Liberty Latin America Ltd. (LILA)

Price$8.36Cached quoteAs of 2026-10-02 10:08 UTC

AI: Fair-priced

Price checkThe shares look fairly priced because attractive cash returns are offset by heavy debt.

About 196 million common shares imply an equity value near $1.7 billion. That is roughly four times the $415 million of trailing operating cash flow minus capital spending, meaning cash left after running and investing in the business. However, management’s stricter adjusted cash measure was still negative $6 million in the first half. Enterprise value—common equity plus net debt and the preferred claim—is about six times annualized adjusted operating cash earnings. That supports Fair-priced, not a clear bargain.

Big pictureCash generation is improving, but reported losses and flat sales remain unresolved.

Operating cash flow stayed positive every year from 2020 through 2025, ranging from $640 million to $1.02 billion. In 2025 it rose 7% to $806 million while capital spending fell 7% to $500 million. Yet revenue was $4.44 billion, essentially flat from 2024 and below 2022, while the company lost $611 million. The latest quarterly loss narrowed to $24 million, but much of the comparison reflects the absence of a $517 million prior-year asset write-down; underlying adjusted operating cash earnings rose only 3% after comparison adjustments.

Business strengthEssential connectivity supports demand, but storms, regional weakness, and borrowing costs reduce resilience.

Second-quarter customers rose by 7,600 to 1.84 million, while fixed internet, video, and phone subscriptions gained 35,000. These recurring connectivity bills make demand less cyclical than many businesses. Still, comparable revenue was flat because network-services growth offset declines in Puerto Rico and the Caribbean, while Hurricane Melissa reduced quarterly adjusted operating cash earnings by $6 million. Liquidity included $714 million of cash and $864 million of unused borrowing capacity, but $8.96 billion of debt carried a 6.9% average cost after rate and currency protection.

What could change the storyFaster cost savings could create upside, while weak cash generation would expose the debt.

Management estimates the ten-year Amdocs contract could add more than $250 million of present value, meaning future savings measured in today’s dollars. The bull case requires annual adjusted operating cash earnings above roughly $1.7 billion and common cash generation above $250 million after the new $45 million yearly preferred dividend. The bear case emerges if first-half adjusted cash flow stays near zero while debt rises. Buybacks exceeded $60 million by early August, but first-half weighted shares still rose 1%, so repurchases must outrun employee-share issuance to create lasting per-share value.

AI: News

Quarterly cash reboundSecond-quarter cash flow turned positive as customer growth and lower storm damage improved expectations.

On August 5, Liberty reported second-quarter revenue of $1.10 billion, up 1%, and adjusted operating cash earnings of $436 million, up 5%. Adjusted free cash flow—cash left after operating, capital, financed-equipment, lease, and minority-owner payments—improved to $58 million from negative $41 million. The company added 45,000 postpaid mobile and broadband accounts. Common shares closed 3.8% higher the next day; the move cannot be attributed solely to earnings because the Amdocs agreement arrived simultaneously.

Technology outsourcing dealA ten-year technology partnership promises sizable savings, but execution and timing remain unproven.

Also on August 5, Liberty appointed Amdocs to manage its information-technology operations across the region, with existing supplier Prodapt supporting the transition. Management estimates more than $250 million of value from future net savings after allowing for time and risk. If delivered, lower technology costs would widen cash margins and help fund network investment. No annual savings schedule was disclosed, and the same-day earnings release prevents a clean reading of the market reaction.

Preferred value separationA special preferred payout rewarded holders but created a permanent claim ahead of common shares.

Liberty distributed one new preferred share for every ten common shares on June 16. At the $25 initial claim per preferred share, the issue transferred $500 million of priority value to existing holders and carries a 9% rate, or about $45 million of annual preferred dividends before common shareholders. Common shares began trading without that entitlement on June 17 and closed 25% lower; the separation of the preferred value likely explains much of that decline rather than comparable business deterioration.

Insider buyingA prominent insider made large open-market purchases after the preferred-share separation unsettled trading.

SEC filings show director emeritus John Malone bought 1.50 million Class A shares and 224,109 Class C shares on June 22–23, plus about 939,000 preferred shares during June 22–24. The common purchases cost roughly $8.9 million at disclosed average prices. Class A shares rebounded sharply during the purchase period, but the purchases and their disclosure only coincided with that recovery; they demonstrate personal conviction rather than proving that operating value improved.

