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

BATRA • • Industrial / General

Communication ServicesEntertainmentLive Events & Venue OperationsSports Franchises & Leagues

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 $663M +3.4%
EBITDA $18M -8.4%
Net Income -$31M +75.0%
EPS (Diluted) -0.50 +75.4%
Gross Margin 22.46% -3.7%
EBITDA Margin 2.74% -11.5%
Operating Margin -5.98% +17.4%
Net Margin -4.72% +75.9%
ROE -5.81% +80.5%
ROIC -2.66% +27.9%
Debt/Equity 1.34 +8.0%
Interest Coverage -1.02 +17.0%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

No significant strengths identified

✗Weaknesses

✗Negative free cash flow

Price & Volume

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Growth Metrics

Revenue CAGR

10Y10.24%

5Y6.84%

3Y5.54%

TTM120.64%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM97.93%

EPS CAGR

10Y-

5Y-

3Y-

TTM71.23%

ROCE

10Y Avg11.08%

5Y Avg-3.38%

3Y Avg-3.02%

Latest-3.16%

Peer Comparison

Sports Franchises & Leagues

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
TKOTKO Group Holdings, Inc.	16.49B	208.88	3818.65	67.43%	5.27%	2.42%	3.08%	0.35
HOFVHall of Fame Resort & Entertainment Company	2.35M	0.35	-0.04	-12.12%	-366.24%	-207.29%		3.45
BATRKAtlanta Braves Holdings, Inc.	2.07B	40.13	-80.26	3.45%	-0.69%	-1.79%		1.34
BATRAAtlanta Braves Holdings, Inc.	445.64M	43.19	-86.38	3.45%	-0.06%	-0.16%		1.34
MANUManchester United plc	947.86M	16.90	-88.95	0.72%	-4.95%	-17.05%	2.95%	3.33
MSGSMadison Square Garden Sports Corp.	5.54B	283.55	-304.89	1.18%	-2.31%		1.59%
FWONKFormula One Group	20.24B	90.50	-754.17	13.38%	5.08%	2.53%	2.43%	0.40

