Education
About Us
Working with TipRanks
Follow Us
Atlanta Braves Holdings Inc Class A (BATRA)
NASDAQ:BATRA
Top Page
Atlanta Braves Holdings Inc Class A
(NASDAQ:BATRA)
Select Model
Select Model
Rating:56Neutral
Price Target:
$50.00
▲(16.14% Upside)
Action:ReiteratedDate:02/27/26
The score reflects improving operations and constructive price momentum, supported by positive 2025 performance and upbeat strategic commentary around BravesVision. It is held back primarily by weak financial quality—persistent losses, elevated leverage, and negative free cash flow—plus near-term execution and cash-flow uncertainty as broadcasting transitions in-house.
Positive Factors
Revenue & Operating Profitability Improvement
Sustained revenue growth and a large adjusted OIBDA gain reflect improving core operations and margin recovery. Higher OIBDA provides a structural cushion to absorb cyclical attendance swings, supports reinvestment in the team and venue, and improves the path to consistent net profitability over the medium term.
Mixed‑Use Development Diversification
Rapidly growing mixed‑use revenue diversifies income away from game‑day cycles, creating recurring leasing and retail cash flows. Strong occupancy and tenant sales indicate demand, supporting revenue stability, higher marginal cash generation, and real‑estate optionality that enhances long‑term enterprise resilience.
Vertical Integration of Local Media (BravesVision)
Taking production, distribution and monetization in‑house creates a structural revenue capture opportunity and control over distribution economics. If executed, vertical integration raises long‑run margins on broadcast revenue, deepens fan monetization channels and creates scalable digital and ad inventory across a large TV territory.
Negative Factors
Elevated Leverage
Relatively high leverage limits financial flexibility for a cyclical sports and real‑estate operator. Elevated debt raises refinancing and interest burdens, constrains capital allocation to player payroll, stadium investments or media buildout, and increases downside risk if revenue growth softens or capex needs rise.
Consistent Negative Free Cash Flow
Persistent negative FCF signals that current operating cash generation does not cover investment and working‑capital needs. This structural cash shortfall necessitates external financing for growth or media/real‑estate investment, heightening liquidity risk and constraining the pace of deleveraging or shareholder returns.
Transition & Execution Risk from In‑House Media Launch
Shifting local broadcast in‑house is strategically material but creates sustained execution risk: subscriber/distribution traction, ad monetization and incremental OpEx/CapEx will determine economics. Any revenue shortfall or higher costs during rollout could materially affect multi‑year cash flows and profitability.
Atlanta Braves Holdings Inc Class A (BATRA) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$2.80B
Dividend YieldN/A
Average Volume (3M)70.22K
Price to Earnings (P/E)―
Beta (1Y)0.42
Revenue Growth6.62%
EPS Growth97.35%
CountryUS
Employees1,450
SectorCommunication Services
Sector Strength97
IndustryEntertainment
Share Statistics
EPS (TTM)-0.66
Shares Outstanding10,318,187
10 Day Avg. Volume60,940
30 Day Avg. Volume70,215
Financial Highlights & Ratios
PEG Ratio4.37
Price to Book (P/B)5.04
Price to Sales (P/S)3.62
P/FCF Ratio-22.15
Enterprise Value/Market Cap1.35
Enterprise Value/Revenue5.15
Enterprise Value/Gross Profit25.92
Enterprise Value/Ebitda38.50
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)-0.02
Revenue Forecast (FY)$776.99M
Atlanta Braves Holdings Inc Class A Business Overview & Revenue Model
Company DescriptionAtlanta Braves Holdings, through its wholly-owned subsidiary Braves Holdings, LLC, indirectly owns the Atlanta Braves Major League Baseball club and the associated mixed-use development project, The Battery Atlanta.
How the Company Makes MoneyThe company generates revenue through multiple streams, primarily from ticket sales for home games, which is a significant portion of its income. Additional revenue comes from broadcasting rights, which include local and national television deals that provide substantial financial support. Merchandise sales, including team apparel and memorabilia, also contribute to revenue. Furthermore, Atlanta Braves Holdings benefits from sponsorship and advertising partnerships with various businesses, which enhance brand visibility and provide additional income. The operation of Truist Park for events beyond baseball season, such as concerts and community events, also adds to the revenue streams, showcasing the company's multifaceted approach to generating earnings.
Atlanta Braves Holdings Inc Class A Key Performance Indicators (KPIs)
Any
Revenue by Segment
Breaks down total revenue into specific business segments, revealing which areas are driving growth and where there might be challenges or opportunities.
Breaks down total revenue into specific business segments, revealing which areas are driving growth and where there might be challenges or opportunities.
