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olivLaw · US equity research

AMC Entertainment Holdings, Inc. AMC

Services-Motion Picture Theaters · SIC 7830 · Vertical: Motion pictures (SIC 78xx)

3.52USD+7.32% · 1 dayClose 04 Nov 2026

AMC Entertainment is the world's largest theatrical exhibitor, with theatres in the United States and Europe. After difficult years, its second quarter 2026 results show a strong recovery, with revenues of 1596.7 million USD and adjusted EBITDA of 321.4 million USD, which makes the company relevant to the cinema industry's rebound.

The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).

At the close of 04 Nov 2026, AMC Entertainment Holdings, Inc. (AMC) stock was 3.52 USD (+7.32% on the day), with market capitalisation 3.1 bn USD, dividend yield 22.73%, beta 1.25, 52-week range 0.95–3.52 USD. Latest reported quarter (Q3 2026): revenue of 1.7 bn USD (+31.6% YoY), net income of 109.3 m USD, diluted EPS 0.12 USD.

Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.

Market cap
3.1 bn USD
shares as of 03 Nov 2026
P/E (TTM)
unavailable
Diluted EPS TTM -0.37 · TTM to 30 Sept 2026
E/P (TTM)
-10.46%
TTM to 30 Sept 2026
Dividend yield
22.73%
DPS 12m 0.80
Beta (2y)
1.25
Volatility (1y) 83%
52-week range
0.953.52

Price history

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Technical reading

RSI (14)
71.5
overbought (≥ 70)
Bollinger (20, 2)
2.73 – 3.33
above the upper band · %B 1.31 · band width 19.7%
SMA 50 / 200
2.85 / 2.00
uptrend (price > SMA50 > SMA200)
MACD (12, 26, 9)
0.11 / 0.08
MACD above signal

Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).

Performance

CompanyS&P 500vs S&P 500Vertical median
1 month+26.2%−1.1%+27.3 pp—
3 months+31.8%−0.5%+32.3 pp—
6 months+114.6%+4.4%+110.2 pp—
Year to date+125.6%+12.3%+113.3 pp—
1 year+40.2%+13.5%+26.7 pp−33.3%
3 years−67.2%+76.4%−143.6 pp+6.0%
5 years−99.2%+63.7%−162.8 pp—
Max drawdown (1y)
−63.5%
06 Nov 2025 → 27 Mar 2026
Max drawdown (5y)
−99.8%
08 Nov 2021 → 27 Mar 2026
Compound annual growth (5y)
−61.5%
S&P 500 +10.4%

Price returns, dividends excluded.

Quarterly results

Latest quarter: Q3 2026 · 30 Sept 2026

Revenue
1.7 bn USD
+31.6% YoY
Net income
109.3 m USD
unavailable YoY
Diluted EPS
0.12
unavailable YoY
net / operating
6.4% / 14.5%

Quarterly margins

Quarterly statements · USD

Fiscal yearQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26Q3 '26
Revenue1.3 bn862.5 m1.4 bn1.3 bn1.3 bn1.0 bn1.6 bn1.7 bn
Operating income4.7 m-145.9 m92.6 m35.8 m100.0 k-45.7 m238.1 m248.7 m
Depreciation & amortisation78.3 m76.1 m77.8 m79.4 m80.1 m75.7 m76.1 m75.8 m
Interest expense123.9 m119.1 m129.6 m139.3 m142.2 m139.9 m136.0 m130.0 m
Pre-tax income-134.9 m-200.5 m-3.5 m-297.0 m-126.9 m-114.9 m-8.0 m118.8 m
Income tax700.0 k1.6 m1.2 m1.2 m500.0 k2.2 m3.4 m9.5 m
Net income-135.6 m-202.1 m-4.7 m-298.2 m-127.4 m-117.1 m-11.4 m109.3 m
Diluted EPS-0.35 ≈-0.47-0.01-0.58-0.25 ≈-0.22-0.020.12
Operating cash flow203.6 m-370.0 m138.4 m ≈-14.9 m ≈126.7 m-128.5 m235.4 m ≈176.6 m ≈
Capex89.7 m47.0 m49.5 m ≈66.2 m ≈83.4 m46.2 m45.3 m ≈67.3 m ≈

≈ derived quarter (cumulative difference / share-days average)

E/P over time

E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.