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	243M	262M	386M	442M	476M	178M	563.72M	588.56M	640.67M	662.75M
Revenue Growth %	-0.03%	0.08%	0.47%	0.15%	0.08%	-0.63%	2.17%	0.04%	0.09%	0.03%
Cost of Goods Sold+	0	0	0	0	0	0	376.35M	436.51M	491.23M	513.91M
COGS % of Revenue	-	-	-	-	-	-	0.67%	0.74%	0.77%	0.78%
Gross Profit+	243M	262M	386M	442M	476M	178M	187.37M	152.06M	149.44M	148.84M
Gross Margin %	1%	1%	1%	1%	1%	1%	0.33%	0.26%	0.23%	0.22%
Gross Profit Growth %	1.18%	0.08%	0.47%	0.15%	0.08%	-0.63%	0.05%	-0.19%	-0.02%	-0%
Operating Expenses+	954M	323M	499M	441M	515M	306M	168.13M	182.64M	195.88M	188.5M
OpEx % of Revenue	3.93%	1.23%	1.29%	1%	1.08%	1.72%	0.3%	0.31%	0.31%	0.28%
Selling, General & Admin	61M	67M	151M	118M	0	0	0	0	0	0
SG&A % of Revenue	0.25%	0.26%	0.39%	0.27%	-	-	-	-	-	-
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	954M	-27M	-12M	11M	515M	306M	168.13M	182.64M	195.88M	188.5M
Operating Income+	954M	-61M	-113M	1M	-39M	-128M	19.24M	-30.58M	-46.44M	-39.66M
Operating Margin %	3.93%	-0.23%	-0.29%	0%	-0.08%	-0.72%	0.03%	-0.05%	-0.07%	-0.06%
Operating Income Growth %	21.3%	-1.06%	-0.85%	1.01%	-40%	-2.28%	1.15%	-2.59%	-0.52%	0.15%
EBITDA+	985M	-29M	-46M	77M	32M	-59M	90.27M	36.52M	19.84M	18.16M
EBITDA Margin %	4.05%	-0.11%	-0.12%	0.17%	0.07%	-0.33%	0.16%	0.06%	0.03%	0.03%
EBITDA Growth %	55.72%	-1.03%	-0.59%	2.67%	-0.58%	-2.84%	2.53%	-0.6%	-0.46%	-0.08%
D&A (Non-Cash Add-back)	31M	32M	67M	76M	71M	69M	71.02M	67.1M	66.28M	57.83M
EBIT	-38M	-78M	-47M	22M	-39M	-128M	19.24M	-24.51M	-44.23M	-37.69M
Net Interest Income+	-1M	-1M	-15M	-26M	-27M	-26M	-24M	-29.58M	-37.67M	-38.79M
Interest Income	0	0	0	0	0	0	0	0	0	0
Interest Expense	1M	1M	15M	26M	27M	26M	24M	29.58M	37.67M	38.79M
Other Income/Expense	-984M	-18M	51M	-5M	-23M	12M	-22.56M	-936K	-74.99M	3.72M
Pretax Income+	184M	-79M	-62M	-4M	-62M	-116M	-3.31M	-31.52M	-121.43M	-35.94M
Pretax Margin %	0.76%	-0.3%	-0.16%	-0.01%	-0.13%	-0.65%	-0.01%	-0.05%	-0.19%	-0.05%
Income Tax+	10M	-17M	-36M	-15M	15M	-38M	9.69M	2.65M	3.86M	-4.67M
Effective Tax Rate %	1%	0.78%	0.4%	-1.25%	1.24%	0.67%	3.92%	1.08%	1.03%	0.87%
Net Income+	184M	-62M	-25M	5M	-77M	-78M	-13.01M	-34.17M	-125.29M	-31.27M
Net Margin %	0.76%	-0.24%	-0.06%	0.01%	-0.16%	-0.44%	-0.02%	-0.06%	-0.2%	-0.05%
Net Income Growth %	8.67%	-1.34%	0.6%	1.2%	-16.4%	-0.01%	0.83%	-1.63%	-2.67%	0.75%
Net Income (Continuing)	-20M	-62M	-26M	11M	-77M	-78M	-13.01M	-34.17M	-125.29M	-31.27M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	7.2B	15M	14M	-8M	0	0	0	0	12.04M	12.04M
EPS (Diluted)+	5.20	-1.25	-0.51	0.10	-1.51	-1.30	-0.21	-0.56	-2.03	-0.50
EPS Growth %	8.65%	-1.24%	0.59%	1.19%	-16.41%	0.14%	0.84%	-1.67%	-2.63%	0.75%
EPS (Basic)	5.20	-1.25	-0.51	0.10	-1.51	-2.00	-0.21	-0.56	-2.03	-0.50
Diluted Shares Outstanding	35.38M	49.43M	49M	51M	51M	60M	52M	62.13M	61.73M	62.57M
Basic Shares Outstanding	35.38M	49.43M	49M	51M	50.99M	39M	52M	62.13M	61.72M	62.57M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	32M	139M	220M	257M	267M	244M	330M	267.38M	218.02M	179.15M
Cash & Short-Term Investments	13M	107M	132M	107M	142M	151M	142M	150.66M	125.15M	110.14M
Cash Only	13M	107M	132M	107M	142M	151M	142M	150.66M	125.15M	110.14M
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	0	15M	32M	21M	28M	30M	40M	70.23M	62.92M	49.99M
Days Sales Outstanding	-	20.9	30.26	17.34	21.47	61.52	25.9	43.56	35.85	27.53
Inventory	0	0	0	0	0	0	0	0	0	0
Days Inventory Outstanding	-	-	-	-	-	-	-	-	-	-
Other Current Assets	19M	17M	56M	129M	97M	63M	148M	46.48M	29.95M	19.01M
Total Non-Current Assets+	817M	1.41B	1.65B	1.55B	1.33B	1.33B	1.31B	1.22B	1.29B	1.34B
Property, Plant & Equipment	362M	930M	1.1B	1.04B	795M	799M	777M	729.8M	769.45M	807.49M
Fixed Asset Turnover	0.67x	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	180M	175.76M	175.76M	175.76M
Intangible Assets	213M	216M	192M	180M	177M	167M	164M	123.7M	123.7M	123.7M
Long-Term Investments	47M	69M	153M	100M	99M	94M	110M	94.56M	99.21M	108.79M
Other Non-Current Assets	15M	14M	22M	47M	75M	87M	75M	99.45M	118.18M	128.96M
Total Assets+	849M	1.55B	1.87B	1.8B	1.59B	1.57B	1.64B	1.49B	1.5B	1.52B
Asset Turnover	0.29x	0.17x	0.21x	0.24x	0.30x	0.11x	0.34x	0.39x	0.43x	0.43x
Asset Growth %	0.4%	0.82%	0.21%	-0.03%	-0.12%	-0.01%	0.04%	-0.09%	0.01%	0.01%
Total Current Liabilities+	77M	168M	91M	84M	188M	173M	136M	240.91M	233.67M	286.66M
Accounts Payable	24M	141M	58M	29M	63M	53M	66M	54.75M	73.1M	63.71M
Days Payables Outstanding	-	-	-	-	-	-	64.01	45.78	54.31	45.25
Short-Term Debt	0	0	13M	14M	59M	59M	12M	74.81M	42.15M	104.19M
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	53M	-17M	20M	41M	5M	6M	6M	6.36M	6.44M	6.91M
Current Ratio	0.42x	0.83x	2.42x	3.06x	1.42x	1.41x	2.43x	1.11x	0.93x	0.62x
Quick Ratio	0.42x	0.83x	2.42x	3.06x	1.42x	1.41x	2.43x	1.11x	0.93x	0.62x
Cash Conversion Cycle	-	-	-	-	-	-	-	-	-	-
Total Non-Current Liabilities+	421M	980M	1.35B	1.28B	1.03B	1.11B	1.2B	950.24M	730.01M	700.96M
Long-Term Debt	139M	328M	649M	477M	495M	611M	685M	467.16M	527.12M	512.93M
Capital Lease Obligations	0	0	0	0	0	0	0	107.22M	103.59M	103.84M
Deferred Tax Liabilities	1.67B	48M	62M	69M	61M	52M	65M	54.1M	0	43.52M
Other Non-Current Liabilities	282M	652M	699M	806M	471M	444M	454M	321.76M	99.31M	40.67M
Total Liabilities	498M	1.15B	1.44B	1.37B	1.22B	1.28B	1.34B	1.19B	963.69M	987.62M
Total Debt+	139M	328M	662M	491M	554M	670M	697M	649.19M	672.86M	720.97M
Net Debt	126M	221M	530M	384M	412M	519M	555M	498.52M	547.71M	610.82M
Debt / Equity	0.02x	0.82x	1.55x	1.12x	1.47x	2.30x	2.35x	2.17x	1.24x	1.34x
Debt / EBITDA	0.14x	-	-	6.38x	17.31x	-	7.72x	17.78x	33.91x	39.69x
Net Debt / EBITDA	0.13x	-	-	4.99x	12.88x	-	6.15x	13.65x	27.61x	33.63x
Interest Coverage	954.00x	-61.00x	-7.53x	0.04x	-1.44x	-4.92x	0.80x	-1.03x	-1.23x	-1.02x
Total Equity+	7.55B	400M	427M	438M	378M	291M	296M	299.51M	540.64M	536.22M
Equity Growth %	19.35%	-0.95%	0.07%	0.03%	-0.14%	-0.23%	0.02%	0.01%	0.81%	-0.01%
Book Value per Share	213.37	8.09	8.71	8.59	7.41	4.85	5.69	4.82	8.76	8.57
Total Shareholders' Equity	351M	385M	413M	446M	378M	291M	296M	299.51M	528.6M	524.18M
Common Stock	351M	385M	413M	446M	0	0	5M	0	619K	624K
Retained Earnings	0	0	0	0	0	0	12.72B	-429.08M	-554.38M	-585.64M
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	0	-13M	-51M	-96M	0	0	-5M	-3.76M	-7.27M	-3.35M
Minority Interest	7.2B	15M	14M	-8M	0	0	0	0	12.04M	12.04M

