Tearsheet

Liberty Live (LLYVA)

Market Price (3/30/2026): $86.45 | Market Cap: $7.9 Bil
Sector: Communication Services | Industry: Movies & Entertainment

Liberty Live (LLYVA)

Market Price (3/30/2026): $86.45
Market Cap: $7.9 Bil
Sector: Communication Services
Industry: Movies & Entertainment

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

0	Low stock price volatility Vol 12M is 33%	Not profitable at operating income level Op Inc LTMOperating Income, Last Twelve Months is -52 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -14%
1	Megatrend and thematic drivers Megatrends include Experience Economy & Premiumization. Themes include Experiential Retail, and Travel & Leisure Tech.	Expensive valuation multiples P/SPrice/Sales ratio is 21x
2		Not cash flow generative CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -7.7%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -15%
3		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 -5.0%

0	Low stock price volatility Vol 12M is 33%
1	Megatrend and thematic drivers Megatrends include Experience Economy & Premiumization. Themes include Experiential Retail, and Travel & Leisure Tech.
2	Not profitable at operating income level Op Inc LTMOperating Income, Last Twelve Months is -52 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -14%
3	Expensive valuation multiples P/SPrice/Sales ratio is 21x
4	Not cash flow generative CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -7.7%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -15%
5	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 -5.0%

Valuation, Metrics & Events

	3/30/26	2025	2024	2023
Share Price CYE	$86.45	$81.50	$66.56	$36.55
Market Cap CYE ($ Bil)	7.9	7.5	6.1	3.4
Total Debt ($ Bil)	1.7	1.7	1.6	1.3
Total Cash ($ Bil)	0.0	0.0	0.1	0.3
Enterprise Value ($ Bil)	9.6	9.2	7.7	4.7
Valuation Ratios
P/S TTM	20.8	19.6	18.0	-
P/EBIT TTM	-112.4	-106.0	-53.2	-
P/E TTM	-91.4	-86.2	-54.2	-
P/FCF TTM	-140.8	-132.7	-242.3	-
Sector Ratios
P/S TTM (Sector)	1.0	1.2	1.1	1.2
P/EBIT TTM (Sector)	2.1	2.3	0.7	1.2
P/E TTM (Sector)	-0.4	-0.5	-0.6	-0.4
P/FCF TTM (Sector)	6.5	7.1	8.1	6.2

	3/30/26	2025	2024
Share Price CYE	$86.45	$81.50	$66.56
Market Cap CYE ($ Bil)	7.9	7.5	6.1
Total Debt ($ Bil)	1.7	1.7	1.6
Total Cash ($ Bil)	0.0	0.0	0.1
Enterprise Value ($ Bil)	9.6	9.2	7.7
Valuation Ratios
P/S TTM	20.8	19.6	18.0
P/EBIT TTM	-112.4	-106.0	-53.2
P/E TTM	-91.4	-86.2	-54.2
P/FCF TTM	-140.8	-132.7	-242.3
Sector Ratios
P/S TTM (Sector)	1.0	1.2	1.1
P/EBIT TTM (Sector)	2.1	2.3	0.7
P/E TTM (Sector)	-0.4	-0.5	-0.6
P/FCF TTM (Sector)	6.5	7.1	8.1

	LLYVA	S&P 500
REVENUE GROWTH	GOOD
Rev LTM ($ Bil)	0.4
Rev Chg Q	12.2%	7.3%
Rev Chg LTM	12.2%	6.7%
Rev Chg 3Y Avg	12.2%	5.7%
PROFITABILITY	VERY POOR
Op Inc LTM ($ Bil)	-0.1
CFO LTM ($ Bil)	-0.0
Net Inc LTM ($ Bil)	-0.1
Op Mgn LTM	-13.5%	18.6%
CFO/Rev LTM	-7.7%	20.7%
Net Inc Mgn	-22.8%	12.8%
VALUATION	VERY HIGH
P/S	20.8	3.1
P/CFO	-269.8	14.8
P/FCF	-140.8	19.4
P/E	-91.4	23.7
STABILITY	GOOD
Debt/Equity	0.21	0.22
Cash/Assets	0.02	0.07

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Metric

Upcoming
5/06/2026	Earnings Release	Rev: $70 Mil (E) EPS: $-0.13 (E)

Price Chart

Return (1M):

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Why The Stock Moved

Qualitative Assessment

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Liberty Live (LLYVA) stock has gained about 10% since 11/30/2025 because of the following key factors:

1. The stock experienced a significant gain of approximately 18.37% between November 2025 and March 2026, driven in part by the completion of the Liberty Live Group split-off from Liberty Media. This separation, finalized in December 2025, established Liberty Live Holdings, Inc. as a distinct public company, offering investors a more focused exposure to its live entertainment assets, primarily its interest in Live Nation, along with Quint and other minority investments.