Data provided by:
The Fly
The FlyAtlanta Braves Holdings Inc Class A Earnings Call Summary
Earnings Call Date:Feb 25, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 13, 2026
Earnings Call Sentiment Positive
The call presented multiple material positive developments: notable year-over-year revenue growth (~+10.4%), a large improvement in adjusted OIBDA (+170%), strong mixed-use development performance (+44.8%), robust ticket demand (1.9M+ tickets sold for 2026) and a strategic shift to control local media rights with Brave Vision. These highlights indicate expanding diversified revenue streams and improved operating performance. Key risks and negatives include a remaining operating loss (-$14M), a $30M noncash impairment tied to prior broadcast arrangements, softer 2025 attendance, short-term cash flow uncertainty (analyst-cited negative FCF ~-$25M) and execution/timing risk as the company transitions media operations in-house, plus potential tax impacts from legislative changes. Overall, the positive operational and financial momentum and strategic initiatives outweigh the transitional and one-time negatives, though the Brave Vision execution and tax issues represent watch items in the near term.Q4-2025 Updates
Positive Updates
Revenue Growth and Strong Adjusted OIBDA Improvement
Total revenue of $732,000,000 in 2025, up ~$69,000,000 from $663,000,000 in 2024 (~+10.4%). Adjusted OIBDA rose to $108,000,000 in 2025 vs $40,000,000 in 2024 (+170%), driven by higher baseball and mixed-use development results. Operating loss narrowed to $14,000,000 from a $40,000,000 loss in 2024 (improvement of $26,000,000). Cash and cash equivalents were $100,000,000 as of 12/31/2025.
Baseball Segment Revenue Increases
Baseball revenue increased to $635,000,000 in 2025 from $595,000,000 in 2024 (+$40,000,000, +6.7%). Broadcasting revenue grew to $189,000,000 from $166,000,000 (+$23,000,000, +13.9%). Baseball event revenue rose to $358,000,000 from $348,000,000 (+$10,000,000, +2.9%). Other baseball revenue increased to $42,000,000 from $34,000,000 (+$8,000,000, +23.5%).
Mixed-Use Development Momentum
Mixed-use development revenue was $97,000,000 in 2025, up $30,000,000 from $67,000,000 in 2024 (+44.8%), representing ~13% of company revenue. PennantPark occupancy improved to ~90% from the low-80% range at closing; Q4 saw ~50,000 sq ft of new deals. Tenant sales milestone ~ $137,000,000 across 30 doors and nearly 9,000,000 visitors to The Battery in 2025.
Record Ticketing and Strong Fan Demand
Delivered record-breaking regular season ticket sales and sponsorship revenue in 2025; sold the fourth-highest number of tickets in 25 years. For 2026, more than 1,900,000 tickets already sold across season, groups, hospitality and single-game inventory. Premium clubs sold out with robust waitlists; ticketing analytics investments improving marketing efficiency and conversion.
On-Field Roster Additions and Positive Preseason Momentum
Significant additions and depth including Robert Suarez (ESPN #1 reliever), Raisel Iglesias, Jorge Mateo, Mauricio Dubon, Tyler Kinley, Joel Payamps and an extension for Chris Sale. Core talent includes the reigning NL Rookie of the Year Drake Baldwin, Gold Glove Matt Olson, Ronald Acuña Jr., Austin Riley and Spencer Strider. FanGraphs preseason ranked the Braves #2 in the majors, signaling strong expectations for competitiveness.
The Battery as a Year-Round Destination
The Battery hosted 380 total events in 2025 (144 campus events, 147 Coca-Cola Roxy, 95 game day/Truist Park events), plus notable concerts and special activations (e.g., Braves Country Fest, Noah Kahan), reinforcing diversified, repeat-visitor demand and creating non-baseball revenue drivers.
Strategic Control of Local Media Rights (Brave Vision / brave.tv)
Announced Brave Vision (Brave.tv) to bring local broadcast production, distribution and monetization in-house. Partnership with Gray Media for over-the-air simulcasts and an MLB streaming partnership enables multi-platform distribution and territorial streaming, creating a direct monetization opportunity across one of the largest TV territories in sports.
Negative Updates
Operating Loss and Significant Noncash Impairment
Company reported an operating loss of $14,000,000 in 2025. The year included a $30,000,000 noncash impairment expense tied to the termination of a long-term local broadcast agreement, and increased depreciation and amortization contributed to the operating loss.
Attendance-Related Weakness and Revenue Pressure
Management noted 'softer' baseball attendance in 2025, which produced attendance-related reductions in revenue despite overall revenue growth; event revenue increases were partially offset by lower attendance levels.
