Atlanta Braves Holdings, Inc. (BATRA)

Price$57.60Cached quoteAs of 2026-10-01 19:17 UTC

AI: Fair-priced

Price checkThe shares look roughly fair because asset value offsets very weak current cash earnings.

Quote services place the company’s headline equity value around $3.5 billion, and BATRA trades about 10% above the nonvoting Series C shares. The latest filing shows roughly $677 million of debt above cash before finance leases, putting enterprise value—equity value plus net debt—near $4.2 billion. Forbes estimated the Braves franchise at $3.35 billion in March, while the September Angels agreement at $4 billion suggests private buyers may pay more. The Battery adds value, but leverage and weak cash earnings absorb much of that cushion. Reuters+4Investing Philippines+4Investing.com 한국어+4

Big pictureRevenue is growing, but cash generation remains thin and heavily seasonal.

Revenue rose from $662.7 million in 2024 to $732.5 million in 2025, yet 2025 still produced a $13.5 million operating loss. Operating cash flow was only $25.2 million against $93.7 million of capital spending, so free cash flow—cash left after running and investing in the business—was about negative $68.5 million. In the first half of 2026, operating cash flow was negative $1.6 million and capital spending was $15.9 million. Home-game timing makes quarterly cash results unusually seasonal. Pasted text SEC

Business strengthThe Battery is the steadier asset, while baseball profits can swing sharply.

In the first half of 2026, Mixed-Use Development revenue increased 26% to $54.9 million and management’s adjusted operating profit measure—which adds back depreciation and stock compensation—rose to $38.2 million. Baseball moved the other way: the same measure fell to negative $38.1 million from positive $12.4 million. Series C shares outstanding rose about 2% since year-end as options were exercised, while the company received $27.5 million from stock options and other issuances and made no second-quarter repurchases. That dilution and higher borrowing reduce per-share upside. SEC+2SEC+2

What could change the storyHigher franchise sales can lift value, while labor disruption or debt could erase the cushion.

The bull case strengthens if baseball transactions keep clearing near or above $4 billion and The Battery continues growing rent and operating profit. The bear case is specific: the current Major League Baseball labor agreement covers through 2026, the company explicitly flags possible work stoppages, and BravesVision adds production costs while its economics are still developing. With debt far above cash, today’s valuation requires sports-asset values to remain strong and game, media, and real-estate cash flows to improve rather than merely grow revenue. Reuters+2SEC+2

AI: News

Second-quarter earnings missSecond-quarter losses and higher baseball costs weakened near-term profit expectations despite continued revenue growth.

On August 5, second-quarter revenue was $305.1 million, down 2%, while management’s adjusted operating profit measure fell to $11.8 million from $65.7 million a year earlier. The company swung to a $12.2 million net loss from a $29.5 million profit, with baseball costs up sharply. The nonvoting BATRK shares closed 2.8% lower that day; the timing is consistent with disappointment, but it does not prove the earnings report alone caused the move. SEC+2Investing.com+2

Angels sale resets compsA record Angels deal strengthened the case for higher private-market values across baseball.

On September 1, Stan Kroenke agreed to buy the Los Angeles Angels for a reported $4 billion, pending league approval. That matters because Atlanta Braves Holdings is the only publicly traded Major League Baseball team, so private franchise deals provide rare valuation checks. Barron's reported the Braves' nonvoting shares rose 1.3% around the announcement. The comparison is imperfect because markets, stadium economics, and real-estate ownership differ, but the transaction supports a higher asset-value range than older appraisal estimates. Reuters+1

Lockout fears riseGrowing labor tension adds a direct risk to games, media revenue, and ticket sales.

