WBD Warner Bros. Discovery · $26.87 High-confluence leader (context)高共振领先（参考） Terminal终端 ↗

Warner Bros. Discovery · Comm. Services

WBD

$26.87

Warner Bros. Discovery, Inc.华纳兄弟探索公司

Distressed困境股 Large cap大盘 $67B

Engine stance引擎立场2026-07-20

High-confluence leader (context)高共振领先（参考）

Daily low forming, but the bigger trend is still bearish. Small size only; stop below 26.12.日线低点正在形成，但大趋势仍偏空。只适合小仓位；止损设于 26.12 下方。

Engine levels · 52-week range引擎点位 · 52周区间

$26.87

$26.80

$26.87

$29.00

$25.00

$10.18$30.58

Price现价 $26.87Trail stop止损线 $26.80Don't chase勿追高 $26.87Call wall看涨期权墙 $29.00Put wall看跌期权墙 $25.00 Buy zone买入区 $26.76–$26.78

Open in Terminal打开终端 ↗ All coverage所有股票 Data through数据截至 2026-07-20 · regenerated nightly每日更新

Price Chart价格图表

Full chart in Terminal终端完整图表 ↗

Key Statistics关键统计

Price价格

$26.87

10.4% below 52-week high低于52周高点 10.4%

Market Cap市值

$67B

Normal volume正常成交量

P/E Ratio市盈率

91.7x

34.1x sector median

Forward P/E预测市盈率

839.7x

EPS每股收益 $0.29

Beta贝塔

0.71

Moves about 0.7x the market波动幅度约为市场的 0.7 倍

RSI (14)RSI（14）

Neutral zone中性区域

Next Earnings下次财报

2026-08-06 (18d)

Volatility Rank波动率分位

45th pctile

hist. vol. percentile历史波动率分位数

Short Interest空头兴趣

3.0% of float

Performance价格表现

Period周期	WBD	S&P 500	vs Index对比指数
1 Week近1周	+1.1%	-1.5%	Beat the index by 2.6 points跑赢指数 2.6 个百分点
1 Month近1月	+2.4%	+0.6%	Beat the index by 1.8 points跑赢指数 1.8 个百分点
3 Months近3月	-2.2%	+4.7%	Lagged the index by 6.9 points落后指数 6.9 个百分点
6 Months近6月	-6.0%	+7.8%	Lagged the index by 13.8 points落后指数 13.8 个百分点
Year to date年初至今	-5.8%	+9.1%	Lagged the index by 14.9 points落后指数 14.9 个百分点
1 Year近1年	+109.3%	+19.4%	Beat the index by 89.9 points跑赢指数 89.9 个百分点
3 Years近3年	+110.4%	+69.4%	Beat the index by 41.0 points跑赢指数 41.0 个百分点
5 Years近5年	-4.6%	+83.9%	Lagged the index by 88.5 points落后指数 88.5 个百分点

Technicals技术面

Active signals活跃信号

MA Sell (7)MA Sell (100)Long-term Rising Trend1-Day Return (cross-sectional rank → top/bottom gainers)Valuation cheapness percentile (0–1, higher = cheaper vs peers)

RSI (14)RSI（14） 51 Neutral zone中性区域

vs 50-day相对50日均线 -0.1% vs 50-day avg

vs 200-day相对200日均线 +2.9% vs 200-day avg

Trend strength (ADX)趋势强度（ADX） 17 No clear trend无明显趋势

Volatility rank波动率分位 45th percentile 分位

Engine reference levels — not advice引擎参考水平 — 非投资建议

Buy zone买入区间

$26.77

Don't chase above不追高于

$26.87

Stop止损

$26.12

Bounce — turn not confirmed; wait反弹 — 转向未确认，先观望

Earnings财务业绩

days until next report天后公布财报

2026-08-06

Estimates being cut预期下调

Earnings call transcripts — coming soon财报电话会议记录 — 即将上线

Valuation估值

Multiple指标	WBD	Sector median行业中位	Cheaper than相对便宜
P/E (trailing)市盈率（历史）	91.66x	34.11	10%
P/E (forward)市盈率（预测）	839.7x	—	—
P/B市净率	1.86x	2.64	64%
P/S市销率	1.79x	1.75	44%
Earnings yield盈利收益率	1.09%	2.33	32%
FCF yield自由现金流收益率	4.63%	5.94	38%
EV/EBITDA企业价值/EBITDA	14.76x	11.71	28%
P/FCF市值/自由现金流	21.58x	11.84	24%

Analyst price targets — coming soon分析师目标价 — 即将上线

Financials财务数据

Revenue营业收入

$10.7B

2020

$12.2B

2021

$33.8B

2022

$41.3B

2023

$39.3B

2024

$37.3B

2025

5yr CAGR5年复合增速: 28.4%

Earnings Per Share每股收益

2020

2021

$-3.82

2022

$-1.28

2023

$-4.62

2024

$0.29

2025

Free Cash Flow自由现金流

$2.3B

2020

$2.4B

2021

$3.3B

2022

$6.2B

2023

$4.4B

2024

$3.1B

2025

Margins利润率

Operating margin营业利润率

2.0%

Net margin净利率

1.9%

FCF margin自由现金流利润率

11.6%

2.0%Return on Equity股本回报率

0.7%Return on Assets资产回报率

Leverage杠杆

Net debt / EBITDA净债务/EBITDA	4.38
Current ratio流动比率	1.06

Capital Allocation资本配置

Stock-based comp股权薪酬	$769.0M
Share count change (1y)股数变化（1年）	+1.1%

Piotroski皮奥特罗斯基 6/8 Altman Z阿尔特曼Z: distress (0.9) Clean稳健

Snapshot Gauges综合指标

Valuation vs Sector估值相对行业

Roughly fair vs sector相对行业估值合理

Cheaper than 37% of its sector on blended multiples综合估值倍数低于行业内 37% 的公司

Beta市场敏感度

0.71×

0.21×3×

Moves about 0.7× the market波动幅度约为市场的 0.7 倍

Financial Health财务健康

6/8

Altman阿尔特曼: distress

Adequate financial health财务健康状况一般

Dividend分红

—

Does not pay a dividend不派发股息

Why Is It Moving为何波动

Sector / Theme行业/主题 Communication Services (Equal-Weight) theme — #37 of 46 themes「通信服务（等权）」主题 — 46 个主题中第 37 位

