Liberty Media Corporation Series A Liberty Formula One (FWONA)
NASDAQ:FWONA
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Liberty Media Liberty Formula One
(NASDAQ:FWONA)
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Rating:75Outperform
Price Target:
$97.00
▲(16.50% Upside)
Action:Reiterated
Date:05/12/26
The score is primarily supported by strong financial strength (very low leverage on the balance sheet, solid margins, and healthy free cash flow) and a constructive earnings update showing robust growth and audience/partner momentum. These positives are tempered by a demanding valuation (high P/E with no dividend yield provided) and near-term execution/timing risk from calendar disruption and leverage sensitivity highlighted on the call, with technicals positive but somewhat extended.
Positive Factors
Very strong balance sheet
An exceptionally low leverage profile and sizable equity provide lasting financial flexibility. This balance-sheet strength supports multi-year media deals, absorbs calendar-driven revenue timing swings, funds strategic investments (e.g., MotoGP integration) and reduces refinancing strain over the medium term.
Negative Factors
Calendar disruption risk
Season-based revenue recognition tied to race count makes top-line and cash flow timing sensitive to cancellations. Fewer races lower promoter, hospitality and broadcast revenues pro rata and can materially affect reported leverage and free cash flow in affected quarters.
Read all positive and negative factors
Positive Factors
Negative Factors
Very strong balance sheet
An exceptionally low leverage profile and sizable equity provide lasting financial flexibility. This balance-sheet strength supports multi-year media deals, absorbs calendar-driven revenue timing swings, funds strategic investments (e.g., MotoGP integration) and reduces refinancing strain over the medium term.
Read all positive factors
Liberty Media Liberty Formula One Key Performance Indicators (KPIs)
Liberty Media Liberty Formula One (FWONA) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$22.02B
Dividend YieldN/A
Average Volume (3M)135.64K
Price to Earnings (P/E)85.6
Beta (1Y)0.58
Revenue Growth35.10%
EPS GrowthN/A
CountryUS
Employees6,667
SectorCommunication Services
Sector Strength97
IndustryEntertainment
Share Statistics
EPS (TTM)3.35
Shares Outstanding23,991,058
10 Day Avg. Volume169,412
30 Day Avg. Volume135,644
Financial Highlights & Ratios
PEG Ratio-0.02
Price to Book (P/B)2.88
Price to Sales (P/S)4.99
P/FCF Ratio29.75
Enterprise Value/Market Cap1.10
Enterprise Value/Revenue5.09
Enterprise Value/Gross Profit15.41
Enterprise Value/Ebitda16.75
Forecast
1Y Price Target
$108.25Price Target Upside30.01% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering4
EPS Forecast (FY)1.71
Revenue Forecast (FY)$4.70B
Liberty Media Liberty Formula One Business Overview & Revenue Model
Company Description
Formula One Group engages in the motorsports business in the United States and internationally. It holds commercial rights for the world championship, approximately a nine-month long motor race-based competition in which teams compete for the cons...
How the Company Makes Money
Formula One generates revenue primarily by commercializing the championship’s global rights and event-related economics. The largest revenue stream is typically media rights, where F1 licenses live race broadcasting and related content rights to b...
Liberty Media Liberty Formula One Earnings Call Summary
Earnings Call Date:May 07, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Jul 31, 2026
Earnings Call Sentiment Positive
The call conveyed strong operational and commercial momentum across Liberty Media's core assets, particularly Formula One, with significant top-line and adjusted OIBDA growth, expanding audiences, and meaningful partner wins (Apple, Sky, major sponsors). MotoGP showed encouraging early progress under Liberty ownership with growing engagement and sponsorship traction. Offsetting these positives were near-term disruptions from canceled/postponed Middle East races, some cost pressures (freight, fuel, SG&A/FX), a modest corporate level loss, and a relatively high debt balance that could be sensitive to calendar volatility. Overall, the positives (robust revenue/OIBDA growth, audience expansion, strategic media and sponsorship deals, healthy liquidity) outweigh the near-term operational challenges and calendar uncertainty.Positive Updates
Strong Q1 Financial Growth
Consolidated revenue grew 53% year-over-year in Q1 and adjusted OIBDA increased 102% year-over-year, driven by an extra race in the quarter, season-based revenue recognition, contractual fee increases, and growth across media, sponsorship, hospitality, licensing, and premium products.
