Liberty Media (FWONA)
Market Price (8/28/2026): $94.06 | Market Cap: $23.6 BilSector: Communication Services | Industry: Movies & Entertainment
Liberty Media (FWONA)
Market Price (8/28/2026): $94.06Market Cap: $23.6 BilSector: Communication ServicesIndustry: Movies & Entertainment
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 21%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 18% Low stock price volatilityVol 12M is 24% Megatrend and thematic driversMegatrends include Experience Economy & Premiumization, and Digital Content & Streaming. Themes include Experiential Retail, Travel & Leisure Tech, Show more. | Weak multi-year price returns2Y Excs Rtn is -4.7%, 3Y Excs Rtn is -14% | Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 36x, P/EPrice/Earnings or Price/(Net Income) is 111x Weak revenue growthRev Chg QQuarterly Revenue Change % is -30% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -3.5% Key risksFWONA key risks include [1] declining profitability driven by increasing operational costs, Show more. |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 21%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 18% |
| Low stock price volatilityVol 12M is 24% |
| Megatrend and thematic driversMegatrends include Experience Economy & Premiumization, and Digital Content & Streaming. Themes include Experiential Retail, Travel & Leisure Tech, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -4.7%, 3Y Excs Rtn is -14% |
| Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 36x, P/EPrice/Earnings or Price/(Net Income) is 111x |
| Weak revenue growthRev Chg QQuarterly Revenue Change % is -30% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -3.5% |
| Key risksFWONA key risks include [1] declining profitability driven by increasing operational costs, Show more. |
Qualitative Assessment
AI Analysis | Feedback
Updated on 8/14/2026
Liberty Media (FWONA) stock has gained about 20% since 4/30/2026 because of the following key factors:
1. Positive Analyst Sentiment and Upgraded Price Targets.Analysts maintained a "Buy" consensus rating for Liberty Media (FWONA) with an average price target of $110.00. Notably, Zacks Research upgraded the stock from a "strong sell" to a "strong-buy" rating on May 12, 2026. Citizens JMP reissued a "market outperform" rating and raised its price target to $120.00 from $100.00 on July 2, 2026, while Guggenheim raised its price target to $124.00 from $116.00 on August 14, 2026, citing ongoing sponsorship momentum and the profitability of the Las Vegas Grand Prix. These revised targets projected a significant upside, reflecting strong market confidence in the company's future performance.
2. Strategic Long-Term Agreements for Formula 1 and MotoGP.Liberty Media secured crucial long-term agreements, including a 10-year extension of the Las Vegas Grand Prix through 2037. In its MotoGP segment, the company signed new 5-year agreements with all manufacturers and teams through 2031 and renewed key event agreements with Malaysia through 2031 and Silverstone through 2028. These agreements provide long-term revenue visibility and stability for its core motorsport businesses.
Show more
Liberty Media (FWONA) stock has gained about 20% since 4/30/2026 because of the following key factors:
1. Positive Analyst Sentiment and Upgraded Price Targets.Analysts maintained a "Buy" consensus rating for Liberty Media (FWONA) with an average price target of $110.00. Notably, Zacks Research upgraded the stock from a "strong sell" to a "strong-buy" rating on May 12, 2026. Citizens JMP reissued a "market outperform" rating and raised its price target to $120.00 from $100.00 on July 2, 2026, while Guggenheim raised its price target to $124.00 from $116.00 on August 14, 2026, citing ongoing sponsorship momentum and the profitability of the Las Vegas Grand Prix. These revised targets projected a significant upside, reflecting strong market confidence in the company's future performance.
2. Strategic Long-Term Agreements for Formula 1 and MotoGP.Liberty Media secured crucial long-term agreements, including a 10-year extension of the Las Vegas Grand Prix through 2037. In its MotoGP segment, the company signed new 5-year agreements with all manufacturers and teams through 2031 and renewed key event agreements with Malaysia through 2031 and Silverstone through 2028. These agreements provide long-term revenue visibility and stability for its core motorsport businesses.
Show more
Updated on 8/14/2026
Liberty Media (FWONA) stock has gained about 20% since 4/30/2026 because of the following key factors:
1. Positive Analyst Sentiment and Upgraded Price Targets.Analysts maintained a "Buy" consensus rating for Liberty Media (FWONA) with an average price target of $110.00. Notably, Zacks Research upgraded the stock from a "strong sell" to a "strong-buy" rating on May 12, 2026. Citizens JMP reissued a "market outperform" rating and raised its price target to $120.00 from $100.00 on July 2, 2026, while Guggenheim raised its price target to $124.00 from $116.00 on August 14, 2026, citing ongoing sponsorship momentum and the profitability of the Las Vegas Grand Prix. These revised targets projected a significant upside, reflecting strong market confidence in the company's future performance.
2. Strategic Long-Term Agreements for Formula 1 and MotoGP.Liberty Media secured crucial long-term agreements, including a 10-year extension of the Las Vegas Grand Prix through 2037. In its MotoGP segment, the company signed new 5-year agreements with all manufacturers and teams through 2031 and renewed key event agreements with Malaysia through 2031 and Silverstone through 2028. These agreements provide long-term revenue visibility and stability for its core motorsport businesses.
3. Strong Digital Engagement Growth for F1 and Debt Management for MotoGP.Despite a decline in Formula 1 revenue in fiscal Q2 2026 (ended June 30, 2026) primarily due to fewer races compared to the prior year and one-time movie revenue in Q2 2025, the underlying operational strength was evident through rapidly growing digital platforms, with social media followers increasing 19% and YouTube views up 30% year-over-year. Concurrently, Liberty Media successfully re-priced MotoGP debt facilities in June 2026, reducing debt by $114 million and improving future margin prospects.
4. Successful Convertible Notes Offering.On August 11, 2026, Liberty Media priced a private offering of $690 million aggregate principal amount of 2.375% Senior Convertible Notes due 2032, with net proceeds of approximately $680 million. This capital raise provides the company with increased financial flexibility for general corporate purposes, including potential future debt repayment and investments.
Show less
Liberty Media (FWONA) stock has gained about 20% since 4/30/2026 because of the following key factors:
1. Positive Analyst Sentiment and Upgraded Price Targets.Analysts maintained a "Buy" consensus rating for Liberty Media (FWONA) with an average price target of $110.00. Notably, Zacks Research upgraded the stock from a "strong sell" to a "strong-buy" rating on May 12, 2026. Citizens JMP reissued a "market outperform" rating and raised its price target to $120.00 from $100.00 on July 2, 2026, while Guggenheim raised its price target to $124.00 from $116.00 on August 14, 2026, citing ongoing sponsorship momentum and the profitability of the Las Vegas Grand Prix. These revised targets projected a significant upside, reflecting strong market confidence in the company's future performance.