2. A generally positive analyst outlook and robust price targets contributed to investor confidence. As of March 24, 2026, analysts maintained an average one-year price target for Liberty Live Holdings, Inc. of $142.51, with forecasts ranging from $121.75 to $170.87, suggesting substantial upside potential. Additionally, StockInvest.us upgraded its analysis conclusion for LLYVA from a "Sell" to a "Hold" candidate by March 25, 2026.

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Stock Movement Drivers

Fundamental Drivers

The 12.3% change in LLYVA stock from 11/30/2025 to 3/29/2026 was primarily driven by a 12.2% change in the company's Total Revenues ($ Mil).

(LTM values as of)	11302025	3292026	Change
Stock Price ($)	76.92	86.40	12.3%
Change Contribution By:
Total Revenues ($ Mil)	340	382	12.2%
P/S Multiple	20.8	20.8	0.2%
Shares Outstanding (Mil)	92	92	0.0%
Cumulative Contribution			12.3%

LTM = Last Twelve Months as of date shown

Market Drivers

11/30/2025 to 3/29/2026

	Return	Correlation
LLYVA	12.3%
Market (SPY)	-5.3%	41.2%
Sector (XLC)	-6.9%	36.5%

Fundamental Drivers

The -8.7% change in LLYVA stock from 8/31/2025 to 3/29/2026 was primarily driven by a -18.5% change in the company's P/S Multiple.

(LTM values as of)	8312025	3292026	Change
Stock Price ($)	94.62	86.40	-8.7%
Change Contribution By:
Total Revenues ($ Mil)	340	382	12.2%
P/S Multiple	25.5	20.8	-18.5%
Shares Outstanding (Mil)	92	92	-0.2%
Cumulative Contribution			-8.7%

LTM = Last Twelve Months as of date shown

Market Drivers

8/31/2025 to 3/29/2026

	Return	Correlation
LLYVA	-8.7%
Market (SPY)	0.6%	25.4%
Sector (XLC)	-3.3%	25.4%

Fundamental Drivers

The 20.8% change in LLYVA stock from 2/28/2025 to 3/29/2026 was primarily driven by a 12.2% change in the company's Total Revenues ($ Mil).

(LTM values as of)	2282025	3292026	Change
Stock Price ($)	71.52	86.40	20.8%
Change Contribution By:
Total Revenues ($ Mil)	340	382	12.2%
P/S Multiple	19.3	20.8	7.8%
Shares Outstanding (Mil)	92	92	-0.1%
Cumulative Contribution			20.8%

LTM = Last Twelve Months as of date shown

Market Drivers

2/28/2025 to 3/29/2026

	Return	Correlation
LLYVA	20.8%
Market (SPY)	9.8%	56.0%
Sector (XLC)	6.2%	56.2%

Fundamental Drivers

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Market Drivers

2/28/2023 to 3/29/2026

	Return	Correlation
LLYVA
Market (SPY)	69.4%	49.0%
Sector (XLC)	106.7%	45.5%

Return vs. Risk

Price Returns Compared

	2021	2022	2023	2024	2025	2026	Total [1]
Returns
LLYVA Return	-	-	2%	82%	22%	10%	150%
Peers Return	24%	-34%	29%	48%	6%	-21%	30%
S&P 500 Return	27%	-19%	24%	23%	16%	-5%	72%
Monthly Win Rates [3]
LLYVA Win Rate	-	-	40%	83%	58%	33%
Peers Win Rate	48%	25%	44%	69%	48%	27%
S&P 500 Win Rate	75%	42%	67%	75%	67%	33%
Max Drawdowns [4]
LLYVA Max Drawdown	-	-	-17%	-8%	-8%	-4%
Peers Max Drawdown	-12%	-41%	-4%	-5%	-15%	-27%
S&P 500 Max Drawdown	-1%	-25%	-1%	-2%	-15%	-5%

[1] Cumulative total returns since the beginning of 2021
[2] Peers: NFLX, KUST, DIS, LYV, FWONA.
[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 3/27/2026 (YTD)

How Low Can It Go

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

Unique Key	Event	XLC	S&P 500
2022 Inflation Shock	2022 Inflation Shock
2022 Inflation Shock% Loss	% Loss	-47.2%	-25.4%
2022 Inflation Shock% Gain to Breakeven	% Gain to Breakeven	89.5%	34.1%
2022 Inflation ShockTime to Breakeven	Time to Breakeven	602 days	464 days
2020 Covid Pandemic	2020 Covid Pandemic
2020 Covid Pandemic% Loss	% Loss	-30.1%	-33.9%
2020 Covid Pandemic% Gain to Breakeven	% Gain to Breakeven	43.2%	51.3%
2020 Covid PandemicTime to Breakeven	Time to Breakeven	112 days	148 days
2018 Correction	2018 Correction
2018 Correction% Loss	% Loss	-24.8%	-19.8%
2018 Correction% Gain to Breakeven	% Gain to Breakeven	32.9%	24.7%
2018 CorrectionTime to Breakeven	Time to Breakeven	326 days	120 days

Compare to NFLX, KUST, DIS, LYV, FWONA

In The Past

The Communication Services Select Sector SPDR Fund's stock fell -47.2% during the 2022 Inflation Shock from a high on 9/1/2021. A -47.2% loss requires a 89.5% gain to breakeven.

