AMC Networks Inc
🔔 Watch stock
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.
We found at least one documented issue that threatens the company itself — regardless of how the stock is currently valued.
Why this colour
The balance sheet holds up in the near term — $988.2 million of equity, $552.1 million in cash, an Altman Z of 7.13 in the Z-double-prime variant whose safe zone starts at 2.6 — and free cash flow of $272.4 million is real. The quality of the business underneath is not. First, direction: revenue fell from $2,711.9 million (2023) through $2,421.3 million (2024) to $2,311.8 million (2025), and another 2.4 percent in the first quarter of 2026; advertising alone dropped 14.2 percent in 2025. Second, earnings quality: $129.8 million of the $148.0 million of 2025 pre-tax income came from repurchasing the company's own bonds below par, and the cash flow from spending $815.2 million on program rights while amortizing $846.8 million — program rights fell in the first quarter of 2026 alone from $1,766.6 million to $1,691.6 million. Third, leverage: $1,197.2 million of net debt against $430.5 million of market capitalization, and in the first quarter of 2026 interest expense of $41.3 million exceeded operating income of $31.3 million. Add an impairment test in which the U.S. segment cleared its carrying value by only 6 percent while the International segment already took a $93.4 million write-off. A shrinking business, borrowed earning power, high leverage — that is red, not yellow.
What the thesis turns on
Assessment: Opportunities & Risks
AMC Global Media is the metric trap in its purest form: a market capitalization of $430.5 million equals 1.6 times free cash flow of $272.4 million — and as soon as net debt of $1,197.2 million stands beside it, that becomes 6.0 times. The cash flow itself comes from spending only $815.2 million on program rights in 2025 while amortizing $846.8 million; the reported profit came 88 percent from repurchasing the company's own bonds below par. The business underneath has shed $400 million of revenue since 2023, advertising alone fell 14.2 percent in 2025, and in the first quarter of 2026 interest expense exceeded operating income. Above it all, the Dolan family holds roughly 79 percent of the votes with about 4 percent of the Class A shares. Not investment advice.
Cash flow and valuation
Free cash flow was $272.4 million in 2025 (2024: $330.8 million) against a market capitalization of $430.5 million — 1.6 times. Cash rose to $552.1 million during the first quarter of 2026. Price-to-sales 0.18, price-to-book 0.45 (data as of July 24, 2026).
Where the cash flow comes from
From drawing down the content library: in 2025 the company amortized $846.8 million of program rights but spent only $815.2 million on them. In 2023 the ratio was the other way round ($906.2 million against $1,079.9 million). Program rights fell during the first quarter of 2026 from $1,766.6 million to $1,691.6 million, and the in-production and in-development line from $333.6 million to $307.1 million.
Earnings quality
Of $148.0 million in 2025 pre-tax income, $129.8 million came from repurchasing the company's own bonds below par — 88 percent. Without that one-off accounting gain, $18.2 million would have remained. In the first quarter of 2026 interest expense of $41.3 million exceeded operating income of $31.3 million and a net loss of $18.9 million remained.
Leverage
Net debt of $1,197.2 million stands against $430.5 million of market capitalization — $2.80 of debt per dollar of market capitalization. The March 13, 2026 exchange lifted principal from roughly $830.6 million to roughly $884 million, the coupon from 10.25 to 10.50 percent and the maturity from 2029 to 2032. The term loan was repaid on May 12, 2026 and the revolver terminated — which also removes the maintenance covenants attached to them.
Business trend
Revenue fell from $2,711.9 million (2023) through $2,421.3 million (2024) to $2,311.8 million (2025), advertising alone by 14.2 percent to $580.8 million in 2025. The first quarter of 2026 added another 2.4 percent decline. In the 2025 impairment test the fair value of the U.S. segment exceeded its carrying value by only 6 percent; the International segment took a $93.4 million write-off.
Control and share structure
As of December 31, 2025 the Dolan Family Group held all Class B shares with ten votes each, roughly 4 percent of the Class A shares and therefore roughly 79 percent of all votes; Class A holders elect only at least 25 percent of the board. The 11,484,408 Class B shares convert one-for-one into Class A at any time — about 35 percent of the Class A count.
