Atlanta Braves Holdings BATRK

NASDAQ BATRK

$48.99 -0.65 (-1.31%)

At close: Oct 26, 2026 · 4:00 PM EDT

Atlanta Braves Holdings (BATRK) stock price is $48.99, down 1.31% on the day, as of Oct 26, 2026. It has a market cap of $3.48Bn, and is classified in the Entertainment Venues industry (Consumer Discretionary sector).

Key Stats

Market Cap3.48 Bn

P/E-54.16

FCF (Yr)-119.81 Mn

ROA (Yr)-1.48

EV to EBIT-43.06

Net Income (Yr)-23.28 Mn

Enterprise Value3.04 Bn

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About

Atlanta Braves Holdings, Inc. is a holding company that indirectly owns and operates the Atlanta Braves Major League Baseball Club and oversees the development and operation of the mixed use district known as The Battery Atlanta surrounding Truist Park. The company operates in the professional sports and real estate sectors, combining baseball entertainment with year round mixed use activities. Atlanta Braves Holdings generates revenue from ticket sales, concessions, local…

Atlanta Braves Holdings generates revenue from ticket sales, concessions, local broadcasting rights, advertising sponsorships, suites and premium seat fees, retail and licensing revenue, and shared Major League Baseball streams such as national broadcasting rights and licensing. Additionally, the mixed use segment provides office and retail rental income including overage rent and tenant reimbursements, parking, and advertising sponsorships throughout The Battery Atlanta. The primary customers include baseball fans, game attendees, broadcasters, advertisers, and tenants seeking office, retail, or hospitality space.

The company operates through the following segments:

Baseball segment includes operations related to the Braves baseball franchise and Truist Park, deriving revenue from ticket sales, concessions, local broadcasting rights, advertising sponsorships, suites and premium seat fees, retail and licensing revenue, and shared Major League Baseball revenue streams such as national broadcasting rights and licensing.
Mixed Use Development segment encompasses retail, office, hotel, and entertainment operations within The Battery Atlanta and surrounding area, generating revenue from office and retail rental income including overage rent and tenant reimbursements, parking, and advertising sponsorships.

Atlanta Braves Holdings holds a prominent position among the thirty Major League Baseball clubs, benefiting from a storied franchise dating back to 1871, consistent on field success, and a strong national brand. Competitive advantages include a long term stadium operating agreement granting exclusive rights to Truist Park through 2046 with extension options, a substantial mixed use development that enhances game day experience and provides non‑baseball revenue, one of the largest radio affiliate networks in Major League Baseball, and participation in league wide revenue sharing and national broadcast agreements. Competitors consist of other Major League Baseball clubs, alternative sports and entertainment providers, and competing mixed use developments in the Atlanta metropolitan area.

The company serves a diverse customer base that includes baseball spectators, television and radio broadcasters such as ESPN, TBS, Fox, NBC Universal, Sirius XM Holdings, Apple, Roku, and SportSouth Network II LLC, advertising sponsors ranging from local to national corporations, and tenants such as Comcast, Papa John’s International Inc., TK Elevator, Southwire, DCO Commercial Floors, Truist Securities, Omni Hotels, Aloft Hotels, Shake Shack, and SPACES.

