Liberty Latin America Ltd Class A Overview
Liberty Latin America is the largest cable-and-mobile convergence platform focused exclusively on the Caribbean and Central America, controlled by John Malone and the Liberty Global management network and run by CEO Balan Nair. It sells broadband, video, fixed voice and mobile services to roughly 1.8 million fixed customers and 6.8 million mobile subscribers under the Flow, BTC, Liberty and Más Móvil brands, and wholesale/enterprise connectivity through Liberty Networks, a pan-regional subsea system. Its investment case rests on (i) fixed-mobile convergence (FMC) in small, oligopolistic island and Central American markets, (ii) margin expansion via cost programs and lower capital intensity (14% of revenue in FY2025), and (iii) unlocking equity value through capital-structure engineering — the USD 500 million preferred distribution, buybacks and the ring-fencing of distressed Liberty Puerto Rico. Against this sit high leverage (4.6x net), chronic GAAP losses, hurricane exposure, and active creditor litigation in Puerto Rico.
Company's own description (10-K FY2025 / standard boilerplate in 2026 press releases). LLA describes itself as a leading communications company operating in over 20 countries across Latin America and the Caribbean under the consumer brands BTC, Flow, Liberty and Más Móvil. Residential services comprise digital video, broadband internet, telephony and mobile. Business products comprise enterprise-grade connectivity, data center, hosting and managed solutions, and IT solutions for customers ranging from SMEs to international companies and governmental agencies. It also operates a subsea and terrestrial fiber optic cable network connecting more than 30 markets in the region.
Independent characterization. LLA is a holding company of five largely self-financing "credit silos" — C&W (Liberty Caribbean, C&W Panama, Liberty Networks), Liberty Puerto Rico (LPR) and Liberty Costa Rica (LCR) — each with its own debt stack, covenants and, increasingly, its own equity story. The group is best understood as:
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A residential FMC operator in sub-scale but structurally rational markets (typically two or three facilities-based players), where hybrid fiber-coax (HFC) and FTTH networks are bundled with mobile. The company reports ~4.8 million homes passed, 3.9 million fixed RGUs and 6.8 million mobile subscribers at June 30, 2026 (August 2026 corporate presentation).
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A B2B / B2G integrator — particularly in Panama and the Caribbean — that wins lumpy government and enterprise projects, producing second-half-weighted, volatile revenue.
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A wholesale infrastructure owner (Liberty Networks) selling capacity, IRUs and managed services on a regional subsea network, now building new routes (Manta system; a subsea route on behalf of El Salvador).
Revenue model. Predominantly recurring subscription revenue (residential fixed subscriptions, postpaid mobile plans, prepaid top-ups) plus B2B service contracts, wholesale capacity leases, non-cash IRU amortization, equipment/handset sales and project revenue. The company has no material licensing or software revenue.
Value-chain position. Vertically integrated: owns access networks (HFC/FTTH, mobile RAN), spectrum, backhaul, international subsea capacity and retail distribution. It buys handsets, network equipment and content; it outsources increasingly large parts of IT (10-year Amdocs agreement, August 2026) and partners for satellite connectivity (Starlink).
Customer types and end-markets. Residential households (fixed and mobile), SMEs, large enterprises, governments and government agencies (notably in Panama and the Caribbean), and carriers/content providers (wholesale). End-markets: consumer broadband, mobile, pay-TV, enterprise connectivity, cloud/data-center services, and international wholesale bandwidth.
Key operating metrics (Q2 2026 earnings release / 10-Q).
Strategy
Stated strategic themes (FY2025 release, Q1–Q2 2026 releases). Management's 2026 framing is "highly focused on organic growth, cash flow expansion, and unlocking value in our equity." Supporting pillars:
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Fixed-mobile convergence and postpaid growth — "razor-sharp focus on our commercial positioning"; >225,000 postpaid mobile net adds in FY2025; 50,000 in Q1 2026 and 33,100 organic in Q2 2026.
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Network leadership — completed copper-to-FTTH; 5G "Unbeatable Network" launches (Jamaica, Cayman); satellite direct-to-device partnerships with Starlink (Costa Rica, and a second market announced Q2 2026).
