# Formula One Group (FWONK)

> Source: Nexqual · https://nexqual.com/FWONK · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Formula One Group (FWONK), nexqual.com/FWONK" · informational, not investment advice.

**Price:** USD 91.15 (-0.13% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 91.27 · day 90.54–92.11 · 52w 80.15–107.31 · market cap $22.9B · NMS

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $4.34B, net income $408M (9.4% margin), free cash flow $823M (SEC filings).
- Valuation: P/E 56.0x, EV/EBITDA 27.0x, net debt $3.46B.
- 3 of 80 tracked superinvestors hold FWONK (13F, Q2 2026): 0 new, 0 added, 3 reduced, 0 unchanged.
- Insider open-market sales, last ~7 months: 2 Form 4 filings, $10.1M; 2 not under a Rule 10b5-1 plan ($10.1M); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Total return with dividends: 1Y -6.0% vs S&P 500 +14.9%; 5Y +71.7% vs S&P 500 +80.3%.
- Next earnings: 2026-11-05, EPS estimate USD 0.51, revenue estimate $1.24B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $11.4B | $3.16B | $3.57B | $3.65B | $4.48B | $4.34B |
| Operating income | $1.98B | $145M | $266M | $287M | $577M | $516M |
| Net income | $398M | $1.81B | $761M | -$2.06B | $555M | $408M |
| Free cash flow | $2.00B | $2.24B | $2.00B | $492M | $789M | $823M |
| Operating margin | 17.3% | 4.6% | 7.4% | 7.9% | 12.9% | 11.9% |
| Net margin | 3.5% | 57.4% | 21.3% | -56.5% | 12.4% | 9.4% |
| Revenue growth | +21.8% | -72.3% | +13.0% | +2.3% | +22.7% | — |
| Cash + short-term investments | $2.81B | $1.88B | $1.41B | $2.63B | $1.05B | — |
| Total debt | $18.6B | $16.6B | $4.22B | $2.99B | $5.10B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 56.0x · P/S 5.3x · EV/EBITDA 27.0x · EV/Sales 6.1x · P/FCF 27.8x · P/B 3.0x · FCF yield 3.60% · Earnings yield 1.79% · Net debt $3.46B · EV $26.3B

## Superinvestors (SEC 13F-HR, Q2 2026)
3 of 80 tracked investors hold FWONK. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Ruane Cunniff | Ruane Cunniff LP | 8.68% | $558M | Reduced -2.7% |
| Dennis Hong | ShawSpring Partners | 7.00% | $16.3M | Reduced -15.8% |
| Chase Coleman | Tiger Global Management | 0.90% | $217M | Reduced -15.0% |

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 2 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 |
|---|---|---|---|---|---|---|---|
| 2026-06-15 | Wilm Renee L | Chief Legal/Admin Officer | 11,597 | $1.0M | 42.7% | No | Too little history (no open-market trades in 2023) |
| 2026-05-27 | Carey Chase | Director | 100,000 | $9.0M | 51.5% | No | Too little history (no open-market trades in 2023 or 2024) |
% 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 |
|---|---|---|---|---|
| 2026-10-16 | Susquehanna | Target lowered | Positive | $114 → $110 |
| 2026-09-29 | Wells Fargo | Target lowered | Equal-Weight | $105 → $96 |
| 2026-09-09 | Jefferies | Initiated | Buy | $115 |
| 2026-08-17 | Guggenheim | Target raised | Buy | $125 → $134 |
| 2026-08-07 | UBS | Target raised | Neutral | $104 → $110 |
| 2026-08-07 | JP Morgan | Target raised | Overweight | $124 → $125 |
| 2026-08-07 | Wells Fargo | Target raised | Equal-Weight | $97 → $105 |
| 2026-07-29 | Guggenheim | Target raised | Buy | $124 → $125 |
| 2026-07-28 | Bernstein | Target raised | Outperform | $115 → $119 |
| 2026-07-21 | JP Morgan | Target raised | Overweight | $111 → $124 |
| 2026-07-06 | B of A Securities | Target raised | Buy | $105 → $115 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | -6.0% | +71.7% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -6.1% | +11.4% |
| Volatility (annualized) | 25.0% | 26.8% |
| Max drawdown | -21.1% (Nov 2025→Mar 2026) | -23.2% (Mar 2022→Oct 2022) |

## Peers (Entertainment)
ROKU (Roku, Inc.) USD 160.06 +1.45% · NWS (News Corporation) USD 33.95 +2.01% · FOXA (Fox Corporation) USD 68.27 +3.69% · WMG (Warner Music Group Corp.) USD 31.69 +0.80% · TKO (TKO Group Holdings, Inc.) USD 177.72 -0.12% · SKYD (Skydance Corporation) USD 7.79 -1.02%

