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ZYBERNO

Stock Report

Updated Aug 30, 2026

ATLANTA BRAVES HOLDINGS, INC. (BATRA)

NASDAQ

$55.72

Atlanta Braves Holdings Inc. is an American company headquartered in Liberty Media Corporation's structure that owns the Atlanta Braves Major League Baseball franchise and the mixed-use development project around Truist Park (Cumberland, Georgia). The Atlanta Braves are a storied MLB franchise with 21 division titles, 5 World Series appearances, and the 2021 World Series championship.

Professional Investment Analysis

ZYBERNO SCORE →

Is it a great business? Is it getting better?

15.0/100

POOR BUSINESS

ATLANTA BRAVES HOLDINGS, INC. (BATRA) scores 15/100 — concerning metrics indicating significant structural or financial risks.

📊 How is the Zyberno Score calculated? +

The Zyberno Score answers one question: "Is this a quality business worth owning?" It's a 0-100 investment grade that evaluates business fundamentals across four critical dimensions, based on principles from Warren Buffett, Benjamin Graham, Peter Lynch, and Charlie Munger.

The 4 Core Categories (25 points each):

1. PROFITABILITY (25 pts)

Metrics: ROE, ROIC, Net Margin, Operating Margin
Thresholds: ROE >20% excellent • ROIC >20% excellent • Net Margin >20% excellent • Operating Margin >25% excellent

2. FINANCIAL STRENGTH (25 pts)

Metrics: Debt-to-Equity, Current Ratio, Interest Coverage, Altman Z-Score
Thresholds: D/E <0.3 excellent • Current Ratio >2.5 excellent • Interest Coverage >10x excellent • Altman Z >3.0 safe

3. CASH FLOW QUALITY (25 pts)

Metrics: Free Cash Flow, OCF vs Net Income, FCF Margin
Thresholds: Positive & growing FCF excellent • OCF/NI >1.2x excellent (cash earnings exceed accounting)

4. GROWTH & CONSISTENCY (25 pts)

Metrics: Revenue Growth, Net Income Growth, FCF Growth, Piotroski F-Score
Thresholds: Growth via log-linear regression • Piotroski 8-9 excellent, 6-7 good

Score Interpretation:

75-100

GREAT BUSINESS

65-74

GOOD BUSINESS

50-64

AVERAGE BUSINESS

30-49

WEAK BUSINESS

0-29

POOR BUSINESS

→ View full BATRA quality analysis & detailed breakdown

VALUATION SIGNAL

N/A (Requires more data)

Requires fair value calculation and current price data

💰 How is Margin of Safety calculated? +

Margin of Safety measures how much discount or premium you're paying relative to a stock's intrinsic value. It's Benjamin Graham's core principle: the larger the margin, the lower your downside risk.

Formula: (Intrinsic Value − Current Price) ÷ Intrinsic Value × 100%

How We Calculate Intrinsic Value (DCF Method):

Step 1: Calculate current Owner Earnings (OCF − Maintenance CapEx)

Step 2: Calculate company-specific growth rate using log-linear regression on 16 quarters of Owner Earnings

Step 3: Project 10 years forward using the calculated growth rate

Step 4: Discount each year's cash flow to present value using 10% discount rate

Step 5: Calculate terminal value using 3% perpetual growth rate

Step 6: Sum all discounted cash flows = Intrinsic Value

What The Percentages Mean:

+50% or more

EXCELLENT — Very undervalued

+25% to +50%

GOOD — Attractive discount

0% to +25%

FAIR — Reasonable value

0% to -25%

CAUTION — Slight premium

-25% or worse

POOR — Overvalued

"Price is what you pay, value is what you get." — Warren Buffett

→ View full BATRA valuation analysis · → View full BATRA Brina Gap analysis

📈 How is Brina Gap calculated? +

Brina Gap measures the difference between the growth a business can fundamentally sustain and the growth the market is already pricing in.

Formula: Fundamental Growth Rate − Market-Implied Growth Rate

The Two Components:

Fundamental Growth Rate = ROIC × Reinvestment Rate

What the business can sustainably grow at based on how much it reinvests and what return it earns on that capital. Grounded in historical financials.

Market-Implied Growth Rate = Reverse DCF

The growth rate the current Enterprise Value implicitly assumes. Calculated by back-solving a 10-year DCF model (10% WACC, 3% terminal growth) until the present value of projected cash flows equals EV.