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	45M	89M	-42M	103M	75M	-55M	62M	53.35M	1.63M	16.63M
Operating CF Margin %	0.19%	0.34%	-0.11%	0.23%	0.16%	-0.31%	0.11%	0.09%	0%	0.03%
Operating CF Growth %	1.54%	0.98%	-1.47%	3.45%	-0.27%	-1.73%	2.13%	-0.14%	-0.97%	9.23%
Net Income	-20M	-62M	-26M	11M	-77M	-78M	-11M	-34.17M	-125.29M	-31.27M
Depreciation & Amortization	31M	32M	67M	76M	71M	69M	72M	71.7M	70.98M	62.83M
Stock-Based Compensation	10M	9M	48M	11M	17M	6M	12M	0	13.22M	16.52M
Deferred Taxes	0	-18M	-37M	-15M	0	-38M	8M	-10.41M	-7.87M	-9.29M
Other Non-Cash Items	15M	40M	-22M	34M	76M	-26M	25M	14.1M	80.31M	-4.63M
Working Capital Changes	9M	88M	-72M	-14M	-12M	12M	-44M	12.14M	-29.72M	-17.53M
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	0	105M	-15M	-22M	0	41M	-1M	0	0	0
Cash from Investing+	-113M	-413M	-221M	159M	-107M	-77M	-25M	52.57M	-69.05M	-86.31M
Capital Expenditures	-128M	-360M	-219M	-33M	-103M	-81M	-35M	-17.67M	-69.04M	-86.01M
CapEx % of Revenue	0.53%	1.37%	0.57%	0.07%	0.22%	0.46%	0.06%	0.03%	0.11%	0.13%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	15M	-33M	-5M	37M	-4M	4M	8M	-5.27M	110K	40K
Cash from Financing+	70M	418M	288M	-212M	54M	105M	22M	-177.22M	32.33M	44.56M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	31M	31M	0	-18M	-7M	-8M	-2M	-23.05M	5.48M	2.08M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	-83M	-271M	-261M	70M	-28M	-136M	27M	35.68M	-67.41M	-69.38M
FCF Margin %	-0.34%	-1.03%	-0.68%	0.16%	-0.06%	-0.76%	0.05%	0.06%	-0.11%	-0.1%
FCF Growth %	0.45%	-2.27%	0.04%	1.27%	-1.4%	-3.86%	1.2%	0.32%	-2.89%	-0.03%
FCF per Share	-2.35	-5.48	-5.33	1.37	-0.55	-2.27	0.52	0.57	-1.09	-1.11
FCF Conversion (FCF/Net Income)	0.24x	-1.44x	1.68x	20.60x	-0.97x	0.71x	-4.77x	-1.56x	-0.01x	-0.53x
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	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	4.65%	-1.56%	-6.05%	1.16%	-18.87%	-23.32%	-4.43%	-11.48%	-29.83%	-5.81%
Return on Invested Capital (ROIC)	17.59%	-1.1%	-10.74%	0.08%	-3.63%	-12%	1.74%	-2.78%	-3.69%	-2.66%
Gross Margin	100%	100%	100%	100%	100%	100%	33.24%	25.84%	23.33%	22.46%
Net Margin	75.72%	-23.66%	-6.48%	1.13%	-16.18%	-43.82%	-2.31%	-5.81%	-19.56%	-4.72%
Debt / Equity	0.02x	0.82x	1.55x	1.12x	1.47x	2.30x	2.35x	2.17x	1.24x	1.34x
Interest Coverage	954.00x	-61.00x	-7.53x	0.04x	-1.44x	-4.92x	0.80x	-1.03x	-1.23x	-1.02x
FCF Conversion	0.24x	-1.44x	1.68x	20.60x	-0.97x	0.71x	-4.77x	-1.56x	-0.01x	-0.53x
Revenue Growth	-2.8%	7.82%	47.33%	14.51%	7.69%	-62.6%	216.69%	4.41%	8.85%	3.45%

