# Liberty Global Ltd. (LBTYA)

> Source: Nexqual · https://nexqual.com/LBTYA · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Liberty Global Ltd. (LBTYA), nexqual.com/LBTYA" · informational, not investment advice.

**Price:** USD 8.14 (+3.56% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 7.86 · day 7.83–8.15 · 52w 7.48–13.52 · market cap $2.78B · NMS

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $4.88B, net income -$3.04B (-62.1% margin), free cash flow -$255M (SEC filings).
- 4 of 80 tracked superinvestors hold LBTYA (13F, Q2 2026): 0 new, 0 added, 2 reduced, 2 unchanged.
- Insider open-market sales, last ~7 months: 3 Form 4 filings, $2.3M; 3 not under a Rule 10b5-1 plan ($2.3M); 2 by opportunistic insiders (2 outside 10b5-1 plans), 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Hold (mean 2.83 on a 1–5 scale) (12 analysts), mean target USD 14.47 (range 7–25).
- Total return with dividends: 1Y -25.9% vs S&P 500 +14.9%; 5Y -46.8% vs S&P 500 +80.3%.
- Next earnings: 2026-11-03, EPS estimate USD -0.33, revenue estimate $1.95B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $10.3B | $4.02B | $4.12B | $4.34B | $4.88B | $4.88B |
| Gross profit | $7.29B | $2.95B | $2.83B | $2.89B | $3.21B | — |
| Operating income | $1.32B | $110M | -$314M | -$60.1M | -$23.3M | -$86.8M |
| Net income | $13.4B | $1.47B | -$4.05B | $1.59B | -$7.14B | -$3.04B |
| EPS (diluted) | $12.15 | $2.96 | -$9.52 | $4.23 | -$20.86 | — |
| Free cash flow | $2.14B | $1.95B | $1.24B | $1.12B | -$132M | -$255M |
| Gross margin | 70.7% | 73.5% | 68.8% | 66.6% | 65.8% | — |
| Operating margin | 12.8% | 2.7% | -7.6% | -1.4% | -0.5% | -1.8% |
| Net margin | 130.2% | 36.7% | -98.4% | 36.6% | -146.3% | -62.1% |
| Revenue growth | -10.7% | -61.0% | +2.4% | +5.5% | +12.4% | — |
| Cash + short-term investments | $3.18B | $4.35B | $3.40B | $2.15B | $2.16B | — |
| Total debt | $14.3B | $13.3B | $15.7B | $9.07B | $8.56B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/S 0.6x · EV/EBITDA 8.7x · EV/Sales 1.8x · P/B 0.3x · FCF yield -9.18% · Earnings yield -109.32% · Buyback yield (TTM) 3.25% · Net debt $5.90B · EV $8.68B
P/E at fiscal year-ends: Dec 2024 3.0x.

## Superinvestors (SEC 13F-HR, Q2 2026)
4 of 80 tracked investors hold LBTYA. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Howard Marks | Oaktree Capital | 2.57% | $97.2M | Unchanged |
| Seth Klarman | Baupost Group | 1.74% | $94.0M | Reduced -36.2% |
| David Einhorn | Greenlight Capital | 1.44% | $56.4M | Unchanged |
| Dodge & Cox Funds | Dodge & Cox | 0.01% | $26.9M | Reduced -66.9% |

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 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 |
|---|---|---|---|---|---|---|---|
| 2026-06-16 | Wargo J David | Director | 55,000 | $635K | 32.4% | No | Too little history (no open-market trades in 2023 or 2025) |
| 2026-06-11 | Bracken Charles H R | EVP & CFO | 115,459 | $1.4M | 47% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-05-05 | Waldron Jason | SVP & CAO | 26,311 | $309K | 54.4% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
% 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
Consensus Hold (mean 2.83 on a 1–5 scale), 12 analysts; mean target USD 14.47 (low 7, high 25).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-20 | Barclays | Target lowered | Equal-Weight | $10 → $7 |
| 2026-08-18 | Barclays | Target lowered | Equal-Weight | $13 → $10 |
| 2026-08-04 | UBS | Target lowered | Neutral | $12.1 → $11.9 |
| 2026-07-08 | UBS | Target lowered | Neutral | $12.6 → $12.1 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | -25.9% | -46.8% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -25.9% | -11.8% |
| Volatility (annualized) | 34.3% | 30.2% |
| Max drawdown | -42.4% (Feb 2026→Oct 2026) | -49.1% (Oct 2021→Oct 2023) |

