Share count
320Mpeak FY2024
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FUBO, FuboTV Inc.
We are a sports-first, Pay TV replacement product offering subscribers access to tens of thousands of live sporting events annually, alongside leading news and entertainment content, both live and on demand.
Fubo's platform is designed to empower customers to seamlessly access content through streaming devices and on Smart TVs, mobile phones, tablets, and computers.
We offer subscribers a live TV streaming service with the option to purchase incremental features, including additional content or enhanced functionality ("Attachments") best suited to their preferences.
The business
What it sells, where the money comes from, the kind of company it is.
Revenue · FY2024
$1.6B
+18.6% YoY · 228% 5-yr CAGR
Vital signs · TTM, with 5-yr average
Revenue $1.6B 5-yr avg $971M
Revenue $1.6B +39.8% vs yr-ago qtr
Operating margin −0.6% yr-ago −3.6%
Net income ($6M) yr-ago ($41M)
Net margin −0.4% yr-ago −3.6%
The business in brief
read the 10-K →What this business is and what moves its needle, from its own SEC filings.
- Situation
- Unprofitable. No sustained operating profit across the record; an earnings multiple has nothing to rest on. What the record does show is revenue, the gross-margin trajectory, and the burn against the cash on hand. Distress / turnaround. Thin interest coverage, or operating cash burned against real debt, across the record. The balance sheet carries this situation; the debt schedule sets the clock.
- What moves the needle
- Operating margin has run around −296% through the cycle on a 20% gross margin, the operating line deeply negative — so the lever is the path to a margin at all: revenue growth against the cost curve and the cash runway, not the level of a margin that isn't there yet. Stock-based pay runs about 23% of sales, a real and recurring claim on owners that the GAAP margin understates. On its own account, the filing leans hardest on pricing power & competition, set against the numbers in what the filing emphasizes, below.
- Is it a good business?
- Return on capital has rarely cleared the cost of capital (median −49%, above 15% in 0 of 6 years). Owner earnings, the cash-based check, have been thin too. This is price-taker territory, where the balance sheet and the cycle matter more than any multiple; the rest is in the 10-K.
Every line is arithmetic on the company's filings, shown in full in the sections below.
The record
Ten years of arithmetic, read across the cycle.
The record, 2014–2024
realized figures from each filing · older years to the left| 2014’14 | 2015’15 | 2016’16 | 2017’17 | 2019’19 | 2020’20 | 2021’21 | 2022’22 | 2023’23 | 2024’24 | TTMTTMDec 2024 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | |||||||||||
| $790K | $964K | $24K | $41K | $4M | $218M | $638M | $1.0B | $1.4B | $1.6B | $1.6B | RevenueRevenue |
| 20% | 18% | 75% | 80% | — | — | — | — | — | — | 100% | Gross marginGross mgn |
| 22% | 26% | n/m | n/m | 311% | 36% | 14% | 8% | 5% | 5% | 5% | SG&A / revenueSG&A/rev |
| — | — | 671% | — | — | 14% | 9% | 7% | 5% | 5% | 5% | R&D / revenueR&D/rev |
| ($2M) | ($3M) | ($1M) | ($1M) | ($39M) | ($480M) | ($328M) | ($412M) | ($289M) | ($196M) | ($196M) | Operating incomeOp. inc. |
