Atlanta Braves Holdings, Inc. (BATRA) 10-Year Financial Performance & Capital Metrics

BATRA •

Communication ServicesEntertainmentLive Events and Sports Operators

AboutAtlanta Braves Holdings, through its wholly-owned subsidiary Braves Holdings, LLC, indirectly owns the Atlanta Braves Major League Baseball club and the associated mixed-use development project, The Battery Atlanta.Show more

Revenue $732M +10.5%
EBITDA $92M +407.8%
Net Income -$23M +25.3%
EPS (Diluted) -0.37 +26.0%
Gross Margin 19.86% -11.5%
EBITDA Margin 12.59% +359.5%
Operating Margin 2.27% +137.9%
Net Margin -3.19% +32.4%
ROE -4.35% +25.1%
ROIC 1.03% +138.8%
Debt/Equity 1.56 +15.7%
Interest Coverage 0.36 +135.0%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong 5Y sales CAGR of 32.7%
✓Trading near 52-week high

✗Weaknesses

✗Negative free cash flow

Price & Volume

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Growth Metrics

Revenue CAGR

10Y11.67%

5Y32.7%

3Y7.56%

TTM10.52%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM25.27%

EPS CAGR

10Y-

5Y-

3Y-

TTM26.92%

ROCE

10Y Avg-3.08%

5Y Avg-1.28%

3Y Avg-1.84%

Latest1.34%

Peer Comparison

Live Events and Sports Operators

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
TKOTKO Group Holdings, Inc.	26B	223.87	99.06	68.85%	4.13%	2.11%	4.94%	0.44
MSGEMadison Square Garden Entertainment Corp.	2.55B	63.14	82	-1.72%	5.12%	144.17%	3.65%
TDICDreamland Limited Class A Ordinary Shares	6.12M	0.17	6.33	124.08%	14.03%	112.46%		1.62
HOFVHall of Fame Resort & Entertainment Company	2.35M	0.35	-0.04	-12.12%	-366.24%	-207.29%		3.45
CPOPPop Culture Group Co., Ltd	188.22K	0.33	-0.08	155.52%	-30.56%	-102.2%		0.41
SPHRSphere Entertainment Co.	817.24M	119.01	-20.95		-9.54%	-4.7%		0.63
MANUManchester United plc	1.01B	18.01	-70.46	0.72%	-1.39%	-4.76%	3.73%	3.33
BATRKAtlanta Braves Holdings, Inc.	2.24B	43.71	-118.14	10.52%	-3.19%	-4.34%		1.56

