Sirius XM Holdings Inc.
🔔 Watch stock
Assessment
Our Rating
A journalistic assessment by our editorial team at the time of the deep dive — it rates the company, not the entry point. Not investment advice and not a solicitation to buy or sell.
The business works in principle, but one material question is open. As long as it stays open, our findings do not carry a quality verdict.
Why this colour
The scanner's four operating turn points are backed by numbers, and the valuation prices in plenty of skepticism. What is missing is proof that the turn lasts longer than one quarter of price increases. If you wait, check three things in the coming reports. Do net self-pay additions finally turn positive after minus 111,000 in the first quarter of 2026? Do buybacks accelerate once the two-year window of the tax agreement closes in September 2026 — only $21 million of the $1,003 million authorization was used last quarter? And does total debt finally fall below the $9,760 million of March 31, 2026? While those three answers are open, this is a watch position rather than a conviction. The decision is yours.
What the thesis turns on
Assessment: Opportunities & Risks
Sirius XM is a turnaround in which both halves of the word hold. It genuinely is turning — revenue positive again in the first quarter of 2026, operating income up 17 percent, free cash flow tripled to $171 million — and it genuinely is a bet, because the profit is spoken for over years. $9,760 million of debt stands against $75 million of cash, the March 2026 refinancing costs roughly $30 million more interest a year, and 77 percent of the balance sheet is goodwill and FCC licenses — the same kind of value that shrank by $2,819 million in a single quarter in 2024. On top of that the subscriber base is still shrinking, only more slowly. Anyone buying here is buying a company that has legally existed only since September 9, 2024. Not investment advice.
Operating turn
In the first quarter of 2026 revenue rose for the first time in years — up 1.1 percent to $2,091 million — while operating income gained 17 percent to $454 million and free cash flow 205 percent to $171 million. For full-year 2025 free cash flow reached $1,256 million after $1,015 million. Monthly self-pay churn fell from 1.6 percent to 1.5 percent.
Balance sheet quality
Of $27,147 million in total assets as of March 31, 2026, $12,390 million is goodwill and $8,610 million FCC licenses — together 77 percent. In 2024 the company wrote off $2,819 million of that in a single quarter, which explains the $1,665 million annual loss. Cash last stood at $75 million.
Leverage and refinancing
Total debt of $9,760 million as of March 31, 2026, slightly above the $9,717 million at year-end 2025 — despite the refinancing. The new note pays 5.875 percent instead of 3.125 percent, roughly $30 million more interest a year. $1,595 million matures in 2027 and $2,575 million in 2028; net debt ties up 7.7 years of 2025 free cash flow.
User trend
SiriusXM lost a net 299,000 subscribers in 2025, ending at 32.927 million; self-pay subscribers fell from 31.646 million to 31.345 million and further to 31.234 million in the first quarter of 2026. Pandora monthly active users dropped 5 percent year over year to 40.068 million (March 31, 2026). The revenue gain came from price increases, not growth.
Structure and ownership
The tax sharing agreement with Liberty Media has restricted share repurchases and combinations for two years since September 9, 2024 and may, per the annual report, prevent a change of control — $1,003 million of the $1,166 million buyback authorization is unused. Berkshire Hathaway held roughly 37.1 percent as of April 2, 2026, while John C. Malone cut his stake to 5.5 percent.
Valuation
At roughly $10.0 billion of market capitalization (data as of July 25, 2026) the price-to-earnings ratio is about 13 trailing and around 10 forward, price-to-book 0.86, and the dividend yield about 3.6 percent at a 36 percent payout ratio. The discount is real — but it is also the price charged for debt and a shrinking user base.
Worth Noting
Sirius XM reached our research list through our in-house turnaround candidates scanner: rank 10 of 62 U.S. hits with a turn check of 7 out of 8, as of July 25, 2026. The scanner lists are recalculated daily, so the rank can change.
