# Liberty Latin America (LILA.US)

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

Analysis as of: 2026-10-16T07:29:50.572Z. Financial observations: FY2012–FY2025.

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: $8.25 per share; close as of 2026-10-15.

## Checklist

### understandable: fail

- 5 revenue declines in the last 10 years (informational)

- more than 2 net loss years

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 5

- Years with a net loss: 10

- Operating margin variation: 1.34×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.12×

- FY2017: -0.04×

- FY2018: -0.01×

- FY2019: 0.08×

- FY2020: 0.02×

- FY2021: 0.01×

- FY2022: 0.02×

- FY2023: 0.11×

- FY2024: -0.01×

- FY2025: 0.16×

### moat: fail

- ROIC median below threshold

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

- ROIC, median of available years: 1.3%

- ROIC, second-lowest year: -0.7%

- Typical minus recent gross margin: -0.0 pp

- Typical gross margin (annual median): 66.6%

- Recent gross margin (lower of latest and 3-year median): 66.6%

- Years with nonpositive capital: 0

- Capital spending / revenue: 15.1%

- ROIC including acquisitions, ten-year median: -2.2%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 7.6%

- FY2017: -3.4%

- FY2018: -0.5%

- FY2019: 4.8%

- FY2020: 1.4%

- FY2021: 1.0%

- FY2022: 1.2%

- FY2023: 7.4%

- FY2024: -0.7%

- FY2025: 8.4%

### economics: fail

- owner earnings cash conversion below threshold

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: -$218M

- Net income, five-year total: -$2.0B

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: -0.3 pp

- Working capital / revenue, change between three-year averages: -2.2 pp

- Working capital / revenue, final three-year average: 10.4%

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

- FY2021: -$212M

- FY2022: $80M

- FY2023: $350M

- FY2024: -$229M

- FY2025: -$206M

### 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: -0.5% vs 7.4%

- Per-share earnings: -1.38 to -2.08 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 20.3%

- Ordinary dilution, 5-year annual growth: 0.4%

- Market cap gain: -$1.1B

- Cumulative retained earnings: -$4.0B

- Diluted shares, 10-year annual growth: 20.3%

- Diluted shares, 5-year annual growth: 0.4%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value change: -$0.70

- Per-share value, starting three-year median: -$1.38

- Per-share value, ending three-year median: -$2.08

- Buybacks concentrated in cheaper years (correlation): 0.10

- Average buyback yield: 3.5%

- Buyback history: 9 years

- Debt-funded buybacks: Yes

- Acquisition spending: $3.1B

- Cumulative net income, 10 years: -$4.1B

- ROIC, first three-year median: -0.5%

- ROIC, last three-year median: 7.4%

Chart: Earnings per share; fiscal year observations.

- FY2016: -$1.38

- FY2017: -$3.08

- FY2018: -$1.33

- FY2019: -$0.39

- FY2020: -$2.37

- FY2021: -$1.29

- FY2022: -$0.52

- FY2023: -$0.24

- FY2024: -$2.25

- FY2025: -$2.08

### accounting: pass

- restructuring or one-time charges in at least three of five years

- Sloan accruals: -11.6%

- Receivables to sales index (DSRI): 0.99×

- Restructuring years, last five: 5

- Stock compensation / operating cash flow: 6.8%

- Earnings backed by cash: Yes

- Accounting red flags: 1

- Goodwill and intangibles / equity: 8.44×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -5.1%

- FY2017: -9.9%

- FY2018: -8.6%

- FY2019: -6.9%

- FY2020: -8.8%

- FY2021: -9.5%

- FY2022: -7.7%

- FY2023: -7.1%

- FY2024: -11.0%

- FY2025: -11.6%

## Holders

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

## Price story

Up 78% since Oct 2023 · sales -0.3%

Story as of 2026-10-16T09:59:04.435Z; price observation 2026-10-15.

### Sales · FY2024–2025

sales -0.3%; source https://www.sec.gov/Archives/edgar/data/1712184/000171218426000023/lila-20251231.htm; observed 2026-02-18.

- FY2016: $2.7B 

- FY2017: $3.6B 

- FY2018: $3.7B 

- FY2019: $3.9B 

- FY2020: $3.8B 

- FY2021: $4.8B 

- FY2022: $4.8B 

- FY2023: $4.5B 

- FY2024: $4.5B 

- FY2025: $4.4B 

### Gross margin · FY2025

gross margin 67.5%; source https://www.sec.gov/Archives/edgar/data/1712184/000171218426000023/lila-20251231.htm; observed 2026-02-18.

