Stock Analysis on Net
Stock Analysis on Net

Warner Bros. Discovery Inc. (NASDAQ:WBD)

This company has been moved to the archive! The financial data has not been updated since November 4, 2022.

Adjusted Financial Ratios

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Adjusted Financial Ratios (Summary)

Warner Bros. Discovery Inc., adjusted financial ratios

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Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Activity Ratio
Total Asset Turnover
Reported 0.35 0.31 0.33 0.32 0.30
Adjusted 0.36 0.32 0.34 0.32 0.31
Liquidity Ratio
Current Ratio
Reported 2.10 1.99 1.61 1.06 5.34
Adjusted 2.45 2.45 1.92 1.14 6.22
Solvency Ratios
Debt to Equity
Reported 1.29 1.50 1.58 2.03 3.21
Adjusted 1.08 1.16 1.18 1.39 2.61
Debt to Capital
Reported 0.56 0.60 0.61 0.67 0.76
Adjusted 0.52 0.54 0.54 0.58 0.72
Financial Leverage
Reported 2.97 3.26 3.41 3.88 4.89
Adjusted 2.32 2.38 2.41 2.60 3.96
Profitability Ratios
Net Profit Margin
Reported 8.25% 11.42% 18.57% 5.63% -4.90%
Adjusted 3.19% 13.40% 16.25% 4.14% -3.48%
Return on Equity (ROE)
Reported 8.67% 11.65% 20.92% 7.08% -7.31%
Adjusted 2.67% 10.20% 13.34% 3.42% -4.22%
Return on Assets (ROA)
Reported 2.92% 3.58% 6.13% 1.82% -1.49%
Adjusted 1.15% 4.28% 5.55% 1.31% -1.06%

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).

Financial ratio Description The company
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. Warner Bros. Discovery Inc. adjusted total asset turnover ratio deteriorated from 2019 to 2020 but then improved from 2020 to 2021 exceeding 2019 level.
Adjusted current ratio A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities. Warner Bros. Discovery Inc. adjusted current ratio improved from 2019 to 2020 and from 2020 to 2021.
Adjusted debt-to-equity ratio A solvency ratio calculated as adjusted total debt divided by adjusted total equity. Warner Bros. Discovery Inc. adjusted debt-to-equity ratio improved from 2019 to 2020 and from 2020 to 2021.
Adjusted debt-to-capital ratio A solvency ratio calculated as adjusted total debt divided by adjusted total debt plus adjusted total equity. Warner Bros. Discovery Inc. adjusted debt-to-capital ratio improved from 2019 to 2020 and from 2020 to 2021.
Adjusted financial leverage A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity.
Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.		 Warner Bros. Discovery Inc. adjusted financial leverage ratio decreased from 2019 to 2020 and from 2020 to 2021.
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by total revenue. Warner Bros. Discovery Inc. adjusted net profit margin ratio deteriorated from 2019 to 2020 and from 2020 to 2021.
Adjusted ROE A profitability ratio calculated as adjusted net income divided by adjusted total equity. Warner Bros. Discovery Inc. adjusted ROE deteriorated from 2019 to 2020 and from 2020 to 2021.
Adjusted ROA A profitability ratio calculated as adjusted net income divided by adjusted total assets. Warner Bros. Discovery Inc. adjusted ROA deteriorated from 2019 to 2020 and from 2020 to 2021.

Warner Bros. Discovery Inc., Financial Ratios: Reported vs. Adjusted

Adjusted Total Asset Turnover

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Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Reported
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
Activity Ratio
Total asset turnover1 0.35 0.31 0.33 0.32 0.30
Adjusted
Selected Financial Data (US$ in millions)
Adjusted revenues2 12,115 10,723 11,372 10,558 6,952
Adjusted total assets3 33,726 33,549 33,314 33,251 22,751
Activity Ratio
Adjusted total asset turnover4 0.36 0.32 0.34 0.32 0.31

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 Adjusted revenues. See details »

3 Adjusted total assets. See details »

4 2021 Calculation
Adjusted total asset turnover = Adjusted revenues ÷ Adjusted total assets
= 12,115 ÷ 33,726 = 0.36

Activity ratio Description The company
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. Warner Bros. Discovery Inc. adjusted total asset turnover ratio deteriorated from 2019 to 2020 but then improved from 2020 to 2021 exceeding 2019 level.

