FUBO

Fubo's standalone financials are those of a classic cash-burning growth story that is finally maturing. Revenue has compounded from $218M (FY2020) to $1.62B (FY2024), +18.6% in the latest year, while the net loss has narrowed every single year — from -$570M in FY2020 to -$172M in FY2024 (+40.1% YoY improvement), with operating cash flow burn cut to -$79.5M. That is a genuinely improving trajectory: the model is scaling toward, but has not reached, sustainability. At $10.20 the market cap is $3.48B and P/S is just 2.1 — undemanding for a still-growing streaming platform, which tells you the price is not pricing in perfection.

The balance sheet is the reason this isn't a higher-conviction call. Stockholders' equity fell 36% to $181M against $897M of liabilities (4.96x leverage), cash dropped 34% to $161M, current liabilities ($515M) nearly double current assets ($274M), and accumulated deficit sits at -$2.02B with ROE of -95.3%. Note the reported 0.0% gross margin is an artifact — the only gross-profit tag available is a stale FY2017 figure ($33K) — so segment profitability can't be assessed from this data. A standalone Fubo with a shrinking cash pile and a working-capital deficit is a fragile entity; another year or two of burn without external capital would be a real problem.