Negative Updates
Cancellation of Bahrain and Saudi Arabian Grands Prix (F1)
Liberty and partners decided not to proceed with the Bahrain and Saudi Arabian Grands Prix in April for safety reasons related to the Middle East situation. The change reduced the 2026 calendar to 22 races (from 24), created near-term revenue impacts (loss of race promotion revenue and hospitality), and shifted season-based revenue recognition.
Read all updates
Q1-2026 Updates
Positive
Negative
Strong Q1 Financial Growth
Consolidated revenue grew 53% year-over-year in Q1 and adjusted OIBDA increased 102% year-over-year, driven by an extra race in the quarter, season-based revenue recognition, contractual fee increases, and growth across media, sponsorship, hospitality, licensing, and premium products.
Read all positive updates
Company Guidance
Management guided that 2026 will be run on a 22‑race calendar after not holding the Bahrain and Saudi events (Q1 recognized three races vs two a year ago and Q2 is expected to be most impacted with ~5 races vs 9 in 2025), with season‑based revenue and team payments recognized pro rata over 22 races (team payments were 51.7% of pre‑team‑share adjusted OIBDA), and they reiterated a full‑year target of roughly a 200‑basis‑point improvement in leverage with payout percentages then remaining relatively stable; Q1 results reflected strong momentum (F1 revenue +53% and adjusted OIBDA +102% YoY, F1 TV revenue +28% YoY, cumulative attendance 1.3M across four sold‑out races, >65k Paddock Club tickets YTD, >120M social followers ~+20% YoY, ~600M YouTube views through Japan), MotoGP (acquired 7/3/25) also grew revenue and adjusted OIBDA on a constant‑currency basis with ~62M social followers, >720k fans across four races (record 228k at Jerez) and ~1.6M average viewers in Brazil, Liberty ended the quarter with $1.3B cash and liquid investments (F1 $862M, MotoGP $186M), ~ $5B total principal debt (F1 $3.3B, MotoGP $1.2B, corporate < $500M), undrawn $500M F1 revolver and €100M MotoGP revolver, net leverage ~3.0x, and management expects a modest uptick in trailing‑12‑month leverage in Q2 because of the cancelled Middle East races.Liberty Media Liberty Formula One Financial Statement Overview
Summary
Income Statement
82
Very Positive
Balance Sheet
90
Very Positive
Cash Flow
79
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 4.75B | 4.48B | 3.65B | 3.22B | 2.57B | 2.14B |
| Gross Profit | 1.57B | 1.12B | 1.17B | 982.00M | 823.00M | 647.00M |
| EBITDA | 1.44B | 1.15B | 577.00M | 666.00M | 535.00M | 437.00M |
| Net Income | 838.00M | 555.00M | -30.00M | 185.00M | 558.00M | -190.00M |
Balance Sheet | ||||||
| Total Assets | 15.89B | 15.40B | 11.76B | 10.27B | 11.02B | 11.66B |
| Cash, Cash Equivalents and Short-Term Investments | 1.33B | 1.05B | 2.63B | 1.41B | 1.73B | 2.07B |
| Total Debt | 5.02B | 5.12B | 2.99B | 2.91B | 2.95B | 3.63B |
| Total Liabilities | 7.49B | 6.95B | 4.37B | 3.85B | 4.08B | 4.72B |
| Stockholders Equity | 7.73B | 7.76B | 7.39B | 6.42B | 6.91B | 6.34B |
Cash Flow | ||||||
| Free Cash Flow | 730.00M | 751.00M | 492.00M | 193.00M | 243.00M | 464.00M |
| Operating Cash Flow | 836.00M | 870.00M | 567.00M | 619.00M | 534.00M | 481.00M |
| Investing Cash Flow | -3.05B | -3.20B | -292.00M | -510.00M | 394.00M | -600.00M |
| Financing Cash Flow | 369.00M | 408.00M | 965.00M | -435.00M | -1.27B | 512.00M |
Liberty Media Liberty Formula One Technical Analysis
Negative
83.26
Price Trends
80.51
Positive
80.87
Positive
85.54
Negative
Market Momentum
0.47
Positive
49.45
Neutral
20.33
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For FWONA, the sentiment is Negative. The current price of 83.26 is above the 20-day moving average (MA) of 82.13, above the 50-day MA of 80.51, and below the 200-day MA of 85.54, indicating a neutral trend. The MACD of 0.47 indicates Positive momentum. The RSI at 49.45 is Neutral, neither overbought nor oversold. The STOCH value of 20.33 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for FWONA.