Adjusted Current Ratio

Microsoft Excel
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Reported
Selected Financial Data (US$ in millions)
Current assets 7,264 6,130 5,217 4,231 9,991
Current liabilities 3,459 3,082 3,239 3,997 1,871
Liquidity Ratio
Current ratio1 2.10 1.99 1.61 1.06 5.34
Adjusted
Selected Financial Data (US$ in millions)
Adjusted current assets2 7,318 6,189 5,271 4,277 10,046
Adjusted current liabilities3 2,981 2,525 2,750 3,748 1,616
Liquidity Ratio
Adjusted current ratio4 2.45 2.45 1.92 1.14 6.22

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
Current ratio = Current assets ÷ Current liabilities
= 7,264 ÷ 3,459 = 2.10

2 Adjusted current assets. See details »

3 Adjusted current liabilities. See details »

4 2021 Calculation
Adjusted current ratio = Adjusted current assets ÷ Adjusted current liabilities
= 7,318 ÷ 2,981 = 2.45

Liquidity ratio Description The company
Adjusted current ratio A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities. Warner Bros. Discovery Inc. adjusted current ratio improved from 2019 to 2020 and from 2020 to 2021.

Adjusted Debt to Equity

Microsoft Excel
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Reported
Selected Financial Data (US$ in millions)
Total debt 15,014 15,645 15,669 17,045 14,785
Total Discovery, Inc. stockholders’ equity 11,599 10,464 9,891 8,386 4,610
Solvency Ratio
Debt to equity1 1.29 1.50 1.58 2.03 3.21
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total debt2 15,643 16,308 16,372 17,781 14,990
Adjusted total equity3 14,512 14,086 13,851 12,770 5,740
Solvency Ratio
Adjusted debt to equity4 1.08 1.16 1.18 1.39 2.61

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).

1 2021 Calculation
Debt to equity = Total debt ÷ Total Discovery, Inc. stockholders’ equity
= 15,014 ÷ 11,599 = 1.29

2 Adjusted total debt. See details »

3 Adjusted total equity. See details »

4 2021 Calculation
Adjusted debt to equity = Adjusted total debt ÷ Adjusted total equity
= 15,643 ÷ 14,512 = 1.08

Solvency ratio Description The company
Adjusted debt-to-equity ratio A solvency ratio calculated as adjusted total debt divided by adjusted total equity. Warner Bros. Discovery Inc. adjusted debt-to-equity ratio improved from 2019 to 2020 and from 2020 to 2021.

Adjusted Debt to Capital

Microsoft Excel
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Reported
Selected Financial Data (US$ in millions)
Total debt 15,014 15,645 15,669 17,045 14,785
Total capital 26,613 26,109 25,560 25,431 19,395
Solvency Ratio
Debt to capital1 0.56 0.60 0.61 0.67 0.76
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total debt2 15,643 16,308 16,372 17,781 14,990
Adjusted total capital3 30,155 30,394 30,223 30,551 20,730
Solvency Ratio
Adjusted debt to capital4 0.52 0.54 0.54 0.58 0.72

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
Debt to capital = Total debt ÷ Total capital
= 15,014 ÷ 26,613 = 0.56

2 Adjusted total debt. See details »

3 Adjusted total capital. See details »

4 2021 Calculation
Adjusted debt to capital = Adjusted total debt ÷ Adjusted total capital
= 15,643 ÷ 30,155 = 0.52

Solvency ratio Description The company
Adjusted debt-to-capital ratio A solvency ratio calculated as adjusted total debt divided by adjusted total debt plus adjusted total equity. Warner Bros. Discovery Inc. adjusted debt-to-capital ratio improved from 2019 to 2020 and from 2020 to 2021.

Adjusted Financial Leverage

Microsoft Excel
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Reported
Selected Financial Data (US$ in millions)
Total assets 34,427 34,087 33,735 32,550 22,555
Total Discovery, Inc. stockholders’ equity 11,599 10,464 9,891 8,386 4,610
Solvency Ratio
Financial leverage1 2.97 3.26 3.41 3.88 4.89
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total assets2 33,726 33,549 33,314 33,251 22,751
Adjusted total equity3 14,512 14,086 13,851 12,770 5,740
Solvency Ratio
Adjusted financial leverage4 2.32 2.38 2.41 2.60 3.96

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
Financial leverage = Total assets ÷ Total Discovery, Inc. stockholders’ equity
= 34,427 ÷ 11,599 = 2.97

2 Adjusted total assets. See details »

3 Adjusted total equity. See details »

4 2021 Calculation
Adjusted financial leverage = Adjusted total assets ÷ Adjusted total equity
= 33,726 ÷ 14,512 = 2.32

Solvency ratio Description The company
Adjusted financial leverage A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity.
Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.		 Warner Bros. Discovery Inc. adjusted financial leverage ratio decreased from 2019 to 2020 and from 2020 to 2021.

