Price to Sales (P/S)
since 2008
Calculation
Warner Bros. Discovery Inc., P/S, long-term trends, calculation
| P/S | = | Share price1, 2, 3 | ÷ | Sales per share1 | Sales per share1 | = | Revenues1 (in millions) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Feb 24, 2022 | 1.15 | = | 27.73 | ÷ | 24.08 | 24.08 | = | 12,191 | ÷ | 506,245,821 | |
| Feb 22, 2021 | 2.53 | = | 55.29 | ÷ | 21.90 | 21.90 | = | 10,671 | ÷ | 487,334,195 | |
| Feb 27, 2020 | 1.15 | = | 24.67 | ÷ | 21.39 | 21.39 | = | 11,144 | ÷ | 520,922,321 | |
| Mar 1, 2019 | 1.44 | = | 29.08 | ÷ | 20.14 | 20.14 | = | 10,553 | ÷ | 523,978,060 | |
| Feb 28, 2018 | 1.35 | = | 24.32 | ÷ | 18.00 | 18.00 | = | 6,873 | ÷ | 381,907,924 | |
| Feb 14, 2017 | 1.71 | = | 28.53 | ÷ | 16.72 | 16.72 | = | 6,497 | ÷ | 388,656,264 | |
| Feb 18, 2016 | 1.64 | = | 25.62 | ÷ | 15.60 | 15.60 | = | 6,394 | ÷ | 409,799,430 | |
| Feb 19, 2015 | 2.18 | = | 31.10 | ÷ | 14.26 | 14.26 | = | 6,265 | ÷ | 439,252,244 | |
| Feb 20, 2014 | 3.49 | = | 41.22 | ÷ | 11.82 | 11.82 | = | 5,535 | ÷ | 468,226,352 | |
| Feb 14, 2013 | 3.87 | = | 35.42 | ÷ | 9.15 | 9.15 | = | 4,487 | ÷ | 490,510,164 | |
| Feb 17, 2012 | 2.76 | = | 22.61 | ÷ | 8.19 | 8.19 | = | 4,235 | ÷ | 517,025,140 | |
| Feb 18, 2011 | 3.28 | = | 21.96 | ÷ | 6.70 | 6.70 | = | 3,773 | ÷ | 563,128,910 | |
| Feb 22, 2010 | 2.59 | = | 16.05 | ÷ | 6.20 | 6.20 | = | 3,516 | ÷ | 567,053,622 | |
| Feb 26, 2009 | 1.21 | = | 7.38 | ÷ | 6.12 | 6.12 | = | 3,443 | ÷ | 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 analysis over the indicated financial periods reveals several noteworthy trends regarding the share price, sales per share, and the price-to-sales (P/S) ratio.
- Share Price
- The share price exhibited a general upward trend from 2009 through 2014, increasing from $7.38 to a peak of $41.22. However, after 2014, the price experienced significant volatility. It declined steadily until 2016, reaching $25.62, then showed some recovery by 2017, followed by fluctuating values in subsequent years. Notably, a very sharp increase was observed in 2021, peaking at $55.29, before a substantial decline to $27.73 in 2022. This pattern indicates periods of growth interspersed with market uncertainties and potential company-specific events influencing investor sentiment.
- Sales Per Share
- Sales per share demonstrated a consistent upward trajectory throughout the entire period, rising steadily from $6.12 in 2009 to $24.08 in 2022. This steady increase suggests continuous revenue growth on a per-share basis, which may be attributed to either organic sales growth, acquisition activity, improved operational performance, or share repurchase programs reducing shares outstanding.
- Price-to-Sales (P/S) Ratio
- The P/S ratio exhibited more variability without a clear long-term trend. Initially, it rose sharply from 1.21 in 2009 to a high of 3.87 in 2013, suggesting increasing market valuation relative to sales. Subsequently, the ratio declined steadily, reaching lows around 1.15 in 2020 and 2022, with brief fluctuations such as a temporary spike to 2.53 in 2021. The declining P/S ratio despite rising sales per share indicates that the share price did not maintain a proportional increase relative to sales growth, reflecting potential market skepticism or revaluation during those later periods.
In summary, the data indicates robust growth in sales per share over the years, accompanied by highly variable share prices which led to fluctuating P/S ratios. The recent decline in the P/S ratio could signal a market recalibration of the company’s valuation in relation to its sales performance.
