Latest Ratios: P/E Ratio -155.7x · EV/EBITDA 47.6x · ROE -4.3%. (2012–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $3.7B | $2.7B | $2.6B | $2.6B | $2.0B | $1.5B | $1.5B | $1.5B | $1.3B | $1.1B | $1.0B |
| Enterprise Value | $4.4B | $3.4B | $3.2B | $3.2B | $2.5B | $2.0B | $2.0B | $1.9B | $1.7B | $1.6B | $1.2B |
| P/E Ratio → | -155.73 | — | — | — | — | — | — | — | 254.49 | — | — |
| P/S Ratio | 5.00 | 3.70 | 3.85 | 4.12 | 3.45 | 2.65 | 8.38 | 3.18 | 2.88 | 2.80 | 3.87 |
| P/B Ratio | 6.83 | 5.04 | 4.76 | 4.88 | 6.78 | 5.05 | 5.13 | 4.00 | 2.90 | 2.53 | 2.53 |
| P/FCF | — | — | — | — | 56.89 | 55.37 | — | — | 18.17 | — | — |
| P/OCF | 145.19 | 107.39 | 153.42 | 1624.25 | 38.05 | 24.11 | — | 20.16 | 12.35 | — | 11.38 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 4.69 | 4.77 | 4.98 | 4.30 | 3.64 | 11.30 | 4.04 | 3.75 | 4.17 | 4.71 |
| EV / EBITDA | 47.59 | 37.25 | 174.10 | 160.72 | 69.24 | 22.71 | — | 60.13 | 21.51 | — | — |
| EV / EBIT | 264.37 | 153.88 | — | — | — | 99.10 | — | — | 75.27 | — | — |
| EV / FCF | — | — | — | — | 70.86 | 75.93 | — | — | 23.66 | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 19.9% | 19.9% | 22.5% | 23.3% | 25.8% | 33.2% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| Operating Margin | 2.3% | 2.3% | -6.0% | -7.2% | -5.2% | 3.4% | -71.9% | -8.2% | 0.2% | -29.3% | -23.3% |
| Net Profit Margin | -3.2% | -3.2% | -4.7% | -19.6% | -5.8% | -2.3% | -43.8% | -16.2% | 1.1% | -6.5% | -23.7% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -4.3% | -4.3% | -5.8% | -29.8% | -11.5% | -4.4% | -23.3% | -18.9% | 1.2% | -6.0% | -1.6% |
| ROA | -1.5% | -1.5% | -2.1% | -8.4% | -2.2% | -0.8% | -4.9% | -4.5% | 0.3% | -1.5% | -5.2% |
| ROIC | 1.0% | 1.0% | -2.7% | -3.7% | -2.8% | 1.7% | -12.0% | -3.6% | 0.1% | -10.7% | -1.1% |
| ROCE | 1.3% | 1.3% | -3.2% | -3.7% | -2.2% | 1.3% | -9.1% | -2.5% | 0.1% | -7.2% | -5.7% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.56 | 1.56 | 1.34 | 1.24 | 2.17 | 2.35 | 2.30 | 1.47 | 1.12 | 1.55 | 0.82 |
| Debt / EBITDA | 9.08 | 9.08 | 39.69 | 33.91 | 17.78 | 7.72 | — | 17.31 | 6.38 | — | — |
| Net Debt / Equity | — | 1.35 | 1.14 | 1.01 | 1.66 | 1.88 | 1.78 | 1.09 | 0.88 | 1.24 | 0.55 |
| Net Debt / EBITDA | 7.87 | 7.87 | 33.63 | 27.61 | 13.65 | 6.15 | — | 12.88 | 4.99 | — | — |
| Debt / FCF | — | — | — | — | 13.97 | 20.56 | — | — | 5.49 | — | — |
| Interest Coverage | 0.48 | 0.48 | -0.97 | -1.17 | -0.83 | 0.86 | -4.92 | -1.44 | 0.85 | -3.13 | -78.00 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.42 | 0.42 | 0.62 | 0.93 | 1.11 | 2.43 | 1.41 | 1.42 | 3.06 | 2.42 | 0.83 |
| Quick Ratio | 0.42 | 0.42 | 0.62 | 0.93 | 1.11 | 2.43 | 1.41 | 1.42 | 3.06 | 2.42 | 0.83 |
| Cash Ratio | 0.30 | 0.30 | 0.38 | 0.54 | 0.63 | 1.04 | 0.87 | 0.76 | 1.27 | 1.45 | 0.64 |
| Asset Turnover | — | 0.45 | 0.43 | 0.43 | 0.39 | 0.34 | 0.11 | 0.30 | 0.24 | 0.21 | 0.17 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | 16.73 | 27.53 | 35.85 | 43.56 | 25.90 | 61.52 | 21.47 | 17.34 | 30.26 | 20.90 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | — | — | 0.4% | — | — |
| FCF Yield | — | — | — | — | 1.8% | 1.8% | — | — | 5.5% | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.1% | 0.3% | 0.0% | 2.8% | 0.0% |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.1% | 0.3% | 0.0% | 2.8% | 0.0% |
| Shares Outstanding | — | $64M | $63M | $62M | $62M | $52M | $60M | $51M | $51M | $49M | $49M |
Includes 30+ ratios · 14 years · Updated daily
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Quick answers to the most common questions about buying BATRA stock.