2. Strategic Long-Term Agreements for Formula 1 and MotoGP.Liberty Media secured crucial long-term agreements, including a 10-year extension of the Las Vegas Grand Prix through 2037. In its MotoGP segment, the company signed new 5-year agreements with all manufacturers and teams through 2031 and renewed key event agreements with Malaysia through 2031 and Silverstone through 2028. These agreements provide long-term revenue visibility and stability for its core motorsport businesses.
3. Strong Digital Engagement Growth for F1 and Debt Management for MotoGP.Despite a decline in Formula 1 revenue in fiscal Q2 2026 (ended June 30, 2026) primarily due to fewer races compared to the prior year and one-time movie revenue in Q2 2025, the underlying operational strength was evident through rapidly growing digital platforms, with social media followers increasing 19% and YouTube views up 30% year-over-year. Concurrently, Liberty Media successfully re-priced MotoGP debt facilities in June 2026, reducing debt by $114 million and improving future margin prospects.
4. Successful Convertible Notes Offering.On August 11, 2026, Liberty Media priced a private offering of $690 million aggregate principal amount of 2.375% Senior Convertible Notes due 2032, with net proceeds of approximately $680 million. This capital raise provides the company with increased financial flexibility for general corporate purposes, including potential future debt repayment and investments.
Show less
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Stock Movement Drivers
Fundamental Drivers
The 18.8% change in FWONA stock from 4/30/2026 to 8/27/2026 was primarily driven by a 101.6% change in the company's P/E Multiple.| (LTM values as of) | 4302026 | 8272026 | Change |
|---|---|---|---|
| Stock Price ($) | 79.20 | 94.09 | 18.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 4,482 | 4,339 | -3.2% |
| Net Income Margin (%) | 8.0% | 4.9% | -38.9% |
| P/E Multiple | 55.0 | 110.9 | 101.6% |
| Shares Outstanding (Mil) | 250 | 251 | -0.4% |
| Cumulative Contribution | 18.8% |
Market Drivers
4/30/2026 to 8/27/2026| Return | Correlation | |
|---|---|---|
| FWONA | 18.8% | |
| Market (SPY) | 7.3% | -1.9% |
| Sector (XLC) | -4.4% | 29.3% |
Fundamental Drivers
The 18.1% change in FWONA stock from 1/31/2026 to 8/27/2026 was primarily driven by a 10.4% change in the company's P/S Multiple.| (LTM values as of) | 1312026 | 8272026 | Change |
|---|---|---|---|
| Stock Price ($) | 79.69 | 94.09 | 18.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 4,040 | 4,339 | 7.4% |
| P/S Multiple | 4.9 | 5.4 | 10.4% |
| Shares Outstanding (Mil) | 250 | 251 | -0.4% |
| Cumulative Contribution | 18.1% |
Market Drivers
1/31/2026 to 8/27/2026| Return | Correlation | |
|---|---|---|
| FWONA | 18.1% | |
| Market (SPY) | 11.7% | 13.4% |
| Sector (XLC) | -6.9% | 32.4% |
Fundamental Drivers
The 4.4% change in FWONA stock from 7/31/2025 to 8/27/2026 was primarily driven by a 23.5% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 7312025 | 8272026 | Change |
|---|---|---|---|
| Stock Price ($) | 90.12 | 94.09 | 4.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 3,513 | 4,339 | 23.5% |
| P/S Multiple | 6.4 | 5.4 | -14.8% |
| Shares Outstanding (Mil) | 249 | 251 | -0.8% |
| Cumulative Contribution | 4.4% |
Market Drivers
7/31/2025 to 8/27/2026| Return | Correlation | |
|---|---|---|
| FWONA | 4.4% | |
| Market (SPY) | 23.0% | 14.6% |
| Sector (XLC) | 4.8% | 27.1% |
Fundamental Drivers
The 80.4% change in FWONA stock from 7/31/2023 to 8/27/2026 was primarily driven by a 339.8% change in the company's P/E Multiple.| (LTM values as of) | 7312023 | 8272026 | Change |
|---|---|---|---|
| Stock Price ($) | 52.15 | 94.09 | 80.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,594 | 4,339 | 67.3% |
| Net Income Margin (%) | 18.7% | 4.9% | -73.7% |
| P/E Multiple | 25.2 | 110.9 | 339.8% |
| Shares Outstanding (Mil) | 234 | 251 | -6.8% |
| Cumulative Contribution | 80.4% |
Market Drivers
7/31/2023 to 8/27/2026| Return | Correlation | |
|---|---|---|
| FWONA | 80.4% | |
| Market (SPY) | 74.4% | 36.8% |
| Sector (XLC) | 67.1% | 39.3% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| FWONA Return | 37% | 0% | 11% | 45% | 6% | 7% | 151% |
| Peers Return | 5% | -45% | 38% | 53% | 15% | 1% | 40% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 12% | 104% |
Monthly Win Rates [3] | |||||||
| FWONA Win Rate | 50% | 0% | 25% | 75% | 50% | 75% | |
| Peers Win Rate | 48% | 27% | 53% | 67% | 53% | 45% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| FWONA Max Drawdown | -13% | 0% | -16% | -12% | -26% | -17% | |
| Peers Max Drawdown | -29% | -52% | -24% | -18% | -27% | -23% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[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] 2026 data is for the year up to 8/27/2026 (YTD)
How Low Can It Go
| Event | FWONA | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -23.8% | -18.8% |
| % Gain to Breakeven | 31.2% | 23.1% |
| Time to Breakeven | 70 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -16.4% | -9.5% |
| % Gain to Breakeven | 19.6% | 10.5% |
| Time to Breakeven | 160 days | 24 days |
| 2020 COVID-19 Crash | ||
| % Loss | -59.2% | -33.7% |
| % Gain to Breakeven | 145.4% | 50.9% |
| Time to Breakeven | 471 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -23.0% | -19.2% |
| % Gain to Breakeven | 29.8% | 23.8% |
| Time to Breakeven | 102 days | 105 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -17.0% | -12.2% |
| % Gain to Breakeven | 20.4% | 13.9% |
| Time to Breakeven | 35 days | 62 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -34.9% | -6.8% |
| % Gain to Breakeven | 53.7% | 7.3% |
| Time to Breakeven | 2072 days | 15 days |
In The Past
Liberty Media's stock fell -23.8% during the 2025 US Tariff Shock. Such a loss loss requires a 31.2% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
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| Event | FWONA | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -23.8% | -18.8% |
| % Gain to Breakeven | 31.2% | 23.1% |
| Time to Breakeven | 70 days | 79 days |
| 2020 COVID-19 Crash | ||
| % Loss | -59.2% | -33.7% |
| % Gain to Breakeven | 145.4% | 50.9% |
| Time to Breakeven | 471 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -23.0% | -19.2% |
| % Gain to Breakeven | 29.8% | 23.8% |
| Time to Breakeven | 102 days | 105 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -34.9% | -6.8% |
| % Gain to Breakeven | 53.7% | 7.3% |
| Time to Breakeven | 2072 days | 15 days |
In The Past
Liberty Media's stock fell -23.8% during the 2025 US Tariff Shock. Such a loss loss requires a 31.2% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Liberty Media (FWONA)
Liberty Media (FWONA), through its subsidiary the Liberty Braves Group, primarily operates in the professional sports and entertainment sector. Its core business revolves around the ownership and management of a Major League Baseball team, the Atlanta Braves. This encompasses all aspects of running a professional baseball franchise, from team operations to game day experiences.