| −296.1% | −316.0% | n/m | n/m | −910.4% | −220.4% | −51.4% | −40.8% | −21.1% | −12.1% | −12.1% | Operating marginOp. mgn |
| ($2M) | ($8M) | ($10M) | $10M | ($34M) | ($570M) | ($383M) | ($561M) | ($287M) | ($172M) | ($172M) | Net incomeNet inc. |
| Cash flow & returns | |||||||||||
| ($413K) | ($915K) | ($603K) | ($612K) | $2M | ($149M) | ($196M) | ($317M) | ($178M) | ($79M) | ($79M) | Operating cash flowOp. cash |
| $3K | $1K | $2K | $0 | $21M | $44M | $38M | $37M | $36M | $39M | $39M | DepreciationDeprec. |
| ($60K) | $5M | $9M | ($11M) | $14M | $327M | $96M | $156M | $22M | $12M | $12M | Working capital & otherWC & other |
| $1K | — | — | $6K | $175K | $166K | $3M | $1M | $1M | $3M | $3M | CapexCapex |
| 0.2% | — | — | 14.6% | 4.1% | 0.1% | 0.5% | 0.1% | 0.1% | 0.2% | 0.2% | Capex / revenueCapex/rev |
| ($414K) | — | — | ($613K) | $2M | ($149M) | ($199M) | ($318M) | ($179M) | ($82M) | ($82M) | Owner earningsOwner earn. |
| −52.4% | — | — | n/m | 36.4% | −68.5% | −31.2% | −31.5% | −13.1% | −5.1% | −5.1% | Owner earnings marginOE mgn |
| ($414K) | — | — | ($618K) | $2M | ($149M) | ($199M) | ($318M) | ($179M) | ($82M) | ($82M) | Free cash flowFCF |
| −52.4% | — | — | n/m | 36.4% | −68.5% | −31.2% | −31.5% | −13.1% | −5.1% | −5.1% | Free cash flow marginFCF mgn |
| — | — | — | — | $0 | $0 | $23M | $0 | $0 | — | $0 | AcquisitionsAcquis. |
| — | — | — | — | -12% | -78% | -42% | -71% | -53% | -44% | -19% | ROICROIC |
| -1452% | — | — | — | -15% | -92% | -57% | -140% | -101% | -95% | -21% | Return on equityROE |
| n/m | — | — | — | −15% | −92% | −57% | −140% | −101% | −95% | −21% | Retained to equityRetained/eq |
| Balance sheet | |||||||||||
| $160K | $48K | $77K | $77K | $8M | $135M | $371M | $337M | $245M | $161M | $338M | Cash & investmentsCash+inv |
| $11K | — | $10K | — | $9M | $17M | $34M | $44M | $80M | $71M | $83M | ReceivablesReceiv. |
| $17K | $23K | $49K | $112K | $36M | $31M | $56M | $67M | $74M | $68M | $49M | Accounts payablePayables |
| ($6K) | — | ($39K) | — | ($27M) | ($14M) | ($21M) | ($23M) | $6M | $3M | $35M | Operating working capitalOper. WC |
| $227K | $61K | $115K | $77K | $18M | $157M | $429M | $437M | $387M | $274M | $903M | Current assetsCur. assets |
| $520K | $6M | $15M | $3M | $67M | $227M | $337M | $439M | $517M | $515M | $908M | Current liabilitiesCur. liab. |
| 0.4× | 0.0× | 0.0× | 0.0× | 0.3× | 0.7× | 1.3× | 1.0× | 0.7× | 0.5× | 1.0× | Current ratioCurr. ratio |
| $319K | — | — | — | $228M | $478M | $620M | $619M | $623M | $615M | $2.6B | GoodwillGoodwill |
| $549K | $313K | $115K | $86K | $368M | $859M | $1.4B | $1.3B | $1.2B | $1.1B | $4.0B | Total assetsAssets |
| — | — | — | $443K | $44M | $128K | $316M | $394M | $392M | $332M | $230M | Total debtDebt |
| — | — | — | $366K | $36M | ($135M) | ($55M) | $57M | $146M | $171M | ($108M) | Net debt / (cash)Net debt |
| -169.0× | — | -7.0× | -1.3× | — | — | — | -29.0× | -21.1× | -9.4× | -9.4× | Interest coverageInt. cov. |
| $153K | ($5M) | ($14M) | ($3M) | $223M | $623M | $671M | $402M | $284M | $181M | $812M | Shareholders’ equityEquity |
| 235.8% | 201.2% | n/m | — | 26.2% | 23.3% | 8.3% | 5.2% | 3.7% | 2.6% | 2.6% | Stock comp / revenueSBC/rev |
