MeritValue

Liberty Broadband Corp

LBRDAdata completeness 75%14 fiscal years on file
The thesis, from the filings

Liberty Broadband Corp earns about -1% on invested capital, and has bought back 23% of its shares over 5 years. The applicable estimate puts fair value near $53.05 a share.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$988M1$975M2$981M2$1.02B2—
Net income$732M3$1.26B4$688M5$869M5−$2.68B5
Operating cash flow$3M6−$56M7$16M7$104M7−$327M8
Capital expenditure$134M9$181M10$222M10$247M10—
Free cash flow (derived)−$131M6−$237M7−$206M7−$143M7—
Total debt$7.55B11$8.98B12$7.48B13$5.38B14$4.45B14
Cash & equivalents$191M15$375M16$79M17$89M17$57M17
Diluted shares186.0M158.0M147.0M143.0M143.0M

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
$398.46
your share of equity
Profit it earned you last year
−$187.13
Free cash flow it threw off
—
Debt you’d be carrying
$311.05

10 shares is a claim on $398.46 of net worth that earned you −$187.13 last year, against $311.05 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-1% avg · 5y
FY21 5%FY22 8%FY23 5%FY24 5%FY25 -25%

It earned an average -1% 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
−23% shares · 5y

Share count is down 23% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has fallen 41% — 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 v0.1.0
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
$53.05
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$732M
  • growthAssumed0.0%
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 0001558370-24-001302 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001558370-25-001788 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2021-12-31 · accession 0001558370-24-001302 (NetIncomeLoss)
  4. 10-K · period ending 2022-12-31 · accession 0001558370-25-001788 (NetIncomeLoss)
  5. 10-K · period ending 2023-12-31 · accession 0001104659-26-010397 (NetIncomeLoss)
  6. 10-K · period ending 2021-12-31 · accession 0001558370-24-001302 (NetCashProvidedByUsedInOperatingActivities)
  7. 10-K · period ending 2022-12-31 · accession 0001558370-25-001788 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2025-12-31 · accession 0001104659-26-010397 (NetCashProvidedByUsedInOperatingActivitiesContinuingOperations)
  9. 10-K · period ending 2021-12-31 · accession 0001558370-24-001302 (PaymentsToAcquirePropertyPlantAndEquipment)
  10. 10-K · period ending 2022-12-31 · accession 0001558370-25-001788 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2021-12-31 · accession 0001558370-23-001533 (LongTermDebtNoncurrent)
  12. 10-K · period ending 2022-12-31 · accession 0001558370-24-001302 (LongTermDebtNoncurrent)
  13. 10-K · period ending 2023-12-31 · accession 0001558370-25-001788 (LongTermDebtNoncurrent)
  14. 10-K · period ending 2024-12-31 · accession 0001104659-26-010397 (LongTermDebtNoncurrent)
  15. 10-K · period ending 2021-12-31 · accession 0001558370-24-001302 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2022-12-31 · accession 0001558370-25-001788 (CashAndCashEquivalentsAtCarryingValue)
  17. 10-K · period ending 2023-12-31 · accession 0001104659-26-010397 (CashAndCashEquivalentsAtCarryingValue)