# Liberty Latin America Ltd. (LILA)

> Source: Nexqual · https://nexqual.com/LILA · data as of 2026-10-23 16:17 UTC · cite as "Nexqual, Liberty Latin America Ltd. (LILA), nexqual.com/LILA" · informational, not investment advice.

**Price:** USD 8.1 (-0.49% today) · US market open, as of October 23, 2026 at 16:17 UTC; quotes may be delayed. Prev close 8.14 · day 7.95–8.1 · 52w 4.58–9.03 · market cap $1.59B · NMS

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $4.46B, net income -$98.2M (-2.2% margin), free cash flow $415M (SEC filings).
- Earnings quality: non-operating income -$569M vs operating income $640M over the last four quarters; P/E excluding non-operating income ≈5.8x (estimate: non-operating income taxed at the company's 35% effective rate).
- 1 of 80 tracked superinvestors hold LILA (13F, Q2 2026): 0 new, 1 added, 0 reduced, 0 unchanged.
- Insider open-market sales, last ~7 months: 2 Form 4 filings, $107M; 2 not under a Rule 10b5-1 plan ($107M); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Insider open-market purchases, last ~7 months: 18 Form 4 filings, $158M; 0 by opportunistic insiders, 0 by routine insiders.
- Analysts: Hold (mean 3.00 on a 1–5 scale) (2 analysts), mean target USD 11.07 (range 7–14).
- Total return with dividends: 1Y +42.6% vs S&P 500 +14.7%; 5Y -0.8% vs S&P 500 +77.5%.
- Next earnings: 2026-11-04, EPS estimate USD —, revenue estimate $1.13B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $4.81B | $4.81B | $4.51B | $4.45B | $4.44B | $4.46B |
| Gross profit | $3.60B | $3.60B | $3.49B | $3.46B | $3.47B | — |
| Operating income | $63.8M | $86.5M | $518M | -$76.8M | $108M | $640M |
| Net income | -$441M | -$171M | -$73.6M | -$689M | -$611M | -$98.2M |
| EPS (diluted) | -$1.28 | -$0.52 | -$0.24 | -$2.36 | -$2.08 | — |
| Free cash flow | $160M | $52.5M | $312M | $216M | $306M | $415M |
| Gross margin | 74.8% | 74.8% | 77.4% | 77.8% | 78.0% | — |
| Operating margin | 1.3% | 1.8% | 11.5% | -1.7% | 2.4% | 14.3% |
| Net margin | -9.2% | -3.5% | -1.6% | -15.5% | -13.8% | -2.2% |
| Revenue growth | +27.2% | -0.1% | -6.2% | -1.4% | -0.1% | — |
| Cash + short-term investments | $957M | $781M | $989M | $654M | $784M | — |
| Total debt | $7.56B | $7.87B | $8.17B | $8.08B | $8.27B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E ex non-operating (est.) ≈5.8x · P/S 0.4x · EV/EBITDA 6.0x · EV/Sales 2.1x · P/FCF 3.8x · P/B 3.0x · FCF yield 26.15% · Earnings yield -6.19% · Buyback yield (TTM) 1.66% · Net debt $7.73B · EV $9.31B

## Superinvestors (SEC 13F-HR, Q2 2026)
1 of 80 tracked investors hold LILA. 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 | 1.73% | $65.5M | Added +27.5% |

## 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 |
|---|---|---|---|---|---|---|---|
| 2026-08-11 | Bracken Charles H R | Director | 42,975 | $368K | 51.1% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-05-22 | Malone John C |  | 12,406,463 | $107M | 34.8% | No | Too little history (no open-market trades in 2023 or 2025) |
% 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.