| Per share | |||||||||||
| 937K | 918K | 4.2M | 325K | 3.3M | 6.7M | 20.6M | 27.4M | 27.6M | 32.0M | 30.0M | Shares out (diluted)Shares |
| $0.84 | $1.05 | $0.01 | $0.13 | $1.28 | $32.63 | $30.95 | $36.85 | $49.52 | $50.77 | $54.00 | Revenue / shareRev/sh |
| $-2.37 | $-8.25 | $-2.40 | $32.24 | $-10.28 | $-85.46 | $-18.56 | $-20.51 | $-10.40 | $-5.39 | $-5.73 | EPS (diluted)EPS |
| $-0.44 | — | — | $-1.89 | $0.47 | $-22.35 | $-9.66 | $-11.61 | $-6.47 | $-2.57 | $-2.74 | Owner earnings / shareOE/sh |
| $-0.44 | — | — | $-1.90 | $0.47 | $-22.35 | $-9.66 | $-11.61 | $-6.47 | $-2.57 | $-2.74 | Free cash flow / shareFCF/sh |
| $0.00 | — | — | $0.02 | $0.05 | $0.02 | $0.17 | $0.04 | $0.04 | $0.09 | $0.09 | Cap. spending / shareCapex/sh |
| $0.16 | $-5.85 | $-3.44 | $-9.54 | $66.62 | $93.34 | $32.53 | $14.68 | $10.27 | $5.66 | $27.02 | Book value / shareBVPS |
Share counts before 2015 are restated ×1/5 for a stock split, so per-share figures sit on one basis.
The diluted share count moved ×4.58 into 2016 — shares issued, not a split the totals corroborate — and the per-share figures carry the counts as filed.
The diluted share count moved ×1/12.93 into 2017 — shares retired, not a split the totals corroborate — and the per-share figures carry the counts as filed.
The diluted share count moved ×10.29 into 2019 — shares issued, not a split the totals corroborate — and the per-share figures carry the counts as filed.
The diluted share count moved ×2 into 2020 — shares issued, not a split the totals corroborate — and the per-share figures carry the counts as filed.
The diluted share count moved ×3.09 into 2021 — shares issued, not a split the totals corroborate — and the per-share figures carry the counts as filed.
Share counts before 2023 are restated ×1.5 for a stock split, so per-share figures sit on one basis.
Share counts before TTM are restated ×1/10 for a stock split, so per-share figures sit on one basis.
Per-share growththe realized rate an owner's share compounded
| 10-yr | 5-yr | |
|---|---|---|
| Revenue / share | +50.6%/yr | +108.9%/yr |
| Capital spending / share | +52.1%/yr | +10.3%/yr |
| Book value / share | +42.6%/yr | −38.9%/yr |
The year, in the company's words
the filing →Verbatim from the 10-K's management discussion. Each sentence is shown only because its subject, direction check out against the filed numbers on this page. The words are the company's; the arithmetic is the record's.
- Advertising-0.1%
“Advertising revenue decreased by $0.2 million primarily due to a decrease in CPMs offset by an increase in the number of impressions sold.”
✓ direction matches the filed record
The record, charted
FY2014–2024Each measure over its full record; the current point and the worst year marked. Share counts on the current split basis.
ROIC
−44%low FY2020
Gross margin
80%low FY2015
Owner earnings vs. net income
Owner earningsNet incomeThe accountant's number, and the cash an owner can take; the gap is the tell.
($82M)owner earningsvs.($172M)net incomelow FY2022
Net income is the accountant's number; owner earnings is the cash an owner could take out. The walk between them, off the cash-flow statement, and whether the gap is widening or holding.
