# Sabre Corpo (SABR.US)

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

Analysis as of: 2026-10-16T07:31:44.991Z. Financial observations: FY2010–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: $1.79 per share; close as of 2026-10-15.

## Checklist

### understandable: fail

- 2 revenue declines 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: 2

- Years with a net loss: 5

- Operating margin variation: 5.71×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.14×

- FY2017: 0.14×

- FY2018: 0.15×

- FY2019: 0.09×

- FY2020: -0.74×

- FY2021: -0.39×

- FY2022: -0.10×

- FY2023: 0.02×

- FY2024: 0.09×

- FY2025: 0.13×

### moat: fail

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

- ROIC, median of available years: 25.1%

- ROIC, second-lowest year: -60.1%

- Typical minus recent gross margin: -4.0 pp

- Typical gross margin (annual median): 26.0%

- Recent gross margin (lower of latest and 3-year median): 30.0%

- Years with nonpositive capital: 0

- Capital spending / revenue: 3.1%

- ROIC including acquisitions, ten-year median: 0.1%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 29.3%

- FY2017: 26.5%

- FY2018: 36.7%

- FY2019: 23.7%

- FY2020: -79.4%

- FY2021: -60.1%

- FY2022: -38.7%

- FY2023: 8.9%

- FY2024: 57.9%

- FY2025: >100%

### 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: -$1.2B

- Net income, five-year total: -$1.6B

- Return on incremental invested capital: 0.0%

- Working capital / revenue, annual change: -0.7 pp

- Working capital / revenue, change between three-year averages: -5.1 pp

- Working capital / revenue, final three-year average: 4.1%

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

- FY2021: -$721M

- FY2022: -$320M

- FY2023: -$466M

- FY2024: -$233M

- FY2025: $548M

### management: fail

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

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 29.3% vs 57.9%

- Per-share earnings: 0.87 to -0.73 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- five-year and ten-year diluted share growth both above threshold

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 3.4%

- Ordinary dilution, 5-year annual growth: 6.2%

- Market cap gain: -$6.4B

- Cumulative retained earnings: -$2.7B

- Diluted shares, 10-year annual growth: 3.4%

- Diluted shares, 5-year annual growth: 6.2%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value change: -$1.60

- Per-share value, starting three-year median: $0.87

- Per-share value, ending three-year median: -$0.73

- Buybacks concentrated in cheaper years (correlation): 0.40

- Average buyback yield: 1.1%

- Buyback history: 5 years

- Debt-funded buybacks: No

- Acquisition spending: $352M

- Cumulative net income, 10 years: -$1.9B

- ROIC, first three-year median: 29.3%

- ROIC, last three-year median: 57.9%

Chart: Earnings per share; fiscal year observations.

- FY2016: $0.86

- FY2017: $0.87

- FY2018: $1.22

- FY2019: $0.57

- FY2020: -$4.42

- FY2021: -$2.89

- FY2022: -$1.33

- FY2023: -$1.52

- FY2024: -$0.73

- FY2025: $1.34

### accounting: fail

- Sloan accruals exceed 10%

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

- earnings not backed by cash

- Sloan accruals: 14.6%

- Receivables to sales index (DSRI): 0.93×

- Restructuring years, last five: 5

- Earnings backed by cash: No

- Operating cash / earnings: -0.25×

- Accounting red flags: 2

Chart: Sloan accruals; fiscal year observations.

- FY2016: -7.6%

- FY2017: -7.6%

- FY2018: -6.6%

- FY2019: -7.4%

- FY2020: -8.4%

- FY2021: -9.6%

- FY2022: -3.1%

- FY2023: -12.5%

- FY2024: -7.5%

- FY2025: 14.6%

## Holders

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

## Price story

Down 84% since Mar 2022 · "Sabre (SABR) Is Up 120.2% After Launching AI-Native Mosaic Platform Amid Constellation’s Activist Pressure" (finance.yahoo.com, Mar 2026) · sales -8.5%

Story as of 2026-10-16T09:59:32.646Z; price observation 2026-10-15.

