Owner Scorecard
An independent research publication · records as of August 17, 2026

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FWONK, Liberty Media Corporation

Media & Broadcasting capital-intensive CyclicalSerial acquirer

Liberty Media Corporation, through its subsidiaries, is primarily engaged in the motorsport and live entertainment industries with events held worldwide and operations primarily headquartered in the United Kingdom and Spain.

Latest annual: FY2025 10-K
FWONK · Liberty Media Corporation
I

The business

What it sells, where the money comes from, the kind of company it is.

Revenue · FY2025
$4.5B
+22.7% YoY · −14% 5-yr CAGR
Vital signs · TTM, with 5-yr average
Revenue $4.3B 5-yr avg $5.3B
Gross margin 72%
Operating margin 11.9% 5-yr avg 10.0%
ROIC 4% 5-yr avg 2%
Owner-earnings margin 19% 5-yr avg 35%
Free cash flow margin 19% 5-yr avg 35%

Next report By 11/8 · the 10-Q for the quarter ended late September · due within 40 days of period end · has filed ~37 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.

Situation
Cyclical. Margins collapse and recover repeatedly across the record; a single year, good or bad, misstates the through-cycle earning power. Serial acquirer. Goodwill and acquired intangibles are 79% of assets, with meaningful acquisition spending in 5 of the record's 10 years; much of what this business is was bought, at prices the record carries.
What moves the needle
Operating margin has run about 14% through the cycle, a solid margin the cost base and competition set as much as the price does. The margin is cyclical, swinging between 1.9% and 33% over the years, so the through-cycle figure carries more than any single year — and the balance sheet at the trough more than the peak. The cash cycle has run negative through the cycle (a median of −357 days): the operation is paid before it pays, so working capital releases cash as the business grows rather than tying it up. On its own account, the filing leans hardest on pricing power & competition, 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 4%, above 15% in 0 of 5 years). By owner earnings: roughly 18% of revenue reaches owners as cash, consistently. The cycle and the balance sheet decide this one; the worst year tells more than the median, and 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 →

92% of revenue comes from outside the United States.

Revenue by geography, FY2025
  • United Kingdom84%$3.8B
  • United States8%$378M
  • Spain7%$310M
  • Other0%$12M

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.

II

The record

Ten years of arithmetic, read across the cycle.

