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    Liberty Capital (GLIBA)

    Market Price (11/5/2026): $23.01 | Market Cap: $918.2 MilSector: Communication Services | Industry: Integrated Telecommunication Services

    Liberty Capital (GLIBA)

    Market Price (11/5/2026): $23.01
    Market Cap: $918.2 Mil
    Sector: Communication Services
    Industry: Integrated Telecommunication Services

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

    0

    Attractive cash flow generation
    CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 33%

    Attractive yield
    FCF Yield is 5.3%

    Low stock price volatility
    Vol 12M is 44%

    Megatrend and thematic drivers
    Megatrends include 5G & Advanced Connectivity. Themes include Telecom Infrastructure, and Wireless Services.

    Weak multi-year price returns
    2Y Excs Rtn is -49%, 3Y Excs Rtn is -101%

    Debt is significant
    Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 84%

    Weak revenue growth
    Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -2.7%, Rev Chg QQuarterly Revenue Change % is 0.0%

    Yield minus risk free rate is negative
    ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -42%

    Key risks
    GLIBA key risks include [1] satellite competition threatening its rural Alaska contracts, Show more.

    0 Attractive cash flow generation
    CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 33%
    1 Attractive yield
    FCF Yield is 5.3%
    2 Low stock price volatility
    Vol 12M is 44%
    3 Megatrend and thematic drivers
    Megatrends include 5G & Advanced Connectivity. Themes include Telecom Infrastructure, and Wireless Services.
    4 Weak multi-year price returns
    2Y Excs Rtn is -49%, 3Y Excs Rtn is -101%
    5 Debt is significant
    Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 84%
    6 Weak revenue growth
    Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -2.7%, Rev Chg QQuarterly Revenue Change % is 0.0%
    7 Yield minus risk free rate is negative
    ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -42%
    8 Key risks
    GLIBA key risks include [1] satellite competition threatening its rural Alaska contracts, Show more.

    GLIBA in ETFs

    Weight = GLIBA's share of each fund

    VTI0.00%
    IWM0.00%
    VB0.00%
    AVUV0.01%
    IWN0.01%
    VTWO0.00%
    VBR0.00%
    DFAS0.00%
    +2 more covered ETFs

    Valuation & Metrics

    FYE: 12/31GLIBA [1]S&P 500 [2]
    REVENUE GROWTH
    LTM Revenue [3]$942.0 Mil—
    FY 2026 Sales$1.1 Bil—
    FY 2027 Sales$1.1 Bil—
    FY 2026 Sales Growth11.8%—
    FY 2027 Sales Growth3.2%8.7%
    EARNINGS
    LTM Net Income (GAAP) [3]$-337.0 Mil—
    FY 2026 Net Income (Non-GAAP)$102.7 Mil—
    FY 2027 Net Income (Non-GAAP)$126.6 Mil—
    FY 2027 Net Income Growth23.3%13.5%
    FY 2026 EPS (Non-GAAP)$2.58—
    FY 2027 EPS (Non-GAAP)$3.18—
    FY 2027 EPS Growth23.3%—
    VALUATION
    FY 2026 P/S0.93.1
    FY 2027 P/S0.8—
    FY 2026 P/E8.918.1
    FY 2027 P/E7.3—

    [1] GLIBA forward figures are analyst consensus for the next two fiscal years (fiscal year end 12/31). Net Income and EPS are non-GAAP (adjusted) consensus. P/S and P/E divide the current market cap by the consensus figure.
    [2] S&P 500 figures are the SPY ETF's holdings-weighted forward aggregate. P/S and P/E reflect FY1/FY2 consensus blended to the 12-month window ending 11/30/27 (~one year forward), shown when ≥90% of index weight has estimates. Growth is the aggregate next-fiscal-year vs current-fiscal-year (FY1→FY2) change. Index-level dollar Sales, Net Income and EPS are not applicable.
    [3] LTM = reported trailing-twelve-month actuals (GAAP).
    GLIBAS&P 500
    REVENUE GROWTHVERY POOR
    Rev LTM ($ Bil)0.9
    Rev Chg Q0.0%8.9%
    Rev Chg LTM-2.7%8.4%
    Rev Chg 3Y Avg-2.7%6.1%
    PROFITABILITYFAIR
    Op Inc LTM ($ Bil)0.1
    CFO LTM ($ Bil)0.3
    Net Inc LTM ($ Bil)-0.3
    Op Mgn LTM14.3%18.7%
    CFO/Rev LTM32.7%21.5%
    Net Inc Mgn-35.8%13.4%
    VALUATIONLOW
    P/S1.03.2
    P/CFO3.015.1
    P/FCF18.820.3
    P/E-2.722.8
    STABILITYFAIR
    Debt/Equity1.380.19
    Cash/Assets0.140.07

    AI Analysis | Feedback

    MetricValueDateSource
    Consumer cable modem subscribers1531009302025Link
    Consumer wireless lines in service2075009302025Link

    Price Chart

    No Events

    Why The Stock Moved

    Qualitative Assessment

    AI Analysis | Feedback

    Updated on 11/1/2026

    Liberty Capital (GLIBA) stock has remained largely at the same level since 7/31/2026 because of the following key factors:

    1. Liberty Capital reported a significant earnings miss for fiscal Q2 2026, which ended June 30, 2026. The company announced earnings per share (EPS) of $0.40 on August 6, 2026, falling short of analysts' consensus estimates of $1.15 by $0.75. This substantial miss, coupled with flat revenue of $261 million year-over-year, likely contributed to investor concern and a negative re-evaluation of the stock. Furthermore, Liberty Capital has historically failed to beat consensus EPS estimates, doing so in 0% of quarters on record, which may have amplified investor skepticism regarding future performance.

