MeritValue

Atlanta Braves Holdings, Inc.

BATRAdata completeness 100%4 fiscal years on file
The thesis, from the filings

Atlanta Braves Holdings, Inc. earns about -2% on invested capital, with a roughly flat share count. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2022FY 2023FY 2024FY 2025
Revenue$588.6M1$640.7M2$662.7M2$732.5M2
Net income−$34.2M3−$125.3M4−$31.3M4−$23.4M4
Operating cash flow$53.3M5$1.63M6$16.6M6$25.2M6
Capital expenditure$17.7M7$69M7$86M7$93.7M8
Free cash flow (derived)$35.7M5−$67.4M6−$69.4M6−$68.5M6
Total debt$1.08B9$1.14B10$1.23B11$1.48B11
Cash & equivalents$150.7M12$125.1M13$110.1M13$99.9M13
Diluted shares—62.5M62.9M63.6M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$82.7
your share of equity
Profit it earned you last year
−$3.67
Free cash flow it threw off
−$10.76
Debt you’d be carrying
$232.23

10 shares is a claim on $82.7 of net worth that earned you −$3.67 and generated −$10.76 of cash last year, against $232.23 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-2% avg · 4y
FY22 -0%FY23 -5%FY24 -2%FY25 -1%

It earned an average -2% on invested capital over 4 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+2% shares · 4y

Share count is roughly flat over 4 years — little dilution, little buyback. Total debt has risen 36% over the same window.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2022-12-31 · accession 0001558370-25-002009 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2023-12-31 · accession 0001104659-26-020650 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2022-12-31 · accession 0001558370-25-002009 (NetIncomeLoss)
  4. 10-K · period ending 2023-12-31 · accession 0001104659-26-020650 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001558370-25-002009 (NetCashProvidedByUsedInOperatingActivities)
  6. 10-K · period ending 2023-12-31 · accession 0001104659-26-020650 (NetCashProvidedByUsedInOperatingActivities)
  7. 10-K · period ending 2022-12-31 · accession 0001558370-25-002009 (PaymentsToAcquireProductiveAssets)
  8. 10-K · period ending 2025-12-31 · accession 0001104659-26-020650 (PaymentsToAcquireProductiveAssets)
  9. 10-K · period ending 2022-12-31 · accession 0001558370-24-002078 (LongTermDebtNoncurrent)
  10. 10-K · period ending 2023-12-31 · accession 0001558370-25-002009 (LongTermDebtNoncurrent)
  11. 10-K · period ending 2024-12-31 · accession 0001104659-26-020650 (LongTermDebtNoncurrent)
  12. 10-K · period ending 2022-12-31 · accession 0001558370-25-002009 (CashAndCashEquivalentsAtCarryingValue)
  13. 10-K · period ending 2023-12-31 · accession 0001104659-26-020650 (CashAndCashEquivalentsAtCarryingValue)