## Peers (Telecom Services)
TLK (PT Telekomunikasi Indonesia, Tb) USD 12.21 +3.65% · TIGO (Millicom International Cellular) USD 79.93 -2.11% · TU (Telus Corporation) USD 8.86 +5.73% · CHTR (Charter Communications, Inc.) USD 111.77 +4.20% · RCI (Rogers Communication, Inc.) USD 33.2 +4.57% · BCE (BCE, Inc.) USD 20.81 +4.15%

## More
Full page: https://nexqual.com/LBTYA · 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 LBTYA's own 10-K filed 2026-02-18 (https://www.sec.gov/Archives/edgar/data/1570585/000157058526000014/lbtya-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Customer | Netflix (NFLX) | "The VMO2 JV's video customers have access to the Horizon 5 minibox, with all current video offerings, now including Netflix as a standard feature." |
| Customer | Walt Disney (DIS) | "Customers also have the option of subscribing to dedicated packages on entertainment, sports and cinema, while also having the flexibility to add other subscription packages, like Disney+, under one system." |
| Customer | Amazon (AMZN) | "The Netflix and Amazon Prime Video apps are both available to customers at Telenet, VM Ireland, the VMO2 JV and the VodafoneZiggo JV." |
| Customer | Virgin Enterprises | "The activities of the group of companies utilizing the "Virgin" brand and other licensees could have a material adverse effect on the goodwill of customers towards our business as a licensee, and the licenses from Virgin…" |
| Partner | Alphabet (Google) (GOOGL) | "•On February 3, 2026, we announced a new strategic partnership with Google Cloud Services to embed new artificial intelligence (AI) services throughout our operating companies and European operations (the Google Partners…" |
| Partner | Telenet Group Holding | "As part of this strategy, Telenet, the VMO2 JV and our 50:50 joint venture with Vodafone Group plc (Vodafone) (the VodafoneZiggo JV) deliver mobile services as mobile network operators (MNOs) and Virgin Media Ireland (VM…" |
| Partner | Telefonica | "•On August 1, 2025, our 50:50 joint venture with Telefonica, S.A. in the United Kingdom (the U.K.) (the VMO2 JV) combined its business-to-business (B2B) operations with Daisy Group (the U.K." |
| Partner | Vodafone Group | "As part of this strategy, Telenet, the VMO2 JV and our 50:50 joint venture with Vodafone Group plc (Vodafone) (the VodafoneZiggo JV) deliver mobile services as mobile network operators (MNOs) and Virgin Media Ireland (VM…" |
| Partner | Virgin Media | "As part of this strategy, Telenet, the VMO2 JV and our 50:50 joint venture with Vodafone Group plc (Vodafone) (the VodafoneZiggo JV) deliver mobile services as mobile network operators (MNOs) and Virgin Media Ireland (VM…" |
| Partner | Sony (SONY) | "We partner with leading international and regional pay television providers, such as Disney, Sony, Paramount, AMC, NBCUniversal, RTL, BBC and Warner Bros." |
| Partner | Sky | "We also seek to carry key public and private broadcasters and acquire local premium programming through select relationships with companies such as Sky plc (Sky), TNT Sports (a joint venture between BT Sport and Warner B…" |
| Partner | BT Group | "We also seek to carry key public and private broadcasters and acquire local premium programming through select relationships with companies such as Sky plc (Sky), TNT Sports (a joint venture between BT Sport and Warner B…" |
| Partner | Sunrise Communications AG (SNNRF) | "We expect that we will continue improving our company through attractive acquisitions, dispositions, joint ventures, partnerships or other similar transactions in select markets, such as the Telenet Takeover Bid in Octob…" |
| Competitor | T-Mobile (TMUS) | "We compete with numerous other wireless service providers across our markets, including (among others) BT, Three, TalkTalk, BT (through EE) and VodafoneThree in the U.K., KPN, Odido and T-Mobile in the Netherlands, Proxi…" |