Fiscal years

Fiscal year20182019202020212022202320242025
Revenue5.5 bn5.5 bn1.2 bn2.5 bn3.9 bn4.8 bn4.6 bn4.8 bn
Revenue YoY+7.5%+0.2%−77.3%+103.5%+54.7%+23.0%−3.6%+4.6%
Net income110.1 m-149.1 m-4.6 bn-1.3 bn-973.6 m-396.6 m-352.6 m-632.4 m
Net income YoYunavailable−235.4%unavailableunavailableunavailableunavailableunavailableunavailable
Diluted EPS0.41-1.44-19.58-13.29-9.29-2.37-1.06-1.34
Diluted EPS YoYunavailable−451.2%unavailableunavailableunavailableunavailableunavailableunavailable
net %2.0%-2.7%-369.4%-50.2%-24.9%-8.2%-7.6%-13.0%
Free cash flow-53.1 m60.9 m-1.3 bn-706.5 m-830.5 m-440.8 m-296.3 m-365.9 m

Reported results vs expectations

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Balance sheet & financial health

Fiscal year 2025 · 31 Dec 2025

Cash
428.5 m USD
Financial debt
4.0 bn USD
Net debt
3.6 bn USD
Equity
-1.9 bn USD
Total assets
8.0 bn USD
Debt / equity
unavailable
Current ratio
0.41x
ROE
unavailable
ROA
-7.8%
FCF margin
-7.5%

Financial statements (source on every figure)

Revenue and net income (USD)

