Alliance Entertainment Holding Corporation
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Assessment
Our Rating
A journalistic assessment by our editorial team at the time of the deep dive — it rates the company, not the entry point. Not investment advice and not a solicitation to buy or sell.
The business works in principle, but one material question is open. As long as it stays open, our findings do not carry a quality verdict.
Why this colour
Yellow, because the business works but one material operating question stays open: whether this company can fund its growth out of its own resources. In the fiscal year ended June 30, 2026 net income of $13.058 million came with operating activities using $1.700 million of cash — inventory and receivables grew by $41.2 million combined, far faster than the 8.0 percent revenue growth. At a 2.4 percent operating margin and a 1.1 percent net margin there is no cushion for that kind of swing: $0.814 million sat in cash on the balance sheet date while $74.3 million of the revolver was drawn, and the borrowing base itself depends on inventory and receivable values. Then comes the concentration — three customers at 45.2 percent of revenue, one of them holding 29.3 percent of all receivables — whose risk became visible in the same year through the $7.823 million write-off after the vendor Tastemakers ceased operations. This expressly falls short of red: shareholders' equity is positive at $116.616 million and rising, interest coverage is 3.6, all covenants were met at year-end, $45.7 million of the commitment was available, the facility runs to October 2030, and the auditors saw no reason for a going-concern paragraph. What is missing for green is evidence that reported profit reliably arrives as cash. Two points that take up considerable space in the article are expressly not part of this rating: the low share price with its 0.26 price-to-sales ratio is a price argument, and the narrow free float of 3,371,581 shares is a tradeability risk — neither is a measure of business quality. Green would come into view once operating cash flow runs well above reported profit across a full reporting period and customer concentration falls. The decision is yours.
What the thesis turns on
Assessment: Opportunities & Risks
Alliance Entertainment distributes physical entertainment media at scale and is growing again: revenue of $1,148.986 million in the fiscal year ended June 30, 2026, up 8.0 percent, with gross margin rising from 12.5 to 13.3 percent. What reaches the bottom line is thin — $13.058 million of net income, or 1.1 percent of revenue — and last year it did not reach the bank account at all: operating activities used $1.700 million because inventory and receivables grew by $41.2 million combined. On the balance sheet date $0.814 million sat in cash against $74.3 million drawn on the revolver. Add three customers accounting for 45.2 percent of revenue and an ownership structure in which about 94 percent of the shares belong to management. Not investment advice.
Business model and market position
Alliance is the exclusive distribution partner for close to 200 studios and labels and supplies more than 35,000 storefronts from an inventory of over 340,000 stock-keeping units. The exclusive agreements with Paramount (since January 2025) and Amazon MGM Studios (since January 2026) are hard advantages in a market that is narrowing to a handful of physical distribution partners. Revenue from movies on disc rose 22 percent to $339 million in the fiscal year ended June 30, 2026.
Earnings power
The margin is structurally thin: of $1,148.986 million of revenue in the fiscal year ended June 30, 2026, $27.219 million remained as operating income (2.4 percent) and $13.058 million as net income (1.1 percent). Gross profit did rise 15 percent to $152.324 million, but selling, general and administrative expenses grew by $10.177 million and a $7.823 million write-off was added on top. A cost shock worth one percentage point of revenue would halve the annual profit.
Cash and working capital
In the fiscal year ended June 30, 2026 operating activities used $1.700 million of cash, after providing $26.809 million the year before: inventory rose by $23.751 million and receivables by $17.455 million, while accounts payable grew only $15.658 million. On the balance sheet date $0.814 million sat in cash against $74.3 million drawn on the revolver. Working capital grew from $45.4 million to $62.4 million.
Financing and balance sheet
Shareholders' equity rose to $116.616 million as of June 30, 2026, from $103.222 million. Moving the revolver to Bank of America on October 1, 2025 cut the average effective rate from 9.2 to 6.1 percent and interest expense from $10.575 million to $7.606 million; interest coverage stands at 3.6. The $120 million commitment runs to October 1, 2030, $45.7 million was available, all covenants were met at year-end, and a $10.0 million shareholder loan was repaid.