Revenue by Segment

	2021	2022	2023	2024
Baseball	-	-	-	595.43M
Baseball Growth	-	-	-	-
Broadcasting	-	-	-	166.09M
Broadcasting Growth	-	-	-	-
Product and Service, Other	-	-	-	33.66M
Product and Service, Other Growth	-	-	-	-
Subscriber	6.61B	6.89B	6.87B	-
Subscriber Growth	-	4.20%	-0.38%	-
Advertising	1.73B	1.77B	1.76B	-
Advertising Growth	-	2.43%	-0.79%	-
Other	-	-	350M	-
Other Growth	-	-	-	-
Equipment	201M	189M	193M	-
Equipment Growth	-	-5.97%	2.12%	-
Other.	568M	588M	-	-
Other. Growth	-	3.52%	-	-

Revenue by Geography

	2021	2022	2023	2024
Other Countries	2.24B	2.57B	3.22B	3.32B
Other Countries Growth	-	15.02%	25.22%	2.98%
United States	9.16B	588M	350M	335M
United States Growth	-	-93.58%	-40.48%	-4.29%

Frequently Asked Questions

Growth & Financials

Atlanta Braves Holdings, Inc. (BATRA) reported $1.50B in revenue for fiscal year 2024. This represents a 565% increase from $225.0M in 2012.

Atlanta Braves Holdings, Inc. (BATRA) grew revenue by 3.4% over the past year. Growth has been modest.

Atlanta Braves Holdings, Inc. (BATRA) reported a net loss of $0.9M for fiscal year 2024.

Dividend & Returns

Atlanta Braves Holdings, Inc. (BATRA) has a return on equity (ROE) of -5.8%. Negative ROE indicates the company is unprofitable.

Atlanta Braves Holdings, Inc. (BATRA) had negative free cash flow of $28.3M in fiscal year 2024, likely due to heavy capital investments.