Comparison to Competitors
Warner Bros. Discovery Inc., P/S, long-term trends, comparison to competitors
| Warner Bros. Discovery Inc. | Alphabet Inc. | Comcast Corp. | Meta Platforms Inc. | Netflix Inc. | Take-Two Interactive Software Inc. | Walt Disney Co. | |
|---|---|---|---|---|---|---|---|
| Feb 24, 2022 | 1.15 | 7.60 | 1.95 | 5.49 | 5.78 | 6.15 | 4.08 |
| Feb 22, 2021 | 2.53 | 7.65 | 2.28 | 8.78 | 9.54 | 5.18 | 4.13 |
| Feb 27, 2020 | 1.15 | 6.14 | 1.84 | 8.45 | 7.47 | 4.37 | 3.81 |
| Mar 1, 2019 | 1.44 | 5.82 | 1.75 | 8.52 | 9.09 | 7.27 | 2.83 |
| Feb 28, 2018 | 1.35 | 6.78 | 2.34 | 13.80 | 10.56 | 4.54 | 2.81 |
| Feb 14, 2017 | 1.71 | 6.14 | 2.22 | 13.70 | 6.94 | 2.24 | 2.81 |
| Feb 18, 2016 | 1.64 | 6.27 | 1.95 | 17.32 | 5.96 | 2.13 | 3.74 |
| Feb 19, 2015 | 2.18 | 5.44 | 2.19 | 17.51 | 4.88 | 0.80 | 3.12 |
| Feb 20, 2014 | 3.49 | 6.67 | 2.23 | 20.27 | 5.53 | 1.25 | 2.70 |
| Feb 14, 2013 | 3.87 | 4.95 | 1.69 | 13.92 | 2.56 | 1.28 | 2.04 |
| Feb 17, 2012 | 2.76 | 4.87 | 1.44 | — | 2.14 | 1.27 | 1.47 |
| Feb 18, 2011 | 3.28 | 6.85 | 1.85 | — | 5.76 | 1.44 | 1.83 |
| Feb 22, 2010 | 2.59 | 7.17 | 1.28 | — | 2.09 | 0.77 | 1.59 |
| Feb 26, 2009 | 1.21 | 5.17 | 1.08 | — | 1.54 | 0.43 | 0.92 |
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/S, long-term trends, comparison to sector (media & entertainment)
| Warner Bros. Discovery Inc. | Media & Entertainment | |
|---|---|---|
| Feb 24, 2022 | 1.15 | 5.57 |
| Feb 22, 2021 | 2.53 | 6.25 |
| Feb 27, 2020 | 1.15 | 5.12 |
| Mar 1, 2019 | 1.44 | 4.84 |
| Feb 28, 2018 | 1.35 | 5.90 |
| Feb 14, 2017 | 1.71 | 5.04 |
| Feb 18, 2016 | 1.64 | 5.11 |
| Feb 19, 2015 | 2.18 | 4.46 |
| Feb 20, 2014 | 3.49 | 4.64 |
| Feb 14, 2013 | 3.87 | 3.17 |
| Feb 17, 2012 | 2.76 | 2.40 |
| Feb 18, 2011 | 3.28 | 3.27 |
| Feb 22, 2010 | 2.59 | 2.82 |
| Feb 26, 2009 | 1.21 | 1.93 |
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/S, long-term trends, comparison to industry (communication services)
| Warner Bros. Discovery Inc. | Communication Services | |
|---|---|---|
| Feb 24, 2022 | 1.15 | 3.95 |
| Feb 22, 2021 | 2.53 | 4.19 |
| Feb 27, 2020 | 1.15 | 3.55 |
| Mar 1, 2019 | 1.44 | 3.21 |
| Feb 28, 2018 | 1.35 | 3.59 |
| Feb 14, 2017 | 1.71 | 3.11 |
| Feb 18, 2016 | 1.64 | 3.03 |
| Feb 19, 2015 | 2.18 | 2.67 |
| Feb 20, 2014 | 3.49 | 2.72 |
| Feb 14, 2013 | 3.87 | 2.08 |
| Feb 17, 2012 | 2.76 | 1.65 |
| Feb 18, 2011 | 3.28 | 1.84 |
| Feb 22, 2010 | 2.59 | 1.54 |
| Feb 26, 2009 | 1.21 | 1.28 |
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).