Warner Bros. Discovery

WBD

Entertainment · Communication Services

Exchange

NASDAQ

Winston Score

Winston is worried

Below-average fundamentals — multiple weak pillars.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Mixed

Growth

Weak

Cash Flow

Weak

Stability

Mixed

Valuation

Data not available

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Winston Score History

The full picture

Warner Bros. Discovery is a large media and entertainment company that makes movies, TV shows, and news content. Its most recognizable brands include HBO, CNN, Warner Bros. film studio, and the Discovery and HGTV cable channels. It serves everyday viewers around the world and sells advertising to businesses that want to reach those audiences.

The company makes money through three main streams: advertising on its TV networks, subscription fees from its Max streaming service, and licensing its movies and shows to other platforms. It operates globally, with a significant presence in the US and Europe, and its library of well-known content gives it some competitive staying power. However, the company carries a heavy debt load from its 2022 merger between WarnerMedia and Discovery, and the key challenge ahead is growing Max subscribers fast enough to offset the ongoing decline of traditional cable TV viewership.

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Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-11.2% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-90.6% YoY

YoY Growth Rate

Earnings declining

Insider Activity

5.0%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$3.4B cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Company generates more cash than it spends — no dilution risk from fundraising

Revenue declining

Warner Bros. Discovery's revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

47.0%

Healthy — 47.0% gross margin

Profit after running costs

Operating Margin

2.7%

Thin — 2.7% operating margin

Return on the money invested

ROCE

3.0%

Weak — 3.0% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales growth

Sales YoY

-6.1%

Shrinking sales (-6.1% YoY)

Profit growth

EPS YoY

-496.9%

Earnings shrinking (-496.9% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

How steady the profit is

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Profit that turns into cash

Cash Conversion

N/A

Data not available

Spare cash per sale

FCF Margin

6.0%

Modest free cash flow (6.0%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

What it owes vs what it owns

Debt / Equity

0.98

Moderate — manageable debt (0.98)

Covers its interest

Interest Cover

0.86x

Dangerous — barely covers interest (0.9x)

Interest coverage below 1. Their profits don't cover the interest bill.

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Valuation

Price vs profit

P/E Ratio (TTM)

N/M

no trend

Negative earnings — P/E not meaningful

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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