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Cost transformation — "cost initiatives in focus for 2026"; 10-year Amdocs agreement to bring scale, specialized expertise and AI capabilities to IT operations, expected NPV >USD 250m.
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Capital efficiency — P&E additions held at ~14% of revenue.
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B2B/B2G and Liberty Networks growth — Manta subsea expansion; El Salvador subsea route construction; Panama government projects.
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Puerto Rico repair and separation — operational recovery (churn reduction, postpaid adds), ring-fenced liquidity through unrestricted subsidiaries, and a stated intention (August 2025) to separate LPR from LLA.
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Capital returns — USD 500m preferred distribution (9%), resumed buybacks (>USD 60m by August 2026, ~USD 140m remaining authorization).
Initiatives in the last 24 months.
For 2026, management guided qualitatively: improving YoY trends through the year, a stronger second half, better Q4 results as Jamaica laps Hurricane Melissa, H2 FCF lower than H2 2025 due to the absence of weather-derivative proceeds, and no expected material covenant non-compliance in the next 12 months (Q2 2026 call / 10-Q).
ESG commitments.
Products & Services
Pricing for individual tariffs is set locally and is not disclosed in SEC filings; reported ARPU data is shown where available.
Liberty Caribbean
| Offering | Description / capabilities | Target customer | Status / notes |
|---|---|---|---|
| Flow Broadband (HFC/FTTH) | Gigabit-capable residential broadband; copper-to-FTTH migration completed group-wide by early 2025 | Households | ~97% of group footprint Gigabit-ready (FY2024 release) |
| Flow TV / Flow EVO-type video | Digital video, IPTV/OTT bundles | Households | Video net adds positive in Q2 2026 |
| Flow Mobile (prepaid/postpaid, 5G) | 4G/5G mobile; 5G under "Unbeatable Network" campaign launched in Jamaica and Cayman (Q2 2026) | Consumers, SMEs | Satellite-to-device initiatives used during/after Hurricane Melissa (Q1 2026 release) |
| BTC (Bahamas) | Fixed, mobile and B2B in The Bahamas | Consumers, businesses | Brand retained |
| FMC bundles | Converged broadband + mobile offers | Households | Central to postpaid strategy |
| C&W Business | Enterprise connectivity, SD-WAN, cloud, hosting, managed IT, government networks | SMEs, enterprises, governments | B2B/B2G second-half weighted |
C&W Panama
| Offering | Description | Target | Notes |
|---|---|---|---|
| Más Móvil / +Móvil | Mobile prepaid/postpaid; combined base after Claro Panama acquisition | Consumers | >100,000 mobile adds in 2024 following a competitor's exit |
| Residential fixed (broadband, video, voice) | HFC/FTTH services | Households | Fixed subscription revenue −4.1% in FY2025 |
| C&W Business Panama (B2B/B2G) | Government data services, enterprise connectivity, projects | Government, enterprise | Q4 2025 B2B +24% YoY; Q1 2026 rate reductions on government data services |
Liberty Networks
| Offering | Description | Target | Notes |
|---|---|---|---|
| Wholesale capacity | Lit capacity on subsea/terrestrial network connecting 30+ markets | Carriers, content providers | Wholesale revenue USD 335.7m in FY2025 |
| IRUs | Long-term indefeasible rights of use; non-cash amortized revenue | Carriers, hyperscalers | IRU amortization declining after prior contract cancellations |
| Enterprise connectivity & managed services | MPLS, DIA, data center, cloud connect | Multinationals | Enterprise revenue USD 135.3m in FY2025 |
| New subsea builds | Manta system expansion (low-latency routes to LatAm, Caribbean, USA); subsea route built on behalf of El Salvador | Governments, carriers | On track per FY2025 release |
Liberty Puerto Rico
| Offering | Description | Target | Notes |
|---|---|---|---|
| Liberty Internet / Liberty TV / Voice | Island-wide HFC broadband, video and VoIP | Households | Fixed ARPU ~USD 78.7/month (Q4 2025 release) |
| Liberty Mobile (PR & USVI) | Postpaid/prepaid 4G/5G on network acquired from AT&T; DISH/Boost subscribers absorbed | Consumers | Postpaid adds positive since Q4 2025; mobile ARPU ~USD 36.7 (Q4 2025 release) |
| SIM-only plans | Low-cost postpaid mobile without device subsidy | Value-seeking consumers | "Traction on SIM-only product" (Q2 2026 release) |
| Liberty Business | SME/enterprise connectivity | Businesses | — |
Liberty Costa Rica
| Offering | Description | Target | Notes |
|---|---|---|---|
| Liberty Mobile | Former Telefónica/Movistar network | Consumers | Record FY2025 postpaid adds; Starlink direct-to-cell partnership |
| Liberty Hogar (broadband/video) | Cable broadband and TV | Households | Mobile ARPU ~USD 12.0 (Q4 2025 release); FTTH acceleration was a rationale for the blocked Millicom deal |
| Liberty Empresas | B2B services | Businesses | — |
Financial Narrative
Income statement. Sources: Form 10-K FY2021–FY2025 via edgar.tools XBRL extraction; revenue per roic.ai (aggregator) reconciled to FY2025 10-K (USD 4,442m).