Preserve Wealth

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Asset Allocation

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About Liberty Live (LLYVA)

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

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

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Here are 1-3 brief analogies for Liberty Live (LLYVA):

Like the Madison Square Garden Sports Corp. (MSGS) of Major League Baseball, owning the Atlanta Braves and their associated real estate.
Similar to Vail Resorts (MTN), but instead of ski resorts, it owns the Atlanta Braves baseball team and develops the mixed-use area around their stadium.

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Professional Baseball Team Ownership & Operations: Owns and operates the Atlanta Braves Major League Baseball Club, generating revenue from game tickets, broadcasting rights, and merchandise.
Stadium Management & Event Hosting: Manages the stadium where the Atlanta Braves play, facilitating baseball games and other events.
Mixed-Use Real Estate Development: Develops and manages a mixed-use project adjacent to the stadium, encompassing various commercial and residential properties.

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Liberty Live (LLYVA), through its subsidiary Braves Holdings, LLC, which owns the Atlanta Braves Major League Baseball Club and the associated stadium and mixed-use development (The Battery Atlanta), sells primarily to other companies for its major revenue streams.

Its major customers include:

Truist Financial Corporation (TFC): Holds the naming rights for the Atlanta Braves' stadium, Truist Park.
Sinclair Broadcast Group (SBGI): Through its subsidiary Bally Sports South, it holds broadcasting rights for Atlanta Braves games.
Major Corporate Sponsors and Advertisers: Various large companies, such as The Coca-Cola Company (KO) and Delta Air Lines, Inc. (DAL), enter into significant sponsorship and advertising agreements with the Atlanta Braves.
Tenants of The Battery Atlanta: Companies that lease commercial space (e.g., retail, restaurants, hotels, offices) within the mixed-use development adjacent to Truist Park.

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Compass Group PLC (CPG)
Nike, Inc. (NKE)

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The rise of highly interactive, personalized, and often short-form digital entertainment platforms (such as advanced video gaming, esports, virtual reality experiences, and social media platforms emphasizing brief video content) poses a clear emerging threat to the long-term engagement and fan base for traditional, longer-form sports like baseball. These platforms are increasingly capturing the attention and leisure time of younger demographics, fundamentally altering entertainment consumption habits and challenging the sustained interest required for live sporting events and their associated revenue streams.

AI Analysis | Feedback

Liberty Live (LLYVA), through its subsidiary Braves Holdings, LLC, primarily operates within the professional sports and entertainment industry, centering on the Atlanta Braves Major League Baseball Club, stadium operations, and a mixed-use development project. The addressable markets for its main products and services are primarily within the United States and North America, encompassing key revenue streams such as live sports events, broadcasting rights, sponsorships, and licensed merchandise.

Addressable Markets for Liberty Live's Products and Services:

Major League Baseball (MLB) Market: The global baseball league industry is projected to grow from approximately $27 billion in 2025 to over $38 billion by 2032, with North America dominating this market due to the popularity of Major League Baseball. The overall Major League Baseball market is projected to grow from USD 13.2 billion in 2025 to USD 21.0 billion by 2033.
U.S. Sports Events Market: The United States sports event market was valued at USD 163.7 billion in 2025 and is expected to reach USD 264.7 billion by 2033, with professional sports events accounting for the largest share. Another estimate places the U.S. Sports Events Market at USD 104.81 billion in 2024, with a projection to reach USD 200.09 billion by 2033. North America accounted for over 37% of the global sports events market, which was estimated at USD 485.14 billion in 2025 and is projected to reach USD 884.69 billion by 2033.
U.S. Sports Broadcasting and Media Market: The United States sports broadcasting media market was valued at USD 30.23 billion in 2025 and is expected to grow to USD 34.40 billion by 2035. The U.S. sports broadcasting technology market generated approximately USD 21.99 billion in revenue in 2023 and is anticipated to reach USD 28.62 billion by 2030. American sports rights were estimated to be worth $22.42 billion in 2019, representing about 44% of the total worldwide sports media market.
U.S. Sports Sponsorship Market: The sports sponsorship market in the United States was valued at USD 20.31 billion in 2024 and is projected to reach USD 43.45 billion by 2033. North America leads the sports sponsorship market, with a share amounting to USD 22.11 billion in 2024, and is estimated to reach USD 38.79 billion by 2031.
U.S. Licensed Sports Merchandise Market: The U.S. licensed sports merchandise market reached USD 15.05 billion in 2025. It is expected to reach a projected revenue of US$ 22.57 billion by 2030, and grow to US$ 20.72 billion by 2033. Overall, the licensed sports merchandise market is projected to reach approximately $30 billion in 2025.