The record, 2016–2025

realized figures from each filing · older years to the left
2016’162017’172018’182019’192020’202021’212022’222023’232024’242025’25TTMTTMJun 2026
Income statement
$5.3B$7.6B$8.0B$10.3B$9.4B$11.4B$3.2B$3.6B$3.7B$4.5B$4.3BRevenueRevenue
17%15%15%18%19%17%12%18%12%11%13%SG&A / revenueSG&A/rev
$1.7B$1.4B$1.5B$1.5B$177M$2.0B$145M$266M$287M$577M$516MOperating incomeOp. inc.
32.9%18.4%18.8%14.3%1.9%17.3%4.6%7.4%7.9%12.9%11.9%Operating marginOp. mgn
$1.4B$827M$1.0B$513M($1.4B)$789M$707M$97M($24M)$733M—Pretax incomePretax
$680M$1.4B$531M$106M($1.4B)$398M$1.8B$761M($2.1B)$555M$408MNet incomeNet inc.
35%—17%32%—6%—25%—19%23%Effective tax rateTax rate
Cash flow & returns
$2.2B$1.7B$2.2B$2.3B$1.7B$2.4B$2.5B$2.5B$567M$908M$952MOperating cash flowOp. cash
$354M$824M$905M$1.1B$1.1B$1.1B$433M$406M$352M$393M$460MDepreciation & amortizationD&A
$987M($676M)$528M$834M$1.8B$711M$270M$1.3B$2.2B($61M)$60MWorking capital & otherWC & other
$568M$517M$403M$510M$452M$440M$309M$461M$75M$119M$129MCapexCapex
10.8%6.8%5.0%5.0%4.8%3.9%9.8%12.9%2.1%2.7%3.0%Capex / revenueCapex/rev
$1.8B$1.2B$1.8B$1.8B$1.3B$2.0B$2.2B$2.0B$492M$789M$823MOwner earningsOwner earn.
34.4%16.0%21.8%17.5%13.6%17.5%70.8%56.1%13.5%17.6%19.0%Owner earnings marginOE mgn
$1.6B$1.2B$1.8B$1.8B$1.3B$2.0B$2.2B$2.0B$492M$789M$823MFree cash flowFCF
30.4%16.0%21.8%17.5%13.6%17.5%70.8%56.1%13.5%17.6%19.0%Free cash flow marginFCF mgn
—$1.8B$2M$0—$14M$136M—$205M$3.3B$3.3BAcquisitionsAcquis.
——$466M$443M$318M$555M$37M————BuybacksBuybacks
($1.3B)($3.1B)($370M)$314M($736M)($689M)($46M)($1.2B)($292M)($3.2B)—Investing cash flowInv. cash
($546M)$1.9B($2.4B)($1.8B)$574M($1.7B)($3.1B)($1.5B)$965M$694M—Financing cash flowFin. cash
—$4M($1M)—$3M($3M)—$1M($10M)$16M—Exchange-rate effectFX
$361M$475M($595M)$854M$1.6B$47M($648M)($248M)$935M($1.9B)—Change in cashΔ cash
5%—4%———0%1%—4%4%ROICROIC
6%8%3%1%-9%3%11%5%-29%7%5%Return on equityROE
6%8%3%1%−9%3%11%5%−29%7%5%Retained to equityRetained/eq
Balance sheet
$1.9B$2.1B$358M$1.2B$2.8B$2.8B$1.9B$1.4B$2.6B$1.1B$1.5BCash & investmentsCash+inv
$240M$358M$364M$767M$823M$828M$837M$123M$114M$115M$255MReceivablesReceiv.
$985M$1.3B$1.1B$1.6B$1.6B$1.8B$1.9B$474M$649M$575M$417MAccounts payablePayables
($745M)($892M)($752M)($854M)($760M)($1.0B)($1.0B)($351M)($535M)($460M)($162M)Operating working capitalOper. WC
$1.0B$1.7B$1.1B$2.4B$4.0B$4.8B$3.9B$3.4B$3.3B$1.4B$2.1BCurrent assetsCur. assets
$2.9B$4.0B$3.2B$3.9B$4.5B$6.6B$5.4B$4.7B$1.1B$939M$1.7BCurrent liabilitiesCur. liab.
0.4×0.4×0.3×0.6×0.9×0.7×0.7×0.7×3.0×1.5×1.3×Current ratioCurr. ratio
$2.4B$2.5B$2.5B$2.3B$2.2B$2.0B$2.3B$838M$810M$868M—Net PP&ENet PP&E
$14.3B$18.4B$18.4B$19.9B$19.2B$19.2B$4.1B$4.0B$4.1B$7.0B$6.9BGoodwillGoodwill
$31.4B$42.0B$40.8B$44.2B$44.0B$44.4B$42.5B$41.3B$13.0B$15.4B$15.9BTotal assetsAssets
$8.0B$14.0B$13.4B$15.5B$17.4B$18.6B$16.6B$4.2B$3.0B$5.1B$4.9BTotal debtDebt
$6.1B$11.8B$13.0B$14.3B$14.6B$15.8B$14.7B$2.8B$361M$4.0B$3.5BNet debt / (cash)Net debt
4.8×2.4×2.5×2.2×0.3×3.1×0.2×0.3×1.4×2.3×1.8×Interest coverageInt. cov.
$13.7B$19.4B$19.1B$22.3B$24.4B$25.5B$23.3B$21.9B$6.0B$6.9B—Total liabilitiesTotal liab.
$6.0B$5.6B$5.1B$5.6B$4.5B$3.6B$3.2B$3.0B$22M——Noncontrolling interestsNCI
$11.8B$16.9B$16.6B$16.3B$15.1B$14.7B$16.0B$16.4B$7.0B$7.8B$7.6BShareholders’ equityEquity
2.8%3.0%2.4%3.0%2.8%2.2%0.9%0.8%0.8%0.5%0.6%Stock comp / revenueSBC/rev
————$956M———$73M—$73MGoodwill written downGW imp.

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.

  • Revenue+22.7%
    “Our consolidated revenue increased $829 million for the year ended December 31, 2025, as compared to the prior year, driven by increases in Formula 1 revenue and revenue from MotoGP, which was acquired in July 2025.”
    ✓ figure matches the filed record
  • Operating income+101.0%
    “Our consolidated operating income increased $290 million for the year ended December 31, 2025, as compared to the prior year, driven by an increase in Formula 1’s operating income, a decrease in QuintEvents’ operating loss, largely driven by the goodwill impairment recorded during the year ended December 31, 2024, disclosed below, and the acquisition of MotoGP in July 2025.”
    ✓ figure matches the filed record

Where the cash went

ReinvestBuybacksDividendsAcquisitionsRetainedBeyond op. cash

Each year's outlays against its operating cash: the mix, and how it drifts. The hatched cap is spending beyond that year's operating cash — financed from the balance sheet or borrowing, not operations.