Liberty Media Liberty Formula One Risk Analysis
Liberty Media Liberty Formula One disclosed 106 risk factors in its most recent earnings report. Liberty Media Liberty Formula One 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 0 New Risks
Liberty Media Liberty Formula One Peers Comparison
UnderperformOutperform
Sector (60)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
75 Outperform | $22.02B | 85.63 | 10.72% | ― | 35.10% | ― | |
75 Outperform | $22.02B | 93.24 | 10.72% | ― | 35.10% | ― | |
73 Outperform | $25.70B | 37.29 | 14.86% | 0.75% | 0.60% | -5.58% | |
65 Neutral | $36.60B | 43.63 | 5.96% | 1.07% | 47.04% | 33.90% | |
63 Neutral | $38.53B | -22.77 | 33.04% | ― | 12.64% | -158.14% | |
60 Neutral | $48.67B | 4.58 | -11.27% | 4.14% | 2.83% | -41.78% | |
55 Neutral | $67.77B | -5.13 | -6.13% | ― | -2.78% | 84.26% |
* Communication Services Sector Average
FWONA
Liberty Media Liberty Formula One
81.91
-7.31
-8.19%
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Liberty Media Liberty Formula One Corporate Events
Business Operations and StrategyExecutive/Board ChangesShareholder Meetings
Liberty Media Shareholders Approve Nevada Corporate Conversion
Positive
May 11, 2026
At its annual meeting of stockholders on May 11, 2026, Liberty Media shareholders re-elected Derek Chang, Evan D. Malone and Larry E. Romrell as Class I directors to serve until the 2029 annual meeting, reinforcing continuity on the company’...
Business Operations and StrategyFinancial DisclosuresRegulatory Filings and Compliance
Liberty Media CEO to Present at J.P. Morgan Conference
Positive
Apr 24, 2026
On April 23, 2026, Liberty Media Corporation announced that President and CEO Derek Chang would present at the J.P. Morgan Global Technology, Media and Communications Conference in Boston on May 19, 2026, at 9:25 a.m. E.T. During this appearance, ...
Financial Disclosures
Liberty Media Sets Date for Q1 2026 Results
Neutral
Apr 21, 2026
On April 20, 2026, Liberty Media Corporation announced it would release its first-quarter 2026 results before U.S. markets open on Thursday, May 7, 2026, followed by a conference call at 10:00 a.m. ET. The call will feature prepared remarks and a ...
Shareholder Meetings
Liberty Media Sets Virtual 2026 Annual Stockholder Meeting
Neutral
Mar 9, 2026
Liberty Media Corporation announced on March 6, 2026, that it will hold its virtual Annual Meeting of Stockholders on May 11, 2026, at 11:45 a.m. Mountain Time, with stockholders of record as of 5:00 p.m. New York City time on March 23, 2026 eligi...
Business Operations and StrategyExecutive/Board Changes
Liberty Media Restructures Executive Roles, Wilm Becomes Senior Advisor
Neutral
Mar 6, 2026
On March 5, 2026, Liberty Media Corporation announced that Renee L. Wilm will move from her role as Chief Legal Officer and Chief Administrative Officer of Liberty Media, Liberty Live Holdings, Inc., and Liberty Broadband Corporation to become Sen...
Business Operations and StrategyFinancial Disclosures
Liberty Media CEO to Present at Morgan Stanley Conference
Positive
Feb 25, 2026
On February 24, 2026, Liberty Media Corporation announced that President and CEO Derek Chang would present at the Morgan Stanley Technology, Media Telecom Conference in San Francisco on March 3 at 1:50 p.m. P.T. The appearance places Liberty Medi...
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.