Profit & Loss

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Sales/Revenue+	262M	386M	442M	476M	178M	563.72M	588.56M	640.67M	662.75M	732.49M
Revenue Growth %	7.82%	47.33%	14.51%	7.69%	-62.6%	216.69%	4.41%	8.85%	3.45%	10.52%
Cost of Goods Sold+	0	0	0	0	0	376.35M	436.51M	491.23M	513.91M	586.98M
COGS % of Revenue	-	-	-	-	-	66.76%	74.17%	76.67%	77.54%	80.14%
Gross Profit+	262M	386M	442M	476M	178M	187.37M	152.06M	149.44M	148.84M	145.51M
Gross Margin %	100%	100%	100%	100%	100%	33.24%	25.84%	23.33%	22.46%	19.86%
Gross Profit Growth %	7.82%	47.33%	14.51%	7.69%	-62.6%	5.26%	-18.85%	-1.72%	-0.4%	-2.24%
Operating Expenses+	323M	499M	441M	515M	306M	168.13M	182.64M	195.88M	188.5M	128.9M
OpEx % of Revenue	123.28%	129.27%	99.77%	108.19%	171.91%	29.82%	31.03%	30.57%	28.44%	17.6%
Selling, General & Admin	67M	151M	118M	0	0	0	0	0	0	128.9M
SG&A % of Revenue	25.57%	39.12%	26.7%	-	-	-	-	-	-	17.6%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	-27M	-12M	11M	515M	306M	168.13M	182.64M	195.88M	188.5M	0
Operating Income+	-61M	-113M	1M	-39M	-128M	19.24M	-30.58M	-46.44M	-39.66M	16.6M
Operating Margin %	-23.28%	-29.27%	0.23%	-8.19%	-71.91%	3.41%	-5.2%	-7.25%	-5.98%	2.27%
Operating Income Growth %	-106.39%	-85.25%	100.89%	-4000%	-228.21%	115.03%	-258.92%	-51.86%	14.59%	141.86%
EBITDA+	-29M	-46M	77M	32M	-59M	90.27M	36.52M	19.84M	18.16M	92.24M
EBITDA Margin %	-11.07%	-11.92%	17.42%	6.72%	-33.15%	16.01%	6.2%	3.1%	2.74%	12.59%
EBITDA Growth %	-102.94%	-58.62%	267.39%	-58.44%	-284.38%	252.99%	-59.55%	-45.67%	-8.45%	407.81%
D&A (Non-Cash Add-back)	32M	67M	76M	71M	69M	71.02M	67.1M	66.28M	57.83M	75.63M
EBIT	-78M	-47M	22M	-39M	-128M	19.24M	-24.51M	-44.23M	-37.69M	16.6M
Net Interest Income+	-1M	-15M	-26M	-27M	-26M	-24M	-29.58M	-37.67M	-38.79M	-46.44M
Interest Income	0	0	0	0	0	0	0	0	0	0
Interest Expense	1M	15M	26M	27M	26M	24M	29.58M	37.67M	38.79M	46.44M
Other Income/Expense	-18M	51M	-5M	-23M	12M	-22.56M	-936K	-74.99M	3.72M	-40.72M
Pretax Income+	-79M	-62M	-4M	-62M	-116M	-3.31M	-31.52M	-121.43M	-35.94M	-24.11M
Pretax Margin %	-30.15%	-16.06%	-0.91%	-13.03%	-65.17%	-0.59%	-5.35%	-18.95%	-5.42%	-3.29%
Income Tax+	-17M	-36M	-15M	15M	-38M	9.69M	2.65M	3.86M	-4.67M	-831K
Effective Tax Rate %	78.48%	40.32%	-125%	124.19%	67.24%	392.46%	108.42%	103.18%	87%	96.91%
Net Income+	-62M	-25M	5M	-77M	-78M	-13.01M	-34.17M	-125.29M	-31.27M	-23.37M
Net Margin %	-23.66%	-6.48%	1.13%	-16.18%	-43.82%	-2.31%	-5.81%	-19.56%	-4.72%	-3.19%
Net Income Growth %	-133.7%	59.68%	120%	-1640%	-1.3%	83.33%	-162.74%	-266.66%	75.04%	25.27%
Net Income (Continuing)	-62M	-26M	11M	-77M	-78M	-13.01M	-34.17M	-125.29M	-31.27M	-23.28M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	15M	14M	-8M	0	0	0	0	12.04M	12.04M	12.13M
EPS (Diluted)+	-1.25	-0.51	0.10	-1.51	-1.30	-0.21	-0.56	-2.03	-0.50	-0.37
EPS Growth %	-124.04%	59.2%	119.22%	-1640.82%	13.91%	83.85%	-166.67%	-262.5%	75.37%	26%
EPS (Basic)	-1.25	-0.51	0.10	-1.51	-2.00	-0.21	-0.56	-2.03	-0.50	-0.37
Diluted Shares Outstanding	49.43M	49M	51M	51M	60M	52M	62.13M	61.73M	62.54M	63.78M
Basic Shares Outstanding	49.43M	49M	51M	50.99M	39M	52M	62.13M	61.72M	62.54M	62.45M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Total Current Assets+	139M	220M	257M	267M	244M	330M	267.38M	218.02M	179.15M	158.71M
Cash & Short-Term Investments	107M	132M	107M	142M	151M	142M	150.66M	125.15M	110.14M	111.58M