AI Analysis | Feedback

Here are 5 expected drivers of future revenue growth for Liberty Live (LLYVA) over the next 2-3 years:

Continued Expansion and Performance of The Battery Atlanta: The mixed-use development surrounding Truist Park, The Battery Atlanta, is a significant driver of non-baseball related revenue. This segment has shown substantial growth, with a 45% year-over-year increase in revenue in 2025. Its expansion, including the acquisition of adjacent real estate like Pennant Park, and high visitor traffic, are expected to continue driving rental income, parking revenue, and sponsorship income, which are not subject to league revenue sharing.
Direct Monetization from BravesVision: The Atlanta Braves' transition to an in-house broadcasting model, BravesVision, represents a strategic shift to directly control and monetize local media rights. This move, initiated after exiting a regional sports network agreement, is anticipated to create new revenue streams and enhance fan engagement by allowing the team to produce and distribute local game broadcasts directly.
Growth in Live Entertainment Events and Ticketing via Live Nation: As a significant underlying asset of Liberty Live Holdings, Live Nation Entertainment is projected for double-digit growth in operating income for 2026, following a record-breaking 2025. This growth will be driven by promoting a vast number of live music and other events, managing artists, and robust ticket sales through its ticketing segment.
Expansion of Premium Sports and Entertainment Experiences through Quint: Quint, a consolidated subsidiary of Liberty Live, specializes in providing premium sports and entertainment experiences, including hospitality packages for major events like Formula 1, NBA games, and MotoGP. This segment is exploring potential mergers and acquisitions to enhance its capabilities and support long-term growth, with revenue increases seen from events such as NBA Experiences and F1 Experiences.
Sustained Baseball-Related Revenue Growth: The core baseball operations of the Atlanta Braves continue to contribute to revenue growth. This includes consistent performance in traditional areas such as ticket sales, in-park concessions, and sponsorships. The team reported record-breaking regular season ticket sales and sponsorship revenue in 2025, indicating ongoing demand for the Atlanta Braves' brand and events.

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Interactive Breakdown

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Better Bets vs. Liberty Live (LLYVA)

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Latest Trefis Analyses

	Title	Date
0	DASHBOARDS
1	LLYVA Stock Surges 22% With A 10-day Spree On Institutional Accumulation	02/21/2026
2	LLYVA Stock Surges 21% With A 9-day Winning Spree On Institutional Accumulation	02/20/2026
3	LLYVA Stock Surges 18% With A 8-day Winning Spree On Institutional Accumulation	02/19/2026
4	LLYVA Stock Surges 18% With A 7-day Winning Spree On Institutional Accumulation	02/18/2026
5	LLYVA Stock Surges 16% With A 6-day Winning Spree On Institutional Accumulation	02/14/2026
6	Why Liberty Live Stock Moved: LLYVA Stock Has Gained 124% Since 2023 Fiscal End, Primarily Due To Favorable Change In Revenues	08/08/2025
7	Liberty Live (LLYVA) Valuation Ratios Comparison	05/15/2025
8	Liberty Live (LLYVA) Operating Cash Flow Comparison	02/17/2025
9	Liberty Live (LLYVA) Net Income Comparison	02/15/2025
10	Liberty Live (LLYVA) Operating Income Comparison	02/15/2025
11	ARTICLES
12	Small Cap Stocks Trading At 52-Week High	08/20/2025

	Title
0	DASHBOARDS
1	LLYVA Stock Surges 22% With A 10-day Spree On Institutional Accumulation
2	LLYVA Stock Surges 21% With A 9-day Winning Spree On Institutional Accumulation
3	LLYVA Stock Surges 18% With A 8-day Winning Spree On Institutional Accumulation
4	LLYVA Stock Surges 18% With A 7-day Winning Spree On Institutional Accumulation
5	LLYVA Stock Surges 16% With A 6-day Winning Spree On Institutional Accumulation
6	Why Liberty Live Stock Moved: LLYVA Stock Has Gained 124% Since 2023 Fiscal End, Primarily Due To Favorable Change In Revenues
7	Liberty Live (LLYVA) Valuation Ratios Comparison
8	Liberty Live (LLYVA) Operating Cash Flow Comparison
9	Liberty Live (LLYVA) Net Income Comparison
10	Liberty Live (LLYVA) Operating Income Comparison
11	ARTICLES
12	Small Cap Stocks Trading At 52-Week High

Trade Ideas

Select ideas related to LLYVA.

