Capital investment and capacitynegative · 4 filings
“The increase was driven by higher adjusted EBITDA and lower capital expenditures.”10-Q · Apr 30, 2026 ↗
Sirius XM Holdings Inc.
SIRI
Market read
Sirius XM Holdings Inc.'s current read is isolated; its market group is not confirming.
The latest filing evidence is available. 0 of 1 group members are active now; 0 filing-linked outsiders are moving with the group, and 0 of 9 directly disclosed connections are confirming.
What changed
- Revenue increased 1.1% versus the comparable filing period.
Company+2.8% todayVolume comparison unavailable
Market group0 of 1 activeAudio Entertainment · unavailable
Disclosed network0 of 8 confirmingNo filing-linked name is confirming now
What would change this read
Watch this read- SIRI's market-adjusted activity becomes unusual and at least one connected name confirms.
Invalidation: The isolated read changes if SIRI's group or a disclosed connection begins moving with it.
Research brief
The story so far
The latest filing evidence is available. 0 of 1 group members are active now; 0 filing-linked outsiders are moving with the group, and 0 of 9 directly disclosed connections are confirming.
Evidence that supports
- Revenue increased 1.1% versus the comparable filing period.
- Operating margin improved 3.0 percentage points.
- Net income increased 20.1% versus the comparable filing period.
Evidence that challenges
No thresholded adverse filing evidence is available yet.
What would clarify the read
- SIRI's market-adjusted activity becomes unusual and at least one connected name confirms.
Company research
Understand the business, not just the ticker
Business model and earnings drivers
Use the company’s filings to identify the few operating, demand, cost, capital and regulatory variables that determine its earnings power.
Key research questions
- Which operating variable is changing?
- Is that change durable, cyclical or one-off?
- What evidence would disprove the current interpretation?
Annual periods9
Price observations327
Usable filing statements198
Verified relationships9
Evidence supporting the case
- Operating margin changed +34.6 percentage points in the latest annual period.
- Net margin changed +28.5 percentage points in the latest annual period.
- Operating cash flow covered net income at 2.36x in the latest annual period.
Evidence challenging the case
- Latest annual revenue changed -1.6% year over year.
- Diluted shares increased 5.6% in the latest annual period.
- Capital investment and capacity has repeated adverse evidence across 4 filings.
- Demand and volume has repeated adverse evidence across 4 filings.
- Macroeconomic conditions has repeated adverse evidence across 3 filings.
Questions before a position
- P/E is 93% below the available filing-peer median; determine whether growth and quality justify the difference.
- EV/sales is 80% below the available filing-peer median; determine whether growth and quality justify the difference.
Longer-term price context
Price as of Sep 10, 2026
28.886m+29.2%12m+19.0%24m—
Annual trajectory
Reported annual revenue and per-share history. This is accounting history, not a forecast.
PeriodRevenueYoYDiluted EPSShare change
2021-12-31$8.7B+8.2%$0.32-6.5%
2022-12-31$9.0B+3.5%$2.96—
2023-12-31$9.0B-0.6%$2.77-1.6%
2024-12-31$8.7B-2.8%$-6.14-6.6%
2025-12-31$8.6B-1.6%$2.23+5.6%
What management says matters
Persistent and emerging business drivers
Credit and interest ratesmixed · 4 filings
“Free cash flow is limited and does not represent remaining cash flows available for discretionary expenditures due to the fact that the measure does not deduct the payments required for debt maturities.”10-Q · Apr 30, 2026 ↗
Demand and volumenegative · 4 filings
“The decrease was driven by lower inventory volumes correlated with a decline in listener hours and increased competition for digital advertising spend resulting in lower demand for streaming music.”10-Q · Apr 30, 2026 ↗
Macroeconomic conditionsnegative · 3 filings
“The decrease was driven by lower advertiser demand in streaming music due to macroeconomic uncertainty.”10-K · Feb 5, 2026 ↗
Valuation discipline
Descriptive valuation snapshot
Price/sales 1.2× · EV/sales 1.2×. Comparisons use only industry-matched filing peers.
Scenario scaffold
Mechanical 2.0-year scenarios are available as editable assumptions, not consensus.
Price action
How the market is pricing the story
29.35+2.8% today
Jodie does not have enough daily observations to draw a useful short-term chart for this asset. The latest quoted price was checked 11 Sept, 09:30 GMT-4; this is a coverage limitation, not a flat-price conclusion.
Developments
No sourced recent-development timeline yet
Jodie has not returned a relevant primary source or news item for SIRI. This is an evidence-coverage gap, not a conclusion that nothing material happened.
Business and financial condition
Reported financial figures are not available yet
Jodie has not returned structured SEC XBRL fundamentals for this asset. This is a coverage limitation, not an assessment of the business or its financial health.
Latest filing assessment · baseline
Fundamentals strengthened in the latest filing
10-Q filed 2026-04-30 against the comparable filing from 2025-05-01.
OperationsconstructiveEvidence score +3
liquidityneutralEvidence score 0
valuationdiscount
What improved
- Revenue increased 1.1% versus the comparable filing period.
- Operating margin improved 3.0 percentage points.
- Net income increased 20.1% versus the comparable filing period.
What weakened
No thresholded deterioration was identified.
Filing receipts
“Cash Flows Used in Investing Activities Cash flows used in investing activities in the three months ended March 31, 2026 were primarily due to spending for capitalized software and hardware, the construction of satellites, acquisitions of tax-effective investments for total cash consideration of $53 and a cost method investment for total cash consideration of $20.”
“The increase was driven by higher subscriber and advertising revenue as well as lower cost of services, product and technology and general and administrative expenses driven by disciplined cost management and operational efficiency.”
“The increase was primarily driven by higher bad debt expense, partially offset by lower transaction fees.”
Retrospective baseline calibration. It was generated after the filing date and is not part of Jodie's live track record.
Business ecosystem
The relationships behind SIRI
Customers, suppliers, partners and competitors named in company filings—not inferred from headlines.
Depends on
FWONAFormula One GrouppartnerApr 30, 2026 ▾
“Risks Related to the Transactions: • we may have a significant indemnity obligation to Liberty Media, which is not limited in amount or subject to any cap, if the transactions associated with the Split-Off are treated as a taxable transaction; 32 Table of Con…”
AAPLApple Inc.competitorFeb 5, 2026 ▾
“Competition for Pandora’s services are primarily offered by entities that provide music and entertainment services as a small part of a larger business, such as Apple, Google, Amazon and YouTube.”
Depended on by
CRSPCRISPR Therapeutics AGpartnerMay 4, 2026 ▾
“We are also pursuing additional delivery technologies, including LNPs, for delivery to tissues beyond the liver, including hematopoietic stem cells and T cells.”
Filing peers
Companies whose filings use similar operating language.
Open the three relationships above to see Jodie’s filing proof. Pro unlocks 6 more links, every receipt, and alerts when connected names begin moving. Unlock the full network →
What is moving around it
Live connections
SIRI is currently a Leader in the organic co-movement group Audio Entertainment. This group is discovered from market behaviour rather than assigned from an industry taxonomy. 3 filing-linked names are in the relationship map; none is currently confirmed as moving with the group.
This group is retained as the last observed read for SIRI; it is not active in the latest market snapshot.
Context history
Theme membership history
No durable theme membership has been observed for this name yet.