ANGX
Angel Studios, Inc.
Next earnings Aug 12, 2026 · consensus $-0.15 EPS, $110M rev
Last earnings +0.4% on 2026-04-30
$3.54
▲ 0.00%$3.54▼ -72.77%
over 1Y
L $2.18H $16.00
Earnings Dividend Split Congress buy Congress sellGrouped by date · hover a pin to expand
Today+0.0%
1W+20.8%
1M+23.8%
3M+18.4%
YTD-26.7%
1Y-72.8%
Avoid
Conviction
Horizon
Medium (3–12mo)
Street · 12 analysts
Buy
233% revenue growth masks a broke balance sheet: negative equity, $83M cash burn, and serial dilution keep the lights on — not investable.
Revenue $322M · FY2025
Angel Studios grew FY2025 revenue 233% to $322M, but this is a hit-driven theatrical/membership model, not a compounding franchise — revenue swung $202M → $96.5M → $322M over three years, and losses widened even as revenue tripled. That is the opposite of operating leverage: operating income was -$164M (-51% margin) and net income -$170M, both worse than 2024. When scale makes losses bigger, the business model itself is the question.
The balance sheet is the disqualifier. Stockholders' equity is NEGATIVE at -$25.8M (liabilities/equity -10.36x), current liabilities of $219M dwarf current assets of $135M (a ~$84M working-capital hole), and operating cash flow was -$83.3M against just $44.1M of cash. The company is solvent only because it keeps selling stock: the 10-K discloses Reg A raises of $20M (Sept 2024 at $5.66) and $55M (Sept 2025 at $8.23), plus a December 2025 ATM equity-distribution agreement for up to $150M. Shares are already up 17% YoY, the stock at $3.54 trades below both recent raise prices, and the pending ATM signals sustained dilution at depressed levels.
AI-generated analysis, produced by our proprietary engine from SEC filing data.
Investment recommendation produced by TENK/calls (tenkcalls.com), Luxembourg. Completed Jul 2, 2026, 11:46 PM ET. Ratings & methodology: definitions · All recommendations to date: track record · Conflicts: disclosures. Not investment advice.
Is ANGX a buy? The one-page verdict, explained →
Financials · annual, by fiscal year
| Line item | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Revenue | — | — | $202M | $96.5M | $322M |
| Gross profit | — | — | — | — | — |
| Operating income | — | -$1.58M | $12.4M | -$86.7M | -$164M |
| Net income | -$2.23K | $18.1M | $13.4M | -$88.3M | -$170M |
| Diluted EPS | — | — | $0.10 | -$0.64 | -$1.10 |
| Net margin | — | — | 6.6% | -91.5% | -53.0% |
Annual figures from SEC 10-K XBRL filings. Open the filing links below for full statement detail.
Key statistics
Valuation
Enterprise value$662M
EV / EBITDA—
EV / Sales2.1
EV / FCF—
P / FCF—
PEG (trailing)—
Earnings yield-25.8%
FCF yield—
Quality & risk
ROIC (est.)—
Free cash flow—
Total debt$45.5M
Net cash-$1.42M
Altman Z-Score-1.25 distress
Piotroski F-Score3/7
Capital returns
Buyback yield0.1%
Dividend yield (est.)—
Shareholder yield0.1%
Shares Δ YoY+17.1%
Computed from SEC XBRL annual figures + the current quote. EV and ROIC use long-term + current debt where filed; estimates, not investment advice.
Disclosure timeline
SEC · 8-Ks + reportsRecent disclosure tone has skewed negative — read the flagged items.
- 8-K Material agreement2026-06-30
Signed a new material definitive agreement (Item 1.01); terms not detailed
- 8-K Charter / bylaws change2026-06-18
Annual meeting: charter/bylaw amendment adopted, director vote results reported
- 8-K Reg FD disclosure2026-06-04
Reg FD voluntary business/financial update (Item 7.01)
- 8-K Shareholder vote2026-05-22
Reported results of a shareholder vote (Item 5.07)
- 8-K Earnings results2026-04-30
Q1'26: revenue up sharply but still lossmaking with negative equity
- 10-Q Quarterly report2026-04-30
Q1'26: revenue up sharply but still lossmaking with negative equity
- 8-K Material agreement2026-04-13
Entered material agreement plus disclosed other event (Items 1.01/8.01)
- DEF 14A Proxy statement2026-04-08
Annual proxy: director slate, executive pay, say-on-pay
- 10-K Annual report2026-03-12
FY25 revenue +233% to $322M but net loss $170M, equity turns negative
Recent filings
all on EDGAR ↗4Period ending 2026-06-292026-07-01open ↗4Period ending 2026-06-292026-07-01open ↗S-4Filing2026-06-30open ↗8-KPeriod ending 2026-06-292026-06-30open ↗8-KPeriod ending 2026-06-172026-06-18open ↗8-KPeriod ending 2026-05-292026-06-04open ↗4Period ending 2026-05-222026-05-26open ↗8-KPeriod ending 2026-05-212026-05-22open ↗4Period ending 2026-05-052026-05-07open ↗10-QPeriod ending 2026-03-312026-04-30open ↗8-KPeriod ending 2026-04-302026-04-30open ↗4Period ending 2026-04-232026-04-24open ↗
Frequently asked
- Is Angel Studios, Inc. (ANGX) a buy?
- ANGX currently carries a Avoid rating with 4/5 conviction, derived from its latest SEC filings. 233% revenue growth masks a broke balance sheet: negative equity, $83M cash burn, and serial dilution keep the lights on — not investable.
- What is Angel Studios, Inc.'s quality score?
- ANGX scores 39.764705882352935/100 (grade F) on a SEC-grounded quality model spanning value, growth, profitability, financial health and momentum.
Sources: SEC EDGAR (CIK 0001865200, latest 10-Q filed 2026-04-30) · EODHD · Proprietary analysis · as of 7/3/2026, 3:46:58 AM.
Research and education only — not financial advice. TENKis not a registered investment adviser or broker-dealer and gives no personalized advice. Every call is impersonal — identical for all users, generated on a schedule from SEC filings plus a delayed/third-party price feed — may be wrong or out of date, and is not a recommendation to buy or sell any security. The operator and an affiliated trading operation may hold or trade the securities TENK rates; see Disclosures. Past performance does not guarantee future results. Do your own research.