Risk of confusion: today's Sirius XM Holdings Inc. is the former Liberty Sirius XM Holdings Inc. and has existed only since September 9, 2024; the old company of the same name has since been called Sirius XM Inc. and is a subsidiary. SEC file number 001-34295 and CIK 0000908937 carried over, the employer identification number did not. Each old share was exchanged for one-tenth of a new one — charts before that date are not comparable without adjustment. The Form 15-12G dated September 10, 2024 ends only the old entity's reporting obligations.
Data dates: balance sheet and income figures as of December 31, 2025 (Form 10-K) and March 31, 2026 (Form 10-Q); ownership from the 2026 proxy statement (as of April 2, 2026) and the Schedule 13D/A dated June 10, 2026; valuation metrics as of July 25, 2026. The 2023 to 2025 series is stated throughout on today's reporting basis — older figures of the predecessor entity are not comparable.
Stock Watch
This analysis is as of August 26, 2026. Stock Watch will tell you what's changed at SIRI since then.
Later $1 a month per stock — signing up is free, and you'll be the first to know when it launches.
Price history
Chart
Interactive price chart (TradingView).
52-week range: 19.90 $ to 32.60 $ · Last price: 27.70 $ (As of: September 17, 2026)
Key figures
Key figures at a glance
Every figure we hold for this stock, grouped by topic. The question mark next to a label explains what the number means.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 09/18/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
Quality & Screener
Comparison
Industry comparison
The stock alongside the largest companies in the same group. The median row is the middle value of the companies shown above — not of the whole industry.
Industry: Entertainment
| Company | Market cap ($B) | P/E | EV/EBITDA | Gross Margin % | EBIT Margin % | Sales Growth (Year) % | Perf. 1Y % |
|---|---|---|---|---|---|---|---|
| Sirius XM Holdings Inc. SIRI | 9.3 | 11.7 | 8.5 | 47.4 | 22.0 | -1.6 | 25.4 |
| Netflix Inc NFLX | 317.3 | 25.8 | 9.4 | 49.1 | 32.3 | 15.9 | -38.7 |
| Walt Disney Company DIS | 182.5 | 17.6 | 11.2 | 37.6 | 15.5 | 3.4 | -8.0 |
| Warner Bros Discovery Inc WBD | 70.7 | – | 7.3 | 47.8 | 8.6 | -5.2 | 57.0 |
| Live Nation Entertainment Inc LYV | 39.6 | – | 24.9 | 25.8 | -9.9 | 8.8 | 0.4 |
| TKO Group Holdings, Inc. TKO | 35.2 | 71.7 | 12.0 | 59.5 | 21.2 | 68.9 | -4.5 |
| Fox Corp Class A FOXA | 27.6 | 18.2 | 9.9 | 36.6 | 21.4 | 16.6 | 10.8 |
| Fox Corp Class B FOX | 24.7 | 16.4 | 9.9 | 36.6 | 21.4 | 16.6 | 10.2 |
| Liberty Media Corporation (Serie C) FWONK | 23.7 | 41.9 | 24.1 | 32.6 | 9.0 | 22.7 | -7.7 |
| Median of companies shown | 35.2 | 18.2 | 9.9 | 37.6 | 21.2 | 15.9 | 0.4 |
Based on the most recently reported figures. Only stocks from the same trading venue are lined up, so the market caps are counted in one currency. Compare in a chart →
Fiscal years
Annual Figures
Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.
Revenue, operating income and net income per fiscal year $M
Revenue Operating income Net income
| Fiscal Year | Revenue ($M) | EBIT ($M) | Net Income ($M) | EPS ($) | Operating Cash Flow ($M) | Equity ($M) | Total Assets ($M) |
|---|---|---|---|---|---|---|---|
| 2016 | 5,017 | 1,432 | 746 | 1.50 | 1,719 | -792 | 8,004 |
| 2017 | 5,425 | 1,641 | 648 | 1.37 | 1,856 | -1,524 | 8,329 |
| 2018 | 5,771 | 1,727 | 1,176 | 2.58 | 1,880 | -1,817 | 8,173 |
| 2019 | 7,794 | 1,647 | 914 | 1.98 | 2,017 | -736 | 11,149 |
| 2020 | 8,040 | 858 | 131 | 0.30 | 2,018 | -2,285 | 10,333 |
| 2021 | 8,696 | 2,015 | 1,314 | 3.17 | 1,998 | -2,625 | 10,274 |
| 2022 | 9,003 | 2,036 | 1,213 | 3.04 | 1,976 | -3,351 | 10,022 |
| 2023 | 8,953 | 1,946 | 1,258 | 3.24 | 1,829 | -2,565 | 10,374 |
| 2024 | 8,699 | -1,517 | -1,665 | -4.93 | 1,741 | 11,074 | 27,521 |
| 2025 | 8,558 | 1,471 | 805 | 2.25 | 1,898 | 11,563 | 27,237 |
Quarters
Quarterly Figures
Each bar is one quarter, the last one is the most recent. Use the switch to step through the individual figures.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
Click the chart or tab into it, then use ← and → to step through the periods.
