbers
Results from SEC filings
Fiscal years, from Warner Bros Discovery's 10-K filings. The deep dive has 15+ years, quarters and every line.
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $12.2B | $33.8B | $41.3B | $39.3B | $37.3B |
| Net income | $1.0B | -$7.4B | -$3.1B | -$11.3B | $727M |
| Free cash flow | $2.4B | $3.3B | $6.2B | $4.4B | $3.1B |
| EPS (diluted) | $1.54 | -$3.82 | -$1.28 | -$4.62 | $0.29 |
| Operating margin | 16.5% | -21.8% | -3.7% | -25.5% | 2.0% |
Where the revenue comes from
Revenue by segments, fiscal 2025.
Superinvestors who own WBD
From each investor's latest 13F filing (what a 13F shows). 7 of the investors we track hold it.
| Investor | Last quarter | Value | % of portfolio | Quarter |
|---|---|---|---|---|
| Dan Loeb Third Point LLC |
New position | $533M | 11.4% | Q2 2026 |
| Bill Nygren Harris Associates LP |
Trimmed | $128M | 0.17% | Q2 2026 |
| Andrew Redleaf Whitebox Advisors |
Trimmed | $70M | 2.0% | Q2 2026 |
| Cliff Asness AQR Capital Management |
Added | $41M | 0.01% | Q2 2026 |
| Mario Gabelli GAMCO Investors |
Trimmed | $35M | 0.31% | Q2 2026 |
| Joel Greenblatt Gotham Asset Management |
Added | $33M | 0.08% | Q2 2026 |
| Prem Watsa Fairfax Financial Holdings |
Added | $2M | 0.08% | Q2 2026 |
Insider buying
Open-market purchases by Warner Bros Discovery's executives and directors in the last 12 months, from SEC Form 4 filings. What insider buying tells you.
| Date | Insider | Shares | Price | Value |
|---|---|---|---|---|
| Jan 23, 2026 | Ro Khanna |
0 | $28.58 | — |
| Jan 23, 2026 | Ro Khanna |
0 | $28.58 | — |
| Jan 23, 2026 | Ro Khanna |
0 | $28.58 | — |
| Jan 9, 2026 | Gilbert Ray Cisneros, Jr. |
0 | $28.89 | — |
| Jan 9, 2026 | Gilbert Ray Cisneros, Jr. |
0 | $28.89 | — |
| Jan 9, 2026 | Gilbert Ray Cisneros, Jr. |
0 | $28.89 | — |
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In the full deep dive
Questions
What growth does Warner Bros Discovery's stock price imply?
At a market value of $77.6B, Warner Bros Discovery would need its free cash flow to grow about 8% a year for 10 years (discounted at 9%, 3% growth after that) to be worth today's price. Over the last 9 years its free cash flow grew 10% a year.
Are Warner Bros Discovery insiders buying the stock?
6 open-market insider purchases of WBD in the last 12 months, from SEC Form 4 filings.
Which superinvestors own Warner Bros Discovery?
7 of the superinvestors Investingly tracks hold WBD in their latest 13F, including Dan Loeb, Bill Nygren, Andrew Redleaf.
Prices and ratios as of Oct 7, 2026; statements from SEC filings. Information only, not investment advice. Superinvestor holdings come from 13F filings, which are filed up to 45 days after each quarter ends.