olivLaw · US equity research
Liberty Capital Corporation GLIBA
Cable & Other Pay Television Services · SIC 4841 · Vertical: Cable & Other Pay Television Services (SIC 4841)
Liberty Capital Corporation (formerly GCI Liberty) owns GCI, the leading integrated provider of data, wireless, voice and managed services in Alaska. Revenue was broadly flat in the second quarter of 2026, while the company is completing acquisitions and preparing a quarterly dividend at the parent level, which draws attention to its cash generation. Quarterly revenue reached 261 mn USD and Adjusted OIBDA 96 mn USD.
At the close of 04 Nov 2026, Liberty Capital Corporation (GLIBA) stock was 23.07 USD (+1.67% on the day), with beta 0.20, 52-week range 19.61–40.23 USD. Latest reported quarter (Q2 2026): revenue of 261.0 m USD (+0.0% YoY), net income of 16.0 m USD (−40.7% YoY), diluted EPS 0.40 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 58.1
- strong (55–70)
- Bollinger (20, 2)
- 18.80 – 23.50
- in the upper half of the band · %B 0.91 · band width 22.2%
- SMA 50 / 200
- 23.44 / 28.60
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.13 / -0.56
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −2.3% | −1.1% | −1.2 pp | — |
| 3 months | −4.6% | −0.5% | −4.1 pp | — |
| 6 months | −30.6% | +4.4% | −35.0 pp | — |
| Year to date | −37.4% | +12.3% | −49.7 pp | — |
| 1 year | −37.7% | +13.5% | −51.2 pp | −11.5% |
| 3 years | unavailable | +76.4% | unavailable | −19.7% |
| 5 years | unavailable | +63.7% | unavailable | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 262.0 m | 263.0 m | 266.0 m | 261.0 m | 257.0 m | 262.0 m | 256.0 m | 261.0 m |
| Operating income | 41.0 m | 32.0 m | 58.0 m | 51.0 m | -488.0 m | 32.0 m | 30.0 m | 29.0 m |
| Depreciation & amortisation | 55.0 m | 50.0 m | 53.0 m | 52.0 m | 53.0 m | 54.0 m | 52.0 m | 56.0 m |
| Interest expense | 13.0 m | 13.0 m | 10.0 m | 12.0 m | 12.0 m | 11.0 m | 8.0 m | 12.0 m |
| Pre-tax income | 29.0 m | 21.0 m | 49.0 m | 41.0 m | -497.0 m | 21.0 m | 26.0 m | 23.0 m |
| Income tax | 8.0 m | 5.0 m | 14.0 m | 14.0 m | -110.0 m | 5.0 m | 8.0 m | 7.0 m |
| Net income | 21.0 m | 16.0 m | 35.0 m | 27.0 m | -387.0 m | 16.0 m | 18.0 m | 16.0 m |
| Diluted EPS | 0.72 | — | 1.13 | 0.87 | -13.34 | 0.43 ≈ | 0.45 | 0.40 |
| Operating cash flow | 61.0 m ≈ | 55.0 m | 119.0 m | 107.0 m ≈ | 76.0 m ≈ | 68.0 m | 78.0 m | 86.0 m ≈ |
| Capex | 60.0 m ≈ | 64.0 m | 65.0 m | 54.0 m ≈ | 55.0 m ≈ | 74.0 m | 56.0 m | 74.0 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2024 | 2025 |
|---|---|---|
| Revenue | 1.0 bn | 1.0 bn |
| Revenue YoY | unavailable | +3.0% |
| Net income | 70.0 m | -309.0 m |
| Net income YoY | unavailable | −541.4% |
| Diluted EPS | 2.26 | -9.97 |
| Diluted EPS YoY | unavailable | −541.2% |
| net % | 6.9% | -29.5% |
| Free cash flow | 31.0 m | 122.0 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 416.0 m USD
- Financial debt
- 983.0 m USD
- Net debt
- 567.0 m USD
- Equity
- 1.7 bn USD
- Total assets
- 3.2 bn USD
- Debt / equity
- 0.58x
- Current ratio
- 3.14x
- ROE
- -19.9%
- ROA
- -9.3%
- FCF margin
- 11.7%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Revenue | 1.0 bn | 1.0 bn | SEC (XBRL)· 11 Feb 2026verified |
| Operating income | 140.0 m | -347.0 m | SEC (XBRL)· 11 Feb 2026verified |
| Depreciation & amortisation | 207.0 m | 212.0 m | SEC (XBRL)· 11 Feb 2026verified |
| EBITDA | 347.0 m ≈ | -135.0 m ≈ | SEC (XBRL)· 11 Feb 2026derived |