Investment Thesis

▲ Bull case

Atlanta Braves Holdings demonstrates strong underlying operational momentum in its Mixed-Use Development segment, with revenue growing 45% year-over-year and 48% in Q4 FY25, driven by the April 2025 acquisition of real estate assets adjacent to The Battery Atlanta. This acquisition has accelerated rental income growth from in-place leases and tenant recoveries, contributing to a 41% revenue increase in Q1 FY26. The segment’s Adjusted OIBDA surged to $18.3 million in Q4 FY25 from $11.8 million in the prior year, reflecting scalable profitability as fixed costs are absorbed by expanding revenue streams. Management highlighted that lease commencements and sponsorship revenue growth are partially offsetting lease terminations, indicating a resilient and diversifying tenant base. This structural shift toward a higher-margin, recurring revenue real estate platform reduces reliance on volatile baseball event revenue and positions the company to benefit from long-term urban development trends around Truist Park, particularly as Atlanta continues to attract corporate and residential investment. The battery’s mixed-use model — combining retail, office, hospitality, and residential — creates a self-reinforcing ecosystem that enhances fan engagement while generating stable cash flows independent of game schedules.
Broadcasting revenue emerged as a quiet but powerful catalyst in FY25, growing 14% year-over-year to $188.6 million, despite minimal commentary on its strategic significance during earnings discussions. This growth stemmed from additional streaming rights granted to the regional broadcast partner and contractual rate increases — a development management mentioned only in passing while focusing on baseball event revenue declines. Unlike ticket sales, which are attendance-dependent and subject to weather or team performance, broadcasting revenue is largely contractual and insulated from short-term volatility. The Q4 FY25 2% baseball revenue increase was driven solely by this segment, underscoring its role as a stabilizing force. With the transition to BravesVision media contracts underway in Q1 FY26 — even as legacy broadcasting revenue declined 41% YoY due to timing — the company is positioning itself to own and monetize its direct-to-consumer streaming platform. This shift could unlock higher long-term margins by eliminating middlemen and capturing advertising, subscription, and sponsorship revenue directly, representing a material undervalued optionality in the stock that the market has overlooked amid short-term broadcast contract noise.
The company’s balance sheet reflects a de-risking trajectory that is underappreciated by investors focused solely on quarterly earnings volatility. ABH reduced total debt by $21.5 million in Q4 FY25 and another $30 million in Q1 FY26, primarily through repayments on the TeamCo revolver, while simultaneously increasing cash reserves to $135.2 million by end-Q1 FY26 — up from $99.9 million at year-end. This deleveraging occurs alongside a $93.7 million investment in real estate acquisitions during Q1 FY26, demonstrating that growth investments are being funded internally without dilutive equity or new debt issuance. The MLB facility fund term loan ($30M) and revolver ($36.2M) remain stable, and the absence of league-wide credit facility draws indicates confidence in internal liquidity. With total GAAP debt at $709.2 million as of March 31, 2026 — down from $759.9 million six months prior — and a growing cash buffer, ABH is improving its financial flexibility to weather baseball seasonality, fund further Mixed-Use Development expansions, or pursue strategic acquisitions. This strengthening financial profile reduces bankruptcy risk and enhances capacity for shareholder returns via future buybacks or dividends, a factor not reflected in current valuation multiples that penalize the stock for its cyclical baseball earnings.

Atlanta Braves Holdings demonstrates strong underlying operational momentum in its Mixed-Use Development segment, with revenue growing 45% year-over-year and 48% in Q4 FY25, driven by the April 2025 acquisition of real estate assets adjacent to The Battery Atlanta. This acquisition has accelerated rental income growth from in-place leases and tenant recoveries, contributing to a 41% revenue increase in Q1 FY26. The segment’s Adjusted OIBDA surged to $18.3 million in Q4 FY25 from $11.8 million in the prior year, reflecting scalable profitability as fixed costs are absorbed by expanding revenue streams. Management highlighted that lease commencements and sponsorship revenue growth are partially offsetting lease terminations, indicating a resilient and diversifying tenant base. This structural shift toward a higher-margin, recurring revenue real estate platform reduces reliance on volatile baseball event revenue and positions the company to benefit from long-term urban development trends around Truist Park, particularly as Atlanta continues to attract corporate and residential investment. The battery’s mixed-use model — combining retail, office, hospitality, and residential — creates a self-reinforcing ecosystem that enhances fan engagement while generating stable cash flows independent of game schedules.
Broadcasting revenue emerged as a quiet but powerful catalyst in FY25, growing 14% year-over-year to $188.6 million, despite minimal commentary on its strategic significance during earnings discussions. This growth stemmed from additional streaming rights granted to the regional broadcast partner and contractual rate increases — a development management mentioned only in passing while focusing on baseball event revenue declines. Unlike ticket sales, which are attendance-dependent and subject to weather or team performance, broadcasting revenue is largely contractual and insulated from short-term volatility. The Q4 FY25 2% baseball revenue increase was driven solely by this segment, underscoring its role as a stabilizing force. With the transition to BravesVision media contracts underway in Q1 FY26 — even as legacy broadcasting revenue declined 41% YoY due to timing — the company is positioning itself to own and monetize its direct-to-consumer streaming platform. This shift could unlock higher long-term margins by eliminating middlemen and capturing advertising, subscription, and sponsorship revenue directly, representing a material undervalued optionality in the stock that the market has overlooked amid short-term broadcast contract noise.
The company’s balance sheet reflects a de-risking trajectory that is underappreciated by investors focused solely on quarterly earnings volatility. ABH reduced total debt by $21.5 million in Q4 FY25 and another $30 million in Q1 FY26, primarily through repayments on the TeamCo revolver, while simultaneously increasing cash reserves to $135.2 million by end-Q1 FY26 — up from $99.9 million at year-end. This deleveraging occurs alongside a $93.7 million investment in real estate acquisitions during Q1 FY26, demonstrating that growth investments are being funded internally without dilutive equity or new debt issuance. The MLB facility fund term loan ($30M) and revolver ($36.2M) remain stable, and the absence of league-wide credit facility draws indicates confidence in internal liquidity. With total GAAP debt at $709.2 million as of March 31, 2026 — down from $759.9 million six months prior — and a growing cash buffer, ABH is improving its financial flexibility to weather baseball seasonality, fund further Mixed-Use Development expansions, or pursue strategic acquisitions. This strengthening financial profile reduces bankruptcy risk and enhances capacity for shareholder returns via future buybacks or dividends, a factor not reflected in current valuation multiples that penalize the stock for its cyclical baseball earnings.

