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LIBERTY BROADBAND CORPORATION

LBRDA · Communications · $4.1B mkt cap · FY2025 filings · No moat ·

Doesn't clear the bar

No moat
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The five investor questions

75

2021–2024 (latest 4 aligned FYs; v3 window cap 5): revenue $988M to $1.0B, increasing; diluted EPS 3.93 to 6.08, increasing.

—

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

0

Median ROIC -0.4%, above the 12% hurdle in 0% of years.

28

Net debt/EBITDA n/ax, interest coverage -0x.

48

Owner earnings changed -0.7%/yr 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
57% below value if growth stopped today
$867M
$67.37
$67.37
$28.87
57% below value if growth stopped today

A discount this large is often a warning rather than a bargain — the market may expect earnings to keep falling. See the revenue trend above.

How to read this

What today’s price assumes: owner earnings shrinking ~16%/yr over 5 years. The estimate assumes owner earnings stay flat (0% growth).

We solve for the constant annual change in owner earnings that would make the five-year zero-growth estimate equal today’s price. This keeps the existing model inputs and calculation unchanged; it is an expectations lens, not a forecast.

This zero-growth estimate assumes trailing owner earnings persist — unreliable for declining businesses. Flag status unavailable — four adjacent recent FY revenue observations are required.

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.

15 years of fundamentals

The business, in plain English

It earned −0.5% on invested capital in the latest filed year, FY2025. Across the full 14-year measurable filed record, median ROIC was −0.3%. Over the v3 recent window (10 measurable filed years), median ROIC was −0.4%. The Returns on Capital filter above scores it 0/100.

LBRDA's latest filed year, FY2025, doesn't disclose total debt in a form the methodology can use, so current leverage is treated as unmeasured — never assumed to be zero.

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.

FY2011–FY2025 · 15 fiscal years, normalized from LBRDA’s SEC filings

Sales, as filed$1.0B FY2024
$0$500M$1B2011201620212025
Revenue kept after cost of goods99.3% FY2014
0%50%100%2011201620212025
Standard ROIC or separately labeled Operating ROICROIC −0.5% FY2025
0%2%2011201620212025
Cash an owner could take out$869M FY2024
$0$1B$2B2011201620212025

Gaps in a line mean that item isn’t in LBRDA’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 LIBERTY BROADBAND CORPORATION makes its money

LIBERTY BROADBAND CORPORATION's filing does not supply enough comparable lines for a truthful flow chart — here's what is filed:

Table alternative
Filed lineValue% of revenueSource
−$36MUnavailable
Income before tax−$3.3BUnavailable
Income tax−$923MUnavailable
−$2.7BUnavailable
Source: · event Dec 31, 2025 · retrieved Jul 26, 2026 · annual-row source set

Flagship explainer

What LIBERTY BROADBAND CORPORATION owns — and owes

LIBERTY BROADBAND CORPORATION's filing tags don't support a full breakdown — here's what is filed:

Table alternative
Filed lineValue% of assetsSource
Total assets$8.8B100%
Cash and equivalents$57M1%
Stockholders’ equity$5.7B65%
Source: · event Dec 31, 2025 · retrieved Jul 26, 2026 · annual-row source set

Flagship explainer

What drives LIBERTY BROADBAND CORPORATION’s return on equity?

One or more filed inputs needed for the five-factor decomposition are unavailable.

DuPont source inputs
InputValueFiscal yearSource
Net income−$2.7BFY2025
Income before tax−$3.3BFY2025
Operating income−$36MFY2025
RevenueUnavailableFY2025
Ending assets$8.8BFY2025
Beginning assets$16.7BFY2024
Ending equity$5.7BFY2025
Beginning equity$9.8BFY2024
Source:
  • SEC filingFiling detailsAccession 0001104659-26-010397
  • SEC filingFiling detailsAccession 0001558370-25-001788
· event Dec 31, 2025 · retrieved Jul 26, 2026 · annual-row source set

Flagship explainer

Where LIBERTY BROADBAND CORPORATION's cash went

LIBERTY BROADBAND CORPORATION’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−$327M−100%
Source: · event Dec 31, 2025 · retrieved Jul 26, 2026 · annual-row source set

Curated 19-manager tier

Who reported holding LIBERTY BROADBAND CORPORATION

Delayed public 13F reports for 2026-Q2—not live positions, trades, or recommendations.

