Netflix
NFLX Β· Movies & Entertainment
$65.85
1.8%Warner Bros. Discovery
WBD Β· Broadcasting
$30.95
οΏ½οΏ½The short version
- Netflix is the larger business, with $45.2B of revenue in fiscal 2025 against $37.3B for Warner Bros. Discovery.
- Netflix grew revenue faster (15.9%, against β5.2%).
- Netflix kept more of each dollar of sales as operating profit (29.5% operating margin, against 2.0% operating margin).
- Netflix turned more of its sales into free cash flow (20.9% FCF margin, against 8.3% FCF margin).
- Netflix earned a higher return on the capital invested in it (36.7%, against 0.6%).
| Latest fiscal year | NFLX Β· FY25 | WBD Β· FY25 |
|---|---|---|
| Size | ||
| Market cap | $276.2B | $79.7B |
| Revenue | $45.2B | $37.3B |
| Free cash flow | $9.5B | $3.1B |
| Net income | $11.0B | $727M |
| Growth | ||
| Revenue growth | 15.9% | β5.2% |
| 5-year growth | 12.6% | 28.4% |
| Share count change | β1.1% | 3.3% |
| Profitability | ||
| Gross margin | 48.5% | β |
| Operating margin | 29.5% | 2.0% |
| Net margin | 24.3% | 2.0% |
| FCF margin | 20.9% | 8.3% |
| Return on capital | 36.7% | 0.6% |
| Return on equity | 42.8% | 2.1% |
| Balance sheet | ||
| Net debt | $5.4B | $28.7B |
| Net debt / EBITDA | 0.4x | 4.5x |
| Dividends and buybacks | $9.1B | $0.0M |
| Valuation & quality | ||
| P/E | 19.0x | β |
| Piotroski F-score | 7 | 7 |
FY16
NFLX $8.8B
WBD $6.5B
FY17
NFLX $11.7B
WBD $6.9B
FY18
NFLX $15.8B
WBD $10.6B
FY19
NFLX $20.2B
WBD $11.1B
FY20
NFLX $25.0B
WBD $10.7B
FY21
NFLX $29.7B
WBD $12.2B
FY22
NFLX $31.6B
WBD $33.8B
FY23
NFLX $33.7B
WBD $41.3B
FY24
NFLX $39.0B
WBD $39.3B
FY25
NFLX $45.2B
WBD $37.3B
NFLX
WBD
FY16
NFLX 4.3%
WBD 31.7%
FY17
NFLX 7.2%
WBD 10.4%
FY18
NFLX 10.2%
WBD 18.3%
FY19
NFLX 12.9%
WBD 27.0%
FY20
NFLX 18.3%
WBD 23.6%
FY21
NFLX 20.9%
WBD 16.5%
FY22
NFLX 17.8%
WBD β21.8%
FY23
NFLX 20.6%
WBD β3.8%
FY24
NFLX 26.7%
WBD β25.5%
FY25
NFLX 29.5%
WBD 2.0%
NFLX
WBD
FY16
NFLX β$1.6B
WBD $1.3B
FY17
NFLX β$2.0B
WBD $1.5B
FY18
NFLX β$2.9B
WBD $2.4B
FY19
NFLX β$3.1B
WBD $3.1B
FY20
NFLX $1.9B
WBD $2.3B
FY21
NFLX β$132M
WBD $2.4B
FY22
NFLX $1.6B
WBD $3.3B
FY23
NFLX $6.9B
WBD $6.2B
FY24
NFLX $6.9B
WBD $4.4B
FY25
NFLX $9.5B
WBD $3.1B
NFLX
WBD
FY16
NFLX 7.4%
WBD 11.7%
FY17
NFLX 14.2%
WBD 4.5%
FY18
NFLX 16.6%
WBD 6.8%
FY19
NFLX 16.2%
WBD 11.3%
FY20
NFLX 21.7%
WBD 7.7%
FY21
NFLX 24.5%
WBD 6.8%
FY22
NFLX 17.7%
WBD β9.9%
FY23
NFLX 21.3%
WBD β1.4%
FY24
NFLX 31.0%
WBD β10.2%
FY25
NFLX 36.7%
WBD 0.6%
NFLX
WBD
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Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.