The balance sheet is highly unstable, with total assets swinging from $15.9B in 2026Q1 to $2.0B in 2026Q2, and goodwill of $6.9B exceeding total assets by 3.4x, while a $1.5B cash buffer is offset by a current ratio of 0.25, indicating potential short-term liquidity stress.
Liberty Live Group (LLYVK) balance sheet — 5-year assets, liabilities & shareholders' equity history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 |
|---|
| Total Current Assets | 652.51M | 629.46M | 325M | 305M | 0 | 0 |
| Cash & Short-Term Investments | 1.47B | 1.05B | 325M | 305M | 0 | 0 |
| Cash Only | 1.47B | 1.05B | 325M | 305M | 0 | 0 |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 36.26M | 31.67M | 0 | 0 | 0 | 0 |
| Days Sales Outstanding | 14.84 | 30.27 | - | - | - | - |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - | - |
| Other Current Assets | -848.74M | -457.21M | 0 | 0 | 0 | 0 |
| Total Non-Current Assets | 1.36B | 1.26B | 898M | 857M | 667M | 664M |
| Property, Plant & Equipment | 1.14B | 0 | 0 | 0 | 0 | 0 |
| Fixed Asset Turnover | 3.02x | - | - | - | - | - |
| Goodwill | 6.88B | 0 | 2.62B | 0 | 0 | 0 |
| Intangible Assets | 4.84B | 245.97M | 1.37B | 0 | 0 | 0 |
| Long-Term Investments | 3.01B | 822.14M | 458M | 333M | 181M | 115M |
| Other Non-Current Assets | -12.8B | 191.31M | -3.76B | 357M | 486M | 549M |
| Total Assets | 2.01B | 1.89B | 1.22B | 1.16B | 667M | 664M |
| Asset Turnover | 0.27x | 0.20x | - | - | - | - |
| Asset Growth % | 2555.33% | 54.45% | 5.25% | 74.21% | 0.45% | - |
| Total Current Liabilities | 2.6B | 1.9B | 3M | 80M | 0 | 645M |
| Accounts Payable | 12.54M | 11.52M | 3M | 2M | 0 | 1M |
| Days Payables Outstanding | 1.86 | 12.69 | - | - | - | - |
| Short-Term Debt | 72M | 1.67B | 0 | 70M | 0 | 644M |
| Deferred Revenue (Current) | 3.18B | 155M | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 1.39B | 63.66M | 0 | 8M | 0 | 0 |
| Current Ratio | 0.25x | 0.33x | 108.33x | 3.81x | - | - |
| Quick Ratio | 0.25x | 0.33x | 108.33x | 3.81x | - | - |
| Cash Conversion Cycle | 12.98 | - | - | - | - | - |
| Total Non-Current Liabilities | 21.15M | 19.31M | 1.56B | 1.25B | 920M | 1.33B |
| Long-Term Debt | 0 | 0 | 1.56B | 1.25B | 920M | 1.33B |
| Capital Lease Obligations | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 1.3B | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 21.15M | 19.31M | 1M | 0 | 0 | 0 |
| Total Liabilities | 2.62B | 1.92B | 1.56B | 1.33B | 920M | 1.98B |
| Total Debt | 72M | 1.67B | 1.56B | 1.32B | 920M | 1.98B |
| Net Debt | -1.39B | 611.55M | 1.23B | 1.01B | 920M | 1.98B |
| Debt / Equity | -0.12x | - | - | - | - | - |
| Debt / EBITDA | 0.13x | - | - | - | 1873.73x | - |
| Net Debt / EBITDA | -2.47x | - | - | - | 1873.73x | - |
| Interest Coverage | 0.38x | -2.39x | -0.41x | -17.00x | 61.38x | -29.53x |
| Total Equity | -603.71M | -27.14M | -337M | -165M | -253M | -1.31B |
| Equity Growth % | 6698.9% | 91.95% | -104.24% | 34.78% | 80.73% | - |
| Book Value per Share | -6.57 | -0.30 | -3.67 | -1.80 | -2.76 | -14.32 |
| Total Shareholders' Equity | -625.66M | -49.08M | -359M | -188M | -278M | -1.34B |
| Common Stock | 920K | 919K | -359M | 0 | -278M | -1.34B |
| Retained Earnings | -999.89M | -437.09M | 0 | 0 | 0 | 0 |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | -27.76M | -16.56M | 0 | 0 | 0 | 0 |
| Minority Interest | 21.95M | 21.95M | 22M | 23M | 25M | 25M |
Quick answers to the most common questions about buying LLYVK stock.