In fiscal 2024 the business turned a $172M loss into ($82M) of owner earnings: more cash than the profit line showed, after the non-cash charges and the capital it put back in.
| FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|
| Reported net income | ($172M) | ($287M) | ($561M) | ($383M) | ($570M) |
| Depreciation & amortizationnon-cash charge added back | +$39M | +$36M | +$37M | +$38M | +$44M |
| Stock-based compensationreal costnon-cash, but a real cost | +$43M | +$51M | +$52M | +$53M | +$51M |
| Working capital & othertiming of cash in and out, other non-cash items | +$12M | +$22M | +$156M | +$96M | +$327M |
| Cash from operations | ($79M) | ($178M) | ($317M) | ($196M) | ($149M) |
| Capital expenditurecash put back in to keep running and to grow | −$3M | −$1M | −$1M | −$3M | −$166K |
| Owner earnings | ($82M) | ($179M) | ($318M) | ($199M) | ($149M) |
| Owner-earnings marginowner earnings ÷ revenue | -5% | -13% | -32% | -31% | -69% |
Owner earnings is the cash an owner could pull out without starving the business: operating cash less the capital it must spend to hold its position . The cash-flow statement also adds stock comp back as non-cash, but it is a real cost paid in shares; counted as the expense it is (less $43M), owner earnings is nearer ($125M).
Maintenance capex is estimated as depreciation where a growing business invests above it; free cash flow is the figure the scorecard's free-cash margin reads.
Quality & stewardship
Returns, the balance sheet, capital allocation, and pay.
Owner’s Scorecard
FY2024 10-K · source on SEC EDGAR →
Will it survive?
- Can it pay its interest? -9.4×Does not cover its interestOperating income ($196M) ÷ interest expense $21M
What this means
A full year of operating profit didn't cover the interest bill. This is the zombie zone: the business depends on refinancing, asset sales, or forbearance to service its debt.
- Net debt against an operating lossCash $161M − debt $332M
What this means
Netting $161M of cash and short-term investments against $332M of debt leaves $171M owed, with no operating profit this year to measure it against — understand that combination before anything else about the company. Net debt is the leverage figure that matters: the cash is already set against the debt. Strategic or illiquid investments aren't counted here.
- How long is cash tied up? -3093131dNegative, funded by othersDSO 16 + DIO 2236 − DPO 3095383 days
What this means
Days cash is tied up between paying suppliers and collecting from customers. A negative cycle is a quiet moat: suppliers and customers fund the operation (Buffett's “float”), the company grows on other people's money.
Is it a good business?
- Below average through the cycle6-yr median, range -78%–-12%; -44% latest = NOPAT ($155M) ÷ invested capital $352MIndustry peers: median -5%
What this means
The rate the business earns on the money tied up in it, Buffett's north star, because over time a stock tracks the ROIC beneath it. Above ~15% sustained hints at a moat; a return below the cost of capital (~8%) erodes value as a business grows rather than building it — the test Buffett weighs most. The headline is the median of the last 6 years (it ran -44% most recently), so one peak or trough year doesn't set the verdict. Asset-light businesses (R&D expensed, little capital) read artificially high, pair this with Owner Earnings.
- Consumes cash through the cycle8-yr median margin, range -1495%–36%; latest ($82M) = operating cash ($79M) − maintenance capex $3MIndustry peers: median 14%
What this means
What an owner could take out without starving the business: operating cash less the maintenance capital it must spend to hold its position — Buffett's owner earnings. That's -5% of revenue this year, a -32% median across 8 years. Treating stock comp as the real expense it is (less $43M of SBC) leaves ($125M).
- Are earnings backed by cash? ($79M)Loss, and burning cashNet income ($172M) · cash from operations ($79M)
What this means
The company reported a net loss, so a conversion ratio isn't meaningful. What matters then is whether operations still threw off cash, here, they did not.
How is the cash used?
- Not enough data
What this means
The filing data didn't include the inputs for this check.
- Investing or harvesting? 0.07×HarvestingCapex $3M ÷ depreciation $39M
What this means
Descriptive, not a grade. Above ~1× means investing faster than assets wear out (growth, or, sustained for years, today's earnings carrying less depreciation than tomorrow's will). Below means spending less than it's wearing out (efficiency, or a melting asset base). The ratio won't tell you which; the filings will.
Graham’s defensive tests · 0 of 5 met
Graham’s numerical criteria for the defensive investor (The Intelligent Investor, ch. 14), run on the filings. A floor of safety, not a buy signal; many fine modern businesses fail his strictest liquidity rules by design.
