Liberty Broadband Corporation

Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.

Liberty Broadband Corporation trades at $36.0, between stages. That is −16.9% against its own 200-day average. It sits at 20% of a 52-week range of $29 to $65. On relative strength it has been ahead of the S&P 500 on a trailing-13-week view for 2 straight weeks.

Today the stock is between stages. At $36.0 it trades −16.9% versus its 200-day average and sits at 20% of its 52-week range ($29–$65).

Against the market, two honest reads. Cumulative: over the last 1.1 years the stock moved −62% while the S&P 500 moved +23% — behind the index over the full window. Recent form: on a trailing-13-week view the stock has been ahead for 2 straight weeks — the ribbon below is that same metric, week by week.

What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.

Valuation P/E is the price of $1 of annual profit: how many dollars the market pays for each dollar the company earns in a year.

Liberty Broadband Corporation trades at 9.2× P/E, against too little history to rank. Its long-run median P/E is 7.2×, measured across 0.6 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.

Today's P/E of 9.2× is against too little history to rank, against a long-run median of 7.2× measured over 0.6 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.

Why the multiple sits where it does: over the past year annual EPS moved +29.8% against a −43.4% price move — earnings outran the price, pushing the multiple DOWN its own range.

Put together: the multiple is unremarkable against its own past, so the story rests on the earnings line underneath it, not the multiple.

Stage: Turning around Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).

Liberty Broadband Corporation reads as turning around on its fundamental arc. Turning around — EPS growth swung from −40.8% at the trough to +35.0% off a 5-quarter-old trough, ROE holding at 8.9%. The read is built from 11 quarters across 4 curves, on partial evidence.

Why it matters: growth inflections are where re-ratings start — the curves say a turn is forming, so the question becomes whether the next quarters confirm it.

The latest quarter’s profit carries a one-off item larger than the operating base, so the profit curve is shown but does not vote in the stage call.

Return readings here are annual, not quarterly — read as level and direction only; they can confirm the growth curves but never drive the stage on their own.

A partial read: at least one curve is short, or the returns curve is not the computed quarterly series — hold the stage word a little more loosely.

4-Factor Sector Score

No sector-relative score — Liberty Broadband Corporation is not among the largest members shown in this industry comparison for Telecom Services.

The score is a rank WITHIN a peer set: every metric is scored by percentile against the other members. Without the peer set there is no score to state, so none is invented here.

Revenue Revenue is the top line: everything the company billed its customers in the period.

Liberty Broadband Corporation reported $0.3 B of revenue in the Jun 25 quarter, +4.0% year on year. That is the 4th straight quarter of year-on-year growth. Over 4 years it has compounded at 112.5% a year. The last full year, FY24, came in at $1.0 B. The last four reported quarters add to $1.0 B.

FY24 revenue came in at $1.0 B (+4.1% on the year), capping 4 years at 112.5% compound. The latest quarter (Jun 25) printed $0.3 B, +4.0% year on year — the 4th consecutive quarter of year-over-year growth.

Pace check: the last four quarters averaged +6.2% growth against the decade's 112.5% — the current year is running slower than its own long-run rate.

Acceleration check: trailing-twelve-month revenue grew +7.2% over the last 4 quarters against +2.5%/yr over the last 8 — accelerating; TTM profit +34.1% vs +4.7%/yr — accelerating.

Operating margin Operating margin is what is left of every $100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.

Liberty Broadband Corporation's operating margin is 15.4% in the Jun 25 quarter, +7.4 percentage points against the same quarter a year ago. That is the widest this company has ever printed on a full-year basis. Across the last four quarters the operating margin has moved +2.9 percentage points. Across 5 fiscal years the operating margin has ranged −120.0% to 8.8%.

The latest quarter's operating margin is 15.4%, +7.4 pp against the same quarter a year ago. Across 5 fiscal years the operating margin has ranged −120.0%–8.8%, and FY24's 8.8% is the top of that band — a record year.

Why the margin moved: operating margin went +2.9 pp year on year while gross margin went +1.9 pp — the gain came mostly from the gross line: input costs and pricing.

Worth repeating from the valuation section: cheap against its own history on record margins is not the same thing as cheap — a record margin flatters every ratio built on top of it.

Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.

Liberty Broadband Corporation earned $0.4 B of net profit in the Jun 25 quarter. That quarter carries a one-off item larger than its own revenue, so the year-on-year figure is an artefact rather than a trading result. Full-year FY24 profit was $0.9 B. The 4-year compound rate is 21.4%. That is 146.2% of the quarter's revenue.

Jun 25 profit was $0.4 B, +90.0% year on year — the 3rd consecutive quarter of growth. On the full year, FY24 printed $0.9 B (+26.1%), and the 4-year compound rate is 21.4%.

