# Atlanta Braves Holdings, Inc. Series A Common Stock (BATRA.US)

Canonical: https://gigainvestors.com/s/BATRA

Analysis as of: 2026-10-16T07:26:47.551Z. Financial observations: FY2015–FY2026.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: $54.66 per share; close as of 2026-10-15.

## Checklist

### understandable: fail

- 1 revenue decline in the last 10 years (informational)

- more than 2 net loss years

- negative average operating margin

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 1

- Years with a net loss: 8

- Operating margin variation: 1.88×

Chart: Operating margin; fiscal year observations.

- FY2017: -0.29×

- FY2018: 0.00×

- FY2019: -0.08×

- FY2020: -0.72×

- FY2021: 0.03×

- FY2022: -0.05×

- FY2023: -0.07×

- FY2024: -0.06×

- FY2025: 0.02×

- LTM to Jun 2026: 0.05×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- Recent gross margin fell 46.8pp below the typical margin (limit 4pp)

- ROIC, median of available years: -0.4%

- ROIC, second-lowest year: -3.3%

- Typical minus recent gross margin: 46.8 pp

- Typical gross margin (annual median): 66.6%

- Recent gross margin (lower of latest and 3-year median): 19.9%

- Years with nonpositive capital: 0

- Capital spending / revenue: 11.9%

- ROIC including acquisitions, ten-year median: -0.3%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: -0.6%

- FY2017: -0.7%

- FY2018: 0.0%

- FY2019: -0.2%

- FY2020: -0.6%

- FY2021: 0.1%

- FY2022: -0.2%

- FY2023: -4.1%

- FY2024: -3.3%

- FY2025: 1.2%

### economics: fail

- owner earnings cash conversion below threshold

- incremental invested capital return below threshold

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: -$110M

- Net income, five-year total: -$227M

- Return on incremental invested capital: -393.3%

- Working capital / revenue, annual change: 2.9 pp

- Working capital / revenue, change between three-year averages: 17.2 pp

- Working capital / revenue, final three-year average: -1.7%

Chart: Owner earnings · five years; fiscal year observations.

- FY2021: $24M

- FY2022: $20M

- FY2023: -$123M

- FY2024: -$31M

- FY2025: $933K

### management: fail

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- potential debt-funded buybacks (informational)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: -0.6% vs -3.3%

- Per-share earnings: -0.42 to -0.50 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- acquired goodwill and intangibles (proxy) exceeds half of ten-year net income with low and deteriorating ROIC

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 6.0%

- Ordinary dilution, 5-year annual growth: 0.8%

- Market cap gain: $1.5B

- Cumulative retained earnings: -$12B

- Diluted shares, 10-year annual growth: 6.0%

- Diluted shares, 5-year annual growth: 0.8%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value change: -$0.08

- Per-share value, starting three-year median: -$0.42

- Per-share value, ending three-year median: -$0.50

- Buybacks concentrated in cheaper years (correlation): 1.00

- Average buyback yield: 50.5%

- Buyback history: 6 years

- Debt-funded buybacks: Yes

- Acquisition spending: $3.0M

- Cumulative net income, 10 years: -$464M

- ROIC, first three-year median: -0.6%

- ROIC, last three-year median: -3.3%

Chart: Earnings per share; fiscal year observations.

- FY2016: -$1.05

- FY2017: -$0.42

- FY2018: $0.08

- FY2019: -$1.26

- FY2020: -$1.28

- FY2021: -$0.25

- FY2022: -$0.57

- FY2023: -$2.00

- FY2024: -$0.50

- FY2025: -$0.37

### accounting: pass

- stock compensation exceeds 15% of operating cash flow

- Sloan accruals: -3.0%

- Receivables to sales index (DSRI): 0.61×

- Restructuring years, last five: 2

- Stock compensation / operating cash flow: 61.7%

- Earnings backed by cash: Yes

- Accounting red flags: 1

- Goodwill and intangibles / equity: 0.57×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -9.8%

- FY2017: 0.9%

- FY2018: -5.4%

- FY2019: -9.5%

- FY2020: -1.5%

- FY2021: -4.6%

- FY2022: -5.9%

- FY2023: -8.4%

- FY2024: -3.1%

- FY2025: -3.0%

## Holders

- [Mason Hawkins](https://gigainvestors.com/SE): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Martin Whitman](https://gigainvestors.com/TA): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Up 44% since Oct 2023 · "Revenues beat expectations coming in atUS$72m, ahead of estimates by 4.8%." (finance.yahoo.com, May 2026) · sales +89.6%

Story as of 2026-10-16T09:58:22.289Z; price observation 2026-10-15.