Note: FY2021 vs FY2022 revenue ordering per roic.ai; company-reported FY2021 revenue has elsewhere been cited at ~USD 4.8bn. Both years include VTR for all or part of the year.
Gross profit. LLA does not report gross profit; deriving it from "programming and other direct costs" gives FY2025 cost of revenue of USD 975.9m and gross margin of ~78% (≈USD 3,466m gross profit) (aggregator from SEC data). Q2 2026 gross profit USD 860.6m (Motley Fool).
EBITDA proxy — Adjusted OIBDA and cash metrics (non-GAAP; company releases).
The FY2025 Adjusted OIBDA margin is approximately 38% (1.7/4.44); Q2 2026 margin was 39.5% vs 38.2% in Q2 2025.
Revenue CAGR FY2021–FY2025: approximately −2.0% per year (4,811 → 4,442), but the underlying (rebased) trend is roughly flat: growth in Panama, Costa Rica and Networks has been offset by Puerto Rico's ~16% decline since FY2022 and the loss of VTR.
Balance sheet
Short- vs long-term split (FY2025): current portion USD 409m; long-term ≈USD 8.0bn. Note: one aggregator (VCP Scanner) reports year-end 2025 cash of only USD 13.7m — this conflicts with management's ~USD 0.8bn and is almost certainly a data-extraction error.
Commentary on trends, inflections and drivers
Revenue. The headline decline from ~USD 4.8bn to ~USD 4.4bn reflects VTR's deconsolidation (2022) and the Puerto Rico deterioration (2024–2025), partly offset by bolt-on acquisitions (Claro Panama, Telefónica Costa Rica) and organic growth in Costa Rica and Panama. FY2025 revenue was flat reported and −1% rebased. H1 2026 revenue of USD 2,185m was up 1% YoY, with Q2 2026 at USD 1,103m (+1%), roughly 1.3% below consensus of USD 1.117bn (Chartmill). The inflection to watch is Puerto Rico: volume trends turned positive (postpaid adds in Q4 2025, Q1 and Q2 2026; positive video adds), but pricing remains weak.
Profitability. GAAP operating income has been swamped by impairments: 2024's USD 516m LPR goodwill write-down produced an operating loss; Q2 2025's operating loss of USD 333m (impairments) depressed FY2025 to only USD 108m. Underlying, Adjusted OIBDA grew ~9% rebased in FY2025, with LPR's Adjusted OIBDA up 26% on cost cuts and lower bad debt. Q2 2026 operating income was USD 181m, Adjusted OIBDA USD 436m (+3% rebased), and margin 39.5%.
Net losses. Persistent net losses (−USD 554m in FY2025) reflect ~USD 0.65–0.7bn of annual interest, FX/derivative losses, impairments and tax charges from valuation allowances (USD 88m in FY2025, USD 171.8m in FY2024). Q2 2026 net loss attributable was about USD 24m (EPS −0.13), a sharp improvement but still negative.
Balance sheet. Equity has eroded from USD 2.9bn to USD 1.06bn over five years, and the June 2026 preferred distribution (USD 500m liquidation preference) adds a senior claim on equity. Leverage is stable at ~4.6x net but structurally high; Puerto Rico's silo (~USD 2.9bn debt) is distressed and in litigation.
