Liberty Global

LBTYA · Nasdaq · Communication Services · Financials, fiscal 2016 to 2025

LBTYA · Last close · October 26, 2026

$7.54

Liberty Global's revenue rose 12.4% to $4.9 billion in fiscal 2025. Its operating margin was −0.5%, up from −1.4% a year earlier. Free cash flow was −$132 million, against $1.1 billion a year earlier. It paid out $192 million in dividends and buybacks. The diluted share count fell 8.8%.

Liberty Global Ltd. Latest fiscal year ended December 31, 2025 10-K filed February 18, 2026 · 0001570585-26-000014 Updated October 12, 2026

Revenue

$4.9B

12.4%

Operating margin

−0.5%

0.9 pts

Net income

−$7.1B

$1.6B a year earlier

Free cash flow

−$132M

$1.1B a year earlier

Return on capital

−0.1%

0.2 pts

Market cap

$2.6B

Oct 26 close

P/E

—

Loss: no P/E

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

Charts show fiscal years, from the 10-K filings.

Revenue and margins

Revenue

US$ billions, fiscal years

Margins

Percent of revenue

GrossOperatingNetFree cash flow

Net income and earnings per share

From fiscal 2016 to 2024, earnings per share grew 11.2% a year and net income fell 0.9% a year, as buybacks cut the share count by 58%. Liberty Global then lost money in fiscal 2025.

Net income

US$ billions, fiscal years; loss years in red.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Cash flow

Free cash flow

US$ billions. Cash from operations minus capital expenditure; negative years in red.

Payouts and share count

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Valuation

Two ways to value Liberty Global yourself, both starting from its filings: a discounted cash flow model and the price-to-earnings method.

Discounted cash flow (DCF)

A discounted cash flow (DCF) model values a business as the cash it may generate in future, discounted back to today. The starting figures come from Liberty Global's 10-K (or, for net cash and shares, its latest 10-Q) and the assumptions are yours: start from one of three example scenarios, then change any figure to see what it implies for a share, and how that compares with the last share price.

Value per share on three example scenarios, from Liberty Global's 3-year average free cash flow of $745M, net cash of −$6.4B at December 31, 2025 and 342 million diluted shares, from its filings. The scenarios are fitted to Liberty Global: the base scenario's growth in years 1 to 5 is its revenue growth over the last 3 years, 6.7% a year; the cautious and optimistic ones are lower and higher, and growth in years 6 to 10 is halfway to the long-run rate. The base scenario's discount rate is 11%: 9% for a business of moderate risk (Cable & Satellite), plus 1 point as a smaller company, worth $2.6B, plus 1 point for unsteady results (a loss in fiscal 2025); the cautious and optimistic ones use a point more and a point less. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

From the filings

Starting free cash flow, US$ millions

The average of fiscal 2023 to 2025.

Net cash, US$ millions

Cash and short-term investments minus debt and finance leases at December 31, 2025. Negative means net debt.

Diluted shares, millions

Weighted-average diluted shares in fiscal 2025.

Your assumptions

Start from

Fitted to Liberty Global's own revenue growth, as above. Cautious: growth of 3.5% then 3% a year, 2% after year 10, a 12% discount rate. Base: growth of 6.5% then 4.5% a year, 2.5% after year 10, a 11% discount rate. Optimistic: growth of 10% then 6.5% a year, 3% after year 10, a 10% discount rate.

Free cash flow growth, years 1 to 5 (% a year)

Free cash flow growth, years 6 to 10 (% a year)

Growth after year 10 (% a year)Long-run growth forever after year 10. Usually close to inflation, and always below the discount rate.

Discount rate (% a year)The yearly return an investor wants for the risk. A higher rate gives a lower value.

Value per share on these assumptions

—

Last close, October 26, 2026: $7.54
Value on these assumptions, against the last close: —

Cash flows in years 1 to 10, valued today: —
Everything after year 10, valued today: —
Plus net cash: —
Share of value from after year 10: —

Projected free cash flow

US$ billions. Each column is one year's projected free cash flow, split into what it is worth today and the part removed by discounting.

