Recent News
Published August 6, 2026, Liberty Media reported second-quarter 2026 results that cited fewer races year-over-year as the primary driver of lower primary F1 revenue and reduced hospitality and freight income; the release noted higher cash balances and reduced total debt during the quarter. On June 26, 2026, Formula 1 and ServusTV announced a multi-year extension of free-to-air broadcast rights in Austria through the 2029 season.
Technical Analysis
Directional indicators show an emerging trend: ADX at 23.05 indicates trend strength near the emerging range, while DI+ at 27.22 decreasing signals weakening upside pressure and DI- at 18.23 showing a dip-and-reverse pattern signals renewed downside influence; together these dynamics point to an emerging bearish directional bias against the current valuation.
MACD currently sits at 1.43 below its signal line at 1.71 with a peak-and-reversal pattern; that configuration indicates momentum has rolled over and bearish momentum currently dominates short-term price action.
MRO reads 25.59 and shows a peak-and-reversal. The positive MRO implies the price sits above the model target and, with a peak-and-reversal, indicates elevated probability of downward reversion toward valuation-support levels.
RSI at 57.92 with a peak-and-reversal shows momentum loss from recent highs rather than oversold conditions; the indicator suggests reduced upward conviction and room for consolidation or pullback before selling pressure would exhaust.
Price sits at $101.80 below the 12-day EMA of $103.08 and under the 20-day average of $103.56, while remaining above the 200-day average of $92.23. The 20-day band places the close marginally below the lower 1x Bollinger band ($101.98), signaling short-term weakness near the lower volatility boundary rather than an extreme breakdown. The 12/26-day EMA spacing and the 12-day EMA peak-and-reversal reinforce a short-term loss of bullish momentum while the 200-day average continues to provide longer-run support.
Volume contracted: today’s volume of 933,113 sits below the 10-day average of 1,467,224 and far below the 50/200-day averages, implying recent moves lack conviction from higher participation and that price moves may remain susceptible to reversal on renewed volume.
SuperTrend lower support at $100.43 sits modestly below the close and acts as a near-term technical floor; the price target mean at $112.02 versus the current close shows analyst dispersion but does not negate the technical signals that favor consolidation with downside bias in the near term.
Fundamental Analysis
Total revenue for the period equals $934,000,000 while EBIT sits at $101,000,000 and EBITDA at $213,000,000. YoY revenue growth shows a steep decline of -84.32% and QoQ revenue growth equals -156.20%, reflecting seasonality and the reported calendar variance that reduced the number of recognized events this quarter.
Margins contracted sharply: EBIT margin equals 10.81% and fell -38.98% quarter-over-quarter and -71.23% year-over-year, underscoring the impact of fewer events and one-time comparatives in the prior year. Operating margin equals 9.42% with a year-over-year decline of -55.35%.
Cash generation and liquidity present stabilizing factors. Cash and short-term investments total $1,465,000,000 and operating cash flow reached $316,000,000, while free cash flow totaled $271,000,000 with a free-cash-flow yield of 1.14% and year-over-year improvement of +31.83% in free-cash-flow yield. The cash conversion ratio equals 2.1036 and cash conversion cycle days sit at -78.70, reflecting efficient working-capital dynamics.
Leverage and coverage metrics highlight structural pressure: total debt stands at $4,924,000,000 with net debt of $3,459,000,000 and debt-to-EBITDA at 23.12x, while interest coverage equals 1.49x and declined markedly year-over-year. Debt-to-assets equals 31.01%, which sits above the industry peer mean of 25.439% but remains within the peer range; the company therefore carries higher leverage relative to the average peer but not outside the reported peer extremes.
Profitability returns remain depressed: return on equity equals 0.066% with a YoY deterioration of -98.64%, while return on assets equals 0.031% with a YoY contraction of -99.00%. Net income for the period totaled $5,000,000, reflecting near-breakeven GAAP earnings despite positive EBITDA and cash flows.
Balance-sheet ratios show the current ratio at 1.27, equaling the industry peer high of 1.26667 and signaling relative short-term liquidity strength versus the broader peer set. Asset turnover remains very low at 5.88%, and intangible assets constitute a material portion of total assets.
