Warner Bros. Discovery, Inc. Financial Ratios — WBD Stock

Profitability (USD)

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Return on Common Equity (%)	198.95	58.7	43.23	33.95	24.81	16.17	-4.56	8.77	24.62	13.73	9.88	-125.56	- -	- -	- -
Return on Assets (%)	9.87	7.59	7.7	7.36	6.5	7.57	-1.76	2.16	6.24	3.59	2.94	-8.75	-2.43	-9.95	0.71
Return on Capital (%)	28.45	17.27	15.07	12.83	10.27	11.02	- -	4.51	10.52	6.28	5.17	- -	- -	- -	6.56
Return on Invested Capital (%)	11.99	10.49	10.03	10.46	10.2	11.16	- -	7.35	11.25	7.77	5.9	- -	- -	- -	0.82
Gross Margin (%)	71.79	72.85	69.49	66.1	63.36	62.57	61.36	62.71	65.73	63.83	62.1	39.55	40.65	41.58	44
EBITDA Margin (%)	64.04	63.45	62.11	63.94	63.98	63.84	63.42	69.04	66.31	66.02	57.88	52.81	55.96	53.41	50.54
Operating Margin (%)	40.88	41.56	35.63	33.84	32.09	31.6	30.83	24.64	28.63	25.58	16.18	-10.34	-2.14	0.05	3.51
Incremental Operating Margin (%)	67.75	50.47	10.21	20.27	-52.71	0.97	17.55	13.07	99.83	97.25	-49.8	- -	- -	-45.2	-63.75
Pretax Margin (%)	37.5	33.83	31.36	27.89	24.38	25.72	-1.99	9.68	20.59	16.19	11.75	-26.5	-9.35	-28.96	4.39
Profit Margin (%)	27.16	21.02	19.42	18.18	16.17	18.38	-4.9	5.63	18.57	11.42	8.25	-21.8	-7.57	-28.77	1.95
Net Income to Common Margin (%)	27.16	21.02	19.42	18.18	16.17	12.14	-3.27	4.11	13.92	10.22	7.35	-21.94	-7.57	-28.77	1.95
Effective Tax Rate (%)	27.32	37.02	37.96	34.92	32.78	27.11	- -	33.37	3.53	21.59	16.47	- -	- -	- -	54.3
Dvd Payout Ratio (%)	0.62	- -	- -	- -	- -	-48.39	-63.28	-26.32	-28.17	-9.39	-8.61	0.67	- -	- -	- -
Sustainable Growth Rate (%)	197.72	58.7	43.23	33.95	24.81	23.99	-7.44	11.08	31.55	15.02	10.73	-124.71	- -	- -	- -

Credit (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Total Debt	4,245	5,243	6,499	7,109	7,735	7,923	14,785	16,793	15,419	15,404	14,759	48,999	43,669	39,505	32,567
ST Debt	26	31	17	1,107	119	82	30	1,819	609	335	339	365	1,780	2,748	139
LT Debt	4,219	5,212	6,482	6,002	7,616	7,841	14,755	14,974	14,810	15,069	14,420	48,634	41,889	36,757	32,428
Total Debt/EBITDA	1.59	1.84	1.89	1.77	1.89	1.91	3.39	2.3	2.09	2.19	2.09	2.74	1.89	1.88	1.73
Net Debt/EBITDA	1.2	1.42	1.77	1.68	1.8	1.84	1.72	2.17	1.88	1.89	1.54	2.53	1.73	1.63	1.49
Total Debt/EBIT	2.49	2.81	3.3	3.35	3.77	3.86	6.98	6.46	4.83	5.64	7.48	-14.02	-49.29	2,194.72	24.88
Net Debt/EBIT	1.88	2.17	3.09	3.18	3.58	3.71	3.53	6.08	4.35	4.88	5.5	-12.95	-45.02	1,899.61	21.39
EBITDA to Interest Expense	12.83	11.48	11.24	12.21	12.4	11.75	9.18	9.99	10.92	10.87	11.15	10.05	10.41	10.41	9.04
