Total Asset Turnover
since 2008
Calculation
Warner Bros. Discovery Inc., total asset turnover, long-term trends, calculation
| Total asset turnover | = | Revenues1 | ÷ | Total assets1 | |
|---|---|---|---|---|---|
| Dec 31, 2021 | 0.35 | = | 12,191) | ÷ | 34,427) |
| Dec 31, 2020 | 0.31 | = | 10,671) | ÷ | 34,087) |
| Dec 31, 2019 | 0.33 | = | 11,144) | ÷ | 33,735) |
| Dec 31, 2018 | 0.32 | = | 10,553) | ÷ | 32,550) |
| Dec 31, 2017 | 0.30 | = | 6,873) | ÷ | 22,555) |
| Dec 31, 2016 | 0.41 | = | 6,497) | ÷ | 15,758) |
| Dec 31, 2015 | 0.40 | = | 6,394) | ÷ | 15,864) |
| Dec 31, 2014 | 0.39 | = | 6,265) | ÷ | 16,014) |
| Dec 31, 2013 | 0.37 | = | 5,535) | ÷ | 14,979) |
| Dec 31, 2012 | 0.35 | = | 4,487) | ÷ | 12,930) |
| Dec 31, 2011 | 0.36 | = | 4,235) | ÷ | 11,913) |
| Dec 31, 2010 | 0.34 | = | 3,773) | ÷ | 11,019) |
| Dec 31, 2009 | 0.32 | = | 3,516) | ÷ | 10,965) |
| Dec 31, 2008 | 0.33 | = | 3,443) | ÷ | 10,484) |
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
Analysis of asset utilization efficiency reveals two distinct operational phases between 2008 and 2021. The first phase is characterized by gradual efficiency gains, while the second is marked by a significant expansion of the balance sheet that reset the asset turnover baseline.
- Efficiency Growth Period (2008–2016)
- During this interval, a consistent upward trend in the total asset turnover ratio is observed, rising from 0.33 in 2008 to a peak of 0.41 in 2016. This improvement indicates that revenues grew at a faster rate than the asset base, reflecting enhanced operational efficiency in generating sales from existing resources.
- Balance Sheet Expansion and Ratio Compression (2017–2018)
- A significant structural shift occurred between 2017 and 2018, where total assets increased from approximately 15.8 billion USD in 2016 to 32.6 billion USD in 2018. Although revenues also experienced a sharp increase, reaching 10.6 billion USD in 2018, the growth in the asset base disproportionately outweighed revenue gains. Consequently, the total asset turnover ratio declined sharply to 0.30 in 2017 and 0.32 in 2018.
- Stabilization Phase (2019–2021)
- In the final period, the turnover ratio remained relatively stable, fluctuating between 0.31 and 0.35. By December 31, 2021, revenues reached 12.2 billion USD against a total asset base of 34.4 billion USD, resulting in a ratio of 0.35. This suggests a period of consolidation where the company sought to optimize the utilization of its significantly enlarged asset base.
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Comparison to Competitors
Warner Bros. Discovery Inc., total asset turnover, 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 | 0.35 | 0.72 | 0.42 | 0.71 | 0.67 | 0.33 |
| Dec 31, 2020 | 0.31 | 0.57 | 0.38 | 0.54 | 0.64 | 0.32 |
| Dec 31, 2019 | 0.33 | 0.59 | 0.41 | 0.53 | 0.59 | 0.36 |
| Dec 31, 2018 | 0.32 | 0.59 | 0.38 | 0.57 | 0.61 | 0.60 |
| Dec 31, 2017 | 0.30 | 0.56 | 0.45 | 0.48 | 0.61 | 0.58 |
| Dec 31, 2016 | 0.41 | 0.54 | 0.45 | 0.43 | 0.65 | 0.60 |
| Dec 31, 2015 | 0.40 | 0.51 | 0.45 | 0.36 | 0.66 | 0.59 |
| Dec 31, 2014 | 0.39 | 0.50 | 0.43 | 0.31 | 0.78 | 0.58 |
| Dec 31, 2013 | 0.37 | 0.54 | 0.41 | 0.44 | 0.81 | 0.55 |
| Dec 31, 2012 | 0.35 | 0.53 | 0.38 | 0.34 | 0.91 | 0.56 |
| Dec 31, 2011 | 0.36 | 0.52 | 0.35 | — | 1.04 | 0.57 |
| Dec 31, 2010 | 0.34 | 0.51 | 0.32 | — | 2.20 | 0.55 |
| Dec 31, 2009 | 0.32 | 0.58 | 0.32 | — | 2.46 | 0.57 |
| Dec 31, 2008 | 0.33 | 0.69 | 0.30 | — | 2.21 | 0.61 |
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., total asset turnover, long-term trends, comparison to sector (media & entertainment)
| Warner Bros. Discovery Inc. | Media & Entertainment | |
|---|---|---|
| Dec 31, 2021 | 0.35 | 0.56 |
| Dec 31, 2020 | 0.31 | 0.47 |
| Dec 31, 2019 | 0.33 | 0.48 |
| Dec 31, 2018 | 0.32 | 0.51 |
| Dec 31, 2017 | 0.30 | 0.52 |
| Dec 31, 2016 | 0.41 | 0.51 |
| Dec 31, 2015 | 0.40 | 0.49 |
| Dec 31, 2014 | 0.39 | 0.48 |
| Dec 31, 2013 | 0.37 | 0.49 |
| Dec 31, 2012 | 0.35 | 0.46 |
| Dec 31, 2011 | 0.36 | 0.45 |
| Dec 31, 2010 | 0.34 | 0.44 |
| Dec 31, 2009 | 0.32 | 0.45 |
| Dec 31, 2008 | 0.33 | 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., total asset turnover, long-term trends, comparison to industry (communication services)
| Warner Bros. Discovery Inc. | Communication Services | |
|---|---|---|
| Dec 31, 2021 | 0.35 | 0.45 |
| Dec 31, 2020 | 0.31 | 0.41 |
| Dec 31, 2019 | 0.33 | 0.43 |
| Dec 31, 2018 | 0.32 | 0.45 |
| Dec 31, 2017 | 0.30 | 0.46 |
| Dec 31, 2016 | 0.41 | 0.48 |
| Dec 31, 2015 | 0.40 | 0.46 |
| Dec 31, 2014 | 0.39 | 0.49 |
| Dec 31, 2013 | 0.37 | 0.47 |
| Dec 31, 2012 | 0.35 | 0.48 |
| Dec 31, 2011 | 0.36 | 0.47 |
| Dec 31, 2010 | 0.34 | 0.46 |
| Dec 31, 2009 | 0.32 | 0.46 |
| Dec 31, 2008 | 0.33 | 0.47 |
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).