Sirius XM Holdings
SIRI on Nasdaq. SiriusXM sells radio and streaming audio subscriptions to listeners and advertisers. Market value $8.9bn.
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?
Worth a closer look
Why it could be worth it
What to watch out for
Nothing big in our quick check. See what could go wrong below.
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $17.43 of spare cash in the past 12 months. A savings account pays about $4.
You pay 11.0 years of operating profit for the business. The average large US company costs around 18.
Each dollar kept in the business earns 7 cents a year. Above 10 is good.
Quality score: 74 of 100. Price score: 100 of 100. Our list needs 70 on quality and 60 on price.
$26.36 a share, 33% above its 1-year low
Over the past year the price has ranged from $19.77 to $32.66.
Dividend: 4.1% a year
Paid every year for at least 5 years
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | $8.7bn | $9.0bn | $9.0bn | $8.7bn | $8.6bn |
| Operating margin | |||||
| Operating margin | 23.2% | 21.3% | 20.2% | -17.4% | 17.2% |
| Debt to equity | |||||
| Debt to equity | n/a | n/a | 1.11 | 0.94 | 0.84 |
| Shares outstanding | |||||
| Shares outstanding | 3.89bn | 3.84bn | 0.34bn | 0.34bn | 0.34bn |
Health checks
- Free cash flow positive5 of 5 years
- Accounting looks honest (Beneish)Not enough data
- Financial strength (Piotroski)6 of 8 checks we could run
- Profit backed by cash (accruals)Yes
- Debt0.84× equity
- Revenue growth, five yearsSlow, 1.3% a year
- Buying back its own sharesYes, 91% fewer since 2021
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $2.2 billion last quarter, up 1% on a year ago.
- Profit: $239 million, up 17% on a year ago.
- 4% fewer shares than a year ago. Each share owns a bit more of the company.
- Debt is $9.3 billion more than cash, down from $10.1 billion a year ago.
- Sales grew on a year ago in 3 of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $2.2bn |
| December 2024 | $2.2bn |
| March 2025 | $2.1bn |
| June 2025 | $2.1bn |
| September 2025 | $2.2bn |
| December 2025 | $2.2bn |
| March 2026 | $2.1bn |
| June 2026 | $2.2bn |
| Quarter to | Amount |
|---|---|
| September 2024 | -$2.5bn |
| December 2024 | $287m |
| March 2025 | $204m |
| June 2025 | $205m |
| September 2025 | $297m |
| December 2025 | $99m |
| March 2026 | $245m |
| June 2026 | $239m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 5 February 2026
- Next quarterly (estimated, 10-Q)
- 29 October 2026
Who owns it
13 long-term investors we follow own it, up from 12 last quarter. 598 funds in all.
- Berkshire HathawayWarren Buffett
- Value
- $3.7bn
- Share of fund
- 1.2%
- Chou AssociatesFrancis Chou
- Value
- $12m
- Share of fund
- 5.6%
- GAMCO InvestorsMario Gabelli
- Value
- $12m
- Share of fund
- 0.1%
- Bruce & Co.R. Jeffrey Bruce
- Value
- $2m
- Share of fund
- 0.4%
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Berkshire HathawayWarren Buffett | $3.7bn | 1.2% | |
| Boston PartnersBoston Partners team | $150m | 0.1% | New |
| Gates Capital ManagementJeff Gates | $134m | 4.4% | Added |
| LSV Asset ManagementJosef Lakonishok | $107m | 0.2% | Added |
| Gotham Asset ManagementJoel Greenblatt | $41m | <0.1% | Added |
| Weitz Investment ManagementWally Weitz | $35m | 2.4% | Cut |
| Chou AssociatesFrancis Chou | $12m | 5.6% | |
| GAMCO InvestorsMario Gabelli | $12m | 0.1% | |
| First Manhattan Co.First Manhattan partners | $5m | <0.1% | Cut |
| Tweedy, BrowneTweedy Browne partners | $2m | 0.1% | Added |
| Bruce & Co.R. Jeffrey Bruce | $2m | 0.4% | |
| Hosking PartnersJeremy Hosking | $844,726 | <0.1% | Cut |
| Horizon KineticsMurray Stahl | $744,290 | <0.1% | Cut |
Largest holders overall
- Berkshire Hathaway$3.7bn
- BlackRock$520mAdded
- Dimensional Fund Advisors LP$311mAdded
- Vanguard Portfolio Management$268mAdded
- Check Capital Management$259mAdded
- Vanguard Capital Management$248m
- Kontiki Capital Management (HK)$180mAdded
- State Street$177mAdded
- Boston Partners$150mNew
- Gates Capital Management$134mAdded
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
3 investors own more than 5%.
- Berkshire HathawayPassive investorat least 37.1%+7.6 pts(filed with 10 related holders)Since 30 September 2025
- Warren E. BuffettPassive investorat least 34.6%(filed with 2 related holders)Since 31 December 2024
- John C. MalonePassive investor5.5%Since 21 April 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 - The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
Berkshire Hathaway Passive investor | at least 37.1%+7.6 pts (filed with 10 related holders) | 30 September 2025 | |
Warren E. Buffett Passive investor | at least 34.6% (filed with 2 related holders) | 31 December 2024 | |
John C. Malone Passive investor | 5.5% | 21 April 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 |
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. 3 sold $1m, $161,074 of it under preset trading plans.
- Procope JonelleDirectorSold
- Date
- 6 August 2026
- Shares
- 16,672
- Price
- $29.97
- Value
- $499,702
- Salen KristinaDirectorSoldunder a preset trading plan
- Date
- 29 May 2026
- Shares
- 4,097
- Price
- $29.57
- Value
- $121,148
- Greenstein Scott AndrewPres. & Chief Content OfficerSold
- Date
- 27 May 2026
- Shares
- 20,744
- Price
- $29.83
- Value
- $618,794
- Salen KristinaDirectorSoldunder a preset trading plan
- Date
- 3 November 2025
- Shares
- 1,845
- Price
- $21.64
- Value
- $39,926
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 6 August 2026 | Procope Jonelle Director | Sold | 16,672 | $29.97 | $499,702 |
| 29 May 2026 | Salen Kristina Director | Sold under a preset trading plan | 4,097 | $29.57 | $121,148 |
| 27 May 2026 | Greenstein Scott Andrew Pres. & Chief Content Officer | Sold | 20,744 | $29.83 | $618,794 |
| 3 November 2025 | Salen Kristina Director | Sold under a preset trading plan | 1,845 | $21.64 | $39,926 |
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 5 Feb 2026, plus the 10-Q filed 30 Jul 2026 and 9 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 barely grown: 1.3% a year.
Whether the price already reflects the risks is what the deep dive is for.
What changed in the risks this year
Companies must list what could hurt them each year. These are the parts that changed since last year’s report.
The market for music rights is changing and is subject to significant uncertainties.
Could happenAs discussed above under the caption Item 1. Business – Copyrights to Programming – Sound Recordings, in January 2024, the CRB commenced a rate setting proceeding covering the statutory license for non-interactive streaming services for the period from January 1, 2026 through December 31, 2030.
Read more
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.