Atlanta Braves Holdings, Inc.'s current P/E ratio is -155.7x. This places it at the 50th percentile of its historical range.
Atlanta Braves Holdings, Inc.'s current EV/EBITDA is 47.6x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 42.2x.
Atlanta Braves Holdings, Inc.'s return on equity (ROE) is -4.3%. The historical average is -7.2%.
Based on historical data, Atlanta Braves Holdings, Inc. is trading at a P/E of -155.7x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Atlanta Braves Holdings, Inc. has 19.9% gross margin and 2.3% operating margin.
Atlanta Braves Holdings, Inc.'s Debt/EBITDA ratio is 9.1x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
RSN instability and thin margins
Metrics are mathematically derived from official filings.
Seasonal Margins Mask Structural Pressures
TTM gross margin of 19.86% and operating margin of 2.27% reflect heavy fixed costs, with net margin at -3.19%, per latest financials. These thin margins underscore limited pricing power despite revenue growth.
The dramatic quarterly swings in gross margin—from 41.9% in Q1 2026 to 15.9% in Q2 2026—highlight the baseball calendar's impact, but the TTM figures reveal a persistent structural challenge: high player salaries and stadium overhead consume most of the revenue. The negative net margin, driven by depreciation on real estate and player contract amortization, suggests that reported earnings understate the underlying cash-generating ability of the franchise. Investors should focus on cash flow metrics rather than net income to assess true profitability.
Returns on Capital Remain Subdued
ROIC has been negative in most quarters, with Q2 2026 at -0.2%, while ROE averaged -4.3% TTM, per reported data. This indicates the company is not yet generating returns above its cost of capital.
The capital-intensive nature of the stadium and mixed-use development, combined with thin operating margins, has kept ROIC below the cost of capital for most periods. Even in the strongest quarter (Q3 2025), ROIC reached only 2.3%, far below what a typical entertainment or real estate asset would be expected to earn. The persistent negative ROE, despite a stable equity base, suggests that the asset base is not yet producing sufficient operating income to cover its financing costs. This may improve as The Battery matures and player payroll stabilizes, but current trends warrant caution.
Working Capital Efficiency Shows Seasonal Strain
Current ratio fell to 0.49 in Q2 2026, with DSO at 52 days and DPO at 110 days, per latest data. This indicates a reliance on supplier financing and potential short-term liquidity pressure.
The negative cash conversion cycle, driven by high DPO relative to DSO, suggests the company is using supplier credit to fund operations, which is common in seasonal businesses. However, the current ratio below 1 in multiple quarters indicates that current liabilities exceed current assets, a concern given the lumpy cash flows from baseball operations. The sharp swings in DSO—from 19 days in Q1 2026 to 52 days in Q2 2026—reflect the timing of broadcast and sponsorship receivables, which can distort working capital metrics. Management's ability to manage these swings will be critical to avoiding liquidity crunches during the off-season.
Leverage Creeps Higher Amid Thin Coverage
Debt-to-equity rose to 1.69 in Q2 2026, with interest coverage at -0.15, per latest filings. This suggests that debt service is becoming less comfortable as operating margins remain thin.
Total debt has increased from $685.8M in Q1 2024 to $889.8M in Q2 2026, while cash has fluctuated, leading to a higher D/E ratio. The negative interest coverage in Q2 2026 indicates that operating income is insufficient to cover interest expenses, a red flag for creditors. However, the D/EBITDA of 179.22 in Q2 2026 is distorted by seasonal EBITDA, and the TTM D/EBITDA is likely lower. The company's reliance on debt to fund real estate development and player acquisitions may be manageable given the long-term asset base, but the thin margins provide little cushion for rising interest rates or a downturn in revenue.
Liquidity Squeeze in Off-Season
Current ratio of 0.49 and quick ratio of 0.49 in Q2 2026, per latest data, indicate a tight liquidity position. Cash of $116.3M against total debt of $889.8M underscores the strain.
The current ratio has been below 1 for most quarters, reflecting the seasonal nature of the business where cash inflows peak during the baseball season. The off-season quarters (Q4 and Q1) show particularly weak liquidity, with current ratios as low as 0.42 in Q4 2025. This suggests that the company may need to rely on credit lines or asset sales to meet short-term obligations during the winter months. The lack of dividends or buybacks indicates that all available cash is being reinvested or used for debt service, which is prudent but leaves little buffer for unexpected shocks.
EV/EBITDA Misleads in Seasonal Business
EV/EBITDA of 45.36 appears elevated, but this metric is distorted by seasonal EBITDA swings and heavy D&A, per reported data. Investors should use EV/EBITDAR or cash flow multiples instead.
The EV/EBITDA multiple is commonly misapplied to sports franchises because EBITDA excludes the significant costs of player contract amortization and stadium depreciation, which are real economic expenses. For BATRA, the TTM EBITDA is depressed by these non-cash charges, inflating the multiple. A more appropriate metric would be EV/EBITDAR (adding back rent) or EV/Operating Cash Flow, which better captures the cash-generating ability of the business. Additionally, the valuation should consider the private market value of the franchise and the real estate, which may justify a premium over traditional multiples. Investors should adjust for the seasonality by using TTM figures and normalize for one-time items.