IAC reported 2025 revenue of $2.39 billion, a $97.4 million operating loss and $986.8 million of cash, cash equivalents, restricted cash and equivalents at year end. The Coverage Bootstrap question is whether the portfolio company can turn liquidity, public stakes and operating assets into clearer per-share value while revenue pressure persists.
IAC: the holding-company discount meets a shrinking revenue base
NASDAQIACCoverage BootstrapNasdaq
Thesis summary
IAC reported 2025 revenue of $2.39 billion, a $97.4 million operating loss and $986.8 million of cash, cash equivalents, restricted cash and equivalents at year end. The Coverage Bootstrap question is whether the portfolio company can turn liquidity, public stakes and operating assets into clearer per-share value while revenue pressure persists.
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