    2. Rising interest rates and broader macroeconomic headwinds during fiscal Q3 2026 increased financing costs, disproportionately affecting smaller-cap companies. The Federal Reserve raised the federal funds rate by 25 basis points to 3.75%-4.00% in September 2026, its first hike since 2023. Concurrently, the 10-year Treasury yield surged by 88 basis points over fiscal Q3 2026, reaching approximately 5.3%, its highest level since 2002. These higher interest rates increase borrowing costs for companies, and as a small-capitalization company, Liberty Capital (with a market cap around $900 million) is generally more sensitive to such refinancing expenses.

    Show more
    Updated on 11/1/2026

    Liberty Capital (GLIBA) stock has remained largely at the same level since 7/31/2026 because of the following key factors:

    1. Liberty Capital reported a significant earnings miss for fiscal Q2 2026, which ended June 30, 2026. The company announced earnings per share (EPS) of $0.40 on August 6, 2026, falling short of analysts' consensus estimates of $1.15 by $0.75. This substantial miss, coupled with flat revenue of $261 million year-over-year, likely contributed to investor concern and a negative re-evaluation of the stock. Furthermore, Liberty Capital has historically failed to beat consensus EPS estimates, doing so in 0% of quarters on record, which may have amplified investor skepticism regarding future performance.

    2. Rising interest rates and broader macroeconomic headwinds during fiscal Q3 2026 increased financing costs, disproportionately affecting smaller-cap companies. The Federal Reserve raised the federal funds rate by 25 basis points to 3.75%-4.00% in September 2026, its first hike since 2023. Concurrently, the 10-year Treasury yield surged by 88 basis points over fiscal Q3 2026, reaching approximately 5.3%, its highest level since 2002. These higher interest rates increase borrowing costs for companies, and as a small-capitalization company, Liberty Capital (with a market cap around $900 million) is generally more sensitive to such refinancing expenses.

    3. A weakening outlook for the broader Communication Services sector, excluding interactive media, and Liberty Capital's elevated capital spending also weighed on the stock. In July 2026, State Street Global Advisors downgraded the Communication Services sector to neutral, citing factors such as rising AI capital expenditures, new debt and equity issuance, and uneven sector momentum, particularly outside of the interactive media segment. This broader sector headwind created a challenging operating environment for Liberty Capital, a communications provider. Additionally, the company's capital expenditures for fiscal Q2 2026 were $74.0 million, marking a 37% increase year-over-year and 32% quarter-over-quarter, with expectations for capital spending to peak at $290 million in 2026 before declining in 2027-2028 to improve free cash flow. This near-term elevated spending may have presented a drag on short-term financial performance and investor sentiment.

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    Stock Movement Drivers

    Fundamental Drivers

    The -2.4% change in GLIBA stock from 7/31/2026 to 11/4/2026 was primarily driven by a -2.4% change in the company's P/S Multiple.
    (LTM values as of)731202611042026Change
    Stock Price ($)23.6423.07-2.4%
    Change Contribution By: 
    Total Revenues ($ Mil)9429420.0%
    P/S Multiple1.01.0-2.4%
    Shares Outstanding (Mil)40400.0%
    Cumulative Contribution-2.4%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    7/31/2026 to 11/4/2026
    ReturnCorrelation
    GLIBA-2.4% 
    Market (SPY)2.6%-5.1%
    Sector (XLC)-3.0%28.2%

    Fundamental Drivers

    The -33.8% change in GLIBA stock from 4/30/2026 to 11/4/2026 was primarily driven by a -27.7% change in the company's P/S Multiple.
    (LTM values as of)430202611042026Change
    Stock Price ($)34.8623.07-33.8%
    Change Contribution By: 
    Total Revenues ($ Mil)952942-1.1%
    P/S Multiple1.41.0-27.7%
    Shares Outstanding (Mil)3740-7.4%
    Cumulative Contribution-33.8%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    4/30/2026 to 11/4/2026
    ReturnCorrelation
    GLIBA-33.8% 
    Market (SPY)7.0%-9.6%
    Sector (XLC)-9.7%17.7%

    Fundamental Drivers

    The -31.7% change in GLIBA stock from 10/31/2025 to 11/4/2026 was primarily driven by a -28.2% change in the company's Shares Outstanding (Mil).
    (LTM values as of)1031202511042026Change
    Stock Price ($)33.7723.07-31.7%
    Change Contribution By: 
    Total Revenues ($ Mil)�9420.0%
    P/S Multiple�1.00.0%
    Shares Outstanding (Mil)2940-28.2%
    Cumulative Contribution0.0%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    10/31/2025 to 11/4/2026
    ReturnCorrelation
    GLIBA-31.7% 
    Market (SPY)13.4%0.8%
    Sector (XLC)-7.8%21.4%