- Adequate size NearRevenue ≥ $2B · $1.6B
What this means
Big enough to weather a storm. Graham's 1972 floor was ~$100M of sales (≈ $700M today); we use a $2B revenue line as a conservative modern stand-in.
- Strong liquidity MissCurrent ratio ≥ 2× · 0.53×
What this means
Current assets at least twice current liabilities, near-term bills covered without touching the business. Strict by design: many cash-rich modern firms run leaner and miss it, holding their cushion in longer-dated securities.
- Conservative debt MissDebt ≤ working capital · $332M vs ($241M) WC
What this means
Graham's rule that borrowings not exceed net current assets. Capital-heavy and buyback-heavy firms routinely fail it, read it next to interest coverage, not alone.
- Earnings stability MissA profit every year (10-yr record) · 9 loss years
What this means
Graham wanted earnings in each of the past ten years, the stability a defensive owner leans on.
- Dividend record MissUninterrupted dividends · none paid
What this means
An unbroken dividend was Graham's mark of durability. He wanted twenty years; the filings show about ten, and a single suspension breaks the streak. Non-payers, many fine modern compounders, fall outside his defensive net by design.
- Earnings growth —Earnings +33% over the record · —
What this means
Earnings were negative early in the record, a growth rate isn't meaningful.
- Moderate price —P/E ≤ 15 and P/E × P/B ≤ 22.5 · decided by the price
What this means
Graham's valuation gate, the wall he kept between a sound business and a sound investment. Three-year average earnings are $-0.99/share (latest year $-0.50), the averaged base the calculator's gate runs on, and book value is $0.53/share. Enter a price in “What the price implies” just below for the P/E, P/B, and whether it clears. But this is the rule Buffett outgrew: there's no hard P/E law, and a wonderful business can deserve a far richer multiple if the thesis holds, treat it as the bargain-hunter's floor, not a verdict on the price.
Durability & moat, 2014–2024
Whether the record’s returns held, and what the capital reinvested earned.
- Profitable years 1 of 10
What this means
Lost money in 9 year(s), look at what happened there before trusting the average.
- Return on capital ≥ 15% 0 of 6 yrs
What this means
A moat shows up as a high return on invested capital that holds year after year, not one good vintage.
- Operating margin −1830% → −25% (3-yr avg ends)
In the filing’s words The filing ties gains to its own pricing, but names price competition too — pricing power that is real yet contested, not unopposed. The margin shows who is winning.
What this means
Through the cycle the operating margin widened — about −1830% early to −25% lately, median −296% — pricing power intact or improving.
- Reinvestment, incremental ROIC returns capital
What this means
The capital base barely grew: this business returns cash through dividends and buybacks rather than reinvesting. Judge it on the cash returned, not on compounding.
- Worst year 2016 · −4879.2% op. margin
What this means
Operations went underwater in 2016, understand why before trusting the good years.
Does AI threaten the moat?
Moderate contestabilityAI is likely to reshape costs and some products here without clearly contesting or sparing the core moat; how the company itself frames it is the tell.
In its own filing A competitive risk, new this year
Its FY2024 10-K names artificial intelligence as a competitive threat, in language that was not in the prior year's filing.
“We cannot control the availability or pricing of such third-party AI technologies, especially in a highly competitive environment, and we may be unable to negotiate favorable economic terms with the applicable providers.”
The question is whether a moat the record shows as durable outlasts a technology that lowers the cost of part of what the firm sells. The durability is read in the record above, the filing's own framing of AI beside it; the industry label decides nothing on its own.
Read from the filing's own risk factors, paired with the industry's structure under its SIC code; the durability is read above, the price below.
All figures as filed; the source filing is linked above.
Current Position
as of the latest quarter, Mar 31, 2026Can the business pay what it owes this year, off the freshest balance sheet: the quality of the assets, the debt actually coming due, and what a low ratio means here.