What The Gap Means:

Gap > +5% Market Underestimates — potential upside

+2% to +5% Slight Underestimate

-2% to +2% Fairly Priced — market consensus matches fundamentals

-5% to -2% Slight Overestimate

Gap < -5% Market Overestimates — price embeds optimism fundamentals don't support

A positive gap (market underestimates) combined with a positive Margin of Safety is the strongest combined signal — the business is both cheap historically and forward economics are stronger than the price suggests.

Critical Financial Health Indicators

Return on Equity (Profitability):CRITICAL (-11.8%)

Debt-to-Equity (Solvency Risk):POOR (1.69x)

Operating Margin (Operational Efficiency):CRITICAL (-30.4%)

Return on Capital (Capital Efficiency):CRITICAL (-4.4%)

📊 Valuation Trilogy

Three interconnected metrics for complete valuation analysis

Click any metric for full methodology and detailed analysis

Zyberno's Verdict

ATLANTA BRAVES HOLDINGS, INC. (BATRA) stock report — Zyberno Score 15/100 (POOR BUSINESS). Full financial analysis on Zyberno.

Over the trailing twelve months, BATRA generated -$9.29M in Owner Earnings. Capital was deployed as follows: $93.71M invested in capital expenditures. Reinvestment rate: -34.1%.

DIVISION I: EXECUTIVE SUMMARY

A. Market Valuation

Market Price & Capitalization (2)

Current Price:55.72

Market Cap:$3.57B

Valuation Multiples (3)

P/B Ratio:6.79x

P/S Ratio:15.36x

Peg Ratio:-999.00x

Enterprise Metrics (2)

Enterprise Value:$4.25B

Ev Ebitda Ratio:383.53x

Price Action & Momentum (3)

12-1 Momentum:

+16.9% (59th pctile)

📈 Click to view full BATRA Momentum analysis →

Momentum Percentile:59 / 100

% of 52-Week High:95.5%

B. Profitability Assessment

Return Metrics (5)

ROE:

-11.8%

📊 Click to view full BATRA ROE analysis →

ROA:-3.8%

Roic:

-4.4%

📊 Click to view full BATRA ROIC analysis →

Reinvestment Rate:-34.1%

Fundamental Growth Rate (g):1.5%

Margin Analysis (3)

Operating Margin Ttm:-30.4%

Net Margin Ttm:-27.6%

Ebitda Margin:4.8%

TTM Performance (2)

Operating Margin Ttm:-30.4%

Net Margin Ttm:-27.6%

Yield Metrics (2)

Earnings Yield:-$1.78

Dividend Yield:0.0%

C. Log-Linear Regression Growth Trends

Revenue Growth (Linear) (1)

Revenue Growth Rate (Linear):-40.7%

Earnings Growth (Linear) (1)

Net Income Growth Rate (Linear):48.8%

Cash Flow Growth (Linear) (2)

Free Cash Flow Growth Rate (Linear):-31.0%

Operating Cash Flow Growth Rate (Linear):-25.3%

Operating Growth (Linear) (1)

Operating Income Growth Rate (Linear):42.9%

D. Financial Stability

Liquidity Ratios (3)

Current Ratio:0.49x

Quick Ratio:0.49x

Cash Ratio:0.20x

Leverage Analysis (3)

Debt To Equity Ttm:1.69x

Debt-to-Equity Ratio:1.69x

Debt To Ebitda:71.56x

Coverage Ratios (2)

Interest Coverage Ratio:-0.29x

Times Interest Earned:-0.29

Capital Structure (4)

Working Capital:-298,030,000.00

Cash And Cash Equivalents:116,278,000.00

Long Term Debt:$459.89M

Net Debt:$676.85M

DIVISION II: FINANCIAL STATEMENTS ANALYSIS

A. Income Statement Analysis

Revenue Components (2)

Revenue TTM: $232.64M

Linear Growth: -40.7%

📊 Click to view full BATRA Revenue analysis & methodology →

Cost Of Revenue Ttm:$0.00

Profitability Breakdown (2)

$0.00

Operating income TTM: -$70.66M

Linear Growth: 42.9%

📊 Click to view full BATRA Operating Income analysis & methodology →

Bottom Line Performance (3)

Net income TTM: -$64.19M

Linear Growth: 48.8%

📊 Click to view full BATRA Net Income analysis & methodology →

Income Before Tax:-$75.92M

Ebitda Ttm:11,084,000.00

Operating Expenses (5)

Operating Expenses:820,623,000.00

R And D Expense:0.00

Sga Expense:145,546,000.00

Income Tax Expense:-$12.05M

Interest Expense:47,197,000.00

Expense Ratios (3)