    Fundamental Drivers

    null
    null

    Market Drivers

    10/31/2023 to 11/4/2026
    ReturnCorrelation
    GLIBA  
    Market (SPY)89.7%4.9%
    Sector (XLC)67.3%19.4%

    Return vs. Risk

    Price Returns Compared

     202120222023202420252026Total [1]
    Returns
    GLIBA Return----29%-37%-19%
    Peers Return-7%-1%6%6%9%1%13%
    S&P 500 Return27%-19%24%23%16%11%102%

    Monthly Win Rates [3]
    GLIBA Win Rate----67%45% 
    Peers Win Rate47%47%55%58%48%49% 
    S&P 500 Win Rate75%42%67%75%67%36% 

    Max Drawdowns [4]
    GLIBA Max Drawdown------51% 
    Peers Max Drawdown-24%-29%-26%-22%-25%-27% 
    S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 

    [1] Cumulative total returns since the beginning of 2021
    [2] Peers: ATNI, T, VZ, TMUS, 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 11/4/2026 (YTD)

    How Low Can It Go

    GLIBA has limited trading history. Below is the Communication Services sector ETF (XLC) in its place.

    EventXLCS&P 500
    2025 US Tariff Shock
      % Loss-17.7%-18.8%
      % Gain to Breakeven21.5%23.1%
      Time to Breakeven63 days79 days
    2022 Inflation Shock & Fed Tightening
      % Loss-38.7%-24.5%
      % Gain to Breakeven63.1%32.4%
      Time to Breakeven470 days427 days
    2020 COVID-19 Crash
      % Loss-30.1%-33.7%
      % Gain to Breakeven43.2%50.9%
      Time to Breakeven112 days140 days
    Q4 2018 Fed Policy Error / Growth Scare
      % Loss-20.2%-19.2%
      % Gain to Breakeven25.3%23.8%
      Time to Breakeven109 days105 days

    Compare to ATNI, T, VZ, TMUS, CMCSA

    In The Past

    State Street Communication Services Select Sector SPDR ETF's stock fell -17.7% during the 2025 US Tariff Shock. Such a loss loss requires a 21.5% 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.

    GLIBA has limited trading history. Below is the Communication Services sector ETF (XLC) in its place.

    EventXLCS&P 500
    2022 Inflation Shock & Fed Tightening
      % Loss-38.7%-24.5%
      % Gain to Breakeven63.1%32.4%
      Time to Breakeven470 days427 days
    2020 COVID-19 Crash
      % Loss-30.1%-33.7%
      % Gain to Breakeven43.2%50.9%
      Time to Breakeven112 days140 days
    Q4 2018 Fed Policy Error / Growth Scare
      % Loss-20.2%-19.2%
      % Gain to Breakeven25.3%23.8%
      Time to Breakeven109 days105 days

    Compare to ATNI, T, VZ, TMUS, CMCSA

    In The Past

    State Street Communication Services Select Sector SPDR ETF's stock fell -17.7% during the 2025 US Tariff Shock. Such a loss loss requires a 21.5% 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 Capital (GLIBA)

    ```html

    GCI Liberty, Inc., trading under the symbol GLIBA, functions as a telecommunications and technology services provider primarily through its subsidiaries. The company offers a comprehensive range of essential communication services, including data, wireless, video, and voice solutions, under its well-known GCI brand name.

    GLIBA's service offerings extend to managed services, catering to a broad spectrum of clients. Its primary market is Alaska, where it serves residential customers, various businesses, governmental entities, and institutions within the educational and medical sectors. Founded in 1979, the company is headquartered in Englewood, Colorado.

    ```

    AI Analysis | Feedback

    The AT&T or Verizon of Alaska.

    Alaska's version of Comcast or Spectrum.

    AI Analysis | Feedback

    • Data Services: Provides internet access and related data communication solutions.
    • Wireless Services: Offers mobile phone and cellular connectivity services.
    • Video Services: Delivers television programming and video content.
    • Voice Services: Supplies traditional landline and voice communication services.
    • Managed Services: Provides IT management and support for businesses and institutions.

    AI Analysis | Feedback

    Liberty Capital (GLIBA), operating through its GCI brand in Alaska, serves a diverse range of customers. While it caters to both individuals and organizations, its customer base can be broadly categorized as follows:

    • Residential Customers: Individuals who subscribe to data, wireless, video, and voice services for personal use.
    • Businesses: Various companies that utilize GCI's data, wireless, voice, and managed services.
    • Governmental, Educational, and Medical Institutions: Entities such as government agencies, schools, and healthcare facilities that rely on GCI for their communication and managed service needs.

    AI Analysis | Feedback

    null

    AI Analysis | Feedback

    Ronald A. Duncan

    President & CEO

    Mr. Duncan co-founded GCI with Bob Walp in 1979, establishing it as Alaska's largest communications provider. Prior to co-founding GCI, he started a cable television company in Fairbanks in 1978. Mr. Duncan holds an undergraduate degree in Economics from Johns Hopkins University and an MBA from Harvard. He serves on the boards of the National Cable and Telecommunications Association and Cable Labs, and is a past chairman of the Anchorage Economic Development Corporation and the Alaska Science and Technology Foundation.