Beyond the baseball club, the company's operations extend to significant real estate holdings. It owns and manages the Atlanta Braves' stadium, along with an adjacent mixed-use development project. Therefore, its main products and services include hosting baseball games and other stadium events, as well as developing and managing the commercial, residential, and entertainment assets within the mixed-use area surrounding the stadium.
The primary customers for Liberty Media's Braves Group are a broad base of sports fans who attend games and events, visitors to the stadium and its surrounding development, and businesses or residents who participate in or utilize the real estate project's offerings. The market includes sports enthusiasts, entertainment seekers, and the community that engages with the commercial and residential spaces of the mixed-use development.
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Here are 1-3 brief analogies for Liberty Media (FWONA):
- Like Madison Square Garden Sports (MSGS) for a baseball team.
- Imagine a publicly traded company that owns the New York Yankees, their stadium, and all the surrounding commercial properties.
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- Professional Baseball Team Ownership: Operates the Atlanta Braves Major League Baseball Club.
- Stadium Operations and Management: Manages the assets and liabilities related to the Atlanta Braves' stadium.
- Mixed-Use Real Estate Development: Develops and manages a mixed-use project adjacent to the stadium.
AI Analysis | Feedback
Liberty Media (symbol: FWONA), through its subsidiary the Liberty Braves Group, primarily serves individual customers. Its business operations, centered around the Atlanta Braves Major League Baseball Club and the associated mixed-use development, cater to a broad base of individual consumers.
The major categories of individual customers include:
- Sports Fans and Spectators: These are individuals who purchase tickets to Atlanta Braves games (including single-game, season, and group tickets), attend live events at Truist Park, and buy concessions, food, beverages, and parking during these events.
- Consumers of Team Merchandise: This category includes individuals who purchase official Atlanta Braves branded apparel, souvenirs, collectibles, and other merchandise through team stores, online retail channels, or other licensed vendors.
- Visitors and Residents of The Battery Atlanta: These are individuals who frequent the mixed-use development adjacent to Truist Park for dining, shopping, entertainment, residential living, or hospitality services, often independent of attending a baseball game. Their patronage of businesses within The Battery Atlanta contributes to the overall revenue generated by the Liberty Braves Group's assets.
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- Aramark (ARMK)
- Nike (NKE)
- Live Nation Entertainment (LYV)
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Please find below the management team members for Atlanta Braves Holdings, Inc. (formerly the Liberty Braves Group, as described in your background).
Terry McGuirk
Chairman, President & CEO, Atlanta Braves Holdings, Inc.Terry McGuirk serves as the Chairman, President & CEO of Atlanta Braves Holdings, Inc., overseeing all aspects of the Braves franchise, including team and player personnel operations, business operations, Truist Park, and representation at Major League Baseball ownership meetings. He is also the Chairman of Braves Development Company, which operates The Battery Atlanta mixed-use development adjacent to Truist Park. McGuirk's career spans nearly five decades, beginning at Turner Broadcasting System, Inc. (TBS) in 1972, where he rose through executive ranks to become President of Turner Sports, and later Chairman, President, and CEO of TBS from 1996 to 2001. He was instrumental in securing Olympics coverage for cable television for the first time. From 2001 to 2003, he was Vice Chairman of TBS and CEO of its Atlanta sports teams, including the Braves.
Derek Schiller
President and CEO, Atlanta BravesDerek Schiller is the President and Chief Executive Officer of the Atlanta Braves, managing all business and ballpark functions of the team, including revenue-driven areas like corporate partnerships, ticket sales, broadcasting, and retail, as well as service-driven departments. He joined the Braves organization in November 2003 as senior vice president of sales and marketing and was promoted to executive vice president before becoming President in 2016 and President and CEO in 2018. Schiller played a key role in the development of Truist Park and the adjacent mixed-use district, The Battery Atlanta, emphasizing innovation and technology.
Brian J. Wendling
Chief Accounting Officer and Principal Financial Officer, Liberty Media CorporationBrian J. Wendling serves as the Chief Accounting Officer and Principal Financial Officer of Liberty Media Corporation. While the explicit CFO for Atlanta Braves Holdings, Inc. is not immediately available in the provided snippets, Liberty Media Corporation's filings indicate shared principal financial officers for its tracking stocks at times. Mr. Wendling has held various positions with Liberty Media and its predecessors since 1999, and prior to that, he worked in the assurance practice of KPMG. He also serves on the board of Comscore, Inc.
Renee L. Wilm
Chief Legal Officer, Chief Administrative Officer, Liberty Media CorporationRenee L. Wilm holds the titles of Chief Legal Officer and Chief Administrative Officer for Liberty Media Corporation. While specifically for Liberty Media, these roles often encompass oversight for subsidiaries, including legal and administrative functions. More specific details for her background with respect to founding/managing other companies or private equity involvement are not explicitly stated in the provided snippets.
Scott K. McCune
Director, Atlanta Braves Holdings, Inc.Scott K. McCune is a Director of Atlanta Braves Holdings, Inc. He is the Founder of MS&E Ventures, a firm focused on creating new business value for brands through media, sports, and entertainment. Prior to his retirement in March 2014, Mr. McCune spent 20 years at The Coca-Cola Company in various roles, including Vice President, Global Partnerships & Experiential Marketing; Vice President Global Media and Integrated Marketing; and Vice President, Global Media, Sports & Entertainment Marketing and Licensing. He also spent 10 years at Anheuser-Busch Inc. in marketing and media positions.
