Liberty Latin America
LILA on Nasdaq. Liberty Latin America sells communications services to people and businesses in several countries. Market value $900m.
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
Why it could be worth it
Read the warning sign in its own filings
This is not advice. Check the numbers below.
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.
You pay 14.9 years of operating profit for the business. The average large US company costs around 18.
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
| Revenue | |||||
| Revenue | $4.8bn | $4.8bn | $4.5bn | $4.4bn | $4.4bn |
| Operating margin | |||||
| Operating margin | 1.3% | 1.8% | 11.5% | -1.7% | 2.4% |
| Debt to equity | |||||
| Debt to equity | 3.41 | 4.11 | 4.64 | 7.42 | 14.90 |
| Shares outstanding | |||||
| Shares outstanding | 0.23bn | 0.22bn | 0.21bn | 0.20bn | 0.20bn |
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.
| Quarter to | Amount |
|---|---|
| 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 |
| Quarter to | Amount |
|---|---|
| September 2024 | -$436m |
| December 2024 | -$210m |
| March 2025 | -$136m |
| June 2025 | -$423m |
| September 2025 | $3m |
| December 2025 | Not 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.
- GAMCO InvestorsMario Gabelli
- Value
- $9m
- Share of fund
- <0.1%
- Oaktree Capital ManagementHoward Marks
- Value
- $7m
- Share of fund
- 0.2%
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| GAMCO InvestorsMario Gabelli | $9m | <0.1% | |
| Oaktree Capital ManagementHoward Marks | $7m | 0.2% |
Largest holders overall
- Rubric Capital Management LP$30m
- BlackRock$27mAdded
- Dimensional Fund Advisors LP$19m
- State of Wisconsin Investment Board$12mCut
- GAMCO Investors$9m
- Gabelli Funds$7m
- Geode Capital Management$7mCut
- Oaktree Capital Management$7m
- D. E. Shaw$6mAdded
- State Street$6mAdded
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
5 investors own more than 5%.
- Malone John C14.1%+1.5 ptsSince 10 August 2026
- Rubric Capital Management LPPassive investorat least 9.8%(filed with 1 related holder)Since 31 March 2026
- BlackRock, Inc.Passive investor8.8%Since 30 June 2026
- FMR LLCPassive investorat least 4.4%+4.4 pts(filed with 1 related holder)Since 31 March 2026
- GAMCO Asset Management Inc.Passive investorat 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 BalanInsider or founderSold down below 5%Since 27 March 2026
- Berkshire HathawayPassive investorSold down below 5%Since 31 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
Malone John C | 14.1%+1.5 pts | 10 August 2026 | |
Rubric Capital Management LP Passive investor | at least 9.8% (filed with 1 related holder) | 31 March 2026 | |
BlackRock, Inc. Passive investor | 8.8% | 30 June 2026 | |
FMR LLC Passive investor | at least 4.4%+4.4 pts (filed with 1 related holder) | 31 March 2026 | |
GAMCO Asset Management Inc. Passive investor | at least 2.8% (filed with 6 related holders) | 27 December 2024 | What they saidEach 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% | 27 March 2026 | |
Berkshire Hathaway Passive investor | Sold down below 5% | 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 ALFONSODirectorBought
- Date
- 2 September 2026
- Shares
- 313,104
- Price
- $20.95
- Value
- $7m
- DE ANGOITIA ALFONSODirectorBought
- Date
- 1 September 2026
- Shares
- 17,596
- Price
- $20.65
- Value
- $363,340
- DE ANGOITIA ALFONSODirectorBought
- Date
- 31 August 2026
- Shares
- 145,490
- Price
- $21.00
- Value
- $3m
- BRACKEN CHARLES H RDirectorSold
- Date
- 11 August 2026
- Shares
- 42,975
- Price
- $8.57
- Value
- $368,089
- BRACKEN CHARLES H RDirectorBought
- Date
- 11 August 2026
- Shares
- 17,425
- Price
- $20.93
- Value
- $364,695
- WINTER JOHN MSVP, CLO AND SECRETARYBought
- Date
- 26 June 2026
- Shares
- 5,071
- Price
- $19.67
- Value
- $99,747
- FRIES MICHAEL TExecutive Chairman, DirectorBought
- Date
- 25 June 2026
- Shares
- 49,382
- Price
- $20.39
- Value
- $1m
- BRACKEN CHARLES H RDirectorBought
- Date
- 24 June 2026
- Shares
- 4,900
- Price
- $20.50
- Value
- $100,450
- BRACKEN CHARLES H RDirectorBought
- Date
- 23 June 2026
- Shares
- 4,900
- Price
- $20.50
- Value
- $100,450
- Nair BalanPresident and CEO, DirectorBought
- Date
- 18 June 2026
- Shares
- 164,914
- Price
- $6.07
- Value
- $1m
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 2 September 2026 | DE ANGOITIA ALFONSO Director | Bought | 313,104 | $20.95 | $7m |
| 1 September 2026 | DE ANGOITIA ALFONSO Director | Bought | 17,596 | $20.65 | $363,340 |
| 31 August 2026 | DE ANGOITIA ALFONSO Director | Bought | 145,490 | $21.00 | $3m |
| 11 August 2026 | BRACKEN CHARLES H R Director | Sold | 42,975 | $8.57 | $368,089 |
| 11 August 2026 | BRACKEN CHARLES H R Director | Bought | 17,425 | $20.93 | $364,695 |
| 26 June 2026 | WINTER JOHN M SVP, CLO AND SECRETARY | Bought | 5,071 | $19.67 | $99,747 |
| 25 June 2026 | FRIES MICHAEL T Executive Chairman, Director | Bought | 49,382 | $20.39 | $1m |
| 24 June 2026 | BRACKEN CHARLES H R Director | Bought | 4,900 | $20.50 | $100,450 |
| 23 June 2026 | BRACKEN CHARLES H R Director | Bought | 4,900 | $20.50 | $100,450 |
| 18 June 2026 | Nair Balan President and CEO, Director | Bought | 164,914 | $6.07 | $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
SeriousThe 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
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.