Cash Only	107M	132M	107M	142M	151M	142M	150.66M	125.15M	110.14M	111.58M
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	15M	32M	21M	28M	30M	40M	70.23M	62.92M	49.99M	33.57M
Days Sales Outstanding	20.9	30.26	17.34	21.47	61.52	25.9	43.56	35.85	27.53	16.73
Inventory	0	0	0	0	0	0	0	0	0	0
Days Inventory Outstanding	-	-	-	-	-	-	-	-	-	-
Other Current Assets	17M	56M	129M	97M	63M	148M	46.48M	29.95M	19.01M	13.56M
Total Non-Current Assets+	1.41B	1.65B	1.55B	1.33B	1.33B	1.31B	1.22B	1.29B	1.34B	1.46B
Property, Plant & Equipment	930M	1.1B	1.04B	795M	799M	777M	729.8M	769.45M	807.49M	0
Fixed Asset Turnover	0.28x	0.35x	0.42x	0.60x	0.22x	0.73x	0.81x	0.83x	0.82x	-
Goodwill	180M	180M	180M	180M	180M	180M	175.76M	175.76M	175.76M	175.76M
Intangible Assets	216M	192M	180M	177M	167M	164M	123.7M	123.7M	123.7M	123.7M
Long-Term Investments	69M	153M	100M	99M	94M	110M	94.56M	99.21M	108.79M	116.82M
Other Non-Current Assets	14M	22M	47M	75M	87M	75M	99.45M	118.18M	128.96M	1.04B
Total Assets+	1.55B	1.87B	1.8B	1.59B	1.57B	1.64B	1.49B	1.5B	1.52B	1.61B
Asset Turnover	0.17x	0.21x	0.24x	0.30x	0.11x	0.34x	0.39x	0.43x	0.43x	0.45x
Asset Growth %	82.33%	20.54%	-3.27%	-11.75%	-1.38%	4.14%	-8.88%	0.92%	1.3%	5.98%
Total Current Liabilities+	168M	91M	84M	188M	173M	136M	240.91M	233.67M	286.66M	377.04M
Accounts Payable	141M	58M	29M	63M	53M	66M	54.75M	73.1M	63.71M	43.47M
Days Payables Outstanding	-	-	-	-	-	64.01	45.78	54.31	45.25	27.03
Short-Term Debt	0	13M	14M	59M	59M	12M	74.81M	42.15M	104.19M	215.35M
Deferred Revenue (Current)	44M	51M	54M	70M	90M	83M	105M	111.98M	111.85M	109.83M
Other Current Liabilities	-17M	20M	41M	5M	6M	6M	6.36M	6.44M	6.91M	8.39M
Current Ratio	0.83x	2.42x	3.06x	1.42x	1.41x	2.43x	1.11x	0.93x	0.62x	0.42x
Quick Ratio	0.83x	2.42x	3.06x	1.42x	1.41x	2.43x	1.11x	0.93x	0.62x	0.42x
Cash Conversion Cycle	-	-	-	-	-	-	-	-	-	-
Total Non-Current Liabilities+	980M	1.35B	1.28B	1.03B	1.11B	1.2B	950.24M	730.01M	700.96M	699.73M
Long-Term Debt	328M	649M	477M	495M	611M	685M	467.16M	527.12M	512.93M	621.85M
Capital Lease Obligations	0	0	0	0	0	0	107.22M	103.59M	103.84M	0
Deferred Tax Liabilities	48M	62M	69M	61M	52M	65M	54.1M	0	43.52M	41.28M
Other Non-Current Liabilities	652M	699M	806M	471M	444M	454M	321.76M	99.31M	40.67M	36.6M
Total Liabilities	1.15B	1.44B	1.37B	1.22B	1.28B	1.34B	1.19B	963.69M	987.62M	1.08B
Total Debt+	328M	662M	491M	554M	670M	697M	649.19M	672.86M	720.97M	837.2M
Net Debt	221M	530M	384M	412M	519M	555M	498.52M	547.71M	610.82M	725.62M
Debt / Equity	0.82x	1.55x	1.12x	1.47x	2.30x	2.35x	2.17x	1.24x	1.34x	1.56x
Debt / EBITDA	-	-	6.38x	17.31x	-	7.72x	17.78x	33.91x	39.69x	9.08x
Net Debt / EBITDA	-	-	4.99x	12.88x	-	6.15x	13.65x	27.61x	33.63x	7.87x
Interest Coverage	-61.00x	-7.53x	0.04x	-1.44x	-4.92x	0.80x	-1.03x	-1.23x	-1.02x	0.36x
Total Equity+	400M	427M	438M	378M	291M	296M	299.51M	540.64M	536.22M	538.18M
Equity Growth %	-94.7%	6.75%	2.58%	-13.7%	-23.02%	1.72%	1.19%	80.51%	-0.82%	0.37%
Book Value per Share	8.09	8.71	8.59	7.41	4.85	5.69	4.82	8.76	8.57	8.44
Total Shareholders' Equity	385M	413M	446M	378M	291M	296M	299.51M	528.6M	524.18M	526.05M
Common Stock	385M	413M	446M	0	0	5M	0	619K	624K	103K
Retained Earnings	0	0	0	0	0	12.72B	-429.08M	-554.38M	-585.64M	-609.01M
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-13M	-51M	-96M	0	0	-5M	-3.76M	-7.27M	-3.35M	-2.74M
Minority Interest	15M	14M	-8M	0	0	0	0	12.04M	12.04M	12.13M

