A Business at a Glance
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General Development of Business Atlanta Braves Holdings, Inc. (“Atlanta Braves Holdings,” “the Company,” “us,” “we,” or “our”) is primarily comprised of Braves Holdings, LLC (“Braves Holdings”), a wholly-owned subsidiary, and corporate cash. On July 18, 2023, Liberty Media Corporation (“Liberty” or “Liberty Media”), the then current parent organization of the Company, completed the previously announced redemption of each outstanding share of its Liberty Braves common stock in exchange for one share of the corresponding series of common stock of a newly formed entity, Atlanta Braves Holdings (the “Split-Off”). The Split-Off was intended to be tax-free to holders of Liberty Braves common stock and in September 2024, the Internal Revenue Service completed its review of the Split-Off and notified Liberty that it agreed with the non-taxable characterization of the transaction.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 |
|---|---|---|---|---|---|
| Revenue | 732M | 732M | 663M | 641M | 589M |
| Net Income | -23M | -23M | -31M | -125M | -34M |
| EPS | $-0.37 | $-0.37 | $-0.50 | $-2.03 | $-0.55 |
| Free Cash Flow | -68M | -68M | -69M | -67M | 36M |
| ROIC | -0.8% | -2.2% | -3.0% | -11.9% | -4.5% |
| Gross Margin | 32.2% | 32.2% | 23.9% | 24.7% | 27.3% |
| Debt/Equity | 1.81 | 1.81 | 1.38 | 1.16 | 2.06 |
| Dividends/Share | $0.00 | - | - | - | - |
| Operating Income | -14M | -14M | -40M | -46M | -31M |
| Operating Margin | -1.8% | -1.8% | -6.0% | -7.2% | -5.2% |
| ROE | -4.4% | -4.5% | -6.0% | -23.7% | -11.4% |
| Shares Outstanding | 63M | 63M | 63M | 62M | 62M |
| Metric | 2022 | 2023 | |||
|---|---|---|---|---|---|
| Income Statement | |||||
| Revenue | 589M | 641M | 663M | 732M | 732M |
| Gross Margin | 27.3% | 24.7% | 23.9% | 32.2% | 32.2% |
| R&D | N/A | N/A | N/A | N/A | N/A |
| SG&A | 106M | 125M | 126M | 129M | 129M |
| EBIT | -31M | -46M | -40M | -14M | -14M |
| Op. Margin | -5.2% | -7.2% | -6.0% | -1.8% | -1.8% |
| Net Income | -34M | -125M | -31M | -23M | -23M |
| Net Margin | -5.8% | -19.6% | -4.7% | -3.2% | -3.2% |
| Non-Recurring | 20M | 2.9M | 5.4M | 30M | 30M |
| Returns on Capital | |||||
| ROIC | -4.5% | -11.9% | -3.0% | -2.2% | -0.8% |
| ROE | -11.4% | -23.7% | -6.0% | -4.5% | -4.4% |
| ROA | -2.3% | -8.3% | -2.1% | -1.5% | -1.4% |
| Cash Flow | |||||
| Op. Cash Flow | 53M | 1.6M | 17M | 25M | 25M |
| Free Cash Flow | 36M | -67M | -69M | -68M | -68M |
| Owner Earnings | -31M | -83M | -63M | -66M | -66M |
| CapEx | 18M | 69M | 86M | 94M | 94M |
| Maint. CapEx | 72M | 71M | 63M | 76M | 76M |
| Growth CapEx | 0 | 0 | 23M | 18M | 18M |
| D&A | 72M | 71M | 63M | 76M | 76M |
| CapEx/OCF | 33.1% | 4245.8% | N/A | 371.3% | 371.3% |
| Capital Allocation | |||||
| Dividends Paid | 0 | 0 | 0 | 0 | 0 |
| Dividend Yield | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | 0 | 0 | 0 | 0 | 0 |
| Buyback Yield | N/A | N/A | N/A | N/A | 0.0% |
| Stock-Based Comp | 12M | 13M | 17M | 16M | 16M |
| Debt Repayment | 310M | 56M | 102M | 41M | 41M |
| Balance Sheet | |||||
| Net Debt | 315M | 361M | 501M | 754M | 854M |
| Cash & Equiv. | 151M | 125M | 110M | 100M | 100M |
| Long-Term Debt | 467M | 527M | 513M | 523M | 523M |