By August 31, short interest in the nonvoting BATRK shares had risen sharply as investors focused on a possible Major League Baseball lockout after the 2026 season. Business Insider, citing S3 Partners, reported short interest up 142% since year-start and 14% over the prior month. The company’s filing says the current labor agreement covers the 2022-2026 seasons and specifically identifies work stoppages as a risk. No lockout has occurred, so this remains a scenario rather than a reported business disruption. Business Insider+1

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Revenue

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2023

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2025

Net income

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2023

2024

2025

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Total cash / debt

CashTotal debt

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Financial statements

	2025	2024	2023	2022
Revenue	$732.5M	$662.7M	$640.7M	$588.6M
Operating expenses	$746.0M	$702.4M	$687.1M	$619.1M
Operating income	−$13.5M	−$39.7M	−$46.4M	−$30.6M
Operating margin	−1.85%	−5.98%	−7.25%	−5.20%
EBITDA	$62.1M	$23.2M	$24.5M	$41.1M
EBITDA margin	8.48%	3.50%	3.83%	6.99%
Net income	−$23.4M	−$31.3M	−$125.3M	−$34.2M
Net profit margin	−3.19%	−4.72%	−19.56%	−5.81%
Basic EPSper basic share	-$0.37	-$0.50	-$2.03	-$0.55
Diluted EPSper diluted share	-$0.37	-$0.50	-$2.03	-$0.55

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

20.79%of listed shares

GAMCO INVESTORS, INC. ET AL2.14M shares · Jun 30, 2026

View holders

Top 20 reported holders of BATRA
Holder	% owned
GAMCO INVESTORS, INC. ET AL	20.79%2.14M shares
MAFFEI GREGORY B	≈11.23%1.16M shares
GABELLI FUNDS LLC	8.89%917.33K shares
JCM AB LLC	≈8.60%887.08K shares
BlackRock, Inc.	5.32%548.57K shares
MCGUIRK TERENCE F	≈4.98%513.7K shares
VANGUARD CAPITAL MANAGEMENT LLC	3.97%409.17K shares
RENAISSANCE TECHNOLOGIES LLC	3.37%347.7K shares
Schiller Derek Gordon	≈3.07%316.91K shares
MORGAN STANLEY	3.02%311.84K shares
Plant Michael P.	≈2.92%301.1K shares
STATE STREET CORP	2.32%238.95K shares
GEODE CAPITAL MANAGEMENT, LLC	2.18%225.12K shares
DIMENSIONAL FUND ADVISORS LP	2.18%225.02K shares
Roundview Capital LLC	1.69%174.81K shares
THIRD AVENUE MANAGEMENT LLC	1.08%111.88K shares
MILLENNIUM MANAGEMENT LLC	1.01%104.44K shares
Focus Partners Wealth	0.98%101.38K shares
VANGUARD PORTFOLIO MANAGEMENT LLC	0.97%100.27K shares
Hudson Value Partners, LLC	0.94%96.7K shares

Percentages use 10.32M shares of this listed class outstanding on Jun 30, 2026. ≈ compares the latest reported holding with a share total from a different date; it is not a confirmed current stake.

Gray completes the 100% scale. Reported positions may overlap; holders have different reporting dates.

Source: SEC Form 13F ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys36$16.85M disclosed value

Sells (SEC code S)7$196.8K disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Mar 2, 2026Form 4	Associated Capital Group, Inc. +3TenPercentOwner	SellSeries A Common Stock	500	$48.20	$24.1K	11.5K
Feb 5, 2026Form 4	MALONE JOHN CTenPercentOwner	BuySeries A Common Stock	35.0K	$44.23	$1.55M	521.9K
Feb 4, 2026Form 4	MALONE JOHN CTenPercentOwner	BuySeries B Common Stock	3.7K	$48.17	$176.7K	3.7K
Nov 19, 2025Form 4	MALONE JOHN CTenPercentOwner	BuySeries A Common Stock	2.3K	$42.00	$94.9K	486.9K
Nov 18, 2025Form 4	MALONE JOHN CTenPercentOwner	BuySeries A Common Stock	4.6K	$41.99	$194.5K	484.6K

Review ownership filings at SEC.gov ↗

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Atlanta Braves Holdings, Inc. (BATRA)

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