NEW YORK, September 5, 2026, 10:55 EDT — FuboTV Inc. NYSE:FUBO shares ended Friday at $11.25. The weekly gain was 9.2%, even after Friday’s 2.9% retreat.
The price tells only half the story. Fubo had 30.2 million traded Class A shares at July 31. Hulu, owned by The Walt Disney Company NYSE:DIS, held 79.0 million matching Newco units and Class B votes.
Fubo’s latest SEC filing says the units remain exchangeable one-for-one into Class A stock. At Friday’s price, that makes the fully converted equity worth about $1.23 billion. Counting only today’s Class A float produces roughly $340 million.
Friday trimmed the rally, not the week
Six closing prices, split-adjusted, in U.S. dollars
As of . Source: FinancialContent historical prices.
The denominator changed
The share count is unusual because last year’s Hulu + Live TV combination used an “Up-C” structure. Hulu received a 70% economic interest in the operating company. Public Fubo investors retained the other 30%.
The same split applies to voting power. Hulu also received Class B shares carrying 70% of Fubo’s votes. Those shares have votes but no direct economic rights, while the paired Newco units hold the economics.
One listed price, two economic blocks
Fully converted units at $11.25 a share
Illustrative equity value: $1.23 billion. Counts reflect July 31 disclosure. Read the capital-structure notes in Fubo’s Form 10-Q.
This structure changes the valuation shortcut. Adding both economic blocks gives 109.2 million converted units. That figure is about 3.6 times the listed Class A count.
It also changes the earnings multiple. Fubo reported $322.5 million of debt principal at June 30. Cash and restricted cash totaled $236.4 million, leaving about $86 million of net debt.
The valuation bridge investors actually need
Calculations use Friday’s close and June 30 balance-sheet figures. EBITDA guidance is non-GAAP and forward-looking. Sources: Fubo’s August results and its quarterly filing.
The 4.4-times figure is tempting. It relies on management delivering at least $300 million of adjusted EBITDA in fiscal 2028. Against this year’s $90 million to $100 million forecast, the multiple is nearer 14 times.
Operating evidence is mixed. Fiscal third-quarter revenue was $1.482 billion, almost flat against the comparable combined business. North American subscribers rose 2% to 5.75 million.
Profit moved the other way. Adjusted EBITDA fell to $19.1 million from the comparable $31.0 million. Subscriber-related expenses reached $1.365 billion during the quarter.
Advertising offers one lever. Chief Executive Alisa Bowen cited “encouraging improvements in advertising capacity utilization and CPMs” after the Disney Advertising integration. Her comment appeared in Fubo’s August 5 results release.
Packaging is another. Management plans more flexible programming bundles and broader distribution. Those steps could lift retention, yet sports rights remain expensive and intensely contested.
The balance sheet provides time, not certainty. The $177.5 million convertible notes mature in February 2029. A separate $145 million Disney note matures in January 2031.
Traders have also built a crowded bearish position. Fubo’s August 14 short interest equaled 24.69% of public float, according to MarketBeat’s FINRA-sourced tally. That can amplify rallies and reversals.
The risks sit on both sides of the structure. Disney controls the vote, and its interests may diverge from public shareholders. Hulu’s 24-month transfer lockup expires after October 29, 2027, opening a future supply overhang.
Then comes execution. The $300 million target requires a sharp profit step-up while content costs keep rising. Adjusted EBITDA also excludes costs that still consume cash.
U.S. markets are closed this weekend and Monday for Labor Day. Fubo’s next live test arrives Tuesday. The useful benchmark is $1.23 billion of converted equity, not $340 million alone.