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

BATRA • • Industrial / General

Communication ServicesEntertainmentLive Events & Venue OperationsSports Franchises & Leagues

Revenue $663M +3.4%
EBITDA $18M -8.4%
Net Income -$31M +75.0%
EPS (Diluted) -0.50 +75.4%
Gross Margin 22.46% -3.7%
EBITDA Margin 2.74% -11.5%
Operating Margin -5.98% +17.4%
Net Margin -4.72% +75.9%
ROE -5.81% +80.5%
ROIC -2.66% +27.9%
Debt/Equity 1.34 +8.0%
Interest Coverage -1.02 +17.0%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

No significant strengths identified

✗Weaknesses

✗Negative free cash flow

Price & Volume

Loading chart...

Growth Metrics

Revenue CAGR

10Y10.24%

5Y6.84%

3Y5.54%

TTM120.64%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM97.93%

EPS CAGR

10Y-

5Y-

3Y-

TTM71.23%

ROCE

10Y Avg11.08%

5Y Avg-3.38%

3Y Avg-3.02%

Latest-3.16%

Peer Comparison

Sports Franchises & Leagues

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
TKOTKO Group Holdings, Inc.	16.49B	208.88	3818.65	67.43%	5.27%	2.42%	3.08%	0.35
HOFVHall of Fame Resort & Entertainment Company	2.35M	0.35	-0.04	-12.12%	-366.24%	-207.29%		3.45
BATRKAtlanta Braves Holdings, Inc.	2.07B	40.13	-80.26	3.45%	-0.69%	-1.79%		1.34
BATRAAtlanta Braves Holdings, Inc.	445.64M	43.19	-86.38	3.45%	-0.06%	-0.16%		1.34
MANUManchester United plc	947.86M	16.90	-88.95	0.72%	-4.95%	-17.05%	2.95%	3.33
MSGSMadison Square Garden Sports Corp.	5.54B	283.55	-304.89	1.18%	-2.31%		1.59%
FWONKFormula One Group	20.24B	90.50	-754.17	13.38%	5.08%	2.53%	2.43%	0.40