Current assets$903M
- Cash & short-term investments$338M
- Receivables$83M
- Inventory$49K
- Other current assets$481M
Current liabilities$908M
- Debt due within a year$8M
- Accounts payable$49M
- Other current liabilities$851M
Current ratio0.99×all current assets ÷ what's due · Graham looked for 2×
Quick ratio0.99×stricter: inventory excluded
Cash ratio0.37×strictest: cash alone against what's due
Working capital($6M)the cushion left after near-term bills
Debt due this year vs. cash$8M due · $338M cash
covered by cash on hand, no refinancing forced · both figures from the Mar 31, 2026 balance sheet
Cash runway4.1 yrsthe business is consuming cash; this is how long the cash on hand lasts at that rate
Revenue, latest quarter vs. a year ago+39.8%the freshest read on whether the business is still growing
Current ratio, recent quarters0.5× → 1.0×
Deeper floors
Tangible book value($2.2B)equity stripped of goodwill & intangibles
Net current asset value($423M)Graham's net-net: current assets less all liabilities
Debt incl. operating leases$60M$33M of it operating leases
Deferred revenue$68Mcustomer cash collected before delivery; operating float
From the company's latest filing.
Acquisitions & goodwill
from the balance sheet & the 10-year cash-flow recordGoodwill grows only when a company acquires and falls only when it concedes it overpaid. The size of that bet, the cash put into buying rather than building, and how much has already been written off.
Goodwill & intangibles$749M70% of all assets; the premium carried on the balance sheet for businesses acquired
Against book equityexceeds itgoodwill alone is larger than the company’s entire book equity; stripped of the acquisition premium, there is no net book worth
Cash spent acquiring$25Mover 10 years buying other businesses, against $9M of capital spent building
$149M written down across 2 years (2015, 2020): goodwill the company has already conceded it overpaid for, charged against earnings. A write-down costs no cash (the cash went out when the deal was signed), but it is management marking its own past judgment to market.
Goodwill, acquired intangibles and equity from the latest balance sheet; acquisition spend and write-downs summed across the 10-year record, from the company's own filings.
Management, ownership & pay
read the proxy →From the proxy: how much of the business the people running it own, and how they are paid, beside what the business earned for its owners in the same years.
| Fiscal year | Pay, as filed | “Actually paid” | Owner earnings |
|---|---|---|---|
| 2020 | $21.7M | $102.3M | ($149M) |
| 2020 | $950k | $950k | ($149M) |
| 2021 | $6.5M | −$29.3M | ($199M) |
| 2022 | $8.4M | −$19.0M | ($318M) |
| 2023 | $5.2M | $9.5M | ($179M) |
| 2024 | $8.0M | $776k | ($82M) |
| 2025 | $10.9M | $31.5M | — |
Both pay figures are the company’s own, from the pay-versus-performance table its proxy statement files. “As filed” is the Summary Compensation Table total: salary, bonus, and equity awards at their value on the day of grant. “Actually paid” is the SEC’s prescribed recalculation, which re-marks those equity awards to what they became as they vested; it can swing far above or below the filed figure in either direction, and negative years occur. Owner earnings are the whole business's, from the record above, for the same fiscal years.
- Insider ownership5.3%
The stake all directors and executive officers hold together, per the 2026 proxy: skin in the game, the first thing Munger reads.
- CEO pay ratio69:1
What the chief earns for every dollar the median employee makes, per the 2026 proxy. A high ratio alone settles nothing; some businesses are genuinely top-heavy in scarce skill. A runaway figure is where Buffett starts asking whether the board is doing its job.
- Stock-based compensation$43M
The slice of the business handed to employees in shares this year, 3% of revenue. Buffett's oldest accounting fight: this is compensation, compensation is an expense, real whether or not the headline earnings admit it. One trap: the cash-flow statement adds SBC back, so the operating cash, and the owner earnings drawn from it, are flattered by exactly this amount; counted as the cost it is, what an owner keeps is lower.
Inverting the record
Invert: instead of why FuboTV Inc. is a good business, the question is what would make owning it a mistake, and whether those marks are in the record. Disconfirming tests across 2014–2024.
