FWONK Director Sells $62M as Stock Hits 59x Forward P/E
Director Chase Carey cashed out $62.13 million in Formula One Group stock over four days, exercising options at $28 and selling 563,531 shares at $105 to $111, even as CrowdStrike CEO George Kurtz pai
F1's $300M Team Sale Meets a 59x Earnings Multiple
NEW YORK, November 14 —
Formula One Group (FWONK) commands nine-figure valuations from outside buyers: CrowdStrike's CEO paid $300 million for a minority Mercedes F1 stake. Yet Director Chase Carey cashed out $62.13 million over four days, exercising options at $28 and selling 563,531 shares at $105 to $111. The brand story and the income statement remain on different tracks.
- Director Chase Carey sold 563,531 shares for $62.13 million, Nov 9-12, retaining zero; exercised options at a $28 strike.
- FWONK trades at 59.4x forward P/E; trailing EPS is $1.02; TTM revenue grew 13.7% to $4.50 billion.
- CrowdStrike CEO George Kurtz paid $300 million for a minority Mercedes F1 team stake in late 2025.
The Option Strike Tells the Story
Director Chase Carey exercised 574,331 options at a $28 strike across four tranches beginning November 9, then sold 563,531 shares at $105 to $110.60 by November 12, retaining zero. That strike was less than a quarter of his effective sale price, a spread reflecting years of compounding share gains. Formula One Group holds the commercial rights to the FIA Formula One World Championship and generates revenue through Paddock Club hospitality, international logistics, and the global television feed. No other insider placed an open-market buy over the same four-day window.
What a 93% Earnings Miss Means at 59x Forward
FWONK's 59.4x forward P/E on trailing EPS of $1.02 leaves almost no room for the earnings volatility the company has shown. Two quarters ago, Formula One missed consensus by 93.1%, reporting $0.02 against an estimate of ; three quarters ago, it beat by 280.7%. TTM revenue has grown 13.7% to $4.50 billion, and free cash flow stands at $620 million against $5.53 billion in total debt. The commercial heat is real: Pacsun's trackside sales at the Austin Grand Prix grew more than 177% since the brand's first 2023 pop-up, but brand cachet and the cash flows needed to justify the multiple are different things.
| Ticker | Mkt cap | Fwd P/E | 52-wk |
|---|---|---|---|
| FWONK | $27.8B | 58.1x | +11.6% |
| FWONA | $26.6B | 43.7x | +17.0% |
| BATRK | $3.3B | n/a | +34.2% |
| BATRA | $3.7B | n/a | +34.8% |
| LILAK | $1.8B | 24.0x | +78.5% |
| LILA | $1.8B | 65.4x | +79.9% |
What Would Change the Setup
The November 5 8-K disclosed material modifications to security holder rights, bylaw amendments, and director changes alongside Q3 results, structural moves worth parsing for anyone modeling F1's holding-company architecture. At near-60x forward, any repeat of a 93% consensus miss would reprice the stock sharply; two or three consecutive beats would narrow the gap between brand cachet and reported earnings. Q4 results are the first test. Run the free Formula One Group deep-dive.
Basis Report is independent research for informational purposes. It is not investment advice and not a recommendation to buy or sell any security.
Frequently Asked Questions
What is Formula One Group's forward P/E ratio?
FWONK trades at 59.4x forward P/E on trailing EPS of $1.02. At this multiple, almost no room remains for earnings volatility after Formula One reported a 93.1% consensus miss two quarters ago.
How much did Chase Carey sell in November?
Director Chase Carey cashed out $62.13 million over four days (November 9-12), exercising options at a $28 strike and selling 563,531 shares at $105 to $111. He retained zero shares after the transaction.
What was Formula One's earnings miss?
Two quarters ago, Formula One missed consensus by 93.1%, reporting $0.02 against an estimate of $0.247. Three quarters ago it beat by 280.7%, showing earnings volatility the multiple does not price in.
What does FWONK generate in cash flow?
Formula One has free cash flow of $620 million against total debt of $5.53 billion. TTM revenue grew 13.7% to $4.50 billion, though commercial growth has not yet closed the gap between earnings and the stock's valuation.
Why did CrowdStrike CEO buy a Formula One stake?
CrowdStrike CEO George Kurtz paid $300 million for a minority Mercedes F1 team stake in late 2025. The article does not disclose his stated motivation for the investment.
Formula One Group's commercial brand is drawing nine-figure investment from tech billionaires and generating triple-digit trackside sales growth, yet FWONK trades at 59.4x forward P/E on trailing EPS of just $1.02 — while the director who helped build F1's commercial infrastructure just cashed out $62 million at the post-earnings peak.