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AMC Entertainment
(NYSE:AMC)
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Rating:50Neutral
Price Target:
$3.00
▲(32.16% Upside)
Action:Reiterated
Date:07/22/26
The score is held down primarily by weak financial performance—ongoing net losses, negative equity, and high leverage despite improving revenue and operating cash flow. Offsetting this, technical indicators show moderately positive momentum, and the earnings call points to improving cash generation and balance-sheet actions. Valuation remains constrained by the lack of profits (negative P/E) and no dividend yield provided.
Positive Factors
Revenue recovery & gross margin
Revenue rebound to $5.23B and sustained ~67% gross margins indicate durable demand and structural pricing/scale in concessions and ticket mix. High gross margins provide a buffer for fixed theater costs and support operating leverage as attendance recovers, improving long-term profit potential.
Negative Factors
Negative equity & heavy leverage
Persistently negative equity and a debt load roughly equal to assets constrain financial flexibility and heighten refinancing and covenant risk. Elevated leverage limits strategic optionality, increases sensitivity to interest costs, and forces prioritization of liability management over growth investments over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue recovery & gross margin
Revenue rebound to $5.23B and sustained ~67% gross margins indicate durable demand and structural pricing/scale in concessions and ticket mix. High gross margins provide a buffer for fixed theater costs and support operating leverage as attendance recovers, improving long-term profit potential.
Read all positive factors
AMC Entertainment Key Performance Indicators (KPIs)
Any
Revenue by Geography
Shows how much money AMC generates in each region, highlighting where ticket and concession sales are strongest, which markets are recovering faster after disruptions like COVID, and where growth or risk is concentrated.
Shows how much money AMC generates in each region, highlighting where ticket and concession sales are strongest, which markets are recovering faster after disruptions like COVID, and where growth or risk is concentrated.
Data provided by:
The Fly
The FlyAMC Entertainment (AMC) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$2.52B
Dividend YieldN/A
Average Volume (3M)54.18M
Price to Earnings (P/E)―
Beta (1Y)1.53
Revenue Growth6.41%
EPS Growth-19.34%
CountryUS
Employees2,931
SectorCommunication Services
Sector Strength97
IndustryEntertainment
Share Statistics
EPS (TTM)-1.07
Shares Outstanding892,604,600
10 Day Avg. Volume57,497,002
30 Day Avg. Volume54,184,288
Financial Highlights & Ratios
PEG Ratio-0.08
Price to Book (P/B)-0.42
Price to Sales (P/S)0.17
P/FCF Ratio-2.19
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$2.80Price Target Upside23.35% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering7
EPS Forecast (FY)-0.23
Revenue Forecast (FY)$5.50B
AMC Entertainment Business Overview & Revenue Model
Company Description
AMC Entertainment Holdings, Inc. is a movie exhibition company that operates cinema theaters, primarily in the United States and internationally. The company’s core business is presenting first-run films and other content in its theaters, supporte...
How the Company Makes Money
AMC primarily earns revenue from (1) admissions and (2) food and beverage sales, with additional contributions from other theater-related income streams. Admissions revenue comes from ticket sales for movies and alternative programming (e.g., spec...
AMC Entertainment Earnings Call Summary
Earnings Call Date:Jul 20, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 11, 2026
Earnings Call Sentiment Positive
The call conveyed a distinctly positive operational and financial trajectory: record quarterly revenue and adjusted EBITDA, strong attendance growth, improved margins, meaningful free cash flow generation, and clear balance sheet actions that materially reduced near-term maturities and interest cost. Management highlighted structural improvements (premium formats, loyalty/subscription growth, portfolio optimization) that support higher profit per patron and operating leverage. Remaining challenges include attendance still below 2019 levels, elevated leverage relative to the company’s 3x target, seasonality and not-yet full-year free-cash-flow positivity, reliance on a strong film slate, and near-term cash uses and prior equity raises. On balance, the highlights materially outweigh the lowlights.Positive Updates
Record Revenue and Adjusted EBITDA
Total Q2 2026 revenue ~ $1.6 billion, up 14.2% year-over-year; adjusted EBITDA of $321.4 million, up 70% YoY and the highest quarterly adjusted EBITDA in AMC's 106-year history; adjusted EBITDA margin expanded to 20.1% from 13.6% (+650 basis points).
Negative Updates
Attendance and Box Office Still Below Pre-Pandemic Levels
North American box office in Q2 2026 was ~7.5% below Q2 2019 levels and AMC attendance was ~26.5% lower than Q2 2019 (approximately 26 million fewer attendees), indicating recovery is not yet back to pre-pandemic volumes.
Read all updates
Q2-2026 Updates
Positive
Negative
Record Revenue and Adjusted EBITDA
Total Q2 2026 revenue ~ $1.6 billion, up 14.2% year-over-year; adjusted EBITDA of $321.4 million, up 70% YoY and the highest quarterly adjusted EBITDA in AMC's 106-year history; adjusted EBITDA margin expanded to 20.1% from 13.6% (+650 basis points).
