Warner Bros. Discovery, Inc. - Series A (WBD)
NEUTRALファンダメンタル
35
株価
$28.95
時価総額
$71.95B
パート1 · 企業の価値
概要
Warner Bros. Discovery makes and distributes movies, television series and news, and sells access to them through three channels: the HBO Max streaming service, a film and television studio that also licenses content to other platforms, and a family of cable and satellite networks including CNN, TNT and Discovery. The company is in the process of splitting into two separate public companies — one built around streaming and the studio, the other around the television networks — expected to close in 2026.
収益の仕組み
Revenue comes from three sources with different economics: subscriptions and advertising on streaming and on linear networks, licensing and box-office receipts from the studio, and affiliate fees that cable and satellite operators pay to carry the networks. Linear networks still generate the largest share of revenue and profit, but that share is shrinking as viewers cut the cord; streaming has only recently become profitable, after years of investment in content and technology.
セグメント別売上高
Cable and satellite television networks — CNN, TNT, Discovery and others — plus the affiliate fees and advertising they generate. Still the largest segment, but declining.
Film and television production and licensing, including sales of content to other streaming platforms and traditional television syndication.
The HBO Max subscription service: subscription fees plus advertising on the ad-supported tier, now profitable after years of losses.
競争優位性（moat）
特許・ライセンス · 狭いWarner Bros. owns a large library of franchises — DC characters, Harry Potter, decades of HBO original series — that a new entrant cannot replicate. But owning good content is not the same as controlling how viewers watch it: Netflix, Disney and Amazon compete for the same subscribers with libraries and streaming scale of their own, so the advantage is real but not decisive.
需要を左右する要因
中程度の景気循環性Advertising revenue on the networks moves with the broader ad market and can swing sharply in a downturn. Subscription revenue from streaming and affiliate fees from pay-TV operators are steadier, but the pay-TV base itself shrinks every year as households cancel cable — a structural decline layered on top of the ordinary advertising cycle.
主なリスク
- Linear television in structural decline — Revenue from the Global Linear Networks segment fell 12% in 2025 as households keep cancelling pay-TV subscriptions and advertisers follow viewers elsewhere. The decline is expected to continue regardless of the economic cycle.
- Execution risk of the planned separation — The company intends to split into two public companies by 2026. Separations of this size carry one-time costs, potential disruption to operations and financing, and no guarantee that either resulting company performs better than the combined one.
- High debt load — The company carries substantial debt inherited from the 2022 merger. Servicing it leaves less room to invest in content or to absorb a prolonged downturn in advertising or subscriptions.
- Streaming competition from better-capitalized rivals — HBO Max competes for the same subscribers as Netflix, Disney+ and Amazon Prime Video, all of which can outspend Warner Bros. Discovery on content and technology.
- Rising cost of sports and content rights — Live sports and marquee programming keep networks and streaming relevant, but rights costs have risen faster than the revenue they generate, pressuring margins across the linear and streaming businesses.
強気材料
Buyers argue that the split will let investors value the fast-growing, now-profitable streaming and studio business separately from the declining but cash-generative networks, that the content library remains one of the deepest in the industry, and that streaming losses are already behind the company.
弱気材料
Sellers fear that linear network revenue is falling faster than streaming can replace it, that the separation could saddle one or both resulting companies with debt they cannot easily service, and that larger, better-funded streaming rivals will keep outspending Warner Bros. on content.
Written by the editors, published on 2026年8月18日
Direct competitors
Who this company fights with for the same customers
No editorial profile for this company yet
No competitor list for this company yet.
