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STOCK COMPARISON

Spotify Technology vs Warner Bros Discovery: Fair Value & Quality

Both stocks run through our valuation models. Here is how Spotify Technology (SPOT) and Warner Bros Discovery (WBD) compare, as of Sep 26, 2026.

As of Sep 26, 2026, Fair Value Calculator sees Spotify Technology as the more attractively valued of the two: Spotify Technology trades at $510 versus a fair value of $561 (+10%), while Warner Bros Discovery trades at $30.86 versus $13.47 (-56%).
Spotify Technology
SPOT · USD · Communication Services
+10%
upside to fair value
fairly valued
Price$510
Fair Value$561
Quality72/100
Warner Bros Discovery
WBD · USD · Communication Services
-56%
upside to fair value
overvalued
Price$30.86
Fair Value$13.47
Quality46/100
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Head-to-head numbers

Green is the better side of a row, red the weaker one (for valuation multiples: lower = cheaper). Grey rows are for reference only and are not scored.

betterweakerfor reference, not scored

Spotify TechnologyWarner Bros Discovery
Valuation
27.9×P/E (TTM)n/a
36.5×Forward P/E (FY2026)n/a
n/aMedian P/E at FY-end (6 FY, ex one-offs where documented)16.2×
5.88×P/S (TTM)2.20×
12.79×P/B2.21× · book value is mostly goodwill
37.7×EV/EBITDA13.8×
1.44×PEG55.18×
+10.0%Fair value upside−56.4%
Profitability
14%Operating margin5%
n/aEBIT margin trend (5Y)0.15×
44%Return on equity-9%
12%Return on assets2%
Growth
14%Revenue growth (YoY)-11%
13.6%Avg. growth/yr (3Y)3.3%
16.9%Avg. growth/yr (5Y)28.4%
n/aValue creation/yr−30.7%
Balance & size
70.9×Interest coverage (EBIT/interest)0.6×
n/aDebt / equity0.90×
$107BMarket cap$79B
healthyGrowth qualitymixed
Warner Bros Discovery, median P/E at fiscal year-end, 6 fiscal years (2016 to 2025), reported earnings, FY2025 ex one-offs: 16.2.

Spotify Technology leads: 7 to 3 metric wins.

n/a = not meaningfully computable, for example with negative equity.

Quality in detail

The quality score, broken down into the same factor families as on the stock page, 0 to 100 per family.

Spotify Technologyof which business quality 72 · market factors 29 Warner Bros Discoveryof which business quality 46 · market factors 70
ProfitabilityMargins and returns on capital today
77
20
Quality GrowthAre margins and returns improving?
62
31
CashflowEarnings quality: real cash, not paper profit
73
63
Fin. StrengthBalance sheet, leverage, solvency risk
95
24
InvestmentDisciplined investing over empire-building
33
98
Low VolatilityCalm price path (market factor)
25
45
MomentumPrice trend over the last 3–12 months (market factor)
40
71
52W MomentumDistance to the 52-week high (market factor)
17
98
Net IssuanceShare count: buybacks or dilution?
74
63

What the models say

How far the median fair value (base case) per model family sits from the current price, in percent. The amount in the currency of the trading venue is shown underneath.

above the price, more than 15% above close to the price, 85% to 115% of the price below the price, more than 15% below

Model familySpotify TechnologyPrice $510Warner Bros DiscoveryPrice $30.86
DCF Models-32%below the price$348-19%below the price$24.89
Earnings-Based-60%below the price$203-67%below the price$10.15
Multiples-66%below the price$174-82%below the price$5.66
Asset-Based-95%below the price$27.13-69%below the price$9.60
Growth DCF-30%below the price$355-21%below the price$24.39
Economic Profit-74%below the price$131-69%below the price$9.57
Growth Earnings-43%below the price$289-56%below the price$13.47
Minimum-95%below the price$27.13-82%below the price$5.66
Maximum-30%below the price$355-19%below the price$24.89
Median-60%below the price$203-67%below the price$10.15
Geometric mean-66%below the price$172-60%below the price$12.32

Minimum, maximum, median and geometric mean refer to the family values in this table. Geometric because deviations are ratios: half the price and twice the price average to 100%, not 125%.

Spotify Technology: 24 of 24 models see the stock below the current price.

Warner Bros Discovery: 15 of 20 models see the stock below the current price.

Scenario ranges

From our cautious bear scenario to the optimistic bull scenario. The white tick is the current price (value above it), the green tick the fair value (value below it): if the price sits left of the fair value, there is room to rise.

Spotify Technology
Price $510
Fair Value $561
Bear $342Bull $764
Warner Bros Discovery
Price $30.86
Fair Value $13.47
Bear $9.60Bull $17.51

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Ranked within their sector

Where each stock sits within its sector peer group. Band = middle 50% of peers, tick = median, dot = this stock.

Spotify Technology · Communication Services

Quality score72 · Top 25%
Fair value upside+10% · above median

Warner Bros Discovery · Communication Services

Quality score46 · below median
Fair value upside-56% · bottom 25%

Bottom line

As of Sep 26, 2026, Fair Value Calculator sees Spotify Technology as the more attractively valued of the two: Spotify Technology trades at $510 versus a fair value of $561 (+10%), while Warner Bros Discovery trades at $30.86 versus $13.47 (-56%).

Spotify Technology has the higher quality score (72/100).

Open Spotify Technology live analysis →
Spotify Technology · Warner Bros Discovery

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A model-based valuation snapshot from 26 models. Values change with price and fundamentals; the date shown above applies.