Liberty Media Corporation Series B Liberty Formula One (FWONB)
OTHER OTC:FWONB
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Liberty Media Liberty Formula One
(OTC:FWONB)
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Rating:62Neutral
Price Target:
$82.00
▼(-7.53% Downside)
Action:ReiteratedDate:02/27/26
The score is primarily supported by strong and improving cash generation and a positive earnings-call outlook highlighting growth and deleveraging progress. It is held back by earnings/reporting volatility (including the 2025 zero-revenue red flag), a weak valuation profile (very high P/E and no dividend yield provided), and only neutral-to-soft technical momentum.
Positive Factors
Cash Generation
Consistent positive operating and free cash flow across 2021–2025, with acceleration in 2024–25, underpins the company's ability to fund multi-year media/promoter deals, hospitality investments and deleveraging. Durable cash generation boosts financial flexibility and supports reinvestment without frequent external financing.
Negative Factors
High Absolute Debt
A $5.0 billion principal debt load creates sizable fixed interest and amortization obligations and raises sensitivity to interest rates and refinancing windows. High absolute debt constrains capital allocation choices, forcing prioritization of deleveraging over opportunistic investments and increasing downside risk in adverse cycles.
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Positive Factors
Negative Factors
Cash Generation
Consistent positive operating and free cash flow across 2021–2025, with acceleration in 2024–25, underpins the company's ability to fund multi-year media/promoter deals, hospitality investments and deleveraging. Durable cash generation boosts financial flexibility and supports reinvestment without frequent external financing.
Read all positive factors
Liberty Media Liberty Formula One (FWONB) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$22.03B
Dividend YieldN/A
Average Volume (3M)10.00
Price to Earnings (P/E)16.8
Beta (1Y)0.25
Revenue Growth9.81%
EPS Growth-42.40%
CountryUS
Employees1,184
SectorCommunication Services
Sector Strength97
IndustryEntertainment
Share Statistics
EPS (TTM)1.33
Shares Outstanding2,381,188
10 Day Avg. Volume20
30 Day Avg. Volume10
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 Cap1.11
Enterprise Value/Revenue5.46
Enterprise Value/Gross Profit17.56
Enterprise Value/Ebitda18.96
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
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 1 primarily monetizes the championship by selling and managing commercial rights tied to the sport. Key revenue streams generally include: (1) Media rights: fees paid by broadcasters and digital platforms to air races and related programmi...
Liberty Media Liberty Formula One Earnings Call Summary
Earnings Call Date:Feb 26, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 01, 2026
Earnings Call Sentiment Positive
The call presented a broadly positive operational and commercial picture: strong full-year revenue and adjusted OIBDA growth at F1, record attendance and digital engagement gains across both F1 and MotoGP, progress on deleveraging and multiple strategic commercial deals (including Apple and Concorde Agreement). Key challenges include elevated absolute debt, remaining leverage at MotoGP, higher operating and SG&A costs, FX exposure for MotoGP, and quarter-to-quarter comparability due to race mix. Management emphasized long-term growth investments and disciplined deleveraging. Overall, the positives (robust growth, audience momentum, commercial traction and deleveraging progress) materially outweigh the negatives, though execution and communication on margins and capital allocation remain important for investors.Positive Updates
Strong Full-Year Financial Growth at F1
Formula 1 full-year revenue grew 14% and adjusted OIBDA grew 20% year-over-year, driven by growth across sponsorship, media rights (including F1 TV), race promotion, hospitality, licensing and new activations (e.g., Grand Prix Plaza).
Negative Updates
Elevated Absolute Debt Levels
Liberty Media total principal debt was $5.0 billion at year-end (F1 $3.4 billion; MotoGP $1.2 billion; $499 million at corporate), which leaves leverage and interest/repayment dynamics as ongoing priorities.
Read all updates
Q4-2025 Updates
Positive
Negative
Strong Full-Year Financial Growth at F1
Formula 1 full-year revenue grew 14% and adjusted OIBDA grew 20% year-over-year, driven by growth across sponsorship, media rights (including F1 TV), race promotion, hospitality, licensing and new activations (e.g., Grand Prix Plaza).