Customer and supplier concentration
The three largest customers represented 45.2 percent of revenue in the fiscal year ended June 30, 2026, up from 39.9 percent; one of them accounted for 29.3 percent of all outstanding receivables at the balance sheet date, or roughly $32.5 million of the $111.038 million total. On the purchasing side the largest supplier represented 23.7 percent. That the risk is real was shown in the same year by the $7.823 million write-off after the vendor Tastemakers ceased operations.
Ownership and tradeability
Executive officers, directors and their affiliates held about 94 percent of the Class A common stock as of the date of the annual report; the company put the free float at 3,371,581 of 50,979,630 shares as of June 24, 2026. The charter restatement meant to strip the 60,000,000 Class E shares of their voting rights, and with it open the door to the Russell 3000, was nullified by Certificate of Correction on August 26, 2026. On top of that sits a block of 4,350,000 pledged shares from a private loan between the executive chairman and the chief executive.
Worth Noting
Alliance Entertainment came onto the research list through the filing calendar of the U.S. securities regulator: the annual report for the fiscal year ended June 30, 2026 arrived on September 10, 2026, and reading the filings backwards surfaced a charter restatement that was nullified four weeks after it was filed. A reason to look is not a verdict.
Recency: the most recent periodic report evaluated is the annual report (Form 10-K) for the fiscal year ended June 30, 2026, filed September 10, 2026, together with the earnings release (Form 8-K, Item 2.02) of the same day. Every filing from that date onwards was reviewed; none newer existed as of September 19, 2026. No Form 15, no Form 25; ticker AENT and warrant AENTW unchanged on Nasdaq.
Data basis: not a single figure in this analysis comes from a market data feed. All numbers come from the original SEC documents, and the valuation anchor is not a live quote but the $5.84 price documented in the annual report for June 30, 2026. The market capitalization cross-check required by our own procedure could therefore not be run against a second source; the share count of 50,979,630 comes directly from the cover page of the annual report. Metrics displayed automatically on the stock page may differ or be missing.
Possible confusion: the listed shell was named Adara Acquisition Corp. from September 25, 2020 to February 6, 2023 and was a blank-check company with no operations, so older databases sometimes carry the stock under that name or its former symbol. The SEC identifier CIK 0001823584 has stayed the same. Alliance Entertainment should also not be confused with Alliance Laundry Holdings, a listed maker of commercial laundry equipment.
Stock Watch
This analysis is as of September 19, 2026. Stock Watch will tell you what's changed at AENT since then.
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Price history
Chart
Interactive price chart (TradingView).
52-week range: 4.60 $ to 8.40 $ · Last price: 4.80 $ (As of: September 28, 2026)
Key figures
Key figures at a glance
Every figure we hold for this stock, grouped by topic. The question mark next to a label explains what the number means.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 09/29/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
This stock currently pays no dividend.
Quality & Screener
Comparison
Industry comparison
The stock alongside the largest companies in the same group. The median row is the middle value of the companies shown above — not of the whole industry.