▼ Bear case

Atlanta Braves Holdings’ core baseball business remains structurally vulnerable to macroeconomic and team-performance risks that management consistently downplays, despite clear evidence in the financials. Baseball event revenue declined 89% in Q4 FY25 versus the prior year due to zero home games in the quarter — a seasonal artifact — but more troublingly, grew only 3% for the full FY25 despite contractual rate increases and new sponsorships, signaling weakening underlying demand. The company acknowledged reduced attendance at regular season home games as a partial offset to pricing gains, yet failed to address whether this reflects declining fan interest, rising ticket prices outpacing income growth, or competition from alternative entertainment. Operating costs in baseball decreased only 1% for the full year, driven by lower player salaries — a red flag suggesting roster downgrades or reluctance to invest in competitive talent — which were partially offset by higher MLB revenue sharing and event-related expenses. This cost structure implies the company is cutting corners on competitiveness to preserve margins, a strategy that risks long-term brand erosion and lower postseason revenue, which historically drives disproportionate playoff-related spikes in concessions, sponsorships, and broadcasting value. With on-field success explicitly cited as a risk factor in forward-looking statements, and no clear path to sustained competitiveness outlined, the baseball segment’s ability to generate sustainable growth is highly questionable.
The Mixed-Use Development segment’s rapid revenue growth is increasingly dependent on a single, non-recurring acquisition — the April 2025 purchase of adjacent real estate assets — which contributed significantly to both the 45% FY25 and 41% Q1 FY26 revenue increases. Management attributes growth to “in-place leases” and “tenant recoveries” from this acquisition, but provides no breakdown of organic growth versus acquisition-driven gains, raising concerns that the core The Battery Atlanta portfolio is stagnating. Lease terminations are acknowledged as a partial offset, yet no data is given on renewal rates, tenant retention, or new lease velocity outside the acquired assets. The segment’s costs rose 47% for FY25 and 77% in Q1 FY26 — outpacing revenue growth in the latest quarter — suggesting that the acquired assets may carry higher operating expenses than anticipated, or that integration costs are being underestimated. Furthermore, the company’s reliance on property tax and insurance increases as drivers of SG&A growth indicates exposure to municipal fiscal pressures in Atlanta, where reassessments could rapidly erode margins. Without transparent metrics on same-store sales, lease expiration roll-offs, or organic tenant acquisition, the Mixed-Use Development story appears to be a roll-up strategy masking organic weakness, making the 45% revenue growth misleading as a sustainable trend.
The company’s financial reporting contains troubling inconsistencies and aggressive accounting choices that obscure true economic performance, particularly around non-GAAP metrics and impairment timing. Adjusted OIBDA swung from a $3.8 million loss in Q4 FY24 to a $3.5 million gain in Q4 FY25 — a $7.2 million improvement — yet this was driven not by operational excellence but by a $30.1 million impairment expense related to the termination of a long-term local broadcasting agreement, which was added back in the Adjusted OIBDA calculation. This means the improvement in Adjusted OIBDA was artificial: without adding back the impairment, operating income actually worsened from -$18.6 million to -$49.8 million in Q4 YoY. The impairment itself signals a failed strategic bet on legacy broadcasting infrastructure, yet management framed it as a one-time event without discussing whether the BravesVision transition will incur similar write-downs or if future media rights negotiations carry similar risks. Simultaneously, stock-based compensation remains elevated at $15.6 million for FY25 — down only slightly from $16.5 million in FY24 — despite declining shareholder returns, suggesting excessive dilution is being used to offset cash-based compensation without commensurate performance. The persistent gap between GAAP operating losses and rosy Adjusted OIBDA figures creates a credibility gap, especially as the company continues to rely on this metric to communicate progress while ignoring deteriorating core profitability under standard accounting rules.