Free Cash Flow and Cash Flow Uncertainty
An analyst referenced a negative free cash flow of approximately $25,000,000 for the year; management acknowledged potential changes in cash flow profile as the team transitions to running the media business internally and indicated Brave Vision financial details (OpEx/CapEx) will be disclosed starting in Q2, creating short-term cash flow uncertainty.
Transition Risk for Local Broadcast Revenue
While in-house media control is strategic, management acknowledged the potential for transitional impacts on local broadcast revenue (analyst referenced an estimated ~$100,000,000 local broadcast baseline that 'might be somewhat less' during transition). There is execution risk in subscriber reach, distribution and monetization during the launch period.
Potential Tax and Competitive Impacts from Legislative Changes
Management is evaluating potential implications of tax-law changes (e.g., 162(m) deductibility limits for high-paid employees). These could materially affect tax expense or cash flows related to player compensation and may influence competitive flexibility; specifics remain under review.
Limited Near-Term Disclosure on Brave Vision Economics
Management stated historical lack of disclosed OpEx/CapEx for broadcasting and will provide more detail only after Brave Vision begins operating; this lack of near-term financial transparency increases uncertainty around the margin and capital demands of the new media operation.
Company Guidance
Management guided that with local media rights resolved they will launch Brave Vision/Brave.tv (in partnership with MLB) and begin reporting financial detail on the new broadcast business in Q2, while Gray Media will air 15 spring training games (a 50% increase) and simulcast select regular-season games; they emphasized execution to optimize subscriber reach, distribution, advertising and ticketing analytics. For context they reported 2025 total revenue of $732.0M (up from $663.0M), baseball revenue $635.0M (from $595.0M), mixed‑use revenue $97.0M (from $67.0M) — ~13% of total revenue and generating over $100.0M annualized — broadcasting revenue $189.0M (from $166.0M), event revenue $358.0M (from $348.0M), other revenue $42.0M (from $34.0M), adjusted OIBDA $108.0M (vs. $40.0M), operating loss $14.0M (vs. $40.0M), cash and equivalents $100.0M as of 12/31/2025, plus operational metrics including >1,900,000 tickets already sold for 2026 with premium clubs sold out, ~9,000,000 Battery visitors in 2025, ~380 total Battery events (144 common‑area, 147 Coca‑Cola Roxy, 95 Truist Park), tenant sales of ~$137.0M across 30 doors, PennantPark ~90% occupancy (up from low‑80s), and just under 50,000 sq ft of Q4 lease closings.Atlanta Braves Holdings Inc Class A Financial Statement Overview
Summary
Operating performance improved sharply in 2025 (higher revenue and much stronger EBITDA/adjusted OIBDA), but the company remains net loss-making, leverage is elevated with debt rising in 2025, and free cash flow is consistently negative (worsening in 2025) despite positive operating cash flow.Income Statement
Revenue has expanded steadily from 2022–2025 (with modest growth in 2024 and a stronger step-up in 2025), and profitability improved meaningfully in 2025 with positive operating profit and a much higher EBITDA margin versus 2023–2024. However, net results remain loss-making in every year shown (including 2025), and gross margin has trended down from 2021–2022 levels, suggesting cost pressure even as top-line recovers.54
Neutral
Balance Sheet
Leverage is elevated, with debt-to-equity around ~1.3–1.6 in 2023–2025 (and notably higher in 2021–2022), which limits flexibility for an entertainment business that can be cyclical. Equity is fairly stable recently, but returns on equity are negative across all periods due to continuing net losses, and total debt increased in 2025 versus 2024.48
Neutral
Cash Flow
Operating cash flow is positive in 2021–2025 and improved in 2025 versus 2024, which is a supportive signal. The key weakness is consistently negative free cash flow in 2023–2025 (including a larger outflow in 2025), indicating heavy investment and/or working-capital drag that is not being funded by internally generated cash; operating cash flow is also small relative to the scale of net losses in recent years.38
Negative
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 732.49M | 662.75M | 640.67M | 588.56M | 563.72M |
| Gross Profit | 145.51M | 148.84M | 149.44M | 152.06M | 187.37M |
| EBITDA | 97.96M | 20.14M | 22.05M | 42.58M | 90.27M |
| Net Income | -23.37M | -31.27M | -125.29M | -34.17M | -13.01M |
Balance Sheet | |||||
| Total Assets | 1.61B | 1.52B | 1.50B | 1.49B | 1.64B |
| Cash, Cash Equivalents and Short-Term Investments | 111.58M | 110.14M | 125.15M | 150.66M | 142.00M |
| Total Debt | 837.20M | 720.97M | 672.86M | 649.19M | 697.00M |
| Total Liabilities | 1.08B | 987.62M | 963.69M | 1.19B | 1.34B |
| Stockholders Equity | 526.05M | 524.18M | 528.60M | 299.51M | 296.00M |
Cash Flow | |||||
| Free Cash Flow | -119.81M | -69.38M | -67.41M | 35.68M | 27.00M |
| Operating Cash Flow | 25.24M | 16.63M | 1.63M | 53.35M | 62.00M |
| Investing Cash Flow | -145.04M | -86.31M | -69.05M | 52.57M | -25.00M |
| Financing Cash Flow | 118.78M | 44.56M | 32.33M | -177.22M | 22.00M |
Atlanta Braves Holdings Inc Class A Technical Analysis
Positive
43.05
Price Trends
44.23
Positive
43.56
Positive
45.08
Positive
Market Momentum
1.31
Negative
68.69
Neutral
68.36
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For BATRA, the sentiment is Positive. The current price of 43.05 is below the 20-day moving average (MA) of 46.14, below the 50-day MA of 44.23, and below the 200-day MA of 45.08, indicating a bullish trend. The MACD of 1.31 indicates Negative momentum. The RSI at 68.69 is Neutral, neither overbought nor oversold. The STOCH value of 68.36 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for BATRA.
