LLYVK

Liberty Live Holdings is not an operating company in the usual sense — it is a holding-company stub created by the December 15, 2025 split-off from Liberty Media, controlled by John Malone (>50% of voting power). Its principal asset is roughly 69.6 million shares of Live Nation Entertainment, alongside QuintEvents (a global ticket-inclusive hospitality business and the only consolidated operating segment), various private investments, corporate cash and debt. Critically, the value of the Live Nation stake is carried under the equity method and does NOT flow through as revenue, so the consolidated figures here capture mainly Quint plus Liberty Live's share of Live Nation's net loss and corporate costs — they materially understate the economic value of the entity.

That is why the headline financials look alarming but are not the right lens. FY2025 revenue (essentially Quint) grew 12.2% to $382M, the net loss narrowed 22.9% to -$87.0M, and operating loss improved to -$51.7M. Stockholders' equity is negative (-$49.1M) and the balance sheet carries $1.67B of debt against $1.89B of assets, with $545M of cash. The derived ratios (ROE 177.2%, liabilities/equity -39.04x, net margin -22.8%) are artifacts of negative book equity and are not meaningful. The real valuation question — whether the ~$98.46 share price sits at a discount or premium to the net asset value of the Live Nation shares less net debt — cannot be answered from the data provided, since the market value of the LYV stake is not included.