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Atlanta Braves Holdings Inc Class A
(NASDAQ:BATRA)
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Rating:45Neutral
Price Target:
$53.00
▼(-3.71% Downside)
Action:Reiterated
Date:08/06/26
BATRA scores 45 mainly due to weak financial performance—especially the sharp TTM revenue drop, negative TTM EBITDA, and deteriorating cash generation with deeply negative free cash flow. Technicals add modest near-term pressure (below short-term moving averages and negative MACD), while valuation is a further headwind given the high P/E and no dividend yield support. The earnings call provides some offset from BravesVision and operational momentum, but near-term profitability and cash-timing impacts remain significant.
Positive Factors
Strong fan engagement and attendance
Sustained high attendance, frequent sellouts and rising mixed-use foot traffic create durable game‑day and ancillary revenue streams (tickets, concessions, parking, retail). Season-ticket demand and occupancy above 93% support predictable annual cash flow and pricing power over multiple seasons.
Negative Factors
Deteriorating cash generation and free cash flow
A sustained negative operating cash flow and large negative free cash flow weaken financial flexibility and increase reliance on borrowing or equity raises. Over multiple quarters this undermines the ability to fund player payroll, BravesVision production, and redevelopment without incremental financing, raising long‑term liquidity risk.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong fan engagement and attendance
Sustained high attendance, frequent sellouts and rising mixed-use foot traffic create durable game‑day and ancillary revenue streams (tickets, concessions, parking, retail). Season-ticket demand and occupancy above 93% support predictable annual cash flow and pricing power over multiple seasons.
Read all positive factors
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 (BATRA) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$3.25B
Dividend YieldN/A
Average Volume (3M)59.66K
Price to Earnings (P/E)45.3
Beta (1Y)0.47
Revenue Growth12.54%
EPS Growth-1.73%
CountryUS
Employees1,610
SectorCommunication Services
Sector Strength97
IndustryEntertainment
Share Statistics
EPS (TTM)-1.00
Shares Outstanding10,318,187
10 Day Avg. Volume59,112
30 Day Avg. Volume59,661
Financial Highlights & Ratios
PEG Ratio4.42
Price to Book (P/B)5.04
Price to Sales (P/S)3.62
P/FCF Ratio-101.69
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda>-0.01
Forecast
1Y Price Target
$67.00Price Target Upside21.73% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)-0.12
Revenue Forecast (FY)$784.24M
Atlanta Braves Holdings Inc Class A Business Overview & Revenue Model
Company Description
Through its wholly-owned subsidiary, Braves Holdings, LLC, Atlanta Braves Holdings maintains indirect control over both the Atlanta Braves Major League Baseball franchise and the adjacent commercial and residential complex known as The Battery Atl...
How the Company Makes Money
The company generates revenue primarily from operating the Atlanta Braves MLB franchise. Key revenue streams typically include: (1) MLB-related revenues such as media rights (local and national broadcast and streaming arrangements distributed thro...
Atlanta Braves Holdings Inc Class A Earnings Call Summary
Earnings Call Date:Aug 05, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 11, 2026
Earnings Call Sentiment Neutral
The call reflected strong operational and franchise-level positives: excellent on-field performance with high playoff probabilities, robust fan engagement, early BravesVision traction, and growth in mixed-use and retail activities. However, near-term financials were materially affected by seasonality (fewer home games in the quarter), BravesVision revenue timing differences, and elevated ongoing costs (player salaries and new media production/administration), resulting in a substantial decline in adjusted OIBDA and a swing to an operating loss for the quarter. Management emphasized confidence in BravesVision's long-term revenue potential and maintained liquidity and borrowing capacity, but acknowledged an ongoing cost base and timing impacts that depress near-term profitability.Positive Updates
Strong On‑Field Performance and Playoff Odds
Team sits 1st in the NL East with FanGraphs giving an 89% chance to win the division and a 99% chance of making the playoffs; multiple key players returned from injury (Ronald Acuna Jr., Sean Murphy, Ha-Seong Kim, AJ Smith-Shawver) and 5 Braves were selected to the All-Star Game (tied for most among National League teams).
Negative Updates
Quarterly Revenue Decline
Total Q2 revenue declined to $305M from $312M a year ago (down $7M, -2.2%); baseball revenue decreased to $276M from $287M (down $11M, -3.8%).
Read all updates
Q2-2026 Updates
Positive
Negative
Strong On‑Field Performance and Playoff Odds
Team sits 1st in the NL East with FanGraphs giving an 89% chance to win the division and a 99% chance of making the playoffs; multiple key players returned from injury (Ronald Acuna Jr., Sean Murphy, Ha-Seong Kim, AJ Smith-Shawver) and 5 Braves were selected to the All-Star Game (tied for most among National League teams).
