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Warner Bros. Discovery, Inc. (WBD) Stock Overview

Market Cap: $68.55B

Warner Bros. Discovery, Inc. operates as a media and entertainment company worldwide.

Mar 19, 2026$27.63

1Y +153.0%

Rewards

★FCF yield of 23.4% is historically attractive — the business generates significant cash relative to its price.

Risks

⚠Net debt/EBITDA of 4.4x indicates heavy leverage — it would take over 4 years of EBITDA to pay off net debt.
⚠Altman Z-Score of 0.94 places the company in the distress zone — financial patterns resemble those of companies that experienced bankruptcy.
⚠11 insider sales totaling $206.2M with no purchases in the past 3 months — insiders are reducing their exposure.

WBD Key Valuation Metrics

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Free Cash Flow

$16.02B

FCF Yield

23.37%

Trailing P/E

95.28

Forward P/E

-1657.47

ROIC

2.94%

ROE

1.96%

Gross Margin

44.55%

PEG Ratio

N/A

Debt / Equity

0.99

Interest Coverage

N/A

Net Debt / EBITDA

4.37

Dividend Yield

N/A

WBD Historical Fundamentals

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Price ÷ Earnings Per Share — how many years of current earnings you're paying for at today's price. Lower P/E may indicate undervaluation.

WBD $1 Retained Earnings Test

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N/A

Net losses over 3 years — test not applicable

Company had negative cumulative retained earnings

Σ Retained

$-13.71B

Δ Market Cap

+$48.44B

Δ Earning Power

+$89.98B

Buffett's "$1 Test": For every $1 retained, how much value did management create?
Market Value = market's verdict (mood-sensitive) · Earning Power = owner earnings / discount rate (mood-independent)

WBD Discounted Cash Flow (DCF) Analysis

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231.5% Overvalued

Price is 231.5% above estimated fair value

Current Price: $27.63

Strongly undervalued

Strongly overvalued

Fair Value: $8.33

Strongly undervalued

Undervalued

Fairly valued

Overvalued

Strongly overvalued

Parameter	Min (Bear)Value	BaseValue	Max (Bull)Value
Initial Cash Flow
Growth Rate (Yr 1-5)	%	%	%
Growth Rate (Yr 6-10)	%	%	%
Terminal Growth Rate	%	%	%
Discount Rate	%	%	%
	Bear Case $0.00 Implied EV: $24.67B	Base Case $8.33 Implied EV: $52.86B	Bull Case $23.69 Implied EV: $90.94B

Reverse DCF — Market-Implied Growth

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What growth rate is the market pricing in at $28?

+34.6%

Market-Implied Owner Earnings Growth

Standard FCF implies -8.6%

WBD Economic Moat Score

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33/100

No Moat

70+ Wide · 40-69 Narrow · <40 None

No durable moat detected, though reinvestment efficiency shows some competitive positioning. The business lacks consistent evidence of sustainable advantages.

Composite score measuring competitive advantage durability across four dimensions: returns above cost of capital, pricing power stability, revenue predictability, and capital efficiency. Based on 5 years of fundamental data.

WBD Forensic Accounting

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-2.57

Unlikely Manipulator

Above -1.78 = likely manipulator · -2.22 to -1.78 = grey zone

M-Score Trend

Beneish's 8-variable model estimates the probability of earnings manipulation. An M-Score above -1.78 signals elevated risk — companies in this range have historically been 3-5× more likely to be manipulating earnings. Scores between -2.22 and -1.78 fall in a grey zone warranting further investigation.

WBD Management & Board

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Mr. David M. Zaslav

President, CEO & Director · Age 65

$28.82M

total pay

Dr. Gunnar Wiedenfels Ph.D.

Senior EVP & CFO · Age 48

$7.00M

total pay

Mr. Bruce L. Campbell

COO and Chief Revenue & Strategy Officer · Age 58

$9.35M

total pay

Mr. Jean-Briac Perrette

President and CEO of Global Streaming & Games · Age 54

$9.16M

total pay

Mr. Gerhard Zeiler

President of International · Age 70

$7.35M

total pay

Ms. Lori C. Locke

Chief Accounting Officer & Executive VP · Age 62

Mr. Avi Saxena

Chief Technology Officer

Mr. Dave Duvall

Chief Information Officer

Peter Lee

Senior Vice President of Investor Relations

Ms. Priya R. Aiyar J.D.

