Cash flow conversion is highly erratic, as demonstrated by the OCF/NI ratio fluctuating from a negative 2.96 in 2025Q3 to a positive 6.74 in 2026Q1, largely driven by seasonal working capital swings.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 |
|---|
| Cash from Operations | 286.47M | 25.24M | 16.63M | 1.63M | 53.35M | 62M | -55M | 75M | 103M | -42M | 89M | 45M | -84M | 41M | 7M |
| Operating CF Margin % | - | 3.45% | 2.51% | 0.25% | 9.06% | 11% | -30.9% | 15.76% | 23.3% | -10.88% | 33.97% | 18.52% | -33.6% | 15.77% | 3.11% |
| Operating CF Growth % | 311.78% | 51.74% | 922.82% | -96.95% | -13.95% | 212.73% | -173.33% | -27.18% | 345.24% | -147.19% | 97.78% | 153.57% | -304.88% | 485.71% | - |
| Net Income | 71.02M | -23.28M | -31.27M | -125.29M | -34.17M | -11M | -78M | -77M | 11M | -26M | -62M | -20M | -24M | 6M | -2M |
| Depreciation & Amortization | 110.63M | 75.63M | 62.83M | 70.98M | 71.7M | 72M | 69M | 71M | 76M | 67M | 32M | 31M | 29M | 25M | 24M |
| Stock-Based Compensation | 13.82M | 15.57M | 16.52M | 13.22M | 0 | 12M | 6M | 17M | 11M | 48M | 9M | 10M | 12M | 10M | 4M |
| Deferred Taxes | 32.56M | -2.44M | -9.29M | -7.87M | -10.41M | 8M | -38M | 0 | -15M | -37M | -18M | 0 | -3B | -3B | -3T |
| Other Non-Cash Items | 77.25M | 31.66M | -4.63M | 80.31M | 14.1M | 25M | -26M | 76M | 34M | -22M | 40M | 15M | -48M | 3M | -15M |
| Working Capital Changes | 27.61M | -71.91M | -17.53M | -29.72M | 12.14M | -44M | 12M | -12M | -14M | -72M | 88M | 9M | -53M | -3M | 18.43B |
| Change in Receivables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -38.98M | -38.98M | -38.98B |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 11.37M | 11.37M | 11.37B |
| Change in Payables | 0 | 0 | 0 | 0 | 0 | -1M | 41M | 0 | -22M | -15M | 105M | 0 | 46.04M | 46.04M | 46.04B |
| Cash from Investing | -148.52M | -145.04M | -86.31M | -69.05M | 52.57M | -25M | -77M | -107M | 159M | -221M | -413M | -113M | -62M | -7M | -7M |
| Capital Expenditures | -44.45M | 0 | -86.01M | -69.04M | -17.67M | -35M | -81M | -103M | -33M | -219M | -360M | -128M | -66M | -3M | -2M |
| CapEx % of Revenue | 3.18% | 19.8% | 12.98% | 10.78% | 3% | 6.21% | 45.51% | 21.64% | 7.47% | 56.74% | 137.4% | 52.67% | 26.4% | 1.15% | 0.89% |
| Acquisitions | 131M | 0 | 0 | -125K | 48.01M | 0 | 0 | 0 | 0 | -2M | -20M | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -237.07M | -145.04M | 40K | 110K | -5.27M | 8M | 4M | -4M | 37M | -5M | -33M | 15M | 4M | -4M | -5M |
| Cash from Financing | -13.36M | 118.78M | 44.56M | 32.33M | -177.22M | 22M | 105M | 54M | -212M | 288M | 418M | 70M | 100M | 12M | -962.49B |
| Debt Issued (Net) | 22.7M | 116.67M | 42.48M | 26.85M | -154.86M | 24M | 114M | 65M | -194M | 326M | 184M | 39M | 100M | 0 | 0 |
| Equity Issued (Net) | 9.05M | 9.05M | 0 | 0 | 693K | 0 | -1M | -4M | 0 | -30M | 203M | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1.19M | -1.19M | -1.19B |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | -1M | -4M | 0 | -30M | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -45.12M | -6.95M | 2.08M | 5.48M | -23.05M | -2M | -8M | -7M | -18M | 0 | 31M | 31M | 0 | 13.19M | -961.31B |
| Net Change in Cash | 121.59M | -1.02M | -25.12M | -35.1M | -57.33M | 59M | -27M | 22M | 50M | 25M | 94M | 2M | -46M | -716.99M | -773.98B |
| Free Cash Flow | 140.94M | -119.81M | -69.38M | -67.41M | 35.68M | 27M | -136M | -28M | 70M | -261M | -271M | -83M | -150M | 38M | 5M |
| FCF Margin % | 10.09% | -16.36% | -10.47% | -10.52% | 6.06% | 4.79% | -76.4% | -5.88% | 15.84% | -67.62% | -103.44% | -34.16% | -60% | 14.62% | 2.22% |