Adjusted Net Profit Margin

Microsoft Excel
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Reported
Selected Financial Data (US$ in millions)
Net income (loss) available to Discovery, Inc. 1,006 1,219 2,069 594 (337)
Revenues 12,191 10,671 11,144 10,553 6,873
Profitability Ratio
Net profit margin1 8.25% 11.42% 18.57% 5.63% -4.90%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net income (loss)2 387 1,437 1,848 437 (242)
Adjusted revenues3 12,115 10,723 11,372 10,558 6,952
Profitability Ratio
Adjusted net profit margin4 3.19% 13.40% 16.25% 4.14% -3.48%

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 profit margin = 100 × Net income (loss) available to Discovery, Inc. ÷ Revenues
= 100 × 1,006 ÷ 12,191 = 8.25%

2 Adjusted net income (loss). See details »

3 Adjusted revenues. See details »

4 2021 Calculation
Adjusted net profit margin = 100 × Adjusted net income (loss) ÷ Adjusted revenues
= 100 × 387 ÷ 12,115 = 3.19%

Profitability ratio Description The company
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by total revenue. Warner Bros. Discovery Inc. adjusted net profit margin ratio deteriorated from 2019 to 2020 and from 2020 to 2021.

Adjusted Return on Equity (ROE)

Microsoft Excel
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Reported
Selected Financial Data (US$ in millions)
Net income (loss) available to Discovery, Inc. 1,006 1,219 2,069 594 (337)
Total Discovery, Inc. stockholders’ equity 11,599 10,464 9,891 8,386 4,610
Profitability Ratio
ROE1 8.67% 11.65% 20.92% 7.08% -7.31%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net income (loss)2 387 1,437 1,848 437 (242)
Adjusted total equity3 14,512 14,086 13,851 12,770 5,740
Profitability Ratio
Adjusted ROE4 2.67% 10.20% 13.34% 3.42% -4.22%

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
ROE = 100 × Net income (loss) available to Discovery, Inc. ÷ Total Discovery, Inc. stockholders’ equity
= 100 × 1,006 ÷ 11,599 = 8.67%

2 Adjusted net income (loss). See details »

3 Adjusted total equity. See details »

4 2021 Calculation
Adjusted ROE = 100 × Adjusted net income (loss) ÷ Adjusted total equity
= 100 × 387 ÷ 14,512 = 2.67%

Profitability ratio Description The company
Adjusted ROE A profitability ratio calculated as adjusted net income divided by adjusted total equity. Warner Bros. Discovery Inc. adjusted ROE deteriorated from 2019 to 2020 and from 2020 to 2021.

Adjusted Return on Assets (ROA)

Microsoft Excel
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Reported
Selected Financial Data (US$ in millions)
Net income (loss) available to Discovery, Inc. 1,006 1,219 2,069 594 (337)
Total assets 34,427 34,087 33,735 32,550 22,555
Profitability Ratio
ROA1 2.92% 3.58% 6.13% 1.82% -1.49%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net income (loss)2 387 1,437 1,848 437 (242)
Adjusted total assets3 33,726 33,549 33,314 33,251 22,751
Profitability Ratio
Adjusted ROA4 1.15% 4.28% 5.55% 1.31% -1.06%

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
ROA = 100 × Net income (loss) available to Discovery, Inc. ÷ Total assets
= 100 × 1,006 ÷ 34,427 = 2.92%

2 Adjusted net income (loss). See details »

3 Adjusted total assets. See details »

4 2021 Calculation
Adjusted ROA = 100 × Adjusted net income (loss) ÷ Adjusted total assets
= 100 × 387 ÷ 33,726 = 1.15%

Profitability ratio Description The company
Adjusted ROA A profitability ratio calculated as adjusted net income divided by adjusted total assets. Warner Bros. Discovery Inc. adjusted ROA deteriorated from 2019 to 2020 and from 2020 to 2021.