The current valuation as determined by WMDST reads “over-valued.” Market multiples show a price-to-sales ratio of 25.47 and a forward P/E near 168.09, while enterprise multiple stands at 127.91; those multiples reflect the market pricing of recurring media rights, long-duration intangible assets, and the seasonality embedded in revenue recognition.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2026-06-30 |
| REPORT DATE: | 2026-08-26 |
| NEXT REPORT DATE: | 2026-11-25 |
| CASH FLOW | Begin Period Cash Flow | $ 1.3 B |
| Operating Cash Flow | $ 316.0 M | |
| Capital Expenditures | $ -45.00 M | |
| Change In Working Capital | $ 175.0 M | |
| Dividends Paid | — | |
| Cash Flow Delta | $ 133.0 M | |
| End Period Cash Flow | $ 1.5 B | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 934.0 M | |
| Forward Revenue | $ 5.5 B | |
| COSTS | ||
| Cost Of Revenue | $ 605.0 M | |
| Depreciation | $ 112.0 M | |
| Depreciation and Amortization | $ 112.0 M | |
| Research and Development | — | |
| Total Operating Expenses | $ 846.0 M | |
| PROFITABILITY | ||
| Gross Profit | $ 329.0 M | |
| EBITDA | $ 213.0 M | |
| EBIT | $ 101.0 M | |
| Operating Income | $ 88.0 M | |
| Interest Income | — | |
| Interest Expense | $ 68.0 M | |
| Net Interest Income | $ -68.00 M | |
| Income Before Tax | $ 33.0 M | |
| Tax Provision | $ 25.0 M | |
| Tax Rate | 40.0 % | |
| Net Income | $ 5.0 M | |
| Net Income From Continuing Operations | $ 8.0 M | |
| EARNINGS | ||
| EPS Estimate | — | |
| EPS Actual | — | |
| EPS Difference | — | |
| EPS Surprise | — | |
| Forward EPS | $ 0.47 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 15.9 B | |
| Intangible Assets | $ 11.7 B | |
| Net Tangible Assets | $ -4.10 B | |
| Total Current Assets | $ 2.1 B | |
| Cash and Short-Term Investments | $ 1.5 B | |
| Cash | $ 1.5 B | |
| Net Receivables | $ 255.0 M | |
| Inventory | — | |
| Long-Term Investments | $ 640.0 M | |
| LIABILITIES | ||
| Accounts Payable | $ 417.0 M | |
| Short-Term Debt | $ 72.0 M | |
| Total Current Liabilities | $ 1.7 B | |
| Net Debt | $ 3.5 B | |
| Total Debt | $ 4.9 B | |
| Total Liabilities | $ 7.5 B | |
| EQUITY | ||
| Total Equity | $ 7.6 B | |
| Retained Earnings | $ 7.8 B | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 30.39 | |
| Shares Outstanding | 250.708 M | |
| Revenue Per-Share | $ 3.73 | |
| VALUATION | Market Capitalization | $ 23.8 B |
| Enterprise Value | $ 27.2 B | |
| Enterprise Multiple | 127.908 | |
| Enterprise Multiple QoQ | 17.788 % | |
| Enterprise Multiple YoY | 201.48 % | |
| Enterprise Multiple IPRWA | high: 199.373 FWONK: 127.908 mean: 55.199 median: 38.756 low: 20.96 |
|
| EV/R | 29.17 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 2.084 | |
| Asset To Liability | 2.117 | |
| Debt To Capital | 0.393 | |
| Debt To Assets | 0.31 | |
| Debt To Assets QoQ | -1.852 % | |
| Debt To Assets YoY | 27.776 % | |
| Debt To Assets IPRWA | high: 0.694 FWONK: 0.31 mean: 0.254 low: 0.225 median: 0.225 |
|
| Debt To Equity | 0.646 | |
| Debt To Equity QoQ | -0.49 % | |
| Debt To Equity YoY | 67.478 % | |
| Debt To Equity IPRWA | high: 5.987 FWONK: 0.646 mean: 0.578 median: 0.418 low: 0.41 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 3.122 | |
| Price To Book QoQ | 8.933 % | |
| Price To Book YoY | -1.504 % | |
| Price To Book IPRWA | high: 7.128 FWONK: 3.122 mean: 1.975 median: 1.574 low: 1.449 |
|
| Price To Earnings (P/E) | — | |
| Price To Earnings QoQ | — | |
| Price To Earnings YoY | — | |
| Price To Earnings IPRWA | — | |
| PE/G Ratio | — | |
| Price To Sales (P/S) | 25.466 | |
| Price To Sales QoQ | -18.277 % | |
| Price To Sales YoY | 37.219 % | |
| Price To Sales IPRWA | FWONK: 25.466 high: 23.402 mean: 8.796 median: 6.858 low: 2.279 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 168.094 | |
| Forward PE/G | — | |
| Forward P/S | 3.821 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | -0.633 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.059 | |
| Asset Turnover Ratio QoQ | 29.373 % | |
| Asset Turnover Ratio YoY | -46.129 % | |
| Asset Turnover Ratio IPRWA | high: 0.244 median: 0.123 mean: 0.119 FWONK: 0.059 low: 0.059 |
|
| Receivables Turnover | 3.613 | |
| Receivables Turnover Ratio QoQ | -4.208 % | |
| Receivables Turnover Ratio YoY | -61.471 % | |