EBITDA-CapEx/Interest Expense	12.55	11.17	10.86	11.85	12.08	11.5	8.89	9.79	10.49	10.25	10.56	9.49	9.82	9.94	8.45
EBIT to Interest Expense	8.19	7.52	6.44	6.46	6.22	5.82	4.46	3.57	4.71	4.21	3.12	-1.97	-0.4	0.01	0.63
Interest Expense	208	248	306	328	330	353	475	729	677	648	633	1,777	2,221	2,017	2,085
Common Equity/Total Assets	9.53	16.07	19.33	23.88	28.5	33.42	20.56	16.16	21.76	25.08	27.85	1.67	-0.73	-11.68	-11.48
Long-Term Debt/Equity (%)	64.72	82.82	103.99	94.5	133.8	144.94	293.75	142.38	123.77	121.69	107.64	99.93	90.14	105.21	87.25
Long-Term Debt/Capital (%)	78.36	71.15	68.72	51.41	60.93	58.49	74.39	61.91	59.64	58.24	55.16	92.1	95.17	130.37	145.23
Long-Term Debt/Total Assets (%)	35.42	40.31	43.27	37.58	48.01	50.03	65.42	46	43.9	44.21	41.89	36.29	34.12	35.15	32.4
Total Debt/Equity (%)	65.12	83.31	104.27	111.94	135.89	146.45	294.35	159.67	128.86	124.4	110.17	100.68	93.97	113.07	87.63
Total Debt/Capital (%)	78.84	71.58	68.9	60.9	61.88	59.1	74.54	69.44	62.09	59.54	56.45	92.8	99.22	140.12	145.85
Total Debt/Total Assets (%)	35.63	40.55	43.39	44.51	48.76	50.56	65.55	51.59	45.71	45.19	42.87	36.57	35.57	37.78	32.54
Net Debt to Equity	49.04	64.23	97.72	106.16	129.04	140.91	148.84	150.3	115.89	107.51	81.02	93.02	85.83	97.87	75.34
Net Debt/Capital (%)	73.73	66	67.49	59.63	60.65	58.17	59.68	68.14	59.56	55.98	48.81	92.25	99.14	149.43	157.64
EBITDA	2,669	2,847	3,438	4,006	4,091	4,148	4,359	7,286	7,390	7,045	7,056	17,858	23,123	21,001	18,848
EBITDA-CapEx	2,611	2,770	3,323	3,886	3,988	4,060	4,224	7,139	7,101	6,643	6,683	16,871	21,807	20,053	17,617
Operating Income (Loss)	1,704	1,865	1,972	2,120	2,052	2,053	2,119	2,600	3,190	2,730	1,973	-3,496	-886	18	1,309

Liquidity (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Cash Ratio	1.4	1.27	0.32	0.14	0.25	0.19	3.91	0.25	0.48	0.68	1.13	0.25	0.25	0.34	0.37
Current Ratio	3.26	2.89	1.86	0.96	1.64	1.6	5.34	1.06	1.61	1.99	2.1	0.93	0.93	0.89	1.06
Quick Ratio	2.8	2.46	1.37	0.69	1.18	1.15	4.89	0.9	1.29	1.5	1.84	0.76	0.72	0.71	0.87
CFO/Avg Current Liab	1.44	1.3	1.15	0.68	0.62	0.88	0.95	0.88	0.94	0.87	0.86	0.47	0.49	0.35	0.31
Common Equity/Total Assets	9.53	16.07	19.33	23.88	28.5	33.42	20.56	16.16	21.76	25.08	27.85	1.67	-0.73	-11.68	-11.48
Long-Term Debt/Equity (%)	64.72	82.82	103.99	94.5	133.8	144.94	293.75	142.38	123.77	121.69	107.64	99.93	90.14	105.21	87.25
Long-Term Debt/Capital (%)	78.36	71.15	68.72	51.41	60.93	58.49	74.39	61.91	59.64	58.24	55.16	92.1	95.17	130.37	145.23
Long-Term Debt/Total Assets (%)	35.42	40.31	43.27	37.58	48.01	50.03	65.42	46	43.9	44.21	41.89	36.29	34.12	35.15	32.4
