olivLaw · US equity research
AMC Global Media Inc. AMCX
Cable & Other Pay Television Services · SIC 4841
AMC Global Media is a global entertainment company that produces and distributes content through linear channels, streaming services and licensing, anchored by franchises such as The Walking Dead Universe. Quarterly revenue declined in 2026, but the Netflix licence agreement, worth 500 million USD over five years, could support cash flow in the coming years.
At the close of 04 Nov 2026, AMC Global Media Inc. (AMCX) stock was 8.46 USD (+4.83% on the day), with beta 0.83, 52-week range 6.52–12.85 USD. Latest reported quarter (Q2 2026): revenue of 547.5 m USD (−8.8% YoY), net income of -21.9 m USD (−143.6% YoY), diluted EPS -0.51 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 32.8
- weak (30–45)
- Bollinger (20, 2)
- 6.89 – 11.84
- in the lower half of the band · %B 0.32 · band width 52.8%
- SMA 50 / 200
- 10.93 / 9.48
- mixed trend
- MACD (12, 26, 9)
- -0.88 / -0.83
- MACD below 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
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −24.1% | −1.1% | −23.0 pp | — |
| 3 months | −29.7% | −0.5% | −29.2 pp | — |
| 6 months | −0.1% | +4.4% | −4.5 pp | — |
| Year to date | −11.1% | +12.3% | −23.5 pp | — |
| 1 year | +14.3% | +13.5% | +0.8 pp | — |
| 3 years | −43.6% | +76.4% | −120.0 pp | — |
| 5 years | −82.8% | +63.7% | −146.4 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 599.6 m | 599.3 m | 555.2 m | 600.0 m | 561.7 m | 594.8 m | 542.1 m | 547.5 m |
| Cost of revenue | 287.7 m | 292.5 m | 267.3 m | 283.9 m | 291.1 m | 299.1 m | 283.2 m | 288.8 m |
| SG&A | 191.6 m | 192.7 m | 198.0 m | 221.7 m | 189.3 m | 209.4 m | 201.9 m | 224.7 m |
| Operating income | 93.7 m | -254.2 m | 64.2 m | 64.5 m | 55.5 m | -50.9 m | 31.3 m | 15.9 m |
| Depreciation & amortisation | 23.1 m | 22.6 m | 20.9 m | 26.4 m | 21.4 m | 25.7 m | 21.4 m | 16.8 m |
| Interest expense | 45.1 m | 45.0 m | 43.4 m | 42.5 m | 44.6 m | 41.9 m | 41.3 m | 42.7 m |
| Pre-tax income | 66.3 m | -300.5 m | 37.1 m | 68.8 m | 122.8 m | -80.7 m | -23.9 m | -24.4 m |
| Income tax | 19.9 m | -10.9 m | 15.0 m | 16.1 m | 42.8 m | -27.6 m | -6.7 m | -4.7 m |
| Net income | 41.4 m | -284.5 m | 18.0 m | 50.3 m | 76.5 m | -55.5 m | -18.9 m | -21.9 m |
| Diluted EPS | 0.76 | -9.26 ≈ | 0.34 | 0.91 | 1.38 | -0.97 ≈ | -0.43 | -0.51 |
| Operating cash flow | 62.2 m ≈ | 58.1 m | 108.8 m | 102.8 m ≈ | 44.8 m ≈ | 49.2 m | 67.5 m | 57.2 m ≈ |
| Capex | 8.3 m ≈ | 20.5 m | 14.6 m | 7.1 m ≈ | 2.8 m ≈ | 8.8 m | 2.7 m | 13.9 m ≈ |
| Share repurchases | 0 ≈ | 0 | — | — | 0 ≈ | 7.6 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 year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 3.0 bn | 3.1 bn | 2.8 bn | 3.1 bn | 3.1 bn | 2.7 bn | 2.4 bn | 2.3 bn |
| Revenue YoY | +5.9% | +3.0% | −8.0% | +9.3% | +0.6% | −12.4% | −10.7% | −4.5% |
| Net income | 446.2 m | 380.5 m | 240.0 m | 250.6 m | 7.6 m | 215.5 m | -226.5 m | 89.4 m |
| Net income YoY | −5.3% | −14.7% | −36.9% | +4.4% | −97.0% | +2,737.3% | −205.1% | unavailable |
| Diluted EPS | 7.57 | 6.67 | 4.64 | 5.77 | 0.17 | 4.90 | -5.10 | 1.66 |
| Diluted EPS YoY | +5.4% | −11.9% | −30.4% | +24.4% | −97.1% | +2,782.4% | −204.1% | unavailable |
| net % | 15.0% | 12.4% | 8.5% | 8.1% | 0.2% | 7.9% | -9.4% | 3.9% |
| Free cash flow | 516.7 m | 392.1 m | 702.1 m | 100.9 m | 137.6 m | 168.7 m | 330.8 m | 272.4 m |
Reported results vs expectations
Loading…
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 502.4 m USD
- Financial debt
- 1.8 bn USD