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Financial statements

	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Revenue	$4.44B	$4.45B	$4.51B	$4.81B	$4.81B	$3.78B	$3.87B	$3.71B	$3.59B	$2.72B	$1.22B
Gross profit	$3.47B	$3.46B	$3.49B	$3.60B	$3.60B	$2.92B	$2.99B	$2.83B	$2.71B	—	—
Gross margin	78.03%	77.75%	77.38%	74.83%	74.76%	77.25%	77.30%	76.33%	75.59%	—	—
Operating expenses	$4.33B	$4.52B	$3.99B	$4.72B	$4.75B	$3.70B	$3.54B	$3.73B	$3.75B	$2.41B	—
Operating income	$108.2M	−$76.8M	$517.7M	$86.5M	$63.8M	$86.7M	$325.8M	−$23.6M	−$162.9M	$315.3M	$248.1M
Operating margin	2.44%	−1.73%	11.48%	1.80%	1.33%	2.29%	8.43%	−0.64%	−4.54%	11.58%	20.38%
EBITDA	$1.01B	$891.5M	$1.53B	$997.2M	$1.03B	$1.01B	$1.22B	$806.2M	$630.8M	$902.6M	$464.5M
EBITDA margin	22.81%	20.05%	33.83%	20.74%	21.38%	26.58%	31.44%	21.76%	17.57%	33.14%	38.16%
Net income	−$611.2M	−$689.4M	−$73.6M	−$170.7M	−$440.6M	−$687.3M	−$106.1M	−$345.2M	−$778.1M	−$432.3M	$38.0M
Net profit margin	−13.76%	−15.50%	−1.63%	−3.55%	−9.16%	−18.17%	−2.74%	−9.32%	−21.67%	−15.87%	3.12%
Basic EPSper basic share	-$3.06	-$3.47	-$0.35	-$0.77	-$1.89	-$3.51	-$0.58	-$1.96	-$4.53	-$3.44	$0.87
Diluted EPSper diluted share	-$3.06	-$3.47	-$0.35	-$0.77	-$1.89	-$3.51	-$0.58	-$1.96	-$4.53	-$3.44	$0.87

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

≈20.06%of listed shares

MALONE JOHN C7.48M shares · Jun 26, 2026

View holders

Top 20 reported holders of LILA
Holder	% owned
MALONE JOHN C	≈20.06%7.48M shares
Rubric Capital Management LP	10.13%3.78M shares
BlackRock, Inc.	9.35%3.49M shares
DIMENSIONAL FUND ADVISORS LP	6.51%2.43M shares
PADDICK BRENDAN J	≈4.18%1.56M shares
STATE OF WISCONSIN INVESTMENT BOARD	4.04%1.51M shares
GAMCO INVESTORS, INC. ET AL	2.91%1.08M shares
GABELLI FUNDS LLC	2.28%849.01K shares
GEODE CAPITAL MANAGEMENT, LLC	2.27%848.51K shares
OAKTREE CAPITAL MANAGEMENT LP	2.25%839.02K shares
D. E. Shaw & Co., Inc.	2.15%803.76K shares
STATE STREET CORP	2.01%750.73K shares
PANAGORA ASSET MANAGEMENT INC	1.73%646.1K shares
Nuveen, LLC	1.67%622.32K shares
RENAISSANCE TECHNOLOGIES LLC	1.54%574.5K shares
VANGUARD CAPITAL MANAGEMENT LLC	1.53%569.94K shares
HRT FINANCIAL LP	1.39%519.3K shares
GOLDMAN SACHS GROUP INC	1.34%500.84K shares
Quinn Opportunity Partners LLC	1.28%476.25K shares
WITTENBERG INVESTMENT MANAGEMENT, INC.	1.23%457.24K shares

Percentages use 37.3M 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 4 ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys35$144.28M disclosed value

Sells (SEC code S)7$108.14M disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Jun 26, 2026Form 4	WINTER JOHN MSVP, CLO AND SECRETARY	BuySeries A Preference Shares	5.1K	$19.67	$99.7K	64.5K
Jun 26, 2026Form 4	MALONE JOHN COther	BuyClass A Common Shares	17.7K	$7.00	$123.9K	3.73M
Jun 25, 2026Form 4	MALONE JOHN COther	BuySeries A Preference Shares · indirect	45.3K	$20.45	$926.4K	1.26M
Jun 25, 2026Form 4	MALONE JOHN COther	BuyClass A Common Shares	336.7K	$6.96	$2.34M	3.71M
Jun 24, 2026Form 4	BRACKEN CHARLES H RDirector	BuySeries A Preference Shares · indirect	4.9K	$20.50	$100.5K	23.8K

Review ownership filings at SEC.gov ↗

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Liberty Latin America Ltd. (LILA)

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