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:70Outperform
Price Target:
$97.00
▲(9.38% Upside)
Action:Upgraded
Date:05/09/26
The score is driven primarily by solid financial performance (improving profitability and strong free cash flow) and constructive technical momentum (price above major moving averages, positive MACD). These strengths are tempered by expensive valuation (high P/E) and earnings-call risks tied to calendar disruptions, cost inflation, and leverage around ~3.0x.
Positive Factors
Cash generation / Free cash flow
Sustained FCF near $750M provides durable funding for reinvestment, sponsorship deals, and hospitality expansion without equity issuance. Strong cash flow supports capital allocation, buffers seasonality in receipts from promoters and broadcasters, and enhances long-term financial flexibility.
Negative Factors
Calendar disruption risk
Geopolitical and safety-driven cancellations materially shift seasonal revenue recognition and lower promotion and hospitality income. Fewer races compress revenue windows, raise leverage temporarily, and reduce predictability of cash flows tied to event timing and promoter contracts over multiple quarters.
Read all positive and negative factors
Positive Factors
Negative Factors
Cash generation / Free cash flow
Sustained FCF near $750M provides durable funding for reinvestment, sponsorship deals, and hospitality expansion without equity issuance. Strong cash flow supports capital allocation, buffers seasonality in receipts from promoters and broadcasters, and enhances long-term financial flexibility.
Read all positive factors
Liberty Media Liberty Formula One Key Performance Indicators (KPIs)
Liberty Media Liberty Formula One (FWONB) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$22.02B
Dividend YieldN/A
Average Volume (3M)10.00
Price to Earnings (P/E)85.6
Beta (1Y)0.27
Revenue Growth35.10%
EPS GrowthN/A
CountryUS
Employees1,184
SectorCommunication Services
Sector Strength97
IndustryEntertainment
Share Statistics
EPS (TTM)3.35
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 Cap1.10
Enterprise Value/Revenue5.09
Enterprise Value/Gross Profit15.41
Enterprise Value/Ebitda16.75
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: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's sports portfolio—notably robust revenue and adjusted OIBDA growth, expanding fan engagement, successful media and sponsorship partnerships, and healthy liquidity. These positives are tempered by near‑term headwinds from canceled/postponed races (impacting Q2 revenue recognition and promotion income), rising SG&A/freight and fuel costs (notably for MotoGP), and a material debt balance with net leverage of ~3.0x. On balance, the positives around growth, partnerships, and fan demand outweigh the near‑term disruptions and cost pressures.Positive Updates
MotoGP Momentum and Market Expansion
First full season under Liberty shows encouraging traction: U.S. Grand Prix on FOX averaged ~500k viewers, U.S. social followers up 16% since Jan 2025, global owned social followers nearly 62 million, video reels growth ~40% YoY, and strong ticketing demand including a record 228k at Jerez and Brazil broadcast audiences above 1.6 million.
Negative Updates
Race Cancellations and Calendar Disruption
Liberty and F1 decided not to hold the Bahrain and Saudi Arabian Grands Prix in April for safety reasons and MotoGP postponed Qatar to November; the current forecast reflects a 22‑race F1 calendar (vs 24 planned) and the second quarter will be most impacted (only five races expected vs nine in 2025), creating near‑term revenue headwinds.
Read all updates
Q1-2026 Updates
Positive
Negative
MotoGP Momentum and Market Expansion
First full season under Liberty shows encouraging traction: U.S. Grand Prix on FOX averaged ~500k viewers, U.S. social followers up 16% since Jan 2025, global owned social followers nearly 62 million, video reels growth ~40% YoY, and strong ticketing demand including a record 228k at Jerez and Brazil broadcast audiences above 1.6 million.
Read all positive updates
Company Guidance
Management guided to a 22‑race F1 calendar in 2026 (with the possibility of rescheduling one race later), noting Q1 benefitted from three races versus two in the prior year and drove revenue up 53% and adjusted OIBDA up 102%; season‑based revenue recognized 3/22 (~14%) vs 2/24 (~8%), team payments are being recognized pro rata over 22 races and were 51.7% of pre‑team‑share adjusted OIBDA, with management expecting roughly a 200 basis‑point full‑year improvement in operating leverage and a relatively stable payout percentage thereafter. They reiterated Q2 will be most impacted (only five races vs nine in 2025) and that not holding two April Middle East races will likely cause a modest increase in trailing‑12‑month leverage in Q2. Balance sheet guidance included cash and liquid investments of $1.3 billion (F1 $862M, MotoGP $186M), total principal debt of ~ $5.0 billion (F1 $3.3B, MotoGP $1.2B, corporate ~ $0.5B), undrawn revolvers (F1 $500M, MotoGP €100M) and net leverage of ~3.0x at quarter end; MotoGP (three Q1 races) also grew revenue and adjusted OIBDA on a constant‑currency basis, with ~720k live fans across four races to date, a record 228k at Jerez, and ~62M social followers.Liberty Media Liberty Formula One Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
70
Positive
Cash Flow
73
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
Neutral
88.68
Price Trends
81.30
Positive
82.11
Positive
86.78
Negative
Market Momentum
0.98
Positive
51.27
Neutral
39.05
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For FWONB, the sentiment is Neutral. The current price of 88.68 is above the 20-day moving average (MA) of 84.33, above the 50-day MA of 81.30, and above the 200-day MA of 86.78, indicating a neutral trend. The MACD of 0.98 indicates Positive momentum. The RSI at 51.27 is Neutral, neither overbought nor oversold. The STOCH value of 39.05 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral 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 |
|---|---|---|---|---|---|---|---|
75 Outperform | $22.02B | 85.63 | 10.72% | ― | 35.10% | ― | |
75 Outperform | $22.02B | 93.24 | 10.72% | ― | 35.10% | ― | |
70 Outperform | $22.02B | 85.63 | 10.72% | ― | 35.10% | ― | |
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
FWONB
Liberty Media Liberty Formula One
83.88
-6.36
-7.05%
FWONA
Liberty Media Liberty Formula One
81.91
-7.31
-8.19%
LYV
Live Nation Entertainment
165.55
20.54
14.16%
TKO
TKO Group Holdings
191.50
35.95
23.11%
FWONK
Liberty Media Liberty Formula One
88.56
-8.73
-8.97%
WBD
Warner Bros
27.03
17.48
183.04%
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.