- FY2016: 75.1% 

- FY2017: 75.6% 

- FY2018: 76.0% 

- FY2019: 66.6% 

- FY2020: 66.3% 

- FY2021: 63.9% 

- FY2022: 64.0% 

- FY2023: 66.6% 

- FY2024: 66.5% 

- FY2025: 67.5% 

## Owner memo

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

### How it makes money

Operates in telecom services; annual sales are USD 4.4 billion.

- Source: https://www.sec.gov/Archives/edgar/data/1712184/000171218426000023/lila-20251231.htm (filed 2026-02-18); FY2025: revenue 4442200000; grossProfit 2997700000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-15); LILA.US: Liberty Latin America Ltd., together with its subsidiaries, provides fixed, mobile, and subsea telecommunications services in Puerto Rico, Panama, Costa Rica, Jamaica, Latin America and the Caribbean, the Bahamas, Trinidad and Tobago, Barbados, Curacao, Chile, and internationally. The company operates through Liberty Caribbean, C&W Panama, Liberty Networks, Liberty Puerto Rico, and Liberty Costa Rico segments. It offers communications and entertainment services, including video, broadband internet, fixed-line, telephony, and mobiles services to residential and business customers; and business products and services comprising enterprise-grade connectivity, data center, hosting, and managed solutions, as well as information technology solutions for small and medium enterprises, international companies, and governmental agencies. The company also operates a subsea and terrestrial fiber optic cable network that connects approximately 30 markets in the region for providing connectivity solutions; and offers voice and data services, such as value-added, data-based, and fixed-mobile converged services. It provides its services under the brands of Liberty Business, LIBERTY NETWORKS, Liberty, BTC, Flow, and +movil. The company was incorporated in 2017 and is based in Hamilton, Bermuda.

### Why customers stay

Margins ranged from 66.5% to 67.5% during 2023–25; it earns 1.3% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-18); FY2023: grossProfit / revenue = 66.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-18); FY2024: grossProfit / revenue = 66.5%.

- Source: https://www.sec.gov/Archives/edgar/data/1712184/000171218426000023/lila-20251231.htm (filed 2026-02-18); FY2025: grossProfit / revenue = 67.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-18); 10-year return on capital observations [[2016,0.07589841633046306],[2017,-0.033518984446477586],[2018,-0.004625843588725685],[2019,0.047726969292389856],[2020,0.014018773443003752],[2021,0.010155141843971632],[2022,0.012043744161863974],[2023,0.07361502600932376],[2024,-0.006788293897882939],[2025,0.08413585364932885]]; median 0.013031258802433863. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 5 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-18); FY2019: growth capex 0; upkeep 589100000; cash acquisitions 161200000; owner earnings 194700000. Growth capex plus acquisitions / owner earnings = 0.8279404211607602.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-18); FY2022: growth capex 0; upkeep 660100000; cash acquisitions 230800000; owner earnings 79900000. Growth capex plus acquisitions / owner earnings = 2.888610763454318.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-18); FY2023: growth capex 0; upkeep 585000000; cash acquisitions 0; owner earnings 349700000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-18); Dividend observations: [[2016,20000000],[2017,54900000],[2018,0],[2019,0],[2020,1319000000],[2021,47600000],[2022,1900000],[2023,0],[2024,0],[2025,0]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 18.8% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-15); LILA.US SharesStats.PercentInsiders = 18.812 percentage points; cache date 2026-10-15.

### What the price says

The price is 0.5 times annual sales; cash earnings are negative.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-18); Closing price 8.25 USD; reporting-to-trading FX 1; FY2025 annual sales per share 15.126811594202898; price multiple 0.5453892215568862. FY2025 cash earnings/share -0.7025035414623515. Closing-price date 2026-10-15.

