Warner Bros. Discovery Inc., current enterprise value calculation

Current share price (P)	$10.43
No. shares of common stock outstanding	2,428,396,015
US$ in millions
Common equity (market value)¹	25,328)
Add: Noncontrolling interests (per books)	1,434)
Total equity	26,762)
Add: Finance lease liabilities, current (per books)	58)
Add: Current portion of debt (per books)	339)
Add: Noncurrent portion of debt (per books)	14,420)
Add: Finance lease liabilities, noncurrent (per books)	197)
Total equity and debt	41,776)
Less: Cash and cash equivalents	3,905)
Enterprise value (EV)	37,871)

¹ Common equity (market value) = Share price × No. shares of common stock outstanding
= 10.43 × 2,428,396,015

Warner Bros. Discovery Inc., EV calculation

	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017
Share price^1, 2	$27.73	$55.29	$24.67	$29.08	$24.32
No. shares of common stock outstanding¹	506,245,821	487,334,195	520,922,321	523,978,060	381,907,924
US$ in millions
Common equity (market value)³	14,038)	26,945)	12,851)	15,237)	9,288)
Add: Noncontrolling interests (book value)	1,434)	1,536)	1,633)	1,716)	—)
Total equity	15,472)	28,481)	14,484)	16,953)	9,288)
Add: Finance lease liabilities, current (book value)	58)	57)	47)	—)	—)
Add: Current portion of debt (book value)	339)	335)	609)	1,860)	30)
Add: Noncurrent portion of debt (book value)	14,420)	15,069)	14,810)	15,185)	14,755)
Add: Finance lease liabilities, noncurrent (book value)	197)	184)	203)	—)	—)
Total equity and debt	30,486)	44,126)	30,153)	33,998)	24,073)
Less: Cash and cash equivalents	3,905)	2,091)	1,552)	986)	7,309)
Enterprise value (EV)	26,581)	42,035)	28,601)	33,012)	16,764)

¹ Data adjusted for splits and stock dividends.

² Closing price as at the filing date of Warner Bros. Discovery Inc. Annual Report.

³ 2021 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 27.73 × 506,245,821

Download chart

Item	Description	The company
EV	Enterprise value is total company value (the market value of common equity, debt, and preferred equity) minus the value of cash and short-term investments.	Warner Bros. Discovery Inc. EV increased from 2019 to 2020 but then decreased significantly from 2020 to 2021.

Warner Bros. Discovery Inc. (NASDAQ:WBD)

Enterprise Value (EV)