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	243M	262M	386M	442M	476M	178M	563.72M	588.56M	640.67M	662.75M
Revenue Growth %	-0.03%	0.08%	0.47%	0.15%	0.08%	-0.63%	2.17%	0.04%	0.09%	0.03%
Cost of Goods Sold+	0	0	0	0	0	0	376.35M	436.51M	491.23M	513.91M
COGS % of Revenue	-	-	-	-	-	-	0.67%	0.74%	0.77%	0.78%
Gross Profit+	243M	262M	386M	442M	476M	178M	187.37M	152.06M	149.44M	148.84M
Gross Margin %	1%	1%	1%	1%	1%	1%	0.33%	0.26%	0.23%	0.22%
Gross Profit Growth %	1.18%	0.08%	0.47%	0.15%	0.08%	-0.63%	0.05%	-0.19%	-0.02%	-0%
Operating Expenses+	954M	323M	499M	441M	515M	306M	168.13M	182.64M	195.88M	188.5M
OpEx % of Revenue	3.93%	1.23%	1.29%	1%	1.08%	1.72%	0.3%	0.31%	0.31%	0.28%
Selling, General & Admin	61M	67M	151M	118M	0	0	0	0	0	0
SG&A % of Revenue	0.25%	0.26%	0.39%	0.27%	-	-	-	-	-	-
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	954M	-27M	-12M	11M	515M	306M	168.13M	182.64M	195.88M	188.5M
Operating Income+	954M	-61M	-113M	1M	-39M	-128M	19.24M	-30.58M	-46.44M	-39.66M
Operating Margin %	3.93%	-0.23%	-0.29%	0%	-0.08%	-0.72%	0.03%	-0.05%	-0.07%	-0.06%
Operating Income Growth %	21.3%	-1.06%	-0.85%	1.01%	-40%	-2.28%	1.15%	-2.59%	-0.52%	0.15%
EBITDA+	985M	-29M	-46M	77M	32M	-59M	90.27M	36.52M	19.84M	18.16M
EBITDA Margin %	4.05%	-0.11%	-0.12%	0.17%	0.07%	-0.33%	0.16%	0.06%	0.03%	0.03%
EBITDA Growth %	55.72%	-1.03%	-0.59%	2.67%	-0.58%	-2.84%	2.53%	-0.6%	-0.46%	-0.08%
D&A (Non-Cash Add-back)	31M	32M	67M	76M	71M	69M	71.02M	67.1M	66.28M	57.83M
EBIT	-38M	-78M	-47M	22M	-39M	-128M	19.24M	-24.51M	-44.23M	-37.69M
Net Interest Income+	-1M	-1M	-15M	-26M	-27M	-26M	-24M	-29.58M	-37.67M	-38.79M
Interest Income	0	0	0	0	0	0	0	0	0	0
Interest Expense	1M	1M	15M	26M	27M	26M	24M	29.58M	37.67M	38.79M
Other Income/Expense	-984M	-18M	51M	-5M	-23M	12M	-22.56M	-936K	-74.99M	3.72M
Pretax Income+	184M	-79M	-62M	-4M	-62M	-116M	-3.31M	-31.52M	-121.43M	-35.94M
Pretax Margin %	0.76%	-0.3%	-0.16%	-0.01%	-0.13%	-0.65%	-0.01%	-0.05%	-0.19%	-0.05%
Income Tax+	10M	-17M	-36M	-15M	15M	-38M	9.69M	2.65M	3.86M	-4.67M
Effective Tax Rate %	1%	0.78%	0.4%	-1.25%	1.24%	0.67%	3.92%	1.08%	1.03%	0.87%
Net Income+	184M	-62M	-25M	5M	-77M	-78M	-13.01M	-34.17M	-125.29M	-31.27M
Net Margin %	0.76%	-0.24%	-0.06%	0.01%	-0.16%	-0.44%	-0.02%	-0.06%	-0.2%	-0.05%
Net Income Growth %	8.67%	-1.34%	0.6%	1.2%	-16.4%	-0.01%	0.83%	-1.63%	-2.67%	0.75%
Net Income (Continuing)	-20M	-62M	-26M	11M	-77M	-78M	-13.01M	-34.17M	-125.29M	-31.27M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	7.2B	15M	14M	-8M	0	0	0	0	12.04M	12.04M
EPS (Diluted)+	5.20	-1.25	-0.51	0.10	-1.51	-1.30	-0.21	-0.56	-2.03	-0.50
EPS Growth %	8.65%	-1.24%	0.59%	1.19%	-16.41%	0.14%	0.84%	-1.67%	-2.63%	0.75%
EPS (Basic)	5.20	-1.25	-0.51	0.10	-1.51	-2.00	-0.21	-0.56	-2.03	-0.50
Diluted Shares Outstanding	35.38M	49.43M	49M	51M	51M	60M	52M	62.13M	61.73M	62.57M
Basic Shares Outstanding	35.38M	49.43M	49M	51M	50.99M	39M	52M	62.13M	61.72M	62.57M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	32M	139M	220M	257M	267M	244M	330M	267.38M	218.02M	179.15M
Cash & Short-Term Investments	13M	107M	132M	107M	142M	151M	142M	150.66M	125.15M	110.14M
Cash Only	13M	107M	132M	107M	142M	151M	142M	150.66M	125.15M	110.14M
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	0	15M	32M	21M	28M	30M	40M	70.23M	62.92M	49.99M
Days Sales Outstanding	-	20.9	30.26	17.34	21.47	61.52	25.9	43.56	35.85	27.53
Inventory	0	0	0	0	0	0	0	0	0	0
Days Inventory Outstanding	-	-	-	-	-	-	-	-	-	-
Other Current Assets	19M	17M	56M	129M	97M	63M	148M	46.48M	29.95M	19.01M
Total Non-Current Assets+	817M	1.41B	1.65B	1.55B	1.33B	1.33B	1.31B	1.22B	1.29B	1.34B
Property, Plant & Equipment	362M	930M	1.1B	1.04B	795M	799M	777M	729.8M	769.45M	807.49M
Fixed Asset Turnover	0.67x	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	180M	175.76M	175.76M	175.76M
Intangible Assets	213M	216M	192M	180M	177M	167M	164M	123.7M	123.7M	123.7M
Long-Term Investments	47M	69M	153M	100M	99M	94M	110M	94.56M	99.21M	108.79M
Other Non-Current Assets	15M	14M	22M	47M	75M	87M	75M	99.45M	118.18M	128.96M
Total Assets+	849M	1.55B	1.87B	1.8B	1.59B	1.57B	1.64B	1.49B	1.5B	1.52B
Asset Turnover	0.29x	0.17x	0.21x	0.24x	0.30x	0.11x	0.34x	0.39x	0.43x	0.43x
Asset Growth %	0.4%	0.82%	0.21%	-0.03%	-0.12%	-0.01%	0.04%	-0.09%	0.01%	0.01%
Total Current Liabilities+	77M	168M	91M	84M	188M	173M	136M	240.91M	233.67M	286.66M
Accounts Payable	24M	141M	58M	29M	63M	53M	66M	54.75M	73.1M	63.71M
Days Payables Outstanding	-	-	-	-	-	-	64.01	45.78	54.31	45.25
Short-Term Debt	0	0	13M	14M	59M	59M	12M	74.81M	42.15M	104.19M
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	53M	-17M	20M	41M	5M	6M	6M	6.36M	6.44M	6.91M
Current Ratio	0.42x	0.83x	2.42x	3.06x	1.42x	1.41x	2.43x	1.11x	0.93x	0.62x
Quick Ratio	0.42x	0.83x	2.42x	3.06x	1.42x	1.41x	2.43x	1.11x	0.93x	0.62x
Cash Conversion Cycle	-	-	-	-	-	-	-	-	-	-
Total Non-Current Liabilities+	421M	980M	1.35B	1.28B	1.03B	1.11B	1.2B	950.24M	730.01M	700.96M
Long-Term Debt	139M	328M	649M	477M	495M	611M	685M	467.16M	527.12M	512.93M
Capital Lease Obligations	0	0	0	0	0	0	0	107.22M	103.59M	103.84M
Deferred Tax Liabilities	1.67B	48M	62M	69M	61M	52M	65M	54.1M	0	43.52M
Other Non-Current Liabilities	282M	652M	699M	806M	471M	444M	454M	321.76M	99.31M	40.67M
Total Liabilities	498M	1.15B	1.44B	1.37B	1.22B	1.28B	1.34B	1.19B	963.69M	987.62M
Total Debt+	139M	328M	662M	491M	554M	670M	697M	649.19M	672.86M	720.97M
Net Debt	126M	221M	530M	384M	412M	519M	555M	498.52M	547.71M	610.82M
Debt / Equity	0.02x	0.82x	1.55x	1.12x	1.47x	2.30x	2.35x	2.17x	1.24x	1.34x
Debt / EBITDA	0.14x	-	-	6.38x	17.31x	-	7.72x	17.78x	33.91x	39.69x
Net Debt / EBITDA	0.13x	-	-	4.99x	12.88x	-	6.15x	13.65x	27.61x	33.63x
Interest Coverage	954.00x	-61.00x	-7.53x	0.04x	-1.44x	-4.92x	0.80x	-1.03x	-1.23x	-1.02x
Total Equity+	7.55B	400M	427M	438M	378M	291M	296M	299.51M	540.64M	536.22M
Equity Growth %	19.35%	-0.95%	0.07%	0.03%	-0.14%	-0.23%	0.02%	0.01%	0.81%	-0.01%
Book Value per Share	213.37	8.09	8.71	8.59	7.41	4.85	5.69	4.82	8.76	8.57
Total Shareholders' Equity	351M	385M	413M	446M	378M	291M	296M	299.51M	528.6M	524.18M
Common Stock	351M	385M	413M	446M	0	0	5M	0	619K	624K
Retained Earnings	0	0	0	0	0	0	12.72B	-429.08M	-554.38M	-585.64M
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	0	-13M	-51M	-96M	0	0	-5M	-3.76M	-7.27M	-3.35M
Minority Interest	7.2B	15M	14M	-8M	0	0	0	0	12.04M	12.04M