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

- 2016-11: $13.82 per share

- 2016-12: $14.06 per share

- 2017-01: $14.74 per share

- 2017-02: $15.66 per share

- 2017-03: $14.24 per share

- 2017-04: $13.75 per share

- 2017-05: $13.52 per share

- 2017-06: $13.94 per share

- 2017-07: $16.47 per share

- 2017-08: $16.65 per share

- 2017-09: $15.21 per share

- 2017-10: $13.91 per share

- 2017-11: $13.32 per share

- 2017-12: $12.90 per share

- 2018-01: $14.37 per share

- 2018-02: $13.25 per share

- 2018-03: $12.45 per share

- 2018-04: $11.78 per share

- 2018-05: $13.88 per share

- 2018-06: $12.24 per share

- 2018-07: $12.22 per share

- 2018-08: $12.62 per share

- 2018-09: $13.34 per share

- 2018-10: $11.51 per share

- 2018-11: $11.69 per share

- 2018-12: $9.27 per share

- 2019-01: $11.16 per share

- 2019-02: $12.56 per share

- 2019-03: $12.38 per share

- 2019-04: $13.40 per share

- 2019-05: $10.92 per share

- 2019-06: $11.03 per share

- 2019-07: $10.49 per share

- 2019-08: $10.51 per share

- 2019-09: $10.93 per share

- 2019-10: $11.97 per share

- 2019-11: $11.40 per share

- 2019-12: $12.36 per share

- 2020-01: $10.68 per share

- 2020-02: $9.70 per share

- 2020-03: $6.74 per share

- 2020-04: $6.85 per share

- 2020-05: $6.38 per share

- 2020-06: $6.22 per share

- 2020-07: $6.58 per share

- 2020-08: $6.27 per share

- 2020-09: $5.60 per share

- 2020-10: $6.66 per share

- 2020-11: $7.71 per share

- 2020-12: $7.56 per share

- 2021-01: $6.85 per share

- 2021-02: $7.45 per share

- 2021-03: $8.72 per share

- 2021-04: $9.43 per share

- 2021-05: $9.69 per share

- 2021-06: $9.42 per share

- 2021-07: $9.27 per share

- 2021-08: $9.69 per share

- 2021-09: $8.89 per share

- 2021-10: $8.17 per share

- 2021-11: $7.72 per share

- 2021-12: $7.92 per share

- 2022-01: $7.43 per share

- 2022-02: $6.83 per share

- 2022-03: $6.59 per share

- 2022-04: $6.28 per share

- 2022-05: $6.46 per share

- 2022-06: $5.30 per share

- 2022-07: $5.01 per share

- 2022-08: $4.76 per share

- 2022-09: $4.21 per share

- 2022-10: $5.29 per share

- 2022-11: $5.26 per share

- 2022-12: $5.12 per share

- 2023-01: $6.68 per share

- 2023-02: $5.99 per share

- 2023-03: $5.65 per share

- 2023-04: $6.03 per share

- 2023-05: $4.97 per share

- 2023-06: $5.94 per share

- 2023-07: $5.71 per share

- 2023-08: $6.07 per share

- 2023-09: $5.54 per share

- 2023-10: $4.64 per share

- 2023-11: $4.60 per share

- 2023-12: $4.97 per share

- 2024-01: $4.78 per share

- 2024-02: $4.37 per share

- 2024-03: $4.74 per share

- 2024-04: $5.13 per share

- 2024-05: $6.16 per share

- 2024-06: $6.53 per share

- 2024-07: $7.12 per share

- 2024-08: $6.43 per share

- 2024-09: $6.51 per share

- 2024-10: $6.65 per share

- 2024-11: $4.73 per share

- 2024-12: $4.32 per share

- 2025-01: $4.20 per share

- 2025-02: $4.60 per share

- 2025-03: $4.30 per share

- 2025-04: $3.68 per share

- 2025-05: $3.34 per share

- 2025-06: $4.14 per share

- 2025-07: $4.79 per share

- 2025-08: $5.48 per share

- 2025-09: $5.63 per share

- 2025-10: $5.30 per share

- 2025-11: $5.90 per share

- 2025-12: $5.02 per share

- 2026-01: $5.24 per share

- 2026-02: $5.33 per share

- 2026-03: $5.87 per share

- 2026-04: $5.52 per share

- 2026-05: $5.48 per share

- 2026-06: $7.84 per share

- 2026-07: $8.15 per share

- 2026-08: $8.61 per share

- 2026-09: $8.28 per share

- 2026-10: $8.25 per share

## Annual estimated value (USD per share)

- FY2016: low $5.38 per share, central $5.75 per share, high $6.24 per share

- FY2017: low $2.53 per share, central $2.63 per share, high $2.76 per share

- FY2023: low $4.87 per share, central $5.23 per share, high $5.72 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/1712184/000171218426000023/lila-20251231.htm); period 2025-12-31, filed 2026-02-18.