Cash flow. The clearest positive inflection: capital intensity fell to 14%, Adjusted OIBDA less P&E rose 27% in FY2025, and H1 2026 Adjusted FCF improved by >USD 160m YoY. Management cautioned that H2 2026 FCF would be less robust than H2 2025 because 2025 included weather-derivative (catastrophe insurance) proceeds tied to Hurricane Melissa.
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View Subscription PlansFinancial Detail
Segment Overview
| Segment | Contents | Principal products / brands |
|---|---|---|
Liberty Caribbean | Fixed and mobile operations in Jamaica, The Bahamas, Trinidad & Tobago, Barbados, Cayman Islands, Curaçao and other Caribbean islands; includes B2B/B2G | Flow (fixed/mobile), BTC (Bahamas), Liberty (rebranding), C&W Business |
C&W Panama | Fixed, mobile and B2B/B2G in Panama | Más Móvil / +Móvil, C&W Business |
Liberty Networks | Pan-regional subsea/terrestrial wholesale and enterprise connectivity | Liberty Networks (capacity, IRUs, managed services, data center) |
Liberty Puerto Rico | Fixed and mobile in Puerto Rico; mobile in USVI | Liberty (broadband, video, Liberty Mobile) |
Liberty Costa Rica | Fixed (cable) and mobile in Costa Rica | Liberty |
Revenue by Segment
| Segment (Revenue, USD Mn) | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
C&W Panama | 743 | 763.2 | 783.5 |
Liberty Networks | 453 | 447.5 | 471.0 |
Liberty Puerto Rico | 1,420 | 1,250.4 | 1,199.2 |
Liberty Costa Rica | 548 | 613 | 632 |
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View Subscription PlansSegment Revenue
| Segment | FY2025 reported YoY | FY2025 rebased YoY | Approx. % of group revenue (FY2025) |
|---|---|---|---|
Liberty Caribbean | ~0% | — | ~34% |
C&W Panama | +3% | +3% | ~18% |
Liberty Networks | +5% | +5% | ~11% (before eliminations) |
Liberty Puerto Rico | −4% | −6% | ~27% |
Liberty Costa Rica | ~+3% | — | ~14% |
Group | flat | −1% | 100% (USD 4,442m) |
Revenue by Segment (FY2024–FY2025)
| Segment (Adjusted OIBDA, USD Mn) | FY2024 | FY2025 |
|---|---|---|
Liberty Networks | 242.7 | 258.4 |
Liberty Puerto Rico | 279.8 | 353.4 |
C&W Panama | 270 | 299 |
Revenue by Segment — C&W Panama
| Segment (P&E additions, USD Mn) | FY2024 | FY2025 |
|---|---|---|
C&W Panama | 104.8 | 104.1 |
Liberty Networks | 49.3 | 75.5 |
Liberty Puerto Rico | 220.9 | 143.3 |
Revenue by Segment by Segment / Category
| Segment / category (USD Mn) | FY2024 | FY2025 | YoY |
|---|---|---|---|
C&W Panama – residential fixed subscription | 122.3 | 117.3 | −4.1% |
C&W Panama – residential mobile service | 272.2 | 290.7 | +6.8% |
C&W Panama – B2B | 302.7 | 304.9 | +0.7% |
Liberty Networks – enterprise | 131.1 | 135.3 | +3.2% |
Liberty Networks – wholesale | 316.4 | 335.7 | +6.1% |
Liberty Puerto Rico – residential fixed subscription | 474.5 | 469.7 | −1.0% |
Liberty Puerto Rico – residential mobile service | 323.3 | 306.4 | −5.2% |
Income Statement and Per-Share Data
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Revenue (USD Mn) | 4,811 | 4,809 | 4,511 | 4,447 | 4,442 |
Operating income (loss) (USD Mn) | 64 | 87 | 518 | -77 | 108 |
Loss before income taxes (USD Mn) | -318 | -123 | -62 | -660 | -653 |
Net loss (USD Mn) | -491 | -208 | -87 | -660 | -554 |
Net loss attributable to LLA shareholders (USD Mn) | -441 | -171 | -74 | -689 | -611 |
Basic EPS (USD) | -1.89 | -0.77 | -0.35 | -3.47 | -3.06 |