2 of the 3 tests turned up something to look into; the other 1 came back clean.
- Look hereDid receivables and inventory outpace sales?1% → 5% of sales
Receivables and inventory grew from $11K to $83M while revenue grew 205196%: working capital is climbing faster than sales (1% of revenue then, 5% now). That can mean customers paying slower, stock building up, or revenue pulled forward. The filing's cash-flow and receivables notes say which.
- Look hereAre "one-time" charges a yearly habit?6 of 10 years
Management took an impairment or write-down in 6 of the last 10 years, $584M in all. Taken across the majority of the record, the "one-time" label is wearing thin — ask whether these are past deals coming due rather than genuinely isolated events. Read it beside the goodwill the company still carries.
And these came back clean
- Is it less profitable than it was?
Each test is read from the filings and is noisy alone; a flag can mark a cyclical trough or a year of heavy investment as easily as a problem. The filing says which.
What an owner would ask, FY2024
read the 10-K →- Which reported numbers are a judgment call?Management names Acquisitions, Stock compensation as critical estimates
each rests partly on management's judgment; the filing's note sets out the assumptionsverify →
The questions the record and the charts do not answer on their own; each carries the figure and the place to look.
Peers, nearest by economic model
No close industry peers in the catalog yet, so these are the nearest by economic model (asset-light compounder), compared on owner economics. Each figure is a through-cycle median, so a peak or trough year can’t distort it; the group median at the foot is the line to read each against.
| Company | Revenue | Gross margin | Op. margin | ROIC | Owner earn. margin |
|---|---|---|---|---|---|
| HURNHuron Consulting | $1.7B | 37% | 7.6% | 6% | 11% |
| TDCTeradata Corporation | $1.7B | 57% | 8.3% | 47% | 16% |
| VRSNVeriSign Inc. | $1.7B | 86% | 65.4% | — | 56% |
| FUBOFuboTV Inc. | $1.6B | 48% | -258.2% | -49% | -31% |
| IOTSamsara Inc. | $1.6B | 73% | -37.1% | -28% | -10% |
| PATHUiPath | $1.6B | 83% | -18.2% | -14% | 4% |
| FAFirst Advantage Corporation | $1.6B | — | 9.8% | 4% | 17% |
| ANGXAngel Studios Inc. | $322M | 58% | -51.0% | -474% | — |
| Group median | — | 58% | -5.3% | -14% | 11% |
The price
What a price has to assume.
What the price implies
reverse-DCFFuboTV Inc. is profitable, but owner earnings are negative this year because capital spending currently outruns operating cash, a build-out, so the owner-earnings reverse-DCF has no positive base to grow. We read the price from both ends instead: type a price to see the steady-state profitability it demands, then set the mature margin you would believe and weigh the two against each other. Nothing leaves your browser unless you enter it in your notebook.
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The assumptions
Revenue, delivered61%/yr’19→’24
Enter a price to run it.
Owner earnings it must reach—
Margin the price demands—
Owner-earnings margin today−5%
A dated snapshot of the price you typed, the assumptions you set, and what the page showed for them. A snapshot is never edited after it is saved. Your notebook is yours alone — the commitment states what is stored and what we will never do.
Two reads of one future. From your price: the owner earnings the company must reach, valued at a mature multiple and discounted back at your rate, expressed as the margin it implies on revenue grown at your rate. From your belief: the mature margin you would credit, set on the dial above. When the margin the price demands runs above the one you would believe, you are paying for a future taken on faith. For a deep cyclical at a trough, normalized through-cycle earnings are the better lens; this mode is for the genuinely unprofitable, and for the profitable business whose capital spending currently outruns its cash.
Cite: Owner Scorecard, "FuboTV Inc. (FUBO), the owner's record," https://ownerscorecard.com/c/FUBO, data as of 2026-07-09.
Manual order: ← FTV its page in the Manual FUL →
Industry order: ← FBYD the Entertainment & Studios chapter FUN →