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	45M	89M	-42M	103M	75M	-55M	62M	53.35M	1.63M	16.63M
Operating CF Margin %	0.19%	0.34%	-0.11%	0.23%	0.16%	-0.31%	0.11%	0.09%	0%	0.03%
Operating CF Growth %	1.54%	0.98%	-1.47%	3.45%	-0.27%	-1.73%	2.13%	-0.14%	-0.97%	9.23%
Net Income	-20M	-62M	-26M	11M	-77M	-78M	-11M	-34.17M	-125.29M	-31.27M
Depreciation & Amortization	31M	32M	67M	76M	71M	69M	72M	71.7M	70.98M	62.83M
Stock-Based Compensation	10M	9M	48M	11M	17M	6M	12M	0	13.22M	16.52M
Deferred Taxes	0	-18M	-37M	-15M	0	-38M	8M	-10.41M	-7.87M	-9.29M
Other Non-Cash Items	15M	40M	-22M	34M	76M	-26M	25M	14.1M	80.31M	-4.63M
Working Capital Changes	9M	88M	-72M	-14M	-12M	12M	-44M	12.14M	-29.72M	-17.53M
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	0	105M	-15M	-22M	0	41M	-1M	0	0	0
Cash from Investing+	-113M	-413M	-221M	159M	-107M	-77M	-25M	52.57M	-69.05M	-86.31M
Capital Expenditures	-128M	-360M	-219M	-33M	-103M	-81M	-35M	-17.67M	-69.04M	-86.01M
CapEx % of Revenue	0.53%	1.37%	0.57%	0.07%	0.22%	0.46%	0.06%	0.03%	0.11%	0.13%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	15M	-33M	-5M	37M	-4M	4M	8M	-5.27M	110K	40K
Cash from Financing+	70M	418M	288M	-212M	54M	105M	22M	-177.22M	32.33M	44.56M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	31M	31M	0	-18M	-7M	-8M	-2M	-23.05M	5.48M	2.08M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	-83M	-271M	-261M	70M	-28M	-136M	27M	35.68M	-67.41M	-69.38M
FCF Margin %	-0.34%	-1.03%	-0.68%	0.16%	-0.06%	-0.76%	0.05%	0.06%	-0.11%	-0.1%
FCF Growth %	0.45%	-2.27%	0.04%	1.27%	-1.4%	-3.86%	1.2%	0.32%	-2.89%	-0.03%
FCF per Share	-2.35	-5.48	-5.33	1.37	-0.55	-2.27	0.52	0.57	-1.09	-1.11
FCF Conversion (FCF/Net Income)	0.24x	-1.44x	1.68x	20.60x	-0.97x	0.71x	-4.77x	-1.56x	-0.01x	-0.53x
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	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	4.65%	-1.56%	-6.05%	1.16%	-18.87%	-23.32%	-4.43%	-11.48%	-29.83%	-5.81%
Return on Invested Capital (ROIC)	17.59%	-1.1%	-10.74%	0.08%	-3.63%	-12%	1.74%	-2.78%	-3.69%	-2.66%
Gross Margin	100%	100%	100%	100%	100%	100%	33.24%	25.84%	23.33%	22.46%
Net Margin	75.72%	-23.66%	-6.48%	1.13%	-16.18%	-43.82%	-2.31%	-5.81%	-19.56%	-4.72%
Debt / Equity	0.02x	0.82x	1.55x	1.12x	1.47x	2.30x	2.35x	2.17x	1.24x	1.34x
Interest Coverage	954.00x	-61.00x	-7.53x	0.04x	-1.44x	-4.92x	0.80x	-1.03x	-1.23x	-1.02x
FCF Conversion	0.24x	-1.44x	1.68x	20.60x	-0.97x	0.71x	-4.77x	-1.56x	-0.01x	-0.53x
Revenue Growth	-2.8%	7.82%	47.33%	14.51%	7.69%	-62.6%	216.69%	4.41%	8.85%	3.45%

