Tearsheet

Liberty Media (FWONA)

Market Price (12/25/2025): $88.18 | Market Cap: $22.0 Bil
Sector: Communication Services | Industry: Movies & Entertainment

Liberty Media (FWONA)

Market Price (12/25/2025): $88.18
Market Cap: $22.0 Bil
Sector: Communication Services
Industry: Movies & Entertainment

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0	Attractive yield Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 9.4%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 5.3%	Weak multi-year price returns 3Y Excs Rtn is -12%	Expensive valuation multiples P/EBITPrice/EBIT or Price/(Operating Income) ratio is 63x
1	Low stock price volatility Vol 12M is 26%		Not cash flow generative CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -2.5%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -4.6%
2	Megatrend and thematic drivers Megatrends include Experience Economy & Premiumization, and Digital Content & Streaming. Themes include Experiential Retail, Travel & Leisure Tech, Show more.		Key risks FWONA key risks include [1] declining profitability driven by increasing operational costs, Show more.

0	Attractive yield Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 9.4%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 5.3%
1	Low stock price volatility Vol 12M is 26%
2	Megatrend and thematic drivers Megatrends include Experience Economy & Premiumization, and Digital Content & Streaming. Themes include Experiential Retail, Travel & Leisure Tech, Show more.
3	Weak multi-year price returns 3Y Excs Rtn is -12%
4	Expensive valuation multiples P/EBITPrice/EBIT or Price/(Operating Income) ratio is 63x
5	Not cash flow generative CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -2.5%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -4.6%
6	Key risks FWONA key risks include [1] declining profitability driven by increasing operational costs, Show more.

Valuation, Metrics & Events

	12/25/25	2024	2023	2022	2021
Share Price CYE	$88.18	$84.04	$57.98	$52.15	$52.15
Market Cap CYE ($ Bil)	22.0	20.9	13.6	12.2	12.1
Total Debt ($ Bil)	7.0	3.0	2.9	2.9	3.6
Total Cash ($ Bil)	1.6	2.6	1.4	1.7	2.1
Enterprise Value ($ Bil)	27.5	23.9	16.5	15.1	15.7
Valuation Ratios
P/S TTM	5.5	5.5	4.2	4.7	5.7
P/EBIT TTM	63.0	89.6	31.9	30.4	-355.8
P/E TTM	10.6	-672.3	73.3	21.8	-63.7
P/FCF TTM	-119.8	41.0	70.3	50.0	26.1
Sector Ratios
P/S TTM (Sector)	1.0	1.0	1.1	1.2	2.0
P/EBIT TTM (Sector)	1.6	1.5	0.3	1.1	4.7
P/E TTM (Sector)	-1.0	-0.9	-0.6	-0.4	5.7
P/FCF TTM (Sector)	6.6	7.4	6.5	2.9	5.7

	12/25/25	2024	2023
Share Price CYE	$88.18	$84.04	$57.98
Market Cap CYE ($ Bil)	22.0	20.9	13.6
Total Debt ($ Bil)	7.0	3.0	2.9
Total Cash ($ Bil)	1.6	2.6	1.4
Enterprise Value ($ Bil)	27.5	23.9	16.5
Valuation Ratios
P/S TTM	5.5	5.5	4.2
P/EBIT TTM	63.0	89.6	31.9
P/E TTM	10.6	-672.3	73.3
P/FCF TTM	-119.8	41.0	70.3
Sector Ratios
P/S TTM (Sector)	1.0	1.0	1.1
P/EBIT TTM (Sector)	1.6	1.5	0.3
P/E TTM (Sector)	-1.0	-0.9	-0.6
P/FCF TTM (Sector)	6.6	7.4	6.5

	FWONA	S&P 500
REVENUE GROWTH	GOOD
Rev LTM ($ Bil)	4.0
Rev Chg Q	19.1%	7.3%
Rev Chg LTM	8.7%	6.1%
Rev Chg 3Y Avg	16.5%	5.5%
PROFITABILITY	FAIR
Op Inc LTM ($ Bil)	0.5
CFO LTM ($ Bil)	-0.1
Net Inc LTM ($ Bil)	2.1
Op Mgn LTM	12.3%	18.8%
CFO/Rev LTM	-2.5%	20.4%
Net Inc Mgn	51.4%	13.1%
VALUATION	MODERATE
P/S	5.5	3.2
P/CFO	-214.0	15.7
P/FCF	-119.8	20.6
P/E	10.6	23.5
STABILITY	GOOD
Debt/Equity	0.32	0.21
Cash/Assets	0.09	0.07

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Metric	Value	Date	Source
SiriusXM Self-Pay Subscribers	31.24 million	9302025	Link
SiriusXM Average Self-Pay Monthly Churn	1.6%	9302025	Link
SiriusXM Average Revenue Per User (ARPU)	$15.19	9302025	Link
Live Nation Concerts Estimated Total Attendance	51.27 million	9302025	Link
Live Nation Concerts Estimated Total Events	12.29 million	9302025	Link
Formula 1 Average US TV Viewership per Race (2025 Season through 17 races)	1.33 million	9242025	Link
Formula 1 Total Race Attendance (First 14 races of 2025)	3.9 million	8282025	Link

Upcoming
2/26/2026	Earnings Release	Rev: - EPS: -

FWONA Stock

Return (1M):

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Why The Stock Moved

Qualitative Assessment

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Here are five key points highlighting why Liberty Media (FWONA) stock moved by approximately -2.1% between August 31, 2025, and December 25, 2025: 1. Post-peak Correction and Bearish Market Sentiment. Liberty Media Formula One Series A (FWONA) reached an all-time high closing price of $99.33 on October 6, 2025. The subsequent decline in its stock price to approximately $88.28 by December 23, 2025, suggests a correction after this peak. This was compounded by a "Bearish" sentiment and a "Fear & Greed Index" indicating "Fear" for FWONA in mid-December 2025, reflecting broader market caution that could have put downward pressure on the stock.

2. Split-Off of Liberty Live Group. The completion of the split-off of Liberty Live Holdings, Inc. from Liberty Media on December 15, 2025, likely led to a re-evaluation of the remaining Formula One Group's valuation by investors. While intended to unlock value, such a significant structural change can create short-term selling pressure or uncertainty as investors adjust their portfolios to the new, more focused corporate entity.

Show more Here are five key points highlighting why Liberty Media (FWONA) stock moved by approximately -2.1% between August 31, 2025, and December 25, 2025: 1. Post-peak Correction and Bearish Market Sentiment. Liberty Media Formula One Series A (FWONA) reached an all-time high closing price of $99.33 on October 6, 2025. The subsequent decline in its stock price to approximately $88.28 by December 23, 2025, suggests a correction after this peak. This was compounded by a "Bearish" sentiment and a "Fear & Greed Index" indicating "Fear" for FWONA in mid-December 2025, reflecting broader market caution that could have put downward pressure on the stock.

2. Split-Off of Liberty Live Group. The completion of the split-off of Liberty Live Holdings, Inc. from Liberty Media on December 15, 2025, likely led to a re-evaluation of the remaining Formula One Group's valuation by investors. While intended to unlock value, such a significant structural change can create short-term selling pressure or uncertainty as investors adjust their portfolios to the new, more focused corporate entity.

3. Significant Insider Selling. A director of Liberty Media engaged in substantial selling of Series C Liberty Formula One Common Stock (FWONK) on December 16 and 17, 2025. These transactions involved approximately $8 million and $8.1 million in sales, respectively, exceeding the $5 million threshold. Such large insider sales, even in a related tracking stock, can be perceived negatively by investors and contribute to a decline in sentiment and price for FWONA.