貸借対照表と流動性
売上高
$36.12B
直近12か月（2026/6/30まで）
純利益
$-3.17B
直近12か月（2026/6/30まで）
フリーキャッシュフロー
$3.09B
自己資本合計
$35.92B
負債合計
$62.92B
流動比率
0.78
利払い倍率
0.57
負債/EBITDA
4.99
一株当たり利益（EPS）
売上高と純利益
フリーキャッシュフロー
収益内訳
財務推移表
利益率の推移
負債の推移
負債の重さ
成長率グリッド
成長率 — 売上高
適正価値の推定
適正価値
$26.82
現在株価
$28.95
安全マージン
-8.0%
適正価値レンジ
$23.60 - $30.04
推定方法
バリュエーション指標
P/E レシオ
98.97
ROE
2.0%
P/B レシオ
2.19
P/FCF
33.05
粗利益率
-
ROIC
-1.2%
収益性レーダー
Value Creation (Economic Moat)
ROIC
-1.2%
WACC
10.6%
ROIC − WACC
-11.8 pp
ROIC is below the cost of capital — the company is destroying value for every dollar invested.
ファンダメンタル分析基準
合格（9）
- EPS shows upward trend
- P/B Ratio 2.19
- Debt/Equity ratio
- Positive Free Cash Flow
- Current Ratio
- Debt/EBITDA
- Revenue Growth 5Y 28.4%
- Share Dilution 2.4%
- Piotroski F-Score 6/9
不合格（14）
- Price CAGR 0.41%
- ROIC -1.2%
- P/FCF 33.05
- Operating Margin -3.5%
- CapEx intensity
- Interest Coverage
- Return on Tangible Assets
- Low reliance on intangibles
- Price below Graham Number
- DCF valuation (Overvalued)
- ROE -9.2%
- Analyst Consensus 24% Buy
- Earnings Surprise avg -23.5%
- Net Margin Trend -8.8% vs 2.0%
データなし（4）
- Gross Margin NaN%
- Dividend Payout NaN%
- PEG Ratio (need PE > 0 and growth > 0)
- Earnings Quality (OCF/Net Income)
Piotroski F-スコア
まちまちのシグナル：一部の領域に注意が必要
利益の質
低品質：会計処理を調査してください
株式希薄化
新株を発行しており、所有権を希薄化している
ガバナンス
経営陣
| 氏名 | 役職 | 年齢 |
|---|---|---|
| Mr. David M. Zaslav | President, CEO & Director | 65 |
| Dr. Gunnar Wiedenfels Ph.D. | Senior EVP & CFO | 48 |
| Mr. Bruce L. Campbell | COO and Chief Revenue & Strategy Officer | 58 |
| Ms. Priya R. Aiyar J.D. | Chief Legal Officer | 50 |
| Mr. Jean-Briac Perrette | President and CEO of Global Streaming & Games | 54 |
| Ms. Lori C. Locke | Chief Accounting Officer & Executive VP | 62 |
| Mr. Avi Saxena | Chief Technology Officer | - |
| Mr. Dave Duvall | Chief Information Officer | - |
| Peter Lee | Senior Vice President of Investor Relations | - |
| Mr. Robert Lane Gibbs | Chief Communications & Public Affairs Officer | 54 |
監査リスク
3
取締役会リスク
9
報酬リスク
10
株主権利リスク
10
パート2 · 株価と買い時
この部分は企業に価値があるかを判断するものではありません。ファンダメンタルズに納得したうえで、いつ買うかを選ぶためのものです。内容：テクニカル分析、ポテンシャル、過去のドローダウン、ガンマエクスポージャー。
Latest News
Recent headlines for WBD, sourced from Markets Gazette.
- 19d agoNEUTRALWarner Bros. Revenue Falls, But Focus Is on Planned Merger
Warner Bros. Discovery Inc. announced a revenue decline, attributed to the loss of NBA broadcasting rights and underperforming summer films. However, the market's attention is primarily focused on the impending acquisition by Paramount Skydance. This strategic shift overshadows the immediate financial results, suggesting that future valuation will be heavily influenced by the terms and integration of the merger rather than current operational performance. Investors are awaiting further details on the deal's structure and potential synergies.
