SIRIUS XM HOLDINGS INC.
$31.85
+0.11 (+0.35%) · delayed · Nov 13, 2026
Five-year price
52w $19.77 to $33.76
- Market cap
- $10.7B
- Enterprise value
- $19.3B
- P/E
- 14.3×
- EV / EBIT
- 13.1×
- FCF yield
- 11.6%
- ROIC
- 5.6%
- Debt / equity
- 0.75
- Piotroski F
- 5/9
Value scorecard · FY2025
Does it pass the value tests?
Quality
50
- ●ROIC > 12% (5y avg)5y avg ROIC 12.5%
- ○ROE > 15% (5y avg)5y avg ROE -0.1%
- ○Stable operating marginsMargin volatility 15.3% (σ, 5y)
- ●Earnings convert to cashFCF / net income 150% (5y avg)
- ○Growing revenueRevenue CAGR 5y 1.3%
- ●Shrinking share countDiluted shares -91.9% over 5y
Value
80
- ●P/E below 15P/E 14.3
- ○EV/EBIT below 12EV/EBIT 13.1
- ●FCF yield above 6%FCF yield 11.6%
- ●Price below Graham NumberGraham Number $41.52
- ●P/B below 3P/B 0.9
Safety
0
- ○Debt / equity below 0.5D/E 0.75
- ○Debt payable in < 4 yrs of earningsNet debt $8.6B
- ○Interest coverage > 8xCoverage 3.2x
- ○Current ratio > 1.5Current ratio 0.30
- ○Piotroski F-score ≥ 6F-score 5/9
Graham Defensive
20
- ●Adequate size (revenue > $2B)Revenue $8.6B
- ○Strong condition (current ratio ≥ 2)Current ratio 0.30
- ○Earnings stability (no loss, 10y)10 years of data
- ○Uninterrupted dividendsDividends paid every year on record
- ○Earnings growth ≥ 33% (10y, 3y avgs)EPS growth -307%
- –Moderate P/E (≤ 15 on 3y avg EPS)P/E (3y avg) n/a
- –P/E × P/B ≤ 22.5Product n/a
Valuation lab
What do you have to believe?
At $31.85, the market is pricing in about 2.3% annual free-cash-flow growth for the next decade (9% discount rate, 2.5% terminal growth).
Starting cash flow
Net debt $8.6B · 336M shares · 5y revenue CAGR 1.3%
Intrinsic value
$26.72
Price
$31.85
Premium paid
19%
What the price implies
The market is paying for 2.3% annual cash-flow growth for 10 years at a 9.0% discount rate.
Terminal value share
52% of the value sits beyond year 10.
Financial statements
A decade of the record.
USD millions · fiscal years · source: SEC 10-K XBRL
| Line item | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 5,017 | 5,425 | 5,771 | 7,794 | 8,040 | 8,696 | 9,003 | 8,953 | 8,699 | 8,558 |
| Gross profit | — | — | — | 4,411 | 4,505 | 4,773 | 4,919 | 4,789 | 4,616 | 4,488 |
| Operating income | 1,432 | 1,641 | 1,727 | 1,647 | 858 | 2,015 | 1,919 | 1,808 | (1,517) | 1,471 |
| Operating margin | 28.5% | 30.2% | 29.9% | 21.1% | 10.7% | 23.2% | 21.3% | 20.2% | -17.4% | 17.2% |
| Pre-tax income | 1,092 | 1,264 | 1,421 | 1,197 | 430 | 1,526 | 1,486 | 1,210 | (1,865) | 1,056 |
| Income tax | 346 | 616 | 245 | 283 | 299 | 212 | 368 | 222 | 210 | 251 |
| Net income | 746 | 648 | 1,176 | 914 | 131 | 1,314 | 908 | 786 | (1,665) | 805 |
| EPS (diluted) | 0.15 | 0.14 | 0.26 | 0.20 | 0.03 | 0.32 | 2.96 | 2.77 | -6.14 | 2.23 |
| Diluted shares | 4,965 | 4,724 | 4,561 | 4,616 | 4,429 | 4,143 | 368 | 362 | 338 | 357 |
Who owns it