- 2025-08-07: Earnings call transcript: Sabre Corpo's Q2 2025 earnings miss forecasts, stock plummets ([investing.com](https://www.investing.com/news/transcripts/earnings-call-transcript-sabre-corpos-q2-2025-earnings-miss-forecasts-stock-plummets-93CH-4177928))

- 2026-03-04: Sabre (SABR) Is Up 120.2% After Launching AI-Native Mosaic Platform Amid Constellation’s Activist Pressure ([finance.yahoo.com](https://finance.yahoo.com/news/sabre-sabr-120-2-launching-051054281.html))

- 2026-08-07: Sabre Q2 Loss Widens, Revenues Beat Estimates on Marketplace Growth ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/sabre-q2-loss-widens-revenues-150100263.html))

### Sales · FY2024–2025

sales -8.5%; source https://www.sec.gov/Archives/edgar/data/1597033/000162828026008800/sabr-20251231.htm; observed 2026-02-18.

- FY2016: $3.4B 

- FY2017: $3.6B 

- FY2018: $3.9B 

- FY2019: $4.0B 

- FY2020: $1.3B 

- FY2021: $1.7B 

- FY2022: $2.5B 

- FY2023: $2.9B 

- FY2024: $3.0B 

- FY2025: $2.8B 

### Gross margin · FY2025

gross margin 56.4%; source https://www.sec.gov/Archives/edgar/data/1597033/000162828026008800/sabr-20251231.htm; observed 2026-02-18.

- FY2016: 32.2% 

- FY2017: 30.1% 

- FY2018: 27.8% 

- FY2019: 24.2% 

- FY2022: 15.8% 

- FY2023: 23.4% 

- FY2024: 30.0% 

- FY2025: 56.4% 

## Owner memo

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

### How it makes money

Operates in software infrastructure; annual sales are USD 2.8 billion.

- Source: https://www.sec.gov/Archives/edgar/data/1597033/000162828026008800/sabr-20251231.htm (filed 2026-02-18); FY2025: revenue 2770983000; grossProfit 1563996000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 23.4% to 56.4% during 2023–25; it earns 25.1% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-18); FY2023: grossProfit / revenue = 23.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-18); FY2024: grossProfit / revenue = 30%.

- Source: https://www.sec.gov/Archives/edgar/data/1597033/000162828026008800/sabr-20251231.htm (filed 2026-02-18); FY2025: grossProfit / revenue = 56.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-18); 10-year return on capital observations [[2016,0.29254593410017543],[2017,0.26454316926444477],[2018,0.3667377455169228],[2019,0.23681416314737813],[2020,-0.7938929753436249],[2021,-0.6009234773305535],[2022,-0.38691227951687884],[2023,0.08938841979445183],[2024,0.5794676578019865],[2025,1.2149872010659934]]; median 0.25067866620591145. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 8 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-18); FY2016: growth capex 0; upkeep 327647000; cash acquisitions 164120000; owner earnings 328901000. Growth capex plus acquisitions / owner earnings = 0.4989951383547025.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-18); FY2017: growth capex 0; upkeep 316436000; cash acquisitions 0; owner earnings 326966000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-18); FY2018: growth capex 0; upkeep 283940000; cash acquisitions 0; owner earnings 466935000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-18); FY2019: growth capex 0; upkeep 115166000; cash acquisitions 107462000; owner earnings 458047000. Growth capex plus acquisitions / owner earnings = 0.23460911216534547.

- Source: https://www.sec.gov/Archives/edgar/data/1597033/000162828026008800/sabr-20251231.htm (filed 2026-02-18); FY2025: growth capex 0; upkeep 82887000; owner earnings 547650000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-18); Dividend observations: [[2016,144355000],[2017,154861000],[2018,154080000],[2019,153508000],[2020,44394000],[2021,21629000],[2022,21385000],[2023,16039000],[2024,0],[2025,0]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 16.1% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-15); SABR.US SharesStats.PercentInsiders = 16.114 percentage points; cache date 2026-10-15.

### What the price says

The price is 0.3 times annual sales.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-18); Closing price 1.79 USD; reporting-to-trading FX 1; FY2025 annual sales per share 7.074121728741125; price multiple 0.25303494463877985. FY2025 cash earnings/share 1.398111343427613. Closing-price date 2026-10-15.

