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what it is
Liberty Global sells home internet, mobile plans, and business connectivity across Europe through cable and wireless networks.
how it gets paid
Last year Liberty Global made $4.9B in revenue. Residential fixed was the main engine at $2.34B, or 48% of sales.
why it's growing
Revenue grew 12.4% last year. However, higher programming and other direct costs rose 15%, while continued subscriber erosion and sizable noncash impairment charges weighed heavily on profitability.
what just happened
One reported window showed about $3.6B revenue (multi-quarter cumulative in the source feed—not a second full-year figure versus the ~$4.9B annual line). EPS collapsed to about -$12.26 in that stretch.
At a glance
B balance sheet — gets the job done, barely
5/100 earnings predictability — expect surprises
3.5% return on capital — nothing to write home about
-$1.50 fy2027 eps est
$6B fy2029 rev est
xvary composite: 47/100 — below average
What they do
Liberty Global sells home internet, mobile plans, and business connectivity across Europe through cable and wireless networks.
This business wins the old-fashioned way: it owns the pipes to 5.3 million homes and serves 2.3 million fixed-line customers plus 3.0 million mobile subscribers. Converged network (one company selling your home internet and mobile plan → one bill and one headache to replace → customers are slower to leave). If your street is already wired and your phone is bundled, switching is annoying, and annoying pays.
How they make money
$4.9B
annual revenue · their business grew +12.4% last year
Residential fixed
$2.34B
+3.0%
Residential mobile
$1.32B
+2.0%
B2B connectivity
$0.78B
+7.0%
Video and other
$0.44B
0.0%
The products that matter
uk communications asset
Virgin Media
named asset · segment data not broken out here
this sits inside a group that produced $4.9B in revenue last year. the catch is that this snapshot does not tell you how much of that came from Virgin Media alone.
disclosure is thin
belgian communications asset
Telenet
named asset · part of the same $4.9B revenue base
you know the asset name, but not the standalone contribution. that matters because a holding company is only as easy to value as its segment disclosure.
portfolio piece
communications stake
VodafoneZiggo
named asset · economics not separated in this feed
the presence of multiple named assets is the story. you are making a structure bet, not buying one simple product line, and the $7.8B debt load sits on top of that complexity.
structure bet
Key numbers
$6.0B
2029 revenue
Revenue is projected to reach $6.0 billion by 2029 from about $4.9 billion today, but higher sales alone do not fix a business with a -0.5% operating margin.
$7.8B
long-term debt
Debt is 64% of capital, which means lenders have a bigger claim on the business than you would like as a shareholder.
-0.5%
operating margin
Operating margin means profit after running the business but before financing costs and taxes. Plain English: the consolidated line is slightly underwater at the operating level in this data stack.
3.5%
return on capital
Return on capital means how much profit management gets from the money tied up in the business. At 3.5%, this is a weak return for a network asset.
Financial health
B
strength
- balance sheet grade B — adequate — nothing special
- risk rank 3 — safer than 50% of stocks
- price stability 75 / 100
- long-term debt $7.8B (64% of capital)
- net profit margin 7.0% in this feed — can reflect a different window than the multi-quarter ~-$12.26 EPS figure in “what just happened.” If those clash, trust the filing for one consistent period.
- return on equity 4% — $0.04 profit for every $1 investors have put in
B — functional but not a standout on the balance sheet.
Total return vs. market
You invested $10,000 in LBTYA 3 years ago → it's now worth $11,720.
The index would have given you $13,880.
source: institutional data · total return
What just happened
missed estimates
Revenue of about $3.6B in a multi-quarter reporting window, while EPS collapsed to about -$12.26—full-year scale stays the ~$4.9B line above.
Annual revenue still rose 12.4% to $4.9 billion. The problem is that earnings swung from profit to deep loss, which tells you accounting noise and weak operating leverage still dominate the stock.
$3.6B
period revenue
-$12.26
eps (period)
-0.5%
operating margin (FY/TTM feed)
the number that mattered
The key number was EPS at -$12.26, because a revenue jump means less when the business still cannot turn sales into durable profit.
-
liberty global generated mixed 2025 results.
-
the top line rose 12% vs. prior year, to $4.88 billion.
-
this growth was supported by a 3% increase in residential fixed revenue, which was driven in part by a 7% gain in broadband internet sales.
-
additionally, residential mobile service revenue improved 2%, and b2b sales advanced 7%.
-
however, higher programming and other direct costs rose 15%, while continued subscriber erosion and sizable noncash impairment charges weighed heavily on profitability.
source: company earnings report, 2026
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What could go wrong
the #1 risk is too much debt for too little return on capital.
high
$7.8B of long-term debt limits how forgiving this story is
The company carries $7.8B in long-term debt, equal to 64% of capital. That would be a real burden on its own. Against a roughly $4B market cap, it becomes the first thing you underwrite.
if operating performance slips, the equity has less room for error because the balance sheet gets first claim on the story
med
high operating margin is not turning into strong shareholder returns
A 37.0% operating margin sounds rich. Then you get to 7.0% net margin, 4% return on equity, and 3.5% return on capital. That gap is the problem in one sentence.
if that conversion does not improve, revenue growth alone does not give you the rerating case
med
the forward setup still points to losses
The FY2027 EPS estimate is -$1.50. The 3–5 year target midpoint in this feed is $11, below the current $12.85 price. That does not kill the upside case, but it tells you the current data is not screaming undervaluation.
if earnings stay negative and the stock already trades above the midpoint target, the market can leave the discount exactly where it is
between $7.8B of long-term debt, a -$1.50 FY2027 EPS estimate, and 3.5% return on capital, this is a stock where the structure can overwhelm the operating story.
source: institutional data · regulatory filings · risk analysis
Pay attention to
margin gap
37.0% operating margin versus 7.0% net margin
That spread is the quiet part loud. The business looks strong early in the income statement and ordinary by the time the economics reach shareholders.
debt
$7.8B long-term debt on 64% of capital
If you track one number first, track this one. It matters more than cosmetic revenue growth.
flow
two straight quarters of net institutional buying
98 buyers versus 83 sellers in 4Q2025 is a real shift in tone. You still need operating proof to turn that into a thesis.
forward path
-$1.50 FY2027 EPS versus $6B FY2029 revenue
Revenue growth is forecast. Profitability is not. The next few updates need to close that gap.
Analyst rankings
earnings predictability
5 / 100
in human-speak, the market should expect messy results and estimate revisions.
risk rank
3
that places it around the middle of the pack on safety. not fragile, not comfortable.
price stability
75 / 100
the stock has been steadier than the business profile might suggest. that can change fast if the debt story gets louder.
source: institutional data
Institutional activity
institutions have been net buying for 2 consecutive quarters — 98 buyers vs. 83 sellers in 4q2025. total institutional holdings: 0.2B shares. net buying for 2 quarters.
source: institutional data
Price targets
3-5 year target range
$5
$17
$13
current price
$11
target midpoint · 14% from current · 3-5yr high: $25 (+95% · 18% ann'l return)
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