# Lionsgate Studios Corp. (LION)

> Source: Nexqual · https://nexqual.com/LION · data as of 2026-10-28 20:00 UTC · cite as "Nexqual, Lionsgate Studios Corp. (LION), nexqual.com/LION" · informational, not investment advice.

## LION major shareholder filing: Schedule 13D/A, Jul 9, 2026
MHR INSTITUTIONAL PARTNERS III LP, MHR INSTITUTIONAL ADVISORS III LLC, MHR SUN GP LLC filed a Schedule 13D/A on Jul 9, 2026, reporting up to 13.00% of the class (more than 5% owner that may seek to influence the company). Item 4, Purpose of Transaction, quoted:

> and restated as follows. All of the Common Shares reported on this Schedule 13D were acquired for investment purposes. The Reporting Persons intend to review their holdings in the Issuer on a continuing basis and as part of this ongoing review to evaluate various alternatives that are or may become available with respect to the Issuer and its securities. Except as otherwise set forth in this Schedule 13D, neither the Reporting Persons nor, to the best of their knowledge, any of the other persons identified in response to Item 2 hereof, has any plans or proposals that relate to or would result in the occurrence of any of the transactions described in subparagraphs (b) through (j) of Item 4 of Schedule 13D. (a) The Reporting Persons may from time to time and at any time (in accordance with any trading policy of the Issuer or its subsidiaries and affiliates that may then be applicable to the Reporting Persons) in their sole discretion acquire, or cause to be acquired, additional equity or debt securities or other instruments of the Issuer, its subsidiaries or affiliates, or dispose, or cause to be disposed, such equity or debt securities or instruments, in any amount that the Reporting Persons may determine in their sole discretion, through public or private transactions or otherwise. …

Source: https://www.sec.gov/Archives/edgar/data/2052959/000119312526299128/0001193125-26-299128-index.htm

**Price:** USD 12.2 (+0.08% on the day) · last close of Oct 28, 2026; US market closed, not a live price. Prev close 12.19 · day 12.04–12.23 · 52w 6.14–16.7 · market cap $3.63B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $2.88B, net income -$118M (-4.1% margin), free cash flow $97.1M (SEC filings).
- Insider open-market sales, last ~7 months: 1 Form 4 filings, $0K; 1 not under a Rule 10b5-1 plan ($0K); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 2.23 on a 1–5 scale) (13 analysts), mean target USD 15.08 (range 9–20).
- Total return with dividends: 1Y +95.8% vs S&P 500 +13.6%; 5Y +26.2% vs S&P 500 +79.8%.
- Next earnings: 2026-11-05, EPS estimate USD -0.02, revenue estimate $629M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 | TTM |
|---|---|---|---|---|---|---|
| Revenue | — | $3.08B | $2.45B | $2.58B | $2.63B | $2.88B |
| Operating income | — | $140M | -$14.5M | -$18.1M | $97.1M | $133M |
| Net income | -$188M | -$2.01B | -$1.10B | -$362M | -$198M | -$118M |
| EPS (diluted) | — | $0.00 | -$4.58 | -$1.43 | -$0.70 | — |
| Free cash flow | — | $340M | $387M | -$180M | $11.4M | $97.1M |
| Operating margin | — | 4.5% | -0.6% | -0.7% | 3.7% | 4.6% |
| Net margin | — | -65.2% | -45.0% | -14.0% | -7.5% | -4.1% |
| Revenue growth | — | — | -20.5% | +5.5% | +1.8% | — |
| Cash + short-term investments | $270M | $251M | $277M | $213M | $342M | — |
| Total debt | — | — | $1.78B | $1.97B | $1.94B | — |
Fiscal years end Mar. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/S 1.3x · EV/EBITDA 33.9x · EV/Sales 1.8x · P/FCF 37.4x · FCF yield 2.67% · Earnings yield -3.26% · Net debt $1.48B · EV $5.11B

## 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 |
|---|---|---|---|---|---|---|---|
| 2026-07-08 | Rachesky Mark H Md | Director | 42,600,497 | $0K | 78% | No | Too little history (no open-market trades in 2023–2025) |
% 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
Consensus Buy (mean 2.23 on a 1–5 scale), 13 analysts; mean target USD 15.08 (low 9, high 20).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-09-25 | JP Morgan | Initiated | Underweight | $9 |
| 2026-09-14 | Citizens | Initiated | Market Outperform | $18 |
| 2026-08-10 | B. Riley Securities | Target lowered | Neutral | $17 → $16 |
| 2026-07-01 | B. Riley Securities | Initiated | Neutral | $17 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-29) | 5Y (from 2022-02-28) |
|---|---|---|
| Total return | +95.8% | +26.2% |
| S&P 500 (SPY) | +13.6% | +79.8% |
| Per year | +96.3% | +5.1% |
| Volatility (annualized) | 49.0% | 37.3% |
| Max drawdown | -35.2% (Jun 2026→Oct 2026) | -48.5% (Apr 2024→Jun 2025) |

## Peers
FBNC (First Bancorp) USD 63.36 -2.01% · LKFN (Lakeland Financial Corporation) USD 60.4 -0.51% · STRZ (Starz Entertainment Corp.) USD 22.5 +4.31% · ABCB (Ameris Bancorp) USD 81.88 -0.82% · FISI (Financial Institutions, Inc.) USD 40.77 -0.07%