Atlanta Braves Holdings Inc Class A Risk Analysis
Atlanta Braves Holdings Inc Class A disclosed 45 risk factors in its most recent earnings report. Atlanta Braves Holdings Inc Class A reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 1 New Risks
1.
As we begin transitioning away from services previously provided by Liberty, we may fail to replicate or replace certain functions, systems and infrastructure in a timely fashion, or at all, and may lose benefits from Liberty's global contracts. Q3, 2024
Atlanta Braves Holdings Inc Class A Peers Comparison
UnderperformOutperform
Sector (60)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
65 Neutral | $2.98B | 58.59 | 224.08% | ― | 0.68% | -80.73% | |
61 Neutral | $2.96B | 24.62 | 27.31% | 1.45% | 9.70% | -31.62% | |
60 Neutral | $48.67B | 4.58 | -11.27% | 4.14% | 2.83% | -41.78% | |
56 Neutral | $2.80B | -128.20 | -4.45% | ― | 6.62% | 97.35% | |
54 Neutral | $7.56B | ― | ― | ― | -1.16% | -133.74% | |
44 Neutral | $3.11B | -257.65 | -4.78% | ― | 5.69% | 52.32% | |
42 Neutral | $510.49M | -425.43 | 0.17% | ― | -4.07% | -100.72% |
* Communication Services Sector Average
BATRA
Atlanta Braves Holdings Inc Class A
48.41
4.28
9.70%
CNK
Cinemark Holdings
28.24
2.94
11.61%
MANU
Manchester United
18.01
3.35
22.85%
PLAY
Dave & Busters Entertainment
14.72
-6.17
-29.54%
MSGS
Madison Square Garden Sports
331.66
127.97
62.83%
MSGE
Madison Square Garden Entertainment Corp.
63.14
28.61
82.86%
Atlanta Braves Holdings Inc Class A Corporate Events
Business Operations and StrategyProduct-Related Announcements
Atlanta Braves Launch BravesVision Direct-to-Fan TV Network
Positive
Feb 24, 2026
Atlanta Braves Holdings, Inc., owner of the MLB’s Atlanta Braves and the adjacent mixed-use development The Battery Atlanta, operates at the nexus of professional sports, media, and real estate-driven fan experiences. The company leverages its stadium-centered assets and large regional fanbase to build out a broad multimedia presence across radio, digital platforms, and now a dedicated television network.
On February 24, 2026, the Braves announced BravesVision, an exclusive, club-owned multimedia television platform that will become the official local TV home of the team starting with the 2026 season. By taking full control of production, sales, marketing, and distribution of more than 140 regular-season games and shoulder programming across a six-state territory, the club is shifting away from third-party regional sports models and strengthening direct access to fans.
BravesVision will be offered via traditional video service providers, MLB’s streaming platform Braves.TV without blackouts for regular-season non-national games, and a continued over-the-air partnership with Gray Media for select free broadcasts across the Southeast. The network expands an already robust Braves media footprint that includes MLB’s largest radio affiliate system and substantial social media reach, while Gray Media will also air 15 Spring Training games in 2026, enhancing exposure and potentially diversifying the organization’s media revenues and stakeholder touchpoints.
The most recent analyst rating on (BATRA) stock is a Buy with a $67.00 price target. To see the full list of analyst forecasts on Atlanta Braves Holdings Inc Class A stock, see the BATRA Stock Forecast page.
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.