Diluted EPS (USD) | -1.89 | -0.77 | -0.35 | -3.47 | -3.06 |
Dividends per common share (USD) | 0 | 0 | 0 | 0 | 0 |
Operating margin (%) | 1.3 | 1.8 | 11.5 | -1.7 | 2.4 |
Net margin (%) | -10.2 | -4.3 | -1.9 | -14.8 | -12.5 |
Valuation Snapshot
| Metric | Value | Source |
|---|---|---|
FY2025 Adjusted OIBDA | ~USD 1.7bn (+9% rebased) | Q4 2025 release / call |
FY2025 Adjusted OIBDA less P&E additions | ~USD 1.1bn (24% of revenue; +27% YoY) | FY2025 call |
FY2025 P&E additions | ~14% of revenue (≈USD 620m), down 2pp YoY | FY2025 call |
FY2025 Adjusted FCF before NCI distributions | USD 150m (+29% YoY) | FY2025 call |
Q4 2025 Adjusted OIBDA | USD 451m | FY2025 call |
Q4 2025 Adjusted FCF before distributions | USD 278m (record Q4) | FY2025 call |
9M 2024 Adjusted OIBDA | USD 1,166m (9M 2023: USD 1,270m) | Q3 2024 release |
9M 2024 P&E additions | USD 485m (9M 2023: USD 524m) | Q3 2024 release |
Q2 2026 cash from operations | USD 216.8m (Q2 2025: USD 141.2m) | Q2 2026 release |
Q2 2026 capital expenditures, net | USD 120.8m (Q2 2025: USD 139.3m) | Q2 2026 release |
Q2 2026 Adjusted FCF before distributions | USD 83m (Q2 2025: −41m) | Q2 2026 release |
Q2 2026 Adjusted FCF | USD 57.9m | Q2 2026 release |
H1 2026 Adjusted FCF before distributions | USD 19m (+>USD 160m YoY) | Q2 2026 release |
H1 2026 cash used by investing | USD 236m | Q2 2026 release |
H1 2026 cash used by financing | USD 74m | Q2 2026 release |
Buybacks | USD 28m in H1 2026; >USD 60m through Aug 3, 2026; ~USD 140m remaining authorization | Q2 2026 slides / Investing.com |
Buybacks 2024 | USD 83m in H1 2024 (~12m shares); none from H2 2024 to Feb 2026 | Q2 2024 release; Q1 2026 release |
Common dividends | None (FY2021–FY2025) | 10-K |
Preferred dividends | ~USD 45m per year from Q3 2026 | Q1 2026 release |
Free cash flow per share (aggregator) | FY2023 4.27; FY2024 3.81; FY2025 4.04 USD | roic.ai (definition differs from company Adjusted FCF) |
Balance Sheet
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Total assets (USD Mn) | 15,366 | 13,575 | 13,595 | 12,784 | 12,226 |
Total current assets (USD Mn) | 2,052 | 2,079 | 2,412 | 2,115 | 2,246 |
Total current liabilities (USD Mn) | 1,515 | 1,774 | 2,133 | 2,060 | 1,978 |
Working capital (USD Mn) | 537 | 305 | 279 | 55 | 268 |
Current portion of debt & finance leases (USD Mn) | 106 | 227 | 582 | 466 | 409 |
Total liabilities (USD Mn) | 12,468 | 11,019 | 11,285 | 11,190 | 11,162 |
Total equity incl. NCI (USD Mn) | 2,894 | 2,557 | 2,310 | 1,594 | 1,064 |
Additional balance-sheet data | Value | Source | — | — | — |
Total debt (end-2025) | ~USD 8.4bn | FY2025 call | — | — | — |
Liquidity (end-2025) | ~USD 0.8bn cash + ~USD 0.9bn undrawn facilities | FY2025 call | — | — | — |
Total debt & finance leases (June 30, 2026) | USD 8,534.4m | Q2 2026 release | — | — | — |
Cash, equivalents & restricted cash (June 30, 2026) | USD 746.9m | Q2 2026 release | — | — | — |
Net debt (June 30, 2026, derived) | ≈USD 7,788m | derived | — | — | — |
Unused borrowing capacity (June 30, 2026) | USD 864.3m | Q2 2026 release | — | — | — |
Goodwill (Dec 31, 2025) | USD 3,007.5m (Dec 31, 2024: USD 2,981m) | 10-K FY2025 | — | — | — |
Accumulated goodwill impairments | ~USD 3.3bn | 10-Q Q1 2025 | — | — | — |
Deferred tax valuation allowance (Dec 31, 2025) | USD 2,204.8m | 10-K FY2025 | — | — | — |