Cash Flow

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Cash from Operations+	89M	-42M	103M	75M	-55M	62M	53.35M	1.63M	16.63M	25.24M
Operating CF Margin %	33.97%	-10.88%	23.3%	15.76%	-30.9%	11%	9.06%	0.25%	2.51%	3.45%
Operating CF Growth %	97.78%	-147.19%	345.24%	-27.18%	-173.33%	212.73%	-13.95%	-96.95%	922.82%	51.74%
Net Income	-62M	-26M	11M	-77M	-78M	-11M	-34.17M	-125.29M	-31.27M	-23.28M
Depreciation & Amortization	32M	67M	76M	71M	69M	72M	71.7M	70.98M	62.83M	75.63M
Stock-Based Compensation	9M	48M	11M	17M	6M	12M	0	13.22M	16.52M	15.57M
Deferred Taxes	-18M	-37M	-15M	0	-38M	8M	-10.41M	-7.87M	-9.29M	-2.44M
Other Non-Cash Items	40M	-22M	34M	76M	-26M	25M	14.1M	80.31M	-4.63M	31.66M
Working Capital Changes	88M	-72M	-14M	-12M	12M	-44M	12.14M	-29.72M	-17.53M	-71.91M
Change in Receivables	0	0	0	0	0	0	0	0	0	0
Change in Inventory	0	0	0	0	0	0	0	0	0	0
Change in Payables	105M	-15M	-22M	0	41M	-1M	0	0	0	0
Cash from Investing+	-413M	-221M	159M	-107M	-77M	-25M	52.57M	-69.05M	-86.31M	-145.04M
Capital Expenditures	-360M	-219M	-33M	-103M	-81M	-35M	-17.67M	-69.04M	-86.01M	0
CapEx % of Revenue	137.4%	56.74%	7.47%	21.64%	45.51%	6.21%	3%	10.78%	12.98%	19.8%
Acquisitions	-20M	-2M	0	0	0	0	48.01M	-125K	0	0
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-33M	-5M	37M	-4M	4M	8M	-5.27M	110K	40K	-145.04M
Cash from Financing+	418M	288M	-212M	54M	105M	22M	-177.22M	32.33M	44.56M	118.78M
Debt Issued (Net)	184M	326M	-194M	65M	114M	24M	-154.86M	26.85M	42.48M	116.67M
Equity Issued (Net)	1000K	-1000K	0	-1000K	-1000K	0	693K	0	0	1000K
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	0	-30M	0	-4M	-1M	0	0	0	0	0
Other Financing	31M	0	-18M	-7M	-8M	-2M	-23.05M	5.48M	2.08M	-6.95M
Net Change in Cash	94M	25M	50M	22M	-27M	59M	-57.33M	-35.1M	-25.12M	-1.02M
Free Cash Flow+	-271M	-261M	70M	-28M	-136M	27M	35.68M	-67.41M	-69.38M	-119.81M
FCF Margin %	-103.44%	-67.62%	15.84%	-5.88%	-76.4%	4.79%	6.06%	-10.52%	-10.47%	-16.36%
FCF Growth %	-226.51%	3.69%	126.82%	-140%	-385.71%	119.85%	32.15%	-288.93%	-2.93%	-72.68%
FCF per Share	-5.48	-5.33	1.37	-0.55	-2.27	0.52	0.57	-1.09	-1.11	-1.88
FCF Conversion (FCF/Net Income)	-1.44x	1.68x	20.60x	-0.97x	0.71x	-4.77x	-1.56x	-0.01x	-0.53x	-1.08x
Interest Paid	0	0	0	0	0	0	0	0	0	0
Taxes Paid	0	0	0	0	0	0	0	0	0	0

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	-1.56%	-6.05%	1.16%	-18.87%	-23.32%	-4.43%	-11.48%	-29.83%	-5.81%	-4.35%
Return on Invested Capital (ROIC)	-1.1%	-10.74%	0.08%	-3.63%	-12%	1.74%	-2.78%	-3.69%	-2.66%	1.03%
Gross Margin	100%	100%	100%	100%	100%	33.24%	25.84%	23.33%	22.46%	19.86%
Net Margin	-23.66%	-6.48%	1.13%	-16.18%	-43.82%	-2.31%	-5.81%	-19.56%	-4.72%	-3.19%
Debt / Equity	0.82x	1.55x	1.12x	1.47x	2.30x	2.35x	2.17x	1.24x	1.34x	1.56x
Interest Coverage	-61.00x	-7.53x	0.04x	-1.44x	-4.92x	0.80x	-1.03x	-1.23x	-1.02x	0.36x
FCF Conversion	-1.44x	1.68x	20.60x	-0.97x	0.71x	-4.77x	-1.56x	-0.01x	-0.53x	-1.08x
Revenue Growth	7.82%	47.33%	14.51%	7.69%	-62.6%	216.69%	4.41%	8.85%	3.45%	10.52%

US Stock Screener

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Atlanta Braves Holdings, Inc. (BATRA) 10-Year Financial Performance & Capital Metrics