    Brian J. Wendling

    Chief Accounting Officer & Principal Financial Officer

    Mr. Wendling serves as Chief Accounting Officer and Principal Financial Officer for Liberty Capital Corporation, Liberty Media Corporation, and Liberty Broadband Corporation. He has held various positions with these companies and their predecessors since 1999. Before joining these organizations, Mr. Wendling worked in the assurance practice of KPMG. He currently 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

    Ms. Wilm serves as Chief Legal Officer and Chief Administrative Officer of Liberty Media Corporation, Liberty Capital Corporation, and Liberty Broadband Corporation. In this capacity, she is responsible for managing legal matters, providing strategic support across departments, and supervising the day-to-day operations of the parent companies.

    Ben Oren

    Executive Vice President & Treasurer

    Mr. Oren serves as Executive Vice President and Treasurer of Liberty Media Corporation, Liberty Capital Corporation, and Liberty Broadband Corporation. He spent two decades in various investment banking roles, most recently as a Managing Director with Credit Suisse, where he advised companies across sectors including Technology, Media, and Telecom on capital markets transactions. At Credit Suisse, he was a member of the Investment Banking Committee, Corporate Insights Advisory Counsel, Capital Markets Innovation Counsel, and Americas Head of Liability Management. Earlier in his career, Mr. Oren was an Executive Director at UBS Securities, LLC.

    AI Analysis | Feedback

    Here are the key risks to Liberty Capital (GLIBA):

    1. Heavy Reliance on Universal Service Fund (USF) Subsidies and Regulatory Risk

      Liberty Capital's GCI business is significantly dependent on Universal Service Fund (USF) subsidies, which constituted 42% of its revenue in fiscal year 2024. Any reduction in these subsidies or a successful legal challenge to the constitutionality of the USF could materially disrupt GCI's financial support.

    2. Limited Organic Growth and Competition in the Alaskan Market

      The business operates in Alaska, a state characterized by slowly growing demographics, which inherently limits organic growth in its customer base of households and businesses. This demographic trend constrains GCI's ability to expand its market share. Furthermore, the company faces competition from alternative service providers, such as Starlink, which offers a cheaper option in remote areas, potentially pressuring GCI's existing contracts and market position, despite current challenges faced by Starlink regarding reliability and latency.

    3. Complexity of Corporate Structure and Potential for Market Confusion

      Liberty Capital's corporate structure, including its multi-series voting stock and potential tracking stock arrangements, may contribute to market confusion. This complexity, alongside the company's history of corporate reorganizations and spin-offs, could negatively impact share valuation and investor confidence.

    AI Analysis | Feedback

    The emergence and expansion of Low Earth Orbit (LEO) satellite internet services, such as Starlink by SpaceX, pose a significant threat to GCI Liberty's traditional data and wireless services. These services can bypass GCI's established physical infrastructure, offering an alternative for customers, particularly in the remote and challenging terrain of Alaska where GCI primarily operates.

    AI Analysis | Feedback

    null

    AI Analysis | Feedback

    Liberty Capital (GLIBA) is expected to drive future revenue growth over the next 2-3 years through several strategic initiatives focused on enhancing its network, expanding services, and acquiring key infrastructure in Alaska.

    1. Acquisition of Quintillion: The planned acquisition of Quintillion, a fiber infrastructure provider in Alaska, is a significant driver. This transaction is expected to be accretive to free cash flow and will combine Quintillion's subsea and terrestrial fiber network with GCI's statewide operations, enhancing network resiliency and reliability across Alaska. This integration is projected to contribute $50-55 million of adjusted OIBDA in 2026, including an estimated $20 million in annual synergies over 24 months.
    2. 5G Network Expansion and Upgrades: GCI is actively expanding and upgrading its 5G network across Alaska. The company has extended 5G service to over 125 communities, reaching approximately 83% of Alaskans. These investments are aimed at enhancing network performance, improving troubleshooting capabilities, and driving operating efficiency, which should lead to growth in wireless service adoption.
    3. Growth in Converged Broadband and Wireless Services: Liberty Capital is seeing increasing traction in its converged offerings, which bundle broadband and wireless services. A notable portion of broadband customers also subscribe to wireless services, and a majority of postpaid wireless lines are part of these converged relationships. This strategy, along with subscriber additions, is expected to drive consumer revenue, partially offsetting declines from the company's exit from the video business.
    4. Rural Expansion and Bridging the Digital Divide: The company is committed to expanding its network infrastructure into underserved rural areas of Alaska as part of its efforts to bridge the digital divide. GCI has received significant broadband infrastructure grants, such as $121.2 million, to improve connectivity in these regions, which will support further service expansion and customer growth.
    5. Growth in Business Data Services: The business segment is experiencing revenue growth, particularly from higher data revenue. This growth is attributed to service upgrades provided to enterprise, healthcare, and education customers, indicating an expanding demand for advanced connectivity solutions within these institutional sectors in Alaska.

