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BATRA, Atlanta Braves Holdings Inc. Series A
Revenue is Baseball (87%) and Mixed Use Development (13%).
The business
What it sells, where the money comes from, the kind of company it is.
Next report By 11/8 · the 10-Q for the quarter ended late September · due within 40 days of period end · has filed ~38 days after · the wire records it on arrival
The business in brief
read the 10-K →What this business is and what moves its needle, from its own SEC filings.
- What it is
- A capital-intensive business, run on heavy physical assets that must be kept working and earn a return above what they cost to maintain.
- Situation
- Unprofitable. No sustained operating profit across the record; an earnings multiple has nothing to rest on. What the record does show is revenue, the gross-margin trajectory, and the burn against the cash on hand. Distress / turnaround. Thin interest coverage, or operating cash burned against real debt, across the record. The balance sheet carries this situation; the debt schedule sets the clock. Capital build-out. Capital spending has surged to 13% of sales, today's earnings are charged less depreciation than tomorrow's will be.
- What moves the needle
- Operating margin has run around −5.6% through the cycle, the operating line deeply negative — so the lever is the path to a margin at all: revenue growth against the cost curve and the cash runway, not the level of a margin that isn't there yet. Capital spending runs about 11% of sales, so the return earned on what it sinks into that plant weighs as much as the margin. On its own account, the filing leans hardest on cyclicality & demand, set against the numbers in what the filing emphasizes, below.
- Is it a good business?
- Return on capital has rarely cleared the cost of capital (median −3%, above 15% in 0 of 4 years). Owner earnings, the cash-based check, have been thin too. This is price-taker territory, where the balance sheet and the cycle matter more than any multiple; the rest is in the 10-K.
Every line is arithmetic on the company's filings, shown in full in the sections below.
Where the money comes from
read the 10-K →Baseball is 87% of revenue, with Mixed Use Development the other meaningful segment at 13%.
- Baseball87%$635M
- Mixed Use Development13%$97M
From the segment footnote of the company's own 10-K. Shares are of total revenue; the profit bar shows each segment's share of segment operating profit, before unallocated corporate costs.
The record
Ten years of arithmetic, read across the cycle.
The record, 2022–2025
realized figures from each filing · older years to the left| 2022’22 | 2023’23 | 2024’24 | 2025’25 | TTMTTMJun 2026 | |
|---|---|---|---|---|---|
| Income statement | |||||
| $589M | $641M | $663M | $732M | $750M | RevenueRevenue |
| 18% | 19% | 19% | 18% | 19% | SG&A / revenueSG&A/rev |
| ($31M) | ($46M) | ($40M) | ($14M) | ($71M) | Operating incomeOp. inc. |
| −5.2% | −7.2% | −6.0% | −1.8% | −9.4% | Operating marginOp. mgn |
| ($32M) | ($129M) | ($36M) | ($24M) | — | Pretax incomePretax |
| ($34M) | ($125M) | ($31M) | ($23M) | ($64M) | Net incomeNet inc. |
| Cash flow & returns | |||||
| $53M | $2M | $17M | $25M | ($64M) | Operating cash flowOp. cash |
| $72M | $71M | $63M | $76M | $82M | Depreciation & amortizationD&A |
| $4M | $43M | ($31M) | ($43M) | ($105M) | Working capital & otherWC & other |
| $18M | $69M | $86M | $94M | $94M | CapexCapex |
| 3.0% | 10.8% | 13.0% | 12.8% | 12.5% | Capex / revenueCapex/rev |
| $36M | ($67M) | ($69M) | ($68M) | ($158M) | Owner earningsOwner earn. |
| 6.1% | −10.5% | −10.5% | −9.3% | −21.0% | Owner earnings marginOE mgn |
| $36M | ($67M) | ($69M) | ($68M) | ($158M) | Free cash flowFCF |
