# Liberty Global Ltd. (LBTYB)

> Source: Nexqual · https://nexqual.com/LBTYB · data as of 2026-10-29 20:00 UTC · cite as "Nexqual, Liberty Global Ltd. (LBTYB), nexqual.com/LBTYB" · informational, not investment advice.

**Price:** USD 11 (+0.92% on the day) · last close of Oct 29, 2026; US market closed, not a live price. Prev close 10.9 · day 10.74–11 · 52w 10.2–29.01 · market cap $3.75B · 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).
- 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: None.
- Total return with dividends: 1Y +2.6% vs S&P 500 +14.8%; 5Y -61.5% vs S&P 500 +79.1%.
- Next earnings: 2026-11-03, EPS estimate USD —, revenue estimate $1.95B. All companies reporting that day: https://nexqual.com/earnings/2026-11-03
- Dividend: LBTYB paid no cash dividend in the last five years.
- Short interest: 0.08% of float (as of 2026-10-15), 0.1 days to cover.

## 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) | $23.59 | $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 0.8x · EV/EBITDA 9.7x · EV/Sales 2.0x · P/B 0.4x · FCF yield -6.79% · Earnings yield -80.90% · Buyback yield (TTM) 2.40% · Net debt $5.90B · EV $9.66B
P/E at fiscal year-ends: Dec 2024 3.1x.

## 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 None.

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-30) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | +2.6% | -61.5% |
| S&P 500 (SPY) | +14.8% | +79.1% |
| Per year | +2.6% | -17.3% |
| Volatility (annualized) | 67.3% | 46.4% |
| Max drawdown | -38.9% (Feb 2026→Jul 2026) | -68.2% (Nov 2021→May 2025) |

## Dividends
LBTYB paid no cash dividend in the last five years.

## Short interest
3,464 shares sold short, 0.08% of the float, as of Oct 15, 2026 (exchange short-interest report, published about twice a month). Prior report (Sep 15, 2026): 3,014 shares (+14.9%). Days to cover: 0.1 (short shares ÷ average daily volume).

## Peers (Telecom Services)
SKM (SK Telecom Co., Ltd.) USD 31.12 -2.20% · TIGO (Millicom International Cellular) USD 79.9 +0.30% · TU (Telus Corporation) USD 8.67 +1.40% · CHTR (Charter Communications, Inc.) USD 109 +3.43% · RCI (Rogers Communication, Inc.) USD 31.47 +0.54% · VIV (Telefonica Brasil S.A.) USD 11.44 +0.18%

## More
Full page: https://nexqual.com/LBTYB · 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)


Other companies that name LBTYB in their own reports (relationship from LBTYB'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…" |
| partner | TELEFONICA S A (TELFY) | 20-F 2025-02-27 | "•our ability to complete any pending acquisition, divestment or other significant transaction as planned or to achieve the expected outcome from any completed acquisition, divestment or other signific…" |

## 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) | — | — | — | $1.95B | — |
| Next quarter (ends 2026-12-31) | — | — | — | $2.42B | — |
| Current fiscal year (ends 2026-12-31) | — | — | — | $6.71B | — |
| Next fiscal year (ends 2027-12-31) | — | — | — | $8.29B | — |

## Recent SEC filings (last 120 days)
| Filed | Form | What it says | Filing |
|---|---|---|---|
| 2026-10-28 | 8-K | Regulation FD disclosure | https://www.sec.gov/Archives/edgar/data/1570585/000157058526000141/0001570585-26-000141-index.htm |
| 2026-10-27 | Schedule 13G | BlackRock, Inc.: 5.0% of shares, passive 5%+ holder | https://www.sec.gov/Archives/edgar/data/1570585/000201238326003713/0002012383-26-003713-index.htm |
| 2026-10-19 | Schedule 13G/A | ACR Alpine Capital Research, LLC, ACR Opportunity, L.P.: 12.4% of shares, passive 5%+ holder (amended) | https://www.sec.gov/Archives/edgar/data/1570585/000092963826003953/0000929638-26-003953-index.htm |
| 2026-10-14 | 8-K | Quarterly results | https://www.sec.gov/Archives/edgar/data/1570585/000157058526000139/0001570585-26-000139-index.htm |
| 2026-10-13 | 8-K/A | Current report | https://www.sec.gov/Archives/edgar/data/1570585/000157058526000136/0001570585-26-000136-index.htm |
| 2026-09-01 | 8-K | Regulation FD disclosure | https://www.sec.gov/Archives/edgar/data/1570585/000157058526000129/0001570585-26-000129-index.htm |
| 2026-08-13 | 8-K | Regulation FD disclosure | https://www.sec.gov/Archives/edgar/data/1570585/000157058526000127/0001570585-26-000127-index.htm |
| 2026-08-13 | Schedule 13G/A | Wolf Hill Capital Management, LP, Wolf Hill General Partner, LLC: 6.8% of shares, passive 5%+ holder (amended) | https://www.sec.gov/Archives/edgar/data/1570585/000089914026000822/0000899140-26-000822-index.htm |
| 2026-08-06 | 8-K | Entered a material agreement; Completed an acquisition or sale of assets — “Shareholders' Agreement The information provided in the Introductory Note of this Current Report on Form 8-K is incorporated by reference into this Item 1.01. On July 31, 2026, in connection with the completion of the Transaction, the Company, a subsidiary of Liberty Global, Liberty Global Broadband I Limited and Vodafone entered into a shareholders' agreement relating to the Company (the " Shareholders' Agreement "), pursuant to which the parties established the Company's post-Closing governance framework and…” | https://www.sec.gov/Archives/edgar/data/1570585/000157058526000125/0001570585-26-000125-index.htm |
| 2026-08-03 | 8-K | Regulation FD disclosure; Other material event — “On August 3, 2026, Liberty Global announced, among other things, the July 31. 2026 completion of its acquisition of Vodafone Group Plc's 50% shareholding in VodafoneZiggo. As part of the transaction, Vodafone has received 1.0 billion in cash and a 10% equity interest in Ziggo Group, which will hold Liberty Global's interests in VodafoneZiggo in the Netherlands and Telenet in Belgium and Luxembourg. Liberty Global holds the remaining 90% of Ziggo Group. Liberty Global also provided an update regarding its…” | https://www.sec.gov/Archives/edgar/data/1570585/000157058526000119/0001570585-26-000119-index.htm |
| 2026-07-28 | 8-K | Other material event — “In response to market conditions and other factors, the board of directors of Liberty Global Ltd. (the " Company ") has authorized management to effect share repurchases of its Class A and Class C common shares (the " Shares ") from time-to-time when management believes that the repurchases are consistent with the Company's capital allocation priorities, taking into account prevailing market conditions, expected cash proceeds from transactions or operations, and other relevant factors. Pursuant to this…” | https://www.sec.gov/Archives/edgar/data/1570585/000157058526000114/0001570585-26-000114-index.htm |
| 2026-07-24 | 8-K | Quarterly results; Regulation FD disclosure | https://www.sec.gov/Archives/edgar/data/1570585/000157058526000111/0001570585-26-000111-index.htm |
| 2026-07-24 | 10-Q | Quarterly report · period ended Jun 30, 2026 | https://www.sec.gov/Archives/edgar/data/1570585/000157058526000109/0001570585-26-000109-index.htm |
Source: SEC EDGAR. Quotes are the opening words of each item as filed.