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

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| partner | Lionsgate Studios Corp. (LION) | 10-K 2026-05-27 | "On May 6, 2025, Lionsgate entered into an investor rights agreement with MHR Fund Management and affiliated funds (for purposes of this section, "MHR Fund Management"), Liberty Global Ventures Limited…" |
| partner | GRUPO TELEVISA, S.A.B. (TV) | 20-F 2026-04-30 | "On January 31, 2022, we consummated the TelevisaUnivision Transaction with Univision and, for the limited purposes set forth in the transaction agreement (the "2021 Transaction Agreement"), affiliates…" |
| related | Warner Bros. Discovery, Inc. (WBD) | 10-K 2026-02-27 | "In October 2024, the Company sold its minority interests in Formula E, which were recorded as an equity method investment and an investment without readily determinable fair value, to Liberty Global L…" |
| supplier | MAXLINEAR, INC (MXL) | 10-K 2026-01-29 | "Even if we succeed, additional testing and operational certifications will be required by the OEMs' customers, which include large Pay-TV television companies such as Comcast Corporation, Liberty Glob…" |
| partner | STARZ ENTERTAINMENT CORP /CN/ (STRZ) | 10-K 2025-06-26 | "Discovery, Inc., Liberty Global Ventures Limited, Liberty Global Ltd., MHR Capital Partners Master Account LP, MHR Capital Partners (100) LP, MHR Institutional Partners II LP, MHR Institutional Partne…" |

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

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Telenet | $716.9M | 61.2% | -6.9% |
| VM Ireland | $122.4M | 10.4% | -0.3% |
| Wyre | $34.5M | 2.9% | +12.4% |
| Total revenue | $1.17B | 100% | — |
The lines above cover 74.6% of total revenue.

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

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Total residential revenue | $588.7M | 50.2% | -2.9% |
| Total residential fixed revenue | $423.5M | 36.1% | -4.6% |
| Total subscription revenue | $415.5M | 35.5% | -5.4% |
| Other revenue | $351.3M | 30.0% | -19.6% |
| Broadband internet | $248.5M | 21.2% | +4.3% |
| Total B2B revenue | $232.0M | 19.8% | +2.7% |
| Total residential mobile revenue | $165.2M | 14.1% | +1.6% |
| Video | $131.8M | 11.2% | -14.2% |
| Subscription revenue | $130.6M | 11.1% | +4.5% |
| Non-subscription revenue | $118.5M | 10.1% | +4.5% |
| Subscription revenue | $113.5M | 9.7% | +0.9% |
| Fixed-line telephony | $35.2M | 3.0% | -25.4% |
| Non-subscription revenue | $34.6M | 3.0% | -8.0% |
| Non-subscription revenue | $8.0M | 0.7% | +73.9% |
| Total revenue | $1.17B | 100% | — |
The lines above cover 255.7% of total revenue.

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

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Belgium | $3.02B | 61.9% | +3.3% |
| Ireland | $494.8M | 10.1% | +0.7% |
| Slovakia | $53.5M | 1.1% | +4.7% |
| Total revenue | $4.88B | 100% | — |
The lines above cover 73.1% of total revenue.

## Company outlook (8-K filed 2026-10-14)

- "Liberty Global continues to anticipate the deal closing [by year-end], with total consideration of €669 million as part of the targeted €1.2-1.4 billion of non-core asset disposals to support the intended listing of Ziggo Group in Amsterdam in the middle of 2027 pursuant to a spin-off transaction, as previously announced."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $-0.33 | $-0.48 | -30.7% | $1.95B | 1 |
| Next quarter (ends 2026-12-31) | $-0.75 | $-0.64 | +17.7% | $2.42B | 1 |
| Current fiscal year (ends 2026-12-31) | $-1.16 | $-1.62 | -28.2% | $6.74B | 1 |
| Next fiscal year (ends 2027-12-31) | $-1.42 | $-1.34 | +6.2% | $8.11B | 2 |