Total Debt/Equity (%)	65.12	83.31	104.27	111.94	135.89	146.45	294.35	159.67	128.86	124.4	110.17	100.68	93.97	113.07	87.63
Total Debt/Capital (%)	78.84	71.58	68.9	60.9	61.88	59.1	74.54	69.44	62.09	59.54	56.45	92.8	99.22	140.12	145.85
Total Debt/Total Assets (%)	35.63	40.55	43.39	44.51	48.76	50.56	65.55	51.59	45.71	45.19	42.87	36.57	35.57	37.78	32.54
CFO/Total Liabilities	20.39	16.56	14.69	13.7	12.72	13.45	9.29	11.69	15.61	12.62	13.3	5.04	9.8	7.72	6.86
CFO/CapEx	18.97	14.27	11.17	10.98	12.56	15.68	12.07	17.52	11.76	6.81	7.5	4.36	5.68	5.67	3.51
Altman's Z-Score	4.83	4.64	5.23	5.85	5.94	6.03	2.91	4.27	4.34	3.97	3.56	0.99	1.48	0.96	1.65

Working Capital (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Accounts Receivable Turnover	8	4.13	4.43	4.47	4.39	4.37	4.12	4.73	4.24	4.13	4.89	7.66	6.65	7.15	7.28
Days Sales Outstanding	45.62	88.34	82.46	81.68	83.12	83.54	88.5	77.1	86.03	88.42	74.6	47.63	54.89	51.03	50.11
Inventory Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Days Inventory Outstanding	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover	16.8	19.65	15.93	11.61	9.24	9.3	10.25	13.07	9.69	8.98	11.42	21.91	18.07	19.84	19.45
Accounts Payable Turnover Days	21.73	18.58	22.91	31.45	39.49	39.25	35.59	27.92	37.66	40.66	31.96	16.66	20.2	18.39	18.77
Cash Conversion Cycle	23.9	69.76	59.56	50.23	43.62	44.29	52.91	49.18	48.37	47.76	42.64	30.97	34.69	32.63	31.34
Inventory to Cash Days	45.62	88.34	82.46	81.68	83.12	83.54	88.5	77.1	86.03	88.42	74.6	47.63	54.89	51.03	50.11
Inventories	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Enterprise Value (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Market Capitalization	11,292	11,539	15,591	15,640	11,526	10,991	8,594	12,321	17,319	15,195	11,841	18,391	27,722	25,896	71,330
- Cash & Cash Equivalents	1,048	1,201	408	367	390	300	7,309	986	1,552	2,091	3,905	3,731	3,780	5,312	4,566
+ Preferred Equity and Hybrid Capital	2	2	2	2	2	2	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	2	2	37	749	241	243	413	2,131	2,075	1,919	1,797	1,572	1,246	901	1,247
+ Total Debt	4,245	5,243	6,499	7,109	7,735	7,923	14,785	16,793	15,419	15,404	14,759	48,999	43,669	39,505	32,567
Enterprise Value	14,493	15,585	21,721	23,133	19,114	18,859	16,483	30,259	33,261	30,427	24,492	65,231	68,857	60,990	100,578
Total Capital	5,384	7,325	9,433	11,674	12,500	13,405	19,835	24,185	24,834	25,873	26,143	52,803	44,014	28,194	22,329
Total Debt/Capital (%)	78.84	71.58	68.9	60.9	61.88	59.1	74.54	69.44	62.09	59.54	56.45	92.8	99.22	140.12	145.85
