Liberty Media Corp (FWONA) is overvalued and TKO Group Holdings Inc (TKO) is overvalued.
Both trade above our estimate of their intrinsic value. TKO is the closer of the two: -43%, against -149% for FWONA.
Values as of the 22 Sept 2026 close.
Discounting its cash flows at 8.9% (average of 3 methods) values the shares at $34.79; the price of $86.67 is 149% above that value, and 76% of that value comes from beyond year five.
Leak Score 36/100 on 8 of 12 signals
Discounting its cash flows at 8.6% (average of 3 methods) values the shares at $131.98; the price of $188.87 is 43% above that value, and 79% of that value comes from beyond year five.
Leak Score 0/100 on 3 of 12 signals
| Metric | FWONA | TKO |
|---|---|---|
| Verdict | Overvalued | Overvalued |
| Price | $86.67 | $188.87 |
| Intrinsic value | $34.79 | $131.98 |
| Margin of safety | -149% | -43% |
| Leak Score | 36/100 (8/12) | 0/100 (3/12) |
| Market cap | $23.6B | $35.7B |
| Revenue growth, 5 years | 31.4% | 37.2% |
| Operating margin | 12.4% | 21.9% |
| Net margin | 9.4% | 4.3% |
| Return on equity | 5.8% | 6.0% |
| Debt to equity | 0.65 | 1.46 |
| P/E | 53.6x | 65.3x |
| Forward P/E | 39.2x | 34.5x |
| P/B | 2.9x | 4.1x |
| Dividend yield | — | 0.8% |