SiriusXM vs Warner Bros. Discovery
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The short version
- Warner Bros. Discovery is the larger business, with $37.3B of revenue in fiscal 2025 against $8.6B for SiriusXM, about 4.4 times as much.
- SiriusXM grew revenue faster (−1.6%, against −5.2%).
- SiriusXM kept more of each dollar of sales as operating profit (17.2% operating margin, against 2.0%).
- SiriusXM turned more of its sales into free cash flow (14.6% FCF margin, against 8.3%).
- SiriusXM earned a higher return on the capital invested in it (5.3%, against 0.6%).
| Latest fiscal year | SIRI · FY25 | WBD · FY25 |
|---|---|---|
| Size | ||
| Market cap | $9.4B | $79.7B |
| Revenue | $8.6B | $37.3B |
| Free cash flow | $1.2B | $3.1B |
| Net income | $805M | $727M |
| Growth | ||
| Revenue growth | −1.6% | −5.2% |
| 5-year growth | 1.3% | 28.4% |
| Share count change | 5.6% | 3.3% |
| Profitability | ||
| Gross margin | 52.4% | — |
| Operating margin | 17.2% | 2.0% |
| Net margin | 9.4% | 2.0% |
| FCF margin | 14.6% | 8.3% |
| Return on capital | 5.3% | 0.6% |
| Return on equity | 7.1% | 2.1% |
| Balance sheet | ||
| Net debt | $9.6B | $28.7B |
| Net debt / EBITDA | 5.1x | 4.5x |
| Dividends and buybacks | $501M | $0.0M |
| Valuation & quality | ||
| P/E | 11.1x | — |
| Piotroski F-score | 6 | 7 |
Revenue
FY16
SIRI $5.0B
WBD $6.5B
FY17
SIRI $5.4B
WBD $6.9B
FY18
SIRI $5.8B
WBD $10.6B
FY19
SIRI $7.8B
WBD $11.1B
FY20
SIRI $8.0B
WBD $10.7B
FY21
SIRI $8.7B
WBD $12.2B
FY22
SIRI $9.0B
WBD $33.8B
FY23
SIRI $9.0B
WBD $41.3B
FY24
SIRI $8.7B
WBD $39.3B
FY25
SIRI $8.6B
WBD $37.3B
SIRI
WBD
Operating margin
FY16
SIRI 28.5%
WBD 31.7%
FY17
SIRI 30.3%
WBD 10.4%
FY18
SIRI 29.9%
WBD 18.3%
FY19
SIRI 21.1%
WBD 27.0%
FY20
SIRI 10.7%
WBD 23.6%
FY21
SIRI 23.2%
WBD 16.5%
FY22
SIRI 21.3%
WBD −21.8%
FY23
SIRI 20.2%
WBD −3.8%
FY24
SIRI −17.4%
WBD −25.5%
FY25
SIRI 17.2%
WBD 2.0%
SIRI
WBD
Free cash flow
FY16
SIRI $1.5B
WBD $1.3B
FY17
SIRI $1.6B
WBD $1.5B
FY18
SIRI $1.5B
WBD $2.4B
FY19
SIRI $1.7B
WBD $3.1B
FY20
SIRI $1.7B
WBD $2.3B
FY21
SIRI $1.6B
WBD $2.4B
FY22
SIRI $1.6B
WBD $3.3B
FY23
SIRI $1.2B
WBD $6.2B
FY24
SIRI $1.0B
WBD $4.4B
FY25
SIRI $1.2B
WBD $3.1B
SIRI
WBD
Return on capital
FY16
SIRI 19.5%
WBD 11.7%
FY17
SIRI 16.8%
WBD 4.5%
FY18
SIRI 28.1%
WBD 6.8%
FY19
SIRI 20.9%
WBD 11.3%
FY20
SIRI 6.5%
WBD 7.7%
FY21
SIRI 12.4%
WBD 6.8%
FY22
SIRI 6.7%
WBD −9.9%
FY23
SIRI 6.5%
WBD −1.4%
FY24
SIRI −5.3%
WBD −10.2%
FY25
SIRI 5.3%
WBD 0.6%
SIRI
WBD
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.