Liberty Latin America

LILA on Nasdaq. Liberty Latin America sells communications services to people and businesses in several countries. Market value $900m.

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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?

Look carefully before going further

Read the warning sign in its own filings

This is not advice. Check the numbers below.

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Cash yield
past 12 months to June 2026
23.4%very high

For every $100 of what the whole company costs, it produced $23.40 of spare cash in the past 12 months. A savings account pays about $4.

Price to profit
past 12 months to June 2026
14.9×fair

You pay 14.9 years of operating profit for the business. The average large US company costs around 18.

Return on capital
five annual reports to December 2025
0.8%five-year median

Each dollar kept in the business earns 1 cents a year. Above 10 is good.

Quality score: 36 of 100. Price score: 61 of 100. Our list needs 70 on quality and 60 on price.

$8.89 a share, 94% above its 1-year low

Over the past year the price has ranged from $4.58 to $8.98.

Pays no dividend

Prices from Tuesday’s close (6 October).

Five years of cash, in billions

0.2
0.1
0.3
0.2
0.3
0.4
2021202220232024202512 monthsto Jun '26
Revenue
$4.8bn$4.8bn$4.5bn$4.4bn$4.4bn
Operating margin
1.3%1.8%11.5%-1.7%2.4%
Debt to equity
3.414.114.647.4214.90
Shares outstanding
0.23bn0.22bn0.21bn0.20bn0.20bn

Health checks

  • Free cash flow positive5 of 5 years
  • Accounting looks honest (Beneish)Not enough data
  • Financial strength (Piotroski)5 of 8 checks we could run
  • Profit backed by cash (accruals)No
  • Debt14.90× equity
  • Revenue growth, five yearsSlow, 3.3% a year
  • Buying back its own sharesYes, 14% fewer since 2021

The quarter to June 2026

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

  • Sales: $1.1 billion last quarter, about the same as a year ago.
  • A loss of $24 million, compared with a loss of $423 million a year ago.
  • It keeps 14 cents of each $1 of sales as operating profit, after losing 11 cents a year earlier.
  • Spare cash over the past 12 months: $415 million, up from $216 million.
  • 1% more shares than a year ago. Each share owns a bit less of the company.
  • Debt is $7.7 billion more than cash, up from $7.6 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$1.1bn
December 2024$1.1bn
March 2025$1.1bn
June 2025$1.1bn
September 2025$1.1bn
December 2025$1.2bn
March 2026$1.1bn
June 2026$1.1bn
Profit by quarter
Profit by quarter
Quarter toAmount
September 2024-$436m
December 2024-$210m
March 2025-$136m
June 2025-$423m
September 2025$3m
December 2025Not reported
March 2026-$23m
June 2026-$24m

From the company's quarterly reports to the SEC.

Dates

Next results (estimated)
n/a
Last annual report (10-K)
18 February 2026
Next quarterly (estimated, 10-Q)
4 November 2026

Who owns it

2 long-term investors we follow own it, unchanged from 2 last quarter. 159 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

5 investors own more than 5%.

  • Malone John C
    14.1%+1.5 pts
    Since 10 August 2026
  • at least 9.8%
    (filed with 1 related holder)
    Since 31 March 2026
  • BlackRock, Inc.
    Passive investor
    8.8%
    Since 30 June 2026
  • FMR LLC
    Passive investor
    at least 4.4%+4.4 pts
    (filed with 1 related holder)
    Since 31 March 2026
  • GAMCO Asset Management Inc.
    Passive investor
    at least 2.8%
    (filed with 6 related holders)
    Since 27 December 2024
    What they said

    Each of the Reporting Persons has purchased and holds the Securities reported by it for investment for one or more accounts over which it has shared, sole, or both investment and/or voting power, for its own account, or both. The Reporting Persons are engaged in the business of…

    Read the filing
  • Nair Balan
    Insider or founder
    Sold down below 5%
    Since 27 March 2026
  • Berkshire Hathaway
    Passive investor
    Sold down below 5%
    Since 31 March 2026

From Schedule 13D and 13G filings: anyone owning more than 5% must file one.

What insiders did

In the last 12 months, 6 insiders bought $13m of shares on the open market. 2 sold $1m.

  • DE ANGOITIA ALFONSO
    Director
    Bought
    Date
    2 September 2026
    Shares
    313,104
    Price
    $20.95
    Value
    $7m
  • DE ANGOITIA ALFONSO
    Director
    Bought
    Date
    1 September 2026
    Shares
    17,596
    Price
    $20.65
    Value
    $363,340
  • DE ANGOITIA ALFONSO
    Director
    Bought
    Date
    31 August 2026
    Shares
    145,490
    Price
    $21.00
    Value
    $3m
  • BRACKEN CHARLES H R
    Director
    Sold
    Date
    11 August 2026
    Shares
    42,975
    Price
    $8.57
    Value
    $368,089
  • BRACKEN CHARLES H R
    Director
    Bought
    Date
    11 August 2026
    Shares
    17,425
    Price
    $20.93
    Value
    $364,695
  • WINTER JOHN M
    SVP, CLO AND SECRETARY
    Bought
    Date
    26 June 2026
    Shares
    5,071
    Price
    $19.67
    Value
    $99,747
  • FRIES MICHAEL T
    Executive Chairman, Director
    Bought
    Date
    25 June 2026
    Shares
    49,382
    Price
    $20.39
    Value
    $1m
  • BRACKEN CHARLES H R
    Director
    Bought
    Date
    24 June 2026
    Shares
    4,900
    Price
    $20.50
    Value
    $100,450
  • BRACKEN CHARLES H R
    Director
    Bought
    Date
    23 June 2026
    Shares
    4,900
    Price
    $20.50
    Value
    $100,450
  • Nair Balan
    President and CEO, Director
    Bought
    Date
    18 June 2026
    Shares
    164,914
    Price
    $6.07
    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.

1 serious warning sign in Liberty Latin America’s filings.

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 18 Feb 2026, plus the 10-Q filed 5 Aug 2026 and 18 later 8-Ks.

  • Weak checks on its own accounts

    Serious

    The company said its checks on its own accounts did not work at the end of its latest quarter. Mistakes could slip into the numbers.

    “As remediation is not completed, the Executives concluded that our disclosure controls and procedures continue to be ineffective as of June 30, 2026.”
    Show the full paragraph
    As disclosed in our 2025 Form 10-K, we identified material weaknesses in our internal control over financial reporting. The material weaknesses will not be considered remediated until the applicable new or enhanced controls operate for a sufficient period of time and management has concluded, through testing, that these controls are designed and operating effectively. Our management, with the participation of the Executives, evaluated the effectiveness of our disclosure controls and procedures as of June 30, 2026. As remediation is not completed, the Executives concluded that our disclosure controls and procedures continue to be ineffective as of June 30, 2026.

    From the 10-Q filed 5 August 2026, Part I, Item 4. Controls and Procedures. Read it in the filing

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

  • It carries a lot of debt: 14.9× its equity.

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.