Sirius XM Holdings Inc. (SIRI) Stock

Sirius XM Holdings Inc. (SIRI) is a Communication Services stock trading at $28.38 (as of 2026-08-20), with a market capitalization of $9.57B and a trailing P/E of 10.9. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

Sirius XM Holdings Inc. provides subscription satellite radio in the United States, offering programming that includes music, sports, talk and entertainment, news, and traffic/weather-related content. It also distributes streaming and podcast offerings with related applications for consumer devices and provides connected-vehicle and location-based services.

Understand Sirius XM Holdings Inc.: how it makes money

Sirius XM provides satellite radio services (and a streaming service) that customers access through subscription fees in the United States, and it also earns advertising revenue tied to Pandora and off-platform distribution.

Recurring self-pay subscriber revenue is the core driver of the profit model, with net subscriber additions and churn shaping revenue, while advertising at Pandora and off-platform channels provides a secondary revenue stream that can fluctuate.

Revenue by segment (latest quarter)
SiriusXM Sub	$1.6B
Pandora Ads	$0.5B
Equip and Other	$0.1B

Business quality (Mixed): Clear operating drivers are available for subscriptions (net adds and churn) and for advertising (Pandora and off-platform advertising revenue), but the provided segment detail is limited to revenue components rather than a fully mapped official segment table.

Valuation: At 12× earnings, SIRI trades 32% below the Communication average (18×). Note: one-time items can distort reported P/E.

Bull case

Subscription growth can directly support revenue: The company reported net new self-pay subscriber additions (Net New Self-Pay Subscribers) and tracks self-pay churn (Self-Pay Subscriber Churn Rate), which are key levers for subscription revenue (Subscription Revenue, SiriusXM Subscriber Revenue).
A meaningful second engine from advertising: Pandora and off-platform advertising contributes a significant portion of total revenue (Pandora and Off-Platform Advertising Revenue, Advertising Revenue).

Bear case

Churn can pressure recurring revenue: Self-pay subscriber churn (Self-Pay Subscriber Churn Rate) is a direct risk to subscription retention and can slow revenue growth even if gross additions are positive.
Advertising revenue may be more cyclical: A portion of revenue depends on advertising (Pandora and Off-Platform Advertising Revenue, Advertising Revenue), which can be impacted by broader advertising demand.

Valuation — source: SEC EDGAR (first-party)
Price	$28.38
Market Cap	$9.57B
P/E Ratio	10.9
EV / EBITDA	4.4
Price / Book	0.80
Price / Sales	1.11
FCF Yield	16.2%
DCF Value (model)	$39.29
DCF Upside vs Price	38.4%

Profitability & Growth — source: SEC EDGAR
Revenue (TTM)	$8.56B
Net Margin	9.4%
Revenue Growth (YoY)	1.0%
EPS Growth (YoY)	16.4%
FCF Growth (YoY)	47.6%

Financial Health — source: SEC EDGAR
Altman Z-Score	1.34 (distress)

Valuation vs Sector & Industry
Stock P/E	10.9
Sector P/E (Communication Services)	24.4
Industry P/E (Communication)	17.9
vs Sector	-55.4%
vs Industry	-39.4%

Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional Holder	Berkshire Hathaway Inc ($2.88B)
Institutional Holders Tracked	10
Congressional Trades (recent)	10

Company
Sector	Communication Services
Industry	Communication
CEO	Jennifer C. Witz
Employees	5,515
Country	US
IPO Date	1994-09-13

Related Companies (Business model: Consumer Subscription Content (Streaming, News, Audio) + Ad-Supported Digital Media / Social; 8 closest by market cap; US-domiciled)

Data as of 2026-08-20.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.