What are the investment strengths of Liberty Broadband Corp (LBRDA)?

Low leverage (0.20 debt/equity) with 1.7B net debt on 8.9B equity provides flexibility for strategic moves or buybacks. 5Y revenue CAGR 128% demonstrates ability to grow asset base; 13.2B total assets could generate significant value if monetized.

What are the investment risks for Liberty Broadband Corp (LBRDA)?

Negative FCF (-119M) and negative operating cash flow (-265M) means no self-funding capacity; must rely on debt or asset sales. Asset turnover 0.07 vs median 0.36 - assets generating minimal revenue. ROA 5.3% masks reliance on investment gains.

Liberty Broadband Corp

LBRDA

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Liberty Broadband Corp AI Insights

Informational only. Not investment advice.

As of 2025-12-12

Snapshot

Net margin 77.6% TTM vs industry median 6.2% - driven by investment income, not operations. Operating margin only 8.9%.[Net Margin TTM]
FCF negative (-119M TTM) despite 788M net income - cash flow from operations -265M signals non-cash earnings dominance.[Free Cash Flow TTM]
5Y revenue growth 128% vs industry median 3.1% - but 1B revenue on 13.2B assets yields 0.07 asset turnover (median 0.36).[Asset Turnover TTM]

Watch Triggers

Cash Flow from Continuing Operating Activities: Remains negative for 2+ consecutive quarters — Confirms operating model cannot self-fund; increases refinancing risk on 1.7B debt.
Normalized EBITDA: Falls below 250M or diverges further from reported EBITDA — Widening gap signals earnings quality deterioration and investment gain dependency.
Cash and Equivalents: Drops below 50M (currently 73M) — With -265M working capital and negative FCF, liquidity buffer is critical.

Bull Case

Low leverage (0.20 debt/equity) with 1.7B net debt on 8.9B equity provides flexibility for strategic moves or buybacks.

Debt to EquityTotal Equity

5Y revenue CAGR 128% demonstrates ability to grow asset base; 13.2B total assets could generate significant value if monetized.

Total Revenue 5Y Growth TTMTotal Assets

Bear Case

Negative FCF (-119M) and negative operating cash flow (-265M) means no self-funding capacity; must rely on debt or asset sales.

Free Cash Flow TTMCash Flow from Continuing Operating Activities

Asset turnover 0.07 vs median 0.36 - assets generating minimal revenue. ROA 5.3% masks reliance on investment gains.

Asset Turnover TTMROA TTM

Bull vs Bear Balance

AI-generated sentiment analysis based on fundamental metrics and market conditions.

35%

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Forward Thesis

Earnings quality will compress as investment gains normalize, exposing weak operating fundamentals.

1-3yhigh

Operating income only 90M on 1B revenue
Net income 788M relies on non-operating items
Negative operating cash flow -265M TTM

EBITDA 1.4B vs normalized EBITDA 282MCFO -265M vs net income 788MOperating margin 8.9% at industry median

Valuation Context

Caveats

Public Strategies Rankings

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LBRDA Fundamentals

Information → Wired and Wireless Telecommunications Carriers

Metric	Value	YoY Growth	Industry Percentile
Market Cap	$7.44B		—
Enterprise Value	$9.13B		—
P/E Ratio	0.00		—
Total Revenue - TTM	$0		—
Earnings Per Share (diluted) - TTM	$-18.71		—
Operating Margin - TTM	0%	-9.1%	—
Net Margin - TTM	0%	-85.5%	—
Free Cash Flow - TTM	$-327.0M		—
Return on Common Equity - TTM	-34.6%	-43.8%	—
Beta 5Y (Monthly)	unknown		—

LBRDA Dividend History

No dividends

LBRDA Stock Splits

No stock splits

LBRDA SEC Filings

Filing Date	Report Date	Report Type	Filing Link
02/05/26	12/31/25	Unknown	0001104659-26-010397
11/05/25	09/30/25	10-Q	0001104659-25-106948
08/07/25	06/30/25	10-Q	0001558370-25-010712
05/07/25	03/31/25	10-Q	0001558370-25-006696
02/27/25	12/31/24	Unknown	0001558370-25-001788
11/07/24	09/30/24	10-Q	0001558370-24-014821
08/08/24	06/30/24	10-Q	0001558370-24-011540
05/08/24	03/31/24	10-Q	0001558370-24-007273
02/16/24	12/31/23	10-K	0001558370-24-001302
11/03/23	09/30/23	10-Q	0001558370-23-017561
08/04/23	06/30/23	10-Q	0001558370-23-013359
05/02/23	03/31/23	10-Q	0001558370-23-007686
02/17/23	12/31/22	10-K	0001558370-23-001533
11/04/22	09/30/22	10-Q	0001558370-22-016382
08/05/22	06/30/22	10-Q	0001558370-22-012403
05/06/22	03/31/22	10-Q	0001558370-22-007589
02/25/22	12/31/21	10-K	0001558370-22-002157
11/04/21	09/30/21	10-Q	0001558370-21-014646
08/06/21	06/30/21	10-Q	0001558370-21-010770
05/07/21	03/31/21	10-Q	0001558370-21-006448
02/26/21	12/31/20	10-K	0001558370-21-002026
11/04/20	09/30/20	10-Q	0001558370-20-012578
07/31/20	06/30/20	10-Q	0001558370-20-008900
05/01/20	03/31/20	10-Q	0001558370-20-004923
02/03/20	12/31/19	10-K	0001558370-20-000441
11/01/19	09/30/19	10-Q	0001558370-19-009706
08/01/19	06/30/19	10-Q	0001558370-19-006822
05/02/19	03/31/19	10-Q	0001558370-19-003871
02/08/19	12/31/18	10-K	0001558370-19-000515
11/01/18	09/30/18	10-Q	0001558370-18-008265
08/02/18	06/30/18	10-Q	0001558370-18-006232
05/02/18	03/31/18	10-Q	0001558370-18-003766
02/09/18	12/31/17	10-K	0001558370-18-000569
11/01/17	09/30/17	10-Q	0001558370-17-007922
08/02/17	06/30/17	10-Q	0001558370-17-005726
05/03/17	03/31/17	10-Q	0001558370-17-003388
02/17/17	12/31/16	10-K	0001558370-17-000665
11/04/16	09/30/16	10-Q	0001558370-16-009370
08/09/16	06/30/16	10-Q	0001558370-16-007823
05/09/16	03/31/16	10-Q	0001558370-16-005648
02/12/16	12/31/15	10-K	0001558370-16-003202
11/10/15	09/30/15	10-Q	0001558370-15-002571
08/13/15	06/30/15	10-Q	0001558370-15-001633
05/14/15	03/31/15	10-Q	0001558370-15-000929
03/12/15	12/31/14	10-K	0001558370-15-000333
12/05/14	09/30/14	10-Q	0001611983-14-000011
10/23/14	06/30/14	S-1/A	0001047469-14-008498
07/25/14	03/31/14	S-1	0001047469-14-006379
07/25/14	12/31/13	S-1	0001047469-14-006379
12/05/14	09/30/13	10-Q	0001611983-14-000011
06/30/13	06/30/13	Unknown	--
07/25/14	03/31/13	S-1	0001047469-14-006379