F

Atlanta Braves Holdings, Inc. - — Earnings Quality Grade F

BATRK · Communication Services

Major red flags

Revenue
$732M
2025
Net Income
-$23M
2025
Gross Margin
30.2%
Free Cash Flow
-$26M
01

Screening Summary

9
Passed
3
Watch
5
Failed
-3.03
M-Score

Management Signals

No recent CEO, CFO, board, or accounting leadership signals found in SEC 8-K filings.
02

Financial Trends

Revenue & Net Income ($B)

Margins (%)

03

18-Point Screening

01

Revenue Quality

A1DSO Change

DSO 17 days, change -11 days YoY

A2AR vs Revenue Growth

AR growth -32.9% vs revenue growth 10.5%

A3Revenue vs CFFO

Revenue 10.5%, CFFO 51.7%. Cash follows revenue

02

Expense Quality

B1Inventory vs COGS

No material inventory

B2CapEx vs Revenue

CapEx growth -40.3% vs revenue 10.5%. Normal

B3SG&A Ratio

SG&A/Gross Profit = 58.3%. Normal

!
B4Gross Margin

Gross margin swung +7.7pp (22.5% → 30.2%)

03

Cash Flow Quality

C1CFFO vs Net Income

CFFO < Net Income for 3 consecutive years

!
C2Free Cash Flow

FCF is negative ($-0.0B)

C3Accruals Ratio

Accruals ratio = -3.0%. Low accruals

C4Cash vs Debt

Cash $0.1B covers only 12% of debt $0.8B

04

Balance Sheet Health

D1Goodwill + Intangibles

Goodwill+Intangibles $0.3B = 57% of equity. Over 50%

D2Leverage

Debt/EBITDA = 8.5x (>4x). Interest coverage = 0.4x (<2x). Financial stress

!
D3Soft Asset Growth

Other assets grew 32.7% vs revenue 10.5%

D4Asset Impairment

No write-off data

05

Acquisition Risk

E1Serial Acquirer FCF

FCF after acquisitions negative for 3 years

E2Goodwill Surge

Goodwill+Intangibles change 0% YoY. Normal

06

Manipulation Score

F1Beneish M-Score

M-Score = -3.03 (< -2.22). Unlikely manipulator

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04

Beneish M-Score

Manipulation Probability-3.03
-4.0 Clean-2.22 Grey-1.78 Danger0
0.608
DSRI
AR growing faster than revenue?
0.744
GMI
Gross margin declining?
1.032
AQI
Asset quality deteriorating?
1.105
SGI
Revenue growth rate
0.902
DEPI
Depreciation slowing?
0.928
SGAI
SG&A ratio changing?
-0.0301
TATA
Accruals level
1.062
LVGI
Leverage increasing?
05

Altman Z-Score

-1.51
Distress Zone
0 Distress1.102.605.0+ Safe
-0.1352
Liquidity
-0.3771
Cumulative profit
0.0138
Operating efficiency
0.4885
Leverage

Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25