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ATLANTA BRAVES HOLDINGS, INC.

BATRA · Communications · $3.5B mkt cap · FY2025 filings · No moat ·

Doesn't clear the bar

No moat
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The five investor questions

58

2022–2025 (latest 4 aligned FYs; v3 window cap 5): revenue $589M to $732M, increasing; diluted EPS -0.55 to -0.37, increasing.

—

Not enough years of gross-margin data to score pricing power.

0

Median ROIC -3.3%, above the 12% hurdle in 0% of years.

0

Net debt/EBITDA 10.3x, interest coverage -0x.

41

Owner earnings changed trend unclear over up to the ten most recent annual observations.

The pricingPower component abstained: Not enough years of gross-margin data to score pricing power. The other four 20% weights were renormalized over the scored 80%.

Price vs. value if growth stopped today

A cautious baseline, not a price target: what the shares may support if normalized owner earnings simply hold steady.

Above value if growth stopped todayBelow value if growth stopped today
No price data
Not reported
Unavailable — insufficient owner-earnings data
Unavailable — insufficient growth-model data
$55.04
No price data

This zero-growth estimate assumes trailing owner earnings persist — unreliable for declining businesses. The recent FY revenue series does not trigger the three-consecutive-declines flag.

Among the current top-score group, the median current price is 239% above the zero-growth estimate across 48 of the current top 50 companies by Moat Score with both values.

Score records captured Jul 26, 2026.

Exactly which 50 companies?

FTNT, META, MEDP, IBEX, MSFT, GOOGL, LULU, ANF, IDXX, TXRH, FHI, QLYS, FFIV, ADBE, LLY, MANH, VEEV, GRMN, SSD, MNST, DOCS, MCO, CPRT, NTAP, LRCX, NVDA, CORT, SFM, MPTI, ULTA, SN, RMD, ROL, PAYC, IRMD, INTU, DECK, MORN, LGCY, DAL, GWW, ISRG, MPWR, CTAS, LOPE, MRK, CMG, FAST, BKNG, ORLY

Missing a usable price or zero-growth estimate: ANF, BKNG.

Model details under moat-index@3.0.0: zero-growth multiple 11.1×, capped-growth comparison at no more than 18×; 9% discount rate; high-end growth 0% (capped at 4%) using min(5y revenue CAGR, 5y diluted-EPS CAGR), clamped to 0%–4%; maintenance capex uses min(capex, D&A); abstain when D&A is unavailable. This is a disclosed model range, not intrinsic value as fact.

5 years of fundamentals

The business, in plain English

It earned −0.9% on invested capital in the latest filed year, FY2025. Across the full 4-year measurable filed record, median ROIC was −3.3%. Over the v3 recent window (4 measurable filed years), median ROIC was −3.3%. The Returns on Capital filter above scores it 0/100.

The balance sheet carried $739M of total debt in FY2025. Balance-Sheet Safety scores it 0/100.

This breakdown is generated from the filed numbers and sub-scores above — no outside narrative, no estimates. Where a filing doesn’t disclose an input, the sentence that would need it is omitted instead of guessed.

FY2021–FY2025 · 5 fiscal years, normalized from BATRA’s SEC filings

Sales, as filed$732M FY2025
$0$500M202120232025
Revenue kept after cost of goods

Not disclosed in BATRA’s filings for these years — we don’t estimate it.

Standard ROIC or separately labeled Operating ROICROIC −0.9% FY2025
−4%−2%0%202120232025
Cash an owner could take out−$23.4M FY2025
−$100M$0202120232025

Gaps in a line mean that item isn’t in BATRA’s filings for that year. The series is never interpolated or estimated. The Table view lists every filed value, including operating and net margins, total debt, and share count.

Flagship explainer

How ATLANTA BRAVES HOLDINGS, INC. makes its money

ATLANTA BRAVES HOLDINGS, INC.'s filing does not supply enough comparable lines for a truthful flow chart — here's what is filed:

Table alternative
Filed lineValue% of revenueSource
$732M100%
−$13.5M−2%
Income before tax−$24.1M−3%
Income tax−$831000−0%
−$23.4M−3%
Source: · event Dec 31, 2025 · retrieved Jul 26, 2026 · annual-row source set

Flagship explainer

What ATLANTA BRAVES HOLDINGS, INC. owns — and owes

ATLANTA BRAVES HOLDINGS, INC.'s filing tags don't support a full breakdown — here's what is filed:

Table alternative
Filed lineValue% of assetsSource
Total assets$1.6B100%
Cash and equivalents$99.9M6%
$739M46%
Stockholders’ equity$526M33%
Source: · event Dec 31, 2025 · retrieved Jul 26, 2026 · annual-row source set

Flagship explainer

What drives ATLANTA BRAVES HOLDINGS, INC.’s return on equity?