Value todayRemoved by discounting

How the value changes with two assumptions

Value per share in US$, with the growth rates above. The highlighted cell matches the current assumptions.

How the model works. Free cash flow grows at the first rate for five years and the second rate for five more, and each year is discounted at the discount rate. Everything after year 10 is valued as year-10 cash flow × (1 + growth after year 10) ÷ (discount rate − growth after year 10), discounted back ten years. Net cash is added and the total is divided by diluted shares. The result depends entirely on the assumptions. It is not a forecast, a price target or a recommendation. The last close is the consolidated US closing price, from Databento.

Price-to-earnings (P/E) method

Another common way to value a company is to multiply its earnings per share by a price-to-earnings (P/E) multiple: the number of years of today's earnings an investor pays for a share. A higher multiple usually means investors expect earnings to grow. Choose a multiple, for example from similar companies, to see the value it gives.

The P/E method needs positive earnings, and Liberty Global's latest diluted earnings per share were negative or zero.

Balance sheet

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	3,180	4,345	3,401	2,152	2,158
Debt incl. finance leases	14,825	13,763	9,269	9,101	8,595
Net debt (negative means net cash)	11,645	9,418	5,868	6,949	6,437
Net debt to EBITDA	3.2x	7.8x	6.5x	7.4x	6.3x
Debt to equity	0.6x	0.6x	0.5x	0.7x	0.9x
Interest coverage	1.5x	0.2x	−0.3x	−0.1x	−0.1x
Current ratio	1.4x	1.6x	1.3x	1.1x	1.1x
Quick ratio	1.4x	1.6x	1.3x	1.1x	1.1x

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Insider trades

Over the 12 months between October 27, 2025 and October 26, 2026, no insider bought Liberty Global shares on the open market, and 4 insiders sold $5.1 million.

Date	Insider	Trade	Shares	Price	Value	Filing
Jun 16, 2026	Wargo J DavidDirector	Sold	55,000	$11.54	$634,900	Form 4
Jun 11, 2026	Charles H R BrackenEVP & CFO	Sold	115,459	$11.80	$1.4 million	Form 4
May 5, 2026	Jason WaldronSVP & CAO	Sold	26,311	$11.75	$309,086	Form 4
Mar 20, 2026	Paul A GouldDirector	Sold	20,000	$11.49	$229,800	Form 4
Mar 19, 2026	Paul A GouldDirector	Sold	25,000	$11.81	$295,350	Form 4
Mar 18, 2026	Paul A GouldDirector	Sold	55,000	$11.99	$659,650	Form 4
Mar 17, 2026	Paul A GouldDirector	Sold	100,000	$12.19	$1.2 million	Form 4
Dec 8, 2025	Charles H R BrackenEVP & CFO	Sold	33,220	$11.18	$371,400	Form 4

Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Piotroski F-score

The F-score counts how many of nine simple tests of profitability, funding and efficiency a company passed in a year (Piotroski, 2000). The more tests passed, the stronger the year: 8 or 9 is strong, 0 to 2 weak. Companies that report no gross profit are scored on the other eight.

Test	FY23	FY24	FY25
Net income is positive	Fail	Pass	Fail
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Fail	Pass	Fail
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	Pass	Fail	Fail
Current ratio rose	Fail	Fail	Pass
Share count didn't rise	Pass	Pass	Pass
Gross margin rose	Fail	Fail	Fail
Revenue rose relative to assets	Pass	Pass	Pass
F-score	5 of 9	6 of 9	5 of 9
Accruals ratio	−14.6%	−1.3%	−34.8%

The accruals ratio is net income minus cash from operations, over average total assets.