| 6.1% | −10.5% | −10.5% | −9.3% | −21.0% | Free cash flow marginFCF mgn |
| $53M | ($69M) | ($86M) | ($145M) | — | Investing cash flowInv. cash |
| ($177M) | $32M | $45M | $119M | — | Financing cash flowFin. cash |
| ($71M) | ($35M) | ($25M) | ($1M) | — | Change in cashΔ cash |
| -3% | -4% | -3% | -1% | -5% | ROICROIC |
| -11% | -24% | -6% | -4% | -12% | Return on equityROE |
| −11% | −24% | −6% | −4% | −12% | Retained to equityRetained/eq |
| Balance sheet | |||||
| $151M | $125M | $110M | $100M | $116M | Cash & investmentsCash+inv |
| $24M | $28M | $28M | $33M | $33M | ReceivablesReceiv. |
| $55M | $73M | $64M | $43M | — | Accounts payablePayables |
| ($31M) | ($45M) | ($36M) | ($10M) | $33M | Operating working capitalOper. WC |
| $267M | $218M | $179M | $159M | $288M | Current assetsCur. assets |
| $241M | $234M | $287M | $377M | $586M | Current liabilitiesCur. liab. |
| 1.1× | 0.9× | 0.6× | 0.4× | 0.5× | Current ratioCurr. ratio |
| $730M | $767M | $807M | $869M | — | Net PP&ENet PP&E |
| $176M | $176M | $176M | $176M | $176M | GoodwillGoodwill |
| $1.5B | $1.5B | $1.5B | $1.6B | $1.7B | Total assetsAssets |
| $542M | $569M | $617M | $739M | $793M | Total debtDebt |
| $391M | $444M | $507M | $639M | $677M | Net debt / (cash)Net debt |
| -1.0× | -1.2× | -1.0× | -0.3× | -1.5× | Interest coverageInt. cov. |
| $1.2B | $964M | $988M | $1.1B | — | Total liabilitiesTotal liab. |
| — | $12M | $12M | $12M | — | Noncontrolling interestsNCI |
| $300M | $529M | $524M | $526M | $514M | Shareholders’ equityEquity |
| 2.1% | 2.1% | 2.5% | 2.1% | 3.2% | Stock comp / revenueSBC/rev |
| Per share | |||||
| — | 62.5M | 62.9M | 63.6M | 64.7M | Shares out (diluted)Shares |
| — | $10.25 | $10.54 | $11.51 | $11.59 | Revenue / shareRev/sh |
| — | $-2.00 | $-0.50 | $-0.37 | $-0.99 | EPS (diluted)EPS |
| — | $-1.08 | $-1.10 | $-1.08 | $-2.44 | Owner earnings / shareOE/sh |
| — | $-1.08 | $-1.10 | $-1.08 | $-2.44 | Free cash flow / shareFCF/sh |
| — | $1.10 | $1.37 | $1.47 | $1.45 | Cap. spending / shareCapex/sh |
| — | $8.45 | $8.33 | $8.27 | $7.95 | Book value / shareBVPS |
| 3-yr | 5-yr | |
|---|---|---|
| Revenue / share | +6.0%/yr (2-yr) | +6.0%/yr (2-yr) |
| Capital spending / share | +15.5%/yr (2-yr) | +15.5%/yr (2-yr) |
| Book value / share | −1.1%/yr (2-yr) | −1.1%/yr (2-yr) |
The year, in the company's words
the filing →Verbatim from the 10-K's management discussion. Each sentence is shown only because its subject, direction, and stated figures check out against the filed numbers on this page. The words are the company's; the arithmetic is the record's.
- Operating income+65.9%
“Operating income (loss) improved $26.1 million during the year ended December 31, 2025, as compared to the prior year, due to the above explanations.”
✓ figure matches the filed record - Broadcasting+13.5%
“Broadcasting revenue increased $22.5 million during the year ended December 31, 2025, as compared to the prior year, primarily due to additional streaming rights granted to our regional broadcast partner and contractual rate increases to comparable broadcast obligations.”
✓ figure matches the filed record - Retail And Licensing-2.6%
“Retail and licensing revenue decreased $1.3 million during the year ended December 31, 2025, as compared to the prior year, due to the decrease in regular season home game attendance, partially offset by higher league-wide revenue.”
✓ figure matches the filed record
Where the cash went
ReinvestBuybacksDividendsAcquisitionsRetainedEach year's operating cash, by what management did with it: the mix, and how it drifts.
Net income is the accountant's number; owner earnings is the cash an owner could take out. The walk between them, off the cash-flow statement, and whether the gap is widening or holding.