Read all positive updates
Company Guidance
Management's forward-looking guidance emphasized balance‑sheet strengthening, disciplined investment, and continued conversion of box‑office gains into cash: net CapEx for 2026 is expected to be $200–$235 million; AMC ended Q2 with $778 million of cash (excl. $42M restricted) and does not expect material debt principal payments before 2029 after refinancing $400M of 2027 debt (extended 4 years) and converting ~$155.8M of exchangeable debt to equity, though $125.5M of subordinated notes will be redeemed on July 24; Q2 free cash flow was $190.1M and adjusted EBITDA $321.4M, which helped lower leverage to under ~6.5x with a long‑term target near 3x; management expects go‑forward annual cash interest to be reduced by ~ $16M now and ultimately by ~ $51M as rate‑step triggers apply to ~75% of debt; the breakeven box office for annual FCF positivity is ~ $10.4B; the company plans to add roughly 100–250 premium/XL auditoriums over the next 2–4 years, expects 2026 to be the strongest post‑pandemic box‑office year, and will remain highly disciplined on CapEx while prioritizing high‑IRR projects and the seasonal working‑capital cadence (positive in Q2/Q4, negative in Q1/Q3).AMC Entertainment Financial Statement Overview
Summary
Income Statement
42
Neutral
Balance Sheet
18
Very Negative
Cash Flow
34
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 5.23B | 4.85B | 4.64B | 4.81B | 3.91B | 2.53B |
| Gross Profit | 3.51B | 3.25B | 3.09B | 3.21B | 2.63B | 1.78B |
| EBITDA | 393.10M | 215.70M | 412.70M | 383.00M | -196.40M | -396.90M |
| Net Income | -554.10M | -632.40M | -352.60M | -396.60M | -973.60M | -1.27B |
Balance Sheet | ||||||
| Total Assets | 8.04B | 8.02B | 8.25B | 9.01B | 9.14B | 10.82B |
| Cash, Cash Equivalents and Short-Term Investments | 778.40M | 428.50M | 632.30M | 884.30M | 631.50M | 1.59B |
| Total Debt | 7.72B | 8.14B | 8.28B | 9.14B | 10.02B | 10.75B |
| Total Liabilities | 9.50B | 9.91B | 10.01B | 10.86B | 11.76B | 12.61B |
| Stockholders Equity | -1.45B | -1.89B | -1.76B | -1.85B | -2.62B | -1.79B |
Cash Flow | ||||||
| Free Cash Flow | -21.40M | -365.90M | -296.30M | -444.80M | -848.30M | -714.70M |
| Operating Cash Flow | 219.70M | -119.80M | -50.80M | -215.20M | -628.50M | -614.10M |
| Investing Cash Flow | -185.60M | -221.60M | -242.90M | -180.10M | -224.00M | -68.20M |
| Financing Cash Flow | 313.70M | 125.20M | 68.40M | 649.30M | -91.30M | 1.99B |
AMC Entertainment Risk Analysis
AMC Entertainment disclosed 31 risk factors in its most recent earnings report. AMC Entertainment reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
AMC Entertainment Peers Comparison
UnderperformOutperform
Sector (60)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
74 Outperform | $2.62B | 63.80 | 11.87% | ― | 14.79% | 22.14% | |
69 Neutral | $3.65B | 140.47 | -10.08% | ― | 4.51% | -62.44% | |
68 Neutral | $873.87M | 39.86 | 5.01% | 1.34% | 1.81% | 65.53% | |
64 Neutral | $4.24B | 19.67 | 19.79% | 1.07% | 4.54% | -23.98% | |
60 Neutral | $48.67B | 4.58 | -11.27% | 4.14% | 2.83% | -41.78% | |
50 Neutral | $2.52B | -2.65 | 31.43% | ― | 6.41% | -19.34% | |
47 Neutral | $377.11M | -5.80 | -53.05% | ― | -0.85% | -277.42% |
* Communication Services Sector Average
AMC
AMC Entertainment
2.67
-0.11
-3.96%
CNK
Cinemark Holdings
37.77
13.17
53.53%
IMAX
IMAX
50.63
26.12
106.57%
MCS
Marcus
30.79
16.35
113.21%
PLAY
Dave & Busters Entertainment
10.45
-14.71
-58.47%
MSGE
Madison Square Garden Entertainment Corp.
77.80
39.65
103.93%
AMC Entertainment Corporate Events
Business Operations and StrategyPrivate Placements and Financing
AMC Raises Capital and Retires 2027 Debt Notes
Positive
Jun 25, 2026
On June 25, 2026, AMC Entertainment closed a $200 million registered direct offering of 95.25 million common shares, a move that follows a period of intensive balance-sheet management. The company said that, alongside a notice issued on June 24, 2...
Business Operations and StrategyPrivate Placements and FinancingRegulatory Filings and Compliance
AMC Announces $200 Million Equity Offering for Debt
Neutral
Jun 23, 2026
On June 23, 2026, AMC Entertainment entered into a registered direct offering with institutional investors to sell 95,250,000 Class A common shares at $2.10 each, for gross proceeds of about $200 million, with closing expected on June 24, 2026. Ro...
Business Operations and StrategyPrivate Placements and Financing
AMC Completes $150 Million Equity Offering to Strengthen Balance Sheet
Positive
Jun 11, 2026
On June 11, 2026, AMC Entertainment Holdings, Inc. announced it had completed a $150 million at-the-market equity offering first launched on February 9, 2026, issuing roughly 105.3 million shares before commissions and fees. The raise adds new equ...
Business Operations and StrategyPrivate Placements and Financing
AMC Entertainment Completes Debt-for-Equity Exchange Transaction
Neutral
May 13, 2026
On May 11, 2026, holders of Muvico, LLC’s Senior Secured Exchangeable Notes due 2030, issued by the AMC Entertainment subsidiary, completed a previously announced voluntary exchange of their notes for AMC Class A common stock under the terms...
Business Operations and StrategyPrivate Placements and Financing
AMC Entertainment Reduces Debt Through Note-for-Stock Exchange
Neutral
May 5, 2026
On May 4, 2026, holders of Muvico, LLC’s Senior Secured Exchangeable Notes due 2030 elected to exchange all $155.8 million of outstanding notes for AMC Entertainment Class A common stock, under the terms of the existing indenture. AMC expect...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.