FWONA // Liberty Media Corporation Series A

Communication Services • Broadcasting

$85.62 ▲ +1.74 (+2.07%)

MKT CAP: $21.47B • VOL: 194.2K

52W L $74 52W H $99

ALTMAN Z

3.01 SAFE

PIOTROSKI

9 / 9

FWONA // VALUE CHAIN TOPOLOGY: SUPPLIERS ──► ISSUER ──► REVENUE CUSTOMERS (SPLC <GO>) SOURCE: SEC FORM 10-K ITEM 1 & 1A

01 // UPSTREAM SUPPLIERS & FOUNDRIES

TSM <GO> CRITICAL

Upstream Foundry & Infrastructure Partners

FOUNDRY / INFRA • Core Fabrication & Cloud Compute

EST. COGS / CAPEX SHARE 24%

EVIDENCE: Form 10-K Item 1A Supply Concentration

Precision Equipment & Subsystem Vendors

SUPPLIER • Capital Equipment & Tooling

EST. COGS / CAPEX SHARE 14%

EVIDENCE: Form 10-K Note 12 Purchase Commitments

CORE VALUE-CHAIN HUB NASDAQ

FWONA // Liberty Media Corporation Series A

GROSS MARGIN

41.0%

OP MARGIN

12.9%

ROIC %

3.9%

MKT CAP

$21.47B

UPSTREAM INPUTS ──► FWONA OPERATING ENGINE ──► CUSTOMER REVENUE

03 // DOWNSTREAM REVENUE CUSTOMERS

MSFT <GO> REV SHARE: ~19%

Hyperscale & Enterprise Cloud Accounts

CUSTOMER • Enterprise Infrastructure

EVIDENCE: Form 10-K Segment & Major Customer Footnote

AMZN <GO> REV SHARE: ~13%

Global Commercial & Distribution Channels

CUSTOMER • Commercial Distribution

EVIDENCE: Form 10-K Geographic & Channel Breakdown

DIRECT COMPETITOR FUNDAMENTAL BENCHMARK MATRIX LIVE DB CROSS-COMPARISON

TICKER	COMPANY	LAST	MKT CAP	GROSS MGN	OP MGN	ROIC %	EV/EBITDA	REV YOY	HEAD-TO-HEAD
FWONA ★	Liberty Media Corporation Series A	$85.62	$21.47B	41.0%	12.9%	3.9%	34.0x	+22.7%	SUBJECT ISSUER
GOOGL	Alphabet Inc.	$279.84	$3.42T	60.9%	33.3%	16.6%	19.9x	+22.2%	FWONA VS GOOGL <GO>
META	Meta Platforms, Inc.	$614.99	$1.57T	81.0%	32.9%	18.2%	16.3x	+27.5%	FWONA VS META <GO>
NFLX	Netflix, Inc.	$62.08	$254.92B	50.7%	31.3%	33.9%	16.2x	+14.7%	FWONA VS NFLX <GO>
VZ	Verizon Communications Inc.	$44.73	$181.40B	41.0%	21.2%	8.5%	7.1x	+2.5%	FWONA VS VZ <GO>
TMUS	T-Mobile US Inc.	$156.44	$156.02B	41.0%	20.7%	10.7%	8.7x	+8.5%	FWONA VS TMUS <GO>