Liberty Global (LBTYA)
Market Price (4/16/2026): $12.38 | Market Cap: $4.2 BilSector: Communication Services | Industry: Integrated Telecommunication Services
Liberty Global (LBTYA)
Market Price (4/16/2026): $12.38Market Cap: $4.2 BilSector: Communication ServicesIndustry: Integrated Telecommunication Services
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 25% Stock buyback supportStock Buyback 3Y Total is 3.4 Bil Low stock price volatilityVol 12M is 33% Megatrend and thematic driversMegatrends include 5G & Advanced Connectivity, and Digital Content & Streaming. Themes include Wireless Services, Telecom Infrastructure, Show more. | Trading close to highsDist 52W High is -4.9% Weak multi-year price returns3Y Excs Rtn is -51% | Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 172% Not cash flow generativeFCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -2.7% 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 -175% Key risksLBTYA key risks include [1] significant financial instability driven by substantial net losses, Show more. |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 25% |
| Stock buyback supportStock Buyback 3Y Total is 3.4 Bil |
| Low stock price volatilityVol 12M is 33% |
| Megatrend and thematic driversMegatrends include 5G & Advanced Connectivity, and Digital Content & Streaming. Themes include Wireless Services, Telecom Infrastructure, Show more. |
| Trading close to highsDist 52W High is -4.9% |
| Weak multi-year price returns3Y Excs Rtn is -51% |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 172% |
| Not cash flow generativeFCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -2.7% |
| 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 -175% |
| Key risksLBTYA key risks include [1] significant financial instability driven by substantial net losses, Show more. |
Qualitative Assessment
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Liberty Global (LBTYA) stock has gained about 10% since 12/31/2025 because of the following key factors:
1. Strategic Restructuring and Value Unlocking in Benelux Operations. Liberty Global announced on February 18, 2026, its plan to acquire Vodafone's 50% stake in VodafoneZiggo for €1.0 billion in cash and a 10% equity interest in a new entity called Ziggo Group. This transaction, expected to finalize in the second half of 2026, aims to establish a significant telecommunications presence in the Benelux region and is seen by investors as a move to clean up the joint venture structure and unlock value. Further signaling a strategic focus on value creation, the company is also exploring the potential sale of its 50% stake in Belgian network company Wyre, which could be valued at approximately €1 billion ($1.2 billion).
2. Better-than-Expected Q4 2025 Revenue Performance and Improved Operational Trajectory. While Liberty Global reported a significant EPS miss of -$8.60 against an expected -$0.46 for Q4 2025, the company's revenue of $1.23 billion surpassed analysts' expectations of $1.21 billion. The stock saw a 7% rise following these results, indicating that investors focused on other positive aspects, including the company's success in delivering all full-year guidance metrics at its VMO2, VodafoneZiggo, and Telenet operations, and a materially improved adjusted EBITDA trajectory for 2026, projected to be down 75% compared to 2024 due to operational reshaping.
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1. Strategic Restructuring and Value Unlocking in Benelux Operations. Liberty Global announced on February 18, 2026, its plan to acquire Vodafone's 50% stake in VodafoneZiggo for €1.0 billion in cash and a 10% equity interest in a new entity called Ziggo Group. This transaction, expected to finalize in the second half of 2026, aims to establish a significant telecommunications presence in the Benelux region and is seen by investors as a move to clean up the joint venture structure and unlock value. Further signaling a strategic focus on value creation, the company is also exploring the potential sale of its 50% stake in Belgian network company Wyre, which could be valued at approximately €1 billion ($1.2 billion).
2. Better-than-Expected Q4 2025 Revenue Performance and Improved Operational Trajectory. While Liberty Global reported a significant EPS miss of -$8.60 against an expected -$0.46 for Q4 2025, the company's revenue of $1.23 billion surpassed analysts' expectations of $1.21 billion. The stock saw a 7% rise following these results, indicating that investors focused on other positive aspects, including the company's success in delivering all full-year guidance metrics at its VMO2, VodafoneZiggo, and Telenet operations, and a materially improved adjusted EBITDA trajectory for 2026, projected to be down 75% compared to 2024 due to operational reshaping.
