Does Liberty Global Ltd. have an economic moat?

Based on its FY2025 SEC filings, the Moat Index scores Liberty Global Ltd. (LBTYA) 42.4 out of 100 — a Shallow moat. The four filters behind that score (each 0–100): pricing power 99, returns on capital 0, balance-sheet safety 0, capital discipline 64.

Is LBTYA stock trading below its intrinsic value?

Against a deliberately conservative owner-earnings model (9% discount rate, 0% assumed growth, capped at 4%), estimated intrinsic value is $54.39 per share versus a recent price of $10.41 — 81% below value. This is an educational estimate computed from primary SEC filings, not investment advice.

How has LBTYA's Moat Score changed over time?

The record logs 3 readings since Jul 17, 2026; the latest reads 42.4 out of 100 (shallow moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

The Moat Index

Liberty Global Ltd.

LBTYA · Communications · $3.6B mkt cap · FY2025 filings · Shallow moat ·

On the watchlist

Shallow moat

The four filters

Pricing power99

Median gross margin 71.5% over 10y, very stable.

Returns on capital0

Median ROIC 1.5%, above the 9% hurdle in 0% of years.

Balance-sheet safety0

Net debt/EBITDA 6.4x, interest coverage -0x.

Capital discipline64

Owner earnings trend unclear, share count shrinking (buybacks).

Margin of safety

Above valueOn sale

81% below value

Owner earnings (normalized): $1.7B
Est. intrinsic value / share: $54.39
Recent price: $10.41
Discount to value: 81% below value

Conservative model: 9% discount rate, 0% assumed growth (capped at 4%), maintenance capex ≈ min(capex, D&A).

16 years of fundamentals

The business, in plain English

Liberty Global Ltd. booked $4.9B of revenue in FY2025 in the Communications sector and kept 65.8% of it as gross profit — a high-margin business by that measure. After every other cost, −146.3% of each revenue dollar reached the bottom line.

Across the filed record, revenue shrank from $9.1B (FY2011) to $4.9B (FY2025) — about −4.4% a year compounded over 14 years.

It earned −0.1% on invested capital in FY2025, with a median of 2.9% across 15 filed years. The Returns on Capital filter above scores it 0/100.

The balance sheet carried $8.6B of total debt in FY2025. Balance-Sheet Safety scores it 0/100.

The share count fell 62.0% between FY2016 and FY2025 — management has been retiring shares, which concentrates each remaining owner's claim. Capital Discipline scores it 64/100.

Put together: Pricing Power is the strongest of the four filters (99/100) and Returns on Capital the weakest (0/100), which is how LBTYA lands at 42/100 — a Shallow moat.

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.

RevenueSales, as filed$4.9B FY2025

Gross marginRevenue kept after cost of goods65.8% FY2025

Return on invested capitalOperating profit on the capital employed−0.1% FY2025

Owner earningsCash an owner could take out−$7.1B FY2025

Gaps in a line mean that item isn’t in LBTYA’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.

Moat Score history

Moat Score over timeLast scored reading of each day, on the 0–100 scale42.4 / 100

Score history begins Jul 17, 2026 — the record builds from here and can’t be backfilled.

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

None yet — LBTYA has read Shallow moat for every logged capture since Jul 17, 2026.

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

Communications context

#29 of 56 scored Communications companies, ranked by Moat Score.

Nearest peers by Moat Score

#27OPTU Optimum Communications, Inc.45.4 out of 100, Shallow moatShallow moat
#28UONE URBAN ONE, INC.44.4 out of 100, Shallow moatShallow moat
#30GMBL ESPORTS ENTERTAINMENT GROUP, INC.42.1 out of 100, Shallow moatShallow moat
#31EVC ENTRAVISION COMMUNICATIONS CORP39.4 out of 100, No moatNo moat

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

Common questions about LBTYA

Does Liberty Global Ltd. have an economic moat?: Based on its FY2025 SEC filings, the Moat Index scores Liberty Global Ltd. (LBTYA) 42.4 out of 100 — a Shallow moat. The four filters behind that score (each 0–100): pricing power 99, returns on capital 0, balance-sheet safety 0, capital discipline 64.
Is LBTYA stock trading below its intrinsic value?: Against a deliberately conservative owner-earnings model (9% discount rate, 0% assumed growth, capped at 4%), estimated intrinsic value is $54.39 per share versus a recent price of $10.41 — 81% below value. This is an educational estimate computed from primary SEC filings, not investment advice.
How has LBTYA's Moat Score changed over time?: The record logs 3 readings since Jul 17, 2026; the latest reads 42.4 out of 100 (shallow moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

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