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

- [Howard Marks](https://gigainvestors.com/oc): 7,559,083 LILAK shares; USD 58,885,000 reported position value; 1.56% of portfolio; add; quarter 2026 Q2.
- [Howard Marks](https://gigainvestors.com/oc): 839,020 LILA shares; USD 6,578,000 reported position value; 0.17% of portfolio; hold; quarter 2026 Q2.

# LILA — Liberty LiLAC Group A

Held by 1 investor · USD 6,578,000 total · 2026 Q2 · reported price USD 7.84 (split-adjusted).
Page: https://gigainvestors.com/s/LILA

## Holders (2026 Q2)

| Investor | Value | % of their portfolio | This quarter |
|---|---:|---:|---|
| Howard Marks (https://gigainvestors.com/oc) | USD 6,578,000 | 0.2% | hold |

## Total held by quarter

- 2015 Q3: USD 20,992,711 · 2 holders · USD 33.69
- 2015 Q4: USD 25,778,226 · 2 holders · USD 41.37
- 2016 Q1: USD 21,846,377 · 2 holders · USD 35.06
- 2016 Q2: USD 100,695,047 · 3 holders · USD 32.26
- 2016 Q3: USD 89,315,258 · 3 holders · USD 27.59
- 2016 Q4: USD 71,087,748 · 3 holders · USD 21.96
- 2017 Q1: USD 71,995,195 · 3 holders · USD 22.24
- 2017 Q2: USD 67,166,502 · 2 holders · USD 21.77
- 2017 Q3: USD 73,306,205 · 2 holders · USD 23.76
- 2017 Q4: USD 62,168,352 · 2 holders · USD 20.15
- 2018 Q1: USD 60,008,657 · 2 holders · USD 19.45
- 2018 Q2: USD 58,990,515 · 2 holders · USD 19.12
- 2018 Q3: USD 64,297,193 · 2 holders · USD 20.84
- 2018 Q4: USD 44,674,826 · 2 holders · USD 14.48
- 2019 Q1: USD 59,669,276 · 2 holders · USD 19.34
- 2019 Q2: USD 53,159,340 · 2 holders · USD 17.23
- 2019 Q3: USD 52,665,696 · 2 holders · USD 17.07
- 2019 Q4: USD 59,545,865 · 2 holders · USD 19.30
- 2020 Q1: USD 31,572,792 · 2 holders · USD 10.52
- 2020 Q2: USD 29,171,819 · 2 holders · USD 9.72
- 2020 Q3: USD 25,169,818 · 3 holders · USD 8.25
- 2020 Q4: USD 32,357,526 · 2 holders · USD 11.13
- 2021 Q1: USD 33,753,061 · 1 holder · USD 12.83
- 2021 Q2: USD 36,462,777 · 1 holder · USD 13.86
- 2021 Q3: USD 34,410,759 · 1 holder · USD 13.08
- 2021 Q4: USD 30,675,035 · 1 holder · USD 11.66
- 2022 Q1: USD 25,518,682 · 1 holder · USD 9.70
- 2022 Q2: USD 20,520,178 · 1 holder · USD 7.80
- 2022 Q3: USD 16,284,602 · 1 holder · USD 6.19
- 2022 Q4: USD 19,809,864 · 1 holder · USD 7.53
- 2023 Q1: USD 21,861,882 · 1 holder · USD 8.31
- 2023 Q2: USD 23,019,430 · 1 holder · USD 8.75
- 2023 Q3: USD 21,467,263 · 1 holder · USD 8.16
- 2023 Q4: USD 19,231,090 · 1 holder · USD 7.31
- 2024 Q1: USD 18,336,620 · 1 holder · USD 6.97
- 2024 Q2: USD 25,281,911 · 1 holder · USD 9.61
- 2024 Q3: USD 25,202,987 · 1 holder · USD 9.58
- 2024 Q4: USD 16,731,837 · 1 holder · USD 6.36
- 2025 Q1: USD 16,652,913 · 1 holder · USD 6.33
- 2025 Q2: USD 16,047,831 · 1 holder · USD 6.10
- 2025 Q3: USD 28,826,535 · 2 holders · USD 8.29
- 2025 Q4: USD 23,911,712 · 2 holders · USD 7.39
- 2026 Q1: USD 7,249,133 · 1 holder · USD 8.64
- 2026 Q2: USD 6,578,000 · 1 holder · USD 7.84