Formula One Group
FWONANASDAQUSD
- — Source valuation snapshot. Not a live recalculation.
- — Latest filed annual earnings; price snapshot date unavailable. Not forward P/E.
- — Diluted earnings per share from the latest filed annual.
- $102.83 Prior regular-session close from the quote source.
- $101.24–$104.00 Regular-session low and high so far today.
- 486.9K Regular-session shares traded · Nov 10, 4:00 PM ET.
- Feb 25 projected Projected for 2027-02-25 from the company’s own results filings (SEC 8-K Item 2.02). The company has not confirmed the date.
- $73.70–$104.00 52-week trading low and high returned by the quote source.
Understand the Business
Why the Stock Moved
Period-matched expectations history is not yet available. Current metrics are not a substitute for a historical explanation.
The core investment thesis
Own FWONA if Liberty (FWONA) builds durable value by owning scarce global motorsport and live‑event commercial rights that generate recurring media, sponsorship and event revenue, which scale to operating cash and can be redeployed into shareholder returns.
FWONA price history
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INVESTMENT THESIS
What must happen next
Exclusive global motorsport and live-event commercial rights (media/sponsorship/ticketing) are the causal engine allowing Liberty to maintain pricing power and recurring revenue, so continued renewals and sponsor demand will keep top-line growth intact.StrengtheningMateriality: High
Revenue rose from $3,572,000,000 (annual 2023) to $3,653,000,000 (annual 2024) and to $4,482,000,000 (annual 2025), indicating recovery/expansion of event and media monetization. If rights and sponsor demand hold, revenue growth and predictability continue; if rights economics weaken or are lost, revenue and the whole commercial model deteriorate.
Watch: Failure to renew major broadcast/media contracts or the migration of large rights to global streaming platforms undercutting license economics.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
Revenue rose from $3,572,000,000 (annual 2023) to $3,653,000,000 (annual 2024) and to $4,482,000,000 (annual 2025), indicating recovery/expansion of event and.
Open source ↗Live-event and sponsorship revenue provide operating leverage: as attendance and sponsorship pricing recover, incremental revenue flows largely to operating income (notably lower incremental capital), enabling margin expansion.StrengtheningMateriality: High
Operating income increased from $145,000,000 (annual 2022) to $266,000,000 (annual 2023), $287,000,000 (annual 2024) and $577,000,000 (annual 2025), showing rising operating profitability alongside revenue recovery. Sustained margin expansion converts revenue recovery into higher free cash flow and justifies a premium valuation; if event costs or promoter fees rise faster than revenue, margins will compress.
Watch: Rising event production costs, increased promoter/race-host fees, or new regulatory/tax costs that materially raise per-event fixed costs.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
Operating income increased from $145,000,000 (annual 2022) to $266,000,000 (annual 2023), $287,000,000 (annual 2024) and $577,000,000 (annual 2025), showing rising.
Open source ↗High operating cash flow is the mechanism that converts the business’s commercial economics into shareholder value because it funds debt reduction, buybacks and strategic investments without relying on equity issuance.HoldingMateriality: Medium
Net cash provided by operating activities was $2,546,000,000 (annual 2022) and $2,464,000,000 (annual 2023), indicating historically strong cash generation from operations. If OCF remains strong, management can return cash or buy assets accretively; if OCF collapses, the company will be forced to cut returns or sell assets, reducing per-share value.
Watch: A sustained decline in event-related cash collections (e.g., from lower attendance or sponsor payments) or materially higher working capital needs that reduce OCF.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
Net cash provided by operating activities was $2,546,000,000 (annual 2022) and $2,464,000,000 (annual 2023), indicating historically strong cash generation from.
