Liberty Live Holdings, Inc

• FailsLittle or no debtFails

  Total debt of $1.7B would take n/a of normalised owner earnings to repay; operating income covers interest -1.8×. Interest cover decided this: under 4x fails (payback alone would be a pass, at 4 years or less).

  Why this test
• Can't tellDemonstrated, consistent earning powerCan't tell

  Fewer than five years of annual filings, too short to judge consistency.

  Why this test
• Can't tellHigh returns on equity without leverageCan't tell

  Equity isn't reported consistently enough to measure returns on it.

  Why this test
• Can't tellHigh returns on tangible capitalCan't tell

  Fewer than three years of return on capital can be measured.

  Why this test
• Can't tellOwner earnings, not reported earningsCan't tell

  Owner earnings need net income, depreciation and capex, and at least one is missing.

  Why this test
• Can't tellA business that doesn't eat capitalCan't tell

  Capex or depreciation isn't reported.

  Why this test
• Can't tellThe $1 retained testCan't tell

  Needs both a price history and positive retained earnings across the period.

  Why this test
• Can't tellMargin of safetyCan't tell

  Owner earnings cannot be computed: net income, depreciation or capex is missing.

  Why this test

Discount rate: 10-year Treasury (5.2%) plus a 3% equity hurdle. Price $96.73 on 20 Oct 2026. End-of-day prices from free public sources, may be delayed or missing.