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The key risks to Liberty Media (symbol: FWONA), which operates through its subsidiary, Braves Holdings, LLC, owning the Atlanta Braves Major League Baseball Club and associated mixed-use development, are as follows:
- Uncertainty in Broadcasting Revenue: The company faces significant challenges due to its heavy reliance on a limited number of broadcasting partners and the evolving media landscape, including shifts in consumer preferences towards streaming and the financial stability of regional sports networks. The termination of previous agreements and the introduction of new platforms like BravesVision may not generate equivalent revenue.
- Dependence on On-Field Performance and Player-Related Risks: The financial performance of the Atlanta Braves is closely tied to the team's success on the field, impacting ticket sales, broadcasting revenue, and merchandise. Additionally, long-term player contracts can pose financial risks if players do not perform as expected, and injuries to key players can affect both on-field performance and financial results. Labor disputes within Major League Baseball can also lead to disruptions.
- Real Estate Market Risks for Mixed-Use Development: The Battery Atlanta, the company's mixed-use development project, is subject to various real estate market risks. These include fluctuations in property values due to higher interest rates, contraction in business demand, pressure on commercial rental rates, and potential tenant defaults. The success of this development is crucial for generating additional revenue streams.
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The severe financial distress and potential collapse of regional sports networks (RSNs), driven by accelerating cord-cutting, which directly threatens a major revenue stream for the Atlanta Braves through local media rights. Many RSNs are struggling or have filed for bankruptcy, jeopardizing the long-term stability of these contracts and future valuations.
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The addressable markets for Liberty Media's (FWONA) main products and services, primarily through its subsidiary the Liberty Braves Group which owns the Atlanta Braves Major League Baseball Club, its stadium assets, and mixed-use development, are as follows:
Major League Baseball (MLB) Market
The Major League Baseball (MLB) market in the United States generated a record US$12.1 billion in revenue in 2024. Globally, the baseball market was valued at USD 15.76 billion in 2024 and is projected to reach USD 25.76 billion by 2030. Another report estimates the global baseball league industry to grow from $27 billion in 2025 to over $38 billion by 2032.Sports Stadium Revenue
The stadium revenue for Major League Baseball (MLB) in the U.S. reached $4.4 billion as of 2022. Across all major professional sports leagues in the U.S., stadiums generated over $17 billion during the 2022-2023 season. The North America smart stadium market, which includes infrastructure and software for modern venues, generated a revenue of USD 6,133.8 million in 2024 and is projected to reach US$13,290.1 million by 2030.Mixed-Use Development and Related Markets (Atlanta Region)
In the Atlanta metropolitan area, new mixed-use developments are a significant and growing market. There is more than $6 billion worth of new developments in the pipeline in Atlanta's real estate sector. Atlanta's retail property market experienced $931 million in sales volume in Q3 2025 and $364 million in Q4 2025. The city's retail market demonstrated consistent demand and steady fundamentals in 2025, with a focus on mixed-use and lifestyle center concepts. The hospitality and tourism industry in Atlanta generated a record $16 billion in economic impact in 2023, with total visitor spending in the Atlanta metro area reaching $10.3 billion annually. Atlanta's nightlife industry alone generates nearly $5.1 billion in annual revenue.AI Analysis | Feedback
Here are 3-5 expected drivers of future revenue growth for Liberty Media (FWONA) over the next 2-3 years:
- Expansion and Performance of Mixed-Use Development (The Battery Atlanta): The Liberty Braves Group, a subsidiary of Liberty Media, is expected to continue driving significant revenue growth through its mixed-use development, The Battery Atlanta. This growth is primarily fueled by increasing rental income, new lease commencements, and strategic acquisitions of adjacent real estate assets. For example, mixed-use development revenue for the Braves Holdings surged by 45% in 2025, driven by rental income from new and in-place leases.
- Increased Fan Engagement and Optimized Media Rights for the Atlanta Braves: The Atlanta Braves anticipate continued revenue growth from record-breaking regular season ticket sales and sponsorship revenue, reflecting strong demand for their offerings. A key new initiative is the launch of "BravesVision," an in-house network designed to produce and distribute local game broadcasts. This strategic move to directly manage local media rights is expected to create new revenue streams and optimize financial outcomes by cutting out third-party regional sports networks.
- Growth in Formula 1 Media Rights and Sponsorships: For the Liberty Formula One Group (FWONA), a major driver of future revenue growth is the continued expansion of media rights fees and sponsorship revenue. This is underpinned by a growing global fanbase and increasing viewership, with Formula 1 experiencing significant growth across all primary revenue streams. Analysts project a positive outlook for the company's revenue growth in the coming years.
- Expansion of Formula 1 Race Promotion and Event-Related Revenue: Formula 1's revenue is also significantly boosted by race promotion, including ticketing, hospitality, and other event-related income. The league's ability to host successful events and introduce new races, such as the inaugural Las Vegas Grand Prix, contributes substantially to revenue growth. Demand for races continues to be high, with sellout crowds expected at numerous events.
- Strategic Acquisitions and Portfolio Enhancement: Liberty Media Corporation, as the parent entity, is actively pursuing strategic investments that are expected to enhance its portfolio and drive future revenue. A notable example is the planned acquisition of Dorna Sports, the commercial rights holder for MotoGP. This acquisition is anticipated to broaden Liberty Media's entertainment assets and contribute to overall revenue growth.
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Share Issuance
- In July 2023, Liberty Media completed the split-off of Atlanta Braves Holdings, Inc., resulting in the redemption of existing Liberty Braves common stock in exchange for common stock of Atlanta Braves Holdings, Inc..
- Approximately 10.3 million shares of Series A, 981 thousand shares of Series B, and 50.4 million shares of Series C common stock of Atlanta Braves Holdings were expected to be outstanding following the split-off, including shares issued to settle intergroup interests.
- Approximately 6.8 million shares of Series C common stock of Atlanta Braves Holdings, Inc. were distributed to holders of Liberty Formula One common stock in July 2023 to settle the Braves Group intergroup interest attributed to the Formula One Group.
Outbound Investments
- Atlanta Braves Holdings Inc. strategically acquired the PennantPark office complex to enhance revenue streams and reduce the seasonal nature of baseball income.
Capital Expenditures
- The company has continuously invested in its mixed-use development project, The Battery Atlanta, and the Atlanta Braves team.
- In the fourth quarter of 2021, cash generated from postseason operations helped offset capital expenditures related to the mixed-use development.
- Mixed-use development revenue for Atlanta Braves Holdings increased to $18.6 million in the first quarter of 2025, up from $15.1 million in the prior year, indicating ongoing investment in the project.