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Stock Movement Drivers
Fundamental Drivers
The 11.2% change in LBTYA stock from 12/31/2025 to 4/15/2026 was primarily driven by a 7.6% change in the company's P/S Multiple.| (LTM values as of) | 12312025 | 4152026 | Change |
|---|---|---|---|
| Stock Price ($) | 11.14 | 12.39 | 11.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 4,771 | 4,878 | 2.3% |
| P/S Multiple | 0.8 | 0.9 | 7.6% |
| Shares Outstanding (Mil) | 340 | 336 | 1.1% |
| Cumulative Contribution | 11.2% |
Market Drivers
12/31/2025 to 4/15/2026| Return | Correlation | |
|---|---|---|
| LBTYA | 11.2% | |
| Market (SPY) | -5.4% | 27.3% |
| Sector (XLC) | -0.3% | 20.2% |
Fundamental Drivers
The 8.1% change in LBTYA stock from 9/30/2025 to 4/15/2026 was primarily driven by a 5.3% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 9302025 | 4152026 | Change |
|---|---|---|---|
| Stock Price ($) | 11.46 | 12.39 | 8.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 4,633 | 4,878 | 5.3% |
| P/S Multiple | 0.9 | 0.9 | 0.0% |
| Shares Outstanding (Mil) | 345 | 336 | 2.7% |
| Cumulative Contribution | 8.1% |
Market Drivers
9/30/2025 to 4/15/2026| Return | Correlation | |
|---|---|---|
| LBTYA | 8.1% | |
| Market (SPY) | -2.9% | 31.1% |
| Sector (XLC) | -0.5% | 27.5% |
Fundamental Drivers
The 7.6% change in LBTYA stock from 3/31/2025 to 4/15/2026 was primarily driven by a 12.4% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 3312025 | 4152026 | Change |
|---|---|---|---|
| Stock Price ($) | 11.51 | 12.39 | 7.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 4,342 | 4,878 | 12.4% |
| P/S Multiple | 0.9 | 0.9 | -9.3% |
| Shares Outstanding (Mil) | 355 | 336 | 5.6% |
| Cumulative Contribution | 7.6% |
Market Drivers
3/31/2025 to 4/15/2026| Return | Correlation | |
|---|---|---|
| LBTYA | 7.6% | |
| Market (SPY) | 16.3% | 35.8% |
| Sector (XLC) | 22.8% | 38.1% |
Fundamental Drivers
The 20.5% change in LBTYA stock from 3/31/2023 to 4/15/2026 was primarily driven by a 36.8% change in the company's Shares Outstanding (Mil).| (LTM values as of) | 3312023 | 4152026 | Change |
|---|---|---|---|
| Stock Price ($) | 10.29 | 12.39 | 20.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 4,018 | 4,878 | 21.4% |
| P/S Multiple | 1.2 | 0.9 | -27.5% |
| Shares Outstanding (Mil) | 460 | 336 | 36.8% |
| Cumulative Contribution | 20.5% |
Market Drivers
3/31/2023 to 4/15/2026| Return | Correlation | |
|---|---|---|
| LBTYA | 20.5% | |
| Market (SPY) | 63.3% | 32.6% |
| Sector (XLC) | 108.5% | 35.1% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| LBTYA Return | 15% | -32% | -6% | 36% | -13% | 12% | -2% |
| Peers Return | -7% | -14% | 12% | 15% | -8% | 4% | -2% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 2% | 85% |
Monthly Win Rates [3] | |||||||
| LBTYA Win Rate | 58% | 33% | 50% | 50% | 42% | 50% | |
| Peers Win Rate | 48% | 43% | 60% | 62% | 52% | 50% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| LBTYA Max Drawdown | -2% | -44% | -20% | -11% | -29% | -8% | |
| Peers Max Drawdown | -13% | -30% | -11% | -10% | -18% | -7% | |
| S&P 500 Max Drawdown | -1% | -25% | -1% | -2% | -15% | -7% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: CMCSA, TMUS, VZ, T, CHTR. See LBTYA Returns vs. Peers.
[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 4/15/2026 (YTD)
How Low Can It Go
| Event | LBTYA | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -49.8% | -25.4% |
| % Gain to Breakeven | 99.2% | 34.1% |
| Time to Breakeven | Not Fully Recovered days | 464 days |
| 2020 Covid Pandemic | ||
| % Loss | -31.5% | -33.9% |
| % Gain to Breakeven | 46.0% | 51.3% |
| Time to Breakeven | 81 days | 148 days |
| 2018 Correction | ||
| % Loss | -47.3% | -19.8% |
| % Gain to Breakeven | 89.8% | 24.7% |
| Time to Breakeven | Not Fully Recovered days | 120 days |
| 2008 Global Financial Crisis | ||
| % Loss | -79.1% | -56.8% |
| % Gain to Breakeven | 377.9% | 131.3% |
| Time to Breakeven | 771 days | 1,480 days |
Compare to CMCSA, TMUS, VZ, T, CHTR
In The Past
Liberty Global's stock fell -49.8% during the 2022 Inflation Shock from a high on 9/27/2021. A -49.8% loss requires a 99.2% gain to breakeven.