Margins

Income statement · USD

Revenue
2023
4.8 bn
2024
4.6 bn
2025
4.8 bn

SEC (XBRL)· 23 Feb 2026verified

Operating income
2023
-74.3 m
2024
-79.3 m
2025
-17.4 m

SEC (XBRL)· 23 Feb 2026verified

Depreciation & amortisation
2023
365.0 m
2024
319.5 m
2025
313.4 m

SEC (XBRL)· 23 Feb 2026verified

EBITDA
2023
290.7 m ≈
2024
240.2 m ≈
2025
296.0 m ≈

SEC (XBRL)· 23 Feb 2026derived

Interest expense
2023
411.2 m
2024
443.7 m
2025
530.2 m

SEC (XBRL)· 23 Feb 2026verified

Pre-tax income
2023
-393.2 m
2024
-350.5 m
2025
-627.9 m

SEC (XBRL)· 23 Feb 2026verified

Income tax
2023
3.4 m
2024
2.1 m
2025
4.5 m

SEC (XBRL)· 23 Feb 2026verified

Net income
2023
-396.6 m
2024
-352.6 m
2025
-632.4 m

SEC (XBRL)· 23 Feb 2026verified

Diluted EPS
2023
-2.37
2024
-1.06
2025
-1.34

SEC (XBRL)· 23 Feb 2026verified

Weighted average diluted shares
2023
167.6 m
2024
332.9 m
2025
472.9 m

SEC (XBRL)· 23 Feb 2026verified

Balance sheet · USD

Cash
2023
884.3 m
2024
632.3 m
2025
428.5 m

SEC (XBRL)· 23 Feb 2026verified

Current assets
2023
1.2 bn
2024
947.2 m
2025
730.5 m

SEC (XBRL)· 23 Feb 2026verified

Property, plant & equipment, net
2023
1.5 bn
2024
1.4 bn
2025
1.3 bn

SEC (XBRL)· 23 Feb 2026verified

Goodwill
2023
2.4 bn
2024
2.3 bn
2025
2.4 bn

SEC (XBRL)· 23 Feb 2026verified

Intangibles (excl. goodwill)
2023
146.7 m
2024
144.3 m
2025
147.4 m

SEC (XBRL)· 23 Feb 2026verified

Total assets
2023
9.0 bn
2024
8.2 bn
2025
8.0 bn

SEC (XBRL)· 23 Feb 2026verified

Accounts payable
2023
320.5 m
2024
378.3 m
2025
382.9 m

SEC (XBRL)· 23 Feb 2026verified

Short-term debt
2023
25.1 m
2024
64.2 m
2025
19.9 m

SEC (XBRL)· 23 Feb 2026verified

Long-term debt
2023
4.6 bn
2024
4.0 bn
2025
4.0 bn

SEC (XBRL)· 23 Feb 2026verified

Current liabilities
2023
1.6 bn
2024
1.7 bn
2025
1.8 bn

SEC (XBRL)· 23 Feb 2026verified

Total liabilities
2023
10.9 bn
2024
10.0 bn
2025
9.9 bn

SEC (XBRL)· 23 Feb 2026verified

Equity
2023
-1.8 bn
2024
-1.8 bn †
2025
-1.9 bn †

SEC (XBRL)· 23 Feb 2026verified

Cash flow · USD

Operating cash flow
2023
-215.2 m
2024
-50.8 m
2025
-119.8 m

SEC (XBRL)· 23 Feb 2026verified

Capex
2023
225.6 m
2024
245.5 m
2025
246.1 m

SEC (XBRL)· 23 Feb 2026verified

Free cash flow
2023
-440.8 m ≈
2024
-296.3 m ≈
2025
-365.9 m ≈

SEC (XBRL)· 23 Feb 2026derived

Investing cash flow
2023
-180.1 m
2024
-242.9 m
2025
-221.6 m

SEC (XBRL)· 23 Feb 2026verified

Financing cash flow
2023
649.3 m
2024
68.4 m
2025
125.2 m

SEC (XBRL)· 23 Feb 2026verified

Dividends paid
2023
—
2024
—
2025
—

SEC (XBRL)· 28 Feb 2023verified

Computed indicators

Growth

Revenue growth (YoY)
4.6%
computed by olivLawFY 2025
Revenue CAGR 3Y
7.4%
computed by olivLawFY 2022 → FY 2025
Revenue CAGR 5Y
31.3%
computed by olivLawFY 2020 → FY 2025
EBIT growth (YoY)
unavailable
the base of the ratio is not positive
Net income growth (YoY)
unavailable
the base of the ratio is not positive
Net income CAGR 3Y
unavailable
the base of the ratio is not positive
Net income CAGR 5Y
unavailable
the base of the ratio is not positive
EPS growth (YoY)
unavailable
the base of the ratio is not positive
EPS CAGR 3Y
unavailable
the base of the ratio is not positive
EPS CAGR 5Y
unavailable
the base of the ratio is not positive
FCF growth (YoY)
unavailable
the base of the ratio is not positive

Profitability

Gross margin
unavailable
input data missing
EBITDA margin
13.3%
computed by olivLawTTM to 30 Sept 2026
EBIT margin
7.8%
computed by olivLawTTM to 30 Sept 2026
Net margin
-2.6%
computed by olivLawTTM to 30 Sept 2026
FCF margin
3.0%
computed by olivLawTTM to 30 Sept 2026

Returns

ROE
unavailable
equity is negative: the ratio is not economically meaningful (not by itself insolvency; usually the result of buybacks)
ROA
-1.8%
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
ROIC
unavailable
equity is negative: buybacks shrink the invested capital and ROIC would come out large without meaning anything
ROCE
7.1%
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
Payout ratio (EPS)
unavailable
input data missing
Payout ratio (FCF)
unavailable
input data missing

Balance sheet

Net debt
3.0 bn USD
computed by olivLawbalance sheet at 30 Sept 2026
Net debt / EBITDA
4.0x
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
Debt / equity
unavailable
equity is negative: the ratio is not economically meaningful (not by itself insolvency; usually the result of buybacks)
Interest coverage
0.8x
computed by olivLawTTM to 30 Sept 2026

Liquidity

Current ratio
0.6x
computed by olivLawbalance sheet at 30 Sept 2026
Quick ratio
unavailable
input data missing
Cash ratio
0.4x
computed by olivLawbalance sheet at 30 Sept 2026

Cash

Operating cash flow
410.2 m USD
computed by olivLawTTM to 30 Sept 2026
Capital expenditure
242.2 m USD
computed by olivLawTTM to 30 Sept 2026
Free cash flow
168.0 m USD
computed by olivLawTTM to 30 Sept 2026
FCF conversion
unavailable
insufficient data
Cash conversion
54.8%
computed by olivLawTTM to 30 Sept 2026