Read all positive updates
Company Guidance
Management reiterated a focus on deleveraging and measured investment while highlighting key metrics: cash and liquid investments of $1.1 billion (including $539M at F1 and $197M at MotoGP), total principal debt $5.0 billion (F1 $3.4B, MotoGP $1.2B, corporate $499M), undrawn revolvers (F1 $500M, MotoGP €100M) and Liberty net leverage of 3.6x with F1 OpCo net leverage 2.8x (down from 3.3x pro forma) and MotoGP net leverage 4.7x (down from 5.6x at 9/30) and continued deleveraging at MotoGP expected this year; FY‑2025 F1 revenue grew 14% and adjusted OIBDA grew 20% (Q4 race counts/mix noted as incomparable), full‑year team payments were 59.7% of pre‑team‑share adjusted OIBDA (185 bps of leverage vs. 2024) and management expects roughly ~200 bps of further operating leverage in 2026 (to ~57.7%) with payout percentages then relatively stable through 2030; operational KPIs cited included F1 attendance of 6.75M (+4%), Paddock Club guests 65k (+10%), global live TV viewership +21%, YouTube 1.65B views (+48%) and 150M social followers (+~20%), while MotoGP ran 22 races (vs. 20), attendance 3.6M (+21%), global fan base 632M (+12%), VideoPass subs +5% and improving adjusted OIBDA—and both F1 and MotoGP are in covenant compliance.Liberty Media Liberty Formula One Financial Statement Overview
Summary
Income Statement
58
Neutral
Balance Sheet
62
Positive
Cash Flow
74
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 4.48B | 3.65B | 3.22B | 2.57B | 2.14B |
| Gross Profit | 1.12B | 1.17B | 982.00M | 823.00M | 647.00M |
| EBITDA | 1.15B | 577.00M | 666.00M | 535.00M | 437.00M |
| Net Income | 555.00M | -30.00M | 185.00M | 558.00M | -190.00M |
Balance Sheet | |||||
| Total Assets | 15.40B | 11.76B | 10.27B | 11.02B | 11.66B |
| Cash, Cash Equivalents and Short-Term Investments | 1.05B | 2.63B | 1.41B | 1.73B | 2.07B |
| Total Debt | 5.12B | 2.99B | 2.91B | 2.95B | 3.63B |
| Total Liabilities | 6.95B | 4.37B | 3.85B | 4.08B | 4.72B |
| Stockholders Equity | 7.76B | 7.39B | 6.42B | 6.91B | 6.34B |
Cash Flow | |||||
| Free Cash Flow | 751.00M | 492.00M | 193.00M | 243.00M | 464.00M |
| Operating Cash Flow | 870.00M | 567.00M | 619.00M | 534.00M | 481.00M |
| Investing Cash Flow | -3.20B | -292.00M | -510.00M | 394.00M | -600.00M |
| Financing Cash Flow | 408.00M | 965.00M | -435.00M | -1.27B | 512.00M |
Liberty Media Liberty Formula One Technical Analysis
Negative
88.68
Price Trends
80.60
Negative
83.95
Negative
88.50
Negative
Market Momentum
-0.04
Negative
42.99
Neutral
55.49
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For FWONB, the sentiment is Negative. The current price of 88.68 is above the 20-day moving average (MA) of 79.27, above the 50-day MA of 80.60, and above the 200-day MA of 88.50, indicating a bearish trend. The MACD of -0.04 indicates Negative momentum. The RSI at 42.99 is Neutral, neither overbought nor oversold. The STOCH value of 55.49 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for FWONB.
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 |
|---|---|---|---|---|---|---|---|
62 Neutral | $22.03B | 16.78 | 10.50% | ― | 9.81% | -42.40% | |
62 Neutral | $38.26B | 86.44 | 4.89% | 1.07% | 56.31% | ― | |
62 Neutral | $22.03B | 44.38 | 10.50% | ― | 9.81% | -42.40% | |
62 Neutral | $68.05B | 98.11 | 2.05% | ― | -4.29% | ― | |
60 Neutral | $48.67B | 4.58 | -11.27% | 4.14% | 2.83% | -41.78% | |
59 Neutral | $38.03B | 66.61 | 157.65% | ― | 5.39% | 36.94% | |
58 Neutral | $22.03B | 40.26 | 10.50% | ― | 9.81% | -42.40% |
* Communication Services Sector Average
FWONB
Liberty Media Liberty Formula One
77.02
3.74
5.10%
FWONA
Liberty Media Liberty Formula One
81.58
9.88
13.78%
LYV
Live Nation Entertainment
160.59
32.19
25.07%
TKO
TKO Group Holdings
197.37
51.28
35.10%
FWONK
Liberty Media Liberty Formula One
88.77
10.28
13.10%
WBD
Warner Bros
27.44
19.42
242.14%
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.