Liberty Media Corp (FWONA) is overvalued and Warner Bros. Discovery Inc (WBD) is overvalued.
Both trade above our estimate of their intrinsic value. WBD is the closer of the two: -47%, against -149% for FWONA.
Values as of the 22 Sept 2026 close.
Discounting its cash flows at 8.9% (average of 3 methods) values the shares at $34.79; the price of $86.67 is 149% above that value, and 76% of that value comes from beyond year five.
Leak Score 36/100 on 8 of 12 signals
Discounting its cash flows at 11.5% (average of 2 methods) values the shares at $21.02; the price of $30.83 is 47% above that value, and 69% of that value comes from beyond year five.
Leak Score 32/100 on 9 of 12 signals
| Metric | FWONA | WBD |
|---|---|---|
| Verdict | Overvalued | Overvalued |
| Price | $86.67 | $30.83 |
| Intrinsic value | $34.79 | $21.02 |
| Margin of safety | -149% | -47% |
| Leak Score | 36/100 (8/12) | 32/100 (9/12) |
| Market cap | $23.6B | $77.4B |
| Revenue growth, 5 years | 31.4% | 28.5% |
| Operating margin | 12.4% | 7.0% |
| Net margin | 9.4% | -8.8% |
| Return on equity | 5.8% | -9.2% |
| Debt to equity | 0.65 | 0.98 |
| P/E | 53.6x | — |
| Forward P/E | 39.2x | 10779.7x |
| P/B | 2.9x | 2.4x |