Analysis of Long-term (Investment) Activity Ratios
Activity ratios measure how efficiently a company performs day-to-day tasks, such us the collection of receivables and management of inventory.
Long-term Activity Ratios (Summary)
Warner Bros. Discovery Inc., long-term (investment) activity ratios
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).
| Long-term activity ratio | Description | The company |
|---|---|---|
| Net fixed asset turnover | An activity ratio calculated as total revenue divided by net fixed assets. | Warner Bros. Discovery Inc. net fixed asset turnover ratio deteriorated from 2019 to 2020 but then slightly improved from 2020 to 2021. |
| Net fixed asset turnover (including operating lease, right-of-use asset) | An activity ratio calculated as total revenue divided by net fixed assets (including operating lease, right-of-use asset). | Warner Bros. Discovery Inc. net fixed asset turnover ratio (with operating lease, right-of-use asset) deteriorated from 2019 to 2020 but then slightly improved from 2020 to 2021. |
| Total asset turnover | An activity ratio calculated as total revenue divided by total assets. | Warner Bros. Discovery Inc. total asset turnover ratio deteriorated from 2019 to 2020 but then improved from 2020 to 2021 exceeding 2019 level. |
| Equity turnover | An activity ratio calculated as total revenue divided by shareholders’ equity. | Warner Bros. Discovery Inc. equity turnover ratio deteriorated from 2019 to 2020 but then slightly improved from 2020 to 2021. |
Net Fixed Asset Turnover
Warner Bros. Discovery Inc., net fixed asset turnover calculation, comparison to benchmarks
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Revenues | 12,191) | 10,671) | 11,144) | 10,553) | 6,873) | |
| Property and equipment, net | 1,336) | 1,206) | 951) | 800) | 597) | |
| Long-term Activity Ratio | ||||||
| Net fixed asset turnover1 | 9.13 | 8.85 | 11.72 | 13.19 | 11.51 | |
| Benchmarks | ||||||
| Net Fixed Asset Turnover, Competitors2 | ||||||
| Alphabet Inc. | 2.64 | 2.15 | 2.20 | — | — | |
| Comcast Corp. | 2.15 | 1.99 | 2.25 | — | — | |
| Meta Platforms Inc. | 2.04 | 1.88 | 2.00 | — | — | |
| Netflix Inc. | 22.44 | 26.03 | 35.66 | — | — | |
| Walt Disney Co. | 2.05 | 2.02 | 2.19 | 2.00 | — | |
| Net Fixed Asset Turnover, Sector | ||||||
| Media & Entertainment | 2.42 | 2.14 | 2.27 | — | — | |
| Net Fixed Asset Turnover, Industry | ||||||
| Communication Services | 1.90 | 1.72 | 1.81 | — | — | |
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).
1 2021 Calculation
Net fixed asset turnover = Revenues ÷ Property and equipment, net
= 12,191 ÷ 1,336 = 9.13
2 Click competitor name to see calculations.
| Long-term activity ratio | Description | The company |
|---|---|---|
| Net fixed asset turnover | An activity ratio calculated as total revenue divided by net fixed assets. | Warner Bros. Discovery Inc. net fixed asset turnover ratio deteriorated from 2019 to 2020 but then slightly improved from 2020 to 2021. |
Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset)
Warner Bros. Discovery Inc., net fixed asset turnover (including operating lease, right-of-use asset) calculation, comparison to benchmarks
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Revenues | 12,191) | 10,671) | 11,144) | 10,553) | 6,873) | |
| Property and equipment, net | 1,336) | 1,206) | 951) | 800) | 597) | |
| Operating lease right-of-use assets (included in Other noncurrent assets) | 535) | 575) | 613) | —) | —) | |
| Property and equipment, net (including operating lease, right-of-use asset) | 1,871) | 1,781) | 1,564) | 800) | 597) | |
| Long-term Activity Ratio | ||||||
| Net fixed asset turnover (including operating lease, right-of-use asset)1 | 6.52 | 5.99 | 7.13 | 13.19 | 11.51 | |
| Benchmarks | ||||||
| Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Competitors2 | ||||||
| Alphabet Inc. | 2.33 | 1.88 | 1.91 | — | — | |
| Comcast Corp. | 1.92 | 1.86 | 2.08 | — | — | |
| Meta Platforms Inc. | 1.69 | 1.56 | 1.58 | — | — | |
| Netflix Inc. | 7.88 | 8.34 | 9.61 | — | — | |
| Walt Disney Co. | 1.83 | 1.81 | 2.19 | 2.00 | — | |
| Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Sector | ||||||
| Media & Entertainment | 2.09 | 1.87 | 2.00 | — | — | |
| Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Industry | ||||||
| Communication Services | 1.54 | 1.41 | 1.52 | — | — | |
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).