## Insider purchases (SEC Form 4, open-market, last ~7 months)
18 purchases, $158M. Private placements, offerings, dividend reinvestment and employee stock purchase plan buys are excluded.
| Trade date | Insider | Role | Shares | Value | Avg price | Insider type |
|---|---|---|---|---|---|---|
| 2026-09-29…2026-09-30 | Malone John C |  | 21,525 | $199K | 9.25 | Too little history (no open-market trades in 2023 or 2025) |
| 2026-09-24…2026-09-28 | Malone John C |  | 22,442 | $459K | 20.44 | Too little history (no open-market trades in 2023 or 2025) |
| 2026-09-16…2026-09-17 | Malone John C |  | 37,082 | $758K | 20.43 | Too little history (no open-market trades in 2023 or 2025) |
| 2026-08-31…2026-09-02 | De Angoitia Alfonso | Director | 476,190 | $10.0M | 20.95 | Too little history (no open-market trades in 2023–2025) |
| 2026-08-28…2026-09-01 | Malone John C |  | 121,286 | $1.0M | 8.49 | Too little history (no open-market trades in 2023 or 2025) |
| 2026-08-14 | Malone John C |  | 6,761 | $57K | 8.5 | Too little history (no open-market trades in 2023 or 2025) |
| 2026-08-11…2026-08-13 | Malone John C |  | 50,696 | $431K | 8.5 | Too little history (no open-market trades in 2023 or 2025) |
| 2026-08-11 | Bracken Charles H R | Director | 17,425 | $365K | 20.93 | Too little history (no open-market trades in 2023–2025) |
| 2026-08-07…2026-08-10 | Malone John C |  | 217,032 | $2.9M | 13.38 | Too little history (no open-market trades in 2023 or 2025) |
| 2026-06-26 | Winter John M | SVP, CLO AND SECRETARY | 5,071 | $100K | 19.67 | Too little history (no open-market trades in 2024 or 2025) |
| 2026-06-25…2026-06-26 | Malone John C |  | 399,699 | $3.4M | 8.49 | Too little history (no open-market trades in 2023 or 2025) |
| 2026-06-25 | Fries Michael T | Executive Chairman | 49,382 | $1.0M | 20.39 | Too little history (no open-market trades in 2023–2025) |
| 2026-06-23…2026-06-24 | Bracken Charles H R | Director | 9,800 | $201K | 20.5 | Too little history (no open-market trades in 2023–2025) |
| 2026-06-22…2026-06-24 | Malone John C |  | 2,657,931 | $27.9M | 10.51 | Too little history (no open-market trades in 2023 or 2025) |
| 2026-06-18 | Nair Balan | President and CEO | 164,914 | $1.0M | 6.07 | Too little history (no open-market trades in 2023) |

## Analysts
Consensus Hold (mean 3.00 on a 1–5 scale), 2 analysts; mean target USD 11.07 (low 7, high 14).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-08-20 | Morgan Stanley | Downgrade | Equal-Weight → Underweight | $7 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | +42.6% | -0.8% |
| S&P 500 (SPY) | +14.7% | +77.5% |
| Per year | +42.7% | -0.2% |
| Volatility (annualized) | 44.1% | 45.3% |
| Max drawdown | -22.9% (Dec 2025→Jan 2026) | -67.0% (Nov 2021→May 2025) |

## Peers (Telecom Services)
SKM (SK Telecom Co., Ltd.) USD 30.69 -0.45% · TLK (PT Telekomunikasi Indonesia, Tb) USD 12.1 -0.94% · TIGO (Millicom International Cellular) USD 78.21 -2.15% · TU (Telus Corporation) USD 8.86 -0.06% · CHTR (Charter Communications, Inc.) USD 108.54 -2.89% · RCI (Rogers Communication, Inc.) USD 32.5 -2.12%