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About Liberty Global (LBTYA)
Liberty Global plc, together with its subsidiaries, provides broadband internet, video, fixed-line telephony, and mobile communications services to residential and business customers. It offers value-added broadband services, such as intelligent WiFi features; security; smart home, online storage solutions, and Web spaces; Connect Box, a set-top or Horizon box that delivers in-home Wi-Fi service; community Wi-Fi via routers in home, which provides access to the internet; and public Wi-Fi access points in train stations, hotels, bars, restaurants, and other public places. The company also provides various tiers of digital video programming and audio services, as well as digital video recorders and multimedia home gateway systems; and channels, including general entertainment, sports, movies, series, documentaries, lifestyles, news, adult, children, and ethnic and foreign channels. In addition, it offers postpaid and prepaid mobile services; circuit-switched telephony services; and personal call manager, unified messaging, and a second or third phone line at an incremental cost. Further, the company offers business services comprising voice, advanced data, video, wireless, cloud-based services, and mobile and converged fixed-mobile services to small or home office, small business, and medium and large enterprises, as well as on a wholesale basis to other operators. It operates in the United Kingdom, Belgium, Switzerland, Ireland, Poland, Slovakia, and internationally. Liberty Global plc was founded in 2004 and is based in London, the United Kingdom.
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Here are 1-3 brief analogies for Liberty Global:
- Like a European version of Comcast or Charter Communications.
- Imagine Xfinity or Spectrum, but operating across several countries in Europe.
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Liberty Global (LBTYA) provides the following major services:
- Broadband Internet Services: Offers high-speed internet access to residential and business customers, complemented by value-added features like intelligent WiFi, security, smart home solutions, and various Wi-Fi access points.
- Video Services: Provides diverse tiers of digital video programming, audio services, and a wide array of entertainment, sports, movie, and news channels, supported by essential hardware like digital video recorders.
- Fixed-Line Telephony Services: Delivers traditional circuit-switched telephony services for homes and businesses, including value-added features such as personal call management and unified messaging.
- Mobile Communication Services: Encompasses comprehensive mobile communications, including both postpaid and prepaid services, for its customer base.
- Business and Wholesale Services: Caters to businesses of all sizes and other operators with an integrated suite of voice, advanced data, video, wireless, cloud-based solutions, and converged fixed-mobile offerings.
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Liberty Global (LBTYA) serves a diverse customer base, primarily providing communication and entertainment services directly to end-users and businesses, as well as on a wholesale basis to other operators. Based on the company description, its major customer categories are:
- Residential Customers: These are individuals and households who subscribe to Liberty Global's broadband internet, digital video programming, fixed-line telephony, and mobile communication services for personal use. This includes subscribers utilizing intelligent WiFi, security, smart home solutions, and various entertainment channels.
- Business Customers: This category encompasses a range of businesses from small or home offices (SOHO) and small businesses to medium and large enterprises. Liberty Global provides them with dedicated voice, advanced data, video, wireless, cloud-based services, and converged fixed-mobile solutions.
- Wholesale Customers / Other Operators: Liberty Global also provides services on a wholesale basis to other telecommunication operators. While the specific names of these operators are not provided in the description, this category represents other companies that leverage Liberty Global's infrastructure or services to offer their own products to their end-users.
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Mike Fries, Chairman and Chief Executive Officer
Mike Fries is a co-founder of UnitedGlobalCom (UGC), a predecessor to Liberty Global, and served as its President and CEO from 2004 until the company merged with Liberty Media International in 2005 to form Liberty Global. He was appointed President and CEO of Liberty Global in June 2005 and has overseen over $200 billion in historical transactions. Fries has also served as Executive Chairman of Liberty Latin America and Chairman of Sunrise Communications AG, both of which were previously spin-offs from Liberty Global. His career began in investment banking at PaineWebber, working on major U.S. cable deals.
Charlie Bracken, Executive Vice President and Chief Financial Officer
Charlie Bracken has been the Chief Financial Officer at Liberty Global plc since January 2016 and its Executive Vice President since January 2012. He joined the corporate offices in Europe in March 1999 and served as Chief Financial Officer for the European operations before being appointed Co-Chief Financial Officer of Liberty Global and its predecessor in February 2004. Prior to joining Liberty Global, Bracken worked for Goldman Sachs, JP Morgan, and the European Bank for Reconstruction and Development (EBRD). At Goldman Sachs International, he held the position of Executive Director, Communications, Media and Technology, where he provided merger and corporate finance advice to various communications companies, including Liberty Global's predecessor.