| Debt/Equity | 2.06 | 1.16 | 1.38 | 1.81 | 1.81 |
| Interest Coverage | -1.0 | -1.2 | -1.0 | -0.3 | -0.3 |
| Equity | 300M | 529M | 524M | 526M | 526M |
| Total Assets | 1.5B | 1.5B | 1.5B | 1.6B | 1.6B |
| Total Liabilities | 1.2B | 964M | 988M | 1.1B | 1.1B |
| Intangibles | N/A | N/A | N/A | N/A | N/A |
| Retained Earnings | -429M | -554M | -586M | -609M | -609M |
| Working Capital | 26M | -16M | -108M | -218M | -218M |
| Current Assets | 267M | 218M | 179M | 159M | 159M |
| Current Liabilities | 241M | 234M | 287M | 377M | 377M |
| Per Share Data | |||||
| EPS | -0.55 | -2.03 | -0.50 | -0.37 | -0.37 |
| Owner EPS | -0.49 | -1.34 | -1.00 | -1.04 | -1.04 |
| Book Value | 4.82 | 8.56 | 8.38 | 8.33 | 8.33 |
| Cash Flow/Share | 0.86 | 0.03 | 0.27 | 0.40 | 0.83 |
| Dividends/Share | N/A | N/A | N/A | N/A | 0.00 |
| Shares Out. | 62.1M | 61.7M | 62.5M | 63.2M | 63.2M |
| Valuation | |||||
| P/E Ratio | N/A | N/A | N/A | N/A | -133.2 |
| P/FCF | 56.5 | N/A | N/A | N/A | N/A |
| EV/EBIT | N/A | N/A | N/A | N/A | N/A |
| Price/Book | 6.7 | 5.1 | 4.8 | 5.1 | 5.9 |
| Price/Sales | 3.0 | 3.7 | 4.0 | 3.8 | 4.2 |
| FCF Yield | 1.8% | -2.5% | -2.8% | -2.5% | -2.2% |
| Market Cap | 2.0B | 2.7B | 2.5B | 2.7B | 3.1B |
| Avg. Price | 28.31 | 38.75 | 42.53 | 44.28 | 49.28 |
| Year-End Price | 32.43 | 43.29 | 40.27 | 42.73 | 49.28 |
Atlanta Braves Holdings, Inc. passes 0 of 9 quality checks, indicating weak fundamentals.
The company's 5-year average gross margin is 27.0%. At current prices, the estimated annualized return to fair value is -14.5%.
Atlanta Braves Holdings, Inc. (BATRA) has a 5-year average return on invested capital (ROIC) of -5.4%. This is below average and may indicate limited pricing power.
Atlanta Braves Holdings, Inc. (BATRA) has a market capitalization of $3.1B. It is classified as a mid-cap stock.
Atlanta Braves Holdings, Inc. (BATRA) does not currently pay a regular dividend.
Atlanta Braves Holdings, Inc. (BATRA) operates in the Services-Amusement & Recreation Services industry, within the Consumer Cyclical sector.
Atlanta Braves Holdings, Inc. (BATRA) reported annual revenue of $732 million in its most recent fiscal year, based on SEC EDGAR filings.
Atlanta Braves Holdings, Inc. (BATRA) has a net profit margin of -3.2%. The company is currently unprofitable.
Atlanta Braves Holdings, Inc. (BATRA) generated $-68 million in free cash flow in its most recent fiscal year. Negative free cash flow may indicate heavy investment or operational challenges.
Atlanta Braves Holdings, Inc. (BATRA) has a debt-to-equity ratio of 1.81. This indicates higher leverage, which may increase financial risk.
Atlanta Braves Holdings, Inc. (BATRA) reported earnings per share (EPS) of $-0.37 in its most recent fiscal year.
Atlanta Braves Holdings, Inc. (BATRA) has a return on equity (ROE) of -4.5%. A negative ROE may indicate losses or negative equity.
Atlanta Braves Holdings, Inc. (BATRA) has a 5-year average gross margin of 27.0%. This lower margin is typical of capital-intensive or commodity businesses.
The Ledger Terminal provides 4 years of financial data for Atlanta Braves Holdings, Inc. (BATRA), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
Atlanta Braves Holdings, Inc. (BATRA) has a book value per share of $8.33, based on its most recent annual SEC filing.