BATRA •

Communication ServicesEntertainmentLive Events and Sports Operators

Revenue $732M +10.5%
EBITDA $92M +407.8%
Net Income -$23M +25.3%
EPS (Diluted) -0.37 +26.0%
Gross Margin 19.86% -11.5%
EBITDA Margin 12.59% +359.5%
Operating Margin 2.27% +137.9%
Net Margin -3.19% +32.4%
ROE -4.35% +25.1%
ROIC 1.03% +138.8%
Debt/Equity 1.56 +15.7%
Interest Coverage 0.36 +135.0%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong 5Y sales CAGR of 32.7%
✓Trading near 52-week high

✗Weaknesses

✗Negative free cash flow

Price & Volume

Loading chart...

Growth Metrics

Revenue CAGR

10Y11.67%

5Y32.7%

3Y7.56%

TTM10.52%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM25.27%

EPS CAGR

10Y-

5Y-

3Y-

TTM26.92%

ROCE

10Y Avg-3.08%

5Y Avg-1.28%

3Y Avg-1.84%

Latest1.34%

Peer Comparison

Live Events and Sports Operators

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
TKOTKO Group Holdings, Inc.	26B	223.87	99.06	68.85%	4.13%	2.11%	4.94%	0.44
MSGEMadison Square Garden Entertainment Corp.	2.55B	63.14	82	-1.72%	5.12%	144.17%	3.65%
TDICDreamland Limited Class A Ordinary Shares	6.12M	0.17	6.33	124.08%	14.03%	112.46%		1.62
HOFVHall of Fame Resort & Entertainment Company	2.35M	0.35	-0.04	-12.12%	-366.24%	-207.29%		3.45
CPOPPop Culture Group Co., Ltd	188.22K	0.33	-0.08	155.52%	-30.56%	-102.2%		0.41
SPHRSphere Entertainment Co.	817.24M	119.01	-20.95		-9.54%	-4.7%		0.63
MANUManchester United plc	1.01B	18.01	-70.46	0.72%	-1.39%	-4.76%	3.73%	3.33
BATRKAtlanta Braves Holdings, Inc.	2.24B	43.71	-118.14	10.52%	-3.19%	-4.34%		1.56