Peer Outperformance in Movies & Entertainment
FWONA has outperformed 77% of its 22 Movies & Entertainment peers over 5Y. Movies & Entertainment ranks 4th of 9 industries in Communication Services by median 5Y return.
Share of Movies & Entertainment constituents that FWONA has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
44%
of 27 industry peers · 4.7% return
3Y
43%
of 23 industry peers · 64.6% return
5Y
77%
of 22 industry peers · 107.8% return
No Movies & Entertainment peer with a comparable growth profile has beaten FWONA by more than 20pp over 5Y.
Median price return by industry across the Communication Services sector, ranked by 5Y. Movies & Entertainment is FWONA's own industry. Use this to see which corners of the sector have carried the returns.
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Wireless Telecommunication Services | 3 | -8.5% | 36.7% | 33.6% | ECHO 221% · TMUS 34% · SHEN -58% |
| Publishing | 5 | 25.9% | -3.3% | 30.6% | NWSA 43% · NYT 42% · SCHL 31% |
| Integrated Telecommunication Services | 21 | -10.6% | 10.8% | -13.7% | IQST 1433% · GSAT 283% · AD 143% |
| Movies & Entertainment ← | 23 | 7.8% | 85.9% | -17.1% | IMAX 231% · MSGS 129% · CNK 117% |
| Alternative Carriers | 4 | 34.7% | 18.6% | -39.9% | IRDM 25% · UNIT -36% · LUMN -44% |
| Advertising | 18 | -7.2% | -11.9% | -57.4% | APP 321% · EVC 54% · OMC 43% |
| Broadcasting | 15 | -9.5% | -18.3% | -62.2% | FOXA 93% · NXST 43% · WBD 2% |
| Interactive Media & Services | 31 | -25.8% | -35.5% | -69.6% | GOOGL 139% · AREN 77% · META 55% |
| Interactive Home Entertainment | 8 | -36.0% | -33.6% | -88.8% | TTWO 46% · RBLX -55% · PINS -60% |
Median of constituents with a full price history over each window. Top names are unfiltered by size in this render.
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| Liberty Media Earnings Notes | 12/29/2026 | |
| How Low Can Liberty Media Stock Really Go? | 10/17/2025 | |
| Liberty Media vs Eli Lilly: Which Is A Better Investment? | 08/18/2025 | |
| Liberty Media vs AppLovin: Which Is A Better Investment? | 08/18/2025 | |
| How Does Liberty Media Stock Stack Up Against Its Peers? | 08/13/2025 | |
| Better Bet Than FWONA Stock: Pay Less Than Liberty Media To Get More From NVDA, UBER | 08/12/2025 | |
| Better Bet Than FWONA Stock: Pay Less Than Liberty Media To Get More From APP, TTD | 08/12/2025 | |
| FWONA Dip Buy Analysis | 07/10/2025 | |
| ARTICLES | ||
| Pay Less, Gain More: FWONA Tops Roku Stock | 06/17/2026 |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 106.82 |
| Mkt Cap | 42.1 |
| Rev LTM | 26,273 |
| Op Inc LTM | 998 |
| FCF LTM | 1,672 |
| FCF 3Y Avg | 1,531 |
| CFO LTM | 2,609 |
| CFO 3Y Avg | 1,865 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 5.1% |
| Rev Chg 3Y Avg | 11.5% |
| Rev Chg Q | 6.8% |
| QoQ Delta Rev Chg LTM | 1.6% |
| Op Inc Chg LTM | 7.5% |
| Op Inc Chg 3Y Avg | 27.6% |
| Op Mgn LTM | 14.7% |
| Op Mgn 3Y Avg | 11.2% |
| QoQ Delta Op Mgn LTM | 0.0% |
| CFO/Rev LTM | 21.5% |
| CFO/Rev 3Y Avg | 19.4% |
| FCF/Rev LTM | 14.3% |
| FCF/Rev 3Y Avg | 12.4% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 42.1 |
| P/S | 1.9 |
| P/Op Inc | 13.8 |
| P/EBIT | 13.9 |
| P/E | 60.1 |
| P/CFO | 10.9 |
| Total Yield | 5.1% |
| Dividend Yield | 0.5% |
| FCF Yield 3Y Avg | 6.3% |
| D/E | 0.3 |
| Net D/E | 0.2 |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Formula One | 3,873 | 3,411 | 3,222 | 2,573 | 2,136 |
| Corporate and other | 414 | 373 | 366 | ||
| MotoGP | 325 | ||||
| Eliminations | -130 | -131 | -16 | ||
| Total | 4,482 | 3,653 | 3,572 | 2,573 | 2,136 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Formula One | 8,161 | 9,159 | 9,057 | 8,980 | 8,819 |
| MotoGP | 6,277 | 0 | |||
| Corporate and other | 1,548 | 2,833 | 1,236 | 2,036 | 2,845 |
| Assets of discontinued operations | 0 | 991 | |||
| Eliminations | -588 | 18 | -26 | ||
| Total | 15,398 | 13,001 | 10,267 | 11,016 | 11,664 |
Price Behavior
Price Behavior
| Market Price | $94.09 | |
| Market Cap ($ Bil) | 23.6 | |
| First Trading Date | 01/10/2013 | |
| Distance from 52W High | -5.3% | |
| 50 Days | 200 Days | |
| DMA Price | $90.67 | $84.54 |
| DMA Trend | indeterminate | up |
| Distance from DMA | 3.8% | 11.3% |
| 3M | 1YR | |
| Volatility | 25.6% | 24.2% |
| Downside Capture | -35.67 | 32.24 |
| Upside Capture | 23.26 | 30.54 |
| Correlation (SPY) | -6.6% | 12.7% |
FWONA Betas & Captures as of 7/31/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | -0.76 | -0.17 | -0.03 | 0.28 | 0.30 | 0.61 |
| Up Beta | -1.94 | 0.41 | 0.45 | 0.49 | 0.47 | 0.32 |
