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Liberty Media

FWONA on Nasdaq. Formula One Group sells race promotion, media rights, advertising, sponsorship to broadcasters, sponsors, fans. Market value $32.1bn.

Watch this stockFree. We tell you when something changes.

Price checks use the past 12 months to June 2026. 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

What to watch out for

See Media & telecom stocks that passed both tests

This is not advice. Check the numbers below.

Compare with another stock

Cash yield
past 12 months to June 2026
3.7%fair

For every $100 of what the whole company costs, it produced $3.74 of spare cash in the past 12 months. A savings account pays about $4.

Price to profit
past 12 months to June 2026
49.3×full

You pay 49.3 years of operating profit for the business. The average large US company costs around 18.

Return on capital
five annual reports to December 2025
3.1%five-year median

Each dollar kept in the business earns 3 cents a year. Above 10 is good.

Quality score: 54 of 100. Price score: 31 of 100. Our list needs 70 on quality and 60 on price.

$87.73 a share, 19% above its 1-year low

Over the past year the price has ranged from $73.70 to $99.52.

Pays no dividend

Prices from Tuesday’s close (6 October).

Five years of cash, in billions

2.0
2.2
2.0
0.5
0.8
0.8
2021202220232024202512 monthsto Jun '26
Revenue
$11.4bn$3.2bn$3.6bn$3.7bn$4.5bn
Operating margin
17.3%4.6%7.4%7.9%12.9%
Debt to equity
1.271.050.260.430.66
Shares outstanding
n/an/an/an/an/a

Health checks

  • Free cash flow positive5 of 5 years
  • Accounting looks honest (Beneish)Not enough data
  • Financial strength (Piotroski)5 of 7 checks we could run
  • Profit backed by cash (accruals)Yes
  • Debt0.66× equity
  • Revenue growth, five yearsShrinking, 13.7% a year

The quarter to June 2026

How the business did, compared with the same quarter a year earlier.

  • Sales: $934 million last quarter, down 30% on a year ago.
  • Profit: $5 million, down 98% on a year ago.
  • It keeps 12 cents of each $1 of sales as operating profit, up from 9 cents a year earlier.
  • Spare cash over the past 12 months: $823 million, up from $712 million.
  • Debt is $3.5 billion more than cash, up from $1.4 billion a year ago.
  • Sales grew on a year ago in 3 of the last 4 quarters.
Sales by quarter
Sales by quarter
Quarter toAmount
September 2024$911m
December 2024$1.2bn
March 2025$447m
June 2025$1.3bn
September 2025$1.1bn
December 2025$1.6bn
March 2026$711m
June 2026$934m
Profit by quarter
Profit by quarter
Quarter toAmount
September 2024-$2.4bn
December 2024-$355m
March 2025$5m
June 2025$204m
September 2025$13m
December 2025$333m
March 2026$57m
June 2026$5m

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)
5 November 2026

Who owns it

6 long-term investors we follow own it, up from 5 last quarter. 297 funds in all.

Jun '25
Dec '25
Jun '26
Largest holders overall

From 13F filings for the quarter ended 30 June 2026.

Big holders and activists

10 investors own more than 5%; 1 of them is pushing for change.

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. 2 sold $47m.

  • Wilm Renee L
    Chief Legal/Admin Officer
    Sold
    Date
    15 June 2026
    Shares
    11,597
    Price
    $90.09
    Value
    $1m
  • CAREY CHASE
    Director
    Sold
    Date
    27 May 2026
    Shares
    100,000
    Price
    $90.28
    Value
    $9m
  • CAREY CHASE
    Director
    Sold
    Date
    17 December 2025
    Shares
    83,536
    Price
    $96.94
    Value
    $8m
  • CAREY CHASE
    Director
    Sold
    Date
    16 December 2025
    Shares
    83,500
    Price
    $95.79
    Value
    $8m
  • CAREY CHASE
    Director
    Sold
    Date
    12 November 2025
    Shares
    81,006
    Price
    $102.89
    Value
    $8m
  • CAREY CHASE
    Director
    Sold
    Date
    10 November 2025
    Shares
    109,121
    Price
    $102.54
    Value
    $11m
  • Wilm Renee L
    Chief Legal/Admin Officer
    Sold
    Date
    7 November 2025
    Shares
    11,200
    Price
    $91.89
    Value
    $1m

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 6 Aug 2026 and 13 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

  • Sales have shrunk: 13.7% a year.
  • It isn't cheap on profits: 49.3× operating profit.

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
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What a finished deep dive looks like

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.