- Net debt
- 1.2 bn USD
- Equity
- 1.0 bn USD
- Total assets
- 3.9 bn USD
- Debt / equity
- 1.73x
- Current ratio
- 1.67x
- ROE
- 9.4%
- ROA
- 2.2%
- FCF margin
- 11.8%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 2.8 bn | 3.1 bn | 3.1 bn | 2.7 bn | 2.4 bn | 2.3 bn | SEC (XBRL)· 11 Feb 2026verified |
| Cost of revenue | 1.4 bn | 1.4 bn | 1.5 bn | 1.3 bn | 1.1 bn | 1.1 bn | SEC (XBRL)· 11 Feb 2026verified |
| Gross profit | 1.4 bn ≈ | 1.6 bn ≈ | 1.6 bn ≈ | 1.4 bn ≈ | 1.3 bn ≈ | 1.2 bn ≈ | SEC (XBRL)· 11 Feb 2026derived |
| SG&A | 708.8 m | 891.7 m | 896.8 m | 764.1 m | 781.3 m | 818.3 m | SEC (XBRL)· 11 Feb 2026verified |
| Operating income | 442.6 m | 489.9 m | 86.9 m | 388.4 m | -39.6 m | 133.3 m | SEC (XBRL)· 11 Feb 2026verified |
| Depreciation & amortisation | 104.6 m | 93.9 m | 107.2 m | 107.4 m | 98.0 m | 94.4 m | SEC (XBRL)· 11 Feb 2026verified |
| EBITDA | 547.3 m ≈ | 583.8 m ≈ | 194.1 m ≈ | 495.8 m ≈ | 58.4 m ≈ | 227.7 m ≈ | SEC (XBRL)· 11 Feb 2026derived |
| Interest expense | 138.6 m | 129.1 m | 133.8 m | 152.7 m | 166.2 m | 172.4 m | SEC (XBRL)· 11 Feb 2026verified |
| Pre-tax income | 402.4 m | 374.2 m | -30.0 m | 296.0 m | -174.5 m | 148.0 m | SEC (XBRL)· 11 Feb 2026verified |
| Income tax | 145.4 m | 94.4 m | -41.0 m | 94.6 m | 43.5 m | 46.2 m | SEC (XBRL)· 11 Feb 2026verified |
| Net income | 240.0 m | 250.6 m | 7.6 m | 215.5 m | -226.5 m | 89.4 m | SEC (XBRL)· 11 Feb 2026verified |
| Diluted EPS | 4.64 | 5.77 | 0.17 | 4.90 | -5.10 | 1.66 | SEC (XBRL)· 11 Feb 2026verified |
| Weighted average diluted shares | 51.7 m | 43.4 m | 43.7 m | 44.0 m | 44.4 m | 56.6 m | SEC (XBRL)· 11 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Revenue − Cost of revenue; Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 888.5 m | 892.2 m | 930.0 m | 570.6 m | 784.6 m | 502.4 m | SEC (XBRL)· 11 Feb 2026verified |
| Receivables | 813.6 m | 815.4 m | 722.2 m | 664.4 m | 623.9 m | 575.3 m | SEC (XBRL)· 11 Feb 2026verified |
| Current assets | 1.9 bn | 2.0 bn | 1.9 bn | 1.6 bn | 1.7 bn | 1.3 bn | SEC (XBRL)· 11 Feb 2026verified |
| Property, plant & equipment, net | 256.0 m | 225.8 m | 202.0 m | 159.2 m | 143.0 m | 116.0 m | SEC (XBRL)· 11 Feb 2026verified |
| Goodwill | 686.4 m | 709.3 m | 643.4 m | 626.5 m | 246.3 m | 166.8 m | SEC (XBRL)· 11 Feb 2026verified |
| Intangibles (excl. goodwill) | 410.7 m | 399.4 m | 354.7 m | 268.6 m | 216.5 m | 184.8 m | SEC (XBRL)· 11 Feb 2026verified |
| Total assets | 5.2 bn | 5.7 bn | 5.6 bn | 5.0 bn | 4.4 bn | 3.9 bn | SEC (XBRL)· 11 Feb 2026verified |
| Accounts payable | 120.5 m | 173.2 m | 172.0 m | 89.5 m | 88.6 m | 94.7 m | SEC (XBRL)· 11 Feb 2026verified |
| Short-term debt | 75.0 m | 33.8 m | 33.8 m | 67.5 m | 7.5 m | 11.1 m | SEC (XBRL)· 11 Feb 2026verified |
| Long-term debt | 2.8 bn | 2.8 bn | 2.8 bn | 2.3 bn | 2.3 bn | 1.7 bn | SEC (XBRL)· 11 Feb 2026verified |
| Current liabilities | 878.5 m | 1.1 bn | 1.2 bn | 943.4 m | 702.7 m | 768.4 m | SEC (XBRL)· 11 Feb 2026verified |
| Total liabilities | 4.3 bn | 4.6 bn | 4.5 bn | 3.7 bn | 3.4 bn | 2.9 bn | SEC (XBRL)· 11 Feb 2026verified |
| Equity | 643.1 m | 902.7 m | 853.8 m | 1.1 bn | 884.3 m | 1.0 bn | SEC (XBRL)· 11 Feb 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 748.7 m | 143.5 m | 181.8 m | 203.9 m | 375.6 m | 305.7 m | SEC (XBRL)· 11 Feb 2026verified |
| Capex | 46.6 m | 42.6 m | 44.3 m | 35.2 m | 44.8 m | 33.3 m | SEC (XBRL)· 11 Feb 2026verified |
| Free cash flow | 702.1 m ≈ | 100.9 m ≈ | 137.6 m ≈ | 168.7 m ≈ | 330.8 m ≈ | 272.4 m ≈ | SEC (XBRL)· 11 Feb 2026derived |