4. John C. Malone's Transition to Chairman Emeritus. The announcement on October 29, 2025, that John C. Malone, a prominent figure, would transition to Chairman Emeritus of Liberty Media Corporation could have introduced an element of uncertainty among investors. Despite his continued involvement, changes in key leadership roles can sometimes impact investor confidence regarding future strategic direction.

5. Decreased MotoGP Operating Income. While Liberty Media completed the acquisition of MotoGP on July 3, 2025, and it contributed to Q3 revenue, the MotoGP segment's operating income for the third quarter of 2025 was reported as slightly down year-over-year. This was attributed to increased costs and currency headwinds. This specific negative detail within an otherwise positive acquisition and earnings narrative could have tempered investor enthusiasm. Show less

Stock Movement Drivers

Fundamental Drivers

The -7.3% change in FWONA stock from 9/24/2025 to 12/24/2025 was primarily driven by a -11.3% change in the company's P/S Multiple.

	9242025	12242025	Change
Stock Price ($)	95.17	88.20	-7.32%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	3866.00	4040.00	4.50%
P/S Multiple	6.15	5.46	-11.31%
Shares Outstanding (Mil)	250.00	250.00	0.00%
Cumulative Contribution			-7.32%

LTM = Last Twelve Months as of date shown

Market Drivers

9/24/2025 to 12/24/2025

	Return	Correlation
FWONA	-7.3%
Market (SPY)	4.4%	13.3%
Sector (XLC)	0.6%	17.3%

Fundamental Drivers

The -5.7% change in FWONA stock from 6/25/2025 to 12/24/2025 was primarily driven by a -17.6% change in the company's P/S Multiple.

	6252025	12242025	Change
Stock Price ($)	93.50	88.20	-5.67%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	3513.00	4040.00	15.00%
P/S Multiple	6.63	5.46	-17.64%
Shares Outstanding (Mil)	249.00	250.00	-0.40%
Cumulative Contribution			-5.67%

LTM = Last Twelve Months as of date shown

Market Drivers

6/25/2025 to 12/24/2025

	Return	Correlation
FWONA	-5.7%
Market (SPY)	14.0%	21.4%
Sector (XLC)	12.6%	24.5%

Fundamental Drivers

The 3.0% change in FWONA stock from 12/24/2024 to 12/24/2025 was primarily driven by a 8.7% change in the company's Total Revenues ($ Mil).

	12242024	12242025	Change
Stock Price ($)	85.62	88.20	3.01%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	3716.00	4040.00	8.72%
P/S Multiple	5.58	5.46	-2.12%
Shares Outstanding (Mil)	242.00	250.00	-3.31%
Cumulative Contribution			2.90%

LTM = Last Twelve Months as of date shown

Market Drivers

12/24/2024 to 12/24/2025

	Return	Correlation
FWONA	3.0%
Market (SPY)	15.8%	48.8%
Sector (XLC)	20.1%	49.9%

Fundamental Drivers

The 69.1% change in FWONA stock from 12/25/2022 to 12/24/2025 was primarily driven by a 3729.8% change in the company's Net Income Margin (%).

	12252022	12242025	Change
Stock Price ($)	52.15	88.20	69.13%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	2606.00	4040.00	55.03%
Net Income Margin (%)	1.34%	51.44%	3729.75%
P/E Multiple	347.17	10.61	-96.94%
Shares Outstanding (Mil)	233.00	250.00	-7.30%
Cumulative Contribution			68.23%

LTM = Last Twelve Months as of date shown

Market Drivers

12/25/2023 to 12/24/2025

	Return	Correlation
FWONA	49.5%
Market (SPY)	48.9%	41.9%
Sector (XLC)	65.9%	40.2%

Return vs. Risk

Price Returns Compared

	2020	2021	2022	2023	2024	2025	Total [1]
Returns
FWONA Return	-13%	37%	0%	11%	45%	5%	102%
Peers Return	�	�	�	�	53%	16%	�
S&P 500 Return	16%	27%	-19%	24%	23%	18%	115%
Monthly Win Rates [3]
FWONA Win Rate	58%	50%	0%	25%	75%	50%
Peers Win Rate	�	�	�	55%	67%	53%
S&P 500 Win Rate	58%	75%	42%	67%	75%	73%
Max Drawdowns [4]
FWONA Max Drawdown	-59%	-6%	0%	0%	-3%	-16%
Peers Max Drawdown	�	�	�	�	-7%	-13%
S&P 500 Max Drawdown	-31%	-1%	-25%	-1%	-2%	-15%

[1] Cumulative total returns since the beginning of 2020
[2] Peers: LYV, TKO, SPOT, DIS, CMCSA.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 12/24/2025 (YTD)

How Low Can It Go

Unique Key	Event	FWONA	S&P 500
2022 Inflation Shock	2022 Inflation Shock
2022 Inflation Shock% Loss	% Loss	-16.4%	-25.4%
2022 Inflation Shock% Gain to Breakeven	% Gain to Breakeven	19.6%	34.1%
2022 Inflation ShockTime to Breakeven	Time to Breakeven	160 days	464 days
2020 Covid Pandemic	2020 Covid Pandemic
2020 Covid Pandemic% Loss	% Loss	-60.8%	-33.9%
2020 Covid Pandemic% Gain to Breakeven	% Gain to Breakeven	154.9%	51.3%
2020 Covid PandemicTime to Breakeven	Time to Breakeven	532 days	148 days
2018 Correction	2018 Correction
2018 Correction% Loss	% Loss	-31.1%	-19.8%
2018 Correction% Gain to Breakeven	% Gain to Breakeven	45.1%	24.7%
2018 CorrectionTime to Breakeven	Time to Breakeven	227 days	120 days

Compare to OMC, NWSA, IPG, NFLX, DIS

In The Past

Liberty Media's stock fell -16.4% during the 2022 Inflation Shock from a high on 8/4/2023. A -16.4% loss requires a 19.6% gain to breakeven.

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About Liberty Media (FWONA)

Business Description Analogies Products Customers Suppliers Management Key Risks Emerging Threats Market Size Revenue Drivers Capital Allocation

The Liberty Braves Group, through its subsidiary, Braves Holdings, LLC, owns the Atlanta Braves Major League Baseball Club, various assets and liabilities associated with ANLBC's stadium, and mixed-use development project. The company is based in Englewood, Colorado. The Liberty Braves Group is a subsidiary of Liberty Media Corporation.

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Here are 1-3 brief analogies for Liberty Media (FWONA):

A Berkshire Hathaway for sports and entertainment.
An IAC (InterActiveCorp) focused on media and live events.
A Disney for live sports and music.

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For Liberty Media (FWONA), its major products are services primarily categorized under **Sports & Entertainment Media and Rights Management**:

Formula 1 World Championship Operations & Commercialization: This encompasses the overall operation and commercial exploitation of the FIA Formula One World Championship, the pinnacle of motor racing.
- Event Promotion Licensing: This service involves licensing rights to local promoters to organize and host Formula 1 Grand Prix races.
- Broadcast & Digital Media Rights: This service entails licensing audio-visual and data content rights for Formula 1 races to broadcasters and digital platforms globally.
- Sponsorship & Advertising Sales: This service focuses on securing global sponsorships and selling advertising opportunities for the Formula 1 brand and events.
- Hospitality & Fan Experiences: This service provides premium hospitality, ticketing, and immersive fan experiences at Formula 1 events, such as the Paddock Club.
- Brand & Content Licensing: This service involves licensing the Formula 1 brand, intellectual property, and content for merchandise, video games, and other consumer products.