1 2021 Calculation
Net fixed asset turnover (including operating lease, right-of-use asset) = Revenues ÷ Property and equipment, net (including operating lease, right-of-use asset)
= 12,191 ÷ 1,871 = 6.52
2 Click competitor name to see calculations.
| Long-term activity ratio | Description | The company |
|---|---|---|
| Net fixed asset turnover (including operating lease, right-of-use asset) | An activity ratio calculated as total revenue divided by net fixed assets (including operating lease, right-of-use asset). | Warner Bros. Discovery Inc. net fixed asset turnover ratio (with operating lease, right-of-use asset) deteriorated from 2019 to 2020 but then slightly improved from 2020 to 2021. |
Total Asset Turnover
Warner Bros. Discovery Inc., total asset turnover calculation, comparison to benchmarks
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Revenues | 12,191) | 10,671) | 11,144) | 10,553) | 6,873) | |
| Total assets | 34,427) | 34,087) | 33,735) | 32,550) | 22,555) | |
| Long-term Activity Ratio | ||||||
| Total asset turnover1 | 0.35 | 0.31 | 0.33 | 0.32 | 0.30 | |
| Benchmarks | ||||||
| Total Asset Turnover, Competitors2 | ||||||
| Alphabet Inc. | 0.72 | 0.57 | 0.59 | — | — | |
| Comcast Corp. | 0.42 | 0.38 | 0.41 | — | — | |
| Meta Platforms Inc. | 0.71 | 0.54 | 0.53 | — | — | |
| Netflix Inc. | 0.67 | 0.64 | 0.59 | — | — | |
| Walt Disney Co. | 0.33 | 0.32 | 0.36 | 0.60 | — | |
| Total Asset Turnover, Sector | ||||||
| Media & Entertainment | 0.56 | 0.47 | 0.48 | — | — | |
| Total Asset Turnover, Industry | ||||||
| Communication Services | 0.45 | 0.41 | 0.43 | — | — | |
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).
1 2021 Calculation
Total asset turnover = Revenues ÷ Total assets
= 12,191 ÷ 34,427 = 0.35
2 Click competitor name to see calculations.
| Long-term activity ratio | Description | The company |
|---|---|---|
| Total asset turnover | An activity ratio calculated as total revenue divided by total assets. | Warner Bros. Discovery Inc. total asset turnover ratio deteriorated from 2019 to 2020 but then improved from 2020 to 2021 exceeding 2019 level. |
Equity Turnover
Warner Bros. Discovery Inc., equity turnover calculation, comparison to benchmarks
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Revenues | 12,191) | 10,671) | 11,144) | 10,553) | 6,873) | |
| Total Discovery, Inc. stockholders’ equity | 11,599) | 10,464) | 9,891) | 8,386) | 4,610) | |
| Long-term Activity Ratio | ||||||
| Equity turnover1 | 1.05 | 1.02 | 1.13 | 1.26 | 1.49 | |
| Benchmarks | ||||||
| Equity Turnover, Competitors2 | ||||||
| Alphabet Inc. | 1.02 | 0.82 | 0.80 | — | — | |
| Comcast Corp. | 1.21 | 1.15 | 1.32 | — | — | |
| Meta Platforms Inc. | 0.94 | 0.67 | 0.70 | — | — | |
| Netflix Inc. | 1.87 | 2.26 | 2.66 | — | — | |
| Walt Disney Co. | 0.76 | 0.78 | 0.78 | 1.22 | — | |
| Equity Turnover, Sector | ||||||
| Media & Entertainment | 1.02 | 0.86 | 0.90 | — | — | |
| Equity Turnover, Industry | ||||||
| Communication Services | 1.09 | 1.00 | 1.04 | — | — | |
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).
1 2021 Calculation
Equity turnover = Revenues ÷ Total Discovery, Inc. stockholders’ equity
= 12,191 ÷ 11,599 = 1.05
2 Click competitor name to see calculations.
| Long-term activity ratio | Description | The company |
|---|---|---|
| Equity turnover | An activity ratio calculated as total revenue divided by shareholders’ equity. | Warner Bros. Discovery Inc. equity turnover ratio deteriorated from 2019 to 2020 but then slightly improved from 2020 to 2021. |