Chief Legal Officer · Age 49

WBD Ownership

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Insiders 4.5%Institutions 73.8%Retail & Other 21.7%

No. of Institutional Holders1,720

High insider ownership aligns management incentives with shareholders — a key signal in Buffett-style analysis. Institutional concentration can indicate smart-money conviction but also crowding risk.

WBD Insider Buying Activity

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Buys (3M)

Buys (12M)

Total value (12M): $3.55M

LEVY ANTON J

Director

$3.55M

@ $10.92 · 2025-08-12

DI PIAZZA SAMUEL A. JR.

Director

$197,918

@ $11.41 · 2025-03-03

ZEILER GERHARD

Officer

$535,920

@ $9.24 · 2024-11-11

ZEILER GERHARD

Officer

$830,000

@ $8.30 · 2024-05-13

Open market purchases · includes direct & indirect ownership · excludes option exercises

WBD Insider Selling Activity

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Sells (3M)

Sells (12M)

Total value (12M): $237.39M

MERCHANT FAZAL F

Director

$961,800

@ $27.48 · 2026-03-16

PERRETTE JEAN-BRIAC

Officer

$18.07M

@ $27.42 · 2026-03-16

GOULD PAUL A

Director

$16.41M

@ $27.35 · 2026-03-16

AIYAR PRIYA

Officer

$2.75M

@ $27.85 · 2026-03-10

CAMPBELL BRUCE L

Officer

$1.16M

@ $27.82 · 2026-03-09

ZEILER GERHARD

Officer

$16.81M

@ $28.02 · 2026-03-04

WIEDENFELS GUNNAR

Chief Financial Officer

$27.95M

@ $28.17 · 2026-03-04

AIYAR PRIYA

Officer

$6.31M

@ $28.24 · 2026-03-03

GIRDWOOD AMY

Officer

$2.12M

@ $28.25 · 2026-03-03

ZASLAV DAVID M

Chief Executive Officer

$113.16M

@ $28.26 · 2026-03-03

FISHER RICHARD W.

Director

$462,727

@ $28.31 · 2026-03-03

LOCKE LORI C

Officer

$394,558

@ $27.94 · 2025-12-10

WIEDENFELS GUNNAR

Chief Financial Officer

$7.17M

@ $29.50 · 2025-12-10

LOCKE LORI C

Officer

$247,800

@ $24.78 · 2025-12-05

LOCKE LORI C

Officer

$360,850

@ $24.06 · 2025-12-03

LOCKE LORI C

Officer

$235,400

@ $23.54 · 2025-11-28

WIEDENFELS GUNNAR

Chief Financial Officer

$5.00M

@ $22.50 · 2025-10-31

WIEDENFELS GUNNAR

Chief Financial Officer

$10.35M

@ $19.50 · 2025-09-15

CAMPBELL BRUCE L

Officer

$7.47M

@ $17.00 · 2025-09-12

ZASLAV DAVID M

Chief Executive Officer

$30.08M

@ $11.73 · 2024-12-16

SIMS SAVALLE C

Officer

$2.09M

@ $12.36 · 2024-12-13

Direct ownership only · excludes indirect, option exercises, planned (10b5-1) sales & derivatives

WBD 🎭 Mr. Market's Mood

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😐Neutral(60/100)

"Market is pricing this stock without strong emotion in either direction"

Composite sentiment score based on 6 market signals. Inspired by Buffett's "Mr. Market" allegory — fear = potential opportunity, greed = potential risk. Must be used alongside fundamental analysis, not in isolation.

WBD ⚖️ Buffett Signal

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⚪Awaiting DCF Data

The Buffett Signal cross-references market sentiment with DCF valuation. Configure the DCF Analysis above to generate a signal.

DCF Margin of Safety: N/AMr. Market's Mood: Neutral (60)

WBD Investment Checklist & Notes

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Do I understand this business?

Does it have a durable competitive advantage (moat)?