Industry: Entertainment
| Company | Market cap ($B) | P/E | EV/EBITDA | Gross Margin % | EBIT Margin % | Sales Growth (Year) % | Perf. 1Y % |
|---|---|---|---|---|---|---|---|
| Alliance Entertainment Holding Corporation AENT | 0.2 | 10.6 | 11.0 | 13.3 | 1.4 | -3.4 | -28.8 |
| Netflix Inc NFLX | 291.6 | 23.7 | 8.7 | 49.1 | 32.3 | 15.9 | -42.8 |
| Walt Disney Company DIS | 182.9 | 17.6 | 11.0 | 37.6 | 15.5 | 3.4 | -5.6 |
| Warner Bros Discovery Inc WBD | 77.4 | – | 7.8 | 47.8 | 8.6 | -5.2 | 58.4 |
| Live Nation Entertainment Inc LYV | 40.5 | – | 24.6 | 25.8 | -9.9 | 8.8 | 6.2 |
| TKO Group Holdings, Inc. TKO | 33.8 | 68.8 | 11.7 | 59.5 | 21.2 | 68.9 | -5.2 |
| Fox Corp Class A FOXA | 26.8 | 17.6 | 9.3 | 36.6 | 21.4 | 16.6 | 5.7 |
| Fox Corp Class B FOX | 24.0 | 15.9 | 9.3 | 36.6 | 21.4 | 16.6 | 4.9 |
| Liberty Media Corporation (Serie C) FWONK | 23.9 | 42.2 | 23.7 | 32.6 | 9.0 | 22.7 | -9.0 |
| Median of companies shown | 33.8 | 17.6 | 11.0 | 36.6 | 15.5 | 15.9 | -5.2 |
Based on the most recently reported figures. Only stocks from the same trading venue are lined up, so the market caps are counted in one currency. Compare in a chart →
Fiscal years
Annual Figures
Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.
Revenue, operating income and net income per fiscal year $M
Revenue Operating income Net income
| Fiscal Year | Revenue ($M) | EBIT ($M) | Net Income ($M) | EPS ($) | Operating Cash Flow ($M) | Equity ($M) | Total Assets ($M) |
|---|---|---|---|---|---|---|---|
| 2019 | 747 | 10 | -6 | -6.55 | -5 | – | – |
| 2020 | 776 | 9 | 5 | 2.14 | 27 | 53 | 277 |
| 2021 | 1,324 | 48 | 34 | 2.61 | 75 | 80 | 389 |
| 2022 | 1,417 | 42 | 29 | 1.99 | -84 | 109 | 473 |
| 2023 | 1,147 | -22 | -31 | – | 49 | – | – |
| 2024 | 1,100 | 14 | 5 | 0.09 | 56 | 88 | 341 |
| 2025 | 1,063 | 30 | 15 | 0.30 | 27 | 103 | 361 |
| 2026 | 1,149 | 36 | 13 | 0.00 | -2 | 117 | 398 |
Quarters
Quarterly Figures
Each bar is one quarter, the last one is the most recent. Use the switch to step through the individual figures.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
Click the chart or tab into it, then use ← and → to step through the periods.
None of the selected stocks reports this metric. Pick another metric or switch between annual and quarterly.
· Total · per year
These companies report in different currencies — switch on “Indexed” or pick a margin for a fair comparison.
The figures could not be loaded right now.
Source: fundamental data
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q2 | 0.07 | 178.60 | 237 | -4.10 | 1.10 | 10 | 10 |
| 2024: Q3 | 0.01 | 114.60 | 229 | 1.00 | 0.20 | -12 | -12 |
| 2024: Q4 | 0.14 | -20.00 | 394 | -7.50 | 1.80 | 21 | 21 |
| 2025: Q1 | 0.04 | 160.30 | 213 | 0.90 | 0.90 | 3 | 2 |
| 2025: Q2 | 0.11 | 48.60 | 228 | -3.90 | 2.50 | 25 | 25 |
| 2025: Q3 | 0.12 | 1,100.00 | 254 | 10.90 | 1.90 | 3 | 2 |
| 2025: Q4 | 0.18 | 28.60 | 369 | -6.30 | 2.50 | -17 | -17 |
| 2026: Q1 | 0.05 | 25.00 | 258 | 21.20 | 0.90 | 21 | 21 |
| 2026: Q2 | -0.06 | -154.50 | 1 | -99.80 | -700.00 | -9 | -9 |
What Do These Terms Mean?
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Screening
Appears in These Scanners
This stock currently matches 5 of our scanner strategies — each hit links to the scanner.
Quality & Balance Sheet
Research
Risk & Weakness
Value & GARP
Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. Scanners marked in red are red-flag signals (risk/short scanners) — appearing there is not a seal of approval. View all scanners
Outlook
Analysts & Price Target
Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.