Total Debt / EV	0.29	0.34	0.3	0.31	0.4	0.42	0.9	0.55	0.46	0.51	0.6	0.75	0.63	0.65	0.32
EV/Sales	3.48	3.47	3.92	3.69	2.99	2.9	2.4	2.87	2.98	2.85	2.01	1.93	1.67	1.55	2.7
EV/EBITDA	5.43	5.47	6.32	5.77	4.67	4.55	3.78	4.15	4.5	4.32	3.47	3.65	2.98	2.9	5.34
EV/EBIT	8.51	8.36	11.01	10.91	9.31	9.19	7.78	11.64	10.43	11.15	12.41	- -	- -	3,388.36	76.84
EV/Cash Flow to Firm	11.58	12.42	14.73	15.11	12.61	11.52	6.07	9.88	8.21	9.37	7.36	11.34	7.45	8.23	19.08
EV/Free Cash Flow to Firm	11.07	11.7	13.66	14.01	11.81	10.93	5.79	9.43	7.66	8.34	6.62	9.68	6.52	7.3	15.47
Diluted Market Cap	17,285	50,200	34,013	23,667	17,502	16,720	12,891	17,021	23,278	20,220	15,631	18,391	27,722	25,896	72,915
Diluted Enterprise Value	20,486	54,246	40,143	31,160	25,090	24,588	20,780	34,959	39,220	35,452	28,282	65,231	68,857	60,990	102,163
EV per Share	27.39	44.67	65.63	50.95	44.24	47.03	42.92	60.76	62.88	60.25	48.69	33.62	28.27	24.89	40.64
TTM Sales	4,168	4,487	5,535	6,265	6,394	6,497	6,873	10,553	11,144	10,671	12,191	33,817	41,321	39,321	37,296
TTM EBITDA	2,669	2,847	3,438	4,006	4,091	4,148	4,359	7,286	7,390	7,045	7,056	17,858	23,123	21,001	18,848
TTM Operating Income	1,704	1,865	1,972	2,120	2,052	2,053	2,119	2,600	3,190	2,730	1,973	-3,496	-886	18	1,309
TTM Cash Flow to Firm	1,251	1,255	1,475	1,531	1,516	1,637	2,714	3,062	4,052	3,247	3,327	5,751	9,247	7,409	5,272
TTM Free Cash Flow to Firm	1,309	1,332	1,590	1,651	1,619	1,725	2,849	3,209	4,341	3,649	3,700	6,738	10,563	8,357	6,503

Multiples (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Price/Free Cash Flow	14.93	42.69	24.3	16.46	12.53	11.39	7.31	6.25	6.31	6.44	4.93	3.48	3.15	4.1	13.14
EV/EBIT	8.51	8.36	11.01	10.91	9.31	9.19	7.78	11.64	10.43	11.15	12.41	- -	- -	3,388.36	76.84
Enterprise Value	14,493	15,585	21,721	23,133	19,114	18,859	16,483	30,259	33,261	30,427	24,492	65,231	68,857	60,990	100,578
Low Price	18.1	20.96	33.57	31.29	25.02	23.66	15.99	20.6	24.11	17.12	21.66	8.82	9.27	6.64	7.52
EV/Sales	3.48	3.47	3.92	3.69	2.99	2.9	2.4	2.87	2.98	2.85	2.01	1.93	1.67	1.55	2.7
EV/EBITDA	5.43	5.47	6.32	5.77	4.67	4.55	3.78	4.15	4.5	4.32	3.47	3.65	2.98	2.9	5.34
Price/Earnings	9.97	12.24	14.5	13.73	11.15	13.93	- -	28.39	11.17	13.93	13.21	- -	- -	- -	98.11
Price/Earnings Average	9.96	10.15	12.69	15.9	12.82	13.58	-41.87	30.49	9.9	11.03	19.21	-4.62	-9.83	-1.88	48.66
Price/Earnings High	11.15	12.43	14.56	18.74	14.6	15.12	-51.63	40.04	11.48	15.22	43.87	-8.25	-12.73	-2.75	102.13
Price/Earnings Low	8.46	7.76	10.33	12.47	10.45	12.02	-27.29	23.64	8.22	7.92	12.16	-2.31	-7.22	-1.44	25.6