Is management honest and competent?

Is management allocating capital rationally?

Is the price reasonable (margin of safety)?

Is this within my circle of competence?

Auto-saved • Last updated: 3/20/2026, 4:31:56 AM

WBD Insider Buying Activity

Learn more →

Buys (3M)

Buys (12M)

Total value (12M): $3.55M

LEVY ANTON J

Director

$3.55M

@ $10.92 · 2025-08-12

DI PIAZZA SAMUEL A. JR.

Director

$197,918

@ $11.41 · 2025-03-03

ZEILER GERHARD

Officer

$535,920

@ $9.24 · 2024-11-11

ZEILER GERHARD

Officer

$830,000

@ $8.30 · 2024-05-13

Open market purchases · includes direct & indirect ownership · excludes option exercises

WBD Insider Selling Activity

Learn more →

Sells (3M)

Sells (12M)

Total value (12M): $237.39M

MERCHANT FAZAL F

Director

$961,800

@ $27.48 · 2026-03-16

PERRETTE JEAN-BRIAC

Officer

$18.07M

@ $27.42 · 2026-03-16

GOULD PAUL A

Director

$16.41M

@ $27.35 · 2026-03-16

AIYAR PRIYA

Officer

$2.75M

@ $27.85 · 2026-03-10

CAMPBELL BRUCE L

Officer

$1.16M

@ $27.82 · 2026-03-09

ZEILER GERHARD

Officer

$16.81M

@ $28.02 · 2026-03-04

WIEDENFELS GUNNAR

Chief Financial Officer

$27.95M

@ $28.17 · 2026-03-04

AIYAR PRIYA

Officer

$6.31M

@ $28.24 · 2026-03-03

GIRDWOOD AMY

Officer

$2.12M

@ $28.25 · 2026-03-03

ZASLAV DAVID M

Chief Executive Officer

$113.16M

@ $28.26 · 2026-03-03

FISHER RICHARD W.

Director

$462,727

@ $28.31 · 2026-03-03

LOCKE LORI C

Officer

$394,558

@ $27.94 · 2025-12-10

WIEDENFELS GUNNAR

Chief Financial Officer

$7.17M

@ $29.50 · 2025-12-10

LOCKE LORI C

Officer

$247,800

@ $24.78 · 2025-12-05

LOCKE LORI C

Officer

$360,850

@ $24.06 · 2025-12-03

LOCKE LORI C

Officer

$235,400

@ $23.54 · 2025-11-28

WIEDENFELS GUNNAR

Chief Financial Officer

$5.00M

@ $22.50 · 2025-10-31

WIEDENFELS GUNNAR

Chief Financial Officer

$10.35M

@ $19.50 · 2025-09-15

CAMPBELL BRUCE L

Officer

$7.47M

@ $17.00 · 2025-09-12

ZASLAV DAVID M

Chief Executive Officer

$30.08M

@ $11.73 · 2024-12-16

SIMS SAVALLE C

Officer

$2.09M

@ $12.36 · 2024-12-13

Direct ownership only · excludes indirect, option exercises, planned (10b5-1) sales & derivatives

WBD Investment Checklist & Notes

Learn more →

Do I understand this business?

Does it have a durable competitive advantage (moat)?

Is management honest and competent?

Is management allocating capital rationally?

Is the price reasonable (margin of safety)?

Is this within my circle of competence?

Auto-saved • Last updated: 3/20/2026, 4:31:56 AM

Warner Bros. Discovery, Inc. (WBD) Stock Overview

Rewards

Risks

WBD Key Valuation Metrics

WBD Historical Fundamentals

WBD $1 Retained Earnings Test

WBD Discounted Cash Flow (DCF) Analysis

Reverse DCF — Market-Implied Growth

WBD Economic Moat Score

WBD Forensic Accounting

M-Score Trend

WBD Management & Board

WBD Ownership

WBD Insider Buying Activity

WBD Insider Selling Activity

WBD 🎭 Mr. Market's Mood

WBD ⚖️ Buffett Signal

Compare WBD

WBD Investment Checklist & Notes

WBD Insider Buying Activity

WBD Insider Selling Activity

WBD Investment Checklist & Notes