In fiscal 2025 the business reported a $23M loss but ($68M) of owner earnings: $45M less than the profit line, taken out by capital spending and the timing of cash.
| FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|
| Reported net income | ($23M) | ($31M) | ($125M) | ($34M) |
| Depreciation & amortizationnon-cash charge added back | +$76M | +$63M | +$71M | +$72M |
| Stock-based compensationreal costnon-cash, but a real cost | +$16M | +$17M | +$13M | +$12M |
| Working capital & othertiming of cash in and out, other non-cash items | −$43M | −$31M | +$43M | +$4M |
| Cash from operations | $25M | $17M | $2M | $53M |
| Capital expenditurecash put back in to keep running and to grow | −$94M | −$86M | −$69M | −$18M |
| Owner earnings | ($68M) | ($69M) | ($67M) | $36M |
| Owner-earnings marginowner earnings ÷ revenue | -9% | -10% | -11% | 6% |
Owner earnings is the cash an owner could pull out without starving the business: operating cash less the capital it must spend to hold its position . The cash-flow statement also adds stock comp back as non-cash, but it is a real cost paid in shares; counted as the expense it is (less $16M), owner earnings is nearer ($84M).
Maintenance capex is estimated as depreciation where a growing business invests above it; free cash flow is the figure the scorecard's free-cash margin reads.
Quality & stewardship
Returns, the balance sheet, capital allocation, and pay.
Owner’s Scorecard
Will it survive?
- Can it pay its interest? -0.3×Does not cover its interestOperating income ($14M) ÷ interest expense $46M
What this means
A full year of operating profit didn't cover the interest bill. This is the zombie zone: the business depends on refinancing, asset sales, or forbearance to service its debt.
- Net debt against an operating lossCash $100M − debt $739M
What this means
Netting $100M of cash and short-term investments against $739M of debt leaves $639M owed, with no operating profit this year to measure it against — understand that combination before anything else about the company. Net debt is the leverage figure that matters: the cash is already set against the debt. Strategic or illiquid investments aren't counted here.
- Not enough data
What this means
The filing data didn't include the inputs for this check.
Is it a good business?
- Below average through the cycle4-yr median, range -4%–-1%; -1% latest = NOPAT ($11M) ÷ invested capital $1.2BIndustry peers: median 3%
What this means
The rate the business earns on the money tied up in it, Buffett's north star, because over time a stock tracks the ROIC beneath it. Above ~15% sustained hints at a moat; a return below the cost of capital (~8%) erodes value as a business grows rather than building it — the test Buffett weighs most. The headline is the median of the last 4 years (it ran -1% most recently), so one peak or trough year doesn't set the verdict. Asset-light businesses (R&D expensed, little capital) read artificially high, pair this with Owner Earnings.
- Consumes cash through the cycle4-yr median margin, range -11%–6%; latest ($68M) = operating cash $25M − maintenance capex $94MIndustry peers: median 6%
What this means
What an owner could take out without starving the business: operating cash less the maintenance capital it must spend to hold its position — Buffett's owner earnings. That's -9% of revenue this year, a -10% median across 4 years. Treating stock comp as the real expense it is (less $16M of SBC) leaves ($84M).
- Loss, but cash-generativeNet income ($23M) · cash from operations $25M
What this means
The company reported a net loss, so a conversion ratio isn't meaningful. What matters then is whether operations still threw off cash, here, they did.
How is the cash used?
- Not enough data
What this means
The filing data didn't include the inputs for this check.
- Investing or harvesting? 1.24×ExpandingCapex $94M ÷ depreciation & amortization as filed $76M
What this means
Descriptive, not a grade. Above ~1× means investing faster than assets wear out (growth, or, sustained for years, today's earnings carrying less depreciation than tomorrow's will). Below means spending less than it's wearing out (efficiency, or a melting asset base). The ratio won't tell you which; the filings will.
The promise and the pay packet
- Is the buyback buying ownership, or mopping up? 2.1%The count is flatStock compensation $16M (fiscal 2025), 2.1% of revenue · no repurchases · diluted shares +1.7% since 2023
What this means
Stock handed to employees is a real cost paid in the owner's own currency: it is charged against profit, but the shares it creates are permanent. Many companies repurchase stock at the same time, which looks like a return of capital and often is not — if the count barely moves, the cash merely cancelled the pay packet and bought the owner nothing. The three states worth telling apart are a count genuinely shrinking, a count standing still despite large repurchases, and a count rising because the issuance was never offset at all.