Manuel Kohnstamm, Senior Vice President & Chief Corporate Affairs Officer
Manuel Kohnstamm holds the role of Senior Vice President & Chief Corporate Affairs Officer at Liberty Global.
Jason Waldron, Senior Vice President & Chief Accounting Officer
Jason Waldron serves as the Senior Vice President and Chief Accounting Officer at Liberty Global plc.
John Porter, CEO, Telenet Group Holding NV
John Porter is the Chief Executive Officer of Telenet Group Holding NV, which is a subsidiary of Liberty Global.
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The key risks to Liberty Global (LBTYA) include significant debt, intense market competition coupled with regulatory challenges, and cybersecurity threats.
- High Leverage and Financial Distress: Liberty Global faces substantial risk due to its high debt load. As of September 2025, the company had US$8.70 billion of debt, with net debt amounting to US$6.88 billion. Its liabilities, totaling US$9.97 billion, exceed its cash and near-term receivables. Liberty Global's high net debt to EBITDA ratio (6.4) and weak interest coverage (EBIT is only 0.15 times the interest expense) indicate a heavy debt burden. Additionally, an Altman Z-Score of 0.61 suggests financial distress and a potential for bankruptcy within two years.
- Intense Market Competition and Regulatory Challenges: The telecommunications industry in which Liberty Global operates is characterized by fierce competition and evolving regulatory landscapes. Liberty Global's market position is consistently threatened by numerous competitors, leading to pricing pressures and a continuous need for investment in network improvements, customer service, and marketing. Regulatory challenges are significant and can limit growth, affect the types of services offered, and increase operating costs. The company must also contend with customer skepticism regarding network quality and value propositions, with many finding it difficult to correlate speed to performance or justify premium prices for faster speeds.
- Cybersecurity Risks and Data Privacy: As a major telecommunications provider, Liberty Global is exposed to substantial cybersecurity risks. The industry handles sensitive customer information, making companies vulnerable to data breaches, Distributed Denial of Service (DDoS) attacks, ransomware, and phishing scams. Successful cyberattacks can lead to significant financial losses, reputational damage, and regulatory penalties. The cost of cybersecurity breaches for telecommunication companies is projected to exceed US$3 million in 2023 for a majority of operators, highlighting the increasing threat landscape.
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- Fixed Wireless Access (FWA) / 5G Home Internet: The increasing deployment and consumer adoption of 5G-based fixed wireless access (FWA) by mobile operators poses a direct emerging threat to Liberty Global's traditional fixed-line broadband internet service. FWA offers an alternative method of delivering high-speed internet to homes, often bypassing the need for extensive wired infrastructure and providing competitive speeds and pricing, directly challenging established cable and fiber providers.
- Intensified Cord-Cutting and Cord-Needing due to Proliferation of Streaming Video on Demand (SVOD) and Over-the-Top (OTT) Services: While streaming services have been present for some time, the accelerating fragmentation of the market with numerous well-funded content providers (e.g., Disney+, Apple TV+, HBO Max, Peacock, Paramount+) aggressively competing for subscribers and exclusive content poses a continuous and intensifying threat. Consumers are increasingly opting for bundles of OTT services over traditional linear pay-TV packages, leading to a decline in subscriptions for Liberty Global's video programming and audio services.
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Liberty Global (symbol: LBTYA) provides broadband internet, video, fixed-line telephony, and mobile communications services. The addressable markets for these main products and services in their key operating regions, Europe and the United Kingdom, are detailed below:
Broadband Internet
- Europe: The fixed broadband market in Europe was estimated at approximately USD 116.47 billion in 2025, with a projected growth to USD 171.85 billion by 2030, at a Compound Annual Growth Rate (CAGR) of 8.09% during that period. Another estimate valued the European broadband market size at USD 148.45 billion in 2024, expected to reach USD 334.87 billion by 2033, growing at a CAGR of 9.46% from 2025 to 2033.
- United Kingdom: The UK broadband services market generated a revenue of USD 26,288.7 million in 2024 and is expected to reach USD 44,218.3 million by 2030, with a CAGR of 9% from 2025 to 2030. As of Q3 2025, there were an estimated 28.94 million fixed broadband lines in the UK.
Video (Pay TV)
- Europe: The Europe Pay TV market was valued at USD 35,848.7 million in 2023 and is forecast to decline slightly to USD 33,692.4 million by 2032, registering a CAGR of -0.9% during the forecast period (2024-2032).