- 19d agoPOSITIVEParamount-Warner Deal Cleared by UK Antitrust Watchdog
The UK's antitrust watchdog has approved Skydance Corp.'s $110 billion takeover of Warner Bros. Discovery Inc., clearing a significant regulatory hurdle. Regulators concluded the proposed merger does not pose competition concerns within Britain. This approval is a crucial step for Skydance's ambitious acquisition, potentially paving the way for the deal's finalization. Investors will be watching for further regulatory decisions in other jurisdictions and the strategic integration plans post-merger, which could unlock significant synergies and reshape the media landscape.
- 19d agoNEGATIVEWarner Bros. Sales Fall on Loss of NBA Rights, Weak Movie Lineup
Warner Bros. Discovery Inc. has reported a significant decline in sales, attributed to the loss of lucrative National Basketball Association (NBA) broadcasting rights and a weaker performance from its recent movie releases compared to the previous year. This dual impact of lost revenue streams and underperforming content is a clear headwind for the company. Investors will be closely watching management's strategy to offset these losses and revitalize growth in upcoming quarters, particularly concerning future content investments and potential new media rights acquisitions.
- 27d agoNEGATIVEWarner Bros. Deal Collapse Would Cost the Ellisons $9.8B
The potential collapse of the Skydance Media deal to acquire Paramount Global would impose a significant financial burden of $9.8 billion on the Ellison family. This figure represents the potential cost if the transaction fails, highlighting the substantial financial risk involved for the key stakeholders. For investors in Warner Bros. Discovery, the uncertainty surrounding this deal and the potential financial repercussions for major players could signal ongoing volatility and a lack of clear strategic direction, potentially impacting the stock's near-term performance.
- 28d agoNEGATIVEWarner Bros. Deal Collapse Would Cost the Ellisons $9.8 Billion
A potential collapse of the Skydance Corp. deal to acquire Warner Bros. Discovery Inc. could result in a $9.8 billion financial liability for the Ellison family. This significant financial risk associated with the potential deal's failure introduces substantial uncertainty for Warner Bros. Discovery. Investors will be closely monitoring developments, as a failed acquisition could impact the company's strategic direction and financial stability, potentially leading to negative market sentiment.
- 6/30/2026NEGATIVEUK ‘Minded to Intervene’ in Paramount’s Deal for Warner Bros
The UK government has indicated a potential intervention in the proposed $110 billion takeover of Warner Bros. Discovery Inc. by Paramount Skydance Corp. The Secretary of State for Culture, Media and Sport has expressed concerns regarding media ownership plurality, a move that could significantly complicate or derail the deal. Investors in Warner Bros. Discovery should monitor regulatory developments closely, as any intervention introduces substantial uncertainty and could negatively impact the acquisition's valuation and timeline.
- 6/24/2026POSITIVEParamount’s $110 Billion Warner Bid on Track for EU Approval
Warner Bros. Discovery Inc. is reportedly on track for European Union approval regarding its $110 billion takeover by Paramount Skydance Corp. The firms are prepared to offer concessions to address concerns raised by the EU's competition chief, Teresa Ribera, particularly around film distribution. This potential approval signals a significant step forward for the proposed merger, which could reshape the media landscape. Investors will be watching for final regulatory decisions and the potential implications for Warner Bros. Discovery's future strategic direction and market position.
- 6/9/2026NEGATIVEParamount’s $110 Billion Warner Takeover Investigated by UK
Britain's Competition and Markets Authority (CMA) has launched a Phase 1 investigation into the proposed $110 billion acquisition of Warner Bros. Discovery by Paramount and Skydance. This regulatory scrutiny introduces significant uncertainty and potential delays to the deal, which could impact the strategic direction and valuation of both companies. Investors will be closely monitoring the CMA's findings, as any conditions or outright blocking of the merger could lead to substantial share price volatility for WBD and Paramount.
via Markets Gazette