Atlanta Braves Holdings’ core baseball business remains structurally vulnerable to macroeconomic and team-performance risks that management consistently downplays, despite clear evidence in the financials. Baseball event revenue declined 89% in Q4 FY25 versus the prior year due to zero home games in the quarter — a seasonal artifact — but more troublingly, grew only 3% for the full FY25 despite contractual rate increases and new sponsorships, signaling weakening underlying demand. The company acknowledged reduced attendance at regular season home games as a partial offset to pricing gains, yet failed to address whether this reflects declining fan interest, rising ticket prices outpacing income growth, or competition from alternative entertainment. Operating costs in baseball decreased only 1% for the full year, driven by lower player salaries — a red flag suggesting roster downgrades or reluctance to invest in competitive talent — which were partially offset by higher MLB revenue sharing and event-related expenses. This cost structure implies the company is cutting corners on competitiveness to preserve margins, a strategy that risks long-term brand erosion and lower postseason revenue, which historically drives disproportionate playoff-related spikes in concessions, sponsorships, and broadcasting value. With on-field success explicitly cited as a risk factor in forward-looking statements, and no clear path to sustained competitiveness outlined, the baseball segment’s ability to generate sustainable growth is highly questionable.
The Mixed-Use Development segment’s rapid revenue growth is increasingly dependent on a single, non-recurring acquisition — the April 2025 purchase of adjacent real estate assets — which contributed significantly to both the 45% FY25 and 41% Q1 FY26 revenue increases. Management attributes growth to “in-place leases” and “tenant recoveries” from this acquisition, but provides no breakdown of organic growth versus acquisition-driven gains, raising concerns that the core The Battery Atlanta portfolio is stagnating. Lease terminations are acknowledged as a partial offset, yet no data is given on renewal rates, tenant retention, or new lease velocity outside the acquired assets. The segment’s costs rose 47% for FY25 and 77% in Q1 FY26 — outpacing revenue growth in the latest quarter — suggesting that the acquired assets may carry higher operating expenses than anticipated, or that integration costs are being underestimated. Furthermore, the company’s reliance on property tax and insurance increases as drivers of SG&A growth indicates exposure to municipal fiscal pressures in Atlanta, where reassessments could rapidly erode margins. Without transparent metrics on same-store sales, lease expiration roll-offs, or organic tenant acquisition, the Mixed-Use Development story appears to be a roll-up strategy masking organic weakness, making the 45% revenue growth misleading as a sustainable trend.
The company’s financial reporting contains troubling inconsistencies and aggressive accounting choices that obscure true economic performance, particularly around non-GAAP metrics and impairment timing. Adjusted OIBDA swung from a $3.8 million loss in Q4 FY24 to a $3.5 million gain in Q4 FY25 — a $7.2 million improvement — yet this was driven not by operational excellence but by a $30.1 million impairment expense related to the termination of a long-term local broadcasting agreement, which was added back in the Adjusted OIBDA calculation. This means the improvement in Adjusted OIBDA was artificial: without adding back the impairment, operating income actually worsened from -$18.6 million to -$49.8 million in Q4 YoY. The impairment itself signals a failed strategic bet on legacy broadcasting infrastructure, yet management framed it as a one-time event without discussing whether the BravesVision transition will incur similar write-downs or if future media rights negotiations carry similar risks. Simultaneously, stock-based compensation remains elevated at $15.6 million for FY25 — down only slightly from $16.5 million in FY24 — despite declining shareholder returns, suggesting excessive dilution is being used to offset cash-based compensation without commensurate performance. The persistent gap between GAAP operating losses and rosy Adjusted OIBDA figures creates a credibility gap, especially as the company continues to rely on this metric to communicate progress while ignoring deteriorating core profitability under standard accounting rules.