- United Kingdom: The Pay TV Providers market size in the UK was approximately £6.9 billion (around USD 8.78 billion, based on a 1 GBP = 1.27 USD exchange rate) in 2025. This market has experienced a decline, with a -2.1% CAGR between 2019 and 2024.
Fixed-Line Telephony
- Europe: The European fixed-line telecommunications market had total revenues of USD 107.4 billion in 2022, encompassing revenues from both voice telephony and internet fixed lines. The market consumption volume reached a total of 457.1 million subscriptions in 2022.
- United Kingdom: The UK fixed connectivity market, which includes fixed data and voice services, is estimated at USD 36.57 billion in 2026 and is projected to reach USD 43.72 billion by 2031, growing at a 3.63% CAGR over 2026-2031. In Q3 2025, UK fixed voice service revenues totaled £995.1 million (approximately USD 1.26 billion). There were 22.0 million fixed lines in the UK at the end of Q3 2025.
Mobile Communications Services
- Europe: The European mobile phones market, which includes mobile phone service revenues, had total revenues of USD 152.2 billion in 2022. In 2021, 474 million individuals (86% of the population) in Europe used mobile services.
- United Kingdom: The UK Telecom Mobile Network Operator (MNO) Market size is expected to reach USD 31.53 billion in 2026 and is forecast to reach USD 36.98 billion by 2031, at a CAGR of 3.24% from 2026 to 2031. The number of active mobile subscriptions (excluding M2M) was 91.0 million at the end of Q3 2025.
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Liberty Global plc (LBTYA) is strategically positioning itself for future revenue growth over the next two to three years by focusing on several key initiatives, including network modernization, strategic partnerships, and the expansion of its service offerings.
Here are 3-5 expected drivers of future revenue growth for Liberty Global:
- Advanced Network Modernization and Expansion: Liberty Global is making substantial investments in upgrading its network infrastructure to deliver higher speeds and enhanced connectivity. This includes accelerating DOCSIS 4.0 upgrades for VodafoneZiggo to achieve 8 Gbps speeds across 7 million homes by 2026, and expanding gigabit and fiber networks through ventures like VMO2 in the UK and Virgin Media Ireland, targeting 80% fiber coverage by the end of 2025. These network enhancements are crucial for supporting a wider range of high-bandwidth services and attracting new customers seeking superior connectivity.
- Strategic Partnership with Google Cloud for AI-driven Services and B2B Growth: A five-year strategic partnership with Google Cloud, announced in February 2026, is expected to drive new revenue streams. This collaboration aims to integrate Google's Gemini AI models into Liberty Global's customer-facing platforms like Horizon TV and customer care. The partnership will unlock growth opportunities through AI-powered customer services, smart home solutions, data monetization, and specifically target the Small and Medium-sized Enterprise (SME) market with go-to-market initiatives for cloud, cybersecurity, and AI services. The parties will also explore offering Google products and services such as Pixel phones and smart home devices to customers.
- Expansion and Diversification through Liberty Growth Portfolio and Strategic Acquisitions: The "Liberty Growth" segment, which comprises a portfolio of media, infrastructure, and tech investments, is a key area for capital rotation and investment in high-growth sectors. The fair market value of this portfolio was $3.4 billion in Q2 2025. Strategic acquisitions, such as the 65% stake in FIA Formula E in June 2024, represent a diversification into high-growth areas. Additionally, Liberty Global is exploring the acquisition of Vodafone Group Plc's stake in VodafoneZiggo to gain full control over this crucial market.
- Enhancement of Converged Service Offerings and Value Propositions: Liberty Global continues to focus on its fixed-mobile convergence (FMC) strategy, which combines broadband, video, and mobile communications services to create comprehensive offerings for residential and business customers. By differentiating its services and providing strong value propositions, the company aims to counter competitive pressures, reduce customer churn, and attract new subscribers across its European markets. The Google Cloud partnership is also expected to contribute to new service and device offerings, including smart home solutions, enhancing the overall value proposition for customers.
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Share Repurchases
- Liberty Global completed a buyback program announced in July 2021, repurchasing 232,647,638 shares for approximately $4,753.41 million by December 31, 2025.
- The company spent $34 million on its buyback program in Q4 2025, contributing to the repurchase of 5% of its outstanding shares during 2025.
- Liberty Global resumed share buybacks in Q1 2025, targeting repurchases of up to 10% of its outstanding shares for the year, though this target was later reduced to 5%.
Share Issuance
- Liberty Global issued a dividend of Class C ordinary shares, which constituted a bonus issue of shares under UK law, paid up by capitalizing profits of $0.01 per share.