Open source ↗Reported net income swings are driven by non‑operating items (fair value adjustments, impairments, remeasurements or one‑time transactions), not the core event operating margin — so operating income is the better real-time gauge of business health.StrengtheningMateriality: Medium
Net income moved from $1,815,000,000 (annual 2022) to $761,000,000 (annual 2023), to a loss of $2,063,000,000 (annual 2024), then to $555,000,000 (annual 2025), while operating income improved steadily — indicating non‑operating volatility. If net swings are non-operational, investors should focus on operating income and OCF; if future net losses become driven by operating performance (not one-time items), the business economics are deteriorating.
Watch: Recurring operating losses or persistent declines in operating income that would indicate the business itself (not non‑operating items) is failing to generate profit.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
Net income moved from $1,815,000,000 (annual 2022) to $761,000,000 (annual 2023), to a loss of $2,063,000,000 (annual 2024), then to.
Open source ↗A material balance-sheet reduction (assets and liabilities falling) reflects restructuring/asset dispositions that concentrate the company on its core motorsport/live-event cash flows and reduce leverage risk — improving the quality of future cash flows per share.StrengtheningMateriality: Medium
Liabilities decreased from $21,882,000,000 (instant 2023) to $5,950,000,000 (instant 2024) and were $6,948,000,000 (instant 2025), concurrent with large falls in total assets — evidence of a meaningful balance-sheet footprint change. If the balance sheet is now focused and less leveraged, downside risk and interest costs fall; if valuable cash-producing assets were spun off or sold, the remaining franchise may be weaker than headline cash flow implies.
Watch: If the liability drop reflects sale/spin-off of high-quality cash-generating assets (rather than prudent deleveraging), the remaining business could be smaller and less valuable.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
Liabilities decreased from $21,882,000,000 (instant 2023) to $5,950,000,000 (instant 2024) and were $6,948,000,000 (instant 2025), concurrent with large falls in.
Open source ↗
Full investment case & evidence
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Original research
Exclusive global motorsport and live-event commercial rights (media/sponsorship/ticketing) are the causal engine allowing Liberty to maintain pricing power and recurring revenue, so continued renewals and sponsor demand will keep top-line growth intact. If rights and sponsor demand hold, revenue growth and predictability continue; if rights economics weaken or are lost, revenue and the whole commercial model deteriorate.
Live-event and sponsorship revenue provide operating leverage: as attendance and sponsorship pricing recover, incremental revenue flows largely to operating income (notably lower incremental capital), enabling margin expansion. Sustained margin expansion converts revenue recovery into higher free cash flow and justifies a premium valuation; if event costs or promoter fees rise faster than revenue, margins will compress.
High operating cash flow is the mechanism that converts the business’s commercial economics into shareholder value because it funds debt reduction, buybacks and strategic investments without relying on equity issuance. If OCF remains strong, management can return cash or buy assets accretively; if OCF collapses, the company will be forced to cut returns or sell assets, reducing per-share value.
Reported net income swings are driven by non‑operating items (fair value adjustments, impairments, remeasurements or one‑time transactions), not the core event operating margin — so operating income is the better real-time gauge of business health. If net swings are non-operational, investors should focus on operating income and OCF; if future net losses become driven by operating performance (not one-time items), the business economics are deteriorating.
A material balance-sheet reduction (assets and liabilities falling) reflects restructuring/asset dispositions that concentrate the company on its core motorsport/live-event cash flows and reduce leverage risk — improving the quality of future cash flows per share. If the balance sheet is now focused and less leveraged, downside risk and interest costs fall; if valuable cash-producing assets were spun off or sold, the remaining franchise may be weaker than headline cash flow implies.
All standing thesis claims
Original report summary
Liberty (FWONA) builds durable value by owning scarce global motorsport and live‑event commercial rights that generate recurring media, sponsorship and event revenue, which scale to operating cash and can be redeployed into shareholder returns.
BULL CASE / BEAR CASE
Bull case and bear case for Liberty Media
Where the evidence on Liberty Media stands: Holding on the latest evidence (Oct 15, 2026). Of its 5 thesis points, 4 strengthening and 1 holding.