| Down Beta | -0.93 | -0.82 | -0.66 | -0.19 | -0.07 | 0.84 |
| Up Capture | -14% | 13% | 35% | 40% | 24% | 44% |
| Bmk +ve Days | 11 | 22 | 35 | 67 | 138 | 427 |
| Stock +ve Days | 11 | 24 | 34 | 63 | 124 | 395 |
| Down Capture | -57% | -32% | -23% | 30% | 53% | 86% |
| Bmk -ve Days | 11 | 21 | 28 | 59 | 114 | 326 |
| Stock -ve Days | 11 | 19 | 29 | 63 | 128 | 350 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with FWONA | |
|---|---|---|---|---|
| FWONA | 3.0% | 24.2% | 0.07 | - |
| Sector ETF (XLC) | 1.4% | 15.1% | -0.12 | 25.6% |
| Equity (SPY) | 20.6% | 12.8% | 1.19 | 12.4% |
| Gold (GLD) | 35.6% | 28.8% | 1.05 | 9.9% |
| Commodities (DBC) | 40.3% | 20.3% | 1.55 | -6.2% |
| Real Estate (VNQ) | 11.0% | 13.7% | 0.52 | 22.6% |
| Bitcoin (BTCUSD) | -29.7% | 43.6% | -0.69 | 12.6% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with FWONA | |
|---|---|---|---|---|
| FWONA | 11.9% | 25.9% | 0.64 | - |
| Sector ETF (XLC) | 7.4% | 20.9% | 0.27 | 39.9% |
| Equity (SPY) | 13.4% | 17.2% | 0.60 | 37.6% |
| Gold (GLD) | 20.5% | 18.7% | 0.89 | 4.9% |
| Commodities (DBC) | 11.0% | 19.6% | 0.44 | 0.2% |
| Real Estate (VNQ) | 2.2% | 18.9% | 0.01 | 29.3% |
| Bitcoin (BTCUSD) | 11.0% | 52.7% | 0.39 | 17.0% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with FWONA | |
|---|---|---|---|---|
| FWONA | 12.9% | 33.1% | 0.53 | - |
| Sector ETF (XLC) | 9.2% | 22.1% | 0.46 | 52.4% |
| Equity (SPY) | 15.3% | 17.9% | 0.72 | 50.0% |
| Gold (GLD) | 12.6% | 16.3% | 0.64 | 0.7% |
| Commodities (DBC) | 7.5% | 18.1% | 0.33 | 15.8% |
| Real Estate (VNQ) | 5.0% | 20.7% | 0.20 | 46.1% |
| Bitcoin (BTCUSD) | 63.6% | 66.1% | 1.03 | 12.1% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 8/17/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/6/2026 | 3.0% | 3.8% | |
| 5/7/2026 | 0.3% | -2.8% | -6.4% |
| 2/26/2026 | 5.5% | -3.0% | -6.1% |
| 11/5/2025 | 1.7% | 0.4% | -9.3% |
| 8/7/2025 | -0.9% | 2.2% | 6.6% |
| 5/7/2025 | 0.9% | 4.3% | 5.7% |
| 2/28/2025 | -2.9% | -7.7% | -8.6% |
| 11/12/2024 | 4.6% | -0.9% | 14.2% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 18 | 18 | 15 |
| # Negative | 7 | 7 | 9 |
| Median Positive | 1.1% | 0.5% | 1.9% |
| Median Negative | -1.1% | -2.8% | -6.4% |
| Max Positive | 5.5% | 4.4% | 14.2% |
| Max Negative | -3.1% | -7.7% | -10.5% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/6/2026 | 3.0% | 3.8% | |
| 5/7/2026 | 0.3% | -2.8% | -6.4% |
| 2/26/2026 | 5.5% | -3.0% | -6.1% |
| 11/5/2025 | 1.7% | 0.4% | -9.3% |
| 8/7/2025 | -0.9% | 2.2% | 6.6% |
| 5/7/2025 | 0.9% | 4.3% | 5.7% |
| 2/28/2025 | -2.9% | -7.7% | -8.6% |
| 11/12/2024 | 4.6% | -0.9% | 14.2% |
| 8/9/2024 | 1.4% | 4.2% | 3.4% |
| 5/8/2024 | -0.9% | -1.6% | 1.9% |
| 2/28/2024 | 4.4% | 1.0% | -6.5% |
| 11/3/2023 | -1.1% | 4.4% | -3.2% |
| 8/4/2023 | -3.1% | -5.8% | -10.5% |
| 5/5/2023 | 0.0% | 0.0% | 0.0% |
| 3/1/2023 | 0.0% | 0.0% | 0.0% |
| 11/14/2022 | 0.0% | 0.0% | 0.0% |
| 8/5/2022 | 0.0% | 0.0% | 0.0% |
| 5/6/2022 | 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 | 1.4% | 1.9% | 12.4% |
| 5/7/2021 | -1.1% | 0.4% | 2.9% |
| 2/26/2021 | 2.0% | 0.5% | -3.7% |
| 11/6/2020 | 3.1% | 4.3% | 9.7% |
| 8/11/2020 | -0.5% | -2.1% | -5.4% |
| SUMMARY STATS | |||
| # Positive | 18 | 18 | 15 |
| # Negative | 7 | 7 | 9 |
| Median Positive | 1.1% | 0.5% | 1.9% |
| Median Negative | -1.1% | -2.8% | -6.4% |
| Max Positive | 5.5% | 4.4% | 14.2% |
| Max Negative | -3.1% | -7.7% | -10.5% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/06/2026 | 10-Q |
| 03/31/2026 | 05/07/2026 | 10-Q |
| 12/31/2025 | 02/26/2026 | 10-K |
| 09/30/2025 | 11/05/2025 | 10-Q |
| 06/30/2025 | 08/07/2025 | 10-Q |
| 03/31/2025 | 05/07/2025 | 10-Q |
| 12/31/2024 | 02/27/2025 | 10-K |
| 09/30/2024 | 11/12/2024 | 10-Q |
| 06/30/2024 | 08/09/2024 | 10-Q |
| 03/31/2024 | 05/08/2024 | 10-Q |
| 12/31/2023 | 02/28/2024 | 10-K |
| 09/30/2023 | 11/03/2023 | 10-Q |
| 06/30/2023 | 08/04/2023 | 10-Q |
| 03/31/2023 | 05/05/2023 | 10-Q |
| 12/31/2022 | 03/01/2023 | 10-K |
| 09/30/2022 | 11/04/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/06/2026 | 10-Q |
| 03/31/2026 | 05/07/2026 | 10-Q |
| 12/31/2025 | 02/26/2026 | 10-K |
| 09/30/2025 | 11/05/2025 | 10-Q |
| 06/30/2025 | 08/07/2025 | 10-Q |
| 03/31/2025 | 05/07/2025 | 10-Q |
| 12/31/2024 | 02/27/2025 | 10-K |
| 09/30/2024 | 11/12/2024 | 10-Q |
| 06/30/2024 | 08/09/2024 | 10-Q |
| 03/31/2024 | 05/08/2024 | 10-Q |
| 12/31/2023 | 02/28/2024 | 10-K |
| 09/30/2023 | 11/03/2023 | 10-Q |
| 06/30/2023 | 08/04/2023 | 10-Q |
| 03/31/2023 | 05/05/2023 | 10-Q |
| 12/31/2022 | 03/01/2023 | 10-K |
| 09/30/2022 | 11/04/2022 | 10-Q |
