MeritValue

Liberty Live Holdings, Inc.

LLYVAdata completeness 88%2 fiscal years on file

Data notes: no data for concept 'capex'; no data for concept 'epsDiluted'; no data for concept 'interestExpense'

The thesis, from the filings

Liberty Live Holdings, Inc. earns about -4% 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 2024FY 2025
Revenue$340.5M1$382M1
Net income−$112.8M2−$87M2
Operating cash flow−$25.2M3−$29.5M3
Capital expenditure——
Free cash flow (derived)——
Total debt$3.11B4$3.33B5
Cash & equivalents$402.6M6$545.5M6
Diluted shares—92.5M

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
−$5.31
your share of equity
Profit it earned you last year
−$9.4
Free cash flow it threw off
—
Debt you’d be carrying
$360.45

10 shares is a claim on −$5.31 of net worth that earned you −$9.4 last year, against $360.45 of debt.

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

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

seeing a moat in the numbers →
Management signal · capital allocation
−0% shares · 2y

Share count is roughly flat over 2 years — little dilution, little buyback. Total debt has held roughly steady.

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
only 0 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 0 years of FCF (need ≥3) — model not applicable
Earnings Power Value
not applicable
only 2 years of net income (need ≥3)
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 2024-12-31 · accession 0001104659-26-020657 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2024-12-31 · accession 0001104659-26-020657 (NetIncomeLoss)
  3. 10-K · period ending 2024-12-31 · accession 0001104659-26-020657 (NetCashProvidedByUsedInOperatingActivities)
  4. 10-K · period ending 2024-12-31 · accession 0001104659-26-020657 (LongTermDebtNoncurrent)
  5. 10-K · period ending 2025-12-31 · accession 0001104659-26-020657 (LongTermDebtCurrent)
  6. 10-K · period ending 2024-12-31 · accession 0001104659-26-020657 (CashAndCashEquivalentsAtCarryingValue)