## More
Full page: https://nexqual.com/LILA · 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 LILA's own 10-K filed 2026-02-18 (https://www.sec.gov/Archives/edgar/data/1712184/000171218426000023/lila-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Customer | AT&T (T) | "Even if we are successful in acquiring new businesses, the integration of these businesses, such as in the AT&T Acquisition, may present significant costs and challenges associated with: realizing economies of scale in i…" |
| Customer | Alphabet (Google) (GOOGL) | "Our latest video consumer equipment that is distributed to a growing number of markets, including Puerto Rico, Costa Rica and Panama, also enables our customers to access, through the Google App Store, leading streaming …" |
| Customer | Netflix (NFLX) | "Our latest video consumer equipment that is distributed to a growing number of markets, including Puerto Rico, Costa Rica and Panama, also enables our customers to access, through the Google App Store, leading streaming …" |
| Customer | Walt Disney (DIS) | "Our latest video consumer equipment that is distributed to a growing number of markets, including Puerto Rico, Costa Rica and Panama, also enables our customers to access, through the Google App Store, leading streaming …" |
| Customer | Amazon (AMZN) | "Our latest video consumer equipment that is distributed to a growing number of markets, including Puerto Rico, Costa Rica and Panama, also enables our customers to access, through the Google App Store, leading streaming …" |
| Competitor | T-Mobile (TMUS) | "Liberty Puerto Rico primarily competes with T-Mobile US and América Móvil, S.A.B. de C.V. (Claro) for the provision of mobile services in Puerto Rico." |

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

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| partner | AMERICA MOVIL SAB DE CV/ (AMX) | 20-F 2026-04-28 | "still a 50:50 joint venture with LLA) into its operations." |

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

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Liberty Caribbean | $361.7M | 32.8% | -1.3% |
| Liberty Puerto Rico | $287.5M | 26.1% | -4.6% |
| C&W Panama | $176.9M | 16.0% | -0.2% |
| Liberty Costa Rica | $168.5M | 15.3% | +11.4% |
| Liberty Networks | $130.4M | 11.8% | +13.8% |
| Total revenue | $1.10B | 100% | — |
The lines above cover 102% of total revenue.

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

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Total residential revenue | $233.1M | 21.1% | -1.9% |
| B2B revenue | $128.6M | 11.7% | -0.2% |
| Total residential fixed revenue | $119.1M | 10.8% | -7.2% |
| Subscription revenue | $114.4M | 10.4% | -7.5% |
| Total residential mobile revenue | $114.0M | 10.3% | +4.4% |
| Service revenue | $96.6M | 8.8% | +8.1% |
| Mobile Service Revenue | $60.0M | 5.4% | +7.1% |
| Interconnect, inbound roaming, equipment sales and other | $17.4M | 1.6% | -12.1% |
| B2B Mobile Handset and Other Devices | $8.0M | 0.7% | +14.3% |
| Cable Non-Subscription | $4.7M | 0.4% | +2.2% |
| Total revenue | $1.10B | 100% | — |
The lines above cover 81.3% of total revenue.

## Revenue by region (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Puerto Rico | $270.6M | 24.5% | -4.1% |
| Panama | $176.8M | 16.0% | +0.1% |
| Costa Rica | $168.4M | 15.3% | +11.5% |
| Other | $154.2M | 14.0% | +1.4% |
| Networks and Latin America | $107.8M | 9.8% | +17.8% |
| Jamaica | $101.6M | 9.2% | -3.0% |
| The Bahamas | $46.1M | 4.2% | -6.1% |
| Barbados | $42.3M | 3.8% | +1.0% |
| Trinidad and Tobago | $34.8M | 3.2% | -7.4% |
| Total revenue | $1.10B | 100% | — |

## Company outlook (8-K filed 2026-08-05)

- "This transaction is expected to deliver in excess of $250 million in NPV to LLA." "As discussed at our first quarter earnings, we distributed $500 million of preferred stock in the second quarter and announce today our first quarterly dividend on September 15, 2026 to preferred shareholders."
- "We continue to anticipate cost saving initiatives supporting trends in the coming periods. 6 Property & Equipment Additions and Capital Expenditures The table below highlights the categories of the property and equipment additions (P&E Additions) for the indicated periods and reconciles to cash paid for capital expenditures, net."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | — | — | — | $1.13B | — |
| Next quarter (ends 2026-12-31) | — | — | — | $1.17B | — |
| Current fiscal year (ends 2026-12-31) | $0.14 | $0.14 | +0.0% | $4.48B | 1 |
| Next fiscal year (ends 2027-12-31) | $0.65 | $0.65 | +0.0% | $4.62B | 1 |

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

Expected move by 2027-01-15 (includes earnings 2026-11-04): ±22.9%; last 8 reports averaged ±8.3%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2027-01-15 | 84 | 55.3% | ±22.9% |