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No institutional (13F) filings cover this company, so the Overview and 13F tabs are thin. Everything drawn from its SEC filings is here.
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What the company returns to shareholders — and whether it's covered by cash.
No dividend to cover. Last year: $0 dividends + $192.1M buybacks = $192.1M returned on -$132.0M FCF.
Yields use the latest fiscal-year dividends/buybacks over current market cap. Dividends and buybacks from the SEC cash-flow statement; payout coverage vs net income and free cash flow. Educational — not a recommendation.
How management deployed cash over 10 years — and what it earned on reinvestment.
A cash-return story — far more went to shareholders than back into the business (mature, low-reinvestment).
Operating income fell despite reinvestment — a warning on capital productivity. Current ROIC on all capital: -39%. Rough measure (includes maintenance capex).
Cash uses aggregated from the SEC cash-flow statement over 10 fiscal years. "Return on reinvestment" is a rough proxy — operating-income change ÷ cumulative CapEx + M&A — and includes maintenance capex. Educational — not a recommendation.
EOD close · as of 2026-10-21
How a revenue dollar becomes profit — FY2025
Dividends and buybacks are cash paid out, shown here against the same year's profit for scale — not funded from it.
Each value shows its share of revenue below it (common-size).
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $4.88B 100.0% | $4.34B 100.0% | $4.12B 100.0% | $4.02B 100.0% | $10.31B 100.0% | $11.55B 100.0% | $11.54B 100.0% | $11.96B 100.0% | $11.28B 100.0% | $13.73B 100.0% |
| Cost of Revenue | $1.67B 34.2% | $1.45B 33.4% | $1.29B 31.2% | $1.07B 26.5% | $3.02B 29.3% | $3.32B 28.8% | $3.13B 27.1% | $3.25B 27.1% | $2.97B 26.4% | $3.50B 25.5% |
| Cost of Services | — | — | — | — | — | — | — | — | $3.45B 30.6% | $3.93B 28.6% |
| Selling, General & Admin | $1.22B 25.1% | $1.14B 26.2% | $1.12B 27.2% | $1.01B 25.0% | $2.15B 20.9% | $2.15B 18.6% | $2.04B 17.7% | $2.05B 17.1% | $1.98B 17.6% | $2.49B 18.2% |
| Total Operating Expenses | $4.90B 100.5% | $4.40B 101.4% | $4.43B 107.6% | $3.91B 97.3% | $8.99B 87.2% | $9.51B 82.4% | $10.46B 90.6% | $11.12B 93.0% | $10.48B 93.0% | $12.16B 88.6% |
| Operating Income | -$23.3M -0.5% | -$60.1M -1.4% | -$313.8M -7.6% | $109.9M 2.7% | $1.32B 12.8% | $2.03B 17.6% | $659.9M 5.7% | $839.1M 7.0% | $792.4M 7.0% | $1.57B 11.4% |
| Interest Expense | $497.5M 10.2% | $574.7M 13.2% | $907.9M 22.1% | $589.3M 14.7% | $882.1M 8.6% | $1.19B 10.3% | $1.38B 12.0% | $1.48B 12.4% | $1.42B 12.6% | $1.87B 13.6% |
| Other Income (Expense), net | -$7.15B -146.5% | $1.90B 43.7% | -$3.13B -76.1% | $1.07B 26.6% | $12.68B 123.0% | -$3.83B -33.2% | -$1.90B -16.5% | -$677.3M -5.7% | -$2.90B -25.7% | -$1.33B -9.7% |
| Pretax Income | -$7.17B -147.0% | $1.84B 42.3% | -$3.45B -83.7% | $1.18B 29.3% | $14.00B 135.8% | -$1.80B -15.6% | -$1.24B -10.8% | $161.8M 1.4% | -$2.11B -18.7% | $243.3M 1.8% |
| Income Tax Expense | -$75.8M -1.6% | -$30.8M -0.7% | $213.1M 5.2% | $406.7M 10.1% | $473.3M 4.6% | -$275.9M -2.4% | $234.0M 2.0% | $1.57B 13.2% | $238.9M 2.1% | -$1.41B -10.2% |
| Net Income | -$7.10B -145.5% | $1.65B 37.9% | -$3.87B -94.1% | $1.99B 49.4% | $13.61B 132.0% | -$1.63B -14.1% | $11.52B 99.8% | $725.3M 6.1% | -$2.78B -24.6% | $1.71B 12.4% |
| Per Share | ||||||||||
| EPS (Basic) | -$20.86 | $4.33 | -$9.52 | $3.01 | $24.16 | -$2.70 | $16.32 | — | — | — |
| EPS (Diluted) | -$20.86 | $4.23 | -$9.52 | $2.96 | $23.59 | -$2.70 | $16.32 | — | — | — |
| Weighted Avg Shares (Basic) | 342.3M | 366.7M | 425.7M | 489.6M | 555.7M | 602.1M | 705.8M | 778.7M | 847.9M | 889.8M |
| Weighted Avg Shares (Diluted) | 342.3M | 375.2M | 425.7M | 497.0M | 569.1M | 602.1M | 705.8M | 778.7M | 847.9M | 900.0M |
Source: SEC EDGAR XBRL filings (annual, fiscal year). Quarterly flow items are derived from cumulative filings; balance-sheet figures are as-of each period end. Ratios and margins are computed, not reported.
