Atlanta Braves Holdings
BATRA on Nasdaq. Atlanta Braves Holdings sells baseball games, tickets, and team merchandise to fans. Market value $2.5bn.
Price checks use the past 12 months to June 2026. Some use the latest annual report instead, as marked. Quality checks use five annual reports, the latest for the year to December 2025.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
See Retail & consumer stocks that passed both tests
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $-1.86 of spare cash last year. A savings account pays about $4.
The filings do not give us enough to work this out.
Each dollar kept in the business earns -3 cents a year. Above 10 is good.
Quality score: 23 of 100. Price score: 0 of 100. Our list needs 70 on quality and 60 on price.
$57.75 a share, 39% above its 1-year low
Over the past year the price has ranged from $41.50 to $60.48.
Pays no dividend
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | |||
| Revenue | $641m | $663m | $732m |
| Operating margin | |||
| Operating margin | -7.2% | -6.0% | -1.8% |
| Debt to equity | |||
| Debt to equity | 1.28 | 1.39 | 1.60 |
| Shares outstanding | |||
| Shares outstanding | 0.06bn | 0.06bn | 0.06bn |
Health checks
- Free cash flow positive0 of 3 years
- Accounting looks honest (Beneish)Not enough data
- Financial strength (Piotroski)3 of 7 checks we could run
- Profit backed by cash (accruals)Yes
- Debt1.60× equity
- Revenue growth, five yearsUnknown
- Buying back its own sharesRoughly flat
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $305 million last quarter, down 2% on a year ago.
- A loss of $12 million, after a profit of $29 million a year ago.
- It loses 9 cents on each $1 of sales, compared with 2 cents a year earlier.
- 2% more shares than a year ago. Each share owns a bit less of the company.
- Debt is $774 million more than cash, up from $708 million a year ago.
- Sales grew on a year ago in 3 of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $291m |
| December 2024 | $52m |
| March 2025 | $47m |
| June 2025 | $312m |
| September 2025 | $312m |
| December 2025 | $61m |
| March 2026 | $72m |
| June 2026 | $305m |
| Quarter to | Amount |
|---|---|
| September 2024 | $10m |
| December 2024 | -$19m |
| March 2025 | -$41m |
| June 2025 | $29m |
| September 2025 | $30m |
| December 2025 | -$41m |
| March 2026 | -$40m |
| June 2026 | -$12m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 26 February 2026
- Next quarterly (estimated, 10-Q)
- 4 November 2026
Who owns it
3 long-term investors we follow own it, unchanged from 3 last quarter. 205 funds in all.
- GAMCO InvestorsMario Gabelli
- Value
- $121m
- Share of fund
- 1.1%
- Horizon KineticsMurray Stahl
- Value
- $1m
- Share of fund
- <0.1%
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| GAMCO InvestorsMario Gabelli | $121m | 1.1% | |
| Third Avenue ManagementMatthew Fine | $6m | 1.0% | Cut |
| Horizon KineticsMurray Stahl | $1m | <0.1% |
Largest holders overall
- GAMCO Investors$121m
- Gabelli Funds$52m
- BlackRock$31mAdded
- Vanguard Capital Management$23mCut
- Renaissance Technologies$20mAdded
- Morgan Stanley$18mAdded
- State Street$13mAdded
- Geode Capital Management$13mCut
- Dimensional Fund Advisors LP$13m
- Roundview Capital$10m
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
3 investors own more than 5%.
- John C. Malone97.1%+91.7 ptsSince 5 February 2026
What they said
The information contained in Item 4 of the Schedule 13D is hereby amended to delete the last two paragraphs thereof and supplemented to include the following information: As previously disclosed in this Schedule 13D, Mr. Malone has continued to review his investment in the…
Read the filing - GAMCO Asset Management Inc.Passive investorat least 19.5%(filed with 8 related holders)Since 1 September 2026
What they said
The Reporting Persons file the long form Schedule 13D pursuant to Section 13d-1 of the Securities Exchange Act of 1934 (the "Act") even though they may be technically eligible to file the short form Schedule G. Because the Reporting Persons may regularly communicate with the…
Read the filing - BlackRock, Inc.Passive investor5.6%Since 30 June 2025
- Vanguard Capital ManagementPassive investorSold down below 5%Since 30 June 2026
- Broad Bay Capital Management, LPPassive investorSold down below 5%Since 30 June 2026
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
John C. Malone | 97.1%+91.7 pts | 5 February 2026 | What they saidThe information contained in Item 4 of the Schedule 13D is hereby amended to delete the last two paragraphs thereof and supplemented to include the following information: As previously disclosed in this Schedule 13D, Mr. Malone has continued to review his investment in the… Read the filing |
GAMCO Asset Management Inc. Passive investor | at least 19.5% (filed with 8 related holders) | 1 September 2026 | What they saidThe Reporting Persons file the long form Schedule 13D pursuant to Section 13d-1 of the Securities Exchange Act of 1934 (the "Act") even though they may be technically eligible to file the short form Schedule G. Because the Reporting Persons may regularly communicate with the… Read the filing |
BlackRock, Inc. Passive investor | 5.6% | 30 June 2025 | |
Vanguard Capital Management Passive investor | Sold down below 5% | 30 June 2026 | |
Broad Bay Capital Management, LP Passive investor | Sold down below 5% | 30 June 2026 | |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought shares on the open market in the last 12 months. 6 sold $22m, $20m of it under preset trading plans.