| Receivables Turnover Ratio IPRWA | high: 12.742 FWONK: 3.613 mean: 2.278 low: 1.745 median: 1.745 |
|
| Inventory Turnover | — | |
| Inventory Turnover Ratio QoQ | — | |
| Inventory Turnover Ratio YoY | — | |
| Inventory Turnover Ratio IPRWA | — | |
| Days Sales Outstanding (DSO) | 25.255 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | -78.699 | |
| Cash Conversion Cycle Days QoQ | 278.761 % | |
| Cash Conversion Cycle Days YoY | — | |
| Cash Conversion Cycle Days IPRWA | high: 44.696 FWONK: -78.699 median: -78.699 mean: -91.881 low: -277.48 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 2.104 | |
| CapEx To Revenue | -0.048 | |
| CapEx To Depreciation | -0.402 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 12.5 B | |
| Net Invested Capital | $ 12.5 B | |
| Invested Capital | $ 12.5 B | |
| Net Tangible Assets | $ -4.10 B | |
| Net Working Capital | $ 444.0 M | |
| LIQUIDITY | ||
| Cash Ratio | 0.88 | |
| Current Ratio | 1.267 | |
| Current Ratio QoQ | -5.955 % | |
| Current Ratio YoY | -55.485 % | |
| Current Ratio IPRWA | FWONK: 1.267 high: 1.267 mean: 0.77 median: 0.709 low: 0.42 |
|
| Quick Ratio | — | |
| Quick Ratio QoQ | — | |
| Quick Ratio YoY | — | |
| Quick Ratio IPRWA | — | |
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 23.117 | |
| Cost Of Debt | 0.821 % | |
| Interest Coverage Ratio | 1.485 | |
| Interest Coverage Ratio QoQ | -19.841 % | |
| Interest Coverage Ratio YoY | -85.56 % | |
| Interest Coverage Ratio IPRWA | high: 9.775 median: 8.873 mean: 7.359 FWONK: 1.485 low: -6.887 |
|
| Operating Cash Flow Ratio | 0.01 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 103.954 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | — | |
| Dividend Payout Ratio | — | |
| Dividend Rate | — | |
| Dividend Yield | — | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | -0.082 % | |
| Revenue Growth | 31.364 % | |
| Revenue Growth QoQ | -156.197 % | |
| Revenue Growth YoY | -84.318 % | |
| Revenue Growth IPRWA | high: 323.735 % FWONK: 31.364 % mean: 17.143 % median: 0.318 % low: -18.833 % |
|
| Earnings Growth | — | |
| Earnings Growth QoQ | — | |
| Earnings Growth YoY | — | |
| Earnings Growth IPRWA | — | |
| MARGINS | ||
| Gross Margin | 35.225 % | |
| Gross Margin QoQ | -15.957 % | |
| Gross Margin YoY | -0.345 % | |
| Gross Margin IPRWA | high: 91.297 % median: 40.17 % mean: 40.045 % FWONK: 35.225 % low: 15.903 % |
|
| EBIT Margin | 10.814 % | |
| EBIT Margin QoQ | -38.98 % | |
| EBIT Margin YoY | -71.227 % | |
| EBIT Margin IPRWA | high: 21.585 % median: 16.271 % mean: 14.369 % FWONK: 10.814 % low: -18.167 % |
|
| Return On Sales (ROS) | 9.422 % | |
| Return On Sales QoQ | 4.677 % | |
| Return On Sales YoY | -55.354 % | |
| Return On Sales IPRWA | high: 21.705 % median: 18.853 % mean: 16.157 % FWONK: 9.422 % low: -19.43 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ 271.0 M | |
| Free Cash Flow Yield | 1.139 % | |
| Free Cash Flow Yield QoQ | -25.115 % | |
| Free Cash Flow Yield YoY | 31.829 % | |
| Free Cash Flow Yield IPRWA | high: 8.448 % median: 1.774 % mean: 1.707 % FWONK: 1.139 % low: -2.219 % |
|
| Free Cash Growth | -19.585 % | |
| Free Cash Growth QoQ | -99.77 % | |
| Free Cash Growth YoY | -50.969 % | |
| Free Cash Growth IPRWA | FWONK: -19.585 % high: -19.585 % median: -37.826 % mean: -56.34 % low: -613.769 % |
|
| Free Cash To Net Income | 54.2 | |
| Cash Flow Margin | 1.82 % | |
| Cash Flow To Earnings | 3.4 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.04 | |
| Return On Assets (ROA) | 0.031 % | |
| Return On Assets QoQ | -91.484 % | |
| Return On Assets YoY | -99.003 % | |
| Return On Assets IPRWA | high: 3.133 % median: 1.287 % mean: 1.04 % FWONK: 0.031 % low: -2.345 % |
|
| Return On Capital Employed (ROCE) | 0.711 % | |
| Return On Equity (ROE) | 0.001 | |
| Return On Equity QoQ | -91.045 % | |
| Return On Equity YoY | -98.643 % | |
| Return On Equity IPRWA | high: 0.035 median: 0.024 mean: 0.019 FWONK: 0.001 low: -0.024 |
|
| DuPont ROE | 0.065 % | |
| Return On Invested Capital (ROIC) | 0.483 % | |
| Return On Invested Capital QoQ | -46.512 % | |
| Return On Invested Capital YoY | -87.577 % | |
| Return On Invested Capital IPRWA | high: 6.849 % median: 2.054 % mean: 1.82 % FWONK: 0.483 % low: -1.136 % |
|