| Interest expense | 49.0 m | 45.0 m | SEC (XBRL)· 11 Feb 2026verified |
| Pre-tax income | 97.0 m | -386.0 m | SEC (XBRL)· 11 Feb 2026verified |
| Income tax | 27.0 m | -77.0 m | SEC (XBRL)· 11 Feb 2026verified |
| Net income | 70.0 m | -309.0 m | SEC (XBRL)· 11 Feb 2026verified |
| Diluted EPS | 2.26 | -9.97 | SEC (XBRL)· 11 Feb 2026verified |
| Weighted average diluted shares | — | 31.0 m | SEC (XBRL)· 11 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Cash | 74.0 m | 416.0 m | SEC (XBRL)· 11 Feb 2026verified |
| Current assets | 319.0 m | 615.0 m | SEC (XBRL)· 11 Feb 2026verified |
| Property, plant & equipment, net | 1.2 bn | 1.3 bn | SEC (XBRL)· 11 Feb 2026verified |
| Goodwill | 746.0 m | 638.0 m | SEC (XBRL)· 11 Feb 2026verified |
| Intangibles (excl. goodwill) | 411.0 m | 372.0 m | SEC (XBRL)· 11 Feb 2026verified |
| Total assets | 3.4 bn | 3.2 bn | SEC (XBRL)· 11 Feb 2026verified |
| Accounts payable | 110.0 m | 123.0 m | SEC (XBRL)· 11 Feb 2026verified |
| Short-term debt | 3.0 m | 4.0 m | SEC (XBRL)· 11 Feb 2026verified |
| Long-term debt | 1.1 bn | 979.0 m | SEC (XBRL)· 11 Feb 2026verified |
| Current liabilities | 192.0 m | 196.0 m | SEC (XBRL)· 11 Feb 2026verified |
| Total liabilities | 2.0 bn | 1.5 bn | SEC (XBRL)· 11 Feb 2026verified |
| Equity | 1.4 bn † | 1.7 bn † | SEC (XBRL)· 11 Feb 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Operating cash flow | 278.0 m | 370.0 m | SEC (XBRL)· 11 Feb 2026verified |
| Capex | 247.0 m | 248.0 m | SEC (XBRL)· 11 Feb 2026verified |
| Free cash flow | 31.0 m ≈ | 122.0 m ≈ | SEC (XBRL)· 11 Feb 2026derived |
| Investing cash flow | -193.0 m | -218.0 m | SEC (XBRL)· 11 Feb 2026verified |
| Financing cash flow | -107.0 m | 202.0 m | SEC (XBRL)· 11 Feb 2026verified |
| Dividends paid | 150.0 m | 0 | SEC (XBRL)· 11 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 5 of at least 6
- score weight coverage: 31.2% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Key indicators
Coverage and freshness
Score by group
31% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · input data missing
no valuation method could be computed
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 5 of at least 6; score weight coverage: 31.2% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | -13.9% | 0 (vs peers) | 33% |
| Net margin · Quality | -32.5% | 25 (vs peers) | 20% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | -9.2x | 0 (on a fixed band) | 20% |
| Current ratio · Balance sheet | 3.4x | 100 (on a fixed band) | 13% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | 0.0% | 100 (on a fixed band) | 13% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet40/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality9/100 · 2/3 factors with a value
- Returns· partial100/100 · 1/2 factors with a value
- Valuation· partialunavailable · 0/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Liberty Capital Corp/NV (GLIBA). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 1.0 bn USD in 2025; YoY growth 3.0%; net margin -32.5%; ROE -21.0%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 5 of at least 6; score weight coverage: 31.2% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 3.4x
- Payout ratio (FCF): 0.0%
What contradicts it
- ROIC: -13.9%
- Net margin: -32.5%
- Interest coverage: -9.2x
Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions).