R And D To Revenue Percentage:0.0%

Sga To Revenue Percentage:202.1%

Ebitda Margin:4.8%

B. Balance Sheet Analysis

Asset Composition (5)

Total Assets:$1.74B

Current Assets:$287.88M

Ppe Net:863,400,000.00

Goodwill:175,764,000.00

Intangible Assets:$0.00

Liability Structure (4)

Total Liabilities:1,213,745,000.00

Current Liabilities:585,908,000.00

Long Term Debt:$459.89M

Short Term Debt:$333.24M

Equity & Capital (3)

Equity:$526.64M

Retained Earnings:-$661.73M

Common Stock:0.00

Working Capital Items (3)

Accounts Receivable:33,494,000.00

Inventory:0.00

Accounts Payable:95,906,000.00

Special Items (2)

Contract Liabilities:149,912,000.00

Stock Based Compensation:6,824,000.00

C. Cash Flow Analysis

Operating Activities (2)

Operating cash flow TTM: -$8.05M

Linear Growth: -25.3%

Free cash flow TTM: -$101.76M

Linear Growth: -31.0%

📊 Click to view full BATRA Free Cash Flow analysis & methodology →

Investment Activities (2)

Investing Cash Flow:-$8.63M

Capital Expenditures Ttm:93,709,000.00

Financing Activities (3)

Financing Cash Flow:$3.42M

Dividends Paid Ttm:0.00

Stock Repurchase:0.00

Capital Transactions (3)

Common Stock Issuance:0.00

Long Term Debt Issuance:$158.16M

Long Term Debt Repayments:$29.69M

Non-Cash Items (1)

Depreciation Amortization Ttm:81,740,000.00

DIVISION III: OPERATIONAL METRICS

A. Per Share Analysis

Earnings Per Share (3)

EPS (Basic TTM):-1.00

Eps diluted TTM: -$0.99

Linear Growth: 46.9%

📊 Click to view full BATRA EPS analysis & methodology →

Earnings Per Share Ttm:-$1.00

Revenue & Cash Per Share (2)

Sales Per Share Ttm:3.63

Operating Cash Flow Per Share:$0.39

Book Value & Capital (2)

Book Value Per Share:$8.21

Cash Per Share:1.81

Dividend Policy (1)

Dividend Payout Ratio:-999.00x

B. Operational Efficiency

Asset Utilization (2)

Asset Turnover Ttm:0.14x

Working Capital Turnover Ttm:-999.00x

Receivables Management (2)

Receivables Turnover Ttm:6.95x

Days Sales Outstanding Ttm:52.55

Inventory Management (2)

Inventory Turnover Ttm:-999.00x

Days Inventory Outstanding Ttm:-999.00

Payables & Cash Cycle (2)

Days Payable Outstanding:150.47

Cash Conversion Cycle:-1,096.92

C. Quality & Risk Metrics

Financial Quality Scores (2)

Financial Strength Score:20.00

Quality Score:30.00

Market Metrics (2)

Beta:0.00x

Volatility Category:unknown

DIVISION IV: INVESTMENT ANALYSIS

A. Value Investment Framework

Owner Earnings Analysis (1)

-$9.29M

Damodaran Growth Analysis (2)

Reinvestment Rate:-34.1%

Fundamental Growth Rate (g):1.5%

B. Log-Linear Regression Growth Analysis

Growth Rates (Log-Linear Regression) (3)

Revenue Growth Rate (Linear):-40.7%

Net Income Growth Rate (Linear):48.8%

Operating Income Growth Rate (Linear):42.9%

Cash Flow Growth Rates (2)

Free Cash Flow Growth Rate (Linear):-31.0%

Operating Cash Flow Growth Rate (Linear):-25.3%

Other Growth Rates (1)

Book Value Growth Rate (Linear):14.4%

C. Company Profile & Context

Corporate Information (6)

Symbol:BATRA

Company Name:ATLANTA BRAVES HOLDINGS, INC.

Sector:Unknown

Industry:Services-Amusement & Recreation Services

Exchange:NASDAQ

Country:United States

Market Classification (3)

Market Cap Category:N/A

Price Category:high

Volume Category:N/A

Share Structure (3)

Shares Outstanding:64.15M

Shares Outstanding Basic:64.15M

Shares Outstanding Diluted:64.97M

Data Processing Info (3)

Processing Version:v3.0

Last Updated:2026-08-30 16:44:52 UTC

Data Timestamp:2026-08-30T16:44:52.428742