LPR debt (Dec 31, 2025) | ~USD 2,936m (principal 2,927.1 + finance leases 8.7) | Q4 2025 release | — | — | — |
LCR debt (Dec 31, 2025) | USD 515.0m | Q4 2025 release | — | — | — |
Returns & Leverage Ratios (%) and Financial Ratios (x)
| Ratio | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
ROE on total equity (%) | -17.0 | -8.1 | -3.8 | -41.4 | -52.1 |
ROA (%) | -3.2 | -1.5 | -0.6 | -5.2 | -4.5 |
Current ratio (x) | 1.35 | 1.17 | 1.13 | 1.03 | 1.14 |
Asset turnover (x) | 0.31 | 0.35 | 0.33 | 0.35 | 0.36 |
Equity to assets (%) | 18.8 | 18.8 | 17.0 | 12.5 | 8.7 |
Point-in-time ratio | Value | Basis | — | — | — |
Consolidated gross leverage | 5.1x | June 30, 2026 (company) | — | — | — |
Consolidated net leverage (net debt/Adj. OIBDA) | 4.6x | June 30, 2026 (company) | — | — | — |
C&W covenant proportionate net leverage | 3.8x | Q2 2026 (company) | — | — | — |
Debt / equity | ~7.9x | FY2025 (8.4bn / 1.06bn) | — | — | — |
Interest coverage (OI / interest) | ~0.2x | FY2025; interest reportedly ~40% of Adj. | — | — | — |
Adj. OIBDA / interest | ~2.5x | estimate | — | — | — |
ROIC | negative on GAAP basis | not meaningful | — | — | — |
Cash conversion cycle | not disclosed / not meaningful for subscription telecom | — | — | — | — |
Revenue by Region
| Region (Revenue, USD Mn) | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
Puerto Rico | 1,350 | 1,200 | 1,130 |
Caribbean (derived residual) | 1,509 | 1,518 | 1,522 |
Panama | 740 | 760 | 781 |
Costa Rica | 547 | 612 | 631 |
Networks & LatAm | 365 | 357 | 378 |
Total | 4,511 | 4,447 | 4,442 |
Revenue by Region (%)
| Region (YoY growth, %) | FY2024 | FY2025 |
|---|---|---|
Puerto Rico | -11.1 | -5.8 |
Caribbean (derived) | 0.6 | 0.3 |
Panama | 2.7 | 2.8 |
Costa Rica | 11.9 | 3.1 |
Networks & LatAm | -2.2 | 5.9 |
Share Price & Returns
| Period (to Oct 8, 2026) | Return (%) | Note |
|---|---|---|
1 month | 0.9 | Motley Fool (distribution-adjusted) |
3 months | 20.3 | Motley Fool |
Year to date | 74.8 | Motley Fool, adjusted for June 2026 preferred distribution; MarketBeat shows ~12% YTD on an unadjusted basis (USD 7.39 → USD 8.28 at Sep 30) — conflict reflects adjustment method |
1 year | 61.0 | Motley Fool |
3 years | 64.5 | Motley Fool |
5 years | 2.8 | Motley Fool |
Since Jan 2, 2018 | -59.4 | Motley Fool |
Valuation Multiples
| Multiple | LLA (approx.) | Basis |
|---|---|---|
Market cap | USD 1.6bn | ~200m shares × ~USD 8.1 |
Enterprise value | ~USD 9.9bn | market cap + USD 0.5bn preferred + ~USD 7.8bn net debt (excl. NCI) |
EV / Adjusted OIBDA | ~5.8x | ~USD 1.7bn TTM |
EV / Sales | ~2.2x | USD 4.44bn |
Firm Details
| Firm | Date | Rating | Target (USD) |
|---|---|---|---|
Benchmark | Nov 10, 2025 | Buy | 13 |
Citigroup | Aug 13, 2026 | Neutral | 9 |
Morgan Stanley | Aug 20, 2026 | Underweight (from Equal-Weight) | 7 |
UBS | Sep 3, 2026 | Neutral (initiation) | 9 |
Scotiabank | 2026 | — | 5.40 (cut from 7.40; likely post-distribution adjustment) |
Analyst Conclusions
Management guidance (Q2 2026). Continued Adjusted OIBDA growth through H2 2026, a stronger second half, Q4 improvement as Jamaica laps Melissa, FCF weighted to Q4 but lower than H2 2025 (no weather-derivative proceeds), capital intensity near 14%, and ongoing cost initiatives amplified by Amdocs. No quantitative 2026 Adjusted OIBDA or FCF guidance figure was verified.