    AI Analysis | Feedback

    Outbound Investments

    • In April 2026, GCI Holdings, a wholly owned subsidiary of Liberty Capital (formerly GCI Liberty, Inc.), agreed to acquire all equity interests in Quintillion. The acquisition consideration includes $310 million in cash, up to $50 million for certain capital expenditures incurred by Quintillion prior to closing, and potential earn-out payments.

    Capital Expenditures

    • Net capital expenditures for GCI are projected to be $290 million for the full year 2026, which accounts for $20 million carried over from 2025.
    • A significant portion of the increased capital expenditures in 2026 is directed towards hybrid fiber-coaxial network improvements in urban Alaska.
    • The company anticipates 2026 to be the peak year for capital spending, with expectations for meaningful declines in capital expenditures during 2027 and 2028, aiming to drive stronger free cash flow generation.

    Peer Outperformance in Integrated Telecommunication Services

    null
    Share of Integrated Telecommunication Services constituents that GLIBA has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
    1Y
    39%
    of 23 industry peers · -32.5% return
    3Y
    —
    insufficient peer history
    5Y
    —
    insufficient peer history
    null
    Median price return by industry across the Communication Services sector, ranked by 5Y. Integrated Telecommunication Services is GLIBA's own industry. Use this to see which corners of the sector have carried the returns.
    Industry Names 1Y med3Y med5Y med Top 3 by 5Y
    Wireless Telecommunication Services 3 -8.2%13.5%36.5% ECHO 280% · TMUS 36%
    Publishing 5 19.3%9.4%12.5% NYT 37% · NWSA 36%
    Movies & Entertainment 23 17.3%48.9%-28.0% IMAX 163% · CNK 102% · BATRA 83%
    Integrated Telecommunication Services ← 21 -14.5%11.9%-28.3% GSAT 234% · AD 122% · TDS 111%
    Interactive Media & Services 33 -28.1%-30.1%-68.6% GOOGL 97% · META 89% · CARG 2%
    Broadcasting 14 -7.0%-19.9%-70.1% FOXA 79% · NXST 35% · SIRI -37%
    Interactive Home Entertainment 8 -40.8%-58.4%-70.2% TTWO 8% · RBLX -40% · PINS -51%
    Alternative Carriers 4 -33.4%16.5%-70.4% IRDM 11% · LUMN -64%
    Advertising 18 -30.7%-7.3%-74.1% APP 176% · OMC 55% · STGW 12%
    Median of constituents with a full price history over each window. Top names are limited to companies above $2B market cap.

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    TitleDate
    0DASHBOARDS 
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    Title
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    Peer Comparisons

    Peers to compare with:

    Financials

    GLIBAATNITVZTMUSCMCSAMedian
    NameLiberty .ATN Inte.AT&T Verizon .T-Mobile.Comcast  
    Mkt Price23.0125.8021.9946.46159.3724.9425.37
    Mkt Cap0.90.4150.3193.1170.688.6119.5
    Rev LTM942734128,852139,38793,816123,005108,410
    Op Inc LTM1356227,57129,07519,38418,10118,742
    FCF LTM494117,81617,88217,75517,08417,420
    FCF 3Y Avg-1819,33517,45413,84315,40115,401
    CFO LTM30812840,23539,05028,71731,72730,222
    CFO 3Y Avg-12239,78337,55425,72230,04130,041

    Growth & Margins

    GLIBAATNITVZTMUSCMCSAMedian
    NameLiberty .ATN Inte.AT&T Verizon .T-Mobile.Comcast  
    Rev Chg LTM-2.7%2.0%3.5%1.4%9.3%-0.2%1.7%
    Rev Chg 3Y Avg--0.5%1.9%1.3%6.2%0.6%1.3%
    Rev Chg Q0.0%1.8%5.3%1.5%7.4%-6.1%1.6%
    QoQ Delta Rev Chg LTM0.0%0.4%1.3%0.4%1.8%-1.5%0.4%
    Op Inc Chg LTM-25.8%101.2%13.8%-8.2%-0.1%-18.4%-4.2%
    Op Inc Chg 3Y Avg-59.4%4.3%0.0%13.2%-7.8%4.3%
    Op Mgn LTM14.3%8.4%21.4%20.9%20.7%14.7%17.7%
    Op Mgn 3Y Avg-5.7%20.3%21.5%21.5%17.1%20.3%
    QoQ Delta Op Mgn LTM-1.9%1.3%0.8%0.3%0.6%0.1%0.4%
    CFO/Rev LTM32.7%17.4%31.2%28.0%30.6%25.8%29.3%
    CFO/Rev 3Y Avg-16.6%31.8%27.4%29.6%24.4%27.4%
    FCF/Rev LTM5.2%5.6%13.8%12.8%18.9%13.9%13.3%
    FCF/Rev 3Y Avg-2.5%15.5%12.7%15.8%12.5%12.7%