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Liberty Media (FWONA) Major Customers

Liberty Media Corporation (FWONA), primarily through its ownership and operation of Formula 1, sells primarily to other companies. Its major customers fall into categories such as media rights holders (broadcasters), global sponsors, and race promoters. Here are some of its major customer companies:

The Walt Disney Company (NYSE: DIS) - Through its ESPN channels, Disney holds significant media rights for Formula 1 in key markets like the United States.
Comcast Corporation (NASDAQ: CMCSA) - Through its Sky Sports division, Comcast is a major media rights holder for Formula 1 in markets such as the United Kingdom, Germany, and Italy.
Aramco (TADAWUL: 2222) - A global partner and major sponsor of Formula 1.
Deutsche Post AG (XTRA: DPW) - Through its DHL brand, Deutsche Post is a long-standing official logistics partner and global sponsor of Formula 1.
Amazon.com, Inc. (NASDAQ: AMZN) - Through Amazon Web Services (AWS), it serves as a global technology partner and sponsor for Formula 1.

In addition to these, Formula 1 also generates substantial revenue from various **Race Promoters** worldwide, which are entities (often private companies or government-backed organizations) that pay fees for the right to host individual Grand Prix events.

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Deutsche Post DHL Group (DPW.DE)
Universal Music Group (UMG.AS)
Warner Music Group (WMG)
Sony (SONY)

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Derek Chang President & Chief Executive Officer

Derek Chang has been President and Chief Executive Officer of Liberty Media Corporation since January 2025. He is a veteran executive in the global media, sports, and entertainment industries, having led operating, corporate development, and investment teams at prominent companies such as EverPass Media, the NBA, DIRECTV, Scripps, Charter, and TCI. Mr. Chang has served as a director of Liberty Media since March 2021.

Brian J. Wendling Chief Accounting Officer & Principal Financial Officer

Brian J. Wendling serves as Chief Accounting Officer and Principal Financial Officer of Liberty Media Corporation and Liberty Broadband Corporation. He has held various positions with these companies and their predecessors since 1999. Before joining Liberty Media, Mr. Wendling worked in the assurance practice of the accounting firm KPMG. He serves on the board of Comscore, Inc. and has previously served on the boards of Fun Technologies Inc. and CommerceHub, Inc.

Renee L. Wilm Chief Legal Officer & Chief Administrative Officer

Renee L. Wilm serves as Chief Legal Officer and Chief Administrative Officer of Liberty Media Corporation, Qurate Retail, Inc., Liberty TripAdvisor Holdings, Inc., and Liberty Broadband Corporation. She is responsible for managing legal matters, providing strategic support, and supervising day-to-day operations. Previously, Ms. Wilm was a Senior Partner with the law firm Baker Botts L.L.P. for over twenty years, where she specialized in mergers and acquisitions, complex capital structures, shareholder arrangements, securities offerings, corporate governance, and securities law compliance. She also serves as Chief Executive Officer of Las Vegas Grand Prix, Inc., a wholly owned subsidiary of Liberty Media and Formula 1.

Ben Oren Executive Vice President & Treasurer

Ben Oren serves as Executive Vice President and Treasurer of Liberty Media Corporation and Liberty Broadband Corporation. Mr. Oren has twenty years of experience in various investment banking roles. Most recently, he was a Managing Director with Credit Suisse, where he advised companies across multiple sectors including Technology, Media, and Telecom on a broad range of capital markets transactions. Prior to Credit Suisse, he was an Executive Director at UBS Securities, LLC.

Albert E. Rosenthaler Senior Advisor

Albert E. Rosenthaler has served as Senior Advisor of Liberty Media Corporation since January 2024. He previously served as Chief Corporate Development Officer of Liberty Media, QVC, Liberty TripAdvisor, and Liberty Broadband from October 2016 to December 2023. Prior to that, he held the role of Chief Tax Officer for these companies from January 2016 to September 2016 and served as a Senior Vice President of Liberty Media (including its predecessor) from May 2007 to December 2015. Before joining Liberty, Mr. Rosenthaler was a tax partner at Arthur Andersen. He possesses significant executive and financial experience.

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The key risks to Liberty Media's Formula One Group (FWONA) primarily revolve around its financial performance, revenue generation, and operational stability:

Declining Profitability and Increasing Operational Costs: Despite overall revenue growth in certain segments, Liberty Media's Formula One Group has experienced declining profitability in some areas. This is attributed to rising costs and expenses, which impact the company's financial performance. For example, Formula 1's operating income decreased in Q4 2023, and the company has reported a decline in adjusted OIBDA due to calendar variances and increased costs like freight and partner servicing expenses.
Challenges in Media Rights Negotiations and Revenue Volatility: Liberty Media faces potential hurdles in renewing media rights, particularly in Latin America and Asia, and navigating complex discussions for digital streaming partnerships crucial for maintaining and expanding its global reach. Additionally, the company's revenue is highly sensitive to event scheduling, especially in Formula 1, where the timing and mix of races significantly impact quarterly earnings and can lead to fluctuations in financial performance.
Operational Risks and External Disruptions: The company's ventures can face operational challenges, such as the initial hurdles experienced by the Las Vegas Grand Prix. Beyond specific events, Liberty Media is exposed to broader operational risks associated with its subsidiaries and business affiliates operating outside the U.S. Furthermore, weak and uncertain economic conditions, geopolitical incidents, or natural disasters could adversely impact consumer demand or lead to event cancellations and postponements.

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Liberty Media Corporation (FWONA) holds interests in a diverse portfolio of media, entertainment, and sports companies. The primary businesses and assets include Formula 1, SiriusXM Holdings Inc., Live Nation Entertainment, Inc., and Braves Holdings, LLC (Atlanta Braves).

Formula 1

The addressable market for Formula 1 is global. The global Formula 1 Racing Market was valued at USD 3.5 billion in 2024 and is projected to grow to USD 6.5 billion by 2032, at a compound annual growth rate (CAGR) of 8%. Other estimates place the market size at $4 billion in 2025, expanding to over $6 billion by 2032 with a 7% CAGR. The Formula 1 racing car market, which includes design, manufacturing, and technological advancements within the sport, is estimated to be between $2-3 billion in 2025, with a projected CAGR of approximately 5-7% from 2025 to 2033. This market size incorporates revenue generated from race hosting fees, sponsorship deals, broadcasting rights, and merchandise sales.

SiriusXM Holdings Inc.

The addressable market for SiriusXM is North America. As the leading audio entertainment company in North America, SiriusXM had approximately 34 million subscribers as of July 2022. The company holds an estimated 59.4% of the total industry revenue in Internet Radio Broadcasting in the U.S. and a notable market share in Music Streaming Services in the U.S. SiriusXM's total revenue for 2024 is approximately $8.675 billion, with a 2025 outlook of $8.5 billion. Over 75% of SiriusXM's revenue is generated from subscriptions.

Live Nation Entertainment, Inc.

Live Nation Entertainment operates in a global market. The company reported revenues of $23.2 billion in 2024. For the third quarter of 2025, Live Nation recorded revenues of $8.5 billion. Live Nation's market capitalization was $32.59 billion USD as of November 2025. In the U.S., Live Nation holds an estimated 19.9% of the total industry revenue in the Concert & Event Promotion industry.

Braves Holdings, LLC (Atlanta Braves)

The addressable market for the Atlanta Braves is regional within the U.S., primarily focusing on Major League Baseball (MLB) fans and local real estate development. The Atlanta Braves generated $641 million in total revenue in 2023. For the third quarter of 2025, the total revenue was $312 million, with baseball revenue accounting for $284 million and mixed-use development revenue (The Battery Atlanta) contributing $27 million. In July 2025, the Braves were valued at between $3.1 billion and $3.7 billion by Sportico and Forbes, respectively. The Battery Atlanta alone generated $59 million in revenue in 2023.

