LBTYALiberty Global Ltd.

Cable & Other Pay Television Services

Revenue: $4.9B; 12% YoY
Operating margin: -0.5%; 65% YoY
EBITDA: $1.0B; 7.8% YoY
Market cap: $2.7B
Employees: 6,636; $735K revenue each
Net debt / EBITDA: 5.2×; $5.3B net debt
AI in 10-K: 2.2; mentions per 10K words

Takeover score 2 of 13

Fixable underperformance 1 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
$45M median
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
—
Cash flow under 80% of net income
Dilutive SBCNo
3% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
16% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
16% of assets
Over 40% of assets
Shareholder dissentYes
79% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
$735K · 55th pct
Bottom quartile of its SIC industry
Quiet on AINo
2.2 per 10K words · 58th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
5.2× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedYes
$2.7B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$5M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$10.3B	$4.0B	$4.1B	$4.3B	$4.9B	12%
Operating income	$1.3B	$110M	−$314M	−$60M	−$23M	61%
Net income	$13.6B	$2.0B	−$3.9B	$1.6B	−$7.1B	531%
Operating cash flow	$3.5B	$2.8B	$2.2B	$2.0B	$1.2B	40%
Capex	$1.4B	$891M	$922M	$909M	$1.3B	48%
Stock-based comp	$308M	$163M	$205M	$168M	$169M	0.7%
Buybacks	$1.6B	$1.7B	$1.5B	$690M	$192M	72%

Deal filings

Filed	Form	Acquirer	Price	Premium
Sep 20, 2024	DEFM14A	—	—	—
Jun 9, 2023	DEFM14A	—	—	—
Apr 24, 2023	PREM14A	—	—	—

13D filers

Filed	Filer	Form	Stake	Intent
May 13, 2025	MALONE JOHN C	SCHEDULE 13D/A	2.6%	Passive
May 13, 2025	MALONE JOHN C	SCHEDULE 13D/A	67.8%	Passive
Jun 25, 2021	FRIES MICHAEL T	SC 13D/A	0.4%	Passive

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $5M · 13
Net: −$5M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	$38M	$23M	—	131
FY2024	$46M	$49M	—	123
FY2023	$45M	$35M	—	101
FY2022	$19M	−$23M	—	90
FY2021	$62M	$70M	—	116