Versus the vertical median
Cable & Other Pay Television Services (SIC 4841) · same industry (4-digit SIC) · compared with 12 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| WBDWarner Bros. Discovery, Inc. | 77.7 bn | — | -9.2% | -8.8% | −5.1% | unavailable / unavailable |
| CHTRCharter Communications, Inc. | 32.6 bn | 3.1 | 29.7% | 9.1% | −0.6% | −40% / −70% |
| ROKURoku, Inc. | 24.1 bn | 48.2 | 18.2% | 9.3% | +15.2% | +68% / +56% |
| ADEAAdeia Inc. | 1.9 bn | 16.6 | 25.9% | 25.0% | +17.9% | +37% / +84% |
| OPTUOptimum Communications, Inc. | 188.1 m | — | — | -58.1% | −4.1% | −64% / −70% |
| PAAIThe Arena Group Holdings, Inc. | 43.8 m | 4.8 | — | 9.3% | +698.2% | −78% / −60% |
| CABOCable One, Inc. | 29.8 m | — | -126.2% | -72.8% | −4.9% | −96% / −99% |
| AMCXAMC Global Media Inc. | — | — | -2.1% | -0.9% | −4.5% | −5% / −44% |
| LILALiberty Latin America Ltd. | — | — | -32.1% | -3.9% | −0.1% | +47% / +88% |
| LBTYALiberty Global Ltd. | — | — | -22.3% | -44.4% | +12.4% | −16% / +16% |
| GLIBALiberty Capital Corp | — | — | -21.0% | -32.5% | +3.0% | −38% / unavailable |
| RCIRogers Communications Inc. | — | — | 49.0% | 31.8% | +5.4% | −12% / −20% |
| CCZComcast Corporation | — | 20.1 | 11.9% | 9.2% | −0.0% | +1% / +17% |
1- and 3-year price returns: for GLIBA from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Liberty Capital Corporation (formerly GCI Liberty) owns GCI, the leading integrated provider of data, wireless, voice and managed services in Alaska. Revenue was broadly flat in the second quarter of 2026, while the company is completing acquisitions and preparing a quarterly dividend at the parent level, which draws attention to its cash generation. Quarterly revenue reached 261 mn USD and Adjusted OIBDA 96 mn USD.
SWOT
Strengths
- A dominant position in an isolated market, with an integrated network of fiber, microwave, satellite and wireless reaching hard-to-serve communities.
- Solid operating cash flow over the trailing twelve months and additional liquidity obtained through refinancing.
- Recurring revenue from data and wireless services, with high gross margin in the consumer segment.
Weaknesses
- Strong geographic concentration in Alaska, exposing the company to local economic conditions.
- Declining revenue and Adjusted OIBDA in the first half of 2026, driven by rising operating costs.
- Significant indebtedness and reliance on refinancing to manage existing obligations.
Opportunities
- Expanding the network and services in rural areas with support from federal subsidy programs.
- Integrating acquisitions such as Quintillion could strengthen the position in the business data market.
- If cash flow grows in 2027, the planned dividend could become a source of value for shareholders.
Threats
- Legal challenges to USF programs could reduce the company's revenue and receivables.
- Competition from satellite providers and other operators with federal grants could reduce market share.
- A recession in Alaska or a fall in oil prices could affect customer demand and payment.
Risks
- Dependence on USF programshigh
Revenue and receivables tied to universal service programs can be affected by litigation, regulatory decisions or pauses in funding.
- Geographic concentrationhigh
Operations depend almost entirely on the Alaska economy, and a local recession or lower revenue from the oil industry could affect the company directly.
- Debt and refinancingmedium
The company carries significant debt, including variable-rate borrowing; if refinancing cannot be done on acceptable terms, obligations could become hard to cover.
- Cost pressure and marginsmedium
Inflationary pressures and higher distribution costs have reduced business segment margins and could continue to weigh on results.
- Cybersecurity riskslow
Cyberattacks or network disruptions could affect services and reputation, with remediation costs and possible penalties.
Investment thesis
What would need to be true (bull case)
- The company holds a market position that is hard to replicate in an isolated region, and its operating cash flow remains solid. If the projected cash flow growth materializes in 2027, the planned dividend could support investor interest.
- Acquisitions and additional financing could expand the customer base and strengthen the position in the business segment, where data services are essential.
- Exiting video removed significant costs and raised consumer segment margins, which could support results if the trend holds.
What would break the thesis
- Revenue declined in the first half of 2026 and Adjusted OIBDA fell significantly, which could raise questions about the capacity to fund investment and the dividend.
- Dependence on federal funding and USF-related litigation exposes the company to external decisions it cannot control.
- High indebtedness and the need to refinance could limit financial flexibility if market conditions deteriorate.
What to watch
- Revenue and Adjusted OIBDA trends, including the effect of the Quintillion acquisitionQ3 2026
- Launch of the quarterly dividend at the parent company levelQ4 2026
- Delivery of planned 2026 capital expenditure and cash flow in 20272027
- Outcome of legal challenges and decisions on USF programsnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
The company was separated from Liberty Broadband in July 2025 and owns 100% of GCI, LLC and GCI Holdings, LLC, which form the GCI business. GCI Holdings provides data, wireless, voice and managed services mainly to customers in Alaska, including residential users, businesses, government, educational and medical institutions. The network combines subsea fiber, microwave, satellite and a statewide wireless network, and the company fully exited its video business at the end of 2025.