Graham’s defensive tests · 0 of 3 met
Graham’s numerical criteria for the defensive investor (The Intelligent Investor, ch. 14), run on the filings. A floor of safety, not a buy signal; many fine modern businesses fail his strictest liquidity rules by design.
- Adequate size MissRevenue ≥ $2B · $732M
What this means
Big enough to weather a storm. Graham's 1972 floor was ~$100M of sales (≈ $700M today); we use a $2B revenue line as a conservative modern stand-in.
- Strong liquidity MissCurrent ratio ≥ 2× · 0.42×
What this means
Current assets at least twice current liabilities, near-term bills covered without touching the business. Strict by design: many cash-rich modern firms run leaner and miss it, holding their cushion in longer-dated securities.
- Conservative debt MissDebt ≤ working capital · $739M vs ($218M) WC
What this means
Graham's rule that borrowings not exceed net current assets. Capital-heavy and buyback-heavy firms routinely fail it, read it next to interest coverage, not alone.
- Moderate price —P/E ≤ 15 and P/E × P/B ≤ 22.5 · decided by the price
What this means
Graham's valuation gate, the wall he kept between a sound business and a sound investment. Three-year average earnings are $-0.94/share (latest year $-0.36), the averaged base the calculator's gate runs on, and book value is $8.22/share. Enter a price in “What the price implies” just below for the P/E, P/B, and whether it clears. But this is the rule Buffett outgrew: there's no hard P/E law, and a wonderful business can deserve a far richer multiple if the thesis holds, treat it as the bargain-hunter's floor, not a verdict on the price.
Durability & moat, 2022–2025
Whether the record’s returns held, and what the capital reinvested earned.
- Profitable years 0 of 4
What this means
Lost money in 4 year(s), look at what happened there before trusting the average.
- Return on capital ≥ 15% 0 of 4 yrs
What this means
A moat shows up as a high return on invested capital that holds year after year, not one good vintage.
- Operating margin −6% → −4% (2-yr avg ends)
What this means
Through the cycle the operating margin widened — about −6% early to −4% lately, median −6% — pricing power intact or improving.
- Reinvestment, incremental ROIC returns capital
What this means
The capital base barely grew: this business returns cash through dividends and buybacks rather than reinvesting. Judge it on the cash returned, not on compounding.
- Worst year 2023 · −7.2% op. margin
What this means
Operations went underwater in 2023, understand why before trusting the good years.
- Share count +0.6%/yr
What this means
Roughly flat share count, little dilution, little buyback.
All figures as filed; the source filing is linked above.
Current Position
as of the latest quarter, Jun 30, 2026Can the business pay what it owes this year, off the freshest balance sheet: the quality of the assets, the debt actually coming due, and what a low ratio means here.
- Cash & short-term investments$116M
- Receivables$33M
- Other current assets$138M
- Debt due within a year$333M
- Accounts payable$96M
- Other current liabilities$157M
From the company's latest filing.
How the cash was used, 2022–2025
Over the record, the business generated $97M of operating cash; how management split it reads as a reinvestor, most operating cash is plowed back into the business.
- Reinvested$266M · 275%
- Source of funding−$170M
Reinvestment and shareholder returns ran $170M beyond the operating cash the business generated, so the gap was financed off the balance sheet: debt rose from $542M to $793M, and cash and short-term investments drew down $34M.
- Net change in share count3.4%
The diluted count rose from 63M to 65M: issuance (stock pay, deals) outran any buybacks, so owners were diluted on net.
- Dividend record—
No dividend line was reported in the filing data over the span; the record here neither confirms nor rules out a payout.
Buybacks are gross of stock issued to staff; the share-count line above is the net of that, the figure that decides whether owners gained. The average price paid blends a year of purchases (and any accelerated repurchase), so it is close, not exact. The record of where the cash went and on what terms.