As of 2025, Liberty Live Group (LLYVK) had total assets of $1.89B including $629.5M in current assets.
Liberty Live Group (LLYVK) carries total debt of $1.67B, offset by $1.05B in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Liberty Live Group (LLYVK) has total shareholders' equity (book value) of $-49.1M ($-0.30 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Liberty Live Group (LLYVK) reported a current ratio of 0.33x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.
Key Metrics
Top Statement Risk
Live Nation antitrust overhang
Metrics are mathematically derived from official filings.
Balance Sheet Volatility Masks Structural Shift
Total assets swung from $1.2B in 2024Q1 to $15.9B in 2026Q1, then collapsed to $2.0B in 2026Q2, per reported figures, reflecting the Quint acquisition and subsequent reclassification, indicating a transformative but unstable balance sheet trajectory.
The dramatic asset swings are driven by the consolidation of Quint and the reclassification of the Live Nation stake, which appears as a $6.9B goodwill in 2026Q2. This suggests the balance sheet is not a stable operating entity but a holding vehicle with episodic revaluations. Investors should monitor whether the asset base stabilizes as integration completes, as the current volatility complicates trend analysis.
Leverage Spikes Then Retreats
Total debt peaked at $1.9B in 2025Q3, then fell to $72M in 2026Q2, per financial statements, while equity swung from -$625.7M to $7.7B, indicating leverage is a temporary artifact of acquisition financing rather than a structural burden.
The debt reduction from $1.9B to $72M in 2026Q2 suggests that the company used cash and possibly equity reclassification to pay down acquisition-related debt. The negative equity in 2026Q2 (-$625.7M) contrasts with the positive equity in 2026Q1 ($7.7B), implying a significant revaluation of assets or liabilities. This volatility suggests leverage is not a strategic choice but a byproduct of financial engineering, and the current low debt level appears manageable.
Goodwill Dominates Asset Base
Goodwill of $6.9B in 2026Q2 represents over three times total assets of $2.0B, per reported data, indicating that the balance sheet is heavily reliant on intangible assets from the Quint acquisition, posing impairment risk if integration underperforms.
The asset mix is bifurcated: a $1.1B PPE base and $1.5B cash, but goodwill of $6.9B dwarfs tangible assets. This suggests the company's value is tied to acquired brand and relationships, not physical assets. The negative equity in 2026Q2 implies that liabilities exceed tangible assets, making the goodwill impairment risk a key concern. If the Live Nation stake is reclassified or impaired, the balance sheet could face further strain.
Equity Quality Questioned by Negative Balances
Equity swung from -$625.7M in 2026Q2 to $7.7B in 2026Q1, per reported figures, with retained earnings of -$999.9M in 2026Q2, indicating that the equity base is unstable and heavily influenced by non-operating revaluations.
The negative retained earnings and equity in 2026Q2 suggest accumulated losses or distributions, while the positive equity in 2026Q1 likely reflects the reclassification of the Live Nation stake. This volatility implies that equity quality is poor, as it is not driven by retained earnings but by revaluation adjustments. Investors should monitor whether the company can generate consistent retained earnings to stabilize equity, as the current pattern suggests a reliance on asset revaluations rather than operational profitability.
Cash Buffer Masks Weak Current Ratio
Cash of $1.5B in 2026Q2 provides a substantial buffer, but the current ratio of 0.25, per reported data, indicates that current liabilities exceed current assets by a wide margin, suggesting potential short-term liquidity stress.
Despite a large cash position, the current ratio of 0.25 implies that the company has significant short-term obligations, possibly related to event-related payables or acquisition liabilities. The cash balance alone may not be sufficient to cover all current liabilities, but the company's ability to generate operating cash flow (as seen in prior quarters) may mitigate this. Investors should monitor the composition of current liabilities and the timing of cash flows, as the low current ratio could indicate a reliance on short-term financing.
Goodwill Impairment Risk Looms
Goodwill of $6.9B in 2026Q2, per reported figures, is a non-obvious risk that could distort the balance sheet if the Quint acquisition underperforms, potentially leading to impairment charges that would further erode equity.
The balance sheet's reliance on goodwill, combined with negative equity in 2026Q2, suggests that the company's net worth is highly sensitive to the performance of acquired assets. If the live entertainment sector faces a downturn or the DOJ antitrust action against Live Nation impairs the value of the primary stake, the goodwill may need to be written down, exacerbating the negative equity. This risk is not apparent from headline asset totals but is a critical factor for assessing the true financial health of LLYVK.