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Tracking stock for Liberty Media's ownership of Formula 1 racing and related media/sponsorship rights.
Tracking stock for Liberty Media's ownership of Formula 1 racing and related media/sponsorship rights.
Earns from fees paid by promoters and governments to host a grand prix, the sale of broadcast rights to TV networks and streamers, and sponsorship deals, with part of the pot passed to the racing teams. The stock tracks only Liberty's Formula One group, after the Atlanta Braves and SiriusXM were separated from the parent.
Moat: narrow (brand, regulatory licence, network effects). Exclusive long-term commercial rights to F1 and its growing global fan base are difficult to replicate.
Headquarters: Englewood, Colorado, US · Founded: 2016 · Employees: 1,674
Size Liberty Media (FWONA) is a United States Communication Services company (Internet Software/Services) with a market value of $27.3B, the 396th largest of 3,117 United States companies the cockpit tracks. Shares closed at $101.01 on 6 Nov 2026.
Performance Over six months the shares gained 17.5%, against -6.3% for the median peer and -1.1% for the United States market (cap-weighted) — highest of 7 in its peer set.
Growth Revenue grew 12.2% over the last twelve months (peer median +15.2%); the operating margin is 12.4% (peer median 27.7%).
Valuation It trades at 51.0× forward earnings against a peer median of 14.1× (most expensive of 7).
Price implies For today's price to make sense, revenue must grow about 29% a year for seven years (Req g). Recent delivered growth is +31%, so the hurdle is -2 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 4.6 points below its cost of capital (7.9% WACC).
Short interest Short interest is 4.5% of the free float (15 Oct 2026).
Next results Next results expected around 3 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $4.34B | $4.48B | $3.65B | $3.22B | $2.57B |
| Revenue growth | — | +23% | +13% | +25% | — |
| Gross profit | $1.08B | $1.12B | $813M | $613M | $461M |
| EBITDA | $1.00B | $997M | $744M | $666M | $535M |
| Net income | $408M | $555M | -$30.0M | $185M | $558M |
| Free cash flow | $786M | $751M | $492M | $193M | $243M |
| Capital expenditure | $129M | $119M | $75.0M | $426M | $291M |
| Total debt | $4.92B | $5.12B | $2.99B | $2.92B | $2.95B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Liberty Media FWONA | $27.3B | +18% | +12% | 12% | 51.0× | 29.0% |
| Netflix NFLX | $260B | -28% | +15% | 32% | 17.7× | 15.0% |
| TKO TKO | $36.2B | +3% | +36% | 22% | 25.4× | 20.8% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | FWONA | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +15.3% | -6.8% | 2nd highest of 7 |
| 6-month return | +17.5% | -6.3% | highest of 7 |
| Distance from 52-week high | -1.0% | -43.1% | highest of 7 |
| Revenue growth (TTM) | +12.2% | +15.2% | 3rd lowest of 7 |
| Operating margin | 12.4% | 27.7% | 3rd lowest of 7 |
| Forward P/E | 51.0× | 14.1× | most expensive of 7 |
| Growth the price implies (Req g, 7 yrs) | 29.0% | 1.8% | most demanding of 6 |
| Growth delivered (Del g) | +31.4% | +10.1% | 2nd highest of 6 |
| Hurdle (Req g minus delivered) | -2.4 pp | -6.0 pp | 2nd most demanding of 6 |
| ROIC minus cost of capital | -4.6 pp | +10.4 pp | 2nd lowest of 7 |
| EV / EBITDA | 31.5× | 10.1× | 2nd most expensive of 7 |
| Net debt / EBITDA | 3.5× | -2.2× | most indebted of 7 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Liberty Media FWONA | United States | $27.3B | +18% | +12% | 12% | 51.0× | 29.0% | +31.4% |
| Bidu-sw 9888.HK | Hong Kong | $26.4B | -43% | -1% | 7% | 14.5× | n/a | n/a |
| Reddit RDDT | United States | $18.4B | -39% | +62% | 29% | 15.0× | 18.0% | +57.3% |
| Tencent Music Entertainment 1698.HK | Hong Kong | $13.9B | -2% | +16% | 29% | 11.0× | 0.6% | +1.7% |
| Nexon 3659.T | Japan | $13.8B | +10% | +15% | 26% | 22.4× | -9.1% | +10.1% |
| Pinterest PINS | United States | $10.9B | -11% | +15% | 6% | 8.8× | 16.2% | +20.1% |
| Match MTCH | United States | $8.88B | +6% | 0% | 30% | 13.6× | 1.8% | +7.8% |