| 06/30/2022 | 08/05/2022 | 10-Q |
| 03/31/2022 | 05/06/2022 | 10-Q |
| 12/31/2021 | 02/25/2022 | 10-K |
| 09/30/2021 | 11/04/2021 | 10-Q |
| 06/30/2021 | 08/06/2021 | 10-Q |
| 03/31/2021 | 05/07/2021 | 10-Q |
| 12/31/2020 | 02/26/2021 | 10-K |
| 09/30/2020 | 11/05/2020 | 10-Q |
| 06/30/2020 | 08/10/2020 | 10-Q |
| 03/31/2020 | 05/07/2020 | 10-Q |
| 12/31/2019 | 02/26/2020 | 10-K |
| 09/30/2019 | 11/12/2019 | 10-Q |
Recent Forward Guidance
Updated 8/7/2026Latest: Q2 2026 Earnings Reported 8/6/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Formula 1 Race Calendar | 23 | 4.5% | Raised | Guidance: 22 for 2026 | |||
Prior: Q3 2025 Earnings Reported 11/5/2025
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q4 2025 Split-off of Liberty Live Group | |||||||
Insider Activity
Updated 6/16/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Wilm, Renee L | Chief Legal/Admin Officer | Direct | Sell | 6162026 | 90.09 | 11,597 | 1,044,774 | 1,404,503 | Form |
| 2 | Carey, Chase | Direct | Sell | 5282026 | 90.28 | 100,000 | 9,028,151 | 8,518,602 | Form | |
| 3 | Carey, Chase | Direct | Sell | 12182025 | 96.95 | 83,536 | 8,098,493 | 9,147,450 | Form | |
| 4 | Carey, Chase | Direct | Sell | 12182025 | 95.79 | 83,500 | 7,998,417 | 9,038,307 | Form | |
| 5 | Carey, Chase | Direct | Sell | 11142025 | 102.89 | 81,006 | 8,334,322 | 9,578,822 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Wilm, Renee L | Chief Legal/Admin Officer | Direct | Sell | 6162026 | 90.09 | 11,597 | 1,044,774 | 1,404,503 | Form |
| 2 | Carey, Chase | Direct | Sell | 5282026 | 90.28 | 100,000 | 9,028,151 | 8,518,602 | Form | |
| 3 | Carey, Chase | Direct | Sell | 12182025 | 96.95 | 83,536 | 8,098,493 | 9,147,450 | Form | |
| 4 | Carey, Chase | Direct | Sell | 12182025 | 95.79 | 83,500 | 7,998,417 | 9,038,307 | Form | |
| 5 | Carey, Chase | Direct | Sell | 11142025 | 102.89 | 81,006 | 8,334,322 | 9,578,822 | Form | |
| 6 | Carey, Chase | Direct | Sell | 11122025 | 102.54 | 109,121 | 11,189,255 | 9,546,668 | Form | |
| 7 | Wilm, Renee L | Chief Legal/Admin Officer | Direct | Sell | 11102025 | 102.42 | 4,676 | 478,925 | 2,154,650 | Form |
| 8 | Wilm, Renee L | Chief Legal/Admin Officer | Direct | Sell | 11102025 | 84.34 | 6,524 | 550,239 | 2,414,930 | Form |
| 9 | Wendling, Brian J | CAO/PFO | Direct | Sell | 9122025 | 102.00 | 4,430 | 451,860 | 1,626,696 | Form |
| 10 | Wendling, Brian J | CAO/PFO | Direct | Sell | 9122025 | 100.20 | 5,021 | 503,104 | 1,597,990 | Form |
| 11 | Gilchrist, Malcolm Ian Grant | Direct | Sell | 9102025 | 100.20 | 898 | 89,982 | 178,460 | Form | |
| 12 | Gilchrist, Malcolm Ian Grant | Direct | Sell | 8272025 | 97.11 | 868 | 84,288 | 172,946 | Form | |
| 13 | Gilchrist, Malcolm Ian Grant | Direct | Sell | 8272025 | 102.44 | 3,885 | Form | |||
| 14 | Wong, Andrea L | Direct | Sell | 8132025 | 97.06 | 2,615 | 253,825 | 764,872 | Form |
Investor Activity (13F)
Updated Aug 28, 202613F holdings as of Mar 31, 2026 (Q1 2026)
Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Naya Capital Management UK LTD | $376.5 Mil | 31.9% | 4 | ADD +109.5% | 13F |
| Ashe Capital Management, LP | $229.9 Mil | 28.8% | 7 | TRIM -8.9% | 13F |
| Darsana Capital Partners LP | $432.0 Mil | 9.2% | 14 | ADD +16.7% | 13F |
| TOMS Capital Investment Management LP | $136.0 Mil | 8.9% | 14 | ADD +109.2% | 13F |
| Ruane, Cunniff & Goldfarb L.P. | $512.0 Mil | 8.5% | 50 | Hold | 13F |
| ThornTree Capital Partners LP | $43.7 Mil | 7.7% | 16 | ADD +56.2% | 13F |
| Dendur Capital LP | $102.3 Mil | 7.5% | 21 | ADD +597.0% | 13F |
| Linonia Partnership LP | $398.0 Mil | 7.4% | 14 | ADD +71.3% | 13F |
| Hawk Ridge Capital Management LP | $191.7 Mil | 7.0% | 48 | ADD +40.5% | 13F |
| Dorsal Capital Management, LP | $172.2 Mil | 6.8% | 25 | ADD +80.0% | 13F |
| Jericho Capital Asset Management L.P. | $446.2 Mil | 6.6% | 23 | ADD +15.5% | 13F |
| ShawSpring Partners LLC | $17.3 Mil | 6.4% | 12 | TRIM -45.4% | 13F |
| Troluce Capital Advisors LLC | $54.4 Mil | 5.8% | 46 | ADD +326.7% | 13F |
| Benchstone Capital Management LP | $37.8 Mil | 4.4% | 38 | ADD +8.2% | 13F |
| Soma Equity Partners LP | $59.6 Mil | 4.4% | 20 | New | 13F |
| Avantyr Capital Partners, LP | $84.4 Mil | 4.1% | 22 | TRIM -13.6% | 13F |
| Eminence Capital, LP | $168.6 Mil | 3.9% | 33 | Hold | 13F |
| Manchester Global Management (UK) Ltd | $26.8 Mil | 3.6% | 23 | Hold | 13F |
| Foxhaven Asset Management, LP | $107.9 Mil | 3.4% | 14 | New | 13F |
| Hook Mill Capital Partners, LP | $28.3 Mil | 2.5% | 39 | New | 13F |
| Nishkama Capital, LLC | $15.3 Mil | 2.2% | 39 | New | 13F |
