Share count
155Mpeak FY2025
← All companies ← ANGO Manual ANIP → ← AMC Entertainment & Studios BATRA →
ANGX, Angel Studios Inc.
We are a media and technology company guided by a community of approximately 2.0 million grassroots Angel Guild members championing values-driven stories.
The combination of our community and our technology platform replaces the traditional Hollywood gatekeeper model with a scalable, data-informed approach to film and TV show decisions that improves with each new member and interaction.
As of December 31, 2025, through the Angel Guild, approximately 2.0 million paying members help decide what film and TV projects we will market and distribute.
The business
What it sells, where the money comes from, the kind of company it is.
Revenue · FY2025
$322M
+233.2% YoY
Vital signs · TTM, with 3-yr average
Revenue $389M 3-yr avg $207M
Revenue $115M +142.6% vs yr-ago qtr
Operating margin −2.3% yr-ago −70.8%
Net income ($14M) yr-ago ($37M)
Net margin −12.0% yr-ago −78.7%
The business in brief
read the 10-K →What this business is and what moves its needle, from its own SEC filings.
- What it is
- Revenue is led by Angel Guild (65%) and Theatrical (24%), with 2 more lines behind.
- Situation
- Unprofitable. No sustained operating profit across the record; an earnings multiple has nothing to rest on. What the record does show is revenue, the gross-margin trajectory, and the burn against the cash on hand. Distress / turnaround. Thin interest coverage, or operating cash burned against real debt, across the record. The balance sheet carries this situation; the debt schedule sets the clock.
- What moves the needle
- Operating margin has run around −51% through the cycle on a 58% gross margin, the operating line in the red even at its best — so the lever is whether the spending below the gross line can come down enough to clear a profit: revenue growth against the cost curve, and the cash runway until it does. The cash cycle has run negative through the cycle (a median of −55 days): the operation is paid before it pays, so working capital releases cash as the business grows rather than tying it up. On its own account, the filing leans hardest on customer concentration, set against the numbers in what the filing emphasizes, below.
Every line is arithmetic on the company's filings, shown in full in the sections below.
Where the money comes from
read the 10-K →Angel Guild is 65% of revenue, with Theatrical the other meaningful line at 24%.
Revenue by product line, FY2025
- Angel Guild65%$210M
- Theatrical24%$77M
- Content Licensing8%$24M
- Merchandise2%$7M
- Pay it Forward1%$2M
- Other0%$1M
- Other1%$2M
From the segment footnote of the company's own 10-K. Shares are of total revenue; the profit bar shows each segment's share of segment operating profit, before unallocated corporate costs.
The record
Ten years of arithmetic, read across the cycle.
The record, 2023–2025
realized figures from each filing · older years to the left| 2023’23 | 2024’24 | 2025’25 | TTMTTMMar 2026 | |
|---|---|---|---|---|
| Income statement | ||||
| $202M | $97M | $322M | $389M | RevenueRevenue |
| 58% | 54% | 61% | 62% | Gross marginGross mgn |
| 9% | 23% | 12% | 11% | SG&A / revenueSG&A/rev |
| 5% | 13% | 5% | 4% | R&D / revenueR&D/rev |
| $12M | ($87M) | ($164M) | ($133M) | Operating incomeOp. inc. |
| 6.1% | −89.8% | −51.0% | −34.2% | Operating marginOp. mgn |
| $13M | ($88M) | ($170M) | ($147M) | Net incomeNet inc. |
| Cash flow & returns | ||||
| $15M | ($51M) | ($83M) | ($72M) | Operating cash flowOp. cash |
| $6M | $8M | $14M | $15M | DepreciationDeprec. |
| ($5M) | $25M | $63M | $49M | Working capital & otherWC & other |
| $107K | $707K | $438K | — | BuybacksBuybacks |
| — | — | -474% | -479% | ROICROIC |
| Balance sheet | ||||
| $25M | $7M | $44M | $39M | Cash & investmentsCash+inv |
| — | $16M | $51M | $31M | ReceivablesReceiv. |
| — | $2M | $1M | $1M | InventoryInvent. |
| $99K | $8M | $40M | $26M | Accounts payablePayables |
| — | $10M | $12M | $6M | Operating working capitalOper. WC |
| $2M | $53M | $135M | $112M | Current assetsCur. assets |
| $5M | $80M | $219M | $188M | Current liabilitiesCur. liab. |
| 0.4× | 0.7× | 0.6× | 0.6× | Current ratioCurr. ratio |
| $47M | $111M | $241M | $213M | Total assetsAssets |
| — | $12M | $97M | $102M | Total debtDebt |
| — | $4M | $53M | $63M | Net debt / (cash)Net debt |
| 13.2× | -36.7× | -13.9× | -8.2× | Interest coverageInt. cov. |
| ($3M) | ($9M) | ($26M) | ($41M) | Shareholders’ equityEquity |
| 0.5% | 3.8% | 3.0% | 2.7% | Stock comp / revenueSBC/rev |
| Per share | ||||
| 140M | 138M | 155M | 169M | Shares out (diluted)Shares |
| $1.45 | $0.70 | $2.07 | $2.30 | Revenue / shareRev/sh |
| $0.10 | $-0.64 | $-1.10 | $-0.87 | EPS (diluted)EPS |
| $-0.02 | $-0.06 | $-0.17 | $-0.24 | Book value / shareBVPS |
The record, charted
FY2023–2025Each measure over its full record; the current point and the worst year marked.