Outbound Investments
- Liberty Global is acquiring Vodafone's 50% stake in VodafoneZiggo.
- Through its joint venture Nexfibre (with InfraVia and Telefonica), Liberty Global acquired Substantial Group for £2 billion.
- The company made additional investments in EdgeConneX and Formula E, contributing to the growth of its Liberty Growth portfolio.
Capital Expenditures
- Capital expenditures for 2024 amounted to $1.67 billion.
- In Q4 2025, capital expenditures were $437.6 million, marking a 27.6% increase from the previous quarter.
- For 2026, property and equipment additions to revenue are expected to be around 23% to 25%, driven by continued investments in 5G and DOCSIS 4.0, as well as network resilience and service reliability.
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| 03272026 | META | Meta Platforms | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | 8.8% | 8.8% | 0.0% |
| 03062026 | CARG | CarGurus | Insider | Insider Buys | Low D/EStrong Insider BuyingCompanies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap | 1.2% | 1.2% | -8.3% |
| 02132026 | YELP | Yelp | Dip Buy | DB | CFO/Rev | Low D/EDip Buy with High Cash Flow MarginsBuying dips for companies with significant cash flows from operations and reasonable debt / market cap | 17.9% | 17.9% | -5.7% |
| 02132026 | TRIP | Tripadvisor | Dip Buy | DB | FCF Yield | Low D/EDip Buy with High Free Cash Flow YieldBuying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap | 10.9% | 10.9% | -3.9% |
| 02062026 | OMC | Omnicom | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 8.9% | 8.9% | -3.7% |
Research & Analysis
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 36.66 |
| Mkt Cap | 141.7 |
| Rev LTM | 106,008 |
| Op Inc LTM | 19,614 |
| FCF LTM | 17,331 |
| FCF 3Y Avg | 12,983 |
| CFO LTM | 30,796 |
| CFO 3Y Avg | 26,436 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 2.6% |
| Rev Chg 3Y Avg | 1.0% |
| Rev Chg Q | 2.8% |
| QoQ Delta Rev Chg LTM | 0.7% |
| Op Mgn LTM | 20.5% |
| Op Mgn 3Y Avg | 20.2% |
| QoQ Delta Op Mgn LTM | -0.7% |
| CFO/Rev LTM | 28.3% |
| CFO/Rev 3Y Avg | 27.5% |
| FCF/Rev LTM | 14.9% |
| FCF/Rev 3Y Avg | 12.9% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 141.7 |
| P/S | 1.1 |
| P/EBIT | 4.4 |
| P/E | 6.9 |
| P/CFO | 4.0 |
| Total Yield | 13.6% |
| Dividend Yield | 1.0% |
| FCF Yield 3Y Avg | 10.5% |
| D/E | 1.0 |
| Net D/E | 0.9 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -6.4% |
| 3M Rtn | 8.9% |
| 6M Rtn | 1.8% |
| 12M Rtn | -6.0% |
| 3Y Rtn | 27.9% |
| 1M Excs Rtn | -11.3% |
| 3M Excs Rtn | 10.0% |
| 6M Excs Rtn | -2.2% |
| 12M Excs Rtn | -34.7% |
| 3Y Excs Rtn | -45.1% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| VMO2 JV (nonconsolidated JV) | 13,650 | 13,574 | |||
| VodafoneZiggo JV (nonconsolidated JV) | 4,450 | 4,450 | |||
| Telenet | 3,084 | 3,089 | 2,807 | ||
| All other category | 1,014 | 776 | |||
| Virgin Media (VM) Ireland | 491 | 506 | 495 | ||
| Elimination of intercompany consolidated revenue | -248 | -256 | |||
| Nonconsolidated JV revenue | -18,100 | -18,025 | |||
| Central and Other | 960 | ||||
| Intersegment eliminations | -247 | ||||
| Sunrise | 3,181 | ||||
| Virgin Media United Kingdom (U.K.) | 0 | ||||
| Business-to-business (B2B) revenue - Non-subscription revenue | 1,244 | 1,432 | |||
| Business-to-business (B2B) revenue - Subscription revenue | 619 | 564 | |||
