# Atlanta Braves Holdings, Inc. (BATRK)

> Source: Nexqual · https://nexqual.com/BATRK · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Atlanta Braves Holdings, Inc. (BATRK), nexqual.com/BATRK" · informational, not investment advice.

**Price:** USD 49.71 (-0.72% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 50.07 · day 49.6–50.66 · 52w 37.76–54.86 · market cap $3.19B · NMS

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $750M, net income -$64.2M (-8.6% margin) (SEC filings).
- 1 of 80 tracked superinvestors hold BATRK (13F, Q2 2026): 0 new, 0 added, 1 reduced, 0 unchanged.
- Insider open-market sales, last ~7 months: 3 Form 4 filings, $15.3M; 0 not under a Rule 10b5-1 plan ($0K); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Total return with dividends: 1Y +25.6% vs S&P 500 +14.9%; 5Y +77.0% vs S&P 500 +80.3%.
- Next earnings: 2026-11-04, EPS estimate USD 0.47, revenue estimate $345M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|
| Revenue | $589M | $641M | $663M | $732M | $750M |
| Operating income | -$30.6M | -$46.4M | -$39.7M | -$13.5M | -$70.7M |
| Net income | -$34.2M | -$125M | -$31.3M | -$23.4M | -$64.2M |
| EPS (diluted) | -$0.55 | -$2.03 | -$0.50 | -$0.37 | — |
| Free cash flow | $35.7M | -$67.4M | -$69.4M | -$68.5M | — |
| Operating margin | -5.2% | -7.2% | -6.0% | -1.8% | -9.4% |
| Net margin | -5.8% | -19.6% | -4.7% | -3.2% | -8.6% |
| Revenue growth | — | +8.9% | +3.4% | +10.5% | — |
| Cash + short-term investments | $151M | $125M | $110M | $99.9M | — |
| Total debt | $542M | $569M | $617M | $739M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/S 4.3x · EV/EBITDA 348.8x · EV/Sales 5.2x · P/B 6.2x · Earnings yield -2.01% · Net debt $677M · EV $3.87B

## Superinvestors (SEC 13F-HR, Q2 2026)
1 of 80 tracked investors hold BATRK. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Mason Hawkins | Southeastern Asset Management | 1.64% | $31.4M | Reduced -9.8% |

## Insider sales (SEC Form 4, open-market, last ~7 months)
3 of 3 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-09-30 | Schiller Derek Gordon | EVP, Business | 175,395 | $9.3M | 35.6% | Yes (adopted June 30, 2026) | Too little history (no open-market trades in 2023) |
| 2026-09-29 | Heller Gregory John | EVP, CLO & Secretary | 80,263 | $4.3M | 77.9% | Yes (adopted June 30, 2026) | Too little history (no open-market trades in 2023) |
| 2026-08-19 | Robinson Jill L. | EVP, CFO & Treasurer | 30,263 | $1.6M | 27.6% | Yes (adopted May 18, 2026) | Too little history (no open-market trades in 2023) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-08-07 | Rosenblatt | Target lowered | Buy | $75 → $73 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +25.6% | +77.0% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +25.7% | +12.1% |
| Volatility (annualized) | 21.6% | 20.9% |
| Max drawdown | -10.1% (Sep 2026→Oct 2026) | -21.8% (Nov 2021→Jun 2022) |

## Peers (Entertainment)
IMAX (Imax Corporation) USD 52.31 -1.47% · MANU (Manchester) USD 20.78 -0.38% · LION (Lionsgate Studios Corp) USD 12.7 +0.16% · AMC (AMC Entertainment Holdings, Inc) USD 2.93 -3.62% · SPHR (Sphere Entertainment Co.) USD 111.61 -2.16% · VSNT (Versant Media Group, Inc.) USD 32.29 +3.00%

## More
Full page: https://nexqual.com/BATRK · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in BATRK's own 10-K filed 2026-02-26 (https://www.sec.gov/Archives/edgar/data/1958140/000110465926020650/batra-20251231x10k.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Partner | Main Street Sports Group | "In late 2025 and early 2026, the parent of our local broadcasting partner, Main Street Sports Group, faced financial difficulties culminating in the failure to make contractual payments to various professional sport club…" |

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Baseball | $276.4M | 90.6% | -3.8% |
| Mixed Use Development | $28.7M | 9.4% | +14.2% |
| Total revenue | $305.1M | 100% | — |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Baseball | $276.4M | 90.6% | -3.8% |
| — Baseball Event (part of Baseball) | $161.0M | 52.8% | -10.7% |
| — Media Related (part of Baseball) | $72.9M | 23.9% | -10.1% |
| — Retail & Licensing (part of Baseball) | $21.8M | 7.2% | +17.6% |
| — Other Product Or Service (part of Baseball) | $20.7M | 6.8% | +182.7% |
| Mixed Use Development | $28.7M | 9.4% | +14.2% |
| Total revenue | $305.1M | 100% | — |

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.47 | $0.61 | -22.5% | $344.6M | 3 |
| Next quarter (ends 2026-12-31) | $-0.35 | $-0.35 | +1.9% | $72.9M | 3 |
| Current fiscal year (ends 2026-12-31) | $-0.69 | $0.02 | -3550.0% | $793.3M | 3 |
| Next fiscal year (ends 2027-12-31) | $-0.59 | $0.02 | -3619.3% | $840.8M | 3 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-11-04): ±5.4%; last 8 reports averaged ±2.8%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 23.7% | ±5.4% |
| 2027-02-19 | 119 | 23.6% | ±11.0% |
| 2027-05-21 | 210 | 24.3% | ±14.9% |