Product and Service Breakdown of Revenue (2025)

History

Segments Breakdown of Revenue (2025)

History

Peer percentiles

How Atlanta Braves Holdings ranks

Ranked against the 48 companies in Gaming and Leisure58 metrics · as of Oct 25, 2026

Valuation

12 metrics · Lower multiples rank higher; a negative multiple ranks last

P/ENegative earnings −54.6xMedian 17.0x 48^th
P/FCFNegative free cash flow −37.0xMedian 11.2x 29^th
P/Operating cash flowNegative operating cash flow −54.7xMedian 7.84x 18^th
P/S 4.68xMedian 1.89x 10^th
P/B 6.66xMedian 2.46x 22^nd
P/Tangible book 8.70xMedian 3.17x 26^th
EV/EBITDA 377xMedian 10.5x 23^rd
EV/EBITNegative EBIT −59.2xMedian 15.5x 36^th
EV/Revenue 5.58xMedian 2.45x 13^th
EV/FCFNegative free cash flow −44.1xMedian 19.0x 24^th
EV/Operating cash flowNegative operating cash flow −65.3xMedian 12.5x 17^th
PEG (3Y EPS CAGR) —Median 0.54 No data —

Growth

14 metrics · Year-on-year growth and three-year compound annual growth

Revenue growth (1Y) 6.8%Median 5.6% 62^nd
Revenue CAGR (3Y) 6.7%Median 6.7% 50^th
Gross profit growth (1Y) 5.0%Median 6.8% 42^nd
Gross profit CAGR (3Y) 8.8%Median 8.3% 54^th
Operating income growth (1Y) −374%Median −4.9% 10^th
Operating income CAGR (3Y) −19.2%Median −3.3% 21^st
Net income growth (1Y) −204%Median −4.9% 17^th
Net income CAGR (3Y) 26.6%Median −9.6% 69^th
EPS growth (1Y) −199%Median −1.0% 12^th
EPS CAGR (3Y) —Median 5.4% No data —
Operating cash flow growth (1Y) −235%Median 11.4% 3^rd
Operating cash flow CAGR (3Y) −93.9%Median 3.4% 1^st
Free cash flow growth (1Y) 14.7%Median 15.1% 46^th
Free cash flow CAGR (3Y) −25.0%Median 9.0% 24^th

Profitability

14 metrics · Margins, returns on capital and the quality of earnings

Gross margin 24.9%Median 49.0% 9^th
EBITDA margin 1.5%Median 13.6% 23^rd
Operating margin −9.4%Median 5.1% 26^th
Pretax margin −10.1%Median 0.1% 33^rd
Net margin −8.6%Median −1.5% 30^th
FCF margin −12.6%Median 6.5% 21^st
Operating cash flow margin −8.5%Median 14.7% 15^th
Return on equity −12.1%Median −1.9% 36^th
Return on assets −3.7%Median −1.1% 36^th
Return on invested capital −4.6%Median 8.3% 16^th
Return on capital employed −6.3%Median 3.8% 21^st
Asset turnover 0.44xMedian 0.50x 35^th
Cash conversion (OCF / net income)Net income is not positive 1.00xMedian 2.17x Not meaningful —
Stock comp / revenue 3.2%Median 1.3% 22^nd

Financial Health

11 metrics · Leverage, liquidity and solvency; less debt ranks higher

Debt / assets 45.6%Median 41.9% 39^th
Debt / equity 1.51xMedian 1.33x 43^rd
Net debt / EBITDA 61.1xMedian 3.80x 1^st
Debt / FCFFree cash flow is not positive −8.36xMedian 8.40x Not meaningful —
Liabilities / assets 69.7%Median 77.0% 53^rd
Equity / assets 30.3%Median 23.0% 53^rd
Interest coverage −1.50xMedian 1.57x 21^st
Current ratio 0.49xMedian 0.89x 18^th
Quick ratio 0.35xMedian 0.63x 20^th
Cash ratio 0.20xMedian 0.39x 22^nd
Altman Z-score 1.29Median 1.43 43^rd

Peer group

Peer Comparison

Companies in the Entertainment Venues

View all peers

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1	LVS	Las Vegas Sands Corp	23.34 Bn	14.48	1.72	15.44 Bn
2	FLUT	Flutter Entertainment plc	14.02 Bn	-18.60	0.82	11.98 Bn
3	DKNG	DraftKings Inc.	10.51 Bn	-62.98	1.69	0.57 Bn
4	LTH	Life Time Group Holdings, Inc.	9.77 Bn	23.55	3.07	1.50 Bn
5	MSGS	Madison Square Garden Sports Corp.	9.29 Bn	1,197.05	8.05	0.26 Bn
6	WYNN	Wynn Resorts Ltd	7.61 Bn	16.95	1.03	10.72 Bn
7	MGM	MGM Resorts International	7.24 Bn	17.01	0.41	6.07 Bn
8	BATRA	Atlanta Braves Holdings, Inc.	3.48 Bn	-54.16	4.63	0.79 Bn