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Liberty Media (NASDAQ: FWONA) is expected to drive future revenue growth over the next two to three years through several key initiatives primarily within its Formula One Group, which now includes MotoGP.

Integration and Growth of MotoGP: The acquisition of MotoGP in July 2025 is a significant new revenue stream for Liberty Media. The company aims to accelerate growth and monetize various opportunities within MotoGP, with the championship already contributing substantially to the Formula One Group's revenue.
Expansion of Media Rights and Broadcast Partnerships: Continued growth is anticipated from contractual increases in media rights fees, the increasing subscriber base of F1 TV, and new broadcast partnerships. A notable example is the new agreement with Apple as the US broadcast partner, expected to drive further growth in the region.
Increased Sponsorship and Commercial Partnerships: Revenue growth is expected from securing new sponsors and through contractual fee increases and renewals with existing partners across both Formula 1 and MotoGP.
Growth in Hospitality and Fan Experience Offerings: Liberty Media is capitalizing on the global popularity of its motorsport properties by expanding premium hospitality services, such as the Paddock Club, and increasing revenue from Grand Prix Plaza activities and other licensing opportunities.

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Share Repurchases

  As of August 1, 2025, Liberty Media had a remaining repurchase authorization of $1.1 billion, applicable to common shares of any of its tracking stocks.
  There were no repurchases of Liberty Media's common stock from May 1 through July 31, 2025.
  No repurchases of common stock occurred from August 1 through October 31, 2025.


Share Issuance

  On August 22, 2024, Liberty Media completed a public offering of 12,247,500 shares of its Series C Liberty Formula One Common Stock (FWONK) at $77.50 per share, generating approximately $949.2 million in gross proceeds.


Outbound Investments

  Liberty Media completed the acquisition of approximately 84% of Dorna Sports, S.L. (MotoGP™), the exclusive commercial rights holder of the MotoGP™ World Championship, on July 3, 2025.
  In September 2023, Liberty Media acquired ticket distributor and hospitality group QuintEvents for $313 million.
  Liberty Media announced plans to split off the Liberty Live Group, which holds its interest in Live Nation and other minority investments, into a separate public company, Liberty Live Holdings, Inc., with an expected completion date of December 15, 2025.


Capital Expenditures

  Capital expenditures at Formula 1 (F1) partially offset the increase in cash and cash equivalents attributed to the Formula One Group during the second quarter of 2025.
  Capital expenditures at F1 also partially offset the increase in cash and cash equivalents attributed to the Formula One Group during the first quarter of 2025.

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Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for FWONA: 16.5% | 44.3x)

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Higher Rev Chg LTM (Value for FWONA: 8.7%)

ROKU (16.6%)

Roku

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AMC Entertainment

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IMAX (9.3%)

Imax

Higher Rev Chg 3Y Avg (Value for FWONA: 16.5%)

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Mega Matrix

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Cineverse

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Higher Op Mgn LTM (Value for FWONA: 12.3%)

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SIRI (22.5%)

Sirius XM

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Walt Disney

WMG (13.8%)

Warner Music

Higher CFO/Rev LTM (Value for FWONA: -2.5%)

TKO (40.4%)

TKO

NFLX (22.1%)

Netflix

DIS (19.2%)

Walt Disney

LYV (10.2%)

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ROKU (10.0%)

Roku

Higher FCF/Rev LTM (Value for FWONA: -4.6%)

TKO (37.0%)

TKO

NFLX (20.7%)

Netflix

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ROKU (9.9%)

Roku

LYV (6.4%)

Live Nation Entertainment

Higher Total Yield (Value for FWONA: 9.4%)

SIRI (19.5%)

Sirius XM

SECTOR: Communication Services

Higher Rev Chg 3Y Avg | Lower P/S (Values for FWONA: 16.5% | 5.5x)

WBD (17.2% | 1.9x)

Warner Bros. Discovery

LYV (18.6% | 1.4x)

Live Nation Entertainment

LBRDA (28.2% | 4.5x)

Liberty Broadband

AD (19.6% | 0.8x)

Array Digital Infrastructure

SPHR (16.5% | 3.2x)

Sphere Entertainment

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for FWONA: 16.5% | 44.3x)

META (17.3% | 20.5x)

Meta Platforms

LYV (18.6% | 29.8x)

Live Nation Entertainment

TTD (23.5% | 35.2x)

Trade Desk

LBRDA (28.2% | 35.1x)

Liberty Broadband

AD (19.6% | 15.3x)

Array Digital Infrastructure

Higher Rev Chg LTM (Value for FWONA: 8.7%)

RBLX (32.7%)

Roblox

META (21.3%)

Meta Platforms

NFLX (15.4%)

Netflix

GOOGL (13.4%)

Alphabet

SPOT (11.9%)

Spotify Technology

Higher Rev Chg 3Y Avg (Value for FWONA: 16.5%)

RDDT (45.3%)

RBLX (26.5%)

Roblox

LYV (18.6%)

Live Nation Entertainment

META (17.3%)

Meta Platforms

WBD (17.2%)

Warner Bros. Discovery

Higher Op Mgn LTM (Value for FWONA: 12.3%)

META (43.2%)

Meta Platforms

GOOGL (32.2%)

Alphabet

NFLX (29.1%)

Netflix

TMUS (22.6%)

T-Mobile US

DIS (14.6%)

Walt Disney

Higher CFO/Rev LTM (Value for FWONA: -2.5%)

META (56.8%)

Meta Platforms

GOOGL (39.3%)

Alphabet

TMUS (31.3%)

T-Mobile US

NFLX (22.1%)

Netflix

DIS (19.2%)

Walt Disney

Higher FCF/Rev LTM (Value for FWONA: -4.6%)

META (23.7%)

Meta Platforms

NFLX (20.7%)

Netflix

GOOGL (19.1%)

Alphabet

TMUS (16.1%)

T-Mobile US

DIS (10.7%)

Walt Disney

Higher Total Yield (Value for FWONA: 9.4%)

BCE (41.3%)

BCE

CMCSA (25.1%)

Comcast

VZ (18.3%)

Verizon Communications

CHTR (18.3%)

Charter Communications

T (12.6%)

AT&T

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for FWONA: 16.5% | 5.5x)

BRK-B (19.8% | 2.7x)

Berkshire Hathaway

UBER (19.6% | 3.4x)

Uber Technologies

PGR (20.6% | 1.6x)

Progressive

NEM (23.9% | 5.3x)

Newmont

MELI (39.5% | 3.9x)

MercadoLibre

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for FWONA: 16.5% | 44.3x)

NVDA (91.6% | 41.7x)

NVIDIA

LLY (23.4% | 42.3x)

Eli Lilly

MU (28.3% | 23.4x)

Micron Technology

BKNG (17.8% | 19.6x)

Booking

UBER (19.6% | 37.1x)

Uber Technologies

Higher Rev Chg LTM (Value for FWONA: 8.7%)

NVDA (65.2%)

NVIDIA

LLY (36.8%)

Eli Lilly

AVGO (23.9%)

Broadcom

MSFT (15.6%)

Microsoft

AMZN (10.9%)

Amazon.com

Higher Rev Chg 3Y Avg (Value for FWONA: 16.5%)

NVDA (91.6%)

NVIDIA

PLTR (29.3%)

Palantir Technologies

AVGO (25.2%)

Broadcom

LLY (23.4%)

Eli Lilly

BRK-B (19.8%)

Berkshire Hathaway

Higher Op Mgn LTM (Value for FWONA: 12.3%)