Efficiency

Days sales outstanding
unavailable
input data missing
Days inventory outstanding
unavailable
input data missing
Days payables outstanding
unavailable
input data missing
Cash conversion cycle
unavailable
input data missing

Market and valuation

Market capitalisation
3.1 bn USD
computed by olivLawbalance sheet at 30 Sept 2026
Enterprise value
6.1 bn USD
computed by olivLawbalance sheet at 30 Sept 2026
Market cap / net income TTM
unavailable
insufficient data
P/E (TTM)
unavailable
insufficient data
Earnings yield
-10.5%
computed by olivLawTTM to 30 Sept 2026
P/B
unavailable
equity is negative: the ratio is not economically meaningful (not by itself insolvency; usually the result of buybacks)
P/S
0.6x
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
EV/EBITDA
8.2x
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
EV/EBIT
13.9x
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
EV/Sales
1.1x
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
P/FCF
18.7x
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
FCF yield
5.3%
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
Dividend yield
22.7%
computed by olivLawTTM to 30 Sept 2026
Shareholder yield (distributions)
unavailable
input data missing

1 indicators that do not apply to the sector.

Valuation

olivLaw classification

Insufficient data
What is missing
  • score weight coverage: 54.2% of at least 60%

A scoring methodology on indicators and valuation, not investment advice.

Closing price

3.52 USD

04 Nov 2026Source: olivLaw, closing series

Market cap: 3.1 bn USD

Key indicators

Market capitalisation
3.1 bn USD
computed by olivLawbalance sheet at 30 Sept 2026
P/E (TTM)
unavailable
insufficient data
P/B
unavailable
equity is negative: the ratio is not economically meaningful (not by itself insolvency; usually the result of buybacks)
EV/EBITDA
8.2x
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
ROE
unavailable
equity is negative: the ratio is not economically meaningful (not by itself insolvency; usually the result of buybacks)
Net margin
-2.6%
computed by olivLawTTM to 30 Sept 2026
Revenue growth (YoY)
4.6%
computed by olivLawFY 2025
Dividend yield
22.7%
computed by olivLawTTM to 30 Sept 2026

Coverage and freshness

28/37 reporting lines present
Latest full fiscal year: 2025
Latest reported period: 30 Sept 2026
Latest balance sheet date: 30 Sept 2026
Share count (cover of the latest filing), as of: 03 Nov 2026
Source: SEC (XBRL)published 04 Nov 2026
verified 1884derived 113

Score by group

54% · Insufficient data

Estimated value range

Low
10.36
USD per share
Mid
12.06
USD per share
High
18.63
USD per share
Price: 3.52 USD
The price is below the range
Potential to the central value: 242.6% (value / price − 1)
Margin of safety: 70.8% (1 − price / value)
Agreement between methods: high · 3 methods used · 3 independent bases

The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 6.37 – 23.29 USD.

Valuation assumptions are editorial choices, not measured; beta is not measured.

Method ranges (USD per share)

— — Mid · ▏ Price

Valuation methods

  • DCF (discounted cash flow)10.36 – 23.29 (Mid 14.67)
    WACC 7.0% · starting FCFF 628.4 m USD · terminal value share of EV 81%
    The WACC × g sensitivity gives the method's bounds; these are not probabilities.
    Reverse DCF: starting growth implied by the price (fading linearly to terminal growth, everything else fixed): -29.5%
  • Peers: EV/EBITDA6.37 – 18.63 (Mid 11.34)
    3 companies used · median multiple 17.5x · quartiles 11.6x – 26.2x
    LION, MCS, NFLX
  • Peers: P/Eunavailable · the base of the ratio is not positive
  • Dividend discount (DDM)10.51 – 14.14 (Mid 12.06)
Multiple comparisons use the SIC vertical: Motion pictures (SIC 78xx)

Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.

