Forensic Analysis · Live Entertainment & Events · as of Nov 10, 2026
Atlanta Braves Holdings, Inc. (BATRK)
A forensic read on Atlanta Braves Holdings, Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
D · Weak — demands caution
Forensic grade
Distress
Financial health
-1.7
Distress distance
Clean
Earnings quality
2
Forensic signals
-4.5%
ROE
10.5%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (auditor quality, say on pay, board independence, going concern). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Atlanta Braves Holdings, Inc. earns a D (Weak — demands caution) forensic quality grade, and its balance-sheet distress test reads -1.7, placing it in the Distress zone. 2 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
-0.8%
FY2025
Return on invested capital.Return on invested capital is -0.8% in the latest fiscal year and rising across FY2023–FY2025 from -3.1%. After-tax operating profit was ($37M) in FY2023 and ($11M) in FY2025, with operating income at -7.2% of revenue in FY2023, -6.0% in FY2024 and -1.8% in FY2025. The capital base behind it went from $1.2B in FY2023 to $1.3B in FY2025 (+9%), while the revenue it carried went from $641M to $732M. FY2025's operating profit carried a $30M asset write-down that alone took about 1.8 points off that year's return, so the latest return is depressed by that charge. A non-cash write-down lowers the reported return in the year it lands.
+12.0%
FY2024→FY2025
Accruals ratio (% of NOA).Net operating assets grew +12.0% relative to their own average in FY2025 — scaled by NOA itself, not by total assets, which is what the Forensic Screens card's own accrual row divides by. Accruals are building faster than is comfortable — part of profit is sitting in the balance sheet rather than turning to cash. The build is led by payables paid down 32% against +11% in revenue and receivables up +21% against revenue +11%. A cash-flow measure on the same base disagrees: reported earnings ran in line with operating cash by 4% of net operating assets, against an accruals ratio of 12.0%. The two are computed differently: the accruals ratio is the change in net operating assets over average net operating assets, while the cash-flow figure is net income less operating cash flow over that same average. Read them as two results, not one.Accruals ratio: the year-over-year change in net operating assets, relative to their own average.NOA (net operating assets): the money tied up in running the business, operating assets minus operating liabilities.
Key fundamentals
Latest Revenue$732.5M
Revenue Growth YoY+10.5%
Revenue CAGR (2yr)+6.9%
Net Margin-3.2%
Free Cash Flow-$68.5M
Return on Equity-4.5%
Debt / Equity1.40x
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Atlanta Braves Holdings, Inc.'s actual 10-K/10-Q/8-K filings?