Gross margin
61%low FY2024
Quality & stewardship
Returns, the balance sheet, capital allocation, and pay.
Owner’s Scorecard
FY2025 10-K · source on SEC EDGAR →
Will it survive?
- Can it pay its interest? -13.9×Does not cover its interestOperating income ($164M) ÷ interest expense $12M
What this means
A full year of operating profit didn't cover the interest bill. This is the zombie zone: the business depends on refinancing, asset sales, or forbearance to service its debt.
- Net debt against an operating lossCash $44M − debt $97M
What this means
Netting $44M of cash and short-term investments against $97M of debt leaves $53M owed, with no operating profit this year to measure it against — understand that combination before anything else about the company. Net debt is the leverage figure that matters: the cash is already set against the debt. Strategic or illiquid investments aren't counted here.
- Negative, funded by othersDSO 58 + DIO 4 − DPO 117 days
What this means
Days cash is tied up between paying suppliers and collecting from customers. A negative cycle is a quiet moat: suppliers and customers fund the operation (Buffett's “float”), the company grows on other people's money.
Is it a good business?
- Below averageNOPAT ($130M) ÷ invested capital $27M (debt + equity − cash)Industry peers: median -9%
What this means
The rate the business earns on the money tied up in it, Buffett's north star, because over time a stock tracks the ROIC beneath it. Above ~15% sustained hints at a moat; a return below the cost of capital (~8%) erodes value as a business grows rather than building it — the test Buffett weighs most. Asset-light businesses (R&D expensed, little capital) read artificially high, pair this with Owner Earnings.
- Not enough dataIndustry peers: median 7%
What this means
The filing data didn't include the inputs for this check.
- Are earnings backed by cash? ($83M)Loss, and burning cashNet income ($170M) · cash from operations ($83M)
What this means
The company reported a net loss, so a conversion ratio isn't meaningful. What matters then is whether operations still threw off cash, here, they did not.
How is the cash used?
- Not enough data
What this means
The filing data didn't include the inputs for this check.
- Investing or harvesting? —Not enough data
What this means
The filing data didn't include the inputs for this check.
Graham’s defensive tests · 0 of 3 met
Graham’s numerical criteria for the defensive investor (The Intelligent Investor, ch. 14), run on the filings. A floor of safety, not a buy signal; many fine modern businesses fail his strictest liquidity rules by design.
- Adequate size MissRevenue ≥ $2B · $322M
What this means
Big enough to weather a storm. Graham's 1972 floor was ~$100M of sales (≈ $700M today); we use a $2B revenue line as a conservative modern stand-in.
- Strong liquidity MissCurrent ratio ≥ 2× · 0.62×
What this means
Current assets at least twice current liabilities, near-term bills covered without touching the business. Strict by design: many cash-rich modern firms run leaner and miss it, holding their cushion in longer-dated securities.
- Conservative debt MissDebt ≤ working capital · $97M vs ($84M) WC
What this means
Graham's rule that borrowings not exceed net current assets. Capital-heavy and buyback-heavy firms routinely fail it, read it next to interest coverage, not alone.
- Moderate price —P/E ≤ 15 and P/E × P/B ≤ 22.5 · decided by the price
What this means
Graham's valuation gate, the wall he kept between a sound business and a sound investment. Three-year average earnings are $-0.48/share (latest year $-1.00), the averaged base the calculator's gate runs on, and book value is $-0.15/share. Enter a price in “What the price implies” just below for the P/E, P/B, and whether it clears. But this is the rule Buffett outgrew: there's no hard P/E law, and a wonderful business can deserve a far richer multiple if the thesis holds, treat it as the bargain-hunter's floor, not a verdict on the price.
Does AI threaten the moat?
Moderate contestabilityAI is likely to reshape costs and some products here without clearly contesting or sparing the core moat; how the company itself frames it is the tell.
In its own filing Raised, but not as a competitor
The filing raises AI among its risks, but in other terms (security, regulation, energy or the like), not as a competitor to its product; it frames AI mainly as a capability.
The question is whether a moat the record shows as durable outlasts a technology that lowers the cost of part of what the firm sells. The durability is read in the record above, the filing's own framing of AI beside it; the industry label decides nothing on its own.
Read from the filing's own risk factors, paired with the industry's structure under its SIC code; the durability is read above, the price below.
All figures as filed; the source filing is linked above.
Current Position
as of the latest quarter, Mar 31, 2026Can the business pay what it owes this year, off the freshest balance sheet: the quality of the assets, the debt actually coming due, and what a low ratio means here.