Assumptions (illustrative, editorial)

Risk-free rate
4.3%
Equity risk premium
5.0%
Beta (default)
1.00
Cost of equity
9.3%
Terminal growth
2.5%

Factor scorecard

Insufficient data

Minimum-evidence gate: score weight coverage: 54.2% of at least 60%

FactorValueScoreWeight used
ROIC · Qualityunavailableunavailable—
Net margin · Quality-2.6%50 (vs peers)12%
FCF conversion · Qualityunavailableunavailable—
Revenue CAGR 3Y · Growth7.4%62 (on a fixed band)15%
EPS CAGR 3Y · Growthunavailableunavailable—
Net debt / EBITDA · Balance sheet4.0x0 (on a fixed band)19%
Interest coverage · Balance sheet0.8x0 (on a fixed band)12%
Current ratio · Balance sheet0.6x0 (on a fixed band)8%
P/E (TTM) · Valuationunavailableunavailable—
EV/EBITDA · Valuation8.2x62 (on a fixed band)19%
FCF yield · Valuation5.3%67 (on a fixed band)15%
Shareholder yield (distributions) · Returnsunavailableunavailable—
Payout ratio (FCF) · Returnsunavailableunavailable—

Factors without a value were dropped; the remaining weights were renormalised.

Score groups

  • Balance sheet0/100 · 3/3 factors with a value
  • Growth· partial62/100 · 1/2 factors with a value
  • Quality· partial50/100 · 1/3 factors with a value
  • Returns· partialunavailable · 0/2 factors with a value
  • Valuation64/100 · 2/3 factors with a value

A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.

Memo

AMC ENTERTAINMENT HOLDINGS, INC. (AMC). Latest full fiscal year: 2025; data up to 2026-09-30.

Figures computed from the financial statements: revenue 4.8 bn USD in 2025; YoY growth 4.6%; net margin -2.6%; net debt/EBITDA 4.0x.

The estimated value range is 10.36–18.63 USD per share (median of 3 methods, agreement: high); assumptions are illustrative. Against the central value of 12.06 USD, the price of 3.52 USD leaves a potential of 242.6% (value / price − 1) and a margin of safety of 70.8% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.

Insufficient data for a verdict (score weight coverage: 54.2% of at least 60%).

Text generated deterministically from the figures shown; no language model. Not investment advice.

What supports the thesis

  • The price is below the estimated value range

What contradicts it

  • Net debt / EBITDA: 4.0x
  • Interest coverage: 0.8x
  • Current ratio: 0.6x

Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, EPS CAGR 3Y, P/E (TTM), Shareholder yield (distributions), Payout ratio (FCF).

Versus the vertical median

Motion pictures (SIC 78xx) · same major group (2-digit SIC) · compared with 14 companies

Multiples and returns vs the median

P/E
—
vertical median 21.2x
EV/EBITDA
8.2x
vertical median 17.5x
below median (−53.2%)
P/S
0.6x
vertical median 1.2x
below median (−51.7%)
P/B
—
vertical median 1.6x
ROE
—
vertical median -3.7%
Net margin
-2.6%
vertical median -2.4%
below median
EBIT margin
7.8%
vertical median -1.5%
above median
Revenue YoY
4.6%
vertical median 2.6%
above median (+73.6%)
Net debt/EBITDA
4.0x
vertical median 3.7x
above median (+7.2%)
Dividend yield
22.7%
vertical median 1.4%
above median (+1,578.2%)

Price rebased to 100 (monthly, 5 years)