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
YELP_2132026_Dip_Buyer_High_CFO_Margins_ExInd_DE	02132026	YELP	Yelp	Dip Buy	DB \| CFO/Rev \| Low D/EDip Buy with High Cash Flow Margins Buying dips for companies with significant cash flows from operations and reasonable debt / market cap	6.2%	6.2%	-5.7%
TRIP_2132026_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG	02132026	TRIP	Tripadvisor	Dip Buy	DB \| FCF Yield \| Low D/EDip Buy with High Free Cash Flow Yield Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap	5.2%	5.2%	0.0%
OMC_2062026_Dip_Buyer_FCFYield	02062026	OMC	Omnicom	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	22.1%	22.1%	-3.7%
MGNI_2062026_Dip_Buyer_High_CFO_Margins_ExInd_DE	02062026	MGNI	Magnite	Dip Buy	DB \| CFO/Rev \| Low D/EDip Buy with High Cash Flow Margins Buying dips for companies with significant cash flows from operations and reasonable debt / market cap	20.6%	20.6%	-0.8%
RBLX_1302026_Dip_Buyer_High_CFO_Margins_ExInd_DE	01302026	RBLX	Roblox	Dip Buy	DB \| CFO/Rev \| Low D/EDip Buy with High Cash Flow Margins Buying dips for companies with significant cash flows from operations and reasonable debt / market cap	4.4%	4.4%	-7.9%

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Peer Comparisons

Peers to compare with:

Financials

	LLYVA	NFLX	KUST	DIS	LYV	FWONA	Median
Name	Liberty .	Netflix	Kustom E.	Walt Dis.	Live Nat.	Liberty .
Mkt Price	86.40	93.43	0.51	92.42	145.71	75.11	89.41
Mkt Cap	7.9	395.1	-	165.1	33.8	18.8	33.8
Rev LTM	382	45,183	19	95,716	25,201	4,482	14,842
Op Inc LTM	-52	13,327	-6	13,629	1,233	600	916
FCF LTM	-56	9,461	-10	7,060	305	751	528
FCF 3Y Avg	-	7,770	-9	7,803	748	1,371	1,371
CFO LTM	-29	10,149	-10	15,631	1,395	870	1,133
CFO 3Y Avg	-	8,262	-8	14,549	1,494	1,590	1,590

Growth & Margins

	LLYVA	NFLX	KUST	DIS	LYV	FWONA	Median
Name	Liberty .	Netflix	Kustom E.	Walt Dis.	Live Nat.	Liberty .
Rev Chg LTM	12.2%	15.9%	-9.6%	3.5%	8.8%	22.7%	10.5%
Rev Chg 3Y Avg	-	12.7%	-21.2%	4.3%	15.7%	21.3%	12.7%
Rev Chg Q	12.2%	17.6%	12.0%	5.2%	11.1%	37.9%	12.1%
QoQ Delta Rev Chg LTM	12.2%	4.2%	2.6%	1.4%	2.6%	10.9%	3.4%
Op Mgn LTM	-13.5%	29.5%	-33.8%	14.2%	4.9%	13.4%	9.1%
Op Mgn 3Y Avg	-	25.6%	-64.4%	13.2%	4.4%	10.5%	10.5%
QoQ Delta Op Mgn LTM	4.7%	0.3%	8.6%	-0.4%	0.3%	1.0%	0.7%
CFO/Rev LTM	-7.7%	22.5%	-52.5%	16.3%	5.5%	19.4%	10.9%
CFO/Rev 3Y Avg	-	21.0%	-37.4%	15.7%	6.3%	42.6%	15.7%
FCF/Rev LTM	-14.8%	20.9%	-54.3%	7.4%	1.2%	16.8%	4.3%
FCF/Rev 3Y Avg	-	19.7%	-38.6%	8.5%	3.2%	36.7%	8.5%

Valuation

	LLYVA	NFLX	KUST	DIS	LYV	FWONA	Median
Name	Liberty .	Netflix	Kustom E.	Walt Dis.	Live Nat.	Liberty .
Mkt Cap	7.9	395.1	-	165.1	33.8	18.8	33.8
P/S	20.8	8.7	-	1.7	1.3	4.2	4.2
P/EBIT	-112.4	29.3	-	12.0	25.1	19.4	19.4
P/E	-91.3	36.0	-	13.5	68.2	34.9	34.9
P/CFO	-269.7	38.9	-	10.6	24.3	21.6	21.6
Total Yield	-1.1%	2.8%	-	8.0%	1.5%	2.9%	2.8%
Dividend Yield	0.0%	0.0%	-	0.5%	0.0%	0.0%	0.0%
FCF Yield 3Y Avg	-	2.5%	-	4.1%	2.9%	8.2%	3.5%
D/E	0.2	0.0	-	0.3	0.3	0.3	0.3
Net D/E	0.2	0.0	-	0.2	0.1	0.2	0.2

