Price to Earnings (P/E)
since 2008
Calculation
Warner Bros. Discovery Inc., P/E, long-term trends, calculation
| P/E | = | Share price1, 2, 3 | ÷ | Earnings per share1 (EPS) | EPS1 | = | Net income (loss) available to Discovery, Inc. stockholders1 (in millions) | ÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Feb 24, 2022 | 13.95 | = | 27.73 | ÷ | 1.99 | 1.99 | = | 1,006 | ÷ | 506,245,821 | |
| Feb 22, 2021 | 22.10 | = | 55.29 | ÷ | 2.50 | 2.50 | = | 1,219 | ÷ | 487,334,195 | |
| Feb 27, 2020 | 6.21 | = | 24.67 | ÷ | 3.97 | 3.97 | = | 2,069 | ÷ | 520,922,321 | |
| Mar 1, 2019 | 25.65 | = | 29.08 | ÷ | 1.13 | 1.13 | = | 594 | ÷ | 523,978,060 | |
| Feb 28, 2018 | — | = | 24.32 | ÷ | -0.88 | -0.88 | = | -337 | ÷ | 381,907,924 | |
| Feb 14, 2017 | 9.29 | = | 28.53 | ÷ | 3.07 | 3.07 | = | 1,194 | ÷ | 388,656,264 | |
| Feb 18, 2016 | 10.15 | = | 25.62 | ÷ | 2.52 | 2.52 | = | 1,034 | ÷ | 409,799,430 | |
| Feb 19, 2015 | 11.99 | = | 31.10 | ÷ | 2.59 | 2.59 | = | 1,139 | ÷ | 439,252,244 | |
| Feb 20, 2014 | 17.95 | = | 41.22 | ÷ | 2.30 | 2.30 | = | 1,075 | ÷ | 468,226,352 | |
| Feb 14, 2013 | 18.42 | = | 35.42 | ÷ | 1.92 | 1.92 | = | 943 | ÷ | 490,510,164 | |
| Feb 17, 2012 | 10.33 | = | 22.61 | ÷ | 2.19 | 2.19 | = | 1,132 | ÷ | 517,025,140 | |
| Feb 18, 2011 | 18.97 | = | 21.96 | ÷ | 1.16 | 1.16 | = | 652 | ÷ | 563,128,910 | |
| Feb 22, 2010 | 16.49 | = | 16.05 | ÷ | 0.97 | 0.97 | = | 552 | ÷ | 567,053,622 | |
| Feb 26, 2009 | 13.10 | = | 7.38 | ÷ | 0.56 | 0.56 | = | 317 | ÷ | 562,521,954 |
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$
2 Data adjusted for splits and stock dividends.
3 Closing price as at the filing date of Warner Bros. Discovery Inc. Annual Report.
The financial trajectory from 2009 to 2022 reveals a complex relationship between share price appreciation and earnings performance, resulting in significant volatility in the Price-to-Earnings (P/E) ratio.
- Share Price Trends
- The share price experienced a long-term ascent from 7.38 USD in 2009 to a peak of 41.22 USD in 2014. Following several years of fluctuation, a significant price surge occurred in 2021, reaching 55.29 USD, before correcting to 27.73 USD by February 2022.
- Earnings Per Share (EPS) Dynamics
- EPS exhibited a general growth pattern from 0.56 USD in 2009 to 3.07 USD in 2017. A notable anomaly occurred in 2018, when earnings shifted to a negative value of -0.88 USD. Recovery followed in 2019, with earnings reaching a peak of 3.97 USD in 2020, before declining to 1.99 USD by 2022.
- Price-to-Earnings (P/E) Ratio Analysis
- The valuation multiple moved through three distinct cycles. An initial expansion phase was observed between 2009 and 2011, with the ratio increasing from 13.10 to 18.97. A subsequent contraction phase occurred between 2012 and 2017, where the ratio declined to a period low of 9.29. The final period was characterized by high volatility; the ratio dropped to 6.21 in 2020 during a period of peak earnings, spiked to 22.10 in 2021 in alignment with the share price peak, and eventually moderated to 13.95 in 2022.
