Liberty Global Ltd. key statistics and ratios

In fiscal 2025, Liberty Global Ltd. had return on equity of -64.6%, an operating margin of -0.5%, debt equal to 88.3% of equity and a current ratio of 1.08. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Liberty Global Ltd.: financial ratios, annual
Fiscal year	2011Dec 2011	2012Dec 2012	2013Dec 2013	2014Dec 2014	2015Dec 2015	2016Dec 2016	2017Dec 2017	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025	LTMSept 2026
Gross margin	—	—	—	—	—	74.5%	73.6%	72.9%	72.9%	71.2%	70.7%	73.5%	68.8%	66.6%	65.8%	67.5%
Operating margin	20.0%	20.0%	13.9%	12.2%	12.3%	11.4%	7.0%	7.0%	5.7%	17.6%	12.8%	2.7%	−7.6%	−1.4%	−0.5%	−1.7%
Net margin	−8.5%	3.3%	−6.7%	−3.8%	−6.8%	12.4%	−24.6%	6.1%	99.8%	−14.1%	130.2%	36.7%	−98.4%	36.6%	−146.3%	−44.4%
Free-cash-flow margin	8.9%	10.6%	10.0%	16.0%	20.3%	32.1%	39.5%	37.7%	29.6%	25.1%	20.8%	48.5%	30.2%	25.9%	−2.7%	−0.5%
Return on equity	−26.4%	12.6%	−13.5%	−5.2%	−9.1%	14.0%	−27.0%	12.6%	126.0%	−11.9%	67.8%	6.1%	−19.5%	10.1%	−64.6%	−25.7%
Return on assets	—	0.8%	−1.8%	−1.0%	−1.6%	2.5%	−4.4%	1.3%	22.5%	−3.0%	25.3%	3.3%	−9.5%	4.7%	−29.7%	−8.2%
Asset turnover	—	0.26	0.27	0.26	0.24	0.20	0.18	0.22	0.23	0.21	0.19	0.09	0.10	0.13	0.20	0.18
Current ratio	—	0.81	0.71	0.43	0.37	0.73	0.43	0.40	1.22	1.29	1.45	1.61	1.30	1.05	1.08	0.84
Debt to equity	0.0%	>999%	371.7%	313.7%	438.9%	307.4%	599.5%	636.7%	207.1%	109.4%	57.2%	61.3%	82.4%	74.0%	88.3%	226.7%
Interest cover (operating income ÷ interest)	1.3x	1.2x	0.9x	0.9x	0.9x	0.8x	0.6x	0.6x	0.5x	1.7x	1.5x	0.2x	n/m	n/m	n/m	n/m
Effective tax rate	—	—	—	—	—	—	—	—	—	—	3.4%	34.5%	—	−1.7%	—	—
SG&A as % of revenue	18.7%	18.7%	18.0%	17.3%	17.2%	18.2%	17.6%	17.1%	17.7%	18.6%	20.9%	25.0%	27.2%	26.2%	25.1%	25.4%
Capital spending as % of revenue	21.1%	18.8%	17.1%	14.7%	13.3%	11.2%	11.1%	12.2%	10.1%	11.2%	13.7%	22.2%	22.4%	20.9%	27.5%	28.7%
Free cash flow ÷ net income	—	325.7%	—	—	—	258.1%	—	621.8%	29.7%	—	15.9%	132.1%	—	70.8%	—	—
Dividends and buybacks ÷ free cash flow	111.9%	92.3%	79.8%	54.3%	67.1%	44.7%	66.8%	44.6%	94.2%	37.1%	73.8%	87.5%	120.2%	61.3%	—	—

US$ thousands unless shown otherwise. Fiscal quarters.

Liberty Global Ltd.: financial ratios, quarterly
Quarter	2024 Q4Dec 2024	2025 Q1Mar 2025	2025 Q2Jun 2025	2025 Q3Sept 2025	2025 Q4Dec 2025	2026 Q1Mar 2026	2026 Q2Jun 2026	2026 Q3Sept 2026
Gross margin	64.4%	65.6%	63.3%	67.5%	66.8%	66.5%	68.0%	68.4%
Operating margin	−4.3%	5.2%	2.3%	−0.7%	−8.6%	1.9%	0.3%	−0.9%
Net margin	199.8%	−114.2%	−220.1%	−7.5%	−237.0%	26.5%	−31.2%	23.8%
Free-cash-flow margin	44.1%	−9.7%	−13.4%	−3.4%	15.7%	−22.8%	−10.0%	9.6%
Current ratio	1.05	0.95	1.02	0.96	1.08	1.11	1.28	0.84
Debt to equity	73.4%	73.9%	75.2%	66.5%	88.0%	88.5%	90.3%	213.9%
SG&A as % of revenue	28.5%	24.4%	24.1%	25.5%	26.8%	23.4%	26.6%	25.1%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Financial health

0 of 7 checks passed · September 30, 2026

What it owns · $38.1bn

Short-term assets $4.5bnLonger-term assets $33.6bn

What it owes, and who funded it · $37.3bn

Short-term liabilities $5.4bnLonger-term liabilities $22.3bnShareholders' equity $9.6bn

Short-term assets cover short-term liabilities $4.5bn of assets due within a year against $5.4bn of liabilities due within a year.
Short-term assets cover long-term liabilities $4.5bn short-term assets against $22.3bn of longer-dated liabilities.
More cash than debt $2.0bn of cash against $20.5bn of debt.
Debt below 40% of shareholders' equity Debt is 214% of equity.
Debt burden no higher than five years ago Debt to equity moved from 53% to 214% over five years.
A year's operating cash flow covers at least 20% of debt $1.6bn of operating cash flow against $20.5bn of debt.
Operating profit covers interest at least five times over Operating income of −$97m against $621m of interest.

From Liberty Global Ltd.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Moat

60 /100

Moderate moat

How hard Liberty Global's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

Returns on capital 10 / 20

Cash operating profit has been a median 8.6% of total assets over 9 years.
Pricing power 17 / 20

Gross margin has been a median 71.5%, moving by 5.5 percentage points (standard deviation) across 9 years.
Durability 0 / 20

Operating margin has been a median 5.0%; its worst year was -5.3%.
Cash conversion 19 / 20

Free cash flow was positive in 9 of 10 years, at a median 27.7% of revenue.
Discipline 19 / 20

The diluted share count fell 40.0% over five years; stock-based pay has been a median 3.0% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (64 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Compare with peers

Head to head: LBTYK vs OPTU CABO vs LBTYK CHTR vs LBTYK CMCSA vs LBTYK

More: Cable & Satellite stocks compared, Communication Services sector, rankings of US companies

Figures from Liberty Global Ltd.'s SEC filings (10-K and 10-Q), retrieved November 3, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Liberty Global Ltd.