Returns

	LLYVA	NFLX	KUST	DIS	LYV	FWONA	Median
Name	Liberty .	Netflix	Kustom E.	Walt Dis.	Live Nat.	Liberty .
1M Rtn	-11.0%	-2.9%	-55.3%	-12.8%	-10.1%	-11.0%	-11.0%
3M Rtn	5.3%	-1.1%	-82.0%	-18.6%	-0.1%	-15.1%	-8.1%
6M Rtn	-7.9%	-22.8%	-82.0%	-18.0%	-9.9%	-20.9%	-19.5%
12M Rtn	30.9%	0.0%	-82.0%	-4.7%	16.5%	-6.5%	-2.3%
3Y Rtn	141.8%	176.1%	-82.0%	-3.6%	110.6%	44.0%	77.3%
1M Excs Rtn	-1.0%	18.3%	-49.7%	-4.6%	0.1%	1.8%	-0.4%
3M Excs Rtn	13.1%	7.9%	-73.9%	-11.1%	8.4%	-6.7%	0.6%
6M Excs Rtn	-4.4%	-19.1%	-78.5%	-14.1%	-6.5%	-16.8%	-15.4%
12M Excs Rtn	15.8%	-15.2%	-93.5%	-18.8%	3.5%	-19.1%	-17.0%
3Y Excs Rtn	80.0%	156.1%	-143.8%	-62.1%	58.2%	-17.7%	20.2%

FDIC Bank Data

Bank Capital

null

Bank Deposits

null

Bank Assets

null

Bank Loans

null

FDA Approved Drugs Data

Expand for Morenull

Financials

Annual
Quarterly

$ Mil \| FY: 12/31	LTM	2025	2024	2023
Period End	12/31/2025	12/31/2025	12/31/2024	12/31/2023
Filing Date	2/26/2026	2/26/2026	2/27/2025	2/28/2024
Key Financials
Total Revenue	382	382	340	0
EBITDA	41	-45	-88	-170
Operating Income	-52	-52	-49	-11
Net Income	-87	-87	-113	-142
EPS	-0.95	-0.95	-1.23	-1.55
Growth Rates
Total Revenue Growth	12.2%	12.2%	∞%	-
EBITDA Growth	147.3%	49.1%	48.5%	-
Operating Income Growth	-5.1%	-5.1%	-347.3%	-
Net Income Growth	22.9%	22.9%	20.6%	-
Margins
EBITDA Margin	10.8%	-11.7%	-25.7%	-
Operating Income Margin	-13.5%	-13.5%	-14.5%	-
Net Income Margin	-22.8%	-22.8%	-33.1%	-
Cash & Debt
Total Cash	38	38	67	305
Total Debt	1,667	1,667	1,556	1,317
Net Debt / (Cash)	1,628	1,628	1,489	1,012
Cash Flows
Net Cash from Operations	-29	-29	-25	-13
Free Cash from Operations	-56	-29	-25	-13
Returns to Shareholders
Dividends	0	-0	-0	-0
Share Repurchases	-0	-0	-0	-0