Companies in the vertical

Market capP/EROENet marginRevenue YoY1A / 3A
NFLXNetflix, Inc.272.6 bn19.253.5%29.7%+15.9%−38% / +40%
CNKCinemark Holdings, Inc.4.9 bn32.1—5.3%+2.1%+47% / +183%
LIONLionsgate Studios Corp.3.8 bn——-4.1%+1.8%+71% / +20%
AMCAmc Entertainment Holdings, Inc.3.1 bn——-2.6%+4.6%+40% / −67%
FUBOFuboTV Inc.2.8 bn—-5.8%-0.7%+18.6%−77% / −79%
ANGXAngel Studios, Inc.684.5 m——-37.5%+233.2%−25% / unavailable
MCSMarcus Corp533.6 m21.25.4%3.1%+3.1%+79% / +102%
STRZStarz Entertainment Corp.438.0 m—-87.9%-32.5%−1.6%+131% / unavailable
IQiQIYI, Inc.314.6 m—-1.6%-0.8%−2.5%−58% / −80%
CURICuriositystream Inc.157.8 m511.10.1%0.0%+40.1%−45% / +286%
MPUMega Matrix Inc50.4 m—-213.2%-131.4%−27.9%−95% / −94%
CNVSCineverse Corp.37.8 m—-28.1%-12.7%−15.9%−37% / +34%
TOONKartoon Studios, Inc.32.3 m10.521.7%26.9%+20.7%−30% / −68%
GAIAGaia, Inc——-9.3%-1,090.3%+55.2%−67% / −52%
RDIReading International, Inc———-5.9%−3.6%+30% / −8%

1- and 3-year price returns: for AMC from daily closes (the same as the performance table), for the other companies from month-end closes.

olivLaw engine forecast

The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.

The engine has no published run for this company yet.

Valuation scenarios (editable assumptions)

Illustrative scenarios

Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.

Bear
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Base
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Bull
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Nothing is saved.

Estimated price (USD)

Estimated priceBearBaseBull
1 years
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
3 years
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
5 years
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
What moves the 3-year price the most

    AI analysis

    AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

    Possibly outdated: the newest document it read is from 23 Jul 2026; since then the company filed 8-K (04 Nov 2026 · results), 10-Q (04 Nov 2026).

    In brief

    AMC Entertainment is the world's largest theatrical exhibitor, with theatres in the United States and Europe. After difficult years, its second quarter 2026 results show a strong recovery, with revenues of 1596.7 million USD 3 and adjusted EBITDA of 321.4 million USD 3, which makes the company relevant to the cinema industry's rebound.

    SWOT

    Strengths

    • The company is the largest exhibitor in the world, with an extensive network and leading positions in several markets 1.
    • The loyalty programme has a large membership base, providing data and marketing reach 1.
    • Recent results show a strong rise in adjusted EBITDA and better cash generation 3.

    Weaknesses

    • Debt remains substantial and liquidity was constrained in recent years, with risks for refinancing capacity 1.
    • The company posted net losses in the periods analysed and depends on rising revenues to support its financial structure 13.
    • Many theatres are leased, which adds significant rent obligations 1.

    Opportunities

    • Premium screens, recliner seating and new IMAX and Dolby partnerships could support higher ticket revenues 1.
    • Lower interest costs could increase cash flow if leverage ratios keep improving 3.
    • Brand extensions and strategic acquisitions could diversify revenue sources 1.

    Threats

    • Shorter exclusive windows and simultaneous streaming releases could reduce attendance 12.
    • A strike at studios or fewer releases could affect the release calendar and revenues 12.
    • Weaker economic conditions could reduce moviegoers' discretionary income 1.

    Risks

    • Substantial indebtednesshigh

      The company carries large debt obligations and significant interest payments, which could limit financial flexibility 1.

    • Constrained liquidityhigh

      If revenues do not rise enough, the company could need additional liquidity sources or a restructuring 12.

    • Asset impairmentmedium

      A decline in goodwill or theatre values could generate significant accounting losses 1.

    • Share dilutionmedium

      Note conversions and share issuances could dilute existing shareholders 23.

    • Dependence on studiosmedium

      The company does not control film distributors, and changes in studio strategy could affect attendance 1.

    Investment thesis

    What would need to be true (bull case)

    • The box office recovery, combined with disciplined cost management, could keep operating margins high if attendance holds 3.
    • Debt reduction and pushed-out maturities could ease financial pressure and support investment in premium theatres 3.
    • Leading positions in certain markets and the loyalty programme could support recurring revenue 1.

    What would break the thesis

    • Debt remains high, and if revenues do not sustain their recovery the company could face liquidity difficulties again 1.
    • Share issuances and conversions could dilute existing investors in the short term 23.
    • Shorter exclusive windows and streaming could limit long-term attendance growth 12.