Profit & Loss

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Sales/Revenue+	262M	386M	442M	476M	178M	563.72M	588.56M	640.67M	662.75M	732.49M
Revenue Growth %	7.82%	47.33%	14.51%	7.69%	-62.6%	216.69%	4.41%	8.85%	3.45%	10.52%
Cost of Goods Sold+	0	0	0	0	0	376.35M	436.51M	491.23M	513.91M	586.98M
COGS % of Revenue	-	-	-	-	-	66.76%	74.17%	76.67%	77.54%	80.14%
Gross Profit+	262M	386M	442M	476M	178M	187.37M	152.06M	149.44M	148.84M	145.51M
Gross Margin %	100%	100%	100%	100%	100%	33.24%	25.84%	23.33%	22.46%	19.86%
Gross Profit Growth %	7.82%	47.33%	14.51%	7.69%	-62.6%	5.26%	-18.85%	-1.72%	-0.4%	-2.24%
Operating Expenses+	323M	499M	441M	515M	306M	168.13M	182.64M	195.88M	188.5M	128.9M
OpEx % of Revenue	123.28%	129.27%	99.77%	108.19%	171.91%	29.82%	31.03%	30.57%	28.44%	17.6%
Selling, General & Admin	67M	151M	118M	0	0	0	0	0	0	128.9M
SG&A % of Revenue	25.57%	39.12%	26.7%	-	-	-	-	-	-	17.6%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	-27M	-12M	11M	515M	306M	168.13M	182.64M	195.88M	188.5M	0
Operating Income+	-61M	-113M	1M	-39M	-128M	19.24M	-30.58M	-46.44M	-39.66M	16.6M
Operating Margin %	-23.28%	-29.27%	0.23%	-8.19%	-71.91%	3.41%	-5.2%	-7.25%	-5.98%	2.27%
Operating Income Growth %	-106.39%	-85.25%	100.89%	-4000%	-228.21%	115.03%	-258.92%	-51.86%	14.59%	141.86%
EBITDA+	-29M	-46M	77M	32M	-59M	90.27M	36.52M	19.84M	18.16M	92.24M
EBITDA Margin %	-11.07%	-11.92%	17.42%	6.72%	-33.15%	16.01%	6.2%	3.1%	2.74%	12.59%
EBITDA Growth %	-102.94%	-58.62%	267.39%	-58.44%	-284.38%	252.99%	-59.55%	-45.67%	-8.45%	407.81%
D&A (Non-Cash Add-back)	32M	67M	76M	71M	69M	71.02M	67.1M	66.28M	57.83M	75.63M
EBIT	-78M	-47M	22M	-39M	-128M	19.24M	-24.51M	-44.23M	-37.69M	16.6M
Net Interest Income+	-1M	-15M	-26M	-27M	-26M	-24M	-29.58M	-37.67M	-38.79M	-46.44M
Interest Income	0	0	0	0	0	0	0	0	0	0
Interest Expense	1M	15M	26M	27M	26M	24M	29.58M	37.67M	38.79M	46.44M
Other Income/Expense	-18M	51M	-5M	-23M	12M	-22.56M	-936K	-74.99M	3.72M	-40.72M
Pretax Income+	-79M	-62M	-4M	-62M	-116M	-3.31M	-31.52M	-121.43M	-35.94M	-24.11M
Pretax Margin %	-30.15%	-16.06%	-0.91%	-13.03%	-65.17%	-0.59%	-5.35%	-18.95%	-5.42%	-3.29%
Income Tax+	-17M	-36M	-15M	15M	-38M	9.69M	2.65M	3.86M	-4.67M	-831K
Effective Tax Rate %	78.48%	40.32%	-125%	124.19%	67.24%	392.46%	108.42%	103.18%	87%	96.91%
Net Income+	-62M	-25M	5M	-77M	-78M	-13.01M	-34.17M	-125.29M	-31.27M	-23.37M
Net Margin %	-23.66%	-6.48%	1.13%	-16.18%	-43.82%	-2.31%	-5.81%	-19.56%	-4.72%	-3.19%
Net Income Growth %	-133.7%	59.68%	120%	-1640%	-1.3%	83.33%	-162.74%	-266.66%	75.04%	25.27%
Net Income (Continuing)	-62M	-26M	11M	-77M	-78M	-13.01M	-34.17M	-125.29M	-31.27M	-23.28M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	15M	14M	-8M	0	0	0	0	12.04M	12.04M	12.13M
EPS (Diluted)+	-1.25	-0.51	0.10	-1.51	-1.30	-0.21	-0.56	-2.03	-0.50	-0.37
EPS Growth %	-124.04%	59.2%	119.22%	-1640.82%	13.91%	83.85%	-166.67%	-262.5%	75.37%	26%
EPS (Basic)	-1.25	-0.51	0.10	-1.51	-2.00	-0.21	-0.56	-2.03	-0.50	-0.37
Diluted Shares Outstanding	49.43M	49M	51M	51M	60M	52M	62.13M	61.73M	62.54M	63.78M
Basic Shares Outstanding	49.43M	49M	51M	50.99M	39M	52M	62.13M	61.72M	62.54M	62.45M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Total Current Assets+	139M	220M	257M	267M	244M	330M	267.38M	218.02M	179.15M	158.71M
Cash & Short-Term Investments	107M	132M	107M	142M	151M	142M	150.66M	125.15M	110.14M	111.58M