NVDA (58.8%)

NVIDIA

MSFT (46.3%)

Microsoft

LLY (43.0%)

Eli Lilly

AVGO (40.8%)

Broadcom

AAPL (31.9%)

Apple

Higher CFO/Rev LTM (Value for FWONA: -2.5%)

MSFT (50.0%)

Microsoft

NVDA (44.4%)

NVIDIA

AVGO (43.1%)

Broadcom

AAPL (26.6%)

Apple

AMZN (18.1%)

Amazon.com

Higher FCF/Rev LTM (Value for FWONA: -4.6%)

AVGO (42.1%)

Broadcom

NVDA (41.3%)

NVIDIA

MSFT (26.6%)

Microsoft

AAPL (23.5%)

Apple

AMZN (2.0%)

Amazon.com

Higher Total Yield (Value for FWONA: 9.4%)

PFE (13.7%)

Pfizer

TD (12.8%)

Toronto-Dominion Bank

MRK (10.2%)

Merck

PGR (10.2%)

Progressive

UBER (9.8%)

Uber Technologies

		Best Bets In Communication Services Sector
	FWONA	META	TTD	MTCH	PINS	CARG	NXST	TGNA	T	UPWK	FWONA
What You Pay
P/E	10.6	28.7	42.4	14.1	8.9	25.1	11.9	9.1	7.9	11.2	10.6
P/EBIT	63.0	19.7	35.2	9.5	63.2	18.3	5.6	5.1	5.1	24.2	63.0
What You Get
Rev Chg Q	19.1%	26.2%	17.7%	2.1%	16.8%	3.2%	-12.3%	-19.3%	1.6%	4.1%	19.1%
Rev Chg LTM	8.7%	21.3%	20.8%	-0.5%	16.8%	4.2%	-1.4%	-2.7%	2.0%	2.5%	8.7%
Rev Chg 3Y Avg	16.5%	17.3%	23.5%	2.7%	13.6%	-15.9%	1.2%	-2.8%	1.1%	9.7%	16.5%
FCF/Rev 3Y Avg	14.7%	29.0%	26.6%	25.8%	22.9%	18.6%	17.6%	17.4%	16.3%	15.4%	14.7%

[1] Choosing top 10 best bets from each sector quarterly is an alpha producing strategy vs sector benchmark
[2] Historical annualized return of 12%, alpha of 0.5%, and sharpe of 0.56

Latest Trefis Analyses

	Title	Topic
0	DASHBOARDS
1	Liberty Media Earnings Notes
2	Liberty Media Earnings Notes
3	How Low Can Liberty Media Stock Really Go?	Return
4	Liberty Media vs Eli Lilly: Which Is A Better Investment?	Counter-Intuitive Comparisons
5	Liberty Media vs AppLovin: Which Is A Better Investment?	Counter-Intuitive Comparisons
6	How Does Liberty Media Stock Stack Up Against Its Peers?	Peer Comparison
7	Better Bet Than FWONA Stock: Pay Less Than Liberty Media To Get More From NVDA, UBER
8	Better Bet Than FWONA Stock: Pay Less Than Liberty Media To Get More From APP, TTD
9	FWONA Dip Buy Analysis
10	Liberty Media (FWONA) Valuation Ratios Comparison	Financials

	Title
0	ARTICLES

Trade Ideas

Select ideas related to FWONA. For more, see Trefis Trade Ideas.

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
PINS_11302025_Monopoly_xInd_xCD_Getting_Cheaper	11302025	PINS	Pinterest	Monopoly	MY \| Getting CheaperMonopoly-Like with P/S Decline Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple	0.0%	0.0%	-1.4%
TMUS_11212025_Monopoly_xInd_xCD_Getting_Cheaper	11212025	TMUS	T-Mobile US	Monopoly	MY \| Getting CheaperMonopoly-Like with P/S Decline Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple	-4.5%	-4.5%	-6.4%
Z_11212025_Monopoly_xInd_xCD_Getting_Cheaper	11212025	Z	Zillow	Monopoly	MY \| Getting CheaperMonopoly-Like with P/S Decline Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple	-2.7%	-2.7%	-5.1%
IRDM_11072025_Dip_Buyer_High_CFO_Margins_ExInd_DE	11072025	IRDM	Iridium Communications	Dip Buy	DB \| CFO/Rev \| Low D/EDip Buy with High Cash Flow Margins Buying dips for companies with significant cash flows from operations and reasonable debt / market cap	4.5%	4.5%	-5.6%
TTD_10032025_Dip_Buyer_High_CFO_Margins_ExInd_DE	10032025	TTD	Trade Desk	Dip Buy	DB \| CFO/Rev \| Low D/EDip Buy with High Cash Flow Margins Buying dips for companies with significant cash flows from operations and reasonable debt / market cap	-26.1%	-26.1%	-29.8%

Recent Active Movers

Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
OMER	Omeros	0.9	75.5%	55.5%
DVAX	Dynavax Technologies	1.8	38.2%	20.4%
EWTX	Edgewise Therapeutics	2.9	25.5%	2.2%
AGIO	Agios Pharmaceuticals	1.7	18.6%	-11.2%
TVTX	Travere Therapeutics	3.6	13.9%	131.2%
KOD	Kodiak Sciences	1.6	13.2%	212.4%
RZLT	Rezolute	0.3	13.2%	-44.1%
UP	Wheels Up Experience	0.5	11.7%	-57.4%
FBYD	Falcons Beyond Global	0.7	9.5%	129.7%
BW	Babcock & Wilcox Enterprises	0.5	8.5%	226.2%

Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
ASTS	AST SpaceMobile	18.9	-8.9%	269.9%
QBTS	D-Wave Quantum	9.4	-5.5%	227.6%
NNE	Nano Nuclear Energy	1.2	-4.6%	21.7%
MNMD	Mind Medicine	1.2	-4.2%	93.0%
PPTA	Perpetua Resources	2.0	-4.0%	149.1%
KOS	Kosmos Energy	0.4	-4.0%	-73.6%
FRMI	Fermi	5.5	-4.0%	-75.7%
EXOD	Exodus Movement	0.4	-3.9%	-50.5%
TLRY	Tilray Brands	10.8	-3.6%	-23.7%
AEHR	Aehr Test Systems	0.7	-3.1%	32.7%

Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
OMER	Omeros	0.9	74.0%	55.5%
LUNR	Intuitive Machines	2.0	63.7%	-8.0%
AAOI	Applied Optoelectronics	2.6	51.1%	11.2%
FBYD	Falcons Beyond Global	0.7	47.2%	129.7%
FLY	Firefly Aerospace	3.8	45.9%	-55.2%
RKLB	Rocket Lab	39.8	43.0%	203.0%
DVAX	Dynavax Technologies	1.8	42.5%	20.4%
UAMY	United States Antimony	0.8	39.9%	258.8%
DJT	Trump Media & Technology	4.0	36.7%	-58.0%
RZLT	Rezolute	0.3	36.3%	-44.1%

Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
NOW	ServiceNow	31.7	-80.5%	-28.0%
TPL	Texas Pacific Land	6.8	-66.5%	-19.2%
LW	Lamb Weston	6.0	-28.6%	-34.8%
TLRY	Tilray Brands	10.8	-21.2%	-23.7%
INSP	Inspire Medical Systems	2.8	-19.1%	-48.4%
TDUP	ThredUp	0.8	-17.1%	354.7%
OLMA	Olema Pharmaceuticals	2.3	-15.8%	370.8%
IIPR	Innovative Industrial Properties	1.4	-12.9%	-15.7%
ABM	ABM Industries	2.6	-12.6%	-15.8%
FRMI	Fermi	5.5	-12.6%	-75.7%

Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
WVE	WAVE Life Sciences	3.0	144.6%	47.5%
TE	T1 Energy	1.1	124.5%	418.4%
ANF	Abercrombie & Fitch	6.0	93.2%	-15.2%
VERA	Vera Therapeutics	3.6	90.4%	31.6%
LUNR	Intuitive Machines	2.0	85.7%	-8.0%
AAOI	Applied Optoelectronics	2.6	82.5%	11.2%
RKLB	Rocket Lab	39.8	81.8%	203.0%
PL	Planet Labs PBC	6.2	76.1%	403.0%
NRGV	Energy Vault	0.8	66.9%	118.9%
FLY	Firefly Aerospace	3.8	60.4%	-55.2%

Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
RZLT	Rezolute	0.3	-72.0%	-44.1%
JANX	Janux Therapeutics	0.9	-54.6%	-73.3%
LENZ	LENZ Therapeutics	0.5	-46.3%	-40.6%
FRMI	Fermi	5.5	-45.2%	-75.7%
GOGO	Gogo	0.6	-34.1%	-43.0%
HPK	HighPeak Energy	0.6	-30.8%	-69.2%
ORIC	ORIC Pharmaceuticals	0.7	-28.5%	4.5%
FDMT	4D Molecular Therapeutics	0.5	-25.6%	45.4%
NKTR	Nektar Therapeutics	0.6	-25.1%	215.0%
LW	Lamb Weston	6.0	-24.8%	-34.8%

Peer Comparisons for Liberty Media

Peers to compare with:

Financials

	FWONA	LYV	TKO	SPOT	DIS	CMCSA	Median
Name	Liberty .	Live Nat.	TKO	Spotify .	Walt Dis.	Comcast
Mkt Price	88.20	145.31	217.98	586.57	114.48	29.78	129.90
Mkt Cap	22.1	33.7	17.8	120.8	205.8	110.8	72.2
Rev LTM	4,040	24,569	2,545	16,897	94,425	124,184	20,733
Op Inc LTM	498	1,131	1,085	1,974	13,832	22,505	1,552
FCF LTM	-184	1,580	942	2,915	10,077	16,588	2,248
FCF 3Y Avg	501	1,141	641	1,640	7,844	13,380	1,391
CFO LTM	-103	2,494	1,029	2,960	18,101	31,210	2,727
CFO 3Y Avg	696	1,815	718	1,663	13,979	28,371	1,739

Growth & Margins

	FWONA	LYV	TKO	SPOT	DIS	CMCSA	Median
Name	Liberty .	Live Nat.	TKO	Spotify .	Walt Dis.	Comcast
Rev Chg LTM	8.7%	5.5%	-44.3%	11.9%	3.4%	2.5%	4.4%
Rev Chg 3Y Avg	16.5%	18.6%	-	14.6%	4.5%	0.7%	14.6%
Rev Chg Q	19.1%	11.1%	-27.3%	7.1%	-0.5%	2.1%	4.6%
QoQ Delta Rev Chg LTM	4.5%	3.6%	-14.2%	1.7%	-0.1%	0.5%	1.1%
Op Mgn LTM	12.3%	4.6%	42.6%	11.7%	14.6%	18.1%	13.5%
Op Mgn 3Y Avg	10.4%	4.6%	27.1%	4.1%	12.6%	18.9%	11.5%
QoQ Delta Op Mgn LTM	0.8%	0.4%	10.7%	0.6%	-0.1%	-0.6%	0.5%
CFO/Rev LTM	-2.5%	10.2%	40.4%	17.5%	19.2%	25.1%	18.3%
CFO/Rev 3Y Avg	20.9%	7.8%	28.3%	10.4%	15.2%	23.2%	18.1%
FCF/Rev LTM	-4.6%	6.4%	37.0%	17.3%	10.7%	13.4%	12.0%
FCF/Rev 3Y Avg	14.7%	4.9%	25.8%	10.3%	8.5%	10.9%	10.6%

Valuation

	FWONA	LYV	TKO	SPOT	DIS	CMCSA	Median
Name	Liberty .	Live Nat.	TKO	Spotify .	Walt Dis.	Comcast
Mkt Cap	22.1	33.7	17.8	120.8	205.8	110.8	72.2
P/S	5.5	1.4	7.0	7.1	2.2	0.9	3.8
P/EBIT	63.0	27.5	17.1	69.6	14.9	3.5	22.3
P/E	10.6	37.5	77.7	86.0	16.6	4.8	27.0
P/CFO	-214.1	13.5	17.3	40.8	11.4	3.5	12.4
Total Yield	9.4%	2.7%	4.1%	1.2%	6.5%	25.1%	5.3%
Dividend Yield	0.0%	0.0%	2.8%	0.0%	0.4%	4.4%	0.2%
FCF Yield 3Y Avg	3.2%	4.3%	5.7%	1.7%	4.4%	9.3%	4.4%
D/E	0.3	0.3	0.2	0.0	0.2	0.9	0.3
Net D/E	0.2	0.1	0.2	-0.1	0.2	0.8	0.2

Returns

	FWONA	LYV	TKO	SPOT	DIS	CMCSA	Median
Name	Liberty .	Live Nat.	TKO	Spotify .	Walt Dis.	Comcast
1M Rtn	4.4%	15.7%	20.5%	0.3%	13.1%	12.5%	12.8%
3M Rtn	-7.3%	-10.3%	11.8%	-17.2%	1.6%	-5.8%	-6.6%
6M Rtn	-5.7%	-0.6%	25.5%	-20.3%	-3.5%	-12.8%	-4.6%
12M Rtn	3.0%	9.0%	52.4%	27.1%	2.8%	-19.5%	6.0%
3Y Rtn	69.1%	105.6%	-	654.9%	33.1%	-6.7%	69.1%
1M Excs Rtn	1.0%	12.3%	17.1%	-3.1%	9.7%	9.2%	9.4%
3M Excs Rtn	-11.4%	-15.3%	6.8%	-22.6%	-3.0%	-10.8%	-11.1%
6M Excs Rtn	-20.0%	-14.2%	11.8%	-37.3%	-18.0%	-26.6%	-19.0%
12M Excs Rtn	-13.5%	-7.9%	36.9%	10.4%	-13.6%	-36.0%	-10.7%
3Y Excs Rtn	-12.5%	30.9%	-	619.1%	-45.0%	-85.1%	-12.5%

Comparison Analyses

	Title
0	How Does Liberty Media Stock Stack Up Against Its Peers?