| Other revenue | 851 | 595 | |||
| Residential fixed revenue - Non-subscription revenue | 161 | 217 | |||
| Residential fixed revenue - Subscription revenue - Broadband internet | 2,372 | 3,182 | |||
| Residential fixed revenue - Subscription revenue - Fixed-line telephony | 841 | 1,328 | |||
| Residential fixed revenue - Subscription revenue - Video | 1,832 | 2,446 | |||
| Residential mobile revenue - Non-subscription revenue | 761 | 692 | |||
| Residential mobile revenue - Subscription revenue | 1,631 | 1,090 | |||
| Total | 4,342 | 4,116 | 7,196 | 10,311 | 11,545 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| VMO2 JV (nonconsolidated JV) | 4,503 | 4,531 | |||
| VodafoneZiggo JV (nonconsolidated JV) | 2,034 | 1,972 | |||
| Telenet | 1,292 | 1,315 | 1,300 | ||
| Virgin Media (VM) Ireland | 178 | 181 | 184 | ||
| Impairment, restructuring and other operating items, net | -50 | -43 | -85 | ||
| Elimination of intercompany consolidated revenue | -122 | ||||
| Share-based compensation expense | -168 | -205 | -192 | ||
| All other category | -189 | -215 | |||
| Depreciation and amortization | -1,002 | -1,216 | -2,171 | ||
| Nonconsolidated JV revenue | -6,537 | ||||
| Intercompany consolidated eliminations | -131 | ||||
| Nonconsolidated JV Adjusted EBITDA | -6,504 | ||||
| Central and Other | 75 | ||||
| Intersegment eliminations | -60 | ||||
| Sunrise | 1,098 | ||||
| Virgin Media United Kingdom (U.K.) | 0 | ||||
| Total | -60 | -314 | 147 |
Price Behavior
Price Behavior
| Market Price | $12.39 | |
| Market Cap ($ Bil) | 4.2 | |
| First Trading Date | 06/03/2004 | |
| Distance from 52W High | -4.9% | |
| 50 Days | 200 Days | |
| DMA Price | $12.16 | $11.28 |
| DMA Trend | up | up |
| Distance from DMA | 1.9% | 9.8% |
| 3M | 1YR | |
| Volatility | 45.3% | 33.6% |
| Downside Capture | 0.34 | 0.46 |
| Upside Capture | 225.01 | 84.98 |
| Correlation (SPY) | 28.4% | 24.5% |
LBTYA Betas & Captures as of 3/31/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.98 | 1.25 | 0.99 | 0.89 | 0.66 | 0.68 |
| Up Beta | 1.71 | 1.72 | 1.79 | 1.73 | 0.55 | 0.57 |
| Down Beta | 0.55 | -0.12 | -0.06 | 0.06 | 0.59 | 0.59 |
| Up Capture | 120% | 259% | 188% | 120% | 70% | 47% |
| Bmk +ve Days | 7 | 16 | 27 | 65 | 139 | 424 |
| Stock +ve Days | 10 | 17 | 24 | 54 | 115 | 364 |
| Down Capture | 102% | 96% | 92% | 99% | 92% | 95% |
| Bmk -ve Days | 12 | 23 | 33 | 58 | 110 | 323 |
| Stock -ve Days | 12 | 25 | 37 | 69 | 130 | 371 |
[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 LBTYA | |
|---|---|---|---|---|
| LBTYA | 18.9% | 33.6% | 0.56 | - |
| Sector ETF (XLC) | 29.9% | 13.9% | 1.64 | 27.7% |
| Equity (SPY) | 22.0% | 12.9% | 1.36 | 24.6% |
| Gold (GLD) | 49.0% | 27.5% | 1.44 | 6.8% |
| Commodities (DBC) | 25.0% | 16.1% | 1.38 | 5.4% |
| Real Estate (VNQ) | 17.3% | 13.7% | 0.92 | 19.5% |
| Bitcoin (BTCUSD) | -10.4% | 42.6% | -0.14 | 6.5% |
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 LBTYA | |
|---|---|---|---|---|
| LBTYA | -1.6% | 30.6% | -0.02 | - |
| Sector ETF (XLC) | 9.9% | 20.7% | 0.39 | 45.1% |
| Equity (SPY) | 10.9% | 17.0% | 0.50 | 44.9% |
| Gold (GLD) | 21.9% | 17.8% | 1.01 | 11.0% |
| Commodities (DBC) | 11.5% | 18.8% | 0.50 | 12.6% |
| Real Estate (VNQ) | 4.0% | 18.8% | 0.12 | 41.8% |
| Bitcoin (BTCUSD) | 5.1% | 56.5% | 0.31 | 19.0% |
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 LBTYA | |