Solve the discounted cash flow backwards, then stress-test the assumptions.
Average free cash flow across the last 2 positive fiscal years (FY2023, FY2024). Smooths the cycle. Stock compensation is NOT charged — it is added back inside operating cash flow.
To be worth $7.86 today, the market must believe free cash flow compounds -5.5%/yr for a decade (off $1.18B on the 3-yr avg basis).
On the basis ($997.6M) the requirement is -3.1%/yr. Shares issued to employees are added back in operating cash flow, so this basis treats them as free.
Default is the published 10.0% — this company's own cost of capital could not be computed.
2-stage DCF · 0.34B shares (market data) · net debt $6.49B
Today's price is outside this grid at every discount rate shown — the assumptions it requires lie beyond the plotted range, which is itself the finding.
mean -25.5% · volatility σ 35% · implied rate exceeded in 2/9 yrs
Central path = implied -5.5%/yr growth; shaded band = ±1σ (35%) of this company's historical FCF volatility, widening with time. The wider the band, the less certain the growth.
Reverse DCF: rather than guessing a fair value, we solve for the growth the current price implies, then you stress-test the assumptions. Enterprise value of the FCF stream, less net debt, ÷ shares. Educational — not a recommendation.
How much the company owes, how it's trended, and how comfortably it's serviced.
Cash of $2.08B (at 2025-12-31) covers the $661.6M due within a year 3.1× over. Scheduled principal only (excludes interest & revolver draws). As of 2026-06-30 (10-Q). The cash figure is from 2025-12-31, so the two are not the same balance-sheet date — the schedule has not been refiled since.
Insufficient EBITDA/debt history.
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Thin coverage — earnings barely cover interest. Effective rate ~5.8% on $8.57B of debt.
Cash of $2.08B fully covers short-term debt of $764.0M.
Mostly long-term debt (balance-sheet current vs non-current split). See the maturity ladder above for the year-by-year repayment schedule.
Debt, cash, interest and equity from the SEC balance sheet & income statement. Effective rate = interest ÷ average debt. Maturity ladder from the SEC long-term-debt repayment schedule. Educational — not a recommendation.
Total return (dividends reinvested) vs the market, from quarter-end prices.
Above 0 = ahead of the S&P 500 since the window start; below 0 = behind. Rising means it's pulling ahead.
How far the stock fell below its prior peak. Deeper, longer drawdowns = a rougher ride to the same return.
Quarter-end, dividend-adjusted (total return). Beta & volatility from quarterly returns (annualized). Benchmark is the S&P 500 (SPY total return). Annual returns compound the quarters ending in each calendar year; the first and last years in a window may be partial. Past performance doesn't predict future results.
EOD close · as of 2026-10-21
Where each multiple sits in its own 14-yr range · 10th pct blended
Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 14-yr history.
Is the profit real, and how strong is the balance sheet?
FY2025 · every deduction from revenue to net income
DuPont — the three levers
ROE -73% against ROIC -39% — -34% of the return on equity comes from leverage and buybacks rather than from the operating business.
Equity is the year-end figure. On average equity over the two year-ends, ROE is -64.6% — the two diverge when buybacks or issuance move equity during the year.
What the company owes vs. what it holds
This shows debt/cash structure and net leverage. The year-by-year maturity schedule is on the Debt & Leverage tab.
Latest year: profit growth vs revenue growth
Profit and sales moved in opposite directions this year.
Each line as % of revenue — the trend in color
| % of revenue | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| Cost of Revenue | 27.1 | 27.1 | 28.8 | 29.3 | 26.5 | 31.2 | 33.4 | 34.2 |
| SG&A | 17.1 | 17.7 | 18.6 | 20.9 | 25.0 | 27.2 | 26.2 | 25.1 |
| Operating Income | 7.0 | 5.7 | 17.6 | 12.8 | 2.7 | -7.6 | -1.4 | -0.5 |
| Income Tax | 13.2 | 2.0 | -2.4 | 4.6 | 10.1 | 5.2 | -0.7 | -1.6 |
| Net Income | 6.1 | 99.8 | -14.1 | 132.0 | 49.4 | -94.1 | 37.9 | -145.5 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on LBTYA: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
Cash conversion and accruals. The full answer — share-based compensation, the cash conversion waterfall, working-capital trend — is still being built, so this block states what it measures rather than issuing a verdict.
One year is not a trend. The spec asks for a 3- and 5-year average of FCF/net income precisely because a single year turns on working-capital timing, and that arrives with the full Q2 block.