| Investing cash flow | -35.2 m | -26.6 m | -39.4 m | -24.3 m | -40.4 m | -34.2 m | SEC (XBRL)· 11 Feb 2026verified |
| Financing cash flow | -648.0 m | -84.1 m | -97.1 m | -544.4 m | -110.2 m | -570.3 m | SEC (XBRL)· 11 Feb 2026verified |
| Share repurchases | 356.7 m | 0 | 0 | 0 | 0 | 18.0 m | SEC (XBRL)· 11 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 54.2% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Key indicators
Coverage and freshness
Score by group
54% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
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%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 1.9% | 0 (on a fixed band) | 19% |
| Net margin · Quality | -0.9% | 0 (on a fixed band) | 12% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | -9.3% | 0 (on a fixed band) | 15% |
| EPS CAGR 3Y · Growth | 113.7% | 100 (on a fixed band) | 15% |
| Net debt / EBITDA · Balance sheet | 8.7x | 0 (on a fixed band) | 19% |
| Interest coverage · Balance sheet | 0.3x | 0 (on a fixed band) | 12% |
| Current ratio · Balance sheet | 1.8x | 80 (on a fixed band) | 8% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet16/100 · 3/3 factors with a value
- Growth50/100 · 2/2 factors with a value
- Quality0/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partialunavailable · 0/3 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 Global Media Inc. (AMCX). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 2.3 bn USD in 2025; YoY growth -4.5%; net margin -0.9%; ROE -2.1%; net debt/EBITDA 8.7x.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (score weight coverage: 54.2% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- EPS CAGR 3Y: 113.7%
- Current ratio: 1.8x
What contradicts it
- ROIC: 1.9%
- Net margin: -0.9%
- Revenue CAGR 3Y: -9.3%
- Net debt / EBITDA: 8.7x
- Interest coverage: 0.3x
Not assessed (insufficient data or a ratio without meaning): FCF conversion, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Not enough comparable companies with data for an average.
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
Scenarios are not available. input data missing
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.
In brief
AMC Global Media is a global entertainment company that produces and distributes content through linear channels, streaming services and licensing, anchored by franchises such as The Walking Dead Universe. Quarterly revenue declined in 2026, but the Netflix licence agreement, worth 500 million USD over five years 3, could support cash flow in the coming years.
SWOT
Strengths
- The programme library and The Walking Dead Universe franchise give valuable IP that can be licensed.
- A diversified mix of linear channels, niche streaming services and an in-house studio.
- Strong relationships with major distributors, reflected in recent contract renewals.
Weaknesses
- Subscription and advertising revenue depend on a shrinking base of cable subscribers.
- Revenue is volatile because content licensing and deliveries follow an uneven timetable.
- Programming costs remain high, and some programmes are not recovered through revenue.
Opportunities
- Licensing content to outside platforms could bring stable long-term revenue.
- Expanding FAST and AVOD channels could increase advertising revenue.
- Launching services in new international markets could diversify revenue sources.
Threats
- Continued decline of linear television could further reduce affiliate revenue.
- Competition from large streaming services may push up programme acquisition costs.
