Liberty Formula One Group (NASDAQ:FWONK | FWONK Price Prediction) has had a rough few months. After peaking near $109, the stock has pulled back hard, and Jim Cramer recently commented on the stock’s pullback.
“At $83 and change, I think it’s a terrific buying opportunity,” Cramer said, pointing to the company’s recent earnings as his foundation.
The setup is straightforward. The Series C shares began trading in August of 2023, found their footing in late 2023, rallied from the low 60s to a high of $109, and have since pulled back roughly 23% to the $83 range.
What the Numbers Actually Say
The Q4 2025 report, filed February 26, 2026, gave Cramer plenty to work with. For the Formula 1 segment specifically, revenue grew 14% and operating income before depreciation and amortization grew 20%. Those aren’t flashy numbers, but they’re consistent and contractually underpinned.
Fan engagement is the real story. Attendance was up 4% year over year, and live viewership jumped 21%. More eyeballs, more leverage over broadcasters and sponsors when contracts come up for renewal. That’s the compounding engine here.
Zoom out to the full business and the numbers get bigger. Broader revenue grew 23% year over year, and adjusted OIBDA jumped 38%. A big chunk of that lift came from the MotoGP acquisition, which closed July 3, 2025, adding an entirely new motorsport franchise to the portfolio.
The Geopolitical Overhang
Not everyone is buying the dip. Reddit’s r/stocks community has been fixated on a different headline: “F1 owner loses over $2 billion as Iran war clouds Middle East races,” a post that generated significant engagement. The concern is real. F1 operates globally, and geopolitical disruption can force race cancellations or venue changes that hit revenue directly.
But it’s worth separating sentiment from fundamentals. The bearish Reddit narrative is driven by geopolitical fear, not by any deterioration in F1’s core business model. The Concorde Agreement is signed with all F1 teams and the FIA through 2030, locking in the revenue-sharing framework. Apple is the new U.S. broadcast partner. Cadillac and Audi debut on the grid in 2026. Madrid gets a new Grand Prix. The pipeline of growth catalysts is intact.
The Bottom Line
Cramer’s thesis rests on the idea that the business is growing, the brand is stronger than ever, and the stock is cheaper than it was when the fundamentals were weaker. Cramer has argued that for investors who believe premium live sports are one of the few truly irreplaceable entertainment categories, and that F1’s global expansion still has runway, the pullback from $109 to $83 represents a meaningful discount in his view — though whether the business fundamentals justify the decline is a judgment each investor must make independently.
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