Price/Book Value	9.95	5.55	5.39	4.1	2.55	2.1	1.85	2.34	2.36	1.78	1.24	8.24	-30.77	-2.12	-6.21
Price/Book Value Average	9.94	4.61	4.71	4.75	2.93	2.05	2.03	2.52	2.09	1.41	1.8	15.35	-34.1	-1.74	-3.08
Price/Book Value High	11.12	5.64	5.4	5.6	3.34	2.28	2.51	3.3	2.43	1.94	4.1	27.42	-44.18	-2.55	-6.46
Price/Book Value Low	8.44	3.52	3.84	3.72	2.39	1.81	1.32	1.95	1.74	1.01	1.14	7.67	-25.06	-1.33	-1.62
Price/Tangible Book Value	-6.86	-5.07	-3.42	-2.68	-1.85	-1.76	-1.42	-0.81	-1.34	-1.29	-1.23	-0.32	-0.58	-0.61	-2
Price/Tangible Book Value Average	-6.85	-4.21	-2.99	-3.11	-2.13	-1.72	-1.56	-0.87	-1.19	-1.02	-1.78	-0.6	-0.64	-0.5	-0.99
Price/Tangible Book Value High	-7.67	-5.16	-3.43	-3.66	-2.42	-1.91	-1.93	-1.14	-1.38	-1.41	-4.07	-1.07	-0.83	-0.74	-2.08
Price/Tangible Book Value Low	-5.81	-3.22	-2.44	-2.44	-1.73	-1.52	-1.02	-0.67	-0.99	-0.73	-1.13	-0.3	-0.47	-0.39	-0.52
Price/Sales	2.71	2.57	2.82	2.5	1.8	1.69	1.25	1.17	1.55	1.42	0.97	0.54	0.67	0.66	1.91
Price/Sales Average	2.71	2.13	2.46	2.89	2.07	1.65	1.37	1.25	1.38	1.13	1.41	1.01	0.74	0.54	0.95
Price/Sales High	3.03	2.61	2.83	3.41	2.36	1.84	1.69	1.65	1.6	1.56	3.22	1.81	0.96	0.79	1.99
Price/Sales Low	2.3	1.63	2.01	2.27	1.69	1.46	0.89	0.97	1.14	0.81	0.89	0.51	0.55	0.41	0.5
Price/Cash Flow	10.27	10.5	12.13	11.87	8.91	7.96	5.28	4.78	5.1	5.55	4.23	4.27	3.71	4.82	16.52
Price/Cash Flow Average	10.25	8.71	10.61	13.74	10.24	7.76	5.78	5.14	4.52	4.39	6.15	7.96	4.11	3.96	8.19
Price/Cash Flow High	11.48	10.67	12.18	16.2	11.66	8.64	7.13	6.75	5.24	6.06	14.05	14.22	5.32	5.79	17.19
Price/Cash Flow Low	8.71	6.65	8.65	10.78	8.35	6.88	3.77	3.98	3.75	3.16	3.89	3.98	3.02	3.03	4.31
Price/Free Cash Flow Average	14.91	35.41	21.26	19.06	14.41	11.1	8.01	6.71	5.6	5.1	7.17	6.47	3.49	3.36	6.52
Price/Free Cash Flow High	16.69	43.37	24.38	22.46	16.41	12.36	9.88	8.82	6.49	7.04	16.36	11.57	4.53	4.92	13.68
Price/Free Cash Flow Low	12.66	27.06	17.31	14.95	11.75	9.83	5.22	5.2	4.65	3.66	4.54	3.23	2.57	2.57	3.43
EV/Sales Average	3.47	3.03	3.57	4.09	3.26	2.86	2.52	2.95	2.81	2.56	2.45	2.4	1.74	1.43	1.73
EV/Sales High	3.8	3.51	3.93	4.6	3.55	3.05	2.84	3.35	3.03	2.98	4.26	3.2	1.96	1.68	2.78
EV/Sales Low	3.07	2.53	3.11	3.46	2.88	2.67	2.04	2.67	2.58	2.24	1.93	1.89	1.54	1.31	1.28
EV/EBITDA Average	5.42	4.78	5.75	6.39	5.1	4.48	3.97	4.28	4.24	3.87	4.23	4.54	3.11	2.68	3.43
EV/EBITDA High	5.93	5.54	6.33	7.2	5.54	4.77	4.47	4.85	4.57	4.52	7.36	6.05	3.5	3.15	5.49
EV/EBITDA Low	4.79	3.99	5.01	5.42	4.5	4.18	3.22	3.87	3.88	3.39	3.34	3.58	2.76	2.45	2.54