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

- 2016-10: $25.83 per share

- 2016-11: $25.85 per share

- 2016-12: $24.95 per share

- 2017-01: $24.50 per share

- 2017-02: $21.91 per share

- 2017-03: $21.19 per share

- 2017-04: $23.41 per share

- 2017-05: $22.43 per share

- 2017-06: $21.77 per share

- 2017-07: $22.13 per share

- 2017-08: $18.44 per share

- 2017-09: $18.10 per share

- 2017-10: $19.56 per share

- 2017-11: $19.91 per share

- 2017-12: $20.50 per share

- 2018-01: $20.77 per share

- 2018-02: $22.97 per share

- 2018-03: $21.45 per share

- 2018-04: $20.64 per share

- 2018-05: $24.51 per share

- 2018-06: $24.64 per share

- 2018-07: $24.62 per share

- 2018-08: $26.11 per share

- 2018-09: $26.08 per share

- 2018-10: $24.65 per share

- 2018-11: $25.57 per share

- 2018-12: $21.64 per share

- 2019-01: $22.98 per share

- 2019-02: $22.43 per share

- 2019-03: $21.39 per share

- 2019-04: $20.76 per share

- 2019-05: $20.28 per share

- 2019-06: $22.20 per share

- 2019-07: $23.51 per share

- 2019-08: $23.64 per share

- 2019-09: $22.40 per share

- 2019-10: $23.48 per share

- 2019-11: $22.43 per share

- 2019-12: $22.44 per share

- 2020-01: $21.54 per share

- 2020-02: $13.62 per share

- 2020-03: $5.93 per share

- 2020-04: $7.27 per share

- 2020-05: $6.97 per share

- 2020-06: $8.06 per share

- 2020-07: $7.56 per share

- 2020-08: $6.99 per share

- 2020-09: $6.51 per share

- 2020-10: $6.52 per share

- 2020-11: $11.25 per share

- 2020-12: $12.02 per share

- 2021-01: $10.78 per share

- 2021-02: $14.69 per share

- 2021-03: $14.81 per share

- 2021-04: $14.98 per share

- 2021-05: $13.85 per share

- 2021-06: $12.48 per share

- 2021-07: $11.79 per share

- 2021-08: $11.23 per share

- 2021-09: $11.84 per share

- 2021-10: $10.38 per share

- 2021-11: $7.53 per share

- 2021-12: $8.59 per share

- 2022-01: $9.15 per share

- 2022-02: $10.93 per share

- 2022-03: $11.43 per share

- 2022-04: $10.47 per share

- 2022-05: $7.51 per share

- 2022-06: $5.83 per share

- 2022-07: $6.15 per share

- 2022-08: $7.19 per share

- 2022-09: $5.15 per share

- 2022-10: $5.81 per share

- 2022-11: $6.11 per share

- 2022-12: $6.18 per share

- 2023-01: $6.81 per share

- 2023-02: $5.06 per share

- 2023-03: $4.29 per share

- 2023-04: $4.00 per share

- 2023-05: $3.10 per share

- 2023-06: $3.19 per share

- 2023-07: $4.10 per share

- 2023-08: $5.00 per share

- 2023-09: $4.49 per share

- 2023-10: $3.50 per share

- 2023-11: $3.53 per share

- 2023-12: $4.40 per share

- 2024-01: $4.10 per share

- 2024-02: $2.65 per share

- 2024-03: $2.42 per share

- 2024-04: $2.87 per share

- 2024-05: $3.13 per share

- 2024-06: $2.67 per share

- 2024-07: $3.43 per share

- 2024-08: $3.05 per share

- 2024-09: $3.67 per share

- 2024-10: $3.20 per share

- 2024-11: $3.91 per share

- 2024-12: $3.65 per share

- 2025-01: $3.35 per share

- 2025-02: $4.13 per share

- 2025-03: $2.81 per share

- 2025-04: $2.37 per share

- 2025-05: $2.52 per share

- 2025-06: $3.16 per share

- 2025-07: $3.03 per share

- 2025-08: $1.79 per share

- 2025-09: $1.83 per share

- 2025-10: $2.05 per share

- 2025-11: $1.61 per share

- 2025-12: $1.36 per share

- 2026-01: $1.30 per share

- 2026-02: $1.18 per share

- 2026-03: $1.45 per share

- 2026-04: $1.83 per share

- 2026-05: $1.76 per share

- 2026-06: $2.09 per share

- 2026-07: $1.85 per share

- 2026-08: $2.17 per share

- 2026-09: $2.12 per share

- 2026-10: $1.79 per share

## Annual estimated value (USD per share)

- FY2016: low $7.57 per share, central $8.47 per share, high $9.67 per share

- FY2017: low $13.88 per share, central $15.65 per share, high $18.01 per share

- FY2018: low $16.41 per share, central $18.45 per share, high $21.18 per share

- FY2019: low $19.42 per share, central $21.92 per share, high $25.24 per share

- FY2020: low $9.99 per share, central $10.66 per share, high $11.56 per share

- FY2021: low $8.17 per share, central $8.89 per share, high $9.85 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/1597033/000162828026008800/sabr-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.