None of the selected stocks reports this metric. Pick another metric or switch between annual and quarterly.
· Total · per year
These companies report in different currencies — switch on “Indexed” or pick a margin for a fair comparison.
The figures could not be loaded right now.
Source: fundamental data
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q2 | 0.80 | -4.80 | 2,178 | -3.20 | 14.00 | 489 | 316 |
| 2024: Q3 | -8.74 | -1,071.10 | 2,171 | -4.40 | -113.10 | 240 | 24 |
| 2024: Q4 | 0.81 | -10.00 | 2,188 | -4.40 | 13.10 | 679 | 514 |
| 2025: Q1 | 0.59 | -15.70 | 2,068 | -4.30 | 9.90 | 242 | 53 |
| 2025: Q2 | 0.57 | -28.80 | 2,138 | -1.80 | 9.60 | 546 | 401 |
| 2025: Q3 | 0.84 | 109.60 | 2,159 | -0.60 | 13.80 | 430 | 255 |
| 2025: Q4 | 0.86 | 6.20 | 2,193 | 0.20 | 4.50 | 680 | 536 |
| 2026: Q1 | 0.74 | 25.40 | 2,091 | 1.10 | 11.70 | 271 | 166 |
| 2026: Q2 | 0.70 | 22.80 | 2,160 | 1.00 | 11.10 | 722 | 592 |
What Do These Terms Mean?
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Screening
Appears in These Scanners
This stock currently matches 16 of our scanner strategies — each hit links to the scanner.
Growth
Quality & Balance Sheet
Dividends
Momentum & Trend
- 21-EMA Trend
- Above the 50- & 200-SMA
- Mark Minervini: Trend Criteria — 1 Month
- Mike Webster: Swing Trading List
- Near 52-Week High
- Power Trend
- Stan Weinstein: Stage 2
Research
Value & GARP
Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. View all scanners
Outlook
Analysts & Price Target
Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.
Distribution of Recommendations
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate ($) | EPS Range ($) | Revenue Estimate ($M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 12/31/2026 | 2.99 | 2.80 – 3.20 | 8,591 | -6.1% | 12 |
| 12/31/2027 | 3.29 | 2.94 – 3.67 | 8,704 | 9.3% | 12 |
Average of the analyst estimates for the coming fiscal years. The range shows how far the most optimistic and the most cautious estimate sit apart — the wider it is, the less certain the expectation.
Valuation
What is priced in?
Instead of guessing what the stock is worth, we turn the question around: what free cash flow growth has to happen for today’s market value to add up? The assumptions behind it can be moved.
Today’s market value implies roughly -9.3% growth in free cash flow per year over ten years (assumptions: discount rate 10.0%, terminal growth 2.5%).
| Free cash flow (last twelve months) | $1.55B |
|---|---|
| Market cap | $9.33B |
| Free cash flow in year ten | $586.5M |
| Terminal value as a share of market value | 33.1% |
For comparison: over the past five years free cash flow shrank by 5.7% per year.
It shows which assumption is built into today’s price, not whether that assumption will hold. Every assumption can be changed with the sliders; the figures move with them.
A simplified model calculation — not a forecast and not a recommendation.