ROE is five filed business factors multiplied together.

DuPont return on equity factor treeReturn on equity branches into tax burden, interest burden, operating margin, asset turnover, and the equity multiplier.Return on equity−4%Tax burden97%net income ÷ pretax incomeInterest burden178%pretax ÷ operating incomeOperating margin−2%operating income ÷ revenueAsset turnover0.47×revenue ÷ average assetsEquity multiplier2.99×average assets ÷ average equityAs of 2025-12-31 · 2 SEC filing sourcesBuy Like Buffett · buylikebuffett.com
DuPont source inputs
InputValueFiscal yearSource
−$23.4MFY2025
Income before tax−$24.1MFY2025
Operating income−$13.5MFY2025
$732MFY2025
Ending assets$1.6BFY2025
Beginning assets$1.5BFY2024
$526MFY2025
$524MFY2024
Source:
  • SEC filingFiling detailsAccession 0001104659-26-020650
  • SEC filingFiling detailsAccession 0001558370-25-002009
· event Dec 31, 2025 · retrieved Jul 26, 2026 · annual-row source set
Embed this chart

Flagship explainer

Where ATLANTA BRAVES HOLDINGS, INC.'s cash went

ATLANTA BRAVES HOLDINGS, INC.’s filing does not supply enough provenance-matched cash-flow lines for a truthful flow chart — here’s what is filed:

Table alternative
Filed lineValue% of cash from operationsSource
Cash from operations$25.2M100%
Depreciation and amortization$75.6M300%
Source: · event Dec 31, 2025 · retrieved Jul 26, 2026 · annual-row source set

Curated 19-manager tier

Who reported holding ATLANTA BRAVES HOLDINGS, INC.

Delayed public 13F reports for 2026-Q1—not live positions, trades, or recommendations.

1 holding0 exited17 not holding18/19 resolved1 unavailable

Named manager positions and quarter-over-quarter changes
ManagerReported positionQuarter-over-quarterFiling accession
Southeastern Asset Management671,014 shares$28.7M · 1% of eligible reported 13FUnchanged · 0 shares (0%)
Abrams CapitalNo position reportedNo position reported
Akre CapitalNo position reportedNo position reported
Baupost GroupNo position reportedNo position reported
Brave Warrior AdvisorsNo position reportedNo position reported
Dodge & CoxNo position reportedNo position reported
First EagleNo position reportedNo position reported
FundsmithNo position reportedNo position reported
Gardner Russo & QuinnNo position reportedNo position reported
Gates Foundation TrustNo position reportedNo position reported
Mairs & PowerNo position reportedNo position reported
Markel / Markel-GaynerNo position reportedNo position reported
Oakmark / Harris AssociatesNo position reportedNo position reported
Pershing SquareNo position reportedNo position reported
Polen CapitalNo position reportedNo position reported
Sequoia / Ruane CunniffNo position reportedNo position reported
Tweedy, BrowneNo position reportedNo position reported
Yacktman Asset ManagementNo position reportedNo position reported
Berkshire HathawayUnavailableComparison unavailableFiling unavailable

Position size uses shares and filed value from each manager’s 13F. Portfolio weight uses the eligible long-share filing denominator. Changes compare only with the immediately preceding calendar quarter.