GCI Holdings revenue in fiscal 2025 came mainly from data services (71%) and wireless services (24%), with other services making up the rest. An important element is participation in federal subsidy programs for telecommunications in high-cost rural areas, which have allowed the network to expand into hard-to-reach communities. These programs, including USF, are a significant part of the revenue model and are exposed to legislative and legal risks.
The governance structure includes several series of stock for the GCI group, and the company relies on services provided by Liberty Media with cost reimbursement. As a standalone company it is smaller and less diversified than Liberty Broadband was before the separation, which makes results more sensitive to economic conditions in Alaska.
Segments
GCI Business
The business segment recorded 144 mn USD of revenue in the second quarter of 2026, a slight increase supported by data services for healthcare and education customers. Gross margin fell noticeably, reflecting higher distribution costs and capacity costs on the Quintillion network, which was out of service in the first half of 2025.
Market context
The main market is Alaska, a territory with difficult geography and an economy dependent on the oil industry, state and federal spending and tourism. The company notes that a fall in oil prices or a local recession could reduce demand for its products and affect customers' ability to pay. Reliance on a single territory ties performance closely to the Alaska economy.
Revenue from federal universal service funds remains a key component but is subject to legal challenges and regulatory changes. A pause in federal funding or an adverse decision could affect revenue and receivables, particularly those from the RHC Program, which stood at approximately 52 mn USD at December 31, 2025.
Trends
- Network investment and capital costsmixed
The company is investing heavily in its Alaska network, especially upgrades to hybrid fiber-coaxial networks in urban areas. These investments could support long-term growth but weigh on near-term cash flow.
- Acquisitions and consolidationmixed
The Quintillion acquisition and the purchase of a small broadband provider could expand the customer base, and the additional financing provides liquidity. Acquisition and integration costs could, however, reduce results in the following periods.
- Exit from the video businessmixed
Ending video services reduced programming costs and improved consumer segment margins, but it also reduced revenue. The long-term effect depends on how well the company can offset the loss of TV customers with other services.
- Economic conditions and inflationheadwind
Inflation in materials and labor costs, along with uncertainty over tariffs, could compress margins. If the Alaska economy slows, customer demand and ability to pay could decline.
Competitive position
The company operates in a geographically concentrated market where competition comes from terrestrial providers, non-geostationary satellite providers and other operators receiving federal grants to build new networks. These projects could reduce market share and put pressure on prices, especially in rural areas.
According to the company, an additional risk comes from reliance on roaming agreements with other carriers to remain competitive outside its own network. Technological change and the ability to adopt new technologies also shape its competitive position.
- Non-geostationary satellite providers
Low-orbit satellite operators named in the risk factors as sources of competition for connectivity in rural Alaska.
- Terrestrial operators receiving federal grants
Providers receiving federal grants to build new terrestrial networks, which could extend competition into areas served by GCI.
- Roaming carriers
Carriers on which GCI relies for roaming services; they could become indirect competitors if access to these services changes.
- ILECs and other communications providers
Traditional local telephone carriers and other communications providers that could intensify competition in data and voice services.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
- Liberty Capital (GLIBK) Acquires Quintillion in $360M Synergistic DealYahoo Finance — News · 16 Sept 2026 · EN
- Liberty Capital Corp. (GLIBK): Reassessing Catalysts, Sentiment, and GovernanceYahoo Finance — News · 01 Sept 2026 · EN
The latest news item in our archive is from 16 Sept 2026; the newest SEC filing is from 28 Oct 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Current report28 Oct 2026Material agreement · Creation of a direct financial obligation · Financial statements and exhibits
- Current report09 Oct 2026Regulation FD disclosure · Financial statements and exhibits
- Current report02 Sept 2026Departure or appointment of officers
- Current report06 Aug 2026Results of operations · Financial statements and exhibits
- Quarterly report06 Aug 2026
- Current report15 Jul 2026Regulation FD disclosure · Financial statements and exhibits
- Current report29 Jun 2026Material agreement · Creation of a direct financial obligation · Financial statements and exhibits
- Current report21 May 2026Amendments to articles or bylaws · Regulation FD disclosure · Financial statements and exhibits
- Current report13 May 2026Item 3.03 · Amendments to articles or bylaws · Shareholder vote · Regulation FD disclosure · Financial statements and exhibits
- Current report07 May 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Liberty Capital Corporation · 11 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Liberty Capital Corporation · 06 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Liberty Capital Corporation · 06 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.