BATRAAtlanta Braves Holdings, Inc.
Services-Amusement & Recreation Services
- Revenue
- $732M
- 11% YoY
- Operating margin
- -1.8%
- 69% YoY
- EBITDA
- $62M
- 168% YoY
- Market cap
- $3.5B
- Employees
- —
- Net debt / EBITDA
- 10.9×
- $677M net debt
- AI in 10-K
- 0.3
- mentions per 10K words
Takeover score 3 of 13
Fixable underperformance 0 of 7
- TSR below peersNo—3+ of last 5 years
- High CEO pay despite TSRNo—Median CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo—Cash flow under 80% of net income
- Dilutive SBCNo2% of revenueOver 10% of revenue
- Payouts exceed cash flowNo0% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo10% of assetsOver 40% of assets
- Shareholder dissentNo92% lowest supportAny vote under 80% support
Buyer economics 2 of 4
- Low revenue per employeeNo—Bottom quartile of its SIC industry
- Quiet on AIYes0.3 per 10K words · 16th pctBottom quartile of AI mentions in 10-Ks
- Net cashNo10.9× EBITDA net debtMore cash than debt, positive EBITDA
- Buyout-sizedYes$3.5B market capMarket cap $500M–$5B
Catalysts 1 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingYes−$16M netNet sales over $10M in 12 months
Financials
| Metric | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|
| Revenue | $589M | $641M | $663M | $732M | 11% |
| Operating income | −$31M | −$46M | −$40M | −$14M | 66% |
| Net income | −$34M | −$125M | −$31M | −$23M | 25% |
| Operating cash flow | $53M | $2M | $17M | $25M | 52% |
| Capex | $18M | $69M | $86M | $94M | 8.9% |
| Stock-based comp | $12M | $13M | $17M | $16M | 5.7% |
Deal filings
None.
13D filers
| Filed | Filer | Form | Stake | Intent |
|---|---|---|---|---|
| Sep 2, 2026 | GAMCO INVESTORS, INC. ET AL | SCHEDULE 13D/A | 30.2% | Passive |
| Feb 9, 2026 | MALONE JOHN C | SCHEDULE 13D/A | 13.4% | Passive |
| Feb 9, 2026 | MALONE JOHN C | SCHEDULE 13D/A | 97.1% | Passive |
| Nov 18, 2025 | MALONE JOHN C | SCHEDULE 13D/A | 15.1% | Passive |
| Nov 18, 2025 | MALONE JOHN C | SCHEDULE 13D/A | 5.0% | Passive |
| Apr 14, 2025 | MALONE JOHN C | SCHEDULE 13D/A | 3.6% | Passive |
| Apr 14, 2025 | MALONE JOHN C | SCHEDULE 13D/A | 96.7% | Passive |
| Jan 29, 2025 | MALONE JOHN C | SCHEDULE 13D/A | 2.2% | Passive |
| Jan 29, 2025 | MALONE JOHN C | SCHEDULE 13D/A | 96.7% | Passive |
| Aug 23, 2024 | MCGUIRK TERENCE F | SC 13D | 90.7% | Passive |
Insider trading
- Open-market buys, 12 mo
- $7M · 11
- Open-market sells, 12 mo
- $23M · 20
- Net
- −$16M
Pay vs performance
No pay-versus-performance disclosure yet.