FDIC Bank Data

Bank Capital

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Bank Deposits

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Bank Assets

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Bank Loans

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FDA Approved Drugs Data

Expand for Morenull

Financials

Annual
Quarterly

$ Mil \| FY: 12/31	LTM	2024	2023	2022	2021	2020	2019
Period End	9/30/2025	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019
Filing Date	11/5/2025	2/27/2025	2/28/2024	3/1/2023	2/25/2022	2/26/2021	2/26/2020
Key Financials
Total Revenue	4,040	3,653	3,222	2,573	2,136	1,145	2,022
EBITDA	714	577	794	762	363	-119	247
Operating Income	498	392	297	173	40	-444	-35
Net Income	2,078	-30	185	558	-190	-596	-311
EPS	0.83	-0.13	0.79	2.39	-0.82	-2.57	-1.35
Growth Rates
Total Revenue Growth	8.7%	13.4%	25.2%	20.5%	86.6%	-43.4%	10.7%
EBITDA Growth	-13.5%	-27.3%	4.2%	109.9%	405.0%	-148.2%	-45.4%
Operating Income Growth	23.3%	32.0%	71.7%	332.5%	109.0%	-1168.6%	68.2%
Net Income Growth	199.9%	-116.2%	-66.8%	393.7%	68.1%	-91.6%	-107.3%
Margins
EBITDA Margin	17.7%	15.8%	24.6%	29.6%	17.0%	-10.4%	12.2%
Operating Income Margin	12.3%	10.7%	9.2%	6.7%	1.9%	-38.8%	-1.7%
Net Income Margin	51.4%	-0.8%	5.7%	21.7%	-8.9%	-52.1%	-15.4%
Cash & Debt
Total Cash	1,588	2,631	1,408	1,733	2,074	1,684	587
Total Debt	7,037	2,992	2,906	2,947	3,631	3,759	5,677
Net Debt / (Cash)	5,449	361	1,498	1,214	1,557	2,075	5,090
Cash Flows
Net Cash from Operations	-103	567	619	534	481	-139	294
Free Cash from Operations	-184	492	193	243	464	-160	250
Returns to Shareholders
Dividends	0	-0	-0	-0	-0	-0	-0
Share Repurchases	-0	-0	-0	616	55	69	24

$ Mil \| FY: 12/31	2025Q3	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3	2023Q2	2023Q1	2022Q4
Period End	9/30/2025	6/30/2025	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022
Filing Date	11/5/2025	8/7/2025	5/7/2025	2/27/2025	11/12/2024	8/9/2024	5/8/2024	2/28/2024	11/3/2023	8/4/2023	5/5/2023	3/1/2023
Key Financials Quarterly
Total Revenue	1,085	1,341	447	1,167	911	988	587	1,230	887	724	381	754
Ebitda	227	584	108	-205	285	165	155	220	291	263	20	203
Operating Income	163	283	-60	112	110	70	102	122	107	52	16	41
Net Income	13	382	5	1,678	-2,368	24	203	60	118	116	-109	374
EPS	0.26	1.53	0.09	-1.05	0.48	0.10	0.33	0.26	0.50	0.50	-0.47	1.60
Key Financials TTM
Total Revenue TTM	4,040	3,866	3,513	3,653	3,716	3,692	3,428	3,222	2,746	2,574	2,594	2,573
Ebitda TTM	714	772	353	400	825	831	929	794	777	718	696	762
Operating Income TTM	498	445	232	394	404	401	383	297	216	173	170	173
Net Income TTM	2,078	-303	-661	-463	-2,081	405	497	185	499	489	484	558
Growth Rates Quarterly
Total Revenue Growth	19.1%	35.7%	-23.9%	-5.1%	2.7%	36.5%	54.1%	63.1%	24.1%	-2.7%	5.8%	-4.2%
EBITDA Growth	-20.4%	253.9%	-30.3%	-193.2%	-2.1%	-37.3%	675.0%	8.4%	25.4%	9.1%	-76.7%	1022.7%
Operating Income Growth	48.2%	304.3%	-158.8%	-8.2%	2.8%	34.6%	537.5%	197.6%	67.2%	6.1%	-15.8%	-33.9%
Net Income Growth	100.5%	1491.7%	-97.5%	2696.7%	-2106.8%	-79.3%	286.2%	-84.0%	9.3%	4.5%	-211.4%	351.0%
Margins Quarterly
EBITDA Margin	20.9%	43.5%	24.2%	-17.6%	31.3%	16.7%	26.4%	17.9%	32.8%	36.3%	5.2%	26.9%
Operating Income Margin	15.0%	21.1%	-13.4%	9.6%	12.1%	7.1%	17.4%	9.9%	12.1%	7.2%	4.2%	5.4%
Net Income Margin	1.2%	28.5%	1.1%	143.8%	-259.9%	2.4%	34.6%	4.9%	13.3%	16.0%	-28.6%	49.6%
Cash & Debt
Total Cash	1,588	3,140	2,833	2,631	2,666	1,491	1,233	1,408	1,470	1,489	1,584	1,733
Total Debt	7,037	3,030	2,982	2,992	2,928	2,912	2,902	2,906	2,897	2,950	2,958	2,947
Net Debt / (Cash)	5,449	-110	149	361	262	1,421	1,669	1,498	1,427	1,461	1,374	1,214
Cash Flows Quarterly
FCF from Operations	157	237	391	-888	1,054	261	140	65	246	51	257	118
Cash Flows TTM
FCF from Operations TTM	-103	794	818	567	1,520	712	502	619	672	608	656	534
Returns to Shareholders Quarterly
Dividends	0	0	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0	579
Return on Invested Capital (ROIC) Quarterly
ROIC	6.8%	12.3%	-3.2%	5.8%	5.4%	3.5%	2.9%	6.2%	4.4%	2.3%	0.7%	2.0%
Return on Invested Capital (ROIC) TTM
ROIC TTM	5.1%	4.5%	2.7%	5.1%	5.1%	4.5%	4.2%	3.3%	2.8%	2.1%	2.1%	2.1%

Segment Financials

Revenue by Segment

$ Mil	2024	2023	2022	2021
Formula One	3,222	2,573	2,136	1,145
Total	3,222	2,573	2,136	1,145

Assets by Segment

$ Mil	2024	2023	2022	2021
Formula One	9,057	8,980	8,819	8,610
Corporate and other	1,236	2,036	2,845	2,581
Eliminations	-26	0
Total	10,267	11,016	11,664	11,191

Price Behavior

Price Behavior

Market Price	$88.20
Market Cap ($ Bil)	22.1
First Trading Date	01/10/2013
Distance from 52W High	-11.2%
	50 Days	200 Days
DMA Price	$88.57	$87.86
DMA Trend	indeterminate	down
Distance from DMA	-0.4%	0.4%
	3M	1YR
Volatility	19.5%	26.4%
Downside Capture	50.53	75.88
Upside Capture	4.63	67.60
Correlation (SPY)	11.8%	48.7%

FWONA Betas & Captures as of 11/30/2025

	1M	2M	3M	6M	1Y	3Y
Beta	0.21	0.20	0.22	0.45	0.68	0.56
Up Beta	0.10	-0.18	0.00	0.62	0.42	0.24
Down Beta	-0.45	0.14	0.29	0.26	0.93	0.88
Up Capture	5%	-5%	11%	31%	63%	32%
Bmk +ve Days	12	25	38	73	141	426
Stock +ve Days	9	18	29	64	135	311
Down Capture	50%	63%	39%	64%	83%	80%
Bmk -ve Days	7	16	24	52	107	323
Stock -ve Days	10	23	33	60	111	266

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

Based On 1-Year Data

		Comparison of FWONA With Other Asset Classes (Last 1Y)
	FWONA	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	3.6%	22.6%	19.2%	71.9%	8.9%	6.0%	-10.4%
Annualized Volatility	26.3%	18.5%	19.5%	19.3%	15.3%	17.1%	35.0%
Sharpe Ratio	0.10	0.96	0.78	2.69	0.36	0.18	-0.12
Correlation With Other Assets		49.8%	48.7%	3.4%	18.8%	38.5%	23.3%

ETFs used for asset classes: Sector ETF = XLC, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
Smart multi-asset allocation framework can stack odds in your favor. Learn How

Based On 5-Year Data

		Comparison of FWONA With Other Asset Classes (Last 5Y)
	FWONA	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	18.6%	13.0%	14.9%	18.7%	11.7%	4.8%	32.6%
Annualized Volatility	29.8%	20.9%	17.1%	15.5%	18.7%	18.9%	48.7%
Sharpe Ratio	0.91	0.53	0.70	0.97	0.51	0.17	0.59
Correlation With Other Assets		38.2%	37.3%	4.2%	6.0%	26.8%	15.3%

Based On 10-Year Data

		Comparison of FWONA With Other Asset Classes (Last 10Y)
	FWONA	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	8.3%	13.2%	14.7%	14.9%	6.9%	5.2%	69.2%
Annualized Volatility	38.7%	22.6%	18.0%	14.8%	17.6%	20.8%	55.8%
Sharpe Ratio	0.40	0.54	0.70	0.83	0.31	0.22	0.90
Correlation With Other Assets		51.1%	44.1%	-1.2%	16.6%	39.7%	10.0%

Short Interest

Short Interest: As Of Date	12152025
Short Interest: Shares Quantity	676,698
Short Interest: % Change Since 11302025	4.5%
Average Daily Volume	173,746
Days-to-Cover Short Interest	3.89
Basic Shares Quantity	250,000,000
Short % of Basic Shares	0.3%

Returns Analyses

	Title
0	How Low Can Liberty Media Stock Really Go?