|---|---|---|---|---|
| LBTYA | -3.3% | 32.3% | -0.03 | - |
| Sector ETF (XLC) | 9.7% | 22.3% | 0.52 | 48.5% |
| Equity (SPY) | 13.8% | 17.9% | 0.67 | 48.0% |
| Gold (GLD) | 14.3% | 15.9% | 0.75 | 6.9% |
| Commodities (DBC) | 8.7% | 17.6% | 0.41 | 18.1% |
| Real Estate (VNQ) | 5.4% | 20.7% | 0.22 | 40.1% |
| Bitcoin (BTCUSD) | 67.8% | 66.9% | 1.07 | 12.7% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 2/18/2026 | 16.8% | 15.1% | 6.4% |
| 10/30/2025 | 2.4% | 0.8% | 6.7% |
| 8/1/2025 | 5.2% | 8.8% | 17.2% |
| 5/2/2025 | -11.4% | -14.8% | -11.7% |
| 2/18/2025 | 0.1% | 2.5% | 7.2% |
| 10/29/2024 | -2.9% | -1.1% | 28.7% |
| 7/25/2024 | 3.2% | 2.0% | 0.3% |
| 5/1/2024 | 2.3% | 1.2% | 2.5% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 12 | 19 | 15 |
| # Negative | 12 | 5 | 9 |
| Median Positive | 2.4% | 1.8% | 6.7% |
| Median Negative | -2.3% | -4.6% | -10.8% |
| Max Positive | 16.8% | 15.1% | 28.7% |
| Max Negative | -11.4% | -14.8% | -16.1% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 12/31/2025 | 02/18/2026 | 10-K |
| 09/30/2025 | 10/30/2025 | 10-Q |
| 06/30/2025 | 08/01/2025 | 10-Q |
| 03/31/2025 | 05/02/2025 | 10-Q |
| 12/31/2024 | 02/18/2025 | 10-K |
| 09/30/2024 | 10/29/2024 | 10-Q |
| 06/30/2024 | 07/25/2024 | 10-Q |
| 03/31/2024 | 05/01/2024 | 10-Q |
| 12/31/2023 | 02/15/2024 | 10-K |
| 09/30/2023 | 10/31/2023 | 10-Q |
| 06/30/2023 | 07/24/2023 | 10-Q |
| 03/31/2023 | 05/09/2023 | 10-Q |
| 12/31/2022 | 02/22/2023 | 10-K |
| 09/30/2022 | 11/01/2022 | 10-Q |
| 06/30/2022 | 07/28/2022 | 10-Q |
| 03/31/2022 | 05/10/2022 | 10-Q |
Recent Forward Guidance [BETA]
Latest: Q4 2025 Earnings Reported 2/18/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Revenue | -0.05 | -0.04 | -0.03 | 100.0% | -2.0% | Lowered | Actual: -0.02 for 2025 |
| 2026 Adj. EBITDA | -0.05 | -0.04 | -0.03 | Lowered | Guidance: -100.00 Mil for 2026 | ||
| 2026 Capital Expenditures | 2.00 Bil | 2.10 Bil | 2.20 Bil | 0.0% | Affirmed | Actual: 2.10 Bil for 2025 | |
| 2026 Free Cash Flow | 200.00 Mil | -11.1% | Lowered | Actual: 225.00 Mil for 2025 | |||
| 2026 Dividends | 200.00 Mil | -11.1% | Lowered | Actual: 225.00 Mil for 2025 | |||
Prior: Q3 2025 Earnings Reported 10/30/2025
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2025 Adjusted EBITDA | -150.00 Mil | -14.3% | Raised | Guidance: -175.00 Mil for 2025 | |||
| 2025 Capital Expenditures | 0.38 | 0 | Affirmed | Guidance: 0.38 for 2025 | |||
| 2025 Free Cash Flow | -180.00 Mil | -165.00 Mil | -150.00 Mil | 0 | Affirmed | Guidance: -165.00 Mil for 2025 | |
| 2026 Adjusted EBITDA | -100.00 Mil | ||||||
Insider Activity
Expand for More| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Bracken, Charles H R | EVP & CFO | held by Charlouise Ltd. | Sell | 12102025 | 11.18 | 33,220 | Form | ||
| 2 | Curtis, Miranda | Direct | Sell | 8262025 | 11.77 | 42,600 | 501,338 | 1,521,726 | Form | |
| 3 | Bracken, Charles H R | EVP & CFO | held by Charlouise Ltd. | Sell | 8202025 | 11.31 | 60,000 | 678,570 | 375,702 | Form |
| 4 | Salvato, Andrea | EVP, Chief Development Officer | Direct | Sell | 8202025 | 11.49 | 30,000 | 344,640 | 1,821,664 | Form |
| 5 | Salvato, Andrea | EVP, Chief Development Officer | Direct | Sell | 8202025 | 11.58 | 30,000 | 347,547 | 1,810,639 | Form |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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