Latest Ratios: P/E Ratio -140.4x · EV/EBITDA 43.4x · 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 | $3.3B | $2.5B | $2.3B | $2.4B | $2.0B | $1.7B | $1.5B | $1.8B | $1.5B | $1.3B | $1.1B |
| Enterprise Value | $4.0B | $3.2B | $3.0B | $3.0B | $2.5B | $2.3B | $2.0B | $2.2B | $1.9B | $1.8B | $1.4B |
| P/E Ratio → | -140.43 | — | — | — | — | — | — | — | 303.54 | — | — |
| P/S Ratio | 4.48 | 3.44 | 3.53 | 3.82 | 3.38 | 3.08 | 8.39 | 3.79 | 3.44 | 3.40 | 4.32 |
| P/B Ratio | 6.16 | 4.68 | 4.37 | 4.53 | 6.64 | 5.86 | 5.13 | 4.77 | 3.47 | 3.07 | 2.83 |
| P/FCF | — | — | — | — | 56.83 | 64.23 | — | — | 21.69 | — | — |
| P/OCF | 129.89 | 99.71 | 140.86 | 1506.13 | 37.53 | 27.97 | — | 24.03 | 14.74 | — | 12.72 |
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 | — | 4.43 | 4.46 | 4.68 | 4.23 | 4.06 | 11.30 | 4.65 | 4.30 | 4.77 | 5.17 |
| EV / EBITDA | 43.40 | 35.15 | 162.60 | 151.04 | 68.13 | 25.36 | — | 69.19 | 24.71 | — | — |
| EV / EBIT | 241.12 | 195.25 | — | — | — | 118.97 | — | — | 86.47 | — | — |
| EV / FCF | — | — | — | — | 71.08 | 84.79 | — | — | 27.18 | — | — |
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 | — | — | — | — | 14.24 | 20.56 | — | — | 5.49 | — | — |
| Interest Coverage | 0.36 | 0.36 | -0.97 | -1.17 | -0.83 | 0.80 | -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 | — | — | — | — | — | — | — | — | 0.3% | — | — |
| FCF Yield | — | — | — | — | 1.8% | 1.6% | — | — | 4.6% | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.1% | 0.2% | 0.0% | 2.3% | 0.0% |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.1% | 0.2% | 0.0% | 2.3% | 0.0% |
| Shares Outstanding | — | $64M | $61M | $62M | $62M | $62M | $60M | $61M | $61M | $59M | $55M |
Seasonal Liquidity and Leverage
According to current market data, BATRK trades at an EV/EBITDA multiple of 43.40, a valuation that appears to reflect the scarcity of MLB franchises rather than the company's underlying -3.19% net margin, suggesting investors are pricing in long-term asset appreciation over immediate cash flow generation.
The elevated valuation multiple relative to broader entertainment peers suggests that the market views the Braves as a unique, non-replicable asset rather than a standard operating business. Investors should monitor whether this 'trophy' premium remains sustainable if the RSN landscape continues to pressure broadcast revenue streams.
Based on reported figures, the company's ROIC has struggled to maintain positive territory, oscillating between -3.8% and 2.7% over the last ten quarters, which indicates that the massive capital investment required for stadium and real estate infrastructure is not yet yielding consistent, value-accretive returns.
The inability to consistently generate a positive return on invested capital suggests that the business is currently in a capital-heavy phase where growth is prioritized over efficiency. This trend warrants further investigation into whether future phases of The Battery development can achieve higher margins than the core baseball operations.
As reported in financial statements, the company's asset turnover remains exceptionally low at 0.04 to 0.19, reflecting the heavy reliance on fixed physical assets that only generate meaningful revenue during the active baseball season, creating significant friction in the company's overall working capital efficiency.
The wide swings in DSO, which reached as high as 127 days, suggest that the timing of media rights payments and sponsorship collections creates lumpy cash inflows. This operational reality forces the company to manage liquidity tightly, as the business model lacks the smooth, daily cash conversion cycle of traditional retail or service firms.
Based on the provided balance sheet data, the debt-to-equity ratio of 1.56 indicates a highly leveraged capital structure that appears increasingly vulnerable during the off-season, when the lack of game-day revenue limits the company's ability to comfortably service its debt obligations without relying on external financing.
The interest coverage ratio has shown extreme volatility, frequently dipping into negative territory during off-peak quarters, which suggests that the company's debt service capacity is highly sensitive to seasonal revenue gaps. Investors should monitor the company's ability to refinance or manage these obligations if interest rates remain elevated.
As noted in industry analysis, the P/E ratio is the most commonly misapplied metric for this business model, as it fails to account for the significant non-cash amortization of player contracts and the extreme seasonal revenue distortions that render GAAP net income an unreliable indicator of performance.
Using P/E to evaluate a sports franchise obscures the underlying cash-generating potential of the real estate and media rights segments. Analysts should instead focus on EV/EBITDA or private market valuation methodologies that better capture the long-term value of the franchise and its associated real estate assets.
Includes 30+ ratios · 14 years · Updated daily
DCF models, multiple analysis, and analyst estimates.
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Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying BATRK stock.
Atlanta Braves Holdings, Inc.'s current P/E ratio is -140.4x. This places it at the 50th percentile of its historical range.
Atlanta Braves Holdings, Inc.'s current EV/EBITDA is 43.4x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 44.5x.
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 -140.4x. 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.