Consensus expectations. Revenue roughly flat to low-single-digit growth; low-to-mid single-digit rebased Adjusted OIBDA growth; GAAP losses narrowing. Next print: Q3 2026 (estimated ~Nov 4, 2026).
Bull case
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Cost and capex discipline compound: Adjusted OIBDA less P&E rose 27% in FY2025; Amdocs adds >USD 250m NPV; FCF per share could re-rate a stock trading at ~5.8x EV/OIBDA.
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Puerto Rico ring-fencing caps downside: LPR's ~USD 2.9bn of debt is non-recourse to the C&W and LCR silos, and a separation could leave LLA as a ~4x-levered, growing Caribbean/Central American platform.
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Insider and capital-return signals: Malone and directors buying aggressively; buybacks resumed; preferred distribution crystallizes value.
Bear case
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Leverage and losses: USD 8.5bn of debt, 4.6x net leverage, equity down 63% since FY2021, and interest absorbing ~40% of OIBDA leave little margin for error.
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Litigation could unwind the LPR structure: a creditor victory could void the unrestricted-subsidiary financings and impede separation.
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Top line is stagnant and exposed: FY2025 revenue −1% rebased; prepaid erosion; Panama B2G rate cuts; hurricanes recur.
Key catalysts / monitorables (next 12 months)
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Q3 2026 (Nov 2026) and FY2026 (Feb 2027) results: rebased OIBDA growth, FCF, Puerto Rico revenue trajectory.
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Court rulings in the Arini/GoldenTree litigation.
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Any formal Puerto Rico separation announcement or LPR refinancing of 2027/2028 maturities.
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Amdocs transition milestones and cost savings.
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Hurricane season outcomes (June–November).
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Buyback pace and preferred dividend continuity.
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Next steps under the terminated/blocked Costa Rica combination agreement.
Analyst verdict. Liberty Latin America is a classic Malone-style levered equity: an operationally improving, cash-generative network business wrapped in a capital structure designed to transfer value to the equity at the margin. The operating evidence over the past 18 months is genuinely better than the share price history suggests. Adjusted OIBDA grew about 9% rebased in FY2025 on flat revenue, capital intensity fell two points to 14%, Adjusted OIBDA less P&E expanded 27%, and H1 2026 Adjusted FCF improved by more than USD 160 million. Postpaid momentum is broad-based, Puerto Rico's volumes have stopped bleeding, and the Amdocs agreement offers a credible further cost lever.
The problem is what sits beneath the equity. At roughly USD 8.5 billion of debt, 4.6x net leverage, a new USD 500 million 9% preferred ranking ahead of common holders, and a Puerto Rico silo whose creditors are actively litigating to unwind its financing, the common shares carry option-like risk. GAAP losses remain material, the equity book has eroded by nearly two-thirds since 2021, and hurricane exposure is structural rather than episodic. The blocked Costa Rica merger shows regulators will not readily permit the in-market consolidation that would most obviously improve returns.
On balance, at ~5.8x EV/Adjusted OIBDA the market is pricing a good deal of this risk, and heavy insider buying is a meaningful signal. The equity is best viewed as a high-risk, event-driven position whose outcome hinges on three variables: the Puerto Rico litigation and separation path, sustained cost-driven OIBDA growth through 2027, and the absence of a major storm. Investors with tolerance for binary legal outcomes and leverage may find asymmetric upside; balance-sheet-sensitive investors should wait for clarity on Puerto Rico before engaging. Our synthesis: operationally improving, structurally fragile — a speculative hold with positive skew contingent on legal resolution.