$ Mil \| FY: 12/31	2025Q4	2025Q3	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3
Period End	12/31/2025	9/30/2025	6/30/2025	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023
Filing Date	2/26/2026	11/5/2025	8/7/2025	5/7/2025	2/27/2025	11/12/2024	8/9/2024	5/8/2024	2/28/2024	11/3/2023
Key Financials Quarterly
Total Revenue	382	0	0	0	340	0	0	0	0	0
Ebitda	248	-59	-219	71	-207	28	177	-86	-148	-22
Operating Income	-32	-9	-7	-4	-42	-3	-2	-2	-6	-5
Net Income	161	-53	-178	-17	-189	15	134	-73	-123	-19
EPS	1.75	-0.58	-1.94	-0.19	-2.06	0.16	1.46	-0.80	-1.34	-0.21
Key Financials TTM
Total Revenue TTM	382	340	340	340	340	0	0	-	-	-
Ebitda TTM	41	-414	-327	69	-88	-29	-79	-	-	-
Operating Income TTM	-52	-62	-56	-51	-49	-13	-15	-	-	-
Net Income TTM	-87	-437	-369	-57	-113	-47	-81	-	-	-
Growth Rates Quarterly
Total Revenue Growth	12.2%	-	-	-	-	-	-	-	-	-
EBITDA Growth	220.3%	-310.7%	-223.7%	182.6%	-39.6%	227.3%	-	-	-	-
Operating Income Growth	24.8%	-200.0%	-250.0%	-100.0%	-603.5%	40.0%	-	-	-	-
Net Income Growth	185.3%	-453.3%	-232.8%	76.7%	-53.5%	178.9%	-	-	-	-
Margins Quarterly
EBITDA Margin	65.0%	-	-	-	-60.7%	-	-	-	-	-
Operating Income Margin	-8.3%	-	-	-	-12.4%	-	-	-	-	-
Net Income Margin	42.2%	-	-	-	-55.4%	-	-	-	-	-
Cash & Debt
Total Cash	38	297	308	314	67	388	406	298	305	315
Total Debt	1,667	1,873	1,769	1,582	1,556	1,437	1,303	1,418	1,317	1,226
Net Debt / (Cash)	1,628	1,576	1,461	1,268	1,489	1,049	897	1,120	1,012	911
Cash Flows Quarterly
FCF from Operations	-1	-12	-156	140	-14	-4	2	-9	-10	-
Cash Flows TTM
FCF from Operations TTM	-29	-42	-34	124	-25	-21	-	-	-	-
Returns to Shareholders Quarterly
Dividends	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0
Return on Invested Capital (ROIC) Quarterly
ROIC	-4.7%	-1.8%	-1.5%	-1.0%	-7.6%	-0.9%	-0.7%	-0.6%	-1.9%	-1.7%
Return on Invested Capital (ROIC) TTM
ROIC TTM	-2.2%	-3.1%	-3.0%	-3.2%	-2.2%	-1.0%	-1.3%	-	-	-

Segment Financials

Assets by Segment

$ Mil	2025	2024
Single Segment	1,223	1,162
Total	1,223	1,162

Price Behavior

Price Behavior

Market Price	$86.40
Market Cap ($ Bil)	7.9
First Trading Date	01/10/2013
Distance from 52W High	-12.7%
	50 Days	200 Days
DMA Price	$88.85	$85.66
DMA Trend	up	up
Distance from DMA	-2.8%	0.9%
	3M	1YR
Volatility	35.0%	33.1%
Downside Capture	0.60	0.52
Upside Capture	169.73	89.29
Correlation (SPY)	44.5%	54.4%

LLYVA Betas & Captures as of 2/28/2026

	1M	2M	3M	6M	1Y	3Y
Beta	0.70	0.43	0.44	0.28	0.93	-0.09
Up Beta	0.34	-0.51	-0.42	0.29	1.09	0.07
Down Beta	0.44	0.83	0.72	0.39	0.95	-0.06
Up Capture	222%	132%	133%	20%	79%	96%
Bmk +ve Days	9	20	31	70	142	431
Stock +ve Days	15	27	37	69	139	357
Down Capture	-54%	-33%	-22%	22%	74%	92%
Bmk -ve Days	12	21	30	54	109	320
Stock -ve Days	6	14	23	54	110	282

[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 LLYVA
LLYVA	28.5%	33.1%	0.80	-
Sector ETF (XLC)	9.1%	18.3%	0.33	54.6%
Equity (SPY)	14.5%	18.9%	0.59	54.3%
Gold (GLD)	50.2%	27.7%	1.46	4.0%
Commodities (DBC)	17.8%	17.6%	0.85	24.9%
Real Estate (VNQ)	0.4%	16.4%	-0.15	49.7%
Bitcoin (BTCUSD)	-23.7%	44.2%	-0.49	18.8%

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 LLYVA
LLYVA	19.5%	32.4%	1.08	-
Sector ETF (XLC)	8.1%	20.7%	0.31	45.4%
Equity (SPY)	11.8%	17.0%	0.54	49.0%
Gold (GLD)	20.7%	17.7%	0.96	8.1%
Commodities (DBC)	11.6%	18.9%	0.50	14.5%
Real Estate (VNQ)	3.0%	18.8%	0.07	39.7%
Bitcoin (BTCUSD)	4.0%	56.6%	0.29	16.5%

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 LLYVA
LLYVA	9.3%	32.4%	1.08	-
Sector ETF (XLC)	8.7%	22.4%	0.47	45.4%
Equity (SPY)	14.0%	17.9%	0.67	49.0%
Gold (GLD)	13.3%	15.8%	0.70	8.1%
Commodities (DBC)	8.2%	17.6%	0.39	14.5%
Real Estate (VNQ)	4.7%	20.7%	0.19	39.7%
Bitcoin (BTCUSD)	66.4%	66.8%	1.06	16.5%

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

Short Interest

Short Interest: As Of Date	3132026
Short Interest: Shares Quantity	0.9 Mil
Short Interest: % Change Since 2282026	-11.3%
Average Daily Volume	0.2 Mil
Days-to-Cover Short Interest	5.3 days
Basic Shares Quantity	91.9 Mil
Short % of Basic Shares	1.0%