Cash Only	107M	132M	107M	142M	151M	142M	150.66M	125.15M	110.14M	111.58M
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	15M	32M	21M	28M	30M	40M	70.23M	62.92M	49.99M	33.57M
Days Sales Outstanding	20.9	30.26	17.34	21.47	61.52	25.9	43.56	35.85	27.53	16.73
Inventory	0	0	0	0	0	0	0	0	0	0
Days Inventory Outstanding	-	-	-	-	-	-	-	-	-	-
Other Current Assets	17M	56M	129M	97M	63M	148M	46.48M	29.95M	19.01M	13.56M
Total Non-Current Assets+	1.41B	1.65B	1.55B	1.33B	1.33B	1.31B	1.22B	1.29B	1.34B	1.46B
Property, Plant & Equipment	930M	1.1B	1.04B	795M	799M	777M	729.8M	769.45M	807.49M	0
Fixed Asset Turnover	0.28x	0.35x	0.42x	0.60x	0.22x	0.73x	0.81x	0.83x	0.82x	-
Goodwill	180M	180M	180M	180M	180M	180M	175.76M	175.76M	175.76M	175.76M
Intangible Assets	216M	192M	180M	177M	167M	164M	123.7M	123.7M	123.7M	123.7M
Long-Term Investments	69M	153M	100M	99M	94M	110M	94.56M	99.21M	108.79M	116.82M
Other Non-Current Assets	14M	22M	47M	75M	87M	75M	99.45M	118.18M	128.96M	1.04B
Total Assets+	1.55B	1.87B	1.8B	1.59B	1.57B	1.64B	1.49B	1.5B	1.52B	1.61B
Asset Turnover	0.17x	0.21x	0.24x	0.30x	0.11x	0.34x	0.39x	0.43x	0.43x	0.45x
Asset Growth %	82.33%	20.54%	-3.27%	-11.75%	-1.38%	4.14%	-8.88%	0.92%	1.3%	5.98%
Total Current Liabilities+	168M	91M	84M	188M	173M	136M	240.91M	233.67M	286.66M	377.04M
Accounts Payable	141M	58M	29M	63M	53M	66M	54.75M	73.1M	63.71M	43.47M
Days Payables Outstanding	-	-	-	-	-	64.01	45.78	54.31	45.25	27.03
Short-Term Debt	0	13M	14M	59M	59M	12M	74.81M	42.15M	104.19M	215.35M
Deferred Revenue (Current)	44M	51M	54M	70M	90M	83M	105M	111.98M	111.85M	109.83M
Other Current Liabilities	-17M	20M	41M	5M	6M	6M	6.36M	6.44M	6.91M	8.39M
Current Ratio	0.83x	2.42x	3.06x	1.42x	1.41x	2.43x	1.11x	0.93x	0.62x	0.42x
Quick Ratio	0.83x	2.42x	3.06x	1.42x	1.41x	2.43x	1.11x	0.93x	0.62x	0.42x
Cash Conversion Cycle	-	-	-	-	-	-	-	-	-	-
Total Non-Current Liabilities+	980M	1.35B	1.28B	1.03B	1.11B	1.2B	950.24M	730.01M	700.96M	699.73M
Long-Term Debt	328M	649M	477M	495M	611M	685M	467.16M	527.12M	512.93M	621.85M
Capital Lease Obligations	0	0	0	0	0	0	107.22M	103.59M	103.84M	0
Deferred Tax Liabilities	48M	62M	69M	61M	52M	65M	54.1M	0	43.52M	41.28M
Other Non-Current Liabilities	652M	699M	806M	471M	444M	454M	321.76M	99.31M	40.67M	36.6M
Total Liabilities	1.15B	1.44B	1.37B	1.22B	1.28B	1.34B	1.19B	963.69M	987.62M	1.08B
Total Debt+	328M	662M	491M	554M	670M	697M	649.19M	672.86M	720.97M	837.2M
Net Debt	221M	530M	384M	412M	519M	555M	498.52M	547.71M	610.82M	725.62M
Debt / Equity	0.82x	1.55x	1.12x	1.47x	2.30x	2.35x	2.17x	1.24x	1.34x	1.56x
Debt / EBITDA	-	-	6.38x	17.31x	-	7.72x	17.78x	33.91x	39.69x	9.08x
Net Debt / EBITDA	-	-	4.99x	12.88x	-	6.15x	13.65x	27.61x	33.63x	7.87x
Interest Coverage	-61.00x	-7.53x	0.04x	-1.44x	-4.92x	0.80x	-1.03x	-1.23x	-1.02x	0.36x
Total Equity+	400M	427M	438M	378M	291M	296M	299.51M	540.64M	536.22M	538.18M
Equity Growth %	-94.7%	6.75%	2.58%	-13.7%	-23.02%	1.72%	1.19%	80.51%	-0.82%	0.37%
Book Value per Share	8.09	8.71	8.59	7.41	4.85	5.69	4.82	8.76	8.57	8.44
Total Shareholders' Equity	385M	413M	446M	378M	291M	296M	299.51M	528.6M	524.18M	526.05M
Common Stock	385M	413M	446M	0	0	5M	0	619K	624K	103K
Retained Earnings	0	0	0	0	0	12.72B	-429.08M	-554.38M	-585.64M	-609.01M
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-13M	-51M	-96M	0	0	-5M	-3.76M	-7.27M	-3.35M	-2.74M
Minority Interest	15M	14M	-8M	0	0	0	0	12.04M	12.04M	12.13M

