CluenexLiberty Live (Series A) LLYVA
Liberty Live (Series A) scores average on business quality (5.3 of 10). Here is why, in plain words, and what our sealed record shows.
Why it matters
- What Liberty Live (Series A) does
Formula One Group promotes and operates the FIA Formula One World Championship, generating revenue from race promotion fees, media rights, and corporate sponsorships paid by circuits, broadcasters, and global brands. The business is pushing deeper into live entertainment events like the Las Vegas Grand Prix to capture direct fan spending.
- What it does best
Formula One dominates global motorsport entertainment through exclusive long-term promotion contracts and circuit barriers that prevent rival series from securing premier host venues. Its revenue growth sits in the top decile of its sector at 86th percentile, outpacing broad media peers.
- The main risk
Interest coverage at 1.8x leaves the business vulnerable to cost shocks, as net debt has expanded sharply to $4.0B following recent capital requirements, leaving little margin for error if race promotion cash flows slip.
Quality, check by check
Scored against its own industry, from company filings.
Operating margin of 11.9% and FCF margin of 18.1% reflect decent cash generation, though net margin lags at 4.9%. Profitability remains modest given the scale, showing that revenue growth does not yet translate into outsized bottom-line returns.
Exclusive FIA sanctioning agreements create a regulatory moat that locks out rival racing leagues. Despite this, its gross margin sits at the 14th percentile of its sector at 35.5%, limiting the pricing power typically seen in elite franchises.
Revenue growth hit 22.7% over the latest period, jumping from historical levels near $3.6B up to $4.3B, driven by expanded race calendars and commercial partnerships scaling rapidly.
Total debt of $5.1B outweighs cash of $1.1B, producing a net debt position of $4.0B. Free cash flow stands at $786M, but thin interest coverage of 1.8x means debt servicing eats up earnings rapidly. Getting softer.
Insiders
Executives and directors, from SEC Form 4 filings we read ourselves. Open market trades only; grants, option exercises and pre-planned sales left out.
No open market buys or unplanned sales by executives or directors.
Our sealed record on LLYVA
Verdicts appear here 30 days after we publish them; members see today's. Each one is in the nightly ledger, fingerprinted the night it was made.
The first sealed verdicts appear here on Oct 11, 2026.
Questions
Liberty Live (Series A) scores average on the Cluenex quality check (5.3 of 10), measured against its own industry. Profitability is weak, moat weak, growth fast and financial health weak.
In the last 90 days of SEC Form 4 filings: No open market buys or unplanned sales by executives or directors.
Nov 3, 2026.
See LLYVA today
- Today's verdict on LLYVA, and why
- Fair value with cautious, base and optimistic cases
- The exact price that would change the verdict
- Which stocks each signal names, the night it fires
Cite this page: Cluenex, “Liberty Live (Series A) (LLYVA)”, https://cluenex.com/stocks/llyva/, data as of Oct 10, 2026.