- Tariffs and economic uncertainty could affect production costs and demand.
Risks
- Dependence on distributorshigh
A small number of distributors account for much of revenue, and failure to renew agreements on good terms could affect results.
- Unpredictable audienceshigh
Programme success depends on viewer preferences that are hard to anticipate, and misses can lead to write-offs of programme rights.
- High indebtednessmedium
Substantial debt and contractual covenants may limit financial flexibility.
- Programming costsmedium
Rising costs for talent and original productions could reduce profitability.
- Family controllow
Control by the founding family may create conflicts of interest and limit minority shareholder rights.
Investment thesis
What would need to be true (bull case)
- The Netflix licence agreement could provide substantial and predictable revenue over several years.
- Renegotiating contracts with major distributors shows a still-solid bargaining position.
- Growth in streaming and digital advertising could offset the decline of linear television.
What would break the thesis
- Quarterly revenue fell and operating profit declined considerably in 2026.
- The decline of cable subscribers could continue and further reduce affiliate revenue.
- Debt and sensitivity to advertising ratings may limit the ability to invest.
What to watch
- Timing of Netflix payments for The Walking Dead Universe2026
- Affiliate revenue trend after the Comcast and YouTube renewalsQ3 2026
- Final settlement of the accelerated share repurchaseQ4 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.
The business
The company is a holding company operating through subsidiaries and is organized in two segments, Domestic Operations and International. The domestic segment includes five programming networks (AMC, We TV, BBCA, IFC and SundanceTV), streaming services such as AMC+, Acorn TV and Shudder, the in-house AMC Studios and film distribution via the IFC Entertainment Group 1. The international segment, AMCNI, distributes channels reaching subscribers in more than 100 countries and territories 1. Revenue comes from subscription fees, advertising and content licensing.
The company reduced programming spend and repaid the Term Loan A facility, while a share repurchase programme was active at 30 June 2026 23. The capital structure includes Class A and Class B shares, and control remains with the founding family, which may create conflicts of interest 1.
Market context
US linear television has lost subscribers as streaming and virtual MVPDs have grown, and audiences have declined 1. Linear advertising is under pressure, while FAST and AVOD channels are becoming new revenue sources 13. Licensing content to streaming platforms remains an important opportunity for the library.
Competition for programming has intensified and large distributors hold strong bargaining power 1. Proposed tariffs on films produced outside the US add uncertainty to production costs 1.
Trends
- Decline of cable subscribersheadwind
The number of traditional US MVPD subscribers has fallen significantly, affecting affiliate revenue 1. In 2026 the company reported a decline in affiliate revenue 3.
- Growth of streaming and price increasestailwind
Streaming revenue rose in the second quarter of 2026, supported by price increases and new distribution partnerships 3.
- Licensing IP to outside platformstailwind
The Netflix agreement for The Walking Dead Universe could become a stable source of cash if payments follow the schedule 3.
- Declining linear advertisingheadwind
Lower ratings and weaker marketplace pricing reduced domestic advertising revenue, even as digital advertising grows 3.
Competitive position
The company competes with other media groups for programming and audiences, including Paramount Skydance and Warner Bros. Discovery, as well as streaming services such as Netflix, Apple TV+ and Prime Video 1. Rivals with exclusive studio contracts or owned libraries can obtain programming more easily 1.
In distribution, competition also comes from local broadcast stations and video on demand services that attract the same viewers 1. The company's edge lies in niche specialisation in crime, horror and independent film, where its brands enjoy strong loyalty 1.
- Paramount SkydancePSKY
Media group named in the source as a rival for programming and distribution.
- Warner Bros. DiscoveryWBD
Competitor for programming acquisition and content distribution.
- NetflixNFLX
Streaming service competing for programming and also a licensing partner.
- Apple TV+ and Prime Video
Streaming services competing for original programming and driving cost increases.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report08 Sept 2026Regulation FD disclosure · Other events · Financial statements and exhibits
- Quarterly report30 Jul 2026
- Current report30 Jul 2026Results of operations · Financial statements and exhibits
- Current report17 Jun 2026Departure or appointment of officers · Shareholder vote · Financial statements and exhibits
- Quarterly report08 May 2026
- Current report08 May 2026Results of operations · Financial statements and exhibits
- Proxy statement30 Apr 2026
- Current report08 Apr 2026Amendments to articles or bylaws · Other events · Financial statements and exhibits
- Current report03 Apr 2026Departure or appointment of officers · Financial statements and exhibits
- Current report26 Mar 2026Other events · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / AMC Global Media Inc. · 11 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / AMC Global Media Inc. · 30 Jul 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / AMC Global Media Inc. · 30 Jul 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.