AI classification
AI Rating
Sirius XM setzt KI-Lösungen in der eigenen digitalen Infrastruktur, in Diensten und Produktmerkmalen ein und nennt sie im Geschäftsbericht 2025 ausdrücklich als zunehmend wichtig für den Betrieb; eine KI-Umsatzquelle wird nirgends ausgewiesen, und die Risikohinweise bleiben allgemein.
View the full file — quotes, sources, reviewed filings
„We incorporate various artificial intelligence (“AI”) solutions into our digital infrastructure, services, offerings and features, and these applications are becoming important in our operations."
Wir binden verschiedene Lösungen der künstlichen Intelligenz (“KI”) in unsere digitale Infrastruktur, unsere Dienste, Angebote und Funktionen ein, und diese Anwendungen werden für unseren Betrieb zunehmend wichtig.
10-K · 2026-02-05 · View SEC filing
„We have general policies regarding the use of AI platforms in our business and seek to monitor the use of AI based applications throughout our enterprise."
Wir haben allgemeine Richtlinien für den Einsatz von KI-Plattformen in unserem Geschäft und bemühen uns, die Nutzung KI-gestützter Anwendungen im gesamten Unternehmen zu überwachen.
10-K · 2026-02-05 · View SEC filing
„we use artificial intelligence in our business, and challenges with properly managing its use could result in reputational harm, competitive harm, and legal liability and adversely affect our results of operations"
wir setzen künstliche Intelligenz in unserem Geschäft ein, und Schwierigkeiten bei der ordnungsgemäßen Steuerung dieses Einsatzes könnten zu Reputationsschäden, Wettbewerbsnachteilen und rechtlicher Haftung führen und unsere Ergebnisse beeinträchtigen
10-Q · 2026-04-30 · View SEC filing
Filings Reviewed: 10-Q 2026-04-30 · 10-K 2026-02-05 · 10-Q 2025-10-30 · 10-Q 2025-07-31 · 10-Q 2025-05-01 · 10-K 2025-01-30
Rated on July 25, 2026 · How the Rating Is Built
Growth
Growth Score
Ten checks against the annual reports — each one passed counts a point.
- Revenue grows by more than 15% a year over three years -1.7%
- More than 10% revenue growth is expected for the coming year -74.8%
- Share count grows by less than 3% a year -3.6%
- Revenue growth plus cash-flow margin add up to at least 40 ("Rule of 40") 12.9%
- Gross margin at 40% or higher and without meaningful erosion 47.0%
- Goodwill from acquisitions does not grow faster than revenue 45.5%
- Net debt below twice EBITDA 4.6 x EBITDA
- Operating cash flow covers the profits of the last three years 5,070 m
- Return on capital at 15% or higher, or up versus two years ago 6.2%
- Insiders hold at least 10% or are net buyers 46.4%
A criterion without figures counts neither as passed nor as failed; a score is only produced from 7 judgeable criteria upwards. Source: fundamental data. All ten criteria in detail
Quality check
AAQS
3/10The AAQS (AlleAktien Quality Score) checks 10 quality criteria on growth, profitability, and balance-sheet strength — per the methodology developed and published by AlleAktien, calculated by us from our own fundamental data. A stock counts as a quality stock from 9 out of 10 points. Where a company has a shorter listing history, we calculate over the fiscal years available (at least five).
- Sales growth 10Y > 5% 6.1%
- Exp. sales growth 3Y > 5% 0.8%
- EBIT growth 10Y > 5% 0.3%
- Exp. EBIT growth 3Y > 5% 20.7%
- Net debt < 4x EBIT 6.5x
- EBIT positive, 10Y straight 9
- Max. EBIT decline < 50% 100.0%
- Return on equity > 15% –
- ROCE > 15% 6.2%
- Expected return > 10% 36.8%
View stocks with the full AAQS score · Read the methodology at AlleAktien
Source: fundamental data
Insiders
Insider Transactions
Reportable transactions by officers and major shareholders from SEC Form 4 filings. "Other" includes things like stock grants and option exercises without a buy/sell character.