- 2025-04-20: Atlanta Braves face $19 million tax-hike battle over player pay ([finance.yahoo.com](https://finance.yahoo.com/news/atlanta-braves-face-19-million-140000785.html))

### Sales · FY2025–2026

sales +89.6%; source https://www.sec.gov/Archives/edgar/data/1958140/000110465926020650/batra-20251231x10k.htm; observed 2026-02-26.

- FY2017: $386M 

- FY2018: $442M 

- FY2019: $476M 

- FY2020: $178M 

- FY2021: $564M 

- FY2022: $589M 

- FY2023: $641M 

- FY2024: $663M 

- FY2025: $732M 

- FY2026: $1.4B 

### Gross margin · FY2025

gross margin 19.9%; source https://www.sec.gov/Archives/edgar/data/1958140/000110465926020650/batra-20251231x10k.htm; observed 2026-02-26.

- FY2021: 33.2% 

- FY2022: 25.8% 

- FY2023: 23.3% 

- FY2024: 22.5% 

- FY2025: 19.9% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in entertainment; annual sales are USD 732.5 million.

- Source: https://www.sec.gov/Archives/edgar/data/1958140/000110465926020650/batra-20251231x10k.htm (filed 2026-02-26); FY2025: revenue 732492000; grossProfit 145508000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 19.9% to 23.3% during 2023–25; it lost 0.4% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2023: grossProfit / revenue = 23.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2024: grossProfit / revenue = 22.5%.

- Source: https://www.sec.gov/Archives/edgar/data/1958140/000110465926020650/batra-20251231x10k.htm (filed 2026-02-26); FY2025: grossProfit / revenue = 19.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); 10-year return on capital observations [[2016,-0.005926700282868036],[2017,-0.006704972209704071],[2018,0.0000583628841607565],[2019,-0.00198377438671045],[2020,-0.006053277461837773],[2021,0.0009692043353522474],[2022,-0.0016105192368432877],[2023,-0.040739556266240255],[2024,-0.032666987060535675],[2025,0.012191745553743128]]; median -0.0039552373347892435. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 6 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2018: growth capex 0; upkeep 33000000; owner earnings 48000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2021: growth capex 0; upkeep 35000000; owner earnings 23994000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2022: growth capex 0; upkeep 18000000; owner earnings 19525000. Growth capex / owner earnings = 0.

- Source: https://www.sec.gov/Archives/edgar/data/1958140/000110465926020650/batra-20251231x10k.htm (filed 2026-02-26); FY2025: growth capex 0; upkeep 51333000; owner earnings 933000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); Dividend observations: [[2016,0],[2017,60000000],[2018,59000000],[2019,68000000],[2020,64000000],[2021,58000000],[2022,249000],[2023,0],[2024,0],[2025,0]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 5.4% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); BATRA.US SharesStats.PercentInsiders = 5.409 percentage points; cache date 2026-10-16.

### What the price says

The price is 4.7 times annual sales.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); Closing price 54.66 USD; reporting-to-trading FX 1; FY2025 annual sales per share 11.514997170345218; price multiple 4.746853098736914. FY2025 cash earnings/share 0.014667043953970949. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $16.95 per share

