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

Conservative leverage at 0.20 debt/equity with 1.7B net debt against 8.9B equity provides M&A optionality Tangible book value of 8.9B with no goodwill suggests asset value is real, not inflated by acquisitions

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

Negative working capital (-265M) and negative FCF (-119M TTM) creates liquidity risk despite paper profits Only 73M cash with 102M current debt due - refinancing or asset sales needed within 12 months

Liberty Broadband Corp

LBRDK

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Liberty Broadband Corp AI Insights

Informational only. Not investment advice.

As of 2026-01-09

Snapshot

Net margin 77.6% TTM vs industry median 6.5% - driven by investment gains/equity method income, not operating performance[Net Margin TTM]
Negative FCF (-119M TTM) and negative operating cash flow (-265M) despite 788M net income - earnings quality concern[Free Cash Flow TTM]
5Y revenue growth 128% vs industry median 3.3% - but revenue only 1B with 13.2B assets signals holding company structure[Total Revenue 5Y Growth TTM]

Watch Triggers

Cash and Equivalents: Falls below 50M or current debt increases — 73M cash vs 102M current debt - liquidity buffer is thin
Cash Flow from Continuing Operating Activities: Remains negative for 2+ consecutive quarters — Sustained negative operating CF would require debt or equity raises
Gain/Loss on Investment Securities: Charter stake value declines materially — Investment portfolio drives net income - mark-to-market swings hit P&L

Bull Case

Conservative leverage at 0.20 debt/equity with 1.7B net debt against 8.9B equity provides M&A optionality

Debt to EquityNet DebtTotal Equity

Tangible book value of 8.9B with no goodwill suggests asset value is real, not inflated by acquisitions

Tangible Book ValueCommon Stockholders Equity

Bear Case

Negative working capital (-265M) and negative FCF (-119M TTM) creates liquidity risk despite paper profits

Working CapitalFree Cash Flow TTMCash and Equivalents

Only 73M cash with 102M current debt due - refinancing or asset sales needed within 12 months

Cash and EquivalentsCurrent DebtCurrent Liabilities

Bull vs Bear Balance

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

35%

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Forward Thesis

Cash flow will remain decoupled from net income due to equity investment structure

1-3yhigh

Investment income recognition vs cash distributions
Charter Communications stake drives P&L
Limited operating business cash generation

Net income 788M vs operating CF -265M TTMEBITDA 1.4B vs normalized EBITDA 282MAsset turnover 0.07 vs median 0.36

Valuation Context

Caveats

Public Strategies Rankings

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LBRDK Fundamentals

Information → Wired and Wireless Telecommunications Carriers

Metric	Value	YoY Growth	Industry Percentile
Market Cap	$7.32B		—
Enterprise Value	$9.01B		—
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		—

LBRDK Dividend History

No dividends

LBRDK Stock Splits

No stock splits

LBRDK 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