Debt to Equity
since 2008
Calculation
Warner Bros. Discovery Inc., debt to equity, long-term trends, calculation
| Debt to equity | = | Total debt1 | ÷ | Total Discovery, Inc. stockholders’ equity1 | |
|---|---|---|---|---|---|
| Dec 31, 2021 | 1.27 | = | 14,759) | ÷ | 11,599) |
| Dec 31, 2020 | 1.47 | = | 15,404) | ÷ | 10,464) |
| Dec 31, 2019 | 1.56 | = | 15,419) | ÷ | 9,891) |
| Dec 31, 2018 | 2.03 | = | 17,045) | ÷ | 8,386) |
| Dec 31, 2017 | 3.21 | = | 14,785) | ÷ | 4,610) |
| Dec 31, 2016 | 1.53 | = | 7,923) | ÷ | 5,167) |
| Dec 31, 2015 | 1.42 | = | 7,735) | ÷ | 5,451) |
| Dec 31, 2014 | 1.28 | = | 7,153) | ÷ | 5,602) |
| Dec 31, 2013 | 1.05 | = | 6,499) | ÷ | 6,196) |
| Dec 31, 2012 | 0.83 | = | 5,243) | ÷ | 6,291) |
| Dec 31, 2011 | 0.65 | = | 4,245) | ÷ | 6,517) |
| Dec 31, 2010 | 0.58 | = | 3,618) | ÷ | 6,225) |
| Dec 31, 2009 | 0.56 | = | 3,495) | ÷ | 6,208) |
| Dec 31, 2008 | 0.68 | = | 3,789) | ÷ | 5,536) |
Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31).
1 US$ in millions
The financial trajectory from 2008 to 2021 is characterized by a period of low leverage, a significant expansion of debt leading to a peak in risk, and a subsequent phase of balance sheet strengthening.
- Total Debt Trends
- Debt levels remained relatively stable between 2008 and 2011, fluctuating within a range of $3.49 billion to $4.25 billion. A period of steady growth followed from 2012 to 2016, with total debt increasing to $7.92 billion. A sharp escalation occurred in 2017, where debt jumped to $14.79 billion, eventually peaking at $17.05 billion in 2018. From 2019 through 2021, debt levels stabilized, ending the period at $14.76 billion.
- Stockholders' Equity Evolution
- Equity showed minimal variance from 2008 to 2016, generally maintaining a range between $5.17 billion and $6.52 billion. A contraction was observed in 2017, with equity hitting a period low of $4.61 billion. This was followed by a significant upward trend starting in 2018, as equity grew consistently to reach $11.60 billion by December 31, 2021.
- Debt to Equity Ratio Analysis
- The debt to equity ratio remained conservative from 2008 to 2012, staying below 1.00. Starting in 2013, the ratio entered a growth phase, surpassing 1.00 and reaching 1.53 by 2016. A critical peak was recorded in 2017, where the ratio spiked to 3.21, driven by the simultaneous surge in total debt and the decline in equity. Following this peak, a consistent deleveraging trend is observed from 2018 to 2021, with the ratio descending to 1.27.
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Comparison to Competitors
Warner Bros. Discovery Inc., debt to equity, long-term trends, comparison to competitors
| Warner Bros. Discovery Inc. | Alphabet Inc. | Comcast Corp. | Meta Platforms Inc. | Netflix Inc. | Walt Disney Co. | |
|---|---|---|---|---|---|---|
| Dec 31, 2021 | 1.27 | 0.06 | 0.99 | 0.00 | 0.97 | 0.61 |
| Dec 31, 2020 | 1.47 | 0.06 | 1.15 | 0.00 | 1.47 | 0.70 |
| Dec 31, 2019 | 1.56 | 0.02 | 1.24 | 0.00 | 1.95 | 0.53 |
| Dec 31, 2018 | 2.03 | 0.02 | 1.56 | 0.00 | 1.98 | 0.43 |
| Dec 31, 2017 | 3.21 | 0.03 | 0.94 | 0.00 | 1.81 | 0.61 |
| Dec 31, 2016 | 1.53 | 0.03 | 1.13 | 0.00 | 1.26 | 0.47 |
| Dec 31, 2015 | 1.42 | 0.04 | 1.01 | 0.00 | 1.07 | 0.39 |
| Dec 31, 2014 | 1.28 | 0.05 | 0.92 | 0.01 | 0.48 | 0.33 |
| Dec 31, 2013 | 1.05 | 0.06 | 0.94 | 0.03 | 0.37 | 0.31 |
| Dec 31, 2012 | 0.83 | 0.08 | 0.82 | 0.20 | 0.54 | 0.36 |
| Dec 31, 2011 | 0.65 | 0.07 | 0.83 | — | 0.62 | 0.37 |
| Dec 31, 2010 | 0.58 | 0.07 | 0.71 | — | 0.69 | 0.33 |
| Dec 31, 2009 | 0.56 | 0.00 | 0.68 | — | 1.00 | 0.38 |
| Dec 31, 2008 | 0.68 | 0.00 | 0.80 | — | 0.00 | 0.45 |
Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31).
Comparison to Sector (Media & Entertainment)
Warner Bros. Discovery Inc., debt to equity, long-term trends, comparison to sector (media & entertainment)
| Warner Bros. Discovery Inc. | Media & Entertainment | |
|---|---|---|
| Dec 31, 2021 | 1.27 | 0.31 |
| Dec 31, 2020 | 1.47 | 0.36 |
| Dec 31, 2019 | 1.56 | 0.35 |
| Dec 31, 2018 | 2.03 | 0.38 |
| Dec 31, 2017 | 3.21 | 0.29 |
| Dec 31, 2016 | 1.53 | 0.30 |
| Dec 31, 2015 | 1.42 | 0.29 |
| Dec 31, 2014 | 1.28 | 0.29 |
| Dec 31, 2013 | 1.05 | 0.34 |
| Dec 31, 2012 | 0.83 | 0.36 |
| Dec 31, 2011 | 0.65 | 0.40 |
| Dec 31, 2010 | 0.58 | 0.37 |
| Dec 31, 2009 | 0.56 | 0.37 |
| Dec 31, 2008 | 0.68 | 0.46 |
Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31).
Comparison to Industry (Communication Services)
Warner Bros. Discovery Inc., debt to equity, long-term trends, comparison to industry (communication services)
| Warner Bros. Discovery Inc. | Communication Services | |
|---|---|---|
| Dec 31, 2021 | 1.27 | 0.65 |
| Dec 31, 2020 | 1.47 | 0.67 |
| Dec 31, 2019 | 1.56 | 0.62 |
| Dec 31, 2018 | 2.03 | 0.71 |
| Dec 31, 2017 | 3.21 | 0.75 |
| Dec 31, 2016 | 1.53 | 0.75 |
| Dec 31, 2015 | 1.42 | 0.81 |
| Dec 31, 2014 | 1.28 | 0.81 |
| Dec 31, 2013 | 1.05 | 0.75 |
| Dec 31, 2012 | 0.83 | 0.62 |
| Dec 31, 2011 | 0.65 | 0.62 |
| Dec 31, 2010 | 0.58 | 0.60 |
| Dec 31, 2009 | 0.56 | 0.69 |
| Dec 31, 2008 | 0.68 | 0.73 |
Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31).