    Valuation

    GLIBAATNITVZTMUSCMCSAMedian
    NameLiberty .ATN Inte.AT&T Verizon .T-Mobile.Comcast  
    Mkt Cap0.90.4150.3193.1170.688.6119.5
    P/S1.00.51.21.41.80.71.1
    P/Op Inc6.86.45.56.68.84.96.5
    P/EBIT-2.41.55.96.59.04.95.4
    P/E-2.72.411.411.815.17.89.6
    P/CFO3.03.13.74.95.92.83.4
    Total Yield-36.5%46.0%14.1%14.7%9.2%18.3%14.4%
    Dividend Yield0.0%4.2%5.3%6.1%2.6%5.5%4.8%
    FCF Yield 3Y Avg-7.1%11.1%9.3%6.5%14.9%9.3%
    D/E1.41.71.21.00.71.01.1
    Net D/E0.80.91.11.00.70.90.9

    Returns

    GLIBAATNITVZTMUSCMCSAMedian
    NameLiberty .ATN Inte.AT&T Verizon .T-Mobile.Comcast  
    1M Rtn-2.5%-8.2%-8.3%2.9%-3.2%17.4%-2.9%
    3M Rtn-4.8%8.6%-3.6%1.5%-7.6%2.3%-1.0%
    6M Rtn-30.8%-3.8%-11.9%1.1%-16.6%-2.9%-7.9%
    12M Rtn-32.7%89.6%-5.7%26.0%-21.1%2.0%-1.9%
    3Y Rtn-19.4%-12.8%60.9%56.8%13.6%-30.7%0.4%
    1M Excs Rtn0.5%-5.8%-5.8%5.8%-0.8%20.7%-0.1%
    3M Excs Rtn-3.9%-13.1%-4.4%2.2%-9.1%2.5%-4.2%
    6M Excs Rtn-33.6%-6.6%-14.7%-1.6%-19.3%-5.7%-10.6%
    12M Excs Rtn-42.5%77.8%-16.6%15.0%-30.4%-6.8%-11.7%
    3Y Excs Rtn-100.8%-81.6%-14.8%-19.0%-63.4%-108.0%-72.5%

    Comparison Analyses

    null

    Financials

    $ Mil | FY: 12/312026Q22026Q12025Q42025Q32025Q22025Q12024Q42024Q32024Q22024Q1
    Period End6/30/20263/31/202612/31/20259/30/20256/30/20253/31/202512/31/20249/30/20246/30/20243/31/2024
    Filing Date8/6/20265/7/20262/11/202611/5/20258/7/20257/2/20257/2/202511/5/20258/7/20257/2/2025
    Key Financials Quarterly          
    Total Revenue238232239233238242244244226226
    Ebitda10398136-432117124136978488
    Operating Income33333237515832413037
    Net Income161816-387273516211320
    EPS0.400.451.24-13.340.881.150.560.730.450.70
    Key Financials TTM          
    Total Revenue TTM942942952957968956940---
    Ebitda TTM-95-81-55-55474441405---
    Operating Income TTM135153178178182161140---
    Net Income TTM-337-326-309-309998570---
    Growth Rates Quarterly          
    Total Revenue Growth0.0%-4.1%-2.0%-4.5%5.3%7.1%----
    EBITDA Growth-12.0%-21.0%0.0%-545.4%39.3%40.9%----
    Operating Income Growth-35.3%-43.1%0.0%-9.8%70.0%56.8%----
    Net Income Growth-40.7%-48.6%0.0%-1942.9%107.7%75.0%----
    Margins Quarterly          
    EBITDA Margin43.3%42.2%56.9%-185.4%49.2%51.2%55.7%39.8%37.2%38.9%
    Operating Income Margin13.9%14.2%13.4%15.9%21.4%24.0%13.1%16.8%13.3%16.4%
    Net Income Margin6.7%7.8%6.7%-166.1%11.3%14.5%6.6%8.6%5.8%8.8%
    Cash & Debt          
    Total Cash49743541612410414874---
    Total Debt1,2681,0441,0521,0541,0571,1441,141000
    Net Debt / (Cash)7716096369309539961,067---
    Cash Flows Quarterly          
    FCF from Operations8678687610711955617587
    Cash Flows TTM          
    FCF from Operations TTM308329370357342310278---
    Returns to Shareholders Quarterly          
    Dividends0000000000
    Share Repurchases-0-0-0-0-0-0-0-0-0-0
    Return on Invested Capital (ROIC) Quarterly          
    ROIC2.9%3.1%3.3%3.9%4.9%6.0%3.4%---
    Return on Invested Capital (ROIC) TTM          
    ROIC TTM3.4%4.1%4.8%4.8%4.7%4.2%3.6%---

    Segment Financials

    Revenue by Segment
    $ Mil202520242023
    Data739703657
    Wireless175182188
    Lease, grant, and revenue from subsidies947677
    Other385559
    Total1,0461,016981


    Price Behavior

    Price Behavior
    Market Price$23.07 
    Market Cap ($ Bil)0.9 
    First Trading Date07/15/2025 
    Distance from 52W High-42.7% 
       50 Days200 Days
    DMA Price$23.44$28.60
    DMA Trenddowndown
    Distance from DMA-1.6%-19.3%
     3M1YR
    Volatility43.2%43.6%
    Downside Capture-19.6738.98
    Upside Capture-70.18-13.95
    Correlation (S&P 500)-14.8%2.5%
    GLIBA Betas & Captures as of 10/31/2026