Distribution of Recommendations
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate ($) | EPS Range ($) | Revenue Estimate ($M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 06/30/2027 | 0.42 | 0.31 – 0.53 | 1,159 | – | 2 |
| 06/30/2028 | 0.32 | 0.32 – 0.32 | 1,090 | – | 1 |
Average of the analyst estimates for the coming fiscal years. The range shows how far the most optimistic and the most cautious estimate sit apart — the wider it is, the less certain the expectation.
Valuation
What is priced in?
Free cash flow over the past twelve months is negative, which rules out a serious reverse calculation. Any growth rate only makes a negative cash flow more negative; no present value comes out of it. What the price reflects here is therefore not a stream of cash flows, but the expectation that there will be one at all.
A simplified model calculation — not a forecast and not a recommendation.
AI classification
AI Rating
Alliance Entertainment verkauft keine KI-Produkte und nennt KI auch nirgends als Bedrohung des eigenen Geschäfts; der Geschäftsbericht für das Geschäftsjahr bis 30.06.2026 beschreibt KI ausschließlich als internes Werkzeug — für Arbeitsabläufe, Finanz- und Betriebsprozesse sowie im seit Februar 2026 eingesetzten Vertriebs- und Kundenverwaltungssystem.
View the full file — quotes, sources, reviewed filings
„Management continues to review SG&A expenditures and business processes to identify opportunities to improve operational efficiency, including the ongoing evaluation and implementation of artificial intelligence tools and automation technologies to enhance workflows, streamline financial and operational processes, and support scalable growth while maintaining appropriate controls."
Das Management prüft weiterhin die Vertriebs- und Verwaltungskosten sowie die Geschäftsprozesse auf Möglichkeiten, die betriebliche Effizienz zu steigern — einschließlich der laufenden Bewertung und Einführung von Werkzeugen der künstlichen Intelligenz und von Automatisierungstechnik, um Arbeitsabläufe zu verbessern, Finanz- und Betriebsprozesse zu verschlanken und skalierbares Wachstum zu unterstützen, bei gleichzeitig angemessenen Kontrollen.
10-K · 2026-09-10 · View SEC filing
„Integrated Hubspot marketing and customer relationship management (CRM) tools supporting multi-channel retailer marketplaces. Hubspot with its AI tools was installed and working as Februry 2026."
Integrierte Marketing- und Kundenverwaltungswerkzeuge von Hubspot, die Handelsmarktplätze über mehrere Kanäle unterstützen. Hubspot mit seinen KI-Werkzeugen war im Februar 2026 eingerichtet und in Betrieb. (Schreibweise „Februry“ wörtlich aus dem Original.)
10-K · 2026-09-10 · View SEC filing
„the board of directors in identifying and understanding new and emerging technology issues, trends, opportunities and threats that may impact the Company’s overall business strategy, which technologies may include, without limitation, artificial intelligence, machine learning and other emerging technologies;"
den Verwaltungsrat dabei zu unterstützen, neue und aufkommende Technologiefragen, Trends, Chancen und Gefahren zu erkennen und zu verstehen, die sich auf die Gesamtstrategie des Unternehmens auswirken können; zu diesen Technologien können unter anderem künstliche Intelligenz, maschinelles Lernen und andere neu aufkommende Technologien zählen;
10-K · 2026-09-10 · View SEC filing
Filings Reviewed: 10-K 2026-09-10 · 8-K 2026-09-10 · 8-K 2026-08-28 · DEF 14C 2026-07-07 · 10-Q 2026-05-14 · 8-K 2025-10-02
Rated on September 19, 2026 · How the Rating Is Built
Growth
Growth Score
Ten checks against the annual reports — each one passed counts a point.
