# Starz Entertainment Corp. (STRZ)

> Source: Nexqual · https://nexqual.com/STRZ · data as of 2026-10-23 20:00 UTC · cite as "Nexqual, Starz Entertainment Corp. (STRZ), nexqual.com/STRZ" · informational, not investment advice.

**Price:** USD 22.19 (-4.44% on the day) · last close of Oct 23, 2026; US market closed, not a live price. Prev close 23.22 · day 22.04–23.6 · 52w 8.4–32.58 · market cap $380M · NMS

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $1.26B, net income -$449M (-35.8% margin), free cash flow $62.5M (SEC filings).
- Insider open-market sales, last ~7 months: 3 Form 4 filings, $1.2M; 3 not under a Rule 10b5-1 plan ($1.2M); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Insider open-market purchases, last ~7 months: 4 Form 4 filings, $584K; 0 by opportunistic insiders, 0 by routine insiders.
- Analysts: Buy (mean 2.20 on a 1–5 scale) (10 analysts), mean target USD 35.2 (range 26–45).
- Total return with dividends: 1Y +90.6% vs S&P 500 +13.4%; 5Y +79.8% vs S&P 500 +76.9%.
- Next earnings: 2026-10-29, EPS estimate USD -2.97, revenue estimate $319M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $3.27B | $3.60B | $1.42B | $1.39B | $1.37B | $1.26B |
| Operating income | $171M | $9.0M | -$1.35B | -$904M | -$170M | -$390M |
| Net income | -$18.9M | -$188M | -$1.87B | -$915M | -$211M | -$449M |
| EPS (diluted) | -$0.09 | -$0.84 | -$8.82 | -$54.73 | -$12.63 | — |
| Free cash flow | -$35.5M | -$694M | -$473M | -$152M | -$63.6M | $62.5M |
| Operating margin | 5.2% | 0.2% | -94.8% | -64.9% | -12.4% | -31.1% |
| Net margin | -0.6% | -5.2% | -131.5% | -65.7% | -15.4% | -35.8% |
| Revenue growth | -15.9% | +10.2% | -60.5% | -2.1% | -1.6% | — |
| Cash + short-term investments | $529M | $371M | $272M | $23.0M | $17.8M | — |
| Total debt | $2.63B | $2.42B | $2.02B | $2.48B | $700M | — |
Fiscal years end Mar. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/S 0.3x · EV/Sales 0.8x · P/FCF 6.1x · P/B 1.3x · FCF yield 16.45% · Earnings yield -118.27% · Net debt $556M · EV $935M

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 3 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 |
|---|---|---|---|---|---|---|---|
| 2026-08-12…2026-08-13 | Hoffman Alison | President of Starz Networks | 32,291 | $808K | 40.5% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-06-02 | Wyrick Jason | EVP, Technology | 2,803 | $71K | 9.3% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-05-14 | Hoffman Alison | President of Starz Networks | 13,661 | $293K | 12.6% | 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.

## Insider purchases (SEC Form 4, open-market, last ~7 months)
4 purchases, $584K. Private placements, offerings, dividend reinvestment and employee stock purchase plan buys are excluded.
| Trade date | Insider | Role | Shares | Value | Avg price | Insider type |
|---|---|---|---|---|---|---|
| 2026-08-10 | Kapenstein James M. | SEE REMARKS | 1,000 | $26K | 25.73 | Too little history (no open-market trades in 2023–2025) |
| 2026-08-10 | Hirsch Jeffrey | President and CEO | 10,000 | $248K | 24.8 | Too little history (no open-market trades in 2023 or 2024) |
| 2026-05-12 | Macdonald Scott D | SEE REMARKS | 5,000 | $103K | 20.59 | Too little history (no open-market trades in 2023–2025) |
| 2026-05-12 | Hirsch Jeffrey | President and CEO | 10,000 | $207K | 20.72 | Too little history (no open-market trades in 2023 or 2024) |

## Analysts
Consensus Buy (mean 2.20 on a 1–5 scale), 10 analysts; mean target USD 35.2 (low 26, high 45).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-09-14 | Citizens | Initiated | Market Outperform | $40 |
| 2026-07-01 | B. Riley Securities | Initiated | Buy | $45 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-24) | 5Y (from 2025-05-05) |
|---|---|---|
| Total return | +90.6% | +79.8% |
| S&P 500 (SPY) | +13.4% | +76.9% |
| Per year | +91.1% | +49.1% |
| Volatility (annualized) | 66.7% | 70.9% |
| Max drawdown | -31.0% (Dec 2025→Feb 2026) | -58.1% (May 2025→Feb 2026) |

## Peers (Entertainment)
AMCX (AMC Global Media Inc.) USD 9.18 -1.61% · HUYA (HUYA Inc.) USD 2.23 -0.00% · RSVR (Reservoir Media, Inc..) USD 9.57 -0.31% · ANGX (Angel Studios, Inc.) USD 3.49 +0.29% · MCS (Marcus Corporation (The)) USD 27.97 -1.17% · IQ (iQIYI, Inc.) USD 0.92 +1.77%

## More
Full page: https://nexqual.com/STRZ · 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 STRZ's own 10-K filed 2025-06-26 (https://www.sec.gov/Archives/edgar/data/929351/000092935125000038/starz-20250331.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Customer | Amazon (AMZN) | "In the fiscal year ended March 31, 2025, Starz generated 29.7% of its revenue from Amazon.com, Inc. and its subsidiaries." |
| Partner | Liberty Global Ltd. (LBTYA) | "Discovery, Inc., Liberty Global Ventures Limited, Liberty Global Ltd., MHR Capital Partners Master Account LP, MHR Capital Partners (100) LP, MHR Institutional Partners II LP, MHR Institutional Partners IIA LP, MHR Insti…" |
| Partner | Apple (AAPL) | "Starz's services are offered directly to consumers via the STARZ app and via Starz's website at www.starz.com as well as through Starz's retail partners (such as Apple and Google) for a recurring fee, or by Starz's distr…" |
| Partner | Alphabet (Google) (GOOGL) | "Starz's services are offered directly to consumers via the STARZ app and via Starz's website at www.starz.com as well as through Starz's retail partners (such as Apple and Google) for a recurring fee, or by Starz's distr…" |

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

| Line | Revenue | Share | YoY |
|---|---|---|---|
| OTT revenue | $221.3M | 71.9% | +0.1% |
| Linear and other revenue | $86.6M | 28.1% | -12.2% |
| Total revenue | $307.9M | 100% | — |

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $-2.96 | $-2.06 | +43.9% | $319.5M | 4 |
| Next quarter (ends 2026-12-31) | $-1.19 | $-1.16 | +2.6% | $325.8M | 4 |
| Current fiscal year (ends 2026-12-31) | $-19.22 | $-4.25 | +352.2% | $1.26B | 3 |
| Next fiscal year (ends 2027-12-31) | $-4.53 | $-4.01 | +12.8% | $1.27B | 4 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-10-29): ±23.3%; last 5 reports averaged ±10.6%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 27 | 106.2% | ±23.3% |
| 2026-12-18 | 55 | 78.2% | ±24.3% |
| 2027-03-19 | 146 | 77.9% | ±39.1% |
| 2027-06-17 | 236 | 80.8% | ±50.9% |