- Schiller Derek GordonEVP, BusinessSoldunder a preset trading plan
- Date
- 30 September 2026
- Shares
- 175,395
- Price
- $53.20
- Value
- $9m
- Heller Gregory JohnEVP, CLO & SecretarySoldunder a preset trading plan
- Date
- 29 September 2026
- Shares
- 80,263
- Price
- $53.89
- Value
- $4m
- Robinson Jill L.EVP, CFO & TreasurerSoldunder a preset trading plan
- Date
- 19 August 2026
- Shares
- 30,263
- Price
- $52.84
- Value
- $2m
- Robinson Jill L.EVP, CFO & TreasurerSoldunder a preset trading plan
- Date
- 13 February 2026
- Shares
- 60,000
- Price
- $42.00
- Value
- $3m
- Robinson Jill L.EVP, CFO & TreasurerSoldunder a preset trading plan
- Date
- 2 February 2026
- Shares
- 20,000
- Price
- $40.00
- Value
- $800,000
- Heller Gregory JohnEVP, CLO & SecretarySold
- Date
- 12 December 2025
- Shares
- 7,423
- Price
- $39.71
- Value
- $294,767
- Plant Michael P.EVP, DevelopmentSold
- Date
- 12 December 2025
- Shares
- 4,874
- Price
- $39.74
- Value
- $193,693
- Robinson Jill L.EVP, CFO & TreasurerSoldunder a preset trading plan
- Date
- 12 December 2025
- Shares
- 3,830
- Price
- $39.70
- Value
- $152,051
- Schiller Derek GordonEVP, BusinessSold
- Date
- 12 December 2025
- Shares
- 4,874
- Price
- $39.73
- Value
- $193,644
- MCGUIRK TERENCE FChairman, President & CEO, DirectorSold
- Date
- 12 December 2025
- Shares
- 6,688
- Price
- $39.72
- Value
- $265,647
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 30 September 2026 | Schiller Derek Gordon EVP, Business | Sold under a preset trading plan | 175,395 | $53.20 | $9m |
| 29 September 2026 | Heller Gregory John EVP, CLO & Secretary | Sold under a preset trading plan | 80,263 | $53.89 | $4m |
| 19 August 2026 | Robinson Jill L. EVP, CFO & Treasurer | Sold under a preset trading plan | 30,263 | $52.84 | $2m |
| 13 February 2026 | Robinson Jill L. EVP, CFO & Treasurer | Sold under a preset trading plan | 60,000 | $42.00 | $3m |
| 2 February 2026 | Robinson Jill L. EVP, CFO & Treasurer | Sold under a preset trading plan | 20,000 | $40.00 | $800,000 |
| 12 December 2025 | Heller Gregory John EVP, CLO & Secretary | Sold | 7,423 | $39.71 | $294,767 |
| 12 December 2025 | Plant Michael P. EVP, Development | Sold | 4,874 | $39.74 | $193,693 |
| 12 December 2025 | Robinson Jill L. EVP, CFO & Treasurer | Sold under a preset trading plan | 3,830 | $39.70 | $152,051 |
| 12 December 2025 | Schiller Derek Gordon EVP, Business | Sold | 4,874 | $39.73 | $193,644 |
| 12 December 2025 | MCGUIRK TERENCE F Chairman, President & CEO, Director | Sold | 6,688 | $39.72 | $265,647 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
None of the warning signs we check for were found.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 26 Feb 2026, plus the 10-Q filed 5 Aug 2026 and 3 later 8-Ks.
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
Cheap for a reason is the question the numbers cannot answer.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.