Worth Noting
AMC Global Media reached our research list through our in-house price-to-free-cash-flow ranking (U.S. selection). Important for context: the list had 545 U.S. hits on July 27, 2026, and AMCX sat at rank 32 with a reading of 1.74 — outside the 25 displayed places. The stock can be looked up through the stock screener (country United States, P/FCF filter "under 10", search box AMCX). It also appears in the price-to-sales and price-to-cash-flow rankings. All lists are recomputed daily.
The data basis is the annual report 10-K for 2025 (filed February 11, 2026), the quarterly report 10-Q as of March 31, 2026 (filed May 8, 2026, the most recent periodic report) and the 8-K filings of March 13, 2026 and June 17, 2026. Market data as of July 24, 2026. Market capitalization was calculated by us: 43,927,712 shares across both classes per the quarterly report cover page (as of May 1, 2026) times $9.80. Data services that carry only the 32,443,304 Class A shares arrive at $318.0 million and land roughly a quarter too low.
Three risks of confusion: AMC Global Media (ticker AMCX) is not the cinema chain AMC Entertainment (ticker AMC). The name AMC Networks Inc. applies only through April 3, 2026, while the SEC identifier (CIK 0001514991) stays. And the Altman Z-score of 7.13 comes from the Z-double-prime variant for non-manufacturers, whose thresholds are 1.1 (distress) and 2.6 (safe zone) — not from the original formula with 1.8 and 3.0.
Stock Watch
This analysis is as of August 26, 2026. Stock Watch will tell you what's changed at AMCX since then.
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Price history
Chart
Interactive price chart (TradingView).
52-week range: 6.50 $ to 12.90 $ · Last price: 11.80 $ (As of: September 17, 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 09/18/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
This stock currently pays no dividend.
Quality & Screener
Highlighted are things our editorial team noticed: green = stands out as strong, red = deserves a closer look. No single metric is a verdict on its own — always read it in context.
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 % |
|---|---|---|---|---|---|---|---|
| AMC Networks Inc AMCX | 0.5 | – | 1.6 | 48.3 | – | -4.5 | 41.5 |
| Netflix Inc NFLX | 317.3 | 25.8 | 9.4 | 49.1 | 32.3 | 15.9 | -38.7 |
| Walt Disney Company DIS | 182.5 | 17.6 | 11.2 | 37.6 | 15.5 | 3.4 | -8.0 |
| Warner Bros Discovery Inc WBD | 70.7 | – | 7.3 | 47.8 | 8.6 | -5.2 | 57.0 |
| Live Nation Entertainment Inc LYV | 39.6 | – | 24.9 | 25.8 | -9.9 | 8.8 | 0.4 |
| TKO Group Holdings, Inc. TKO | 35.2 | 71.7 | 12.0 | 59.5 | 21.2 | 68.9 | -4.5 |
| Fox Corp Class A FOXA | 27.6 | 18.2 | 9.9 | 36.6 | 21.4 | 16.6 | 10.8 |
| Fox Corp Class B FOX | 24.7 | 16.4 | 9.9 | 36.6 | 21.4 | 16.6 | 10.2 |
| Liberty Media Corporation (Serie C) FWONK | 23.7 | 41.9 | 24.1 | 32.6 | 9.0 | 22.7 | -7.7 |
| Median of companies shown | 35.2 | 22.0 | 9.9 | 37.6 | 18.4 | 15.9 | 0.4 |
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) |
|---|---|---|---|---|---|---|---|
| 2016 | 2,756 | 658 | 271 | 3.74 | 514 | 218 | 4,481 |
| 2017 | 2,806 | 722 | 471 | 7.18 | 386 | 383 | 5,033 |
| 2018 | 2,972 | 727 | 446 | 7.57 | 607 | 645 | 5,279 |
| 2019 | 3,060 | 625 | 380 | 6.67 | 484 | 1,001 | 5,597 |
| 2020 | 2,815 | 443 | 240 | 4.64 | 749 | 617 | 5,246 |
| 2021 | 3,078 | 490 | 251 | 5.77 | 143 | 1,187 | 5,749 |
| 2022 | 3,097 | 87 | 8 | 0.17 | 182 | 1,107 | 5,634 |
| 2023 | 2,712 | 388 | 215 | 4.90 | 204 | 1,048 | 4,970 |
| 2024 | 2,421 | -40 | -227 | -4.50 | 376 | 856 | 4,362 |
| 2025 | 2,312 | 258 | 89 | 1.58 | 306 | 982 | 3,937 |
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: Q4 | -6.38 | – | 599 | -11.70 | -47.50 | 58 | 38 |
| 2025: Q1 | 0.32 | -69.00 | 555 | -6.90 | 3.30 | 109 | 94 |
| 2025: Q2 | 0.89 | – | 600 | -4.10 | 8.40 | 103 | 96 |
| 2025: Q3 | 1.36 | 84.10 | 562 | -6.30 | 13.60 | 43 | 40 |
| 2025: Q4 | -0.97 | – | 595 | -0.80 | -9.30 | 49 | 40 |
| 2026: Q1 | -0.43 | -235.70 | 542 | -2.40 | -3.50 | 66 | 63 |
| 2026: Q2 | -0.51 | -157.30 | 548 | -8.80 | -4.00 | 57 | 43 |
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 10 of our scanner strategies — each hit links to the scanner.