🚨 Read this profit with care: at $0.4 B it is larger than the whole quarter's revenue of $0.3 B — no operating business earns more than it sells, so this is a one-off item (a debt-to-equity conversion, a tax write-back or an asset sale), not money the business earned. The underlying operations are running at 15.4% operating margin; the year-on-year jump and any P/E built on this number are artefacts of the one-off, not a real earnings turn.

Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.

Over the last 3 fiscal years −17% of Liberty Broadband Corporation's reported profit arrived as operating cash — a gap worth watching. In FY24 that was $−0.2 B of operating cash against $0.9 B of profit. After null of capital spending, $−0.2 B was left as free cash. Cash resolution here is annual, because quarterly cash statements are not published.

FY24: operating cash of $−0.2 B against reported profit of $0.9 B, leaving free cash of $−0.2 B after null of capital spending. Across the last 3 fiscal years the conversion rate is −17% of profit.

Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.

🚨 Why: conversion is measured cleanly, but the working-capital day-counts behind it sit below what we hold — the move is shown without inventing its driver.

Router verdict: the visible cash user is investment — the next section checks what the spending is buying.

Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).

Liberty Broadband Corporation does not report the debtor, inventory and payable day-counts a cash cycle is built from, so this section reads the investment side instead. Capital spending ran $0.0 B over the last 3 years. Averaged over those years that is 0.0% of FY24 revenue a year.

Working-capital day-counts are not in our numbers for this stock, so this section reads the investment side — where the cash is being put to work.

On the investment side: capital spending of $0.0 B over the last 3 fiscal years.

The synthesis: the cash is going into capacity, not disappearing into the cycle — the question becomes whether the new capacity earns.

Return on equity Return on equity (ROE) is the profit the business earns on its shareholders’ money. With the full capital-employed split not in our numbers, ROE is the cleanest long ladder we can draw here.

Liberty Broadband Corporation earns a ROE of 9% in FY24. That is up from a trough of 3% in FY20. Return on invested capital clears the cost of that capital by −8.8 percentage points, so growth here is not yet paying for the capital it uses. The wiring behind it is 85.3% net margin on 0.06× asset turns.

FY24 ROE is 9%, recovered from a FY20 trough of 3% — the full ladder below shows the fall and the climb, undoctored.

🚨 Why the return is what it is — the wiring (FY24): 85.3% net margin × 0.06× asset turns × 1.70× balance-sheet leverage ≈ 8.7% on equity. Margin is doing the heavy lifting; leverage is a meaningful part of the equation.

The capstone test — ROIC − WACC: 0.5% − 9.3% = a −8.8 pp spread. The 9.3% is an estimate of this company's own cost of capital — read the sign and the size of the spread, not the decimals. Negative — growth at these returns destroys value until the returns recover.

Dividend

Liberty Broadband Corporation pays no dividend. Across the last 12 reported quarters it has declared no dividend per share, so there is no payout history to chart and no yield to quote. Companies at this stage typically reinvest earnings rather than distribute them, which makes the cash-flow and reinvestment sections the place that cash shows up.

Liberty Broadband Corporation does not currently pay a dividend. Across the last 12 reported quarters the company has declared no dividend per share, so there is no payout history to chart and no yield to quote. Companies at this stage typically reinvest earnings instead of distributing them.

Debt Debt-to-equity says how much of the business is funded by borrowings. Low is the safe corner; the trend matters as much as the level.

Liberty Broadband Corporation carries total debt of $2.6 B against shareholder equity of $5.9 B as of Mar 26, a debt-to-equity of 0.43. On the annual view that ratio went from 0.39 in FY20 to 0.31 in FY25. Read the returns elsewhere on this page with that leverage in mind.

Mar 26: total debt of $2.6 B against shareholder equity of $5.9 B — a debt-to-equity of 0.43. On the annual view, debt-to-equity went from 0.39 (FY20) to 0.31 (FY25). Read the returns on this page with that leverage in mind.

Ownership There is no quarter-by-quarter holder register to read here, so we read the crowd through short interest — the slice of tradable shares currently sold short, positioned for a fall.

3.3% of Liberty Broadband Corporation's tradable float is currently sold short — some money is positioned against it. At typical trading volumes those positions would take about 3.5 days to buy back. There is no quarter-by-quarter holder register to read for this filer, so the crowd is read through short interest instead.

The latest reading: 3.3% of the float is sold short, and at typical trading volumes it would take about 3.5 days to buy those positions back. Some money is positioned against it. This is a single point-in-time reading — we do not yet hold its history, so we show no trend chart.

Why it sits there: who is doing the shorting, and why, does not travel with the number — the level is shown without inventing its story.

Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.

Liberty Broadband Corporation: the Z-score reads 2.44. A Z-score above roughly 3 reads as safe and below roughly 1.8 as the distress zone, so this sits in the grey band between the two. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure.

Why it matters: a Z-score of 2.44 sits in the grey band — neither clearly safe nor clearly distressed.

The safety line in one sentence: the Z-score reads 2.44.

Frequently asked questions