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Comparison to Competitors
Warner Bros. Discovery Inc., P/E, long-term trends, comparison to competitors
| Warner Bros. Discovery Inc. | Alphabet Inc. | Comcast Corp. | Meta Platforms Inc. | Netflix Inc. | Walt Disney Co. | |
|---|---|---|---|---|---|---|
| Feb 24, 2022 | 13.95 | 25.74 | 16.01 | 16.44 | 33.56 | 137.89 |
| Feb 22, 2021 | 22.10 | 34.65 | 22.37 | 25.89 | 86.39 | — |
| Feb 27, 2020 | 6.21 | 28.96 | 15.39 | 32.31 | 80.67 | 23.96 |
| Mar 1, 2019 | 25.65 | 25.92 | 14.11 | 21.51 | 118.55 | 13.36 |
| Feb 28, 2018 | — | 59.34 | 8.70 | 35.20 | 220.96 | 17.28 |
| Feb 14, 2017 | 9.29 | 28.45 | 20.56 | 37.05 | 328.55 | 16.65 |
| Feb 18, 2016 | 10.15 | 29.71 | 17.78 | 84.21 | 329.51 | 23.41 |
| Feb 19, 2015 | 11.99 | 24.87 | 18.01 | 74.26 | 100.63 | 20.31 |
| Feb 20, 2014 | 17.95 | 30.87 | 21.12 | 106.36 | 215.28 | 19.83 |
| Feb 14, 2013 | 18.42 | 23.14 | 17.05 | 1,336.24 | 537.02 | 15.18 |
| Feb 17, 2012 | 10.33 | 18.97 | 19.40 | — | 30.37 | 12.48 |
| Feb 18, 2011 | 18.97 | 23.60 | 19.29 | — | 77.34 | 17.62 |
| Feb 22, 2010 | 16.49 | 26.00 | 12.59 | — | 30.08 | 17.36 |
| Feb 26, 2009 | 13.10 | 26.67 | 14.52 | — | 25.23 | 7.83 |
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., P/E, long-term trends, comparison to sector (media & entertainment)
| Warner Bros. Discovery Inc. | Media & Entertainment | |
|---|---|---|
| Feb 24, 2022 | 13.95 | 23.98 |
| Feb 22, 2021 | 22.10 | 36.25 |
| Feb 27, 2020 | 6.21 | 28.02 |
| Mar 1, 2019 | 25.65 | 22.32 |
| Feb 28, 2018 | — | 29.39 |
| Feb 14, 2017 | 9.29 | 27.71 |
| Feb 18, 2016 | 10.15 | 32.13 |
| Feb 19, 2015 | 11.99 | 27.07 |
| Feb 20, 2014 | 17.95 | 30.86 |
| Feb 14, 2013 | 18.42 | 22.94 |
| Feb 17, 2012 | 10.33 | 17.55 |
| Feb 18, 2011 | 18.97 | 21.71 |
| Feb 22, 2010 | 16.49 | 20.34 |
| Feb 26, 2009 | 13.10 | 16.53 |
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., P/E, long-term trends, comparison to industry (communication services)
| Warner Bros. Discovery Inc. | Communication Services | |
|---|---|---|
| Feb 24, 2022 | 13.95 | 21.07 |
| Feb 22, 2021 | 22.10 | 36.50 |
| Feb 27, 2020 | 6.21 | 24.23 |
| Mar 1, 2019 | 25.65 | 19.46 |
| Feb 28, 2018 | — | 18.11 |
| Feb 14, 2017 | 9.29 | 24.33 |
| Feb 18, 2016 | 10.15 | 23.89 |
| Feb 19, 2015 | 11.99 | 26.45 |
| Feb 20, 2014 | 17.95 | 21.66 |
| Feb 14, 2013 | 18.42 | 27.51 |
| Feb 17, 2012 | 10.33 | 24.54 |
| Feb 18, 2011 | 18.97 | 16.12 |
| Feb 22, 2010 | 16.49 | 16.95 |
| Feb 26, 2009 | 13.10 | 13.32 |
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).