Quality & Balance Sheet
Breakout & Setup
Momentum & Trend
- 21-EMA Trend
- Above the 50- & 200-SMA
- Mark Minervini: Trend Criteria — 1 Month
- Power Trend
- Stan Weinstein: Stage 2
Research
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. 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 |
|---|---|---|---|---|---|
| 12/31/2026 | 2.68 | 1.73 – 3.50 | 2,429 | 32.2% | 7 |
| 12/31/2027 | 2.76 | 2.11 – 3.28 | 2,401 | 2.7% | 7 |
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?
Instead of guessing what the stock is worth, we turn the question around: what free cash flow growth has to happen for today’s market value to add up? The assumptions behind it can be moved.
With these assumptions (discount rate 10.0%, terminal growth 2.5%), no growth rate between -20.0% and 60.0% per year explains today’s market value — the reverse calculation yields no meaningful figure here.
| Free cash flow (last twelve months) | $190.5M |
|---|---|
| Market cap | $518.0M |
| Free cash flow in year ten | – |
| Terminal value as a share of market value | – |
For comparison: over the past five years free cash flow shrank by 17.3% per year.
It shows which assumption is built into today’s price, not whether that assumption will hold. Every assumption can be changed with the sliders; the figures move with them.
A simplified model calculation — not a forecast and not a recommendation.
AI classification
AI Rating
Der Geschäftsbericht 2025 nennt generative KI in den Risikofaktoren als konkrete Gefahr für das eigene Inhaltegeschäft — sie senke die Eintrittsschwellen für Erstellung, Bündelung, Auffindbarkeit und Verbreitung von Inhalten und erschwere den Schutz vor unbefugter Nutzung eigener Werke; eine eigene KI-Erlösquelle weist das Unternehmen nicht aus.
View the full file — quotes, sources, reviewed filings
„Additionally, new technological developments, including the development and use of generative artificial intelligence (“AI”) and large language model tools, are rapidly evolving. If our competitors gain an advantage by using such technologies to create, market, target or distribute content more efficiently or effectively, our ability to compete effectively and our results of operations could be adversely impacted."
Darüber hinaus entwickeln sich neue technische Entwicklungen rasch weiter, darunter die Entwicklung und der Einsatz generativer künstlicher Intelligenz (KI) und großer Sprachmodelle. Verschaffen sich unsere Wettbewerber mit solchen Techniken einen Vorteil, um Inhalte effizienter oder wirksamer zu erstellen, zu vermarkten, auszusteuern oder zu verbreiten, könnten unsere Wettbewerbsfähigkeit und unsere Geschäftsergebnisse beeinträchtigt werden.
10-K · 2026-02-11 · View SEC filing
„Additionally, the development and use of AI and machine learning technologies, including generative AI and large language models, in our industry are rapidly evolving, and the advantages and risks associated with their use remain uncertain. These technologies may create new competitive dynamics and lower barriers to entry for content creation, aggregation, discovery and distribution."