Source:
36 SEC filings
  1. 13F-HR · Q4 2025Filing detailsAccession 0000813917-26-000022 · filed Feb 17, 2026
  2. 13F-HR · Q1 2026Filing detailsAccession 0000813917-26-000038 · filed May 15, 2026
  3. 13F-HR · Q4 2025Filing detailsAccession 0000860643-26-000001 · filed Feb 12, 2026
  4. 13F-HR · Q1 2026Filing detailsAccession 0000860643-26-000003 · filed May 13, 2026
  5. 13F-HR · Q4 2025Filing detailsAccession 0000905567-26-000001 · filed Feb 3, 2026
  6. 13F-HR · Q1 2026Filing detailsAccession 0000905567-26-000002 · filed May 1, 2026
  7. 13F-HR · Q4 2025Filing detailsAccession 0000919574-26-000775 · filed Feb 13, 2026
  8. 13F-HR · Q1 2026Filing detailsAccession 0000919574-26-003132 · filed May 15, 2026
  9. 13F-HR · Q4 2025Filing detailsAccession 0001061768-26-000005 · filed Feb 13, 2026
  10. 13F-HR · Q1 2026Filing detailsAccession 0001061768-26-000007 · filed May 14, 2026
  11. 13F-HR · Q4 2025Filing detailsAccession 0001096343-26-000011 · filed Feb 6, 2026
  12. 13F-HR · Q1 2026Filing detailsAccession 0001096343-26-000044 · filed May 1, 2026
  13. 13F-HR · Q4 2025Filing detailsAccession 0001104659-26-016458 · filed Feb 17, 2026
  14. 13F-HR · Q1 2026Filing detailsAccession 0001104659-26-062592 · filed May 15, 2026
  15. 13F-HR · Q4 2025Filing detailsAccession 0001112520-26-000008 · filed Feb 13, 2026
  16. 13F-HR · Q1 2026Filing detailsAccession 0001112520-26-000009 · filed May 14, 2026
  17. 13F-HR · Q4 2025Filing detailsAccession 0001172661-26-000654 · filed Feb 12, 2026
  18. 13F-HR · Q4 2025Filing detailsAccession 0001172661-26-000791 · filed Feb 13, 2026
  19. 13F-HR · Q4 2025Filing detailsAccession 0001172661-26-001057 · filed Feb 17, 2026
  20. 13F-HR · Q4 2025Filing detailsAccession 0001172661-26-001068 · filed Feb 17, 2026
  21. 13F-HR · Q4 2025Filing detailsAccession 0001172661-26-001091 · filed Feb 17, 2026
  22. 13F-HR · Q1 2026Filing detailsAccession 0001172661-26-001819 · filed May 14, 2026
  23. 13F-HR · Q1 2026Filing detailsAccession 0001172661-26-001911 · filed May 14, 2026
  24. 13F-HR · Q1 2026Filing detailsAccession 0001172661-26-001966 · filed May 14, 2026
  25. 13F-HR · Q1 2026Filing detailsAccession 0001172661-26-002294 · filed May 15, 2026
  26. 13F-HR · Q1 2026Filing detailsAccession 0001172661-26-002336 · filed May 15, 2026
  27. 13F-HR · Q4 2025Filing detailsAccession 0001193125-26-033986 · filed Feb 3, 2026
  28. 13F-HR · Q4 2025Filing detailsAccession 0001193125-26-050636 · filed Feb 13, 2026
  29. 13F-HR · Q1 2026Filing detailsAccession 0001193125-26-208439 · filed May 6, 2026
  30. 13F-HR · Q1 2026Filing detailsAccession 0001193125-26-223352 · filed May 14, 2026
  31. 13F-HR · Q4 2025Filing detailsAccession 0001325447-26-000004 · filed Feb 4, 2026
  32. 13F-HR/A · Q1 2026 · Amendment RESTATEMENTFiling detailsAccession 0001325447-26-000018 · filed May 14, 2026
  33. 13F-HR · Q4 2025Filing detailsAccession 0001398344-26-003084 · filed Feb 13, 2026
  34. 13F-HR · Q1 2026Filing detailsAccession 0001398344-26-009296 · filed May 15, 2026
  35. 13F-HR · Q4 2025Filing detailsAccession 0001569205-26-000002 · filed Feb 17, 2026
  36. 13F-HR · Q1 2026Filing detailsAccession 0001569205-26-000005 · filed May 15, 2026
· event Mar 31, 2026 · retrieved Jul 26, 2026

Flagship explainer

What ATLANTA BRAVES HOLDINGS, INC. insiders reported

Records still being gathered — partial as of retrieval Aug 13, 2026.

Partial coverage: the incomplete Form 4 walk cannot establish no activity, an activity date, or zero counts.

Moat Score history

12 logged readings since Jul 18, 2026 · append-only, never rewritten

Moat Score over timeLast scored reading of each day, on the 0–100 scale24.7 / 100
0406080100WideNarrowShallowNo moatJul 20, 2026Jul 26, 2026

Breaks in the line mark methodology or normalizer upgrades — readings across versions aren’t compared, so a level shift there isn’t a change in the business.