Macro宏观 Long-duration name into a restrictive, rising-real-rate regime → rate headwind.长久期标的进入偏紧、实际利率上行的环境→利率逆风。

Positioning持仓 Short interest changed +13.0%空头仓位变动 +13.0%

Technical技术面 WBD daily MACD crossed upWBD 日线MACD上穿

Options Positioning期权持仓

Market makers are net long gamma — price pinned near current level做市商净持有正伽玛，价格倾向于在当前水平附近震荡

Expected daily move预期日波动

±2.22%

Expected weekly move预期周波动

±4.97%

Call wall看涨密集区

$29

Put wall看跌密集区

$25

Gamma flip伽玛翻转

$27

25d risk reversal25d风险逆转

3.9%

Skew: 偏斜：greed

Ownership & Smart Money持仓与聪明钱

Insider activity内部人员活动: -$265.4M net (0 buyers, 11 sellers)-$265.4M 净值（0 买家，11 卖家）

Concentrated ownership集中持仓

Fund基金	Grade评级	Activity动作	% of portfolio组合占比	As of截至
Soros Fund Management	B	Adding加仓	0.4%	2026-03-31
Sachem Head Capital	D	exitexit	0.0%	2026-03-31

Signal History信号历史

NEARING A HIGH → UNCONFIRMED TURN接近高点 → 未确认转向

HIGH-RISK · NIMBLE ONLY. A daily bottoming setup is forming (swing low in, momentum turned up) — but the higher timeframes haven't confirmed it: the bigger picture is still bearish (weekly momentum negative; investor cycle overdue; last cycle left-translated (topped early)). This is an UNCONFIRMED TURN, not a confirmed buy. Weekly confirmation lags price, so this exact reading covers BOTH bounces that fail AND the first leg of a genuine new cycle — you can't tell which in real time, so treat it as a risk/size signal, not a direction call. Measured: weekly-unconfirmed bottoming setups held the low ~49% of the time vs ~68% once the weekly turns up. Last cycle was left-translated (topped early) — a bearish structural tell高风险 · 仅限灵活操作。正在形成日线筑底形态（摆动低点已现、动量转向上行）——但更高周期尚未确认：大局仍偏空（周线动量为负；投资者周期已逾期；上一周期左移（见顶偏早））。这是「未确认转向」，并非已确认的买入。周线确认滞后于价格，因此同样的读数既涵盖最终失败的反弹，也涵盖真正新周期的第一段——实时无法判定属于哪一种，故应将其视为风险/仓位信号，而非方向判断。实测：周线未确认的筑底形态约 49% 守住低点，周线转向后升至约 68%。上一周期为左移结构（见顶偏早）——属于看空的结构性信号

COUNTERTREND BOUNCE UNCONFIRMED TURN

Jul 13, 2026

WBD daily MACD crossed upWBD 日线MACD上穿

The daily MACD histogram turned positive — fast and noisy, context rather than a standalone trigger. $27.09.日线MACD柱状图转正 — 快速且嘈杂，仅作背景。$27.09。

Jul 9, 2026

DOWNTREND → NEARING A HIGH下跌趋势 → 接近高点

TAKE PROFITS止盈

Jul 9, 2026

WBD StochRSI turned up from oversoldWBD StochRSI自超卖区上行

StochRSI popped back above 20 — the earliest oscillator heads-up that downside momentum is easing. $26.63.StochRSI重回20上方 — 下行动量趋缓的最早预警。$26.63。

Jul 6, 2026

WBD daily MACD crossed downWBD 日线MACD下穿

The daily MACD histogram turned negative — fast and noisy, context rather than a standalone trigger. $26.12.日线MACD柱状图转负 — 快速且嘈杂，仅作背景。$26.12。

Jul 2, 2026

UNCONFIRMED TURN → DOWNTREND未确认转向 → 下跌趋势

AVOID回避

Jul 2, 2026

WBD broke down vs the marketWBD 相对市场走弱

Relative strength vs SPY crossed below the 10th percentile of the last 90 days — weakness often leads price. $26.48.相对标普500的强弱下穿近90日的第10百分位 — 走弱常先于价格。$26.48。

Jul 1, 2026

DOWNTREND → UNCONFIRMED TURN下跌趋势 → 未确认转向

HIGH-RISK · NIMBLE ONLY高风险 · 仅限灵活操作

Jun 30, 2026

UNCONFIRMED TURN → DOWNTREND未确认转向 → 下跌趋势

AVOID回避

Jun 30, 2026

WBD broke down vs the marketWBD 相对市场走弱

Relative strength vs SPY crossed below the 10th percentile of the last 90 days — weakness often leads price. $26.66.相对标普500的强弱下穿近90日的第10百分位 — 走弱常先于价格。$26.66。

Jun 29, 2026

DOWNTREND → UNCONFIRMED TURN下跌趋势 → 未确认转向

HIGH-RISK · NIMBLE ONLY高风险 · 仅限灵活操作

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