Bull case: what the evidence supports
Exclusive global motorsport and live-event commercial rights (media/sponsorship/ticketing) are the causal engine allowing Liberty to maintain pricing power and recurring revenue, so continued renewals and sponsor demand will keep top-line growth intact.
Live-event and sponsorship revenue provide operating leverage: as attendance and sponsorship pricing recover, incremental revenue flows largely to operating income (notably lower incremental capital), enabling margin expansion.
High operating cash flow is the mechanism that converts the business’s commercial economics into shareholder value because it funds debt reduction, buybacks and strategic investments without relying on equity issuance.
Reported net income swings are driven by non‑operating items (fair value adjustments, impairments, remeasurements or one‑time transactions), not the core event operating margin — so operating income is the better real-time gauge of business health.
A material balance-sheet reduction (assets and liabilities falling) reflects restructuring/asset dispositions that concentrate the company on its core motorsport/live-event cash flows and reduce leverage risk — improving the quality of future cash flows per share.
Bear case: what would count against it
Failure to renew major broadcast/media contracts or the migration of large rights to global streaming platforms undercutting license economics.
Rising event production costs, increased promoter/race-host fees, or new regulatory/tax costs that materially raise per-event fixed costs.
A sustained decline in event-related cash collections (e.g., from lower attendance or sponsor payments) or materially higher working capital needs that reduce OCF.
Thesis-Break Engine
What has broken in Liberty Media’s thesis
Each break OptimistFi flagged on Liberty Media, dated — with what has historically followed the same kind of break across the market, not a forecast for Liberty Media.
- CEO / officer changecondition set before this filing
Across all companies, this kind of break has happened 16,849 times before. Those stocks trailed comparable companies by a median of 2% over the next six months, and 38% of them trailed it by 10 points or more.
MARKET + FINANCIAL SNAPSHOT
The numbers behind the thesis
What Changed
- MIXEDRegulation FD disclosure.
Liberty Media filed an SEC 8-K on 2026-10-09: Regulation FD disclosure. It is a dated development that tests the current thesis.
- MIXEDDirector or principal officer change.
Liberty Media filed an SEC 8-K on 2026-09-02: Director or principal officer change. It is a dated development that tests the current thesis.
- MIXEDUnregistered sale of equity securities.
Liberty Media filed an SEC 8-K on 2026-08-13: Unregistered sale of equity securities. It is a dated development that tests the current thesis.
RISKS / FALSIFIERS
What could break the thesis
- Failure to renew major broadcast/media contracts or the migration of large rights to global streaming platforms undercutting license economics.
- Rising event production costs, increased promoter/race-host fees, or new regulatory/tax costs that materially raise per-event fixed costs.
- A sustained decline in event-related cash collections (e.g., from lower attendance or sponsor payments) or materially higher working capital needs that reduce OCF.
- Recurring operating losses or persistent declines in operating income that would indicate the business itself (not non‑operating items) is failing to generate profit.
- If the liability drop reflects sale/spin-off of high-quality cash-generating assets (rather than prudent deleveraging), the remaining business could be smaller and less valuable.
FWONA news
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FINANCIAL STATEMENTS
FWONA income statement
Annual filed results · USD · Oldest to newest. Margins are calculated from the reported figures.
FWONA: quick answers
- When does Liberty Media (FWONA) report earnings next?
- Liberty Media's next results are projected for February 25, 2027, from the dates of its own results filings with the SEC. The company has not confirmed the date. It last reported on November 5, 2026. Earnings calendar
- What is FWONA's short interest?
- As of October 30, 2026, 1.2M FWONA shares were sold short, up 13.2% from the count before. At the stock's average daily volume that is 5.3 days to cover. FINRA publishes the count twice a month. FWONA short interest history
- Have members of Congress traded FWONA?
- 4 trades in FWONA have been disclosed under the STOCK Act by members of Congress, the President or senior officials, none in reports made public in the last 90 days. Every disclosed FWONA trade