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View Subscription PlansExecutive Leadership
Executive Leadership Team
| Name | Title | Tenure / notes |
|---|---|---|
Balan Nair | President & Chief Executive Officer; director | CEO since LLA's 2017 split-off (previously EVP & CTO of Liberty Global; earlier senior roles at AETN-related and telecom firms); directly held ~1.65m Class C shares plus Class B PSUs (Form 4, 2026) |
Michael T. Fries | Executive Chairman | Also CEO of Liberty Global; Chairman since split-off |
Christopher (Chris) Noyes | Chief Financial Officer | CFO; formerly head of investor relations/strategy roles at LLA and Liberty Global |
John M. Winter | Chief Legal Officer & Secretary | Signs Section 16 filings as attorney-in-fact |
Ignacio Roman | SVP, General Manager, Liberty Puerto Rico & USVI | Appointed May 2026 |
Zoë Lawrenson | Senior Director, Strategy & Corporate Development (IR host) | Hosts earnings calls |
Board of Directors
| Director | Role / affiliation | Notes |
|---|---|---|
Michael T. Fries | Executive Chairman | Liberty Global CEO |
Balan Nair | President & CEO | — |
John C. Malone | Director | Controlling-group shareholder; open-market buyer June and August 2026 |
Charles H. R. Bracken | Director | Former Liberty Global CFO; sold 42,975 shares Aug 11, 2026 |
Miranda Curtis | Director | Former Liberty Global executive |
Alfonso de Angoitia | Director | Co-CEO of Televisa; bought 313,104 shares Sep 2, 2026 |
Paul A. Gould | Director | Allen & Company |
Brendan Paddick | Director | Columbus Communications founder |
Eric Zinterhofer | Former director | Transitioned off the board in 2026 after eight years (press release) |
Major Shareholders
| Holder | Position (latest available) | Source |
|---|---|---|
John C. Malone | 3,371,414 Class A and 21,397,127 Class C (direct, June 2026) plus Class B | Form 4 |
Balan Nair | ~1.65m Class C direct; 561,563 Class B | Form 4 |
Rubric Capital Management | 3,750,000 shares (Q1 2026) | 13F via MarketBeat |
Fourth Sail Capital | 909,742 shares (Q4 2025) | 13F via MarketBeat |
Renaissance Technologies | 864,559 shares (Q1 2026) | 13F via MarketBeat |
State Street | 750,725 shares | 13F via MarketBeat |
Citadel Advisors | 220,052 shares | 13F via MarketBeat |
Berkshire Hathaway | Exited Class A and Class C positions in Q1 2026 | 13F via Simply Wall St |
Competitive Landscape
Competitors by Segment
| Market | Principal competitors | Relative positioning of LLA |
|---|---|---|
Puerto Rico | Claro Puerto Rico (América Movil), T-Mobile Puerto Rico, fiber overbuilders (e.g., Optico Fiber, Critical Hub), DTH/satellite TV, Starlink fixed broadband | #1 cable broadband; challenger in mobile; losing share in mobile 2024–2025, stabilizing 2026 |
Jamaica & English-speaking Caribbean | Digicel (privately held, restructured 2023), local fiber entrants, Starlink | Incumbent fixed operator (Flow) and strong #1/#2 in mobile depending on island |
The Bahamas | Aliv (Cable Bahamas), Cable Bahamas REVON | BTC incumbent |
Panama | — | #2 integrated operator vs Millicom; mobile share gains after a competitor's 2024 exit |
Costa Rica | ICE/Kölbi (state), Claro Costa Rica, Tigo Costa Rica (Millicom), Telecable | Major private FMC operator; consolidation with Tigo blocked |
Wholesale subsea (Caribbean/LatAm) | Telxius (Telefónica), Seaborn, Globenet (BTG), Ufinet, hyperscaler-owned cables (Google, Meta) | Largest Caribbean-focused subsea network |
Peer Comparison FY2025
| Company | Revenue (approx.) | Growth | Margin profile |
|---|---|---|---|
Liberty Latin America | USD 4.44bn | flat (−1% rebased) | Adj. OIBDA ~38% |
Millicom (Tigo) | — | low single digit | — |
América Movil | — | mid single digit (local currency) | — |
Digicel | Private; not publicly disclosed | — | — |