| FCF Growth % | 711.31% | -72.68% | -2.93% | -288.93% | 32.15% | 119.85% | -385.71% | -140% | 126.82% | 3.69% | -226.51% | 44.67% | -494.74% | 660% | - |
| FCF per Share | 2.21 | -1.88 | -1.11 | -1.09 | 0.57 | 0.52 | -2.27 | -0.55 | 1.37 | -5.33 | -5.48 | -2.35 | -4.24 | 1.07 | 0.14 |
| FCF Conversion (FCF/Net Income) | 1.98x | -1.08x | -0.53x | -0.01x | -1.56x | -4.77x | 0.71x | -0.97x | 20.60x | 1.68x | -1.44x | 0.24x | 3.50x | 6.83x | -3.50x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
RSN broadcasting revenue volatility
According to recent financial disclosures, the relationship between net income and operating cash flow is highly erratic, with the OCF/NI ratio swinging from a negative 2.96 in 2025Q3 to a positive 6.74 in 2026Q1, highlighting the significant disconnect between accounting profits and actual cash generation.
The extreme volatility in the OCF/NI ratio suggests that net income is a poor proxy for the company's underlying cash-generating capability. Investors should monitor how non-cash charges and seasonal revenue recognition timing create these wide variances, which may mask the true operational health of the franchise.
As reported in quarterly filings, free cash flow trajectory remains highly inconsistent, with margins fluctuating from a negative 121.8% in 2025Q4 to a positive 47.4% in 2026Q1, underscoring the intense seasonal nature of the business model and its reliance on specific periods for cash accumulation.
The inability to maintain consistent positive free cash flow suggests that the company's cost structure is not sufficiently flexible to offset the revenue troughs of the off-season. This pattern warrants further investigation into whether the current capital allocation strategy can sustain operations during extended periods of negative cash flow.
Based on reported figures, working capital changes are the primary driver of cash flow volatility, with a massive $230.0 million inflow in 2026Q1 contrasting sharply with the $158.8 million outflow observed in 2025Q3, indicating significant reliance on seasonal timing of collections and payments.
These dramatic swings in working capital appear to be tied to the cyclical nature of ticket sales and media rights payments. The reliance on these large, lumpy inflows suggests that the company's liquidity position may be vulnerable to any disruption in the timing of these critical cash receipts.
Data from recent SEC filings indicates that capital expenditure intensity is inconsistent, with the CapEx/Revenue ratio reaching as high as 74.5% in 2024Q1, suggesting that the company's investment requirements are not uniform and likely tied to specific, non-recurring infrastructure or stadium-related projects.
The high variability in capital intensity may indicate that the company is still in a phase of significant asset maintenance or development. Investors should monitor whether these expenditures are truly discretionary or if they represent a recurring burden necessary to maintain the competitive standard of the stadium and surrounding district.
Quick answers to the most common questions about buying BATRA stock.
Atlanta Braves Holdings, Inc. (BATRA) generated $25.2M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Atlanta Braves Holdings, Inc. (BATRA) reported negative free cash flow of $119.8M in 2025, indicating capital requirements exceeded cash from operations.
Atlanta Braves Holdings, Inc. (BATRA) spent $0.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.