- Revenue grows by more than 15% a year over three years 0.1%
- More than 10% revenue growth is expected for the coming year -78.0%
- Share count grows by less than 3% a year no data
- Revenue growth plus cash-flow margin add up to at least 40 ("Rule of 40") 7.8%
- Gross margin at 40% or higher and without meaningful erosion 13.3%
- Goodwill from acquisitions does not grow faster than revenue no data
- Net debt below twice EBITDA 2.2 x EBITDA
- Operating cash flow covers the profits of the last three years 48 m
- Return on capital at 15% or higher, or up versus two years ago 16.9%
- Insiders hold at least 10% or are net buyers 76.7%
A criterion without figures counts neither as passed nor as failed; a score is only produced from 7 judgeable criteria upwards. Source: fundamental data. All ten criteria in detail
Quality check
AAQS
7/10The AAQS (AlleAktien Quality Score) checks 10 quality criteria on growth, profitability, and balance-sheet strength — per the methodology developed and published by AlleAktien, calculated by us from our own fundamental data. A stock counts as a quality stock from 9 out of 10 points. Where a company has a shorter listing history, we calculate over the fiscal years available (at least five).
- Sales growth 10Y > 5% 6.4%
- Exp. sales growth 3Y > 5% -2.6%
- EBIT growth 10Y > 5% 19.3%
- Exp. EBIT growth 3Y > 5% 3,166.0%
- Net debt < 4x EBIT 2.6x
- EBIT positive, 10Y straight 7
- Max. EBIT decline < 50% 100.0%
- Return on equity > 15% 320.3%
- ROCE > 15% 16.9%
- Expected return > 10% 3,128.9%
View stocks with the full AAQS score · Read the methodology at AlleAktien
Source: fundamental data
The company
About the Company
Alliance Entertainment Holding Corporation ist weltweit als Großhändler und E-Commerce-Anbieter für die Unterhaltungsbranche tätig. Das Unternehmen bietet Schallplatten, Videospiele, DVDs, Blu-rays, Spielzeug, CDs, Sammlerstücke und weitere Unterhaltungs- und Konsumprodukte an. Es bietet zudem Logistikprodukte und -dienstleistungen für Dritte an. Das Unternehmen vertreibt seine physischen Medien, Unterhaltungsprodukte, Hardware und Zubehörteile über eine Mehrkanalstrategie. Es exportiert seine Produkte. Alliance Entertainment Holding Corporation wurde 1990 gegründet und hat seinen Sitz in Plantation, Florida.
- Employees
- 724
- Headquarters
- Plantation, FL
- Address
- 8201 Peters Road, 33324 Plantation, United States
- Phone
- 954 255 4000
- Website
- aent.com
- IPO Date
- 03/24/2021
- ISIN
- US01861F1021
- Stock Split
- 3:1 on 07/10/2006
Management
| Name | Title | Birth Year |
|---|---|---|
| Bruce Ogilvie Jr. | Executive Chairman of the Board | 1957 |
| Jeffrey Walker | CEO & Director | 1967 |
| Warwick Goldby | Chief Operating Officer | 1976 |
| Robert Black | Chief Compliance Officer | 1961 |
| Ben Means | President of Distribution Solutions | – |
| Robert Oram | Executive VP | – |
| Ian Ching | Senior Vice President of Information Technology | – |
| Tony Timpano | Senior Vice President of Business & Legal Affairs | – |
| Alex Jimenez | Senior Vice President of Import Services | – |
| Sandy Marsans | Senior Vice President of Information Technology | – |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Filings
Company Filings (8-K)
An 8-K is the filing a US company must use to disclose material events immediately — takeovers, changes at the top, major contracts or payment troubles, for instance. The links open the original document at the US Securities and Exchange Commission (SEC).
- 09/10/2026 ALLIANCE ENTERTAINMENT HOLDING CORP (AENT): Results of Operations and Financial Condition; Regulation FD Disclosure; Financial Statements and Exhibits SEC ↗
- 08/28/2026 ALLIANCE ENTERTAINMENT HOLDING CORP (AENT): Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year; Financial Statements and Exhibits SEC ↗
Data as of: September 28, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.