- 2016-11: $20.15 per share

- 2016-12: $20.49 per share

- 2017-01: $19.95 per share

- 2017-02: $22.03 per share

- 2017-03: $23.94 per share

- 2017-04: $24.83 per share

- 2017-05: $23.72 per share

- 2017-06: $23.89 per share

- 2017-07: $25.24 per share

- 2017-08: $24.41 per share

- 2017-09: $25.37 per share

- 2017-10: $23.48 per share

- 2017-11: $22.62 per share

- 2017-12: $22.05 per share

- 2018-01: $23.60 per share

- 2018-02: $22.92 per share

- 2018-03: $22.73 per share

- 2018-04: $21.97 per share

- 2018-05: $24.96 per share

- 2018-06: $25.71 per share

- 2018-07: $25.70 per share

- 2018-08: $26.68 per share

- 2018-09: $27.28 per share

- 2018-10: $25.80 per share

- 2018-11: $25.01 per share

- 2018-12: $24.94 per share

- 2019-01: $27.14 per share

- 2019-02: $27.76 per share

- 2019-03: $27.94 per share

- 2019-04: $28.36 per share

- 2019-05: $26.54 per share

- 2019-06: $27.80 per share

- 2019-07: $28.90 per share

- 2019-08: $27.47 per share

- 2019-09: $27.83 per share

- 2019-10: $29.52 per share

- 2019-11: $28.39 per share

- 2019-12: $29.65 per share

- 2020-01: $29.25 per share

- 2020-02: $26.02 per share

- 2020-03: $19.50 per share

- 2020-04: $20.64 per share

- 2020-05: $22.59 per share

- 2020-06: $20.08 per share

- 2020-07: $18.91 per share

- 2020-08: $19.59 per share

- 2020-09: $20.88 per share

- 2020-10: $20.70 per share

- 2020-11: $25.17 per share

- 2020-12: $24.87 per share

- 2021-01: $27.36 per share

- 2021-02: $29.38 per share

- 2021-03: $28.51 per share

- 2021-04: $27.99 per share

- 2021-05: $27.92 per share

- 2021-06: $28.22 per share

- 2021-07: $26.54 per share

- 2021-08: $26.00 per share

- 2021-09: $26.91 per share

- 2021-10: $30.57 per share

- 2021-11: $27.87 per share

- 2021-12: $28.75 per share

- 2022-01: $28.05 per share

- 2022-02: $25.63 per share

- 2022-03: $28.78 per share

- 2022-04: $26.27 per share

- 2022-05: $25.38 per share

- 2022-06: $25.15 per share

- 2022-07: $28.86 per share

- 2022-08: $28.10 per share

- 2022-09: $28.15 per share

- 2022-10: $31.89 per share

- 2022-11: $33.12 per share

- 2022-12: $32.67 per share

- 2023-01: $35.13 per share

- 2023-02: $34.25 per share

- 2023-03: $34.58 per share

- 2023-04: $39.17 per share

- 2023-05: $37.37 per share

- 2023-06: $40.92 per share

- 2023-07: $47.34 per share

- 2023-08: $41.84 per share

- 2023-09: $39.07 per share

- 2023-10: $37.91 per share

- 2023-11: $40.35 per share

- 2023-12: $42.78 per share

- 2024-01: $43.07 per share

- 2024-02: $41.95 per share

- 2024-03: $41.90 per share

- 2024-04: $40.34 per share

- 2024-05: $42.03 per share

- 2024-06: $41.33 per share

- 2024-07: $45.92 per share

- 2024-08: $45.60 per share

- 2024-09: $42.15 per share

- 2024-10: $42.06 per share

- 2024-11: $42.09 per share

- 2024-12: $40.80 per share

- 2025-01: $42.69 per share

- 2025-02: $44.13 per share

- 2025-03: $43.87 per share

- 2025-04: $43.45 per share

- 2025-05: $43.45 per share

- 2025-06: $49.21 per share

- 2025-07: $47.10 per share

- 2025-08: $47.51 per share

- 2025-09: $45.47 per share

- 2025-10: $43.14 per share

- 2025-11: $43.57 per share

- 2025-12: $42.49 per share

- 2026-01: $44.02 per share

- 2026-02: $48.41 per share

- 2026-03: $47.15 per share

- 2026-04: $52.92 per share

- 2026-05: $53.60 per share

- 2026-06: $56.31 per share

- 2026-07: $54.41 per share

- 2026-08: $55.01 per share

- 2026-09: $58.03 per share

- 2026-10: $54.66 per share

## Annual estimated value (USD per share)

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/1958140/000110465926020650/batra-20251231x10k.htm); period 2025-12-31, filed 2026-02-26.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