Cash Flow

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Cash from Operations+	89M	-42M	103M	75M	-55M	62M	53.35M	1.63M	16.63M	25.24M
Operating CF Margin %	33.97%	-10.88%	23.3%	15.76%	-30.9%	11%	9.06%	0.25%	2.51%	3.45%
Operating CF Growth %	97.78%	-147.19%	345.24%	-27.18%	-173.33%	212.73%	-13.95%	-96.95%	922.82%	51.74%
Net Income	-62M	-26M	11M	-77M	-78M	-11M	-34.17M	-125.29M	-31.27M	-23.28M
Depreciation & Amortization	32M	67M	76M	71M	69M	72M	71.7M	70.98M	62.83M	75.63M
Stock-Based Compensation	9M	48M	11M	17M	6M	12M	0	13.22M	16.52M	15.57M
Deferred Taxes	-18M	-37M	-15M	0	-38M	8M	-10.41M	-7.87M	-9.29M	-2.44M
Other Non-Cash Items	40M	-22M	34M	76M	-26M	25M	14.1M	80.31M	-4.63M	31.66M
Working Capital Changes	88M	-72M	-14M	-12M	12M	-44M	12.14M	-29.72M	-17.53M	-71.91M
Change in Receivables	0	0	0	0	0	0	0	0	0	0
Change in Inventory	0	0	0	0	0	0	0	0	0	0
Change in Payables	105M	-15M	-22M	0	41M	-1M	0	0	0	0
Cash from Investing+	-413M	-221M	159M	-107M	-77M	-25M	52.57M	-69.05M	-86.31M	-145.04M
Capital Expenditures	-360M	-219M	-33M	-103M	-81M	-35M	-17.67M	-69.04M	-86.01M	0
CapEx % of Revenue	137.4%	56.74%	7.47%	21.64%	45.51%	6.21%	3%	10.78%	12.98%	19.8%
Acquisitions	-20M	-2M	0	0	0	0	48.01M	-125K	0	0
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-33M	-5M	37M	-4M	4M	8M	-5.27M	110K	40K	-145.04M
Cash from Financing+	418M	288M	-212M	54M	105M	22M	-177.22M	32.33M	44.56M	118.78M
Debt Issued (Net)	184M	326M	-194M	65M	114M	24M	-154.86M	26.85M	42.48M	116.67M
Equity Issued (Net)	1000K	-1000K	0	-1000K	-1000K	0	693K	0	0	1000K
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	0	-30M	0	-4M	-1M	0	0	0	0	0
Other Financing	31M	0	-18M	-7M	-8M	-2M	-23.05M	5.48M	2.08M	-6.95M
Net Change in Cash	94M	25M	50M	22M	-27M	59M	-57.33M	-35.1M	-25.12M	-1.02M
Free Cash Flow+	-271M	-261M	70M	-28M	-136M	27M	35.68M	-67.41M	-69.38M	-119.81M
FCF Margin %	-103.44%	-67.62%	15.84%	-5.88%	-76.4%	4.79%	6.06%	-10.52%	-10.47%	-16.36%
FCF Growth %	-226.51%	3.69%	126.82%	-140%	-385.71%	119.85%	32.15%	-288.93%	-2.93%	-72.68%
FCF per Share	-5.48	-5.33	1.37	-0.55	-2.27	0.52	0.57	-1.09	-1.11	-1.88
FCF Conversion (FCF/Net Income)	-1.44x	1.68x	20.60x	-0.97x	0.71x	-4.77x	-1.56x	-0.01x	-0.53x	-1.08x
Interest Paid	0	0	0	0	0	0	0	0	0	0
Taxes Paid	0	0	0	0	0	0	0	0	0	0

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	-1.56%	-6.05%	1.16%	-18.87%	-23.32%	-4.43%	-11.48%	-29.83%	-5.81%	-4.35%
Return on Invested Capital (ROIC)	-1.1%	-10.74%	0.08%	-3.63%	-12%	1.74%	-2.78%	-3.69%	-2.66%	1.03%
Gross Margin	100%	100%	100%	100%	100%	33.24%	25.84%	23.33%	22.46%	19.86%
Net Margin	-23.66%	-6.48%	1.13%	-16.18%	-43.82%	-2.31%	-5.81%	-19.56%	-4.72%	-3.19%
Debt / Equity	0.82x	1.55x	1.12x	1.47x	2.30x	2.35x	2.17x	1.24x	1.34x	1.56x
Interest Coverage	-61.00x	-7.53x	0.04x	-1.44x	-4.92x	0.80x	-1.03x	-1.23x	-1.02x	0.36x
FCF Conversion	-1.44x	1.68x	20.60x	-0.97x	0.71x	-4.77x	-1.56x	-0.01x	-0.53x	-1.08x
Revenue Growth	7.82%	47.33%	14.51%	7.69%	-62.6%	216.69%	4.41%	8.85%	3.45%	10.52%

Atlanta Braves Holdings, Inc. (BATRA) 10-Year Financial Performance & Capital Metrics

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Atlanta Braves Holdings, Inc. (BATRA) 10-Year Financial Performance & Capital Metrics

Key Insights

✓Strengths

✗Weaknesses

Price & Volume

Growth Metrics

Revenue CAGR

Profit (Net Income) CAGR

EPS CAGR

ROCE

Peer Comparison

Compare BATRA vs Peers

vs LYV

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