Latest Ratios: P/E Ratio -140.6x · EV/EBITDA 43.7x · 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 → | -140.62 | — | — | — | — | — | — | — | 303.54 | — | — |
| P/S Ratio | 4.52 | 3.44 | 3.53 | 3.82 | 3.38 | 3.08 | 8.39 | 3.79 | 3.44 | 3.40 | 4.32 |
| P/B Ratio | 6.17 | 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 | 131.10 | 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 | 43.74 | 35.15 | 162.60 | 151.04 | 68.13 | 25.36 | — | 69.19 | 24.71 | — | — |
| EV / EBIT | 242.96 | 145.19 | — | — | — | 110.67 | — | — | 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 | 0.48 | 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 | — | — | — | — | — | — | — | — | 0.3% | — | — |
| 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 |
Includes 30+ ratios · 14 years · Updated daily
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Quick answers to the most common questions about buying BATRK stock.
Atlanta Braves Holdings, Inc.'s current P/E ratio is -140.6x. This places it at the 50th percentile of its historical range.
Atlanta Braves Holdings, Inc.'s current EV/EBITDA is 43.7x. 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 -140.6x. 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 media rights volatility
Metrics are mathematically derived from official filings.
Payroll Compression Masks Peak-Season Strength
Gross margin averaged 19.9% over the last four quarters, with 2026Q2 at 15.9%, reflecting heavy player salary costs. As reported in financial statements, operating margin swung from 13.4% in 2025Q2 to -6.1% in 2026Q2, underscoring seasonality.
The profitability profile is dominated by the fixed cost of player compensation, which suppresses gross margins to roughly one-fifth of revenue even during peak season. The 2025Q3 quarter, with a 9.6% net margin, demonstrates that the model can generate meaningful earnings when attendance and media revenue align, but such quarters are not sustained. The persistent GAAP losses, with a TTM net margin of -3.2%, suggest that the reported earnings power is insufficient to cover the full cost structure, and investors should focus on cash-based metrics rather than net income.
Capital Returns Decay Outside Peak Quarters
ROIC averaged -1.1% in 2026Q2, down from 2.7% in 2025Q2, while ROE swung from 5.7% to -2.3% over the same period. Based on reported figures, returns on capital are highly seasonal and remain below the cost of capital for most of the year.
The company's returns on invested capital are heavily concentrated in the third quarter, when the baseball season peaks, but the rest of the year drags down annualized returns. The 2025Q3 ROIC of 2.2% is the only quarter in the last ten that approaches a reasonable return, yet it is insufficient to offset the negative returns in other quarters. This pattern suggests that the heavy investment in stadium and real estate assets is not yet generating consistent returns, and the capital employed may be growing faster than the operating income it produces.
Working Capital Swings Reflect Ticket Seasonality
DSO swung from 17 days in 2026Q2 to 90 days in 2025Q4, while DPO ranged from 32 to 236 days, according to the latest quarterly data. The cash conversion cycle is unavailable, but the extreme swings indicate a business driven by upfront collections and seasonal payables.
The efficiency metrics are distorted by the baseball calendar: season ticket and sponsorship cash is collected upfront, creating large deferred revenue balances that reverse as the season progresses. The DSO spike in off-season quarters reflects the timing of media rights and other receivables, while DPO volatility suggests management adjusts payment terms to manage liquidity. These swings are not indicative of operational inefficiency but rather the inherent seasonality of the business, and investors should evaluate working capital on a full-year basis rather than quarterly.
Debt Burden Intensifies Amid Thin Margins
Debt-to-equity rose from 1.34 in 2024Q4 to 1.69 in 2026Q2, while interest coverage turned negative at -0.15 in 2026Q2. As reported in financial statements, total debt reached $889.8M, and the company's ability to service debt is increasingly dependent on peak-season cash flows.
The leverage ratio has crept higher over the past two years, and with negative interest coverage in the off-season, the company is relying on cash reserves and operating cash flow from the summer months to meet debt obligations. The D/EBITDA of 179.22 in 2026Q2 is alarming, but it reflects the trough in EBITDA during the off-season; on a peak-quarter basis, D/EBITDA was 13.91 in 2025Q3, which is more manageable. The refinancing risk is elevated given the thin margins, and any disruption to media rights revenue could strain the capital structure.
Liquidity Cushion Thins in Off-Season
Current ratio fell to 0.49 in 2026Q2 from 0.80 in 2024Q1, while cash dropped to $116.3M, according to the latest balance sheet data. The quick ratio mirrors the current ratio, indicating minimal inventory, but the thin cushion may strain operations during low-revenue periods.
The liquidity position is seasonally weak, with the current ratio below 1.0 for most quarters, meaning current liabilities exceed current assets. The off-season quarters, such as 2026Q2, show a particularly thin cushion, but the company typically generates substantial cash inflows in Q1 from season ticket renewals, which replenishes liquidity. The reliance on short-term borrowings or cash reserves to bridge the gap is a risk, especially if media rights payments are delayed or reduced.
EV/EBITDA Misleads on Seasonal Earnings
The most commonly misapplied ratio is EV/EBITDA, which at 41.89 on a TTM basis appears extreme, but as reported in financial statements, EBITDA is heavily depressed by off-season losses. Investors should use a normalized peak-season EBITDA or private market value approach instead.
EV/EBITDA is distorted by the baseball season's extreme seasonality, where EBITDA is negative in off-season quarters and peaks in Q3. The TTM multiple of 41.89 is not comparable to typical entertainment companies, and it obscures the underlying asset value of the franchise and real estate. A more appropriate metric is the private market value of the team and The Battery, or a normalized EBITDA based on a full season's operations, which would yield a more reasonable multiple. This adjustment is critical for sports franchises, where the scarcity value of the asset often justifies a premium over earnings-based multiples.