Earnings Returns History

Expand for More

	Forward Returns
Earnings Date	1D Returns	5D Returns	21D Returns
11/5/2025	0.7%	1.1%	-7.0%
8/7/2025	-0.9%	2.2%	6.6%
2/28/2025	-2.9%	-7.7%	-8.6%
11/12/2024	-0.4%	-2.2%	12.5%
8/9/2024	1.4%	4.2%	3.4%
5/8/2024	-0.1%	-2.5%	2.0%
2/28/2024	4.4%	1.0%	-6.5%
11/3/2023	-1.1%	-0.5%	-3.8%
...
SUMMARY STATS
# Positive	11	14	14
# Negative	11	8	8
Median Positive	0.2%	1.0%	2.7%
Median Negative	-0.9%	-2.4%	-6.0%
Max Positive	27.0%	18.6%	19.3%
Max Negative	-3.7%	-7.7%	-33.3%

	Forward Returns
11/5/2025	0.7%	1.1%	-7.0%
8/7/2025	-0.9%	2.2%	6.6%
2/28/2025	-2.9%	-7.7%	-8.6%
11/12/2024	-0.4%	-2.2%	12.5%
8/9/2024	1.4%	4.2%	3.4%
5/8/2024	-0.1%	-2.5%	2.0%
2/28/2024	4.4%	1.0%	-6.5%
11/3/2023	-1.1%	-0.5%	-3.8%
8/4/2023	27.0%	18.6%	17.4%
3/1/2023	0.0%	0.0%	0.0%
11/4/2022	0.0%	0.0%	0.0%
8/5/2022	0.0%	0.0%	0.0%
2/28/2022	0.0%	0.0%	0.0%
11/5/2021	0.0%	0.0%	0.0%
8/6/2021	0.2%	1.9%	13.4%
5/7/2021	-2.9%	-4.6%	-0.7%
2/26/2021	-0.5%	0.0%	-2.9%
11/6/2020	3.1%	4.3%	9.7%
8/11/2020	-0.5%	-2.1%	-5.4%
5/8/2020	-3.0%	-2.1%	19.3%
2/27/2020	-3.7%	-2.9%	-33.3%
11/12/2019	-0.8%	4.1%	1.4%
SUMMARY STATS
# Positive	11	14	14
# Negative	11	8	8
Median Positive	0.2%	1.0%	2.7%
Median Negative	-0.9%	-2.4%	-6.0%
Max Positive	27.0%	18.6%	19.3%
Max Negative	-3.7%	-7.7%	-33.3%

SEC Filings

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Report Date	Filing Date	Filing
9302025	11052025	10-Q 9/30/2025
6302025	8072025	10-Q 6/30/2025
3312025	5072025	10-Q 3/31/2025
12312024	2272025	10-K 12/31/2024
9302024	11122024	10-Q 9/30/2024
6302024	8092024	10-Q 6/30/2024
3312024	5082024	10-Q 3/31/2024
12312023	2282024	10-K 12/31/2023
9302023	11032023	10-Q 9/30/2023
6302023	8042023	10-Q 6/30/2023
3312023	5052023	10-Q 3/31/2023
12312022	3012023	10-K 12/31/2022
9302022	11042022	10-Q 9/30/2022
6302022	8052022	10-Q 6/30/2022
3312022	5062022	10-Q 3/31/2022
12312021	2252022	10-K 12/31/2021

Insider Activity

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External Quote Links

0	Y Finance	Barrons
1	TradingView	Morningstar
2	SeekingAlpha	ValueLine
3	Motley Fool	Robinhood
4	CNBC	Etrade
5	MarketWatch	Unusual Whales
6	YCharts	Perplexity Finance
7	FinViz

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Liberty Media (FWONA)

Market Price (12/25/2025): $88.18 | Market Cap: $22.0 BilSector: Communication Services | Industry: Movies & Entertainment

Liberty Media (FWONA)

Market Price (12/25/2025): $88.18Market Cap: $22.0 BilSector: Communication ServicesIndustry: Movies & Entertainment

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

Valuation, Metrics & Events

FWONA Stock

Why The Stock Moved

Qualitative Assessment

Stock Movement Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Return vs. Risk

Price Returns Compared

How Low Can It Go

In The Past

Preserve Wealth

Asset Allocation

About Liberty Media (FWONA)

Liberty Media (FWONA) Major Customers

Formula 1

SiriusXM Holdings Inc.

Live Nation Entertainment, Inc.

Braves Holdings, LLC (Atlanta Braves)

Share Repurchases

Share Issuance

Outbound Investments

Capital Expenditures

Interactive Breakdown

Better Bets than Liberty Media (FWONA)

INDUSTRY: Movies & Entertainment

Higher Rev Chg 3Y Avg | Lower P/S (Values for FWONA: 16.5% | 5.5x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for FWONA: 16.5% | 44.3x)

Higher Rev Chg LTM (Value for FWONA: 8.7%)

Higher Rev Chg 3Y Avg (Value for FWONA: 16.5%)

Higher Op Mgn LTM (Value for FWONA: 12.3%)

Higher CFO/Rev LTM (Value for FWONA: -2.5%)

Higher FCF/Rev LTM (Value for FWONA: -4.6%)

Higher Total Yield (Value for FWONA: 9.4%)

SECTOR: Communication Services

Higher Rev Chg 3Y Avg | Lower P/S (Values for FWONA: 16.5% | 5.5x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for FWONA: 16.5% | 44.3x)

Higher Rev Chg LTM (Value for FWONA: 8.7%)

Higher Rev Chg 3Y Avg (Value for FWONA: 16.5%)

Higher Op Mgn LTM (Value for FWONA: 12.3%)

Higher CFO/Rev LTM (Value for FWONA: -2.5%)

Higher FCF/Rev LTM (Value for FWONA: -4.6%)

Higher Total Yield (Value for FWONA: 9.4%)

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for FWONA: 16.5% | 5.5x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for FWONA: 16.5% | 44.3x)

Higher Rev Chg LTM (Value for FWONA: 8.7%)

Higher Rev Chg 3Y Avg (Value for FWONA: 16.5%)

Higher Op Mgn LTM (Value for FWONA: 12.3%)

Higher CFO/Rev LTM (Value for FWONA: -2.5%)

Higher FCF/Rev LTM (Value for FWONA: -4.6%)

Higher Total Yield (Value for FWONA: 9.4%)

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Valuation

Market Price (12/25/2025): $88.18 | Market Cap: $22.0 Bil
Sector: Communication Services | Industry: Movies & Entertainment

Market Price (12/25/2025): $88.18
Market Cap: $22.0 Bil
Sector: Communication Services
Industry: Movies & Entertainment