Current assets$112M
- Cash & short-term investments$39M
- Receivables$31M
- Inventory$1M
- Other current assets$41M
Current liabilities$188M
- Accounts payable$26M
- Other current liabilities$162M
Current ratio0.59×all current assets ÷ what's due · Graham looked for 2×
Quick ratio0.59×stricter: inventory excluded
Cash ratio0.21×strictest: cash alone against what's due
Working capital($77M)the cushion left after near-term bills
Cash runway0.5 yrsthe business is consuming cash; this is how long the cash on hand lasts at that rate
Revenue, latest quarter vs. a year ago+142.6%the freshest read on whether the business is still growing
Current ratio, recent quarters0.2× → 0.6×
Deeper floors
Tangible book value($45M)equity stripped of goodwill & intangibles
Net current asset value($143M)Graham's net-net: current assets less all liabilities
Debt incl. operating leases$49M$3M of it operating leases
Deferred revenue$75Mcustomer cash collected before delivery; operating float
From the company's latest filing.
Debt maturity
the debt note, SEC EDGAR →Not how much it owes, but when it falls due, and against what. The ladder the company files, beside cash on hand and a year's owner earnings.
Bars scaled to the largest single year.
Due in the next 12 months$0the first rung: what must be repaid or rolled over within the year
Within two years$7Mthe near wall, the part most exposed to today’s credit conditions
Biggest single year$14Min 2029the lumpiest maturity, where a refinancing, if needed, is largest
Due over the next five years$46Mthe near slice; the balance sheet carries $97M of debt in all
Maturity schedule extracted from the company’s Dec 31, 2025 annual report and reconciled to the balance-sheet debt.
Management, ownership & pay
read the proxy →From the proxy: how much of the business the people running it own, and how they are paid.
- Insider ownership3.4%
The stake all directors and executive officers hold together, per the 2026 proxy: skin in the game, the first thing Munger reads.
- Stock-based compensation$10M
The slice of the business handed to employees in shares this year, 3% of revenue. Buffett's oldest accounting fight: this is compensation, compensation is an expense, real whether or not the headline earnings admit it. One trap: the cash-flow statement adds SBC back, so the operating cash, and the owner earnings drawn from it, are flattered by exactly this amount; counted as the cost it is, what an owner keeps is lower.
Peers, nearest by economic model
No close industry peers in the catalog yet, so these are the nearest by economic model (asset-light compounder), compared on owner economics. Each figure is a through-cycle median, so a peak or trough year can’t distort it; the group median at the foot is the line to read each against.
| Company | Revenue | Gross margin | Op. margin | ROIC | Owner earn. margin |
|---|---|---|---|---|---|
| FUBOFuboTV Inc. | $1.6B | 48% | -258.2% | -49% | -31% |
| TCMDTactile Systems Technology Inc. | $330M | 71% | 4.3% | 9% | 3% |
| MKTWMarketWise Inc. | $328M | 57% | 11.6% | — | 14% |
| ANGXAngel Studios Inc. | $322M | 58% | -51.0% | -474% | — |
| AGYSAgilysys | $319M | 61% | -2.5% | -14% | 17% |
| DOMODomo, Inc. | $319M | 73% | -34.5% | — | -8% |
| XPOFXponential Fitness Inc. | $315M | 85% | 5.5% | — | 7% |
| RPAYRepay Holdings Corporation | $309M | 76% | -20.6% | -4% | 24% |
| Group median | — | 66% | -11.6% | -14% | — |
The price
What a price has to assume.
What the price implies
reverse-DCFThe owner-earnings base could not be formed from this filing’s tagged data (operating cash flow or capital spending is missing), so the owner-earnings reverse-DCF has no base to grow. We read the price from both ends instead: type a price to see the profitability it demands, then set the mature margin you would believe and weigh the two against each other. Nothing leaves your browser unless you enter it in your notebook.
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The assumptions
Enter a price to run it.
Owner earnings it must reach—
Margin the price demands—
Owner-earnings margin today—
A dated snapshot of the price you typed, the assumptions you set, and what the page showed for them. A snapshot is never edited after it is saved. Your notebook is yours alone — the commitment states what is stored and what we will never do.
Two reads of one future. From your price: the owner earnings the company must reach, valued at a mature multiple and discounted back at your rate, expressed as the margin it implies on revenue grown at your rate. From your belief: the mature margin you would credit, set on the dial above. When the margin the price demands runs above the one you would believe, you are paying for a future taken on faith. For a deep cyclical at a trough, normalized through-cycle earnings are the better lens; this mode is for the genuinely unprofitable, and for the profitable business whose capital spending currently outruns its cash.
Cite: Owner Scorecard, "Angel Studios Inc. (ANGX), the owner's record," https://ownerscorecard.com/c/ANGX, data as of 2026-07-09.
Manual order: ← ANGO its page in the Manual ANIP →
Industry order: ← AMC the Entertainment & Studios chapter BATRA →