EV/EBIT Average	8.5	7.3	10.03	12.08	10.16	9.05	8.17	11.99	9.81	9.99	15.14	-23.2	-81.11	3,131.17	49.37
EV/EBIT High	9.29	8.46	11.04	13.6	11.05	9.64	9.2	13.58	10.58	11.66	26.33	-30.91	-91.35	3,678.28	79.07
EV/EBIT Low	7.5	6.09	8.74	10.24	8.97	8.45	6.62	10.84	9	8.75	11.93	-18.29	-71.92	2,853.44	36.56
Last Price	21.34	33.07	47.11	34.45	26.68	27.41	22.38	24.74	32.74	30.09	23.54	9.48	11.38	10.57	28.82
High Price	23.86	33.6	47.28	47.02	34.94	29.75	30.25	34.89	33.66	32.89	78.14	31.55	16.34	12.7	30
Enterprise Value Average	14,477	13,618	19,770	25,605	20,844	18,582	17,311	31,170	31,298	27,266	29,864	81,094	71,861	56,361	64,626
Enterprise Value High	15,826	15,770	21,777	28,840	22,682	19,798	19,505	35,313	33,748	31,841	51,955	108,047	80,939	66,209	103,498
Enterprise Value Low	12,778	11,359	17,240	21,699	18,397	17,356	14,029	28,197	28,696	23,878	23,546	63,951	63,717	51,362	47,860

Shares Outstanding	373	339	316	439	418	390	379	523	525	487	506	2,430	2,439	2,454	2,480
Diluted Weighted Avg Shares	810	1,518	722	687	656	610	576	688	711	672	664	1,940	2,436	2,450	2,530
Basic Weighted Avg Shares	529	349	331	454	432	401	384	498	529	505	503	1,940	2,436	2,450	2,475
Revenue per Share	7.88	12.86	16.72	13.8	14.8	16.2	17.9	21.19	21.07	21.13	24.24	17.43	16.96	16.05	15.07
EBITDA per Share	5.04	8.16	10.39	8.82	9.47	10.34	11.35	14.63	13.97	13.95	14.03	9.21	9.49	8.57	7.62
Operating Income per Share	3.22	5.34	5.96	4.67	4.75	5.12	5.52	5.22	6.03	5.41	3.92	-1.8	-0.36	0.01	0.53
Basic EPS, GAAP	2.14	2.7	3.25	2.51	2.39	1.97	-0.59	0.87	2.93	2.16	1.78	-3.82	-1.28	-4.62	0.29
Basic EPS from Cont Ops	2.15	2.74	3.25	2.5	2.43	3.04	-0.82	1.37	4.18	2.68	2.38	-3.76	-1.26	-4.69	0.3
Diluted EPS, GAAP	1.4	0.62	1.49	1.66	1.58	1.29	-0.39	0.63	2.18	1.62	1.35	-3.82	-1.28	-4.62	0.29
Diluted EPS from Cont Ops	1.4	0.63	1.49	1.66	1.6	2	-0.54	0.99	3.11	2.02	1.8	-3.76	-1.26	-4.69	0.3
Dividend per Share	0.01	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash Flow per Share	2.08	3.15	3.88	2.9	3	3.44	4.24	5.17	6.43	5.42	5.56	2.22	3.07	2.19	1.75
Free Cash Flow per Basic Share	1.97	2.93	3.54	2.64	2.76	3.22	3.89	4.88	5.88	4.63	4.82	1.71	2.53	1.81	1.25
Cash & Equivalents per Share	1.98	3.44	1.23	0.81	0.9	0.75	19.03	1.98	2.93	4.14	7.76	1.92	1.55	2.17	1.84
Book Value per Share	2.15	5.96	8.75	8.4	10.47	13.06	12.08	10.56	13.88	16.93	19.06	1.15	-0.37	-4.98	-4.64
Tangible Book Value per Share	-3.11	-6.52	-13.77	-12.84	-14.43	-15.54	-15.71	-30.59	-24.35	-23.3	-19.21	-29.59	-19.71	-17.2	-14.4

Warner Bros. Discovery, Inc.

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)