# AMC Global Media Inc. (AMCX)

> Source: Nexqual · https://nexqual.com/AMCX · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, AMC Global Media Inc. (AMCX), nexqual.com/AMCX" · informational, not investment advice.

**Price:** USD 9.33 (-3.22% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 9.64 · day 9.27–9.71 · 52w 6.47–12.93 · market cap $385M · NMS

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $2.25B, net income -$19.8M (-0.9% margin), free cash flow $191M (SEC filings).
- Insider open-market sales, last ~7 months: 1 Form 4 filings, $132K; 1 not under a Rule 10b5-1 plan ($132K); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Total return with dividends: 1Y +22.3% vs S&P 500 +14.9%; 5Y -78.4% vs S&P 500 +80.3%.
- Next earnings: 2026-11-09, EPS estimate USD 0.17, revenue estimate $602M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $3.08B | $3.10B | $2.71B | $2.42B | $2.31B | $2.25B |
| Gross profit | $1.65B | $1.58B | $1.38B | $1.29B | $1.17B | — |
| Operating income | $490M | $86.9M | $388M | -$39.6M | $133M | $51.8M |
| Net income | $251M | $7.6M | $215M | -$227M | $89.4M | -$19.8M |
| EPS (diluted) | $5.77 | $0.17 | $4.90 | -$5.10 | $1.66 | — |
| Free cash flow | $101M | $138M | $169M | $331M | $272M | $191M |
| Gross margin | 53.5% | 51.0% | 51.0% | 53.2% | 50.6% | — |
| Operating margin | 15.9% | 2.8% | 14.3% | -1.6% | 5.8% | 2.3% |
| Net margin | 8.1% | 0.2% | 7.9% | -9.4% | 3.9% | -0.9% |
| Revenue growth | +9.3% | +0.6% | -12.4% | -10.7% | -4.5% | — |
| Cash + short-term investments | $892M | $930M | $571M | $785M | $502M | — |
| Total debt | $2.84B | $2.81B | $2.36B | $2.34B | $1.75B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/S 0.2x · EV/EBITDA 11.5x · EV/Sales 0.7x · P/FCF 2.0x · P/B 0.4x · FCF yield 49.50% · Earnings yield -5.13% · Net debt $1.20B · EV $1.58B
P/E at fiscal year-ends: Dec 2025 6.0x, Dec 2023 3.8x.

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 1 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-09-14 | Sherin Michael J. Iii | EVP & Chief Accounting Officer | 10,648 | $132K | 100% | No | Too little history (no open-market trades in 2023 or 2025) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-15 | Morgan Stanley | Target lowered | Underweight | $10 → $9 |
| 2026-08-12 | UBS | Target raised | Sell | $6 → $10 |
| 2026-07-31 | Morgan Stanley | Target raised | Underweight | $7 → $10 |
| 2026-07-31 | Wells Fargo | Target raised | Equal-Weight | $10 → $11 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +22.3% | -78.4% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +22.4% | -26.3% |
| Volatility (annualized) | 47.4% | 58.4% |
| Max drawdown | -34.9% (Dec 2025→Mar 2026) | -88.5% (Nov 2021→Jul 2025) |

## Peers (Entertainment)
STRZ (Starz Entertainment Corp.) USD 23.22 -5.22% · HUYA (HUYA Inc.) USD 2.23 -0.89% · RSVR (Reservoir Media, Inc..) USD 9.6 +0.84% · ANGX (Angel Studios, Inc.) USD 3.48 -0.29% · MCS (Marcus Corporation (The)) USD 28.3 -1.84% · IQ (iQIYI, Inc.) USD 0.91 -1.31%

## More
Full page: https://nexqual.com/AMCX · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in AMCX's own 10-K filed 2026-02-11 (https://www.sec.gov/Archives/edgar/data/1514991/000151499126000011/amcx-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Partner | Amazon (AMZN) | "A significant part of AMCNI U.K.'s content library is also available via AVOD partnerships and FAST channels with major streaming platforms such as ITVx, 5 Stream, Amazon Prime, Pluto TV, Rakuten TV and Samsung TV." |
| Partner | Samsung Electronics | "A significant part of AMCNI U.K.'s content library is also available via AVOD partnerships and FAST channels with major streaming platforms such as ITVx, 5 Stream, Amazon Prime, Pluto TV, Rakuten TV and Samsung TV." |
| Competitor | Netflix (NFLX) | "The continued growth of subscription streaming services, such as Netflix and Amazon Prime Video, and the increased offerings by virtual MVPDs have increased the competition for audiences by providing an alternative to th…" |
| Competitor | Apple (AAPL) | "Discovery, Inc., we also compete for programming with national broadcast television networks, local broadcast television stations, video on demand services and subscription streaming services, such as Netflix, Apple TV+ …" |
| Competitor | Walt Disney (DIS) | "In addition, certain streaming services such as Netflix, Disney+, Paramount+ and Prime Video offer or have expanded ad-supported tiers, which has further increased competition for streaming subscribers and advertising re…" |

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Domestic Operations | $470.2M | 85.9% | -10.5% |
| International | $77.3M | 14.1% | +3.4% |
| Total revenue | $547.5M | 100% | — |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Subscription | $305.9M | 55.9% | -4.5% |
| SVOD Services | $179.7M | 32.8% | +6.3% |
| Advertising | $108.8M | 19.9% | -11.2% |
| Content licensing and other | $55.4M | 10.1% | -32.6% |
| Total revenue | $547.5M | 100% | — |
The lines above cover 118.7% of total revenue.

## Revenue by region (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| United States | $427.7M | 78.1% | -11.2% |
| Europe | $85.3M | 15.6% | +4.5% |
| Other | $34.5M | 6.3% | -5.6% |
| Total revenue | $547.5M | 100% | — |

## Customer concentration

Period ended 2026-06-30: 20% of revenue from unnamed direct customers (10-Q, filed 2026-07-30).

## Company outlook (8-K filed 2026-07-30)

- "The Company expects to receive cash payments of approximately $25 million in 2026."
- "The Company expects to receive annual cash payments of approximately $100 million in 2027, 2028, 2029 and 2030, and expects to receive the remaining amount in 2031."
- "In each of 2026 and 2027, the Company expects to recognize annual revenue related to the license agreement between $200 million to $225 million."
- "The final settlement of the transaction is expected to occur in the fourth quarter of 2026, but may be completed earlier at Citibank's election."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.17 | $0.83 | -79.7% | $601.7M | 5 |
| Next quarter (ends 2026-12-31) | $2.27 | $0.96 | +136.0% | $739.4M | 6 |
| Current fiscal year (ends 2026-12-31) | $2.25 | $1.88 | +19.8% | $2.43B | 7 |
| Next fiscal year (ends 2027-12-31) | $2.64 | $1.48 | +77.8% | $2.40B | 7 |