    What to watch

    • Attendance and revenue trend in the second half of the yearQ3 2026
    • Outcome of the refinancing transaction launched in early 20262026
    • Performance of major film releases in the second half and their effect on box officeQ4 2026

    Products, market & competition

    AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

    Possibly outdated: the newest document it read is from 23 Jul 2026; since then the company filed 8-K (04 Nov 2026 · results), 10-Q (04 Nov 2026).

    The business

    The strategy relies on customer loyalty through the Stubs program, which had roughly 39 million member households at the end of 2025, and members accounted for about 51% of U.S. attendance 1. AMC invests in premium formats, recliner seating and partnerships with IMAX and Dolby; at 31 December 2025 it was the largest IMAX exhibitor in the U.S., with a 56% market share 1. The company is also restructuring its debt, and in the second quarter of 2026 it refinanced or converted several debt instruments 23.

    The company also pursues brand extensions and strategic acquisitions that leverage its existing capabilities 1. The business is seasonal, with higher revenues in summer and holiday periods, depending on distributors' release timing 2.

    Market context

    The industry remains competitive, and home entertainment through streaming and other forms of entertainment continues to compete with cinemas 12. If attendance recovery holds, operating margins could stay high given the company's large fixed costs and rising revenues 3.

    Trends

    • Box office recoverytailwind

      U.S. box office and European attendance grew in 2026, and the company reported its highest quarterly revenues in its history 3. If the large films in the second half of the year keep pace, the effect could continue 3.

    • Debt refinancingtailwind

      The company refinanced maturities and reduced principal debt by about 1.7 billion USD since the end of 2020, pushing significant maturities to 2029 3. Interest costs could fall further if leverage ratios keep improving 3.

    • Shareholder dilutionheadwind

      Equity offerings and note conversions increased the number of shares outstanding, and further issuances could dilute existing shareholders 13.

    • Changes in distribution windowsmixed

      Shorter exclusive windows, simultaneous cinema and streaming releases and fewer films released could reduce theatre attendance 12.

    Competitive position

    The company competes with other exhibitors in the areas where it operates, with streaming platforms and with other forms of entertainment 12. The sources analysed do not name competitors with market share lists, so the leadership positions cited are those reported by the company 1.

    In Europe AMC competes with local operators in each country, while in the U.S. its advantage comes from network density and the geographic exclusivity of its IMAX screens 1. Competition from streaming remains a long-term pressure 2.

    • Other U.S. cinema exhibitors

      Compete in the same geographic areas, but are not identified with a ticker in the sources analysed 1.

    • Streaming platforms

      Compete for consumers' leisure time and entertainment budgets, and the company names them as a major risk 12.

    • European cinema operators

      Compete in the countries where AMC operates, including through Odeon and Nordic Cinema Group 1.

    • Other forms of entertainment

      Compete for consumers' free time, with no reference ticker in the sources analysed 1.

    News & filings

    In the press

    No news in our archive over the last 180 days.

    SEC filings

    • Quarterly report04 Nov 2026
    • Current report04 Nov 2026
      Results of operations · Financial statements and exhibits
    • Current report06 Oct 2026
      Material agreement · Termination of a material agreement · Creation of a direct financial obligation · Regulation FD disclosure · Other events · Financial statements and exhibits
    • Current report24 Sept 2026
      Departure or appointment of officers · Shareholder vote · Other events · Financial statements and exhibits
    • Current report24 Sept 2026
      Other events · Financial statements and exhibits
    • Current report21 Sept 2026
      Regulation FD disclosure · Other events · Financial statements and exhibits
    • Proxy statement10 Aug 2026
    • Quarterly report23 Jul 2026
    • Current report20 Jul 2026
      Results of operations · Financial statements and exhibits
    • Current report25 Jun 2026
      Item 2.04 · Regulation FD disclosure · Other events · Financial statements and exhibits

    Sources

    1. [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / AMC Entertainment Holdings, Inc. · 23 Feb 2026
    2. [2] Form 10-Q, quarter ended 2026-06-30 · SEC / AMC Entertainment Holdings, Inc. · 23 Jul 2026
    3. [3] Form 8-K, results release (exhibit 99.1) · SEC / AMC Entertainment Holdings, Inc. · 20 Jul 2026

    Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.