FY2016FY2025

Owner-earnings bridge

FY2021–FY2025cash-flow statement, SEC EDGAR →

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 turned $555M of profit into $789M of owner earnings: more cash than the profit line showed, after the non-cash charges and the capital it put back in.

Reported net income$555M
Owner earnings$789M · 18% of revenue
FY2025FY2024FY2023FY2022FY2021
Reported net income$555M($2.1B)$761M$1.8B$398M
Depreciationnon-cash charge added back+$71M+$62M+$79M+$73M+$270M
Amortization of intangible assetsnon-cash charge added back; the purchase price of past acquisitions, expensed over time+$322M+$290M+$327M+$360M+$802M
Stock-based compensationreal costnon-cash, but a real cost+$21M+$30M+$27M+$28M+$256M
Working capital & othertiming of cash in and out, other non-cash items−$61M+$2.2B+$1.3B+$270M+$711M
Cash from operations$908M$567M$2.5B$2.5B$2.4B
Capital expenditurecash put back in to keep running and to grow−$119M−$75M−$461M−$309M−$440M
Owner earnings$789M$492M$2.0B$2.2B$2.0B
Owner-earnings marginowner earnings ÷ revenue18%13%56%71%18%

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 $21M), owner earnings is nearer $768M.

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.

III

Quality & stewardship

Returns, the balance sheet, capital allocation, and pay.

Owner’s Scorecard

FY2025 10-K · source on SEC EDGAR →

Will it survive?

  • Can it pay its interest? 2.3×
    Adequate
    Operating income $577M ÷ interest expense $249M
    What this means

    Comfortable in a normal year, but below the margin of safety Graham looked for. Worth checking how stable the coverage has been across a full cycle.

  • How heavy is the debt, net of cash? $4.0B · 7.0× operating profit
    Heavy net debt
    Cash $1.1B − debt $5.1B
    What this means

    Netting $1.1B of cash and short-term investments against $5.1B of debt leaves $4.0B owed, about 7.0× a year's operating profit (8.8× on the gross debt, before the cash). Net debt is the leverage figure that matters: the cash is already set against the debt. Strategic or illiquid investments aren't counted here.

  • How long is cash tied up? —
    Not enough data
    What this means

    The filing data didn't include the inputs for this check.

Is it a good business?

  • Return on invested capital 4%
    Below average through the cycle
    5-yr median, range 0%–5%; 4% latest = NOPAT $463M ÷ invested capital $11.8B
    Industry peers: median 10%
    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 5 years (it ran 4% 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.

  • Owner-earnings margin 18%
    High through the cycle
    10-yr median margin, range 13%–71%; latest $789M = operating cash $908M − maintenance capex $119M
    Industry peers: median 15%
    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 18% of revenue this year, a 18% median across 10 years. Treating stock comp as the real expense it is (less $21M of SBC) leaves $768M.

  • Are earnings backed by cash? 1.64×
    Cash-backed
    Cash from ops $908M ÷ net income $555M
    What this means

    How much of reported profit showed up as operating cash. Above 1× is reassuring; well below suggests earnings lean on accruals. One year is noisy, growth and working-capital swings distort it, and this is operating cash, not free cash. Watch the multi-year trend.

How is the cash used?

  • Where do the earnings go? —
    Not enough data
    What this means

    The filing data didn't include the inputs for this check.

  • Investing or harvesting? 0.30×
    Harvesting
    Capex $119M ÷ depreciation & amortization as filed $393M
    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? 0.5%
    Stock pay, share count unread
    Stock compensation $21M (fiscal 2025), 0.5% of revenue · no repurchases
    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 · 1 of 5 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 Pass
    Revenue ≥ $2B · $4.5B
    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 Miss
    Current ratio ≥ 2× · 1.46×
    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 Miss
    Debt ≤ working capital · $5.1B vs $434M 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.

  • Earnings stability Miss
    A profit every year (10-yr record) · 2 loss years
    What this means

    Graham wanted earnings in each of the past ten years, the stability a defensive owner leans on.