Revenue by Segment

	2021	2022	2023	2024
Baseball	-	-	-	595.43M
Baseball Growth	-	-	-	-
Broadcasting	-	-	-	166.09M
Broadcasting Growth	-	-	-	-
Product and Service, Other	-	-	-	33.66M
Product and Service, Other Growth	-	-	-	-
Subscriber	6.61B	6.89B	6.87B	-
Subscriber Growth	-	4.20%	-0.38%	-
Advertising	1.73B	1.77B	1.76B	-
Advertising Growth	-	2.43%	-0.79%	-
Other	-	-	350M	-
Other Growth	-	-	-	-
Equipment	201M	189M	193M	-
Equipment Growth	-	-5.97%	2.12%	-
Other.	568M	588M	-	-
Other. Growth	-	3.52%	-	-

Revenue by Geography

	2021	2022	2023	2024
Other Countries	2.24B	2.57B	3.22B	3.32B
Other Countries Growth	-	15.02%	25.22%	2.98%
United States	9.16B	588M	350M	335M
United States Growth	-	-93.58%	-40.48%	-4.29%

Frequently Asked Questions

Growth & Financials

Atlanta Braves Holdings, Inc. (BATRA) reported $1.50B in revenue for fiscal year 2024. This represents a 565% increase from $225.0M in 2012.

Atlanta Braves Holdings, Inc. (BATRA) grew revenue by 3.4% over the past year. Growth has been modest.

Atlanta Braves Holdings, Inc. (BATRA) reported a net loss of $0.9M for fiscal year 2024.

Dividend & Returns

Atlanta Braves Holdings, Inc. (BATRA) has a return on equity (ROE) of -5.8%. Negative ROE indicates the company is unprofitable.

Atlanta Braves Holdings, Inc. (BATRA) had negative free cash flow of $28.3M in fiscal year 2024, likely due to heavy capital investments.