## More
Full page: https://nexqual.com/LION · 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 LION's own 10-K filed 2026-05-27 (https://www.sec.gov/Archives/edgar/data/2052959/000205295926000049/lion-20260331.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Customer | Amazon (AMZN) | "In fiscal 2026, 2025 and 2024, Lionsgate generated approximately 18%, 16% and 14%, respectively, of its revenue from Amazon.com, Inc. and its subsidiaries." |
| Partner | Liberty Global Ltd. (LBTYA) | "On May 6, 2025, Lionsgate entered into an investor rights agreement with MHR Fund Management and affiliated funds (for purposes of this section, "MHR Fund Management"), Liberty Global Ventures Limited and Liberty Global …" |

## Company outlook (8-K filed 2026-08-06)

- "The Company continues to anticipate doubling scripted deliveries in fiscal 2027 relative to fiscal 2026. 1 Lionsgate senior management will hold its analyst and investor conference call to discuss fiscal 2027 first quarter results today, August 6, at 5:00 PM ET/2:00 PM PT."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $-0.02 | $0.02 | −$0.05 | $629.3M | 7 |
| Next quarter (ends 2026-12-31) | $0.19 | $0.12 | +54.8% | $941.5M | 6 |
| Current fiscal year (ends 2027-03-31) | $0.39 | $0.34 | +15.1% | $3.35B | 8 |
| Next fiscal year (ends 2028-03-31) | $0.49 | $0.39 | +23.8% | $3.42B | 7 |

## Earnings history and stock reaction
| Results filed | Quarter | EPS | Consensus | Surprise | Stock reaction |
|---|---|---|---|---|---|
| — | Quarter ended Jun 30, 2026 | $0.06 | $0.00 | Beat +$0.06 | — |
| — | Quarter ended Mar 31, 2026 | $0.37 | $0.24 | Beat +54.2% | — |
| — | Quarter ended Dec 31, 2025 | $0.01 | $0.02 | Miss −$0.01 | — |
| — | Quarter ended Sep 30, 2025 | −$0.20 | −$0.17 | Miss −17.6% | — |
EPS as reported against the analyst consensus before the release; surprise uses the cent-rounded figures shown (in dollars when EPS and consensus have opposite signs). Stock reaction = close before the results to close after (the first close following a release after the bell or before the open).

## Recent SEC filings (last 120 days)
| Filed | Form | What it says | Filing |
|---|---|---|---|
| 2026-09-16 | 8-K | Shareholder vote results | https://www.sec.gov/Archives/edgar/data/2052959/000205295926000072/0002052959-26-000072-index.htm |
| 2026-08-06 | 10-Q | Quarterly report · period ended Jun 30, 2026 | https://www.sec.gov/Archives/edgar/data/2052959/000205295926000067/0002052959-26-000067-index.htm |
| 2026-08-06 | 8-K | Quarterly results | https://www.sec.gov/Archives/edgar/data/2052959/000205295926000065/0002052959-26-000065-index.htm |
| 2026-08-06 | Schedule 13G/A | FMR LLC, Abigail P. Johnson: 6.7% of shares, passive 5%+ holder (amended) | https://www.sec.gov/Archives/edgar/data/2052959/000031506626002047/0000315066-26-002047-index.htm |
| 2026-07-28 | DEFA14A | Additional proxy material | https://www.sec.gov/Archives/edgar/data/2052959/000119312526321020/0001193125-26-321020-index.htm |
| 2026-07-28 | DEF 14A | Proxy statement (pay, board, votes) · period ended Sep 15, 2026 | https://www.sec.gov/Archives/edgar/data/2052959/000119312526321010/0001193125-26-321010-index.htm |
| 2026-07-23 | 8-K | Director or executive officer change, or pay arrangement — “(e) Compensatory Arrangements of Certain Officers. On July 20, 2026, the Compensation Committee of the Board of Directors of Lionsgate Studios Corp. (the "Company") approved an amendment to the Company's employment agreement with James W. Barge, the Company's Chief Financial Officer (the "Agreement'), to provide for the term of the Agreement to be extended for three months to October 31, 2026. A copy of the amendment is attached hereto as Exhibit 10.1 and is incorporated herein by reference.” | https://www.sec.gov/Archives/edgar/data/2052959/000205295926000055/0002052959-26-000055-index.htm |
| 2026-07-09 | Schedule 13D/A | MHR INSTITUTIONAL PARTNERS III LP, MHR INSTITUTIONAL ADVISORS III LLC: 13.0% of shares, 5%+ holder that may seek to influence the company (amended) — “and restated as follows. All of the Common Shares reported on this Schedule 13D were acquired for investment purposes. The Reporting Persons intend to review their holdings in the Issuer on a continuing basis and as part of this ongoing review to evaluate various alternatives…” | https://www.sec.gov/Archives/edgar/data/2052959/000119312526299128/0001193125-26-299128-index.htm |
| 2026-07-06 | 8-K | Other material event — “Lionsgate Studios Corp. (the "Company") will be holding the 2026 annual general and special meeting of shareholders (the "Annual Meeting") on September 15, 2026 at the Company's head office in Canada at Dentons Canada LLP. Further details about the Annual Meeting will be set forth in the Company's proxy statement. Pursuant to Rule 14a-8 under the Securities Exchange Act of 1934, as amended, shareholders may present proposals for inclusion in the Company's proxy statement for the Annual Meeting by submitting their…” | https://www.sec.gov/Archives/edgar/data/2052959/000205295926000052/0002052959-26-000052-index.htm |
Source: SEC EDGAR. Quotes are the opening words of each item as filed.