Sabre Corp
SABRBuild a strategy around SABR
Sabre Corp AI Insights
Informational only. Not investment advice.Snapshot
- Total Debt TTM of 4.4B vs Market Cap of 581M — debt is 7.6x equity value with negative stockholders' equity of -1.1B.[Total Debt]
- P/E Ratio TTM of 1.1x vs industry median 23.7x, but Net Income of 525M driven by non-operating items (Pretax Income is -239M).[P/E Ratio]
- Free Cash Flow TTM of -213M and Operating Cash Flow of -131M — cash burn despite 295M Operating Income TTM.[Free Cash Flow]
Watch Triggers
- Free Cash Flow: Turns positive for 2 consecutive quarters — FCF inflection is the single gating factor for equity survival — currently -213M TTM.
- Interest Expense: Falls below 400M annually or rises above 500M — At 448M TTM, interest consumes 152% of operating income — directional change is existential.
- Cash and Equivalents: Drops below 500M — 792M cash is the liquidity buffer; breach of 500M accelerates refinancing urgency.
Bull Case
Operating Income TTM of 296M (10.7% margin) shows the core travel-tech business generates real operating profit, well above industry median of 0%. Revenue of 2.8B provides scale.
EV/Revenue of 1.5x and P/S of 0.21x TTM are deeply discounted vs industry median P/S of 2.0x — if FCF turns positive, equity reprices materially from 581M market cap.
Bear Case
Negative equity of -1.1B, Goodwill of 2.4B (53% of Total Assets TTM), and Tangible Book Value of -3.7B mean any impairment could trigger covenant issues on 4.4B debt.
FCF TTM of -213M and Interest Expense of 448M (16.2% of revenue) create existential refinancing risk. Cash of 792M provides ~3.7 years at current burn rate.
Bull vs Bear Balance
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Forward Thesis
Interest burden of 448M TTM on 2.8B revenue makes deleveraging the sole path to equity value creation.
- Interest Expense TTM consumes 152% of Operating Income TTM
- Net Debt of 3.6B requires sustained FCF turnaround to service
- Negative equity limits refinancing flexibility
Net Income of 525M TTM is misleading — Pretax Income is -239M, signaling non-recurring tax/accounting gains.
- 764M gap between Net Income and Pretax Income TTM
- FCF of -213M TTM confirms no real cash earnings
- Operating Cash Flow of -131M TTM contradicts reported profits
Valuation Context
Caveats
SABR Fundamentals
| Metric | Value | YoY Growth | Industry Percentile |
|---|---|---|---|
$755.05M | — | ||
$4.38B | — | ||
1.5 | — | ||
$2.83B | -6.4% | — | |
$1.27 | — | ||
11.3% | +1.7% | — | |
17.6% | +23.3% | — | |
$-272.3M | — | ||
0% | — | ||
Beta 5Y (Monthly) | unknown | — |
SABR Dividend History
2020
$0.14002019
$0.56002018
$0.56002017
$0.56002016
$0.52002015
$0.36002014
$0.1800SABR Stock Splits
SABR SEC Filings
| Filing Date | Report Date | Report Type | Filing Link |
|---|---|---|---|
05/07/26 | 03/31/26 | 10-Q | |
02/18/26 | 12/31/25 | 10-K | |
11/05/25 | 09/30/25 | 10-Q | |
08/07/25 | 06/30/25 | 10-Q | |
05/07/25 | 03/31/25 | 10-Q | |
02/20/25 | 12/31/24 | Unknown | |
10/31/24 | 09/30/24 | 10-Q | |
08/01/24 | 06/30/24 | 10-Q | |
05/02/24 | 03/31/24 | 10-Q | |
02/15/24 | 12/31/23 | 10-K | |
11/02/23 | 09/30/23 | 10-Q | |
08/03/23 | 06/30/23 | 10-Q | |
05/04/23 | 03/31/23 | 10-Q | |
02/17/23 | 12/31/22 | 10-K | |
11/02/22 | 09/30/22 | 10-Q | |
08/02/22 | 06/30/22 | 10-Q | |
05/03/22 | 03/31/22 | 10-Q | |
02/18/22 | 12/31/21 | 10-K | |
11/02/21 | 09/30/21 | 10-Q | |
08/03/21 | 06/30/21 | 10-Q | |
05/04/21 | 03/31/21 | 10-Q | |
02/25/21 | 12/31/20 | 10-K | |
11/06/20 | 09/30/20 | 10-Q | |
08/10/20 | 06/30/20 | 10-Q | |
05/08/20 | 03/31/20 | 10-Q | |
02/26/20 | 12/31/19 | 10-K | |
10/31/19 | 09/30/19 | 10-Q | |
08/01/19 | 06/30/19 | 10-Q | |
05/01/19 | 03/31/19 | 10-Q | |
02/15/19 | 12/31/18 | 10-K | |
10/30/18 | 09/30/18 | 10-Q | |
07/31/18 | 06/30/18 | 10-Q | |
05/01/18 | 03/31/18 | 10-Q | |
02/16/18 | 12/31/17 | 10-K | |
10/31/17 | 09/30/17 | 10-Q | |
08/01/17 | 06/30/17 | 10-Q | |
05/02/17 | 03/31/17 | 10-Q | |
02/17/17 | 12/31/16 | 10-K | |
11/02/16 | 09/30/16 | 10-Q | |
08/02/16 | 06/30/16 | 10-Q | |
04/28/16 | 03/31/16 | 10-Q | |
02/19/16 | 12/31/15 | 10-K | |
10/29/15 | 09/30/15 | 10-Q | |
08/04/15 | 06/30/15 | 10-Q | |
05/05/15 | 03/31/15 | 10-Q | |
03/03/15 | 12/31/14 | 10-K | |
11/12/14 | 09/30/14 | 10-Q | |
08/07/14 | 06/30/14 | 10-Q | |
05/15/14 | 03/31/14 | 10-Q | |
04/17/14 | 12/31/13 | 424B4 | |
01/21/14 | 09/30/13 | S-1 | |
08/07/14 | 06/30/13 | 10-Q | |
05/15/14 | 03/31/13 | 10-Q | |
01/21/14 | 12/31/12 | S-1 |