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STOCK COMPARISON

At&t vs Warner Bros Discovery: Fair Value & Quality

Both stocks run through our valuation models. Here is how At&t (T) and Warner Bros Discovery (WBD) compare, as of Sep 26, 2026.

As of Sep 26, 2026, Fair Value Calculator sees At&t as the more attractively valued of the two: At&t trades at $25.38 versus a fair value of $51.11 (+101%), while Warner Bros Discovery trades at $30.86 versus $13.47 (-56%).
At&t
T · USD · Communication Services
+101%
upside to fair value
undervalued
Price$25.38
Fair Value$51.11
Quality62/100
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

At&tWarner Bros Discovery
Valuation
8.3×P/E (TTM)n/a
12.0×P/E ex one-offs (FY2025)106.4×
10.8×Forward P/E (FY2026)n/a
n/aMedian P/E at FY-end (6 FY, ex one-offs where documented)16.2×
1.39×P/S (TTM)2.20×
1.60×P/B2.21× · book value is mostly goodwill
6.4×EV/EBITDA13.8×
1.54×PEG55.18×
+101.4%Fair value upside−56.4%
4.4%Dividend yieldn/a
$1.11Dividend per sharen/a
Profitability
25%Operating margin5%
1.28×EBIT margin trend (5Y)0.15×
18%Return on equity-9%
4%Return on assets2%
Growth
2%Revenue growth (YoY)-11%
1.3%Avg. growth/yr (3Y)3.3%
n/aAvg. growth/yr (5Y)28.4%
+15.4%Value creation/yr−30.7%
Balance & size
3.6×Interest coverage (EBIT/interest)0.6×
1.15×Debt / equity0.90×
$177BMarket cap$79B
mixedGrowth qualitymixed
The P/E excluding one-off items is scored: for at least one of the two companies, special items (write-downs, restructuring, litigation) move the reported P/E by 15 % or more. The trailing P/E is shown for reference.
Warner Bros Discovery, median P/E at fiscal year-end, 6 fiscal years (2016 to 2025), reported earnings, FY2025 ex one-offs: 16.2.

At&t leads: 10 to 2 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.

At&tof which business quality 59 · market factors 56 Warner Bros Discoveryof which business quality 46 · market factors 70
ProfitabilityMargins and returns on capital today
49
20
Quality GrowthAre margins and returns improving?
69
31
CashflowEarnings quality: real cash, not paper profit
70
63
Fin. StrengthBalance sheet, leverage, solvency risk
21
24
InvestmentDisciplined investing over empire-building
64
98
Low VolatilityCalm price path (market factor)
89
45
MomentumPrice trend over the last 3–12 months (market factor)
40
71
52W MomentumDistance to the 52-week high (market factor)
45
98
Net IssuanceShare count: buybacks or dilution?
99
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 familyAt&tPrice $25.38Warner Bros DiscoveryPrice $30.86
DCF Models+86%above the price$47.20-19%below the price$24.89
Earnings-Based-31%below the price$17.42-67%below the price$10.15
Dividend Discount-27%below the price$18.42n/a
Multiples+114%above the price$54.30-82%below the price$5.66
Asset-Based-57%below the price$10.81-69%below the price$9.60
Growth DCF+51%above the price$38.27-21%below the price$24.39
Economic Profit-12%close to the price$22.43-69%below the price$9.57
Growth Earnings+127%above the price$57.66-56%below the price$13.47
Minimum-57%below the price$10.81-82%below the price$5.66
Maximum+127%above the price$57.66-19%below the price$24.89
Median+20%above the price$30.35-67%below the price$10.15
Geometric mean+12%close to the price$28.54-60%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%.

At&t: 6 of 25 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.

At&t
Price $25.38
Fair Value $51.11
Bear $28.64Bull $74.96
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.

At&t · Communication Services

Quality score62 · above median
Fair value upside+101% · Top 25%

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 At&t as the more attractively valued of the two: At&t trades at $25.38 versus a fair value of $51.11 (+101%), while Warner Bros Discovery trades at $30.86 versus $13.47 (-56%).

At&t has the higher quality score (62/100).

Open At&t live analysis →
At&t · 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.