     1M2M3M6M1Y3Y
    Beta-2.31-1.00-0.26-0.440.02-0.01
    Up Beta-7.38-0.850.14-1.000.180.15
    Down Beta-1.88-1.86-1.23-0.99-0.44-0.34
    Up Capture-246%-128%-23%-43%-8%1%
    Bmk +ve Days12182862130427
    Stock +ve Days12203257122158
    Down Capture-218%2%3%56%50%32%
    Bmk -ve Days10253664121325
    Stock -ve Days10233067127166

    [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 GLIBA
    GLIBA-32.0%43.6%-0.76-
    Sector ETF (XLC)-6.8%16.7%-0.6021.5%
    Equity (SPY)13.2%12.9%0.680.8%
    Gold (GLD)1.0%28.8%0.03-0.4%
    Commodities (DBC)35.9%21.2%1.34-5.7%
    Real Estate (VNQ)14.3%14.1%0.7026.6%
    Bitcoin (BTCUSD)-28.2%43.4%-0.65-0.6%

    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 GLIBA
    GLIBA-4.2%41.3%-0.29-
    Sector ETF (XLC)6.7%21.1%0.2319.4%
    Equity (SPY)12.5%17.2%0.554.9%
    Gold (GLD)17.3%19.1%0.73-0.6%
    Commodities (DBC)8.0%19.6%0.29-3.8%
    Real Estate (VNQ)1.8%18.9%-0.0125.8%
    Bitcoin (BTCUSD)5.5%51.5%0.291.9%

    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 GLIBA
    GLIBA-2.1%41.3%-0.29-
    Sector ETF (XLC)8.6%22.1%0.4219.4%
    Equity (SPY)15.4%18.0%0.734.9%
    Gold (GLD)11.9%16.5%0.59-0.6%
    Commodities (DBC)7.4%18.1%0.33-3.8%
    Real Estate (VNQ)5.7%20.7%0.2325.8%
    Bitcoin (BTCUSD)61.0%66.2%1.011.9%

    Smart multi-asset allocation framework can stack odds in your favor. Learn How

    Short Interest

    Short Interest: As Of Date10152026
    Short Interest: Shares Quantity0.3 Mil
    Short Interest: % Change Since 93020260.2%
    Average Daily Volume0.0 Mil
    Days-to-Cover Short Interest7.5 days
    Basic Shares Quantity40.0 Mil
    Short % of Basic Shares0.8%

    Earnings Returns History

    Updated 10/9/2026
    Expand for More
     Forward Returns
    Earnings Date1D Returns5D Returns21D Returns
    8/6/20260.7%10.1%9.0%
    5/7/2026-1.4%-3.5%-23.6%
    2/11/2026-1.3%3.8%-4.3%
    11/5/2025-3.3%-4.2%-3.2%
    8/7/2025-1.2%-4.7%1.2%
    SUMMARY STATS   
    # Positive122
    # Negative433
    Median Positive0.7%7.0%5.1%
    Median Negative-1.3%-4.2%-4.3%
    Max Positive0.7%10.1%9.0%
    Max Negative-3.3%-4.7%-23.6%
     Collapse to Preview
     Forward Returns
    Earnings Date1D Returns5D Returns21D Returns
    8/6/20260.7%10.1%9.0%
    5/7/2026-1.4%-3.5%-23.6%
    2/11/2026-1.3%3.8%-4.3%
    11/5/2025-3.3%-4.2%-3.2%
    8/7/2025-1.2%-4.7%1.2%
    SUMMARY STATS   
    # Positive122
    # Negative433
    Median Positive0.7%7.0%5.1%
    Median Negative-1.3%-4.2%-4.3%
    Max Positive0.7%10.1%9.0%
    Max Negative-3.3%-4.7%-23.6%

    SEC Filings

    Expand for More
    Report DateFiling DateFiling
    06/30/202608/06/202610-Q
    03/31/202605/07/202610-Q
    12/31/202502/11/202610-K
    09/30/202511/05/202510-Q
    06/30/202508/07/202510-Q
    03/31/202507/02/2025424B3
     Collapse to Preview
    Report DateFiling DateFiling
    06/30/202608/06/202610-Q
    03/31/202605/07/202610-Q
    12/31/202502/11/202610-K
    09/30/202511/05/202510-Q
    06/30/202508/07/202510-Q
    03/31/202507/02/2025424B3

    Recent Forward Guidance

    Updated 11/2/2026

    Latest: Q2 2026 Earnings Reported 8/6/2026

    Forward GuidanceGuidance Change
    MetricSourceLowMidHigh% Chg% DeltaChangePrior
    Q4 2026 DividendsReported 15.00 Mil    
    2026 DividendsReported 60.00 Mil    
    2026 Capital ExpendituresReported 290.00 Mil 0 AffirmedGuidance: 290.00 Mil for 2026