Tier changesSame-methodology and same-normalizer crossings of the Wide / Narrow / Shallow bars

  1. Normalizer upgraded unstamped (version unknown)moat-xbrl-normalizer@1.1.0 — readings across versions aren’t comparedJul 26, 2026
  2. Methodology upgraded moat-index@2.0.0moat-index@3.0.0 — readings across versions aren’t comparedJul 23, 2026
  3. Methodology upgraded moat-index@1.2.0moat-index@2.0.0 — readings across versions aren’t comparedJul 20, 2026

Scores are logged append-only and never overwritten — this record cannot be reconstructed retroactively, which is exactly why it’s worth keeping.

Insider activity

Form 4 reports mix P/S market or private transactions with compensation-plan mechanics. Activity casually described as “insider selling” can include compensation mechanics; awards, tax withholding, and option exercises are shown by their exact filed class here, never collapsed into “Bought” or “Sold.”

These are disclosed filing facts and arithmetic aggregates, not a signal or verdict.

This machine-readable surface covers SEC ownership filings from 2003; it does not represent earlier paper-era records.

Records still being gathered — partial as of retrieval Aug 13, 2026.

Trailing-12-month totals and the 90-day cluster result are withheld because this issuer walk is incomplete.

No reported Form 4 rows were captured for BATRA; the incomplete walk cannot establish zero activity, zero counts, or a negative cluster result.

A filing source-event date will appear when a Form 4 row is captured.

Retrieved .

Track record

How ATLANTA BRAVES HOLDINGS, INC.’s moat rated in each of the years we can reconstruct from its filings — scored only on what was knowable at the time — and what its price and returns did afterward. The score never saw a price; the two are joined only in hindsight, for education, not as a signal.

Point-in-time scores 2023–2025, one methodology version · reconstructed from filings on file each Dec 31 — never with hindsight

Point-in-time Moat Score (dot colored by tier)Indexed price (total-return (dividends reinvested))Rated Wide-moat that year

How to read this: each dot is what the engine would have scored BATRA on that December 31; the line below is its total-return price path (dividends reinvested) in the years since.

0406080100WideNarrowShallowNo moatPoint-in-time Moat Score100200Indexed price · log scale (2017 = 100)2023202420252026

Two tracks, one timeline: the score has its own 0–100 scale (top), the price its own 100-based scale (bottom) — never a shared axis. The price path is a total-return (dividends reinvested) index built from the same data the forward returns use; gaps in the score line are years with no reconstructed rating (see the table for why). The Table view carries every value.

What followed, in the years it rated Wide

In the reconstructed history shown, BATRA did not rate Wide-moat in any year, so there is no wide-moat track record to report. That absence is itself the honest answer — we don’t manufacture a comparison where the rating never earned one.

Communications context

#109 of 134 scored Communications companies, ranked by Moat Score.

Nearest peers by Moat Score

  1. #107FLZH Flash Sports & Media Holdings, Inc.25.0No moat
  2. #108CLUS CLUSTER GROUP HOLDINGS LIMITED CO.24.8No moat
  3. #110WYTC WYTEC INTERNATIONAL, INC.24.3No moat
  4. #111WNLV Winvest Group Ltd.24.2No moat

Compare BATRA with its nearest peers →All Communications companies on the Index →

Common questions about BATRA

Does ATLANTA BRAVES HOLDINGS, INC. have an economic moat?
Based on its FY2025 SEC filings, the Moat Index scores ATLANTA BRAVES HOLDINGS, INC. (BATRA) 24.7 out of 100 — below the Shallow-moat bar, so no moat. The five questions behind that score begin at 20% each; if exactly one genuinely lacks data, the other four weights are renormalized and disclosed. revenue and EPS trend 58, pricing power not measurable from the filings, returns on capital 0, balance-sheet safety 0, capital allocation 41.
How has BATRA's Moat Score changed over time?
The record logs 12 readings since Jul 18, 2026; the latest reads 24.7 out of 100 (no moat). No tier changes on record yet. (Methodology or normalizer upgrades on Jul 20, 2026, Jul 23, 2026, Jul 26, 2026 re-based the score; readings across versions aren't compared.) The history is append-only — readings are only ever added, never rewritten.

Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell BATRA. See the disclaimer.