Read all positive updates
Company Guidance
Management's guidance emphasized that BravesVision (launched April 1) is expected to replicate or exceed prior third‑party local rights revenue on an annualized basis, though distribution revenue will be recognized on a slower, year‑round cadence (ads and direct‑to‑consumer paid monthly) and BravesVision will create ongoing, seasonally elevated expenses (higher in Q2/Q3). Key metrics discussed: Q2 total revenue $305M (vs. $312M year‑ago), baseball revenue $276M (vs. $287M), media‑related revenue $73M (vs. $81M), baseball event revenue $161M (down $19M, reflecting 34 home games vs. 40), retail/licensing $22M (+$3M), other baseball revenue $21M (+$13M), mixed‑use revenue $29M (vs. $25M); adjusted OIBDA ~$12M (vs. $66M), operating loss $19M (vs. $42M operating income). Liquidity and portfolio guidance: cash $116M (6/30/26), ~ $205M available borrowing capacity, compliance with covenants; operations/property metrics: occupancy >93%, Battery Atlanta 4.7M visitors H1 (+6.5%), replacement tenant sales +130% YTD, 64,000 sq ft under redevelopment, 17 sellouts through July; on‑field context: 49 games left with FanGraphs odds of 89% to win the division and 99% to make the playoffs.Atlanta Braves Holdings Inc Class A Financial Statement Overview
Summary
Income Statement
36
Negative
Balance Sheet
52
Neutral
Cash Flow
28
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 749.97M | 732.49M | 662.75M | 640.67M | 588.56M | 563.72M |
| Gross Profit | 51.47M | 145.51M | 148.84M | 149.44M | 152.06M | 187.37M |
| EBITDA | -37.84M | 97.96M | 20.14M | 22.05M | 42.58M | 91.71M |
| Net Income | -64.19M | -23.37M | -31.27M | -125.29M | -34.17M | -13.01M |
Balance Sheet | ||||||
| Total Assets | 0.00 | 1.61B | 1.52B | 1.50B | 1.49B | 1.64B |
| Cash, Cash Equivalents and Short-Term Investments | 0.00 | 111.58M | 110.14M | 125.15M | 150.66M | 142.00M |
| Total Debt | 889.84M | 837.20M | 720.97M | 672.86M | 649.19M | 697.00M |
| Total Liabilities | 1.21B | 1.08B | 987.62M | 963.69M | 1.19B | 1.34B |
| Stockholders Equity | 514.28M | 526.05M | 524.18M | 528.60M | 299.51M | 296.00M |
Cash Flow | ||||||
| Free Cash Flow | -172.69M | -26.10M | -69.38M | -67.41M | 35.68M | 27.00M |
| Operating Cash Flow | -64.05M | 25.24M | 16.63M | 1.63M | 53.35M | 62.00M |
| Investing Cash Flow | -30.80M | -145.04M | -86.31M | -69.05M | 52.57M | -25.00M |
| Financing Cash Flow | 120.19M | 118.78M | 44.56M | 32.33M | -177.22M | 22.00M |
Atlanta Braves Holdings Inc Class A Technical Analysis
Negative
55.04
Price Trends
55.22
Negative
53.12
Negative
48.55
Positive
Market Momentum
-0.48
Positive
33.47
Neutral
35.99
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For BATRA, the sentiment is Negative. The current price of 55.04 is below the 20-day moving average (MA) of 55.51, below the 50-day MA of 55.22, and above the 200-day MA of 48.55, indicating a neutral trend. The MACD of -0.48 indicates Positive momentum. The RSI at 33.47 is Neutral, neither overbought nor oversold. The STOCH value of 35.99 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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 |
|---|---|---|---|---|---|---|---|
69 Neutral | $3.65B | 140.47 | -10.08% | ― | 4.51% | -62.44% | |
64 Neutral | $4.24B | 19.67 | 19.79% | 1.07% | 4.54% | -23.98% | |
60 Neutral | $48.67B | 4.58 | -11.27% | 4.14% | 2.83% | -41.78% | |
48 Neutral | $9.48B | -421.59 | 7.74% | ― | 1.55% | -556.99% | |
47 Neutral | $377.11M | -5.80 | -53.05% | ― | -0.85% | -277.42% | |
46 Neutral | $3.97B | -162.39 | -9.65% | ― | 11.51% | 71.05% | |
45 Neutral | $3.25B | 45.34 | 3.04% | ― | 12.54% | -1.73% |
* Communication Services Sector Average
BATRA
Atlanta Braves Holdings Inc Class A
52.78
5.43
11.47%
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PLAY
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10.45
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MSGS
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391.35
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MSGE
Madison Square Garden Entertainment Corp.
77.80
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103.93%
Atlanta Braves Holdings Inc Class A Corporate Events
Executive/Board ChangesShareholder Meetings
Atlanta Braves Shareholders Elect Director, Ratify Auditor
Positive
May 22, 2026
At its 2026 Annual Meeting of Stockholders held on May 20, 2026, Atlanta Braves Holdings, Inc. reported that shareholders elected Class III director nominee Wonya Y. Lucas to a three-year term expiring at the 2029 Annual Meeting. Lucas received ap...
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.