## More
Full page: https://nexqual.com/FWONK · 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 FWONK's own 10-K filed 2026-02-26 (https://www.sec.gov/Archives/edgar/data/1560385/000110465926020653/lmca-20251231x10k.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Supplier | Honda (HMC) | "At the end of the 2025 F1 Championship Renault ceased to be an engine supplier, with Audi and Honda supplying engines starting from the 2026 F1 Championship season." |
| Partner | Liberty Live Holdings, Inc. (LLYVA) | "Under our tax sharing agreement with Liberty Live Holdings, Liberty Live Holdings is generally responsible for, and is required to indemnify us for, taxes and certain losses resulting from the Liberty Sirius XM Holdings …" |
| Partner | Liberty Sirius XM Holdings | "Under our tax sharing agreement with Liberty Live Holdings, Liberty Live Holdings is generally responsible for, and is required to indemnify us for, taxes and certain losses resulting from the Liberty Sirius XM Holdings …" |

Other companies that name FWONK in their own reports (relationship from FWONK's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| partner | Infinite Eagle Acquisition Corp. (IEAG) | 10-K 2026-03-23 | "in partnership with Liberty Media Corporation and other investors, of Telemundo Network Group, LLC, ("Telemundo")." |
| partner | Bold Eagle Acquisition Corp. (BEAG) | 10-K 2026-03-23 | "While at SPE, he spearheaded SPE's acquisition, in partnership with Liberty Media Corporation and other investors," |
| partner | Liberty Live Holdings, Inc. (LLYVK) | 10-K 2026-02-26 | "As described above, Liberty Live is party to a services agreement with Liberty Media, pursuant to which 74 Liberty Media corporate employees provide certain management services to Liberty Live for a d…" |
| related | Live Nation Entertainment, Inc. (LYV) | 10-K 2026-02-19 | "This related party relationship ended when Liberty Live was split off from Liberty Media Corporation." |
| partner | Liberty Capital Corp/NV (GLIBK) | 10-K 2026-02-11 | "GCI Liberty is party to a Services Agreement with Liberty Media, pursuant to which 74 Liberty Media corporate employees (as of December 31, 2025) provide certain management services to GCI Liberty for…" |
| partner | SIRIUS XM HOLDINGS INC. (SIRI) | 10-K 2026-02-05 | "On February 1, 2021, we entered into a tax sharing agreement with Liberty Media governing the allocation of consolidated U.S. income tax liabilities and setting forth agreements with respect to other …" |

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

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Formula One | $764.0M | 81.8% | -37.7% |
| Motogp | $170.0M | 18.2% | — |
| Total revenue | $934.0M | 100% | — |

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

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Motorsport | $934.0M | 100.0% | -22.4% |
| Primary | $622.0M | 66.6% | -39.7% |
| Product & Service Other | $142.0M | 15.2% | -26.8% |
| Total revenue | $934.0M | 100% | — |
The lines above cover 181.8% of total revenue.

## Revenue by region (fiscal year ended 2025-12-31)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| United Kingdom | $3.78B | 84.4% | +14.0% |
| United States | $378.0M | 8.4% | +12.8% |
| Spain | $310.0M | 6.9% | — |
| Other Country Other Than Us & Uk | $12.0M | 0.3% | — |
| Total revenue | $4.48B | 100% | — |

## Company outlook (8-K filed 2026-08-06)

- "The financial information below is presented for illustrative purposes only and does not purport to represent the actual results of operations of MotoGP had the acquisition occurred on January 1, 2024, or to project the results of operations of Liberty for any future periods."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.51 | $0.55 | -7.1% | $1.24B | 6 |
| Next quarter (ends 2026-12-31) | $0.88 | $0.75 | +16.9% | $1.86B | 6 |
| Current fiscal year (ends 2026-12-31) | $1.61 | $1.78 | -9.9% | $4.75B | 6 |
| Next fiscal year (ends 2027-12-31) | $1.95 | $2.13 | -8.4% | $5.27B | 6 |

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

Expected move by 2026-11-20 (includes earnings 2026-11-05): ±7.6%; last 8 reports averaged ±3.5%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 33.5% | ±7.6% |
| 2026-12-18 | 56 | 36.4% | ±11.5% |
| 2027-01-15 | 84 | 34.2% | ±13.2% |
| 2027-02-19 | 119 | 33.8% | ±15.5% |
| 2027-03-19 | 147 | 33.0% | ±16.8% |
| 2027-04-16 | 175 | 31.9% | ±17.7% |
| 2027-05-21 | 210 | 31.9% | ±19.4% |