Management, ownership & pay
read the proxy →From the proxy: how much of the business the people running it own, and how they are paid, beside what the business earned for its owners in the same years.
| Fiscal year | Chief executive | Pay, as filed | “Actually paid” | Owner earnings |
|---|---|---|---|---|
| 2023 | Mr. McGuirk | $2.2M | $1.4M | ($67M) |
| 2024 | Mr. McGuirk | $4.3M | $3.7M | ($69M) |
| 2024 | Mr. McGuirk | $3.0M | $3.9M | ($69M) |
| 2025 | Mr. McGuirk | $19.9M | $18.6M | ($68M) |
Both pay figures are the company’s own, from the pay-versus-performance table its proxy statement files. “As filed” is the Summary Compensation Table total: salary, bonus, and equity awards at their value on the day of grant. “Actually paid” is the SEC’s prescribed recalculation, which re-marks those equity awards to what they became as they vested; it can swing far above or below the filed figure in either direction, and negative years occur. Owner earnings are the whole business's, from the record above, for the same fiscal years.
- Insider ownership<1%
The stake all directors and executive officers hold together, per the 2026 proxy: skin in the game, the first thing Munger reads.
- Stock-based compensation$16M
The slice of the business handed to employees in shares in fiscal 2025, 2.1% of revenue. Buffett's oldest accounting fight: this is compensation, compensation is an expense, real whether or not the headline earnings admit it. One trap: the cash-flow statement adds SBC back, so the operating cash, and the owner earnings drawn from it, are flattered by exactly this amount; counted as the cost it is, what an owner keeps is lower.
What an owner would ask, FY2025
read the 10-K →- Which reported numbers are a judgment call?Management names Income taxes as critical estimates
each rests partly on management's judgment; the filing's note sets out the assumptionsverify →
The questions the record and the charts do not answer on their own; each carries the figure and the place to look.
Peers, Entertainment & Studios
The same industry, side by side on owner economics. Each column names the period it is read over, and a median resting on fewer than three years carries that count beside it; the group median at the foot is the line to read each figure against.
| Company | Revenuelatest FY, USD | Gross marginmedian over the record | Op. marginmedian over the record | ROICmedian over the record | Owner earn. marginmedian over the record |
|---|---|---|---|---|---|
| TKOTKO Group Holdings Inc. | $4.7B | — | 17.6% | 8%2y | — |
| FUNCedar Fair | $3.1B | 91% | 14.2% | 2% | 6% |
| SPHRSphere Entertainment Co. | $1.2B | — | -21.3% | -6% | 3% |
| LUCKLucky Strike Entertainment Corporation | $1.2B | 30% | 11.4% | 8% | 4% |
| MCSMarcus Corporation (The) | $758M | — | 3.4% | 5% | 8% |
| BATRAAtlanta Braves Holdings Inc. Series A | $732M | — | -5.6% | -3% | -10% |
| LLYVALiberty Live Holdings, Inc. | $382M | 18%2y | -23.8%2y | -6%2y | — |
| RSVRReservoir Media Inc. | $176M | 61% | 21.8% | 3% | 25% |
| Group median | — | — | 7.4% | 3% | 5% |
The price
What a price has to assume.
What the price implies
reverse-DCFAtlanta Braves Holdings Inc. Series A is profitable, but owner earnings are negative this year because capital spending currently outruns operating cash, a build-out, so the owner-earnings reverse-DCF has no positive base to grow. We read the price from both ends instead: type a price to see the steady-state profitability it demands, then set the mature margin you would believe and weigh the two against each other. Nothing leaves your browser unless you enter it in your notebook.
Revenue, delivered7%/yr’22→’25
Enter a price to run it.
A dated snapshot of the price you typed, the assumptions you set, and what the page showed for them. A snapshot is never edited after it is saved. Your notebook is yours alone — the commitment states what is stored and what we will never do.
Two reads of one future. From your price: the owner earnings the company must reach, valued at a mature multiple and discounted back at your rate, expressed as the margin it implies on revenue grown at your rate. From your belief: the mature margin you would credit, set on the dial above. When the margin the price demands runs above the one you would believe, you are paying for a future taken on faith. For a deep cyclical at a trough, normalized through-cycle earnings are the better lens; this mode is for the genuinely unprofitable, and for the profitable business whose capital spending currently outruns its cash.
Manual order: ← BANR its page in the Manual BATRK →
Industry order: ← ANGX the Entertainment & Studios chapter BATRK →