Zudem entwickeln sich KI- und maschinelle Lerntechniken einschließlich generativer KI und großer Sprachmodelle in unserer Branche rasch weiter, und die damit verbundenen Vorteile und Risiken bleiben ungewiss. Diese Techniken können neue Wettbewerbsdynamiken schaffen und die Eintrittsschwellen für Erstellung, Bündelung, Auffindbarkeit und Verbreitung von Inhalten senken.
10-K · 2026-02-11 · View SEC filing
„Moreover, further technological developments in the area of generative AI could impact our ability to protect against infringing uses of our content."
Überdies könnten weitere technische Entwicklungen im Bereich der generativen KI unsere Fähigkeit beeinträchtigen, uns gegen rechtsverletzende Nutzungen unserer Inhalte zu schützen.
10-K · 2026-02-11 · View SEC filing
Filings Reviewed: 10-K 2026-02-11 · 10-Q 2026-05-08 · 8-K 2026-03-13 · 8-K 2026-06-17
Rated on July 27, 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 -9.3%
- More than 10% revenue growth is expected for the coming year -1.8%
- Share count grows by less than 3% a year 9.0%
- Revenue growth plus cash-flow margin add up to at least 40 ("Rule of 40") 7.3%
- Gross margin at 40% or higher and without meaningful erosion 50.6%
- Goodwill from acquisitions does not grow faster than revenue 4.2%
- Net debt below twice EBITDA 1.1 x EBITDA
- Operating cash flow covers the profits of the last three years 807 m
- Return on capital at 15% or higher, or up versus two years ago 8.1%
- Insiders hold at least 10% or are net buyers 6.0%
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
2/10The 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% -1.9%
- Exp. sales growth 3Y > 5% 1.9%
- EBIT growth 10Y > 5% -9.9%
- Exp. EBIT growth 3Y > 5% 32.1%
- Net debt < 4x EBIT 5.2x
- EBIT positive, 10Y straight 9
- Max. EBIT decline < 50% 100.0%
- Return on equity > 15% 14.2%
- ROCE > 15% 8.1%
- Expected return > 10% 101.5%
View stocks with the full AAQS score · Read the methodology at AlleAktien
Source: fundamental data
Insiders
Insider Transactions
Reportable transactions by officers and major shareholders from SEC Form 4 filings. "Other" includes things like stock grants and option exercises without a buy/sell character.
| Date | Person | Role | Type | Shares | Price | Value |
|---|---|---|---|---|---|---|
| Sep 15, 2026 | Cohen Joseph | Director | Other | 40,206 | 12.27 | 493,328 |
| Sep 15, 2026 | Cohen Joseph | Director | Other | 40,206 | 12.27 | 493,328 |
| Sep 15, 2026 | Mills Stephen | Director | Other | 29,236 | 12.27 | 358,726 |
| Sep 15, 2026 | Mills Stephen | Director | Other | 29,236 | 12.27 | 358,726 |
| Sep 14, 2026 | Sherin Michael J. III | EVP & Chief Accounting Officer | Sell | 10,648 | 12.35 | 131,545 |
The company
About the Company
AMC Global Media Inc. , an entertainment company, distributes contents in the United States, Europe, and internationally.
- Employees
- 1,675
- Headquarters
- New York, NY
- Address
- 11 Penn Plaza, 10001 New York, United States
- Phone
- 212 324 8500
- Website
- amcglobalmedia.com
- IPO Date
- 07/01/2011
- ISIN
- US00164V1035
Management
| Name | Title | Birth Year |
|---|---|---|
| Kristin Aigner Dolan | CEO & Director | 1966 |
| Kimberly Kelleher | Chief Commercial Officer & President | 1972 |
| Dan McDermott | Chief Content Officer & President of AMC Studios | 1964 |
| Hozefa Shabbir Lokhandwala | Executive VP & CFO | 1975 |
| Michael J. Sherin III | Executive VP & Chief Accounting Officer | 1971 |
| Stephanie Mitchko-Beale B.Sc. | Chief Technology Officer & Global Head of Media Operations | 1966 |
| Nicholas Seibert | Senior Vice President of Corporate Development & Investor Relations | 1990 |
| Salvatore A. Romanello | Executive VP & General Counsel | 1973 |
| Georgia Juvelis | Chief Communications Officer | – |
| Kim Granito | Chief Marketing Officer | – |
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).
Data as of: September 17, 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.