MeritValue

Liberty Media Corp

FWONAdata completeness 88%16 fiscal years on file

Data notes: no data for concept 'investmentsAtFairValue'; no data for concept 'netInvestmentIncome'; no data for concept 'gainsOnRealEstateSales'; no data for concept 'realEstateImpairment'; no data for concept 'dividendsPaid'

The thesis, from the filings

Liberty Media Corp earns about 2% on invested capital. 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 2021FY 2022FY 2023FY 2024FY 2025
Revenue$11.4B1$3.16B2$3.57B3$3.65B3$4.48B3
Net income$398M4$1.82B5$761M6−$2.06B6$555M6
Operating cash flow$2.44B7$2.55B7$2.46B7$567M8$908M8
Capital expenditure$440M9$309M10$461M11$75M11$119M11
Free cash flow (derived)$2B7$2.24B7$2B7$492M8$789M8
Total debt$37.2B12$33.3B13$8.45B14$5.98B15$10.2B15
Cash & equivalents$2.81B16$1.88B17$1.41B18$2.63B18$1.06B18
Diluted shares—————

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

iii. Is this a good business?
Moat signal · return on invested capital
2% avg · 5y
FY21 3%FY22 3%FY23 3%FY24 -0%FY25 4%

It earned an average 2% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
— shares · 5y

Total debt has fallen 73% — deleveraging.

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 v0.5.0
DCF · Growth Exit 10Y
not applicable
no diluted share count — cannot compute per-share value
DCF · Growth Exit 5Y
not applicable
no diluted share count — cannot compute per-share value
Earnings Power Value
not applicable
no diluted share count
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 2021-12-31 · accession 0001558370-24-002013 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001558370-25-001830 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001104659-26-020653 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2021-12-31 · accession 0001558370-24-002013 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001558370-25-001830 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001104659-26-020653 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0001558370-24-002013 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2024-12-31 · accession 0001104659-26-020653 (NetCashProvidedByUsedInOperatingActivitiesContinuingOperations)
  9. 10-K · period ending 2021-12-31 · accession 0001558370-24-002013 (PaymentsToAcquireProductiveAssets)
  10. 10-K · period ending 2022-12-31 · accession 0001558370-25-001830 (PaymentsToAcquireProductiveAssets)
  11. 10-K · period ending 2023-12-31 · accession 0001104659-26-020653 (PaymentsToAcquireProductiveAssets)
  12. 10-K · period ending 2021-12-31 · accession 0001558370-23-002514 (LongTermDebtNoncurrent)
  13. 10-K · period ending 2022-12-31 · accession 0001558370-24-002013 (LongTermDebtNoncurrent)
  14. 10-K · period ending 2023-12-31 · accession 0001558370-25-001830 (LongTermDebtNoncurrent)
  15. 10-K · period ending 2024-12-31 · accession 0001104659-26-020653 (LongTermDebtNoncurrent)
  16. 10-K · period ending 2021-12-31 · accession 0001558370-24-002013 (CashAndCashEquivalentsAtCarryingValue)
  17. 10-K · period ending 2022-12-31 · accession 0001558370-25-001830 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2023-12-31 · accession 0001104659-26-020653 (CashAndCashEquivalentsAtCarryingValue)