Compare

Put Liberty Global side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
Liberty Global	FY25	12.4%	−0.5%	−2.7%	−0.1%	6.3x	5
Versant Media Group	FY25	−5.3%	19.0%	27.7%	8.7%	0.4x	—	Compare
Charter Communications	FY25	−0.6%	23.6%	8.1%	8.7%	4.4x	6	Compare
Comcast	FY25	−0.0%	16.7%	17.7%	8.9%	2.3x	7	Compare
Roblox	FY25	35.8%	−25.2%	27.7%	—	—	6	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score above.

10 years of figures

Fiscal year	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	13,731	11,276	11,958	11,542	11,545	10,311	4,018	4,116	4,342	4,878
Revenue growth	−19.5%	−17.9%	6.0%	−3.5%	0.0%	−10.7%	−61.0%	2.5%	5.5%	12.4%
Gross profit	10,232	8,303	8,712	8,411	8,225	7,294	2,951	2,830	2,891	3,208
Research and development	—	—	—	—	—	—	—	—	—	—
Operating income	1,570	792	839	660	2,031	1,320	110	−314	−60	−23
Net income	1,705	−2,778	725	11,521	−1,628	13,427	1,473	−4,052	1,588	−7,138
Diluted EPS (US$)	1.81	−2.86	−1.97	16.32	−2.70	23.59	2.96	−9.52	4.23	−20.86
Diluted shares (millions)	900	848	779	706	602	569	497	426	375	342
Cash flow
Cash from operations	5,941	5,708	5,963	4,585	4,186	3,549	2,838	2,166	2,033	1,211
Capital expenditure	1,540	1,250	1,453	1,168	1,293	1,408	891	922	908	1,343
Free cash flow	4,401	4,458	4,510	3,417	2,893	2,141	1,946	1,244	1,124	−132
Dividends paid	0	0	0	0	0	0	0	0	0	0
Share buybacks	1,968	2,976	2,010	3,219	1,072	1,580	1,703	1,495	690	192
Acquisitions	1,393	414	82	23	5,268	71	0	0	199	0
Stock-based compensation	268	162	206	306	348	308	163	205	168	169
Balance sheet at fiscal year end
Cash and short-term investments	1,077	1,672	1,480	8,142	2,927	3,180	4,345	3,401	2,152	2,158
Debt incl. finance leases	36,290	32,006	29,184	28,182	14,947	14,825	13,763	9,269	9,101	8,595
Total assets	68,684	57,597	53,154	49,046	59,093	46,917	42,895	42,088	25,440	22,596
Total liabilities	53,952	51,204	49,005	35,848	45,794	21,319	20,322	23,080	12,895	12,650
Shareholders' equity	13,761	6,805	4,681	13,606	13,663	25,935	22,436	19,063	12,366	9,736
Margins and ratios
Gross margin	74.5%	73.6%	72.8%	72.9%	71.2%	70.7%	73.5%	68.8%	66.6%	65.8%
Operating margin	11.4%	7.0%	7.0%	5.7%	17.6%	12.8%	2.7%	−7.6%	−1.4%	−0.5%
Net margin	12.4%	−24.6%	6.1%	99.8%	−14.1%	130.2%	36.7%	−98.4%	36.6%	−146.3%
Free cash flow margin	32.0%	39.5%	37.7%	29.6%	25.1%	20.8%	48.5%	30.2%	25.9%	−2.7%
Return on capital	3.0%	1.4%	1.2%	1.6%	5.5%	4.1%	0.2%	−0.9%	−0.3%	−0.1%
Return on equity	14.0%	−27.0%	12.6%	126.0%	−11.9%	67.8%	6.1%	−19.5%	10.1%	−64.6%
Return on assets	2.5%	−4.4%	1.3%	22.6%	−3.0%	25.3%	3.3%	−9.5%	4.7%	−29.7%
Net debt to EBITDA	6.2x	6.6x	5.9x	4.8x	2.8x	3.2x	7.8x	6.5x	7.4x	6.3x

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Liberty Global's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Liberty Global.