Forensic Analysis · Media / Entertainment / Streaming · as of Sep 25, 2026
Liberty Media Corp (FWONK)
A forensic read on Liberty Media Corp built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
C · Mixed — selective
Forensic grade
Safe
Financial health
5.6
Distress distance
Clean
Earnings quality
3
Forensic signals
39.6
P / E (ttm)
7.2%
ROE
$23.4B
Market cap
22.7%
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 (red flags, auditor quality, say on pay, board independence, going concern, valuation). 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.
Liberty Media Corp earns a C (Mixed — selective) forensic quality grade, and its balance-sheet distress test reads 5.6, placing it in the Safe zone. 3 forensic signals were flagged in its latest SEC filings, led by accruals ratio (% of noa).
What the filings flag
+51.1%
FY2024→FY2025
Accruals ratio (% of NOA).Net operating assets grew +51.1% 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 sharply — a large slice of profit sits in operating assets, not cash. An accrual is a claim that still has to be collected or written down, so the gap resolves in a later period whichever way it goes. The build is led by payables paid down 11% against +23% in revenue. 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 51.1%. 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.
3.5%
FY2025
Return on invested capital.Return on invested capital is 3.5% in the latest fiscal year and rising across FY2023–FY2025 from 0.6%. After-tax operating profit was $200M in FY2023 and $469M in FY2025, with operating income at 7.4% of revenue in FY2023, 7.9% in FY2024 and 12.9% in FY2025. The capital base behind it came down -62% across FY2023–FY2025, from $35.3B to $13.5B, so this is a return struck on a smaller base rather than a record of money put to work. FY2024's operating profit carried a $73M goodwill write-off that alone took about 0.6 points off that year's return; FY2024 sits between the two ends of FY2023–FY2025, so the charge shapes the path between them without moving the change across it.
$73M
FY2024–FY2024
Goodwill impairments.Took $73M of goodwill writedowns across 1 year (FY2024 ($73M)). Writedowns mean past acquisitions underperformed what was paid for them.
Key fundamentals
Latest Revenue$4.48B
Revenue Growth YoY+22.7%
Revenue CAGR (2yr)+12.0%
Net Margin12.4%
Free Cash Flow$789.0M
Return on Equity7.2%
Debt / Equity0.66x
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 Liberty Media Corp's actual 10-K/10-Q/8-K filings?