    Prior: Q3 2025 Earnings Reported 11/5/2025

    Forward GuidanceGuidance Change
    MetricSourceLowMidHigh% Chg% DeltaChangePrior
    2025 Capital ExpendituresReported225.00 Mil237.50 Mil250.00 Mil-5.0% LoweredGuidance: 250.00 Mil for 2025

    Insider Activity

    Updated 9/8/2026
    Expand for More
    #OwnerTitleHoldingActionFiling DatePriceSharesTransacted
    Value    		Value of
    Held Shares    		Form
    1Malone, John C DirectBuy817202626.001,00026,00066,553,552Form
    2Malone, John C DirectBuy812202625.5766,7021,705,62465,429,336Form
    3Malone, John C DirectBuy812202625.2268,8001,735,45262,860,964Form
    4Malone, John C DirectBuy812202624.87406,73010,116,40460,272,359Form
    5Duncan, Ronald APresident and CEODirectBuy604202621.052,50052,6252,739,952Form
     Collapse to Preview
    #OwnerTitleHoldingActionFiling DatePriceSharesTransacted
    Value    		Value of
    Held Shares    		Form
    1Malone, John C DirectBuy817202626.001,00026,00066,553,552Form
    2Malone, John C DirectBuy812202625.5766,7021,705,62465,429,336Form
    3Malone, John C DirectBuy812202625.2268,8001,735,45262,860,964Form
    4Malone, John C DirectBuy812202624.87406,73010,116,40460,272,359Form
    5Duncan, Ronald APresident and CEODirectBuy604202621.052,50052,6252,739,952Form
    6Duncan, Ronald APresident and CEOMissy, LLCBuy604202621.115,000105,550148,234Form
    7Duncan, Ronald APresident and CEORAD, LLCBuy604202621.0125,000525,350549,768Form
    8Duncan, Ronald APresident and CEOSpouseBuy604202621.0635,000736,992895,255Form
    9Malone, John C DirectBuy304202643.291,83479,39415,486,521Form
    10Gould, Jedd DirectBuy1118202534.1115,000511,683513,423Form
    11Malone, John C DirectBuy930202535.0076326,70442,746,187Form
    12Malone, John C DirectBuy925202535.001,59455,79042,720,825Form
    13Malone, John C DirectBuy925202535.0072525,37542,665,035Form
    14Malone, John C DirectBuy922202534.932,17876,07642,553,406Form
    15Malone, John C DirectBuy922202534.988,092283,08342,542,878Form
    16Malone, John C DirectBuy917202534.9942,1701,475,57042,269,338Form
    17Malone, John C DirectBuy917202534.932,22877,83240,726,732Form
    18Malone, John C DirectBuy917202534.965,500192,28940,681,714Form
    19Malone, John C DirectBuy910202536.0030010,80011,335,788Form
    20Malone, John C DirectBuy910202535.9913,798496,56441,678,107Form
    21Malone, John C DirectBuy910202536.00712,55641,195,160Form
    22Malone, John C DirectBuy904202536.002,70097,20041,192,604Form
    23Malone, John C DirectBuy904202536.001,00036,00041,095,404Form

    Investor Activity (13F)

    Updated Nov 5, 2026
    13F 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 ManagerValue% of PortfolioTotal PositionsQoQFiling
    Kontiki Capital Management (HK) Ltd.$73.0 Mil5.1%7ADD +181.1%13F
    Luxor Capital Group, LP$10.7 Mil1.7%38TRIM -22.1%13F
    Hi-Line Capital Management, LLC$5.3 Mil1.7%32ADD +233.2%13F
    Ruane, Cunniff & Goldfarb L.P.$23.6 Mil0.4%50TRIM -5.4%13F
    Elliott Investment Management L.P.$24.6 Mil0.2%19Hold13F
    Rothschild & Co Wealth Management UK Ltd$9.4 Mil0.1%25Hold13F
    Active ManagerValue% of PortfolioTotal PositionsQoQFiling
    Hi-Line Capital Management, LLC$5.3 Mil1.7%32ADD +233.2%13F
    Kontiki Capital Management (HK) Ltd.$73.0 Mil5.1%7ADD +181.1%13F
    Active ManagerValue% of PortfolioTotal PositionsQoQAs OfFiling
    Greenstone Partners & Co., LLC$11.7 Mil2.3%12ExitedDec 31, 202513F
    Luxor Capital Group, LP$10.7 Mil1.7%38TRIM -22.1%Mar 31, 202613F
    Ruane, Cunniff & Goldfarb L.P.$23.6 Mil0.4%50TRIM -5.4%Mar 31, 202613F
    Active ManagerValue% of PortfolioTotal PositionsQoQFiling
    Kontiki Capital Management (HK) Ltd.$73.0 Mil5.1%7ADD +181.1%13F
    Elliott Investment Management L.P.$24.6 Mil0.2%19Hold13F
    Ruane, Cunniff & Goldfarb L.P.$23.6 Mil0.4%50TRIM -5.4%13F
    Luxor Capital Group, LP$10.7 Mil1.7%38TRIM -22.1%13F
    Rothschild & Co Wealth Management UK Ltd$9.4 Mil0.1%25Hold13F
    Hi-Line Capital Management, LLC$5.3 Mil1.7%32ADD +233.2%13F

    Industry Resources

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