0 holding0 exited1 not holding1/19 resolved18 unavailable

Named manager positions and quarter-over-quarter changes
ManagerReported positionQuarter-over-quarterFiling accession
Markel / Markel-GaynerNo position reportedNo position reported
Abrams CapitalUnavailableComparison unavailableFiling unavailable
Akre CapitalUnavailableComparison unavailableFiling unavailable
Baupost GroupUnavailableComparison unavailableFiling unavailable
Berkshire HathawayUnavailableComparison unavailableFiling unavailable
Brave Warrior AdvisorsUnavailableComparison unavailableFiling unavailable
Dodge & CoxUnavailableComparison unavailableFiling unavailable
First EagleUnavailableComparison unavailableFiling unavailable
FundsmithUnavailableComparison unavailableFiling unavailable
Gardner Russo & QuinnUnavailableComparison unavailableFiling unavailable
Gates Foundation TrustUnavailableComparison unavailableFiling unavailable
Mairs & PowerUnavailableComparison unavailableFiling unavailable
Oakmark / Harris AssociatesUnavailableComparison unavailableFiling unavailable
Pershing SquareUnavailableComparison unavailableFiling unavailable
Polen CapitalUnavailableComparison unavailableFiling unavailable
Sequoia / Ruane CunniffUnavailableComparison unavailableFiling unavailable
Southeastern Asset ManagementUnavailableComparison unavailableFiling unavailable
Tweedy, BrowneUnavailableComparison unavailableFiling unavailable
Yacktman Asset ManagementUnavailableComparison 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: · event Jun 30, 2026 · retrieved Jul 26, 2026

Flagship explainer

What LIBERTY BROADBAND CORPORATION insiders reported

Insider activity is unavailable from the source; no zero-activity claim is shown.

Unavailable: Form 4 activity could not be retrieved for this rendering.

Moat Score history

16 logged readings since Jul 17, 2026 · append-only, never rewritten

Moat Score over timeLast scored reading of each day, on the 0–100 scale37.7 / 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.

The insider-filing service is temporarily unavailable, so no partial or guessed answer is shown for LBRDA.

Communications context

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

Nearest peers by Moat Score

  1. #57OPTU Optimum Communications, Inc.38.9No moat
  2. #58LIMX LIMITLESS X HOLDINGS INC.38.7No moat
  3. #60UNIT Uniti Group Inc.37.7No moat
  4. #61RDCT VNUE, Inc.37.3No moat

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

Common questions about LBRDA

Does LIBERTY BROADBAND CORPORATION have an economic moat?
Based on its FY2025 SEC filings, the Moat Index scores LIBERTY BROADBAND CORPORATION (LBRDA) 37.7 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 75, pricing power not measurable from the filings, returns on capital 0, balance-sheet safety 28, capital allocation 48.
Is LBRDA trading below the conservative owner-earnings estimate?
The value if growth stopped today — a zero-growth baseline — is $67.37 per share. It capitalizes normalized owner earnings at a 9% rate and assumes 0% growth. Versus a recent price of $28.87, that is 57% below value if growth stopped today. The model also publishes a capped-growth comparison, but the zero-growth estimate is the cautious baseline. It assumes trailing owner earnings persist and is unreliable for declining businesses. This is an educational estimate from primary SEC filings, not intrinsic value as a fact or investment advice.
How has LBRDA's Moat Score changed over time?
The record logs 16 readings since Jul 17, 2026; the latest reads 37.7 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 LBRDA. See the disclaimer.