Returns Analyses

null

Earnings Returns History

Expand for More

	Forward Returns
Earnings Date	1D Returns	5D Returns	21D Returns
SUMMARY STATS
# Positive	0	0	0
# Negative	0	0	0
Median Positive
Median Negative
Max Positive
Max Negative

SEC Filings

Expand for More

Report Date	Filing Date	Filing
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

Recent Forward Guidance [BETA]

Latest: null Earnings Reported N/A/N/A/N/A | Prior: null Earnings Reported N/A/N/A/N/A

null

Insider Activity

Expand for More

#	Owner	Holding	Action	Filing Date	Price	Shares	Transacted Value	Value of Held Shares	Form
1	Berkshire, Hathaway Inc	See footnotes	Sell	2172026	83.48	20,226	1,688,501	909,736,399	Form
2	Berkshire, Hathaway Inc	See footnotes	Sell	2172026	81.22	44,100	3,581,952	881,544,770	Form
3	Berkshire, Hathaway Inc	See footnotes	Sell	2172026	82.25	65,071	5,352,018	887,322,847	Form
4	Berkshire, Hathaway Inc	See footnotes	Sell	2172026	82.40	18,689	1,539,884	887,361,286	Form
5	Berkshire, Hathaway Inc	See footnotes	Sell	2172026	83.27	66,568	5,543,424	891,288,627	Form

LLYVA Trade Sentinel

Stock Conviction

null

CONVICTION RATIONALE

null

STOCK ARCHETYPE

null

INVESTMENT THESIS

null

Mechanism: null

Supporting Evidence:

PRIMARY RISK

null

Mechanism: null

Supporting Evidence:

Key KPI Watchlist

KPI	Threshold	Rationale

Core Investment Debate

BULL VIEW

CORE TENSION

PREVAILING SENTIMENT

BEAR VIEW

Next 6 months: Risks and Catalysts

Timeline	Event & Metric To Watch

Key Events in Last 6 Months

Date	Event	Stock Impact

Risk Management

Position Sizing

null

Diversification Alternatives

How Is The Market Pricing LLYVA?

What will confirm the thesis

What will damage the thesis

Noise: Real but irrelevant to thesis

Repricing Catalyst

What LLYVA Makes & Who Pays

TTM figures based on

LLYVA Evolution: Price Return by Era

① Structure

② Volume / Momentum

③ Catalyst

Combined Score

0 / 12

1 Price Structure & Trend · ▾

2 Momentum ▾

3 Relative Strength vs. SPY ▾

4 Institutional Footprint & Volume ▾

5 Volatility ▾

6 Key Price Levels Range · Vol ▾

7 Earnings Reaction History ▾

8 How the Verdict Is Derived Three Pillars ▾

Pillar	Score
① Structure	0
② Vol / Mom	0
③ Catalyst	0

ℹ Bull Pillars: 0 · Bear Pillars: 0 · Combined Score: 0 →

External Quote Links

0	Y Finance	Barrons
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2	SeekingAlpha	ValueLine
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4	CNBC	Etrade
5	MarketWatch	Unusual Whales
6	YCharts	Perplexity Finance
7	FinViz

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Liberty Live (LLYVA)

Market Price (3/30/2026): $86.45 | Market Cap: $7.9 BilSector: Communication Services | Industry: Movies & Entertainment

Liberty Live (LLYVA)

Market Price (3/30/2026): $86.45Market Cap: $7.9 BilSector: Communication ServicesIndustry: Movies & Entertainment

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

Valuation, Metrics & Events

Price Chart

Why The Stock Moved

Qualitative Assessment

Stock Movement Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Return vs. Risk

Price Returns Compared

How Low Can It Go

In The Past

Preserve Wealth

Asset Allocation

About Liberty Live (LLYVA)

Addressable Markets for Liberty Live's Products and Services:

Interactive Breakdown

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FDA Approved Drugs Data

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Segment Financials

Price Behavior

Based On 1-Year Data

Based On 5-Year Data

Based On 10-Year Data

Short Interest

Returns Analyses

Earnings Returns History

SEC Filings

Recent Forward Guidance [BETA]

Insider Activity

LLYVA Trade Sentinel

null

CONVICTION RATIONALE

STOCK ARCHETYPE

INVESTMENT THESIS

PRIMARY RISK

BULL VIEW

CORE TENSION

PREVAILING SENTIMENT

BEAR VIEW

Position Sizing

null

Diversification Alternatives

Repricing Catalyst

Industry Resources

Market Price (3/30/2026): $86.45 | Market Cap: $7.9 Bil
Sector: Communication Services | Industry: Movies & Entertainment

Market Price (3/30/2026): $86.45
Market Cap: $7.9 Bil
Sector: Communication Services
Industry: Movies & Entertainment