  • Dividend record —
    Uninterrupted dividends · no dividend line tagged in the data
    What this means

    An unbroken dividend was Graham's mark of durability. This record carries no dividends-paid line in any year — common for partnerships, whose distributions file under tags the chain doesn't read — so the criterion is withheld rather than judged on silence.

  • Earnings growth Miss
    Earnings +33% over the record · −129%
    What this means

    At least a third more earnings than a decade ago, averaging three years at each end. Net income (not per-share), so stock splits don't distort it, buybacks and dilution show up in the share-count line instead.

  • 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 $-0.99/share (latest year $2.21), the averaged base the calculator's gate runs on, and book value is $30.94/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, 2016–2025

Whether the record’s returns held, and what the capital reinvested earned.

  • Profitable years 8 of 10
    What this means

    Lost money in 2 year(s), look at what happened there before trusting the average.

  • Return on capital ≥ 15% 0 of 10 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 23% → 9% (3-yr avg ends)
    What this means

    Through the cycle the operating margin slipped — about 23% early to 9% lately, median 13% — competition or costs are biting in.

  • 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.

  • Owner earnings growth −9%/yr
    What this means

    Owner earnings shrank about 9% a year over the record.

  • Worst year 2020 · 1.9% op. margin
    What this means

    Stayed profitable even in its hardest year, the resilience that survives recessions.

All figures as filed; the source filing is linked above.

Current Position

as of the latest quarter, Jun 30, 2026

Can 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.

Current assets$2.1B
  • Cash & short-term investments$1.5B
  • Receivables$255M
  • Other current assets$389M
Current liabilities$1.7B
  • Debt due within a year$72M
  • Accounts payable$417M
  • Other current liabilities$1.2B
Current ratio1.27×all current assets ÷ what's due · Graham looked for 2×
Quick ratio1.27×stricter: inventory excluded
Cash ratio0.88×strictest: cash alone against what's due
Working capital$444Mthe cushion left after near-term bills
Debt due this year vs. cash$72M due · $1.5B cash covered by cash on hand, no refinancing forced · both figures from the Jun 30, 2026 balance sheet
Revenue, latest quarter vs. a year ago−30.4%the freshest read on whether the business is still growing
Current ratio, recent quarters2.9× → 1.3×
Deeper floors
Tangible book value($4.1B)equity stripped of goodwill & intangibles
Net current asset value($5.4B)Graham's net-net: current assets less all liabilities
Debt incl. operating leases$4.9Bno operating-lease liability tagged this quarter, so debt alone
Deferred revenue$1.1Bcustomer cash collected before delivery; operating float

From the company's latest filing.

Debt maturity

the debt note, SEC EDGAR →

Not how much it owes, but when it falls due, and against what. The ladder the company files, beside cash on hand and a year's owner earnings.

'26$52M
'27$558M
'28$84M
'29$643M
'30$195M

Bars scaled to the largest single year.

Due in the next 12 months$52Mthe first rung: what must be repaid or rolled over within the year
Within two years$610Mthe near wall, the part most exposed to today’s credit conditions
Biggest single year$643Min 2029the lumpiest maturity, where a refinancing, if needed, is largest
Due over the next five years$1.5Bthe near slice; the balance sheet carries $5.1B of debt in all

Against what the business has and earns

Cash & short-term investments, Jun 30, 2026$1.5B
One year of owner earnings (FY2025)$789M
Together, against $52M due next year43.3×

Cash on hand as of Jun 30, 2026 plus a year’s owner earnings comes to $2.3B against the $52M due in the twelve months after the Dec 31, 2025 schedule: 43 times it.

Maturity schedule extracted from the company’s Dec 31, 2025 annual report and reconciled to the balance-sheet debt.

How the cash was used, 2016–2025

Over the record, the business generated $19.0B of operating cash; how management split it reads as a balanced allocator, splitting cash between the business, owners, and the balance sheet.

  • Reinvested$3.9B · 20%
  • Buybacks$1.8B · 10%
  • Retained (debt / cash)$13.4B · 70%
  • Returned to owners$1.8B

    12% of the owner earnings the business produced over the span, $0 as dividends and $1.8B as buybacks.

  • Source of fundingOperating cash

    Operating cash covered reinvestment and returns; over the span debt fell $3.1B and cash and short-term investments rose $903M.

  • Average price paid for buybacks—

    Buybacks ran $1.8B over the span, but the filings don't tag the share count needed to deduce the average price paid.

