LILALiberty Latin America Ltd.

Cable & Other Pay Television Services

Revenue: $4.4B; 0.1% YoY
Operating margin: 2.4%; 241% YoY
EBITDA: $1.0B; 14% YoY
Market cap: $1.7B
Employees: 9,000; $494K revenue each
Net debt / EBITDA: 7.2×; $7.3B net debt
AI in 10-K: 0.5; mentions per 10K words

Takeover score 3 of 13

Fixable underperformance 1 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
$17M median
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
—
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
0% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
25% of assets
Over 40% of assets
Shareholder dissentYes
75% lowest support
Any vote under 80% support

Buyer economics 2 of 4

Low revenue per employeeNo
$494K · 45th pct
Bottom quartile of its SIC industry
Quiet on AIYes
0.5 per 10K words · 23rd pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
7.2× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedYes
$1.7B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
$49M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$4.8B	$4.8B	$4.5B	$4.4B	$4.4B	0.1%
Operating income	$64M	$87M	$518M	−$77M	$108M	241%
Net income	−$441M	−$171M	−$74M	−$689M	−$611M	11%
Operating cash flow	$1.0B	$869M	$897M	$756M	$806M	6.6%
Capex	$856M	$816M	$585M	$540M	$500M	7.5%
Stock-based comp	$118M	$94M	$89M	$73M	$54M	25%
Buybacks	$63M	$170M	$118M	$83M	$0	100%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Aug 11, 2026	MALONE JOHN C	SCHEDULE 13D/A	14.1%	Passive
Jun 24, 2026	MALONE JOHN C	SCHEDULE 13D/A	12.6%	Passive
May 11, 2026	MALONE JOHN C	SCHEDULE 13D/A	8.8%	Passive
Mar 31, 2026	Nair Balan	SCHEDULE 13D/A	1.8%	Passive
Jan 2, 2025	GAMCO INVESTORS, INC. ET AL	SCHEDULE 13D	5.0%	Passive
Mar 14, 2024	Nair Balan	SC 13D/A	3.3%	Passive
Feb 27, 2023	Nair Balan	SC 13D	2.4%	Passive

Insider trading

Open-market buys, 12 mo: $158M · 41
Open-market sells, 12 mo: $108M · 5
Net: $49M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	$17M	$19M	—	123
FY2024	$18M	$15M	—	92
FY2023	$16M	$15M	—	86
FY2022	$16M	$6M	—	78
FY2021	$38M	$32M	—	97