## Reported holder observations

- [Mason Hawkins](https://gigainvestors.com/SE): 605,091 BATRK shares; USD 31,404,000 reported position value; 1.64% of portfolio; reduce; quarter 2026 Q2.
- [Martin Whitman](https://gigainvestors.com/TA): 111,880 BATRA shares; USD 6,300,000 reported position value; 1.01% of portfolio; reduce; quarter 2026 Q2.
- [Martin Whitman](https://gigainvestors.com/TA): 26,027 BATRK shares; USD 1,351,000 reported position value; 0.22% of portfolio; reduce; quarter 2026 Q2.

# BATRA — Atlanta Braves Holdings Inc. Series A

Held by 1 investor · USD 6,300,000 total · 2026 Q2 · reported price USD 56.31 (split-adjusted).
Page: https://gigainvestors.com/s/BATRA

## Holders (2026 Q2)

| Investor | Value | % of their portfolio | This quarter |
|---|---:|---:|---|
| Martin Whitman (https://gigainvestors.com/TA) | USD 6,300,000 | 1.0% | reduce -31.96% |

## Total held by quarter

- 2016 Q2: USD 12,032,000 · 1 holder · USD 15.04
- 2016 Q3: USD 13,960,000 · 1 holder · USD 17.45
- 2016 Q4: USD 16,392,000 · 1 holder · USD 20.49
- 2017 Q1: USD 0 · 0 holders
- 2017 Q2: USD 0 · 0 holders
- 2017 Q3: USD 0 · 0 holders
- 2017 Q4: USD 0 · 0 holders
- 2018 Q1: USD 0 · 0 holders
- 2018 Q2: USD 0 · 0 holders
- 2018 Q3: USD 0 · 0 holders
- 2018 Q4: USD 0 · 0 holders
- 2019 Q1: USD 0 · 0 holders
- 2019 Q2: USD 0 · 0 holders
- 2019 Q3: USD 0 · 0 holders
- 2019 Q4: USD 0 · 0 holders
- 2020 Q1: USD 1,339,943 · 1 holder · USD 19.50
- 2020 Q2: USD 2,465,344 · 1 holder · USD 20.09
- 2020 Q3: USD 2,563,516 · 1 holder · USD 20.89
- 2020 Q4: USD 4,330,563 · 1 holder · USD 24.87
- 2021 Q1: USD 4,964,389 · 1 holder · USD 28.51
- 2021 Q2: USD 4,913,892 · 1 holder · USD 28.22
- 2021 Q3: USD 4,685,784 · 1 holder · USD 26.91
- 2021 Q4: USD 5,006,180 · 1 holder · USD 28.75
- 2022 Q1: USD 5,011,404 · 1 holder · USD 28.78
- 2022 Q2: USD 4,379,319 · 1 holder · USD 25.15
- 2022 Q3: USD 4,901,703 · 1 holder · USD 28.15
- 2022 Q4: USD 5,688,762 · 1 holder · USD 32.67
- 2023 Q1: USD 6,021,346 · 1 holder · USD 34.58
- 2023 Q2: USD 6,728,803 · 1 holder · USD 40.92
- 2023 Q3: USD 6,332,507 · 1 holder · USD 38.51
- 2023 Q4: USD 7,034,658 · 1 holder · USD 42.78
- 2024 Q1: USD 6,889,952 · 1 holder · USD 41.90
- 2024 Q2: USD 6,796,223 · 1 holder · USD 41.33
- 2024 Q3: USD 6,931,062 · 1 holder · USD 42.15
- 2024 Q4: USD 6,709,070 · 1 holder · USD 40.80
- 2025 Q1: USD 7,213,895 · 1 holder · USD 43.87
- 2025 Q2: USD 8,091,994 · 1 holder · USD 49.21
- 2025 Q3: USD 7,422,731 · 1 holder · USD 45.14
- 2025 Q4: USD 6,986,971 · 1 holder · USD 42.49
- 2026 Q1: USD 7,753,252 · 1 holder · USD 47.15
- 2026 Q2: USD 6,300,000 · 1 holder · USD 56.31