  • Net change in share count—

    No continuous share count across the span.

  • Dividend record—

    No dividend line was reported in the filing data over the span; the record here neither confirms nor rules out a payout.

  • Return on what it retained−56%

    Of the earnings it kept rather than paid out ($897M over the span), annual owner earnings (first three years vs last three) fell $500M, so each retained $1 gave back about 0.56 of yearly owner earnings. Buffett's test, run on owner earnings instead of market value.

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.

Acquisitions & goodwill

from the balance sheet & the 10-year cash-flow record

Goodwill grows only when a company acquires and falls only when it concedes it overpaid. The size of that bet, the cash put into buying rather than building, and how much has already been written off.

Goodwill & intangibles$12.1B79% of all assets; the premium carried on the balance sheet for businesses acquired
Against book equity91%goodwill is this share of book equity; the rest is the company’s own retained and paid-in capital
Cash spent acquiring$5.2Bover 11 years since fiscal 2011 buying other businesses, against $3.9B of capital spent building over the 10-year record

$1.0B written down across 2 years (2020, 2024): goodwill the company has already conceded it overpaid for, charged against earnings. That is roughly 18% of the cash it put into acquisitions over the span. A write-down costs no cash (the cash went out when the deal was signed), but it is management marking its own past judgment to market.

Beside that spending sits $5.6B of cumulative amortization of acquired intangibles charged against earnings since fiscal 2010 — the purchase price of past deals, expensed over time.

Goodwill, acquired intangibles and equity from the latest balance sheet; acquisition spend and amortization summed across the company's full tagged history, write-downs across the 10-year record, from the company's own filings.

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 yearPay, as filed“Actually paid”Owner earnings
2021$21.6M$48.4M$2.0B
2022$22.4M$8.0M$2.2B
2023$28.7M$34.3M$2.0B
2024$24.3M$43.6M$492M
2025$39.3M$32.5M$789M
2025$1.4M$1.4M$789M

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.

  • Stock-based compensation$21M

    The slice of the business handed to employees in shares in fiscal 2025, 0.5% of revenue, equal to 3.6% of operating profit. 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, Acquisitions, Stock compensation 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

Liberty Media Corporation is listed here as a claim on a business rather than as the business itself — a preferred series, a bond or a warrant, filed under the same registrant as the common stock. A comparative table lines businesses up against one another, so there is none here. The business behind it is Liberty Media Corporation (FWONA), where the record, the scorecard and the peer bench are.

IV

The price

What a price has to assume.

What the price implies

reverse-DCF

Type today's close and see the owner-earnings growth you'd have to believe to justify it, beside what Liberty Media Corporation has delivered.

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Base

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The assumptions

9.0% = the 4.71% 10-year Treasury (Aug 18, 2026) + 4.29 points of equity premium. The rate you require is yours to set.

Enter a price above to run it.

Implied by the price—
Owner-earnings growth · ’21→’25−26%/yr
Owner-earnings growth · ’16→’25−8%/yr
Owner-earnings yield—
P/E (3-yr earnings ’23–’25)—
P/B—
Graham’s price gate—

Graham capped the multiple at 15×; Buffett and Munger let that rule go: a wonderful business can deserve 50× if the thesis holds. The gate marks the bargain-hunter's floor.

Against a high-grade bond: Graham’s yardstick bond yield%

Prefilled with the 10-year Treasury (4.71%, as of Aug 18, 2026). Edit it for today’s exact figure, or a AAA corporate yield.

Graham measured a stock against the bond you could own instead, the heart of his margin of safety. Enter a price above to weigh the owner-earnings yield against this bond.

Owner earnings $823M on 251M shares outstanding (a weighted cover-text, the only count this filer tags); net debt $3.5B. The if-converted diluted count is 337M, 34% above the shares outstanding: the dilution overhang (convertibles, options) a buyer inherits. The base is the latest year by default; Normalize values it on the through-cycle median owner-earnings margin (to avoid paying on a peak year). Net of stock comp treats option pay as the expense it is. The dials set the multiple a growth belief justifies; the price, and every dollar on this page, is yours.

Weigh FWONK against another business →

Cite: Owner Scorecard, "Liberty Media Corporation (FWONK), the owner's record," https://ownerscorecard.com/c/FWONK, data as of 2026-08-17.

Manual order: ← FWONA its page in the Manual FWRD →

Industry order: ← FWONA the Media & Broadcasting chapter GLIBA →