| Date | Person | Role | Type | Shares | Price | Value |
|---|---|---|---|---|---|---|
| Sep 9, 2026 | Hartenstein Eddy W | Director | Other | 8,193 | 0.00 | – |
| Aug 26, 2026 | Zaslav David | Director | Other | 60 | 0.00 | – |
| Aug 26, 2026 | Witz Jennifer C | CEO | Other | 1,419 | 0.00 | – |
| Aug 26, 2026 | Sud Anjali | Director | Other | 60 | 0.00 | – |
| Aug 26, 2026 | Stephenson Dave | Director | Other | 60 | 0.00 | – |
| Aug 26, 2026 | Salen Kristina | Director | Other | 60 | 0.00 | – |
| Aug 26, 2026 | Rapino Michael | Director | Other | 60 | 0.00 | – |
| Aug 26, 2026 | Procope Jonelle | Director | Other | 60 | 0.00 | – |
| Aug 26, 2026 | Mothner Eve | EVP, Chief Legal Officer & Sec | Other | 1,528 | 0.00 | – |
| Aug 26, 2026 | Malone Evan Daniel | Director | Other | 60 | 0.00 | – |
The company
About the Company
Sirius XM Holdings Inc. operates as an audio entertainment company in North America. It operates through two segments, Sirius XM, and Pandora and Off-platform. The Sirius XM segment provides music, sports, entertainment, comedy, and talk and news channels, as well as podcast and infotainment services on subscription fee basis; and live, curated, and exclusive and on demand programming services through satellite radio systems and streamed through applications for mobile and home devices, and other consumer electronic equipment. This segment also distributes satellite radios through automakers and retailers, as well as its website; offers advertising other ancillary services; sells radios and accessories; and offers location-based services through two-way wireless connectivity, including safety, security, convenience, maintenance and data, remote vehicles diagnostic, and stolen or parked vehicle locator services, as well as data services related to graphical weather and fuel prices. In addition, this segment provides music channels on the DISH Network satellite television service as a programming package; Travel Link, a suite of data services that include graphical weather, fuel prices, sports schedule and scores, and movie listings; graphic information related to road closings, traffic flow, and incident data for consumers with in-vehicle navigation systems; real-time weather services in vehicles, boats, and planes; music programming and commercial-free music services for office, restaurants, and other business; and wireless communications service. The Pandora and Off-platform segment operates music, comedy, and podcast streaming platform, which offers personalized experience for listener through mobile devices, vehicle speakers, and connected devices; and provides advertising services. The company was incorporated in 2013 and is headquartered in New York.
- Employees
- 5,119
- Headquarters
- New York, NY
- Address
- 1221 Avenue of the Americas, 10020 New York, United States
- Phone
- 212 584 5100
- Website
- siriusxm.com
- IPO Date
- 09/13/1994
- ISIN
- US8299331004
- Stock Split
- 1:10 on 09/10/2024
Management
| Name | Title | Birth Year |
|---|---|---|
| Jennifer C. Witz | CEO & Director | 1969 |
| Scott A. Greenstein | President & Chief Content Officer | 1960 |
| Zachary James Coughlin | CFO & Executive VP | 1976 |
| Faye Tylee | Chief People & Administrative Officer | – |
| Jennifer DiGrazia | Senior VP & Head of Investor Relations | – |
| Eve Konstan J.D. | Executive VP, Chief Legal Officer & Secretary | 1969 |
| Ruth A. Ziegler | Senior VP & Deputy General Counsel | – |
| John H. Schultz | Senior VP, Human Resources | – |
| Richard Beatty | Senior VP & Chief Subscription Revenue Officer | – |
| Andrew Moss | Senior Vice President of Business Affairs & Programming Operations | – |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Filings
Company Filings (8-K)
An 8-K is the filing a US company must use to disclose material events immediately — takeovers, changes at the top, major contracts or payment troubles, for instance. The links open the original document at the US Securities and Exchange Commission (SEC).
- 07/30/2026 SIRIUS XM HOLDINGS INC. (SIRI): Results of Operations and Financial Condition; Regulation FD Disclosure; Financial Statements and Exhibits SEC ↗
- 07/30/2026 SIRIUS XM HOLDINGS INC. (SIRI): Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers; Financial Statements and Exhibits SEC ↗
Data as of: September 17, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.