| M & L Capital Management Ltd | $8.8 Mil | 2.2% | 19 | Hold | 13F |
| Islander Capital Partners, L.P. | $5.1 Mil | 2.0% | 15 | New | 13F |
| Stockbridge Partners LLC | $62.0 Mil | 1.5% | 16 | New | 13F |
| Harvey Partners, LLC | $15.2 Mil | 1.2% | 45 | New | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Foxhaven Asset Management, LP | $107.9 Mil | 3.4% | 14 | New | 13F |
| Stockbridge Partners LLC | $62.0 Mil | 1.5% | 16 | New | 13F |
| Soma Equity Partners LP | $59.6 Mil | 4.4% | 20 | New | 13F |
| Southpoint Capital Advisors LP | $51.0 Mil | 1.0% | 41 | New | 13F |
| Hook Mill Capital Partners, LP | $28.3 Mil | 2.5% | 39 | New | 13F |
| Nishkama Capital, LLC | $15.3 Mil | 2.2% | 39 | New | 13F |
| Harvey Partners, LLC | $15.2 Mil | 1.2% | 45 | New | 13F |
| Islander Capital Partners, L.P. | $5.1 Mil | 2.0% | 15 | New | 13F |
| Dendur Capital LP | $102.3 Mil | 7.5% | 21 | ADD +597.0% | 13F |
| Troluce Capital Advisors LLC | $54.4 Mil | 5.8% | 46 | ADD +326.7% | 13F |
| Naya Capital Management UK LTD | $376.5 Mil | 31.9% | 4 | ADD +109.5% | 13F |
| TOMS Capital Investment Management LP | $136.0 Mil | 8.9% | 14 | ADD +109.2% | 13F |
| Dorsal Capital Management, LP | $172.2 Mil | 6.8% | 25 | ADD +80.0% | 13F |
| Linonia Partnership LP | $398.0 Mil | 7.4% | 14 | ADD +71.3% | 13F |
| ThornTree Capital Partners LP | $43.7 Mil | 7.7% | 16 | ADD +56.2% | 13F |
| Hawk Ridge Capital Management LP | $191.7 Mil | 7.0% | 48 | ADD +40.5% | 13F |
| Darsana Capital Partners LP | $432.0 Mil | 9.2% | 14 | ADD +16.7% | 13F |
| Jericho Capital Asset Management L.P. | $446.2 Mil | 6.6% | 23 | ADD +15.5% | 13F |
| Benchstone Capital Management LP | $37.8 Mil | 4.4% | 38 | ADD +8.2% | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | As Of | Filing |
|---|---|---|---|---|---|---|
| Darlington Partners Capital Management, LP | $94.5 Mil | 3.8% | 14 | Exited | Dec 31, 2025 | 13F |
| Alua Capital Management LP | $58.6 Mil | 4.3% | 17 | Exited | Dec 31, 2025 | 13F |
| ShawSpring Partners LLC | $17.3 Mil | 6.4% | 12 | TRIM -45.4% | Mar 31, 2026 | 13F |
| Avantyr Capital Partners, LP | $84.4 Mil | 4.1% | 22 | TRIM -13.6% | Mar 31, 2026 | 13F |
| Ashe Capital Management, LP | $229.9 Mil | 28.8% | 7 | TRIM -8.9% | Mar 31, 2026 | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Ruane, Cunniff & Goldfarb L.P. | $512.0 Mil | 8.5% | 50 | Hold | 13F |
| Jericho Capital Asset Management L.P. | $446.2 Mil | 6.6% | 23 | ADD +15.5% | 13F |
| Darsana Capital Partners LP | $432.0 Mil | 9.2% | 14 | ADD +16.7% | 13F |
| Linonia Partnership LP | $398.0 Mil | 7.4% | 14 | ADD +71.3% | 13F |
| Naya Capital Management UK LTD | $376.5 Mil | 31.9% | 4 | ADD +109.5% | 13F |
| Ashe Capital Management, LP | $229.9 Mil | 28.8% | 7 | TRIM -8.9% | 13F |
| Hawk Ridge Capital Management LP | $191.7 Mil | 7.0% | 48 | ADD +40.5% | 13F |
| Dorsal Capital Management, LP | $172.2 Mil | 6.8% | 25 | ADD +80.0% | 13F |
| Eminence Capital, LP | $168.6 Mil | 3.9% | 33 | Hold | 13F |
| TOMS Capital Investment Management LP | $136.0 Mil | 8.9% | 14 | ADD +109.2% | 13F |
| Foxhaven Asset Management, LP | $107.9 Mil | 3.4% | 14 | New | 13F |
| Dendur Capital LP | $102.3 Mil | 7.5% | 21 | ADD +597.0% | 13F |
| Avantyr Capital Partners, LP | $84.4 Mil | 4.1% | 22 | TRIM -13.6% | 13F |
| Stockbridge Partners LLC | $62.0 Mil | 1.5% | 16 | New | 13F |
| Soma Equity Partners LP | $59.6 Mil | 4.4% | 20 | New | 13F |
| Troluce Capital Advisors LLC | $54.4 Mil | 5.8% | 46 | ADD +326.7% | 13F |
| Southpoint Capital Advisors LP | $51.0 Mil | 1.0% | 41 | New | 13F |
| ThornTree Capital Partners LP | $43.7 Mil | 7.7% | 16 | ADD +56.2% | 13F |
| Benchstone Capital Management LP | $37.8 Mil | 4.4% | 38 | ADD +8.2% | 13F |
| Hook Mill Capital Partners, LP | $28.3 Mil | 2.5% | 39 | New | 13F |
| Manchester Global Management (UK) Ltd | $26.8 Mil | 3.6% | 23 | Hold | 13F |
| Caledonia (Private) Investments Pty Ltd | $17.8 Mil | 0.5% | 16 | Hold | 13F |
| ShawSpring Partners LLC | $17.3 Mil | 6.4% | 12 | TRIM -45.4% | 13F |
| Nishkama Capital, LLC | $15.3 Mil | 2.2% | 39 | New | 13F |
| Harvey Partners, LLC | $15.2 Mil | 1.2% | 45 | New | 13F |
Industry Resources
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| The Hollywood Reporter |
